Financial Performance - In 2020, the company achieved a net profit of RMB 543.18 million, with a retained earnings of RMB 768.95 million by year-end[7]. - The total operating revenue for 2020 was RMB 6.272 billion, with a net asset value of RMB 5.030 billion attributed to shareholders[12]. - The net profit attributable to shareholders was RMB 552 million, while the net profit after deducting non-recurring gains and losses was RMB 510 million[12]. - The company's operating revenue for 2020 was approximately ¥6.27 billion, an increase of 9.26% compared to ¥5.74 billion in 2019[28]. - Net profit attributable to shareholders for 2020 was approximately ¥551.61 million, representing an 82.64% increase from ¥302.03 million in 2019[28]. - The basic earnings per share for 2020 was ¥0.28, up 86.67% from ¥0.15 in 2019[31]. - The weighted average return on equity increased to 11.61% in 2020, up by 4.63 percentage points from 6.98% in 2019[31]. - The total assets at the end of 2020 were approximately ¥9.22 billion, a 7.85% increase from ¥8.55 billion at the end of 2019[28]. - The net cash flow from operating activities for the fourth quarter of 2020 was approximately ¥608.84 million, a significant recovery from negative cash flow in the earlier quarters[32]. - The company reported a total of ¥41.59 million in non-recurring gains and losses for 2020, with government subsidies contributing ¥36.97 million[35]. Production and Sales - The company produced 641,700 tons of steel in 2020, an increase of 8.45% year-on-year, and 504,600 tons of steel products, up 7.84% year-on-year[12]. - The total sales order volume for the year reached 605,200 tons, with key products such as high-temperature alloys and high-strength steel seeing a 70% increase in orders to 84,800 tons[45]. - The company achieved a steel production of 641,700 tons, an increase of 8.45% year-on-year[47]. - The total revenue reached 6.272 billion RMB, reflecting a year-on-year growth of 9.26%[47]. - The company invested 407 million yuan in R&D in 2020, focusing on high-end alloy and special steel materials for industries such as aerospace and nuclear energy[41]. Research and Development - The company developed over 260 new products in 2020 and was granted 11 invention patents and 2 utility model patents[45]. - The company has 10 national research projects approved in 2020, with a total of 45 ongoing research projects[45]. - The company is committed to enhancing its research and development capabilities through collaborations with research institutions and military units[86]. - Research and development expenses rose to 406.8 million RMB, a 34.73% increase from the previous year[50]. - The company has established stable strategic partnerships with several research institutions and universities to enhance its R&D capabilities[41]. Legal and Regulatory Issues - The company has faced a total of 1,280 lawsuits related to securities false statements, with a total claim amount of RMB 201.06 million[11]. - As of the report date, the company has been ordered to pay RMB 22.40 million in compensation for 645 concluded cases[11]. - The company has submitted an application to revoke the risk warning on its stock, which will be decided within ten trading days[12]. - The company is involved in multiple lawsuits related to contract disputes, with claims totaling 2,927,651.75 RMB and 184,036.6 RMB from different parties[133]. Corporate Governance and Shareholder Relations - The company plans no profit distribution or capital reserve transfer for 2020[7]. - The company has not made any profit distribution or capital reserve transfers for the 2020 fiscal year[95]. - The company is committed to avoiding conflicts of interest with its controlling shareholder and ensuring fair pricing in related transactions[103]. - The management structure of Fushun Special Steel will remain independent, with no interference from Northeast Special Steel Group in personnel decisions[110]. - The company has committed to not engaging in any form of improper benefit-seeking through its control over Fushun Special Steel[107]. Environmental Responsibility - The company has implemented various environmental protection measures, including the construction of pollution control facilities and regular monitoring of emissions[180]. - The company has installed online monitoring equipment at key discharge points, ensuring compliance with environmental regulations[183]. - The company has not experienced any major environmental protection responsibility accidents in 2020[180]. - The company is committed to social responsibility, focusing on economic benefits while protecting the environment and supporting community development[176]. Future Plans and Investments - The company plans to achieve a steel production volume of 640,000 to 680,000 tons and a revenue of 6.5 billion to 7 billion yuan in 2021[87]. - The company plans to continue enhancing management measures and optimizing product structure to further improve profitability in the future[31]. - The company plans to invest a total of RMB 790 million in three production projects, with RMB 328 million allocated for 2020, but actual payments were less due to delays caused by the COVID-19 pandemic[100]. - For 2021, the company plans to invest RMB 477 million in ongoing projects and RMB 242 million in new technology transformation projects, totaling RMB 719 million in planned investments[100].

