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 ...

Financial Performance - Operating revenue surged by 112.38% to CNY 5.49 billion compared to the same period last year[5]. - Net profit attributable to shareholders increased by 271.48% to CNY 101.39 million year-on-year[5]. - Basic earnings per share rose by 214.29% to CNY 0.22 per share[5]. - The company reported a non-recurring gain of CNY 19.83 million, primarily from the transfer of equity in Zhejiang Zhongnan Cartoon Co., Ltd.[8]. - The comprehensive income total for Q1 2018 was ¥404,238,298.05, compared to ¥40,991,722.64 in Q1 2017, marking an increase of 887.5%[29]. - Net profit for Q1 2018 was ¥161,640,477.29, representing a substantial increase of 505.5% compared to ¥26,682,957.12 in Q1 2017[28]. Assets and Liabilities - Total assets increased by 8.06% to CNY 10.65 billion compared to the end of the previous year[5]. - Total current assets increased to ¥3,241,623,194.25 from ¥2,522,480,859.93, representing a growth of approximately 28.5%[19]. - Total non-current assets rose to ¥7,411,753,389.67 from ¥7,336,690,079.12, an increase of about 1.0%[20]. - Total liabilities increased to ¥7,533,154,496.05 from ¥7,143,187,149.23, representing a growth of approximately 5.4%[21]. - The total liabilities decreased by 39.42% in tax payable, amounting to ¥157,507,254.77, due to payments made during the period[13]. Cash Flow - Net cash flow from operating activities improved by 209.15% to CNY 233.04 million compared to the previous year[5]. - The cash inflow from operating activities reached CNY 6,837,710,582.88, a significant increase from CNY 3,082,556,822.24 in the previous period, representing a growth of approximately 121%[35]. - The net cash flow from investment activities was CNY 62,044,672.54, a recovery from a negative cash flow of CNY -32,365,605.74 in the previous year[35]. - The cash inflow from financing activities totaled CNY 671,422,408.71, down from CNY 1,054,409,797.60, reflecting a decrease of about 36%[36]. Shareholder Information - The total number of shareholders reached 25,021 by the end of the reporting period[11]. - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., holds 19.31% of the shares[11]. Investments and Equity - Long-term investments increased to ¥788,796,342.31 from ¥541,038,351.73, a significant increase of approximately 45.5%[19]. - The company’s total equity reached ¥2,638,001,901.09 in Q1 2018, up from ¥2,362,682,035.24, indicating a growth of 11.6%[25]. - The weighted average return on equity increased by 1.86 percentage points to 4.14%[5].

Financial Performance - In 2017, the company achieved a net profit of ¥251,825,642.29, with a legal surplus reserve of ¥25,182,564.23 extracted from the net profit[5]. - The total distributable profit for shareholders in 2017 was ¥542,701,160.58 after accounting for the beginning undistributed profit of ¥339,224,082.52 and deducting the 2016 dividend of ¥23,166,000.00[5]. - The company's operating revenue for 2017 was CNY 11,502,484,677.34, representing a year-on-year increase of 17.47% compared to CNY 9,792,247,172.42 in 2016[21]. - The net profit attributable to shareholders in 2017 was CNY 136,588,325.76, a significant increase of 241.25% from CNY 40,025,902.95 in 2016[21]. - The basic earnings per share for 2017 was CNY 0.35, up 250.00% from CNY 0.10 in 2016[23]. - The total assets at the end of 2017 reached CNY 9,859,170,939.05, marking a 21.06% increase from CNY 8,144,074,970.26 at the end of 2016[21]. - The weighted average return on equity for 2017 was 10.48%, an increase of 7.38 percentage points from 3.10% in 2016[23]. - The net cash flow from operating activities in 2017 was CNY 552,275,126.97, a decrease of 51.49% compared to CNY 1,138,397,961.10 in 2016[21]. - The company's net assets attributable to shareholders at the end of 2017 were CNY 2,278,632,691.01, a 93.94% increase from CNY 1,174,900,984.79 at the end of 2016[21]. - The company reported non-recurring gains of CNY 167,844,675.20 in 2017, compared to CNY 56,612,064.24 in 2016[29]. - The company experienced a net loss of CNY 31,256,349.44 attributable to non-recurring items in 2017, compared to a loss of CNY 16,586,161.29 in 2016[21]. - The fourth quarter of 2017 saw a net profit of CNY 195,360,127.28, contrasting with losses in the previous three quarters[25]. Profit Distribution Policy - The company plans not to distribute profits or increase capital reserves for 2017 to support the expansion of its refined oil and petroleum products trading business in 2018[5]. - The company emphasizes the continuity and stability of its profit distribution policy to maintain long-term shareholder interests[5]. - The cash dividend policy stipulates that the company should prioritize cash dividends when conditions are met, with a minimum cash dividend ratio of 80% for mature companies without major investment plans[107][109]. - The company’s profit distribution policy emphasizes continuous and stable returns to investors, ensuring that distributions