Financial Performance - Operating revenue for the first nine months fell by 60.78% to CNY 3,454,628,585.39 year-on-year[6] - Net profit attributable to shareholders decreased by 88.46% to CNY 53,414,175.54 compared to the same period last year[6] - Basic earnings per share dropped by 88.78% to CNY 0.11[7] - The company reported a significant increase of 103.21% in net profit after deducting non-recurring gains and losses, reaching CNY 48,108,681.46[6] - The company's investment income fell by 96.73% to CNY 14,491,283.88 from CNY 442,604,921.22 in the same period last year[13] - The company reported a total comprehensive income of -¥12,821,659.06 for Q3 2020, contrasting with ¥69,514,492.05 in Q3 2019, indicating a significant downturn[24] - Total profit for Q3 2020 was ¥29,803,541.11, down from ¥66,368,266.93 in Q3 2019, a decrease of about 55.1%[23] - Net profit for Q3 2020 was ¥22,938,501.51, down from ¥49,364,787.72 in Q3 2019, indicating a decline of approximately 53.6%[23] Cash Flow - Net cash flow from operating activities turned negative at CNY -143,904,859.74, a decline of 181.92% year-on-year[6] - Cash flow from operating activities for the first three quarters of 2020 was ¥5,413,106,031.10, down 52.0% from ¥11,267,941,668.03 in 2019[28] - Cash inflow from operating activities totaled CNY 4,227,556,118.82 for the first three quarters of 2020, up from CNY 3,006,893,677.01 in 2019, indicating a growth of approximately 40.5%[30] - Cash outflow for purchasing goods and services was CNY 1,865,289,729.46 in the first three quarters of 2020, down from CNY 2,273,248,385.28 in the same period of 2019, a decrease of about 17.9%[30] - The net cash flow from financing activities for Q3 2020 was CNY 1,232,938,168.33, a significant improvement compared to a net outflow of CNY 25,778,285.27 in Q3 2019[31] Assets and Liabilities - Total assets decreased by 5.25% to CNY 4,307,315,591.73 compared to the end of the previous year[6] - The company's total assets as of September 30, 2020, were CNY 2,752,896,660.01, down from CNY 2,927,144,776.00 at the end of 2019[15] - Total liabilities decreased from CNY 1,349,813,044.19 in 2019 to CNY 1,013,272,926.58 in 2020, a reduction of about 25%[17] - Total current assets increased from CNY 1,784,112,934.21 in 2019 to CNY 2,230,282,587.92 in 2020, a growth of approximately 25%[19] - Total equity increased from CNY 3,196,364,137.90 in 2019 to CNY 3,294,042,665.15 in 2020, an increase of approximately 3%[17] - The company's short-term borrowings decreased by 25.98% to CNY 189,250,000.00 from CNY 255,666,000.00 at the beginning of the period[12] - Current liabilities decreased from CNY 1,119,956,890.28 in 2019 to CNY 835,616,772.73 in 2020, a reduction of about 25.4%[16] Shareholder Information - The number of shareholders reached 24,846 by the end of the reporting period[10] - The top shareholder, Tongchuan Huineng Xinneng Co., Ltd., holds 19.06% of shares[11] Research and Development - The company reported a significant reduction in research and development expenses, which were CNY 0 compared to CNY 94,593,266.88 in the same period last year[13] - Research and development expenses for the first three quarters of 2020 totaled ¥94,593,266.88, indicating ongoing investment in innovation[22] Operational Metrics - The gross profit margin for Q3 2020 was approximately 2.9%, compared to 0.7% in Q3 2019, showing an improvement in profitability despite lower revenues[22] - The operating profit for Q3 2020 was ¥27,924,405.22, slightly down from ¥28,379,098.71 in Q3 2019, showing a marginal decrease of 1.6%[23] - The company experienced a tax expense of ¥6,865,039.60 in Q3 2020, compared to ¥17,003,479.21 in Q3 2019, a decrease of approximately 59.6%[23]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥2,762,746,334.30, a decrease of 59.77% compared to ¥6,867,282,499.30 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥33,476,863.76, down 91.90% from ¥413,483,925.32 year-on-year[17]. - The net cash flow from operating activities was -¥149,139,699.51, a decline of 144.09% compared to ¥338,259,819.63 in the previous year[17]. - The total assets at the end of the reporting period were ¥4,380,798,738.27, a decrease of 3.64% from ¥4,546,177,182.09 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased by 3.48% to ¥3,137,543,405.14 from ¥3,032,126,323.39 at the end of the previous year[17]. - Basic earnings per share for the first half of 2020 were ¥0.07, down 91.95% from ¥0.87 in the same period last year[18]. - The weighted average return on net assets decreased by 13.73 percentage points to 1.09% from 14.82% year-on-year[19]. - The company reported a net profit of ¥29,666,402.18 after deducting non-recurring gains and losses, an