Financial Performance - Net profit attributable to shareholders of the listed company was ¥404,483,228.62, representing a significant increase of 132.57% year-on-year[18]. - Operating revenue for the period was ¥4,714,816,351.39, up 7.69% from the same period last year[18]. - Basic earnings per share increased to ¥0.2051, reflecting a growth of 132.54% year-on-year[20]. - The weighted average return on net assets rose to 8.65%, an increase of 4.56 percentage points compared to the previous year[20]. - Total revenue for Q3 2020 reached ¥1,607,565,688.05, an increase of 24.06% compared to ¥1,295,665,455.53 in Q3 2019[55]. - Net profit for Q3 2020 was ¥221,160,207.29, significantly higher than ¥48,412,761.13 in Q3 2019, representing a growth of 355.73%[60]. - The net profit margin for Q3 2020 improved to approximately 13.76% from 3.74% in Q3 2019, indicating enhanced profitability[60]. - The total comprehensive income attributable to the parent company for Q3 2020 was CNY 215,645,775.98, significantly higher than CNY 48,727,018.04 in Q3 2019, showing an increase of approximately 343%[76]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,839,864,828.75, an increase of 3.36% compared to the end of the previous year[18]. - Total liabilities decreased to CNY 3,960,820,446.40 from CNY 4,076,782,672.04, indicating a reduction of about 2.85%[50]. - The company's equity attributable to shareholders rose to CNY 4,879,044,382.35, compared to CNY 4,475,770,125.74, marking an increase of approximately 8.99%[50]. - The total amount of other payables was ¥93,254,241.83, which includes various operational liabilities[94]. - The company reported a contract liability of ¥207,656,320.74, indicating future revenue obligations[94]. - Long-term borrowings were recorded at ¥2,409,499,896.69, highlighting the company's financing strategy[94]. Cash Flow - The net cash flow from operating activities was ¥10,751,007.00, a decrease of 98.35% compared to the previous year[18]. - Cash and cash equivalents increased by 176.09% to ¥417,360,983.47 from ¥151,169,108.83[26]. - Cash inflows from investment activities reached CNY 2,119,494,646.53, compared to CNY 1,955,332,056.60 previously[82]. - Cash outflows for investment activities totaled CNY 1,813,442,511.72, down from CNY 2,784,679,044.95[82]. - The cash flow from operating activities for the first three quarters of 2020 was CNY 3,344,808,355.36, a decrease from CNY 5,144,430,441.10 in the same period of 2019, indicating a decline of approximately 34.9%[79]. Shareholder Information - The total number of shareholders at the end of the reporting period was 65,602[23]. - The largest shareholder, Northeast Special Steel Group Co., Ltd., held 576,876,444 shares, accounting for 29.25% of the total shares[23]. Research and Development - Research and development expenses surged by 535.82% to ¥243,798,174.07 from ¥38,343,868.55[28]. - Research and development expenses for Q3 2020 were ¥84,220,204.82, a significant increase from ¥28,020,183.09 in Q3 2019, representing a growth of 200.79%[58]. Government Subsidies and Other Income - Government subsidies recognized in the current period amounted to ¥2,824,006.66, with a total of ¥7,066,670.89 recognized year-to-date[19]. - The company reported a significant increase in other income by 112.72% to ¥7,066,670.89 from ¥3,322,017.00[28].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 3.11 billion, a slight increase of 0.81% compared to CNY 3.08 billion in the same period last year[25]. - Net profit attributable to shareholders for the first half of 2020 was CNY 183.32 million, representing a significant increase of 46.07% from CNY 125.51 million year-on-year[25]. - The net profit after deducting non-recurring gains and losses was CNY 150.90 million, up 27.20% from CNY 118.63 million in the previous year[25]. - The company's basic earnings per share for the first half of 2020 was CNY 0.0930, an increase of 46.23% compared to CNY 0.0636 in the same period last year[26]. - The weighted average return on net assets increased to 3.94%, up 0.97 percentage points from 2.97% in the previous year[28]. - The total assets at the end of the reporting period were approximately CNY 8.62 billion, a slight increase of 0.77% from CNY 8.55 billion at the end of the previous year[25]. - The net profit for the first half of 2020 was RMB 183 million, representing a significant increase of 46.07% from RMB 126 million in the previous year[36]. - The company's R&D expenditure reached RMB 159.58 million, a substantial increase of 1,445.75% compared to RMB 10.32 million in the same period last year[39]. - The company reported a decrease in operating costs by 6.05%, from RMB 2.75 billion to RMB 2.58 billion[39]. Cash Flow and Assets - The net cash flow from operating activities for the first half of 2020 was negative CNY 59.83 million, a decrease of 134.77% compared to positive CNY 172.07 million in the same period last year[25]. - Cash and cash equivalents at the end of the reporting period amounted to CNY 167,278,165.87, restricted due to bank acceptance bills and letter of credit guarantees[44]. - The total current assets as of June 30, 2020, amount to 4,412,154,853.18 RMB, an increase from 4,271,674,065.41 RMB at the end of 2019[156]. - Cash and cash equivalents as of June 30, 2020, are 243,752,051.32 RMB, up from 151,169,108.83 RMB at the end of 2019[156]. - The total amount of trading financial assets as of June 30, 2020, is 1,176,709,829.48 RMB, slightly down from 1,207,702,823.22 RMB at the end of 2019[156]. Research and Development - The company is actively involved in R&D, with 10 national research projects approved and 43 ongoing projects as of the first half of 2020[34]. - The company has received 4 invention patents and has been involved in the publication of national military and industry standards[34]. Legal and Compliance Issues - The company is facing