do not exceed cumulative distributable profits[107]. - The company’s board of directors will propose profit distribution plans annually, considering factors such as industry characteristics and operational status[111]. - The company’s cash dividend conditions include achieving positive distributable profits and maintaining positive retained earnings at year-end[108]. - The company did not propose a cash profit distribution plan for ordinary shareholders despite having a positive profit available for distribution, citing the need for substantial investment to expand its refined oil and petroleum products trading business in 2018[117]. Business Expansion and Strategy - The company plans to enhance its competitive advantage in the petrochemical product trade through business synergies with Northern Petroleum and Ningbo Haiyue, leveraging resources in Tianjin and Ningbo[82]. - The company aims to achieve sales revenue of 20 billion yuan in 2018, although this does not constitute a performance commitment to investors[96]. - The company plans to enhance operational efficiency and profitability at Ningbo Haiyue, ensuring zero major accidents and focusing on safety culture and resource optimization[97]. - The company will continue to produce high-quality isooctane and expand its market presence in the clean energy sector, aiming to establish a leading brand in the green economy[95]. - The company aims to enhance its market share and sales gross margin through strategic investments and resource organization in 2018[117]. Risk Management - The company has detailed potential risks in its report, particularly in the section discussing future development and operational plans[7]. - The company faces raw material supply risks due to increasing domestic competition for propylene and mixed C4 resources, but has secured supply agreements to mitigate these risks[99]. - The company is exposed to foreign exchange risks due to its dollar-denominated imports and loans, and has implemented strategies to hedge against potential currency depreciation[101]. - The company will closely monitor industry policy developments and strengthen risk management to mitigate potential adverse impacts from macroeconomic changes and oil price fluctuations[103]. Research and Development - Research and development expenses increased by 76.81% to RMB 225.82 million, reflecting the company's commitment to innovation[48]. - The company employed 151 R&D personnel, accounting for 11.93% of the total workforce, with R&D expenditures representing 1.96% of total revenue[60]. - The propane dehydrogenation unit's capacity increased from 80% to 100% after R&D efforts, significantly boosting propylene output[64]. - The company invested nearly 40 million RMB to develop a new high-efficiency heat exchanger to address design flaws in the propane dehydrogenation unit[62]. - As of the end of 2017, the company had 50 high-tech R&D projects, with 35 patents granted, including 12 invention patents[65]. Environmental and Safety Management - The company established a comprehensive safety management system, achieving zero major accidents in 2017[46]. - The company maintained zero environmental pollution incidents and received the title of "Environmental Model (Green) Factory" in April 2017[159]. - The company completed the ultra-low emission transformation of its water-coal slurry boiler, meeting NOX and SO2 standards[158]. - The company conducted quarterly organized emissions source testing and noise detection throughout 2017[157]. - The company signed a total of 427 radiation operation tickets in 2017, indicating compliance with safety regulations[157]. Corporate Governance - The company has a structured governance framework, ensuring independent decision-making by the board and shareholders[127]. - The total number of independent directors on the board is five, ensuring a balanced governance structure[193]. - The company emphasizes the importance of financial oversight, with a dedicated financial director and a team of experienced financial professionals[194]. - The company has committed to transparency and fairness in related-party transactions, ensuring compliance with relevant regulations[121]. - The company guarantees that any necessary transactions with controlled entities will adhere to market principles, ensuring fair pricing and compliance with regulations[125]. Shareholder Information - The total number of common stock shareholders decreased from 25,021 to 22,718 by the end of the reporting period[173]. - Zhejiang Haiyue Technology Co., Ltd. is the largest shareholder, holding 86,127,638 shares, which accounts for 18.49% of total shares[175]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders alone accounting for over 35%[175]. - The actual controller of the company is Hainan Cihang Public Welfare Foundation, which has interests in multiple listed companies[181]. - The company has no other significant shareholders or related party transactions that could affect its control structure[179].