increase of 311.43% compared to ¥7,210,506.92 in the previous year[17]. - The company achieved a sales revenue of 2.763 billion RMB in the first half of 2020, with a net profit attributable to the parent company of 33 million RMB[29]. - The oil and gas business completed a total sales volume of 277,600 tons, generating approximately 1 billion RMB in sales revenue during the same period[30]. Cash Flow and Financing - The net cash flow from financing activities was ¥1,693,440,444.13, a significant increase of 744.61% compared to -¥262,708,734.47 in the same period last year[17]. - Cash flow from operating activities turned negative at approximately -¥149.14 million, a decrease of 144.09% year-on-year, mainly due to increased payments to suppliers[39]. - The company reported a 744.61% increase in cash flow from financing activities, totaling approximately ¥1.69 billion, due to the recovery of pledged deposits[39]. - Cash inflows from operating activities in the first half of 2020 were approximately ¥3.67 billion, down from ¥8.55 billion in the same period of 2019[112]. - The company's total cash inflow from investment activities of CNY 12,282,700.00, significantly lower than CNY 559,299,174.00 in the previous year[115]. Assets and Liabilities - The total assets at the end of the reporting period amounted to 4,722,610,710.06 CNY, with a significant decrease in accounts receivable by 39.84% to 801,669,601.19 CNY compared to the beginning of the period[44]. - The company's financial assets decreased by 37.25% to 126,181,080.00 CNY, primarily due to the reduction in wealth management products purchased by the wholly-owned subsidiary, Northern Petroleum[44]. - The total liabilities decreased by 49.33% for accounts payable, amounting to 524,241,812.21 CNY, reflecting a reduction in payables from Northern Petroleum[44]. - The company's total liabilities at the end of the reporting period were approximately 1,264.98 million, indicating a growth compared to the previous period[126]. - The total owner's equity at the end of the reporting period is CNY 2,574,782,645.63, showing an increase from the previous period[134]. Shareholder Information - No profit distribution or capital reserve fund transfer plan proposed for the half-year period[56]. - The company has not allocated any bonus shares or cash dividends for every 10 shares held[56]. - The total number of common shareholders at the end of the reporting period is 24,513[81]. - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., holds 89,934,087 shares, accounting for 19.06% of total shares[82]. - There were no significant changes in the company's share capital structure during the reporting period[78]. Corporate Governance and Compliance - The company maintains independence and complies with regulations regarding related party transactions[58]. - The company has committed to not transferring shares for 36 months following the listing of shares acquired during the transaction[58]. - The company will ensure transparency and fairness in related party transactions[58]. - The company has committed to maintaining independent business operations and governance structures[62]. - The company has retained Zhongchao Zhonghuan Accounting Firm for financial and internal control audits for the year 2020[64]. Operational Performance - The company maintained a stable performance in property leasing and other businesses, adhering to its annual operational plan[32]. - The company has implemented a comprehensive safety management system, with no safety incidents reported during the first half of 2020[34]. - The company conducted 156 training sessions on safety and pandemic prevention measures in the first half of 2020[35]. - The company’s subsidiary, Northern Petroleum, has a significant operational advantage due to its comprehensive operating licenses in the North China region[25]. - The company’s oil and gas business collaborates with major players like Sinopec and PetroChina, enhancing its market position[30]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts regarding the company's ability to continue operations for the next 12 months[141]. - The company adheres to the relevant accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results[142]. - The company uses RMB as the functional currency for most subsidiaries, while two subsidiaries in Hong Kong use USD and HKD respectively[145]. - The company follows specific accounting policies for business combinations, distinguishing between same-control and non-same-control mergers[146]. - The group recognizes foreign currency translation differences related to the disposal of overseas operations as attributable to minority interests and not transferred to current profit or loss[162].