potential risks related to information disclosure violations, with a total of 174 lawsuits amounting to CNY 31,385,000.00 pending in court[53]. - The company has been involved in multiple lawsuits, indicating ongoing legal challenges that may impact its financial position[84]. - The company has reported no significant changes in its financial reporting status, maintaining compliance with auditing standards[81]. - The company has been subject to administrative penalties from the China Securities Regulatory Commission for failing to disclose periodic reports in a timely manner[103]. Related Party Transactions - The company reported a total of 33,460,291.34 yuan in related party transactions for material procurement from its controlling shareholder[112]. - The company engaged in related party transactions with a total value of 7.04 million RMB, primarily for purchasing goods and services[115]. - The company’s related party transactions are expected to continue, enhancing product range and operational efficiency[120]. Social Responsibility and Environmental Impact - The company allocated 4.2 million yuan for poverty alleviation projects, helping 93 registered impoverished individuals to escape poverty[132]. - The company reported a total wastewater discharge of 245,500 tons and met all environmental monitoring standards for wastewater, waste gas, and noise emissions in 2020[137]. - The company has implemented online monitoring for its wastewater treatment facilities and other pollution sources to ensure compliance with environmental regulations[143]. Shareholder Information - Total number of common shareholders as of the end of the reporting period is 78,346[147]. - The largest shareholder, Northeast Special Steel Group Co., Ltd., holds 576,876,444 shares, representing 29.25% of total shares[147]. - The second largest shareholder, Bank of China Fushun Branch, holds 122,924,644 shares, accounting for 6.23%[147].

Financial Performance - Operating revenue for the period was ¥1,441,787,470.29, representing a decrease of 8.79% year-on-year[11] - Net profit attributable to shareholders was ¥80,194,700.65, an increase of 59.07% compared to the same period last year[11] - Basic earnings per share rose to ¥0.0407, reflecting a growth of 58.98% year-on-year[11] - The company reported a decrease in other income by 37.39%, down to ¥2,079,879.83 from ¥3,322,017.00, primarily due to reduced government subsidies[21] - Total operating revenue for Q1 2020 was CNY 1,441,787,470.29, a decrease of 8.8% compared to CNY 1,580,677,007.88 in Q1 2019[40] - Net profit for Q1 2020 reached CNY 80,194,700.65, an increase of 58.9% from CNY 50,413,725.25 in Q1 2019[44] - Total profit for the first quarter of 2020 was 82,673,787.24 CNY, an increase from 54,012,695.77 CNY in the first quarter of 2019, representing a growth of approximately 53%[48] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,636,049,297.82, an increase of 0.98% compared to the end of the previous year[11] - Total assets increased to ¥8,636,049,297.82, compared to ¥8,552,552,797.78 in the previous year, reflecting a growth in overall company value[30] - Non-current assets totaled ¥4,252,666,168.03, slightly down from ¥4,280,878,732.37, showing a minor decline in long-term investments[30] - The company’s total liabilities decreased, with accounts payable at ¥581,008,772.51 compared to ¥602,431,905.87 in the previous year, indicating improved management of payables[30] - Total liabilities increased to $4,081,293,443.44 from $4,076,782,672.04, reflecting a slight growth of 0.04%[33] - Total current assets were ¥4,271,674,065.41, with inventory accounting for ¥1,602,038,964.41[58] - Total liabilities reached ¥4,174,244,893.11, with current liabilities at ¥1,394,599,258.11 and non-current liabilities at ¥2,779,645,635.00[70] Cash Flow - Cash flow from operating activities showed a net outflow of ¥41,691,272.29, an improvement of 6.75% compared to the previous year[11] - The net cash flow from investing activities improved to ¥322,046,524.27, up from a negative cash flow of ¥24,294,167.14, primarily due to increased recovery of financial management funds[22] - Cash flow from investing activities generated a net inflow of 322,046,524.27 CNY in the first quarter of 2020, contrasting with a net outflow of -24,294,167.14 CNY in the same period last year[52] - Cash inflow from operating activities totaled 1,075,866,620.20 CNY in the first quarter of 2020, compared to 1,569,016,909.32 CNY in the same period last year, showing a decrease of about 31%[52] Shareholder Information - The number of shareholders at the end of the reporting period was 82,575, with the largest shareholder holding 29.25% of the shares[16] - The company’s total equity attributable to shareholders reached ¥4,475,770,125.74, showing a solid equity base[66] Research and Development - R&D expenses increased significantly to ¥87,105,899.17, a rise of 11,218.07% compared to ¥769,617.76 in the previous year[21] - Research and development expenses for Q1 2020 amounted to CNY 87,105,899.17, significantly higher than CNY 769,617.76 in Q1 2019, indicating a substantial increase in investment in innovation[40] Legal Matters - The company is currently involved in 84 ongoing lawsuits with a total claim amount of ¥14,949,000, reflecting ongoing legal challenges[25] Government Subsidies - The company received government subsidies amounting to ¥2,079,879.83, which are closely related to its normal business operations[11]