Financial Performance - Operating revenue increased by 9.63% to CNY 7,494,199,503.06 for the period from January to September[7] - Net profit attributable to shareholders was a loss of CNY 58,771,801.52, compared to a loss of CNY 472,536.99 in the same period last year[7] - Basic and diluted earnings per share were both CNY -0.15, a decrease of 12,400% compared to the same period last year[8] - Net profit for the period was -¥150.61 million, a 148.62% increase in losses compared to the previous year[15] - Net profit for Q3 2017 was a loss of ¥125,096,661.13, compared to a profit of ¥93,963,839.12 in Q3 2016, representing a significant decline[30] - Total comprehensive income for Q3 2017 was ¥-91,200,473.50, compared to ¥72,845,340.04 in Q3 2016[32] Assets and Liabilities - Total assets decreased by 6.34% to CNY 7,627,636,133.14 compared to the end of the previous year[7] - Total liabilities decreased to CNY 6,293,330,532.38 from CNY 6,609,611,650.71, a reduction of approximately 4.77%[21] - Current assets totaled CNY 1,172,003,162.18, down from CNY 1,383,585,937.33 at the beginning of the year, indicating a decline of about 15.25%[19] - The company's short-term borrowings increased to CNY 1,940,109,974.45 from CNY 1,544,241,294.10, marking an increase of about 25.66%[20] - The total assets impairment loss for Q3 2017 was ¥-4,161,002.66, compared to ¥-148,334.74 in Q3 2016[34] Cash Flow - Net cash flow from operating activities decreased by 99.02% to CNY 3,511,422.99 compared to the same period last year[7] - The cash inflow from operating activities for the year-to-date period reached ¥9,074,103,778.97, an increase of 10.9% compared to ¥8,179,110,806.01 in the same period last year[38] - The net cash flow from operating activities was ¥3,511,422.99, a significant decrease from ¥359,476,485.81 in the previous year[38] - Cash inflow from financing activities amounted to ¥2,961,970,160.13, compared to ¥2,371,660,031.90 in the previous year, indicating a 25.0% increase[39] Shareholder Information - The total number of shareholders at the end of the reporting period was 24,051[11] - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., holds 22.31% of the shares, with 84,697,638 shares pledged[11] Expenses and Costs - The company reported a significant increase in management expenses by 106.59% to ¥335.11 million, due to major repair and R&D costs[14] - Total operating costs for Q3 2017 were ¥2,644,020,675.26, an increase of 3.7% from ¥2,549,544,540.35 in Q3 2016[30] - The company reported a significant increase in management expenses, which rose to ¥335,109,823.50 from ¥162,213,574.44, indicating higher operational costs[30] Other Income and Expenses - Non-operating income and expenses totaled CNY 6,755,274.30, with a significant contribution from government subsidies[10] - Other income increased significantly due to accounting policy changes, reflecting government subsidies[14] Investment Activities - Cash outflow for investment activities totaled ¥142,757,900.59, down from ¥271,693,031.34 year-over-year, resulting in a net cash flow from investment activities of -¥86,929,124.50[39] - Investment income for the period was ¥31,848,730.04, down from ¥40,058,522.34 in the same period last year, showing a decline in returns from investments[30] Asset Restructuring - The company has undergone a significant asset restructuring, with the restructuring plan approved by the shareholders on June 22, 2017, and subsequently receiving unconditional approval from the China Securities Regulatory Commission on September 19, 2017[16]

Financial Performance - The company's operating revenue for the first half of 2017 was approximately CNY 4.93 billion, representing a 17.19% increase compared to CNY 4.20 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2017 was CNY 1.02 million, a significant turnaround from a loss of CNY 62.53 million in the previous year, marking a 101.63% improvement[19]. - Basic earnings per share for the first half of 2017 were CNY 0.003, a recovery from a loss of CNY 0.16 per share in the same period last year, reflecting a 101.88% increase[20]. - The weighted average return on equity increased by 5.12 percentage points to 0.09% from -5.03% in the previous year[20]. - Total production volume reached 573,600 tons, representing a year-on-year growth of 18.71%, while total sales volume increased by 14.21% to 552,900 tons[28]. - The sales revenue from liquefied gas increased by 25.07% to CNY 57.41 million, primarily due to higher product prices[29]. - Revenue from liquefied gas sales increased by 95.57% year-on-year, driven by improved production capacity and rising product prices at Ningbo Haiyue New Materials Co., Ltd.[37]. - Revenue from acetone sales increased by 1,931.75% year-on-year, attributed to increased production and rising prices at Ningbo Haiyue New Materials Co., Ltd.