Financial Performance - In 2019, the company achieved a net profit of ¥48,747,304.79, with a legal surplus reserve of ¥4,874,730.48 extracted[4]. - The total distributable profit for 2019 was ¥716,424,564.15, which includes retained earnings and adjustments from new financial instrument standards[4]. - The company's operating revenue for 2019 was CNY 11.96 billion, a decrease of 44.15% compared to CNY 21.41 billion in 2018[22]. - Net profit attributable to shareholders increased by 55.60% to CNY 477.88 million from CNY 307.13 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 48.90 million, down 71.73% from CNY 172.96 million in 2018[22]. - Cash flow from operating activities was CNY 167.73 million, a decline of 78.80% compared to CNY 791.36 million in 2018[23]. - Total assets decreased by 53.18% to CNY 4.55 billion from CNY 9.71 billion at the end of 2018[23]. - Basic earnings per share rose to CNY 1.01, an increase of 53.03% from CNY 0.66 in 2018[24]. - The weighted average return on equity increased to 16.81%, up 4.04 percentage points from 12.77% in 2018[24]. - The company achieved a total sales revenue of RMB 11.96 billion in 2019, with a net profit attributable to the parent company of RMB 478 million[39]. Dividend Policy - The company decided not to distribute cash dividends or issue bonus shares for 2019 due to uncertainties from the COVID-19 pandemic and fluctuations in international oil prices[4]. - The company emphasizes the continuity and stability of its profit distribution policy, despite the challenging market conditions[4]. - The company plans to implement a cash dividend policy, proposing no cash dividends for 2019 due to uncertainties from the COVID-19 pandemic and fluctuations in international oil prices[115]. Risk Management - The company has acknowledged potential risks in its future development and operational plans, urging investors to be cautious[5]. - The report includes a detailed description of potential risks that the company may face in the future[7]. - The company recognizes risks from industry volatility, with potential impacts from macroeconomic policies and international oil price fluctuations affecting operational performance[107]. - The company faces risks from high customer and supplier concentration, which could impact operations if key clients' demands change[109]. - The company will closely monitor industry policy changes and adapt its strategies to mitigate potential risks from regulatory reforms[108]. Operational Strategy - The company is focused on sustainable development planning and operational strategies amidst market volatility[4]. - The company has outlined its commitment to maintaining normal operations and long-term growth despite external challenges[4]. - The company aims to enhance its operational performance by optimizing production structures and expanding core businesses such as petroleum trade and storage, with a focus on improving overall profitability[105]. - The company plans to enhance trade business through collaboration with Northern Petroleum and resources from Tianjin storage area, aiming to strengthen its competitive advantage in the industry[92]. Audit and Compliance - The company has received an unqualified audit report from Zhongshun Zhonghuan Accounting Firm, with emphasis on certain matters[6]. - The audit report issued by the registered accountant included an emphasis on matters regarding the uncertainty of future transactions that may significantly impact the company[128]. - The company has committed to complying with regulations regarding external guarantees and will not misuse company funds in related transactions[119]. Shareholder Relations - The company committed to maintaining independence from related parties and ensuring fair pricing in transactions, adhering to market economic rules and legal procedures[119]. - The company will ensure that related transactions do not harm the interests of minority shareholders, particularly small shareholders[119]. - The company has confirmed that there are currently no substantial competitive situations with its controlled entities[120]. - The company is committed to protecting the interests of minority shareholders during related party transactions[122]. Employee and Management - The company conducted 328 safety training sessions, totaling 512 hours, with 7,396 participants in 2019[46]. - The company has implemented a training program focusing on onboarding, safety production, professional skills, and management capabilities for its employees[191]. - The total remuneration for directors, supervisors, and senior management in 2019 amounted to 3.5714 million yuan[188]. - The company employed a total of 609 staff members, with 304 in the parent company and 305 in major subsidiaries[189]. Environmental and Social Responsibility - The company has implemented pollution prevention facilities, including a 10,000m³ vertical rubber-sealed dry gas cabinet and six ground flares, all of which are operational[148]. - The company has been conducting LDAR leak detection services twice a year since 2018[151]. - The company created over 600 job positions and contributed more than 200 million in taxes[146]. Corporate Governance - The company has established a complete governance structure and complies with relevant laws and regulations, ensuring equal rights for all shareholders[194]. - The board of directors consists of 9 members, with 3 independent directors, meeting the requirement of having more than one-third independent members[195]. - The supervisory board has 3 members, including 2 employee representatives, ensuring independent oversight of the company's operations[196].