Financial Performance - In 2019, the company achieved a net profit of ¥305,533,701.07, with an allocation of ¥30,553,370.11 to surplus reserves, resulting in a cumulative undistributed profit of ¥280,080,823.57 by the end of the year[6]. - The company plans no profit distribution or capital reserve conversion for the 2019 fiscal year[6]. - The net profit attributable to shareholders was approximately CNY 302 million, representing a significant decline of 88.42% year-on-year[25]. - The company achieved a net profit of approximately CNY 128 million in Q4 2019, showing a recovery trend[29]. - The net profit for 2019 was 302 million yuan, a significant decline of 88.42% compared to 2.607 billion yuan in 2018, primarily due to the impact of debt restructuring[43]. - The company reported a net profit attributable to shareholders of ¥3.02 billion for 2019, a substantial improvement from a net loss of ¥2.19 billion after excluding non-recurring gains in 2018[62]. - The company’s net profit margin, excluding non-recurring items, was 2.09 billion, indicating a recovery in profitability[62]. Revenue and Sales - In 2019, the company's operating revenue was approximately CNY 5.74 billion, a decrease of 1.82% compared to 2018[25]. - Total revenue for the period was 4,738,937,420.95, a decrease of 4.8% compared to the previous year[56]. - The total revenue from special steel products was 2,322.34 million RMB this year, compared to 2,698.2 million RMB last year, with a gross margin of 16.69%[77]. - The company reported a significant increase in revenue, achieving a total of 60 million in the latest fiscal year, representing a growth of 15% year-over-year[112]. - The company reported a significant increase in revenue, achieving a total of 10 billion RMB, representing a 15% year-over-year growth[198]. Research and Development - The company invested CNY 302 million in R&D in 2019, focusing on high-end alloys and special steel materials for industries such as aerospace and nuclear power[37]. - The company was awarded 7 national research projects in 2019, with a total of 41 ongoing projects[37]. - Research and development expenses totaled 301,936,138.21, representing 5.26% of total revenue[58]. - The number of R&D personnel was 956, making up 12.46% of the total workforce[58]. - The company plans to focus on high-temperature alloys, ultra-high-strength steel, and special stainless steel to meet the needs of high-end manufacturing industries[87]. - The company aims to enhance its research and development capabilities for high-end special steel materials to support national and industry demands[87]. - The company is investing in new technology development, allocating 500 million RMB for R&D initiatives[198]. Operational Efficiency - The company reported a gross margin of 16.69% in the steel sector, an increase of 2.38 percentage points from the previous year[45]. - The company implemented cost reduction strategies, resulting in a 4.17% decrease in operating costs compared to the previous year[44]. - The gross profit margin for cold-rolled steel products improved to 29.16% in the current year from 26.08% in the previous year, reflecting better cost management[74]. - Operational efficiency improvements have led to a reduction in costs by 5%, contributing to overall profitability[198]. Legal and Regulatory Issues - The company is currently facing risks related to potential claims from minority shareholders due to administrative penalties imposed by the China Securities Regulatory Commission[7]. - The company was penalized by the China Securities Regulatory Commission for failing to disclose periodic reports on time, resulting in fines and warnings for the company and its executives[132]. - The company has been under investigation for information disclosure violations, leading to administrative penalties and market entry bans for certain executives[132]. - The company is involved in a lawsuit regarding a contract dispute, seeking payment of overdue electricity fees amounting to RMB 251,279.16, with the case currently under review[119]. - The company is currently involved in ongoing litigation regarding a securities false statement lawsuit, with claims for compensation totaling 858,592.52 RMB[128]. Environmental and Social Responsibility - The company emphasizes social responsibility, focusing on high-quality products and services while engaging in community support initiatives[167]. - The company has implemented various environmental protection measures, including the installation of online monitoring devices for wastewater and air emissions[168]. - In 2019, the company discharged 838,000 tons of wastewater, with all emissions meeting regulatory standards[168]. - The company completed several pollution control projects to improve the working environment and reduce dust emissions[169]. - The company allocated RMB 42,000 for poverty alleviation funds, providing assistance to 1000 RMB per year for each impoverished household[161]. Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 89,072, an increase from 85,167 at the end of the previous month[177]. - The largest shareholder, Northeast Special Steel Group Co., Ltd., holds 576,876,444 shares, representing 29.25% of total shares[177]. - The company has not experienced any changes in the total number of ordinary shares or share capital structure during the reporting period[176]. - The actual controller of the company is Shen Wenrong, who is also the chairman of Jiangsu Shagang Group[184]. - The controlling shareholder committed not to transfer their shares for 36 months following the completion of the restructuring plan[187]. Future Outlook - The company has outlined a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12% based on current market trends and user acquisition strategies[114]. - The company plans to achieve steel production of 620,000 to 700,000 tons and steel product output of 490,000 to 540,000 tons in 2020, with key products expected to be 430,000 to 480,000 tons[88]. - The projected revenue for 2020 is between 5.5 billion to 6.5 billion RMB, and net profit is expected to be between 250 million to 350 million RMB[88]. - The company has committed to maintaining financial independence, ensuring that all financial operations are conducted separately from its parent group[118].