[37]. - Revenue from propylene and isooctane sales increased by 27.67% and 52.09% year-on-year, respectively, due to increased production capacity and rising prices at Ningbo Haiyue New Materials Co., Ltd.[37]. - Total revenue from main business activities reached CNY 4,913,894,253.85, representing a year-on-year increase of 22.34%[38]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 92.94 million, a decline of 133.94% compared to a positive cash flow of CNY 273.83 million in the same period last year[19]. - The cash flow from investing activities improved by 75.45%, with a net outflow of CNY 36.05 million compared to CNY 146.84 million in the previous year[19]. - The cash flow from financing activities showed a net outflow of CNY 200.57 million, a 56.23% improvement from a net outflow of CNY 458.26 million in the previous year[19]. - The company's cash and cash equivalents decreased by 66.82% to CNY 171,717,872.65 compared to CNY 517,551,527.66 in the previous period[39]. - The company reported a significant decrease in other current assets by 83.64% to CNY 10,668,658.12, mainly due to a reduction in VAT input tax credits[39]. - The company reported a net decrease in cash and cash equivalents of CNY 109.54 million, ending the period with CNY 63.67 million[106]. - The company's bank deposits decreased significantly from ¥441,522,052.35 to ¥114,637,445.10, indicating a reduction of approximately 74.0%[187]. Assets and Liabilities - The total assets decreased by 5.84% to CNY 7.67 billion from CNY 8.14 billion at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 2.74% to CNY 1.14 billion from CNY 1.17 billion at the end of the previous year[19]. - The company's long-term equity investments decreased by 2.68% to CNY 408,723,010.64 compared to the beginning of the period[42]. - The total amount of restricted assets at the end of the reporting period was CNY 5,545,120,891.38, primarily due to collateral and guarantees[41]. - The company's total liabilities as of June 30, 2017, were ¥6,192,436,658.97, down from ¥6,609,611,650.71, marking a decrease of around 6.30%[90]. - The company's short-term borrowings increased to ¥1,775,416,863.51 from ¥1,544,241,294.10, reflecting an increase of approximately 14.98%[90]. - The total equity attributable to shareholders was reported at ¥1,142,678,271.00, down from ¥1,174,900,984.79, indicating a decrease of about 2.74%[91]. Research and Development - Research and development expenses rose by 34.56% to CNY 114.77 million, reflecting increased investment in innovation[31]. - R&D expenses increased by 34.56% year-on-year, mainly due to higher material consumption, utility costs, and depreciation of R&D equipment at Ningbo Haiyue New Materials Co., Ltd.[33]. Governance and Compliance - The company did not propose any profit distribution or capital reserve transfer for the first half of 2017[54]. - The company held two shareholder meetings in 2017, addressing significant asset restructuring and related transactions[53]. - The company is actively managing foreign exchange risks due to its dollar-denominated imports and loans[49]. - The company guarantees the independence of its assets, personnel, and financial management systems, maintaining a complete and independent organizational structure[62]. - The company has established a clear governance structure to protect the interests of minority shareholders during related party transactions[61]. - The company has committed to avoiding any improper benefits through related party transactions, ensuring compliance with legal and regulatory requirements[61]. Market and Operational Risks - The company faces risks related to raw material price fluctuations and has strategies in place to negotiate pricing adjustments with international suppliers[49]. - The company has implemented advanced safety and environmental production processes to mitigate risks associated with chemical projects[50]. - The company plans to expand its product storage capacity and extend its industrial chain to enhance its resilience against market fluctuations[50]. Changes in Control and Structure - The actual controller of the company changed to Hainan Cihang Public Welfare Foundation on February 21, 2017[80]. - The board of directors underwent significant changes, with multiple resignations due to the change in control, including the departure of the former chairman and several executives[83]. Accounting Policies and Standards - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and performance[127]. - The company recognizes financial assets and liabilities at fair value upon initial recognition, with specific classifications for different types of financial instruments[135]. - The company applies a percentage method for bad debt provision on receivables, with a 5% provision for amounts within one year[147]. - The company recognizes revenue from sales of goods when ownership risks and rewards are transferred, and the amount can be reliably measured[174].