Financial Performance - Operating revenue decreased by 45.01% to CNY 1,877,398,061.88 year-on-year[5] - Net profit attributable to shareholders increased by 30.8% to CNY 19,381,190.12 compared to the same period last year[5] - The company's operating revenue for the current period is CNY 1,877,398,061.88, a decrease of 45.01% compared to CNY 3,413,846,296.87 in the same period last year, primarily due to the impact of the pandemic and the cessation of consolidation of Ningbo Haiyue[11] - The company's net profit for Q1 2020 was not explicitly stated, but the significant drop in revenue indicates potential challenges in profitability[21] - The net profit for Q1 2020 was ¥18,925,487.72, representing a significant increase of 148.5% from ¥7,606,548.00 in Q1 2019[22] - The total profit for Q1 2020 was ¥25,531,658.00, up from ¥15,072,262.01 in Q1 2019, indicating a growth of 69.5%[22] Cash Flow - Net cash flow from operating activities showed a significant decline of 193.33%, resulting in a negative cash flow of CNY -27,058,976.96[5] - The net cash flow from operating activities was CNY -27,058,976.96, a decline of 193.33% compared to CNY 28,993,234.78 in the previous year, mainly due to reduced cash inflow from sales[11] - The net cash flow from operating activities for Q1 2020 was -134,785,631.07 RMB, compared to -499,018.76 RMB in Q1 2019, indicating a significant improvement year-over-year[30] - Total cash inflow from operating activities was 748,665,485.46 RMB, down from 846,566,897.57 RMB in the previous year, reflecting a decrease of approximately 11.5%[30] - The net cash flow from investing activities was 7,331,800.00 RMB, significantly lower than 191,050,726.00 RMB in the same period last year[31] - The net cash flow from financing activities was 139,354,431.65 RMB, a substantial increase from 5,565,776.87 RMB in the previous year[31] Assets and Liabilities - Total assets increased by 1.59% to CNY 4,618,455,635.40 compared to the end of the previous year[5] - Total liabilities as of March 31, 2020, amounted to CNY 1,392,046,605.42, an increase from CNY 1,349,813,044.19 at the end of 2019[16] - Total assets as of March 31, 2020, were CNY 3,583,634,263.44, slightly down from CNY 3,596,656,000.65 at the end of 2019[19] - Total liabilities reached CNY 1,349,813,044.19, with current liabilities at CNY 1,119,956,890.28 and non-current liabilities at CNY 229,856,153.91[34] - The total current liabilities to total assets ratio is approximately 25.1%, indicating a moderate level of financial leverage[34] Shareholder Information - The total number of shareholders reached 24,228 by the end of the reporting period[8] - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., holds 19.06% of the shares, totaling 89,934,087 shares[9] - Shareholders' equity totaled CNY 3,196,364,137.90, with equity attributable to the parent company at CNY 3,032,126,323.39[35] Cost Management - Operating costs decreased by 42.70% to CNY 1,835,661,097.67 from CNY 3,203,701,726.23, also influenced by the pandemic[11] - Total operating costs for Q1 2020 were CNY 1,862,447,820.04, down from CNY 3,435,334,960.03 in Q1 2019, reflecting a cost reduction strategy[21] - The company reported a decrease in management expenses from ¥12,445,498.57 in Q1 2019 to ¥9,066,235.10 in Q1 2020, a reduction of approximately 27.5%[24] Research and Development - The company’s research and development expenses were reported as CNY 0, a 100% decrease compared to CNY 54,697,821.03 in the previous year, due to the cessation of consolidation of Ningbo Haiyue[11] - Research and development expenses were significantly reduced to CNY 0 in Q1 2020 from CNY 54,697,821.03 in Q1 2019, reflecting a shift in strategic focus[21] Government Support - The company reported a government subsidy income of CNY 1,687,200.59, which is included in non-operating income[7]

Financial Performance - Operating revenue for the first nine months decreased by 46.94% year-on-year, totaling ¥8,809,356,648.67[6] - Net profit attributable to shareholders increased by 50.05% year-on-year, reaching ¥462,670,659.99[6] - Basic earnings per share increased by 48.48% to ¥0.98[7] - The weighted average return on net assets increased by 3.91 percentage points to 16.42%[7] - Total operating revenue for Q3 2019 was approximately ¥1.94 billion, a decrease of 69.4% compared to ¥6.32 billion in Q3 2018[26] - Net profit for Q3 2019 was approximately ¥49.36 million, a decrease of 45.5% compared to ¥90.72 million in Q3 2018[27] - Total profit for Q3 2019 was approximately ¥66.37 million, a decrease of 42.1% from ¥114.48 million in Q3 2018[27] - The total profit for the first three quarters of 2019 was approximately ¥458.58 million, a decrease of 8.4% from ¥500.40 million in the same period of 2018[27] - Total profit for the first three quarters of 2019 reached approximately ¥109.57 million, a decline of 47.5% compared to ¥208.43 million in the same period of 2018[31] Cash Flow - Net cash flow from operating activities decreased by 76.38% year-on-year, amounting to ¥175,672,957.38[6] - Cash inflow from operating activities for the first three quarters of 2019 was approximately ¥11.27 billion, a decrease of 44% from ¥20.07 billion in the same period of 2018[34] - Cash inflow from investment activities totaled CNY 575,445,974.00, slightly up from CNY 518,622,100.01 in the previous year[38] - Net cash flow from investment activities was CNY 574,515,849.00, compared to CNY 516,739,698.14 in the same period of 2018[38] - Cash inflow from financing activities amounted to CNY 55,195,000.00, down from CNY 149,099,000.00 in 2018[39] - Net cash flow from financing activities showed a decrease to -CNY 25,778,285.27, compared to -CNY 176,992,682.36 in the previous year[39] Assets and Liabilities - Total assets decreased