Financial Performance - The company reported a net profit of RMB 305,533,701.07 for the year 2019, with an allocation of RMB 30,553,370.11 to surplus reserves, resulting in a cumulative undistributed profit of RMB 280,080,823.57 by the end of 2019[6]. - The company does not plan to distribute profits or increase capital reserves for the year 2019[6]. - In 2019, the company's operating revenue was approximately CNY 5.74 billion, a decrease of 1.82% compared to 2018[25]. - The net profit attributable to shareholders was approximately CNY 302 million, representing a significant decline of 88.42% year-on-year[25]. - The net cash flow from operating activities reached approximately CNY 1.05 billion, an increase of 945.62% compared to the previous year[25]. - The basic earnings per share were CNY 0.15, down 92.54% from CNY 2.01 in 2018[28]. - The total assets of the company increased by 7.73% to approximately CNY 8.55 billion by the end of 2019[25]. - The net assets attributable to shareholders rose by 7.34% to approximately CNY 4.48 billion[25]. - The company achieved a net profit of approximately CNY 128 million in Q4 2019, showing a recovery trend[29]. - The company reported a significant reduction in manufacturing costs, with a 4.17% decrease in operating costs compared to the previous year[44]. - The gross margin for the steel industry was 16.69%, an increase of 2.38 percentage points from the previous year, despite a 2.34% decrease in revenue[45]. - The company reported a significant increase in revenue, achieving a total of 60 million in the latest fiscal year, representing a growth of 15% year-over-year[112]. Regulatory and Compliance Issues - The company faced regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure laws, which may expose the company to risks of claims from minority shareholders[7]. - The company has been penalized by the China Securities Regulatory Commission for failing to disclose periodic reports on time, resulting in fines and warnings for the company and its executives[132]. - The company is under scrutiny for its financial practices and compliance with regulatory requirements, impacting its operational strategies moving forward[132]. Subsidiary Operations and Risks - The company’s subsidiary, AVIC Special Materials, transitioned from bankruptcy liquidation to a settlement process, with a court ruling on December 27, 2019, allowing for a six-year repayment plan[10]. - Another subsidiary, Northeast Special Steel Group Electromechanical Engineering Co., Ltd., is undergoing bankruptcy liquidation, which may impact the company's supply chain and operations[10]. - The company has taken measures to mitigate risks associated with the potential cessation of operations of its important supplier, the Electromechanical Engineering subsidiary[10]. - The company is facing risks including potential claims from minority shareholders due to past regulatory investigations[89]. Research and Development - The company invested CNY 302 million in R&D in 2019, focusing on high-end alloys and special steel materials for industries such as aerospace and nuclear power[37]. - The company was awarded 7 national research projects in 2019, with a total of 41 ongoing projects[37]. - The company plans to focus on high-temperature alloys, ultra-high-strength steel, and high-end tool steel in its future R&D efforts to meet the needs of high-end manufacturing industries[87]. - The company aims to enhance its capabilities in providing raw materials for key industries such as aerospace and national defense through increased investment in R&D and technological upgrades[87]. Environmental and Social Responsibility - The company monitored and ensured that all wastewater and air emissions met environmental standards, with wastewater discharge at 838,000 tons in 2019[168]. - The company completed several pollution control projects to improve the working environment, including dust control enhancements in steel production facilities[169]. - The company emphasizes social responsibility, focusing on high-quality products and services while engaging in community support and environmental protection[167]. - The company allocated RMB 42,000 for poverty alleviation funds, providing assistance to 1000 RMB per year for each impoverished household[161]. Strategic Planning and Future Outlook - The company plans to achieve steel production of 620,000 to 700,000 tons and steel product output of 490,000 to 540,000 tons in 2020, with key products targeted at 430,000 to 480,000 tons[88]. - The projected revenue for 2020 is between 5.5 billion to 6.5 billion RMB, with a net profit forecast of 250 million to 350 million RMB[88]. - The company is planning to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[116]. - The company has committed to maintaining a stable profit distribution policy while focusing on sustainable development[99]. Legal Matters - The company is involved in a lawsuit regarding a contract dispute, seeking payment of overdue electricity fees amounting to RMB 251,279.16, with the case