Financial Performance - In 2016, the company achieved operating revenue of ¥9,792,247,172.42, representing a 55.81% increase compared to ¥6,284,766,255.36 in 2015[20] - The net profit attributable to shareholders was ¥40,025,902.95, a 74.04% increase from ¥22,997,449.78 in the previous year[20] - The cash flow from operating activities reached ¥1,138,397,961.10, marking a significant increase of 345.26% from ¥255,667,601.51 in 2015[20] - The basic earnings per share increased to ¥0.10, up 66.67% from ¥0.06 in 2015[21] - The weighted average return on equity rose to 3.10%, an increase of 1.29 percentage points from 1.81% in 2015[21] - The net profit after deducting non-recurring gains and losses was -¥16,586,161.29, showing a 91.92% improvement from -¥205,187,559.78 in 2015[20] - Total sales revenue for the year reached ¥9.792 billion, with a net profit of ¥40.0259 million, achieving year-on-year growth targets[35] - The company reported a net profit of ¥72,887,138.19 for 2016, with a proposed cash dividend of ¥0.6 per share, totaling ¥23,166,000[89] Cash Flow and Assets - The total assets decreased by 10.56% to ¥8,144,074,970.26 from ¥9,105,867,332.46 in 2015[20] - The company’s cash and cash equivalents decreased by 31.31% compared to the beginning of the year, primarily due to the repayment of a dollar deposit[31] - The net cash flow from operating activities increased by 345.26% year-on-year, primarily due to market recovery and significant capacity enhancement at the subsidiary Ningbo Haiyue Materials Co., Ltd., leading to increased sales and cash receipts from sales of goods and services[50] - The net cash flow from investing activities decreased by 777.79% year-on-year, mainly due to a reduction in cash received from the disposal of available-for-sale financial assets by the wholly-owned subsidiary Zhejiang Tianyue Venture Capital Co., Ltd.[50] - The net cash flow from financing activities decreased by 307.67% year-on-year, attributed to the repayment of part of the loans to reduce financing costs and the repayment of project loans by the subsidiary Ningbo Haiyue New Materials Co., Ltd.[50] Operational Highlights - The company’s main business includes the production of propylene, isooctane, and methyl ethyl ketone, with a production capacity of 600,000 tons of propylene per year[29] - The company achieved oil and gas sales of 1.3652 million tons in 2016, generating sales revenue of 4.653 billion RMB, with a throughput of 460,000 tons in oil storage, marking a new high[39] - Direct sales business reached 640,000 tons, a year-on-year increase of 51%, while imported petroleum product sales reached 570,800 tons, up 151% year-on-year, achieving three consecutive years of growth[37] - The company processed 1.3309 million tons of raw materials, with a total product output of 1.2227 million tons and a commercialization rate of 92.12%[41] Research and Development - The company holds 3 invention patents and 19 utility model patents, enhancing its intellectual property protection and R&D capabilities[33] - Research and development expenses increased by 66.33% year-on-year, amounting to 127.72 million RMB, primarily due to increased R&D activities at the subsidiary Ningbo Haiyue New Materials Co., Ltd.[48] - The total R&D investment accounted for 1.30% of total revenue, with 165 R&D personnel, representing 19.30% of the total workforce[57] - The company completed 49 technical improvements and applied for 39 patents during the year, enhancing its innovation capabilities[41] Market Strategy and Challenges - The company is strategically expanding its market presence through investments in new technologies and products, focusing on clean and lightweight raw materials[29] - The company faced challenges in profitability due to high costs of propylene and the impact of currency depreciation, despite an increase in sales revenue[30] - The company aims to achieve a sales revenue target of 10 billion RMB in 2017, although this does not constitute a performance commitment to investors[80] - The company is exposed to foreign exchange risks due to its reliance on USD-denominated imports and loans, prompting it to implement hedging strategies[83] Shareholder and Governance - The company has a cash dividend policy that requires a minimum distribution of 30% of the average distributable profit over the last three years, contingent on certain financial conditions being met[88] - The total number of ordinary shareholders at the end of the reporting period was 21,805, a decrease from 22,483 at the end of the previous month[109] - The company has not engaged in any cash asset management or entrusted loan activities during the reporting period[105] - The management team, including Chairman Lü Xiaokui, has increased their shareholdings significantly in the secondary market[120] Financial Position and Liabilities - Total liabilities decreased from RMB 7,317,759,399.16 