by 53.66% compared to the end of the previous year, amounting to ¥4,499,668,609.91[6] - Total liabilities reached CNY 1,303,122,126.87, a reduction from CNY 6,615,386,872.50[19] - Current liabilities totaled CNY 1,070,355,460.34, down from CNY 4,797,342,858.47[19] - Non-current liabilities were CNY 232,766,666.53, compared to CNY 1,818,044,014.03 previously[19] - Owner's equity increased to CNY 3,196,546,483.04 from CNY 3,094,317,342.20[19] - Total current assets were CNY 1,783,880,408.10, compared to CNY 1,120,535,617.95[23] Shareholder Information - The total number of shareholders reached 26,112, with the largest shareholder holding 19.06% of shares[11] - The total owner's equity attributable to shareholders reached CNY 3,032,586,352.42, compared to CNY 2,590,976,076.26[19] Government Support - The company received government subsidies totaling ¥2,254,423.47, closely related to its normal business operations[8] Research and Development - Research and development expenses decreased by 45.39% to ¥94.59 million, primarily due to the exclusion of Ningbo Haiyue from consolidation.[15] - Research and development expenses for the first three quarters of 2019 were approximately ¥94.59 million, down from ¥173.20 million in the same period of 2018[26] Financial Standards and Reporting - The company adopted new financial accounting standards effective January 1, 2019, impacting the classification of certain financial assets[45] - The company did not adjust prior comparative financial data under the new financial instrument standards[46] - The company has not issued an audit report for this period[46]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥6,867,282,499.30, a decrease of 33.20% compared to ¥10,279,828,159.33 in the same period last year[17] - The net profit attributable to shareholders of the listed company increased by 76.45% to ¥413,483,925.32, up from ¥234,338,384.76 in the previous year[17] - The net profit attributable to shareholders after deducting non-recurring gains and losses dropped by 95.23% to ¥7,210,506.92, compared to ¥151,206,684.45 in the same period last year[17] - The net cash flow from operating activities was ¥338,259,819.63, a decrease of 20.43% from ¥425,103,771.72 in the previous year[17] - The net cash flow from investing activities increased by 31.12% to ¥405,475,159.82, compared to ¥309,235,183.66 in the same period last year[17] - The net cash flow from financing activities improved by 56.26%, with a net outflow of ¥262,708,734.47 compared to a net outflow of ¥600,668,293.75 in the previous year[17] - Basic earnings per share increased by 74% to CNY 0.87 compared to CNY 0.50 in the same period last year[18] - Diluted earnings per share also rose by 74% to CNY 0.87 from CNY 0.50 year-on-year[18] - The weighted average return on equity increased by 5.26 percentage points to 14.82% from 9.56% in the previous year[18] - The basic earnings per share after deducting non-recurring gains and losses decreased by 93.75% to CNY 0.02 from CNY 0.32[18] Investment and Assets - The net assets attributable to shareholders of the listed company increased by 14.63% to ¥2,969,968,271.09 from ¥2,590,976,076.26 at the end of the previous year[17] - Total assets decreased by 51.28% to ¥4,730,791,923.24 from ¥9,709,704,214.70 at the end of the previous year[17] - The company reported a total non-recurring gains of CNY 406,273,418.40, with significant contributions from investment income and government subsidies[21] - The company plans to sell a 51% stake in Ningbo Haiyue New Materials Co., Ltd. for CNY 698.7 million, which has been approved by the shareholders[25] - The company operates a storage capacity of 52,000 tons for finished oil and 2,200 cubic meters for liquefied gas, along with 11 gas stations[23] - The company has a total storage capacity exceeding 850,000 cubic meters, facilitating efficient logistics and operations at Tianjin Port[29] Sales and Revenue - In the first half of 2019, the company achieved sales revenue of 6.867 billion RMB, a decrease of 33.20% year-on-year[32] - Oil product sales volume reached 268,000 tons, a year-on-year increase of 262%, generating sales revenue of 1.18 billion RMB, up 223% year-on-year[33] - The company’s oil and gas trade generated sales revenue of 1.39 billion RMB, a year-on-year increase of 132%, with a sales volume of 303,000 tons, up 170% year-on-year[34] Expenses and Costs - The company’s sales expenses increased by 54.57% year-on-year, primarily due to increased operational costs at its subsidiary[44] - The company’s management expenses rose by 84.53% year-on-year, attributed to increased repair costs at its subsidiary[44] - The company’s research and development expenses decreased by 31.12% year-on-year, reflecting reduced R&D activities at its subsidiary[44] Financial Position and Liabilities - The company’s cash and cash equivalents at the end of the period amounted to CNY 2,003,921,602.41, representing 42.36% of total assets, an increase of 29.05% compared to the previous period[53] - The company’s long-term equity investment decreased by 29.08% year-on-year, primarily due to the exclusion of Ningbo Haiyue from consolidation[55] - The total liabilities as of the end of the reporting period were ¥939,559,645.72, down from ¥1,098,194,777.91 at the end of the first half of 2018[141] Corporate Governance and Compliance - The company has committed to avoid any substantial competition with its subsidiaries and will not engage in similar business activities that could harm its operations[74] - The company has pledged to adhere to fair and transparent pricing in related party transactions, ensuring compliance with relevant regulations[74] - The company has committed to maintaining