currently under review[119]. - Another lawsuit involves a claim for overdue electricity fees of RMB 400,000, with the court ruling in favor of the company, and the case is currently in execution[119]. - The company is appealing a court decision to pay RMB 607,040.32 related to a sales contract dispute, with the case currently under review[122]. - A lawsuit is ongoing where the company is required to confirm a debt of RMB 409,979,743.38, with the case awaiting judgment from the higher court[122]. Shareholder and Management Information - The total number of ordinary shareholders at the end of the reporting period was 89,072, an increase from 85,167 at the end of the previous month[177]. - The largest shareholder, Northeast Special Steel Group Co., Ltd., holds 576,876,444 shares, representing 29.25% of total shares[177]. - The company has not experienced any changes in the total number of ordinary shares or share capital structure during the reporting period[176]. - The total pre-tax remuneration for senior management during the reporting period amounted to 554.77 million yuan[194].

Financial Performance - Net profit attributable to shareholders was ¥173,918,367.52, a significant increase of 237.85% from a loss of ¥126,164,506.18 in the same period last year[17]. - Basic earnings per share rose to ¥0.0882, a 190.93% increase from a loss of ¥0.0970 per share in the same period last year[17]. - Net profit increased by 237.85% to ¥173,918,367.52 from a loss of ¥126,164,506.18 in the same period last year[27]. - The company reported a total profit of CNY 48,412,761.13 for Q3 2019, contrasting with a total loss of CNY 56,615,553.91 in Q3 2018[62]. - Net profit for Q3 2019 reached CNY 48,412,761.13, compared to a net loss of CNY 56,623,131.83 in Q3 2018[62]. - The company reported a total profit of CNY 48.73 million for the third quarter, a significant recovery from a loss of CNY 52.99 million in the previous year[74]. Cash Flow - Operating cash flow for the year-to-date reached ¥652,829,647.00, a remarkable increase of 389.61% compared to ¥133,336,555.25 in the previous year[17]. - The net cash flow from operating activities was 652,829,647.00 RMB, a significant increase from 133,336,555.25 RMB in the previous period, reflecting a growth of approximately 388%[81]. - Cash flow from operating activities for the first nine months was CNY 5.14 billion, slightly down from CNY 5.16 billion in the same period last year[79]. - Total cash inflow from investment activities amounted to 1,955,332,056.60 RMB, while cash outflow was 2,784,679,044.95 RMB, resulting in a net cash flow from investment activities of -829,346,988.35 RMB[81]. - Cash flow from financing activities showed a net outflow of 59,808,633.47 RMB, compared to a net inflow of 106,041,676.69 RMB in the previous period, indicating a shift in financing strategy[81]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,453,401,922.63, an increase of 6.48% compared to the previous year[17]. - Total liabilities increased to ¥4,202,046,002.05 from ¥3,861,555,538.92, representing a growth of approximately 8.7% year-over-year[52]. - Total current liabilities totaled ¥1,404,703,224.20, an increase from ¥1,075,922,389.47, reflecting a rise of approximately 30.4% year-over-year[52]. - Total current assets amounted to ¥4,182,429,303.00, an increase from ¥3,618,979,110.12, representing a growth of about 15.6% year-over-year[49]. - Total assets reached ¥8,608,016,493.76, up from ¥8,086,143,168.50, indicating an increase of about 6.4% compared to the previous year[54]. Shareholder Information - The total number of shareholders at the end of the reporting period was 91,769, with the largest shareholder holding 29.2% of the shares[20]. - The total equity attributable to shareholders rose to ¥4,405,970,491.71 from ¥4,224,587,629.58, reflecting an increase of approximately 4.3%[54]. - The company has a total of $1,505,473,713.66 in inventory[96]. - The company reported a negative retained earnings of -$50,376,882.72[91]. Cost Management - Total operating costs for Q3 2019 were CNY 1,257,261,202.98, down 12.96% from CNY 1,444,326,230.15 in Q3 2018[55]. - Total operating costs for the first three quarters of 2019 were CNY 4,219,646,872.42, a decrease of 5.55% compared to CNY 4,467,545,860.47 in the first three quarters of 2018[55]. - The company paid 3,826,428,709.44 RMB for purchasing goods and services, which is a decrease from 4,624,711,171.76 RMB in the previous period, reflecting cost management efforts[84]. Financial Management - Financial expenses decreased by 83.76% to ¥47,086,149.51 from ¥289,908,500.46 year-over-year[27]. - Financial expenses for the third quarter were CNY 14.07 million, a significant decrease from CNY 88.36 million in the previous quarter, indicating improved financial management[71]. - The company has long-term borrowings of $2,409,499,896.69[91]. Risks and Challenges - The company faces risks related to potential administrative penalties and claims from minority shareholders due to information disclosure violations[33].