to RMB 6,609,611,650.71, a reduction of about 9.66%[155] - The company's long-term investments in equity decreased from RMB 503,551,086.84 to RMB 419,988,438.04, a decline of about 16.6%[154] - The total owner's equity at the end of the period is 1,160,426,818.49 RMB, with a capital stock of 386,100,000.00 RMB[181] - The company reported a comprehensive income total of -82,271,476.34 RMB for the period[183] Compliance and Reporting - The financial statements have been approved by the board on April 11, 2017, for external reporting[189] - The audit opinion confirmed that the financial statements reflect the company's operational results and cash flows for the year 2016[152] - The company adheres to the enterprise accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results[194] - The company has established a comprehensive information disclosure and investor relations management system, ensuring timely and accurate disclosure of important information[136]

Financial Performance - Net profit attributable to shareholders reached CNY 27,293,510.38, a significant increase of 161.55% year-on-year[6] - Operating revenue for the period was CNY 2,583,160,005.82, representing a growth of 44.46% compared to the same period last year[6] - Basic earnings per share improved to CNY 0.07, up 163.64% from a loss of CNY 0.11 in the same period last year[6] - The net profit attributable to the parent company was CNY 27,293,510.38, a significant turnaround from a loss of CNY 44,344,253.07 in the previous year, marking a 161.55% improvement[12] - Net profit for Q1 2017 was ¥26,682,957.12, a significant recovery from a net loss of ¥106,761,265.31 in Q1 2016[33] - The total comprehensive income for Q1 2017 was ¥40,991,722.64, recovering from a loss of ¥251,060,313.52 in Q1 2016[33] Assets and Liabilities - Total assets increased by 1.55% to CNY 8,270,700,171.83 compared to the end of the previous year[6] - Total assets increased to ¥8,270,700,171.83 from ¥8,144,074,970.26, reflecting a growth of approximately 1.56%[24] - Current liabilities rose to ¥3,450,693,952.80 from ¥3,352,008,776.51, an increase of about 2.94%[25] - Total liabilities increased to ¥6,694,994,598.41 from ¥6,609,611,650.71, reflecting a growth of about 1.29%[25] - Non-current assets decreased to ¥6,671,473,948.93 from ¥6,760,489,032.93, a decline of about 1.32%[24] - Inventory increased by 31.91% to CNY 749,422,253.26, primarily due to the rise in raw materials and stock at the subsidiary Ningbo Haiyue New Materials Co., Ltd.[12] Cash Flow - The net cash flow from operating activities was negative CNY 213,499,335.82, a decline of 398.97% year-on-year[6] - Operating cash inflow from sales increased to ¥3,013,246,374.37, up from ¥2,284,190,709.32, representing a growth of approximately 32%[36] - Total cash inflow from operating activities was ¥3,082,556,822.24, compared to ¥2,307,601,948.43, an increase of about 34%[36] - Cash outflow for operating activities increased to ¥3,296,056,158.06 from ¥2,236,189,134.61, reflecting a rise of approximately 47%[36] - Cash inflow from investment activities totaled ¥38,867,329.88, slightly up from ¥37,658,682.24, indicating a modest increase[37] - Cash outflow for investment activities was ¥71,232,935.62, down from ¥88,988,304.80, showing a reduction of about 20%[37] Shareholder Information - The total number of shareholders reached 22,480 by the end of the reporting period[9] - Zhejiang Haiyue Technology Co., Ltd. remains the largest shareholder, holding 22.31% of the shares[9] Major Events and Changes - The company is undergoing a major asset restructuring involving the acquisition of Tianjin Northern Petroleum Co., Ltd., which focuses on oil and chemical product logistics and retail[16] - The stock of the company was suspended from trading on February 8, 2017, due to the planned transfer of control from the major shareholder, Zhejiang Haiyue Technology Co., Ltd., to HNA Modern Logistics for CNY 2.65 billion[13] - The company has not yet finalized the implementation plan for the major asset restructuring, and due diligence is ongoing[20] Financial Ratios and Metrics - The weighted average return on equity increased by 6.03 percentage points to 2.28%[6] - The company reported a significant increase in management expenses, which rose to ¥64,280,798.08 from ¥53,598,700.18 year-on-year[32] - The company’s financial expenses increased to ¥58,643,910.28 in Q1 2017, compared to ¥52,817,080.62 in the same period last year[32]