operational independence from its controlling shareholders, ensuring no adverse impact on its business[74] - The company is committed to protecting the interests of minority shareholders during related party transactions[76] Future Outlook and Strategy - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 25% based on new product launches and market expansion strategies[82] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[157] Legal and Arbitration Matters - The company is involved in significant arbitration matters, including a dispute with ALBA Global Private Limited regarding a procurement contract, with an amount in dispute of $4 million[85] - The company has initiated arbitration against Hunan Fenghui Fertilizer Co., Ltd. concerning performance commitments, with a total claim amounting to approximately RMB 48.09 million[85] - The company has received a favorable ruling in a lawsuit related to a share acquisition dispute, with the court supporting the claims made by the company[88] Environmental and Social Responsibility - The company has established various pollution prevention facilities, including a 10,000 m³ dry gas cabinet and six ground flares, all of which are operational[108] - The company conducts quarterly third-party environmental monitoring as per environmental assessment and regulatory requirements[111] - The company has a VOCs monitoring system in place to track emissions in real-time[110] Shareholder Information - The total number of common shareholders reached 23,867 by the end of the reporting period[120] - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., holds 89,934,087 shares, accounting for 18.99% of total shares[122] - The second largest shareholder, HNA Cloud Commerce Investment Co., Ltd., holds 63,705,972 shares, representing 13.45% of total shares[122] Stock and Incentive Plans - The company has implemented a stock incentive plan, which was approved in November 2018, but there have been no updates on its progress[94] - The company granted 6.35 million restricted shares at a price of 4.74 CNY per share and 6.35 million stock options with an exercise price of 9.48 CNY per share to 15 incentive recipients[95] Accounting and Financial Reporting - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results[175] - The financial statements are prepared on a going concern basis, with no significant doubts regarding the company's ability to continue operations for the next 12 months[173]

Financial Performance - Operating revenue for the current period was CNY 3,413,846,296.87, representing a decrease of 37.77% year-on-year[6]. - Net profit attributable to shareholders of the listed company was CNY 14,817,588.69, down 85.33% compared to the same period last year[6]. - The net cash flow from operating activities was CNY 28,993,234.78, a significant decline of 87.56% year-on-year[6]. - Basic earnings per share decreased to CNY 0.03, down 86.36% from CNY 0.22 in the previous year[6]. - The weighted average return on equity dropped to 0.57%, a decrease of 3.55 percentage points compared to the previous year[6]. - Revenue decreased by 37.77% to ¥3,413,846,296.87, attributed to the suspension of operations at Ningbo Haiyue New Materials Co., Ltd.[11]. - Operating costs fell by 38.65% to ¥3,203,701,726.23, reflecting the decline in revenue.[11]. - The net profit attributable to the parent company fell by 85.33% to ¥14,817,588.69, primarily due to losses from Ningbo Haiyue New Materials Co., Ltd.[12]. - The company reported a total comprehensive income of CNY 30,586,831.20 for Q1 2019, down from CNY 403,523,542.79 in Q1 2018, a decline of 92.4%[24]. - Net profit for Q1 2019 was CNY 27,294,069.78, down 26.0% from CNY 36,913,836.08 in Q1 2018[26]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 9,723,116,590, a slight increase of 0.14% compared to the end of the previous year[6]. - Current assets totaled CNY 3,265,633,814.71, up from CNY 3,157,429,596.74 at the end of 2018, reflecting a growth of approximately 3.4%[16]. - Total liabilities were CNY 6,591,215,016.54, slightly down from CNY 6,615,386,872.50[18]. - The company's equity increased to CNY 3,131,901,573.46 from CNY 3,094,317,342.20, reflecting a growth of approximately 1.2%[18]. - Total liabilities as of Q1 2019 were CNY 6,615,386,872.50, consistent with the previous year[36]. - Total equity as of Q1 2019 was CNY 3,094,317,342.20, reflecting stability in the company's financial structure[36]. Shareholder Information - The total number of shareholders at the end of the reporting period was 26,712[8]. - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., held 89,934,087 shares, accounting for 19.05% of the total shares[8]. Cash Flow - Cash flow from operating activities for Q1 2019 was CNY 28,993,234.78, a decline of 87.5% from CNY 233,044,029.49 in Q1 2018[30]. - Cash inflow from operating activities for Q1 2019 was CNY 846,566,897.57, up from CNY 500,102,926.68 in Q1 2018, representing a 69.2% increase[32]. - Net cash flow from operating activities for Q1 2019 was CNY -499,018.76, an improvement compared to CNY -22,859,812.35 in Q1 2018[32]. - The company incurred a net cash outflow of CNY 87,733,314.33 from financing activities in Q1 2019, compared to a net outflow of CNY 122,901,003.91 in Q1 2018[31]. Research and Development - Research and development expenses decreased by 26.14% to ¥54,697,821.03, due to reduced spending at Ningbo Haiyue New Materials Co., Ltd.[11]. - Research and development expenses for Q1 2019 were CNY 54,697,821.03, a decrease of 26.2% compared to CNY 74,057,861.40 in Q1 2018[23]. Government Subsidies - The company received government subsidies amounting to CNY 6,761,435.98, which are included in the current period's profit[7].