Financial Performance - The company's operating revenue for the first half of 2019 was approximately RMB 3.08 billion, representing a 3.95% increase compared to RMB 2.97 billion in the same period last year[19]. - The net profit attributable to shareholders of the listed company reached approximately RMB 125.51 million, a significant turnaround from a loss of RMB 69.54 million in the previous year, marking a 280.48% increase[19]. - The net cash flow from operating activities was approximately RMB 172.07 million, a substantial increase of 9,033.69% compared to RMB 1.88 million in the same period last year[19]. - Basic earnings per share for the first half of 2019 were RMB 0.0636, compared to a loss of RMB 0.0530 per share in the same period last year, representing a 220.00% increase[20]. - The weighted average return on net assets was 2.97%, an increase of 8.96 percentage points from -5.99% in the previous year[20]. - The company reported a net profit of 2.607 billion yuan in 2018, with non-recurring gains totaling 2.832 billion yuan, primarily from debt restructuring[42]. - For 2019, the company plans to achieve a net profit between 100 million to 200 million yuan, with no significant non-recurring gains expected[42]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately RMB 8.33 billion, up 4.92% from RMB 7.94 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased to approximately RMB 4.30 billion, reflecting a 3.01% increase from RMB 4.17 billion at the end of the previous year[19]. - The total current assets increased to ¥4,043,625,281.27 as of June 30, 2019, up from ¥3,615,746,276.92 at the end of 2018, representing an increase of approximately 11.8%[124]. - Total liabilities rose to ¥4,033,780,489.19, compared to ¥3,768,963,122.66, indicating an increase of approximately 7.0%[129]. - Shareholders' equity totaled ¥4,295,387,776.25, up from ¥4,169,882,169.86, reflecting a growth of about 3.0%[129]. Operational Highlights - In the first half of 2019, the company achieved a steel output of 320,500 tons and a steel product output of 256,100 tons, remaining stable compared to the same period last year[29]. - The company focused on high-value-added product orders, resulting in a substantial increase in orders and output for key products such as high-temperature alloys and high-strength steel[29]. - Research and development expenses rose by 1,506.78% to CNY 10.32 million, reflecting the company's commitment to innovation and development in high-end alloy and special steel products[31]. - The company maintained a competitive edge in the special steel industry, primarily due to its long-term involvement in national key research projects[26]. Legal and Regulatory Risks - The company is currently facing potential risks related to administrative penalties from the China Securities Regulatory Commission due to alleged information disclosure violations[5]. - There is a risk of claims from minority shareholders based on the content of the administrative penalty notice issued by the China Securities Regulatory Commission[5]. - The company is involved in significant litigation, including a contract dispute with Zhonggang Deyuan Mineral Products Co., which claims 19.16 million RMB in unpaid goods and interest[67]. - The company is currently facing a total litigation amount of approximately 2.16 million RMB related to debt disputes, with ongoing court proceedings[67]. Environmental and Social Responsibility - The company has one wastewater discharge outlet and 147 exhaust gas discharge outlets, all meeting environmental standards[103]. - The company has achieved zero discharge of wastewater by treating all domestic and industrial wastewater in-house before reuse[104]. - The company assisted 92 registered impoverished individuals in achieving poverty alleviation during the first half of 2019[95]. - The company allocated RMB 4.10 million for housing assistance to 4 registered impoverished households[99]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 95,892[112]. - The largest shareholder, Northeast Special Steel Group Co., Ltd., holds 576,876,444 shares, accounting for 29.25% of total shares[115]. - The second-largest shareholder, Bank of China, holds 122,924,644 shares, representing 6.23% of total shares[115]. Future Outlook - The company plans to expand its market presence through strategic partnerships and potential acquisitions in the upcoming fiscal year[66]. - The company is focusing on new product development, particularly in advanced steel materials, to enhance its competitive edge[66]. - The company has outlined future guidance, projecting a revenue growth of 10-15% for the next fiscal year[66].