Financial Performance - Operating revenue increased by 53.68% to CNY 6,835,595,103.15 for the period from January to September compared to the same period last year[7] - Net profit attributable to shareholders improved by 98.83%, reaching a loss of CNY 472,536.99 compared to a loss of CNY 40,245,632.78 in the same period last year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 103.27% to CNY 2,918,321.08 compared to the same period last year[7] - Basic and diluted earnings per share improved by 98.80% to -0.0012 CNY per share[8] - The net profit attributable to shareholders improved by 98.83% to -¥472,536.99, mainly due to reduced losses from the subsidiary[16] - Operating profit for Q3 2016 was ¥96.86 million, compared to a loss of ¥138.63 million in Q3 2015, indicating a significant turnaround[30] - Net profit for Q3 2016 reached ¥93.96 million, while the same period in 2015 recorded a net loss of ¥132.69 million, showing a recovery in profitability[31] - The total profit for Q3 2016 was ¥97.59 million, compared to a loss of ¥138.60 million in Q3 2015, marking a significant improvement in financial health[30] Assets and Liabilities - Total assets decreased by 6.99% to CNY 8,469,564,694.17 compared to the end of the previous year[7] - Net assets attributable to shareholders decreased by 13.99% to CNY 1,160,364,183.55 compared to the end of the previous year[7] - Non-current assets totaled ¥6,753,091,645.05, a decrease of 6.3% from ¥7,207,598,668.88 at the beginning of the year[21] - Total liabilities decreased to ¥6,930,356,765.35 from ¥7,317,759,399.16, a reduction of 5.3%[22] - Owner's equity totaled ¥1,539,207,928.82, down from ¥1,788,107,933.30, a decline of 13.9%[22] - Current liabilities amounted to ¥3,377,302,432.03, slightly down from ¥3,445,117,056.02, a decrease of 2.0%[21] Cash Flow - Cash flow from operating activities increased by 19.25% to CNY 359,476,485.81 for the period from January to September compared to the same period last year[7] - The net cash flow from operating activities for the first nine months of 2016 was ¥359,476,485.81, compared to ¥301,435,377.72 in the previous year, indicating an increase of about 19.3%[36] - The company reported a net cash flow from investment activities of -¥225,492,693.82 for the first nine months of 2016, compared to -¥459,810,660.74 in the previous year, showing a reduction in cash outflow by approximately 50.9%[36] - The total cash inflow from financing activities for the first nine months of 2016 was ¥2,371,660,031.90, while cash outflow was ¥2,569,909,759.20, resulting in a net cash flow of -¥198,249,727.30, slightly improved from -¥205,166,290.58 in the previous year[37] Shareholder Information - The total number of shareholders reached 22,692 at the end of the reporting period[12] - The largest shareholder, Zhejiang Haiyue Technology Co., Ltd., holds 22.31% of the shares[12] Operational Efficiency - The company plans to continue focusing on expanding its product offerings and enhancing operational efficiency in the upcoming quarters[17] - Cash flow from operating activities showed a significant increase, indicating improved operational efficiency and revenue generation capabilities[36] Inventory and Receivables - Accounts receivable increased by 359.17% to ¥42,941,634.32 due to outstanding settlements at the end of the period[14] - Prepayments rose by 284.11% to ¥290,440,854.29, attributed to increased advance payments for goods and raw materials[14] - Inventory levels decreased to ¥53,162,285.30 from ¥214,992,029.10, a reduction of 75.2%[25] Revenue Growth - Total operating revenue for Q3 2016 reached ¥2,632,841,953.99, an increase of 20.2% compared to ¥2,190,288,630.88 in Q3 2015[29] - Year-to-date revenue for the first nine months of 2016 was ¥6,835,595,103.15, up 53.5% from ¥4,447,882,796.77 in the same period last year[29] - The total revenue from sales of goods and services for the first nine months of 2016 reached ¥8,027,170,277.59, an increase from ¥5,724,383,005.53 in the same period last year, representing a growth of approximately 40.3%[35]

Financial Performance - The company's operating revenue for the first half of 2016 was ¥4,202,753,149.16, representing an increase of 86.16% compared to ¥2,257,594,165.89 in the same period last year[19] - The net profit attributable to shareholders of the listed company was a loss of ¥62,529,164.97, a decrease of 252.54% compared to a profit of ¥40,991,278.81 in the same period last year[19] - The basic earnings per share for the first half of 2016 was -¥0.16, a decrease of 245.45% compared to ¥0.11 in the same period last year[20] - The weighted average return on net assets was -5.03%, a decrease of 8.17 percentage points from 3.14% in the same period last year[20] - The company achieved operating revenue of CNY 4.20 billion, a year-on-year increase of 86.16%[32] - The net profit attributable to shareholders of the parent company was CNY -62.53 million, a year-on-year decrease of 252.54%[32] - Operating profit for the current period was a loss of ¥146,416,836.92, compared to a profit of ¥10,973,298.11 in the previous period[94] - Net profit for the current period was a loss of ¥154,543,526.19, down from a profit of ¥6,834,506.13 in the previous period[96] - Comprehensive income totalled a loss of ¥302,440,344.52, compared to a gain of ¥195,905,171.54 