Financial Performance - In 2018, the company achieved a net profit of ¥146,256,448.42, with a legal surplus reserve of ¥14,625,644.84 extracted from the profit[5]. - The total distributable profit for shareholders in 2018 was ¥674,331,964.16, with a proposed cash dividend of ¥0.6 per 10 shares, totaling ¥28,324,947.84[5]. - The company reported an unallocated profit of ¥542,701,160.58 at the beginning of the year, which contributed to the total distributable profit[5]. - The company's operating revenue for 2018 reached ¥21.41 billion, an increase of 86.16% compared to ¥11.50 billion in 2017[22]. - Net profit attributable to shareholders was ¥307.13 million, up 178.20% from ¥110.40 million in the previous year[22]. - The basic earnings per share for 2018 was ¥0.66, representing a 135.71% increase from ¥0.28 in 2017[23]. - The weighted average return on equity increased to 12.77%, up 4.21 percentage points from 8.56% in 2017[24]. - The net cash flow from operating activities was ¥791.36 million, a 43.29% increase from ¥552.28 million in 2017[22]. - The total assets at the end of 2018 were ¥9.71 billion, a slight decrease of 1.52% from ¥9.86 billion at the end of 2017[22]. - The company reported a net profit of ¥134.17 million from non-recurring gains in 2018, compared to ¥167.84 million in 2017[26]. - The company experienced a significant increase in net profit after deducting non-recurring gains, reaching ¥172.96 million, compared to a loss of ¥57.44 million in 2017[22]. - The company achieved a total sales revenue of 21.413 billion yuan and a net profit attributable to the parent company of 307 million yuan, marking a year-on-year growth in both sales revenue and net profit[40]. Risk Management and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has detailed potential risks in the report, which investors should review[7]. - The company emphasizes the importance of accurate and complete financial reporting, as stated by its management[4]. - The report includes a standard unqualified audit opinion from the accounting firm Zhongshen Zhonghuan[4]. - The company recognizes risks from industry volatility and plans to establish a risk warning system to proactively adjust business strategies in response to market changes[92]. - The company will strengthen customer and supplier relationships to mitigate risks associated with high concentration in its client base[95]. - The company has committed to complying with safety and environmental regulations to mitigate risks associated with hazardous materials storage[96]. Corporate Governance - The company has established a complete corporate governance structure, ensuring independent decision-making capabilities[108]. - The company has committed to maintaining an independent operational management system and will not interfere with normal business activities[108]. - The company has maintained a clear separation between the controlling shareholder and the listed company, ensuring independent operations[193]. - The company has committed to enhancing information disclosure and investor relations management, ensuring timely and accurate communication with shareholders[195]. - The company has established long-term strategic partnerships with upstream suppliers, enhancing its supply chain capabilities[32]. - The company has engaged multiple securities firms for ongoing supervision and support, ensuring compliance and strategic guidance[20]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[21]. - The company aims to enhance its competitive advantage in the petrochemical trade by leveraging resources from Northern Petroleum and its headquarters in Zhuji[77]. - The company intends to transform from a single segment advantage to a group advantage and chain advantage by optimizing the allocation of its tangible and intangible resources[88]. - The company plans to optimize its production and operational structure, focusing on expanding core businesses such as petroleum energy trade and storage, aiming to enhance overall profitability[90]. - The company will implement a dynamic management model for safety, enhancing accountability and performance assessment in safety management[90]. - The company plans to sell a 51% stake in its subsidiary Ningbo Haiyue New Materials Co., Ltd., with the final transaction price based on an assessment report from a qualified asset evaluation agency[82]. Employee and Shareholder Relations - The company has implemented an employee stock incentive plan, granting 6.35 million restricted stocks at a price of RMB 4.74 per share and 6.35 million stock options with an exercise price of RMB 9.48 per share[129]. - The company emphasizes employee rights protection and conducts regular training to enhance overall workforce quality[144]. - The company has created over 1,000 jobs and contributed more than 750 million in taxes[143]. - The company is enhancing employee motivation through incentive programs and improving talent selection and training mechanisms[91]. - The company’s stock performance and executive compensation are closely linked, aligning interests between management and shareholders[182]. Legal Matters - The company faced significant litigation, with a total claim amounting to RMB 107.986 million related to a share acquisition breach of contract[127]. - A subsidiary of the company, Ningbo Haiyue New Materials Co., Ltd., is involved in arbitration over a procurement contract dispute, with the amount in question being USD 4 million[127]. - The company has been actively involved in legal proceedings, with multiple cases reported during the fiscal year[127]. - The company received a civil case acceptance notice from the Hangzhou Intermediate People's Court regarding the aforementioned litigation[127]. Financial Adjustments and Shareholder Structure - The total equity attributable to the parent company after adjustments is 1,340.8954 million RMB[115]. - The company has a commitment to not transfer shares held by the controlling shareholder for 36 months post-transaction completion[110]. - The company has no plans to purchase assets from related parties in the next 12 months[108]. - The company has no other significant shareholders holding more than 10% of the shares[172]. - The company’s actual controller is Hainan Charity Foundation, which was established on October 10, 2010, and is involved in various charitable activities[171].

Financial Performance - Operating revenue for the first nine months was ¥16,601,238,707.37, representing a significant increase of 121.52% year-on-year[6] - Net profit attributable to shareholders was ¥290,799,367.33, a remarkable increase of 594.79% compared to the same period last year[6] - Basic earnings per share rose to ¥0.62, compared to a loss of ¥0.15 in the same period last year, reflecting a 513.33% improvement[6] - The company's net profit attributable to shareholders increased significantly, driven by the profit growth of its subsidiary, Ningbo Haiyue New Materials Co., Ltd.[13] - The net profit for minority shareholders was CNY 101,968,471.36, an increase of 211.03% compared to the previous year[14] - Total revenue for the period reached CNY 6,321,410,548.04, a significant increase from CNY 2,569,127,214.60 in the same period last year, representing a growth of approximately 146.5%[26] - Net profit for the period was CNY 71,650,922.14, a recovery from a net loss of CNY 125,096,661.13 in the same period last year[27] - Total comprehensive income attributable to the parent company was ¥17.46 million, a significant improvement from a loss of ¥25.89 million in the same period last year[31] Assets and Liabilities - Total assets at the end of the reporting period reached ¥9,944,040,814.55, an increase of 0.86% compared to the end of the previous year[6] - Current liabilities decreased to CNY 4,387,143,278.81 from CNY 4,655,623,457.46, indicating improved financial management[19] - The company's total assets increased to CNY 3,574,683,262.43 from CNY 3,382,419,131.38 at the beginning of the year, marking a growth of approximately 5.7%[24] - The total liabilities decreased to CNY 942,091,873.61 from CNY 1,019,737,096.14, showing a reduction of approximately 7.6%[24] - The company's equity increased to CNY 2,632,591,388.82, up from CNY 2,362,682,035.24, reflecting a growth of about 11.4%[24] Cash Flow - Cash flow from operating activities for the first nine months was ¥743,760,465.28, a substantial increase from ¥3,511,422.99 in the previous year[6] - Cash flow from operating activities saw a substantial rise to CNY 743,760,465.28, up 21,081.17% compared to the previous year[14] - Cash flow from investing activities was CNY 510,294,578.48, a remarkable increase of 687.02% year-on-year, primarily due to the disposal of debts and equity stakes[14] - The company reported a significant increase in cash received from sales, totaling approximately ¥19.62 billion for the first nine months of 2018, compared to ¥8.82 billion in the same period of 2017[35] - Total cash inflow from operating activities was 2,199,204,238.40 RMB, down from 4,700,170,973.62 RMB year-on-year[39] - The net increase in cash and cash equivalents for the period was 277,110,156.97 RMB, compared to a decrease of -81,920,750.20 RMB last year[40] Shareholder Information - Net assets attributable to shareholders increased by 16.98% to ¥2,665,445,890.56 compared to the end of the previous year[6] - The total number of shareholders at the end of the reporting period was 25,355[10] - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., held 19.31% of the shares, with a significant portion pledged[10] Costs and Expenses - The operating cost for the same period was ¥15,730,485,311.01, which is a 121.75% increase from ¥7,093,772,529.19 year-on-year[13] - The company reported a 206.93% increase in taxes and surcharges, amounting to ¥70,806,383.62, due to increased VAT payments[13] - The financial expenses rose by 89.05% to ¥241,605,100.80, influenced by exchange losses and the inclusion of financial costs from a subsidiary[13] - Total operating costs amounted to CNY 6,305,399,739.40, compared to CNY 2,644,020,675.26 in the previous year, reflecting an increase of about 138.5%[26] Investment and Other Income - The company reported non-recurring gains of ¥54,291,880.92 for the current period, contributing to overall profitability[9] - The company's investment income for Q3 2018 was CNY 218,170,097.71, an increase of 585.02% compared to the previous year[14] - Fair value changes resulted in a gain of CNY 22,359,607.63, a turnaround from a loss of CNY 12,810,299.40 in the same period last year, reflecting a 274.54% increase[14] - The company reported an investment income of CNY 67,425,429.95, compared to CNY 2,047,126.30 in the same period last year, representing a substantial increase[26] Research and Development - Research and development expenses for the period were CNY 35,875,204.31, down from CNY 72,498,721.69 in the previous year, indicating a decrease of approximately 50.5%[26]

2018 年半年度报告 公司代码：600387 公司简称：海越能源 海越能源集团股份有限公司 2018 年半年度报告 1 / 136 2018 年半年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 不适用。 六、 前瞻性陈述的风险声明 √适用□不适用 本报告中如有涉及的未来发展、经营计划等前瞻性描述不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已在本报告中详细描述可能存在的有关风险，敬请查阅第四节"经营情况的讨论与分 析""其他披露事项"中"可能面对的风险"部分的内容。 十、 其他 □适用√不适用 2 / 136 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人邱国良、主管会计工作负责人周勇及会计机构负责人（会计主管人员）顾川声明： 保证半 ...