in the previous period[96] Cash Flow and Liquidity - The net cash flow from operating activities was ¥273,831,079.91, a significant improvement from a negative cash flow of ¥19,201,187.55 in the same period last year, marking an increase of 1,526.12%[19] - Cash generated from operating activities was ¥5,245,638,457.96, an increase from ¥2,939,012,111.44 in the previous period[101] - Total cash inflow from operating activities amounted to CNY 5,339,554,049.63, while cash outflow was CNY 5,065,722,969.72, resulting in a net increase of CNY 273,831,079.91[102] - Cash inflow from financing activities was CNY 1,249,058,474.55, while cash outflow totaled CNY 1,707,319,353.47, leading to a net cash flow of -CNY 458,260,878.92[103] - The company's cash and cash equivalents decreased from 753,413,371.35 RMB to 409,870,704.42 RMB, a decline of approximately 45.6%[87] - The company reported a total cash balance of ¥409,870,704.42 at the end of the period, down from ¥753,413,371.35 at the beginning, indicating a decrease of approximately 45.6%[179] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,201,317,414.26, down 9.93% from ¥9,105,867,332.46 at the end of the previous year[19] - The net assets attributable to shareholders of the listed company decreased by 15.60% to ¥1,138,731,054.65 from ¥1,349,157,037.95 at the end of the previous year[19] - Total current assets decreased from 1,898,268,663.58 RMB to 1,382,237,085.01 RMB, a reduction of about 27.2%[87] - Total liabilities decreased from CNY 7,317,759,399.16 to CNY 6,715,649,825.47, a reduction of about 8.2%[88] - Owner's equity decreased from CNY 1,788,107,933.30 to CNY 1,485,667,588.79, a drop of approximately 17.0%[89] - The total amount of other receivables is CNY 6,291,858.04, with a bad debt provision of CNY 2,697,133.28, representing 42.87% of the total[191] Revenue Sources - Revenue from finished oil sales increased by 56.54% to ¥2,037,105,847.63, driven by a significant rise in imported finished oil sales[43] - Revenue from propylene sales surged by 165.54% to ¥1,150,283,887.94, attributed to increased production output from the subsidiary[44] - The company reported a total revenue from sales of goods and services of CNY 2,448,791,983.13, an increase from CNY 1,647,682,245.79 in the previous period[104] Research and Development - The company’s R&D expenditure increased by 1,427.53% to CNY 85.29 million, reflecting a significant increase in R&D projects from 12 to 33[36] Shareholder Information - The largest shareholder, Haikou Haiyue Economic Development Co., Ltd., holds 86,127,638 shares, accounting for 22.31% of total shares[76] - The second largest shareholder, Zhejiang Provincial Economic Cooperation Group Co., Ltd., holds 15,932,286 shares, representing 4.13% of total shares[76] Corporate Governance and Compliance - The company has ensured compliance with corporate governance standards as per the requirements of the China Securities Regulatory Commission[70] - The company has not reported any significant changes in accounting policies or estimates during the reporting period[71] - The company has not disclosed any significant litigation or arbitration matters during the reporting period[58] Investments and Financial Assets - The company reported a total investment of CNY 3,376,607.97 in financial assets, with a total reportable profit of CNY 138,171.19 and a loss in owner’s equity of CNY 62,263,012.52 during the reporting period[52] - The company holds a 0.38% stake in Zhejiang Zhuji Rural Commercial Bank with an initial investment of CNY 1,885,000, maintaining the same holding percentage at the end of the period, with a reportable profit of CNY 270,000[51] - The company has a 1.88% stake in Beixin Source, with an initial investment of CNY 2,763,434.97, and the end-of-period book value is CNY 108,918,819.65, resulting in a reportable profit of CNY 138,171.19[52] Inventory and Receivables - The total inventory decreased significantly from CNY 214,992,029.10 to CNY 42,307,177.22, a reduction of approximately 80.4%[91] - The total amount of inventory at the beginning of the period was CNY 739,978,592.46, indicating a decrease in value[200] - The company has a total of ¥318,722,118.43 in bank deposits, which decreased significantly from ¥681,733,027.59, indicating a reduction of approximately 53.2%[179] Guarantees and Commitments - The company provided a total of RMB 281,560.12 thousand in guarantees to subsidiaries during the reporting period[67] - The total guarantee amount, including guarantees to subsidiaries, reached RMB 263,698.64 thousand, which accounts for 177.50% of the company's net assets[67] Miscellaneous - The company has not engaged in entrusted financial management or derivative investments during the reporting period[53] - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[56] - The company has not experienced any overdue guarantees during the reporting period[67]