Financial Performance - Net profit attributable to shareholders of the listed company was ¥50,413,725.25, a significant increase of 329.73% year-on-year[11]. - Operating revenue for the period was ¥1,580,677,007.88, reflecting a growth of 1.47% compared to the same period last year[11]. - Basic earnings per share rose to ¥0.0256, a 252.38% increase from -¥0.0168 in the same period last year[11]. - The company reported a net profit of ¥60,028,425.03, compared to ¥6,015,729.26 in the previous period, indicating a substantial increase[40]. - The company reported a total profit of CNY 50,445,541.57 for Q1 2019, contrasting with a total loss of CNY 21,936,398.89 in Q1 2018[43]. - Net profit for Q1 2019 reached CNY 50,413,725.25, compared to a net loss of CNY 21,944,521.39 in the same period last year[43]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,169,605,264.18, an increase of 2.91% compared to the end of the previous year[11]. - The company's total assets increased to CNY 8,169,605,264.18, up from CNY 7,938,845,292.52, reflecting a growth of approximately 2.91%[27]. - Total liabilities decreased to CNY 1,132,589,377.45 from CNY 953,329,973.21, reflecting a reduction of about 18.83%[31]. - Total liabilities increased to ¥3,949,309,369.07, up from ¥3,768,963,122.66, representing a growth of approximately 4.78% year-over-year[33]. - Total assets reached ¥8,296,905,836.24, compared to ¥8,086,143,168.50 in the previous year, indicating an increase of about 2.60%[40]. - The total equity attributable to shareholders reached ¥4,220,295,895.11, up from ¥4,169,882,169.86, reflecting an increase of approximately 1.21%[33]. Cash Flow - The net cash flow from operating activities improved to -¥44,707,290.01, a 66.71% increase compared to -¥134,314,159.86 in the previous year[11]. - Cash inflow from operating activities was ¥1,569,016,909.32, down from ¥1,694,722,311.10 in the same quarter last year, representing a decline of approximately 7.4%[50]. - Cash outflow from operating activities totaled ¥1,613,724,199.33, compared to ¥1,829,036,470.96 in the previous year, indicating a decrease of about 11.8%[54]. - The cash flow from investing activities improved by 57.12% to CNY -24,294,167.14, compared to CNY -56,650,032.49 in the previous period[27]. - The total cash inflow from financing activities was ¥1,731,943,651.99, while cash outflow was ¥1,504,369,761.56, resulting in a net cash flow of ¥227,573,890.43[56]. Shareholder Information - The total number of shareholders at the end of the reporting period was 98,302[15]. - The largest shareholder, Northeast Special Steel Group Co., Ltd., held 576,876,444 shares, representing 29.25% of the total shares[15]. Expenses and Costs - Financial expenses decreased by 80.95% to CNY 15,339,627.57, down from CNY 80,505,708.33, due to reduced borrowings[27]. - Total operating costs decreased to CNY 1,540,399,777.01 from CNY 1,579,796,901.25, representing a reduction of approximately 2.5%[42]. - Tax expenses for Q1 2019 were CNY 31,816.32, up from CNY 8,122.50 in the previous year, reflecting improved profitability[43]. - The company reported a significant increase in employee compensation payable, which rose by 67.32% to CNY 17,147,253.40 from CNY 10,247,904.03[27]. Other Financial Metrics - The weighted average return on net assets increased by 3.13 percentage points to 1.20%[11]. - The company reported a debt restructuring gain of ¥5,500,293.60 during the period[11]. - Research and development expenses for Q1 2019 were CNY 769,617.76, indicating continued investment in innovation[42]. - Other income for Q1 2019 amounted to CNY 3,322,017, contributing positively to the overall financial performance[42].

Financial Performance - The company reported a net profit of ¥2,618,921,456.31 for the year 2018, with a provision for surplus reserve of ¥668,414.36, resulting in a cumulative undistributed profit of ¥6,015,729.26 at the end of the year[6]. - The company plans not to distribute profits or increase capital reserves for the year 2018 due to insufficient distributable profits and a negative net profit after excluding non-recurring gains and losses[6]. - The company's operating revenue for 2018 was CNY 5,847,731,734.98, an increase of 17.32% compared to CNY 4,984,304,965.53 in 2017[33]. - The net profit attributable to shareholders in 2018 was CNY 2,607,308,283.68, a significant increase of 294.93% from a loss of CNY 1,337,585,276.28 in 2017[33]. - The basic earnings per share for 2018 was CNY 2.01, compared to a loss of CNY 1.03 per share in 2017, marking a 295.15% increase[34]. - The company reported a net cash flow from operating activities of CNY -124,172,658.42 in 2018, a decrease of 118.50% from CNY 671,135,719.31 in 2017[33]. - The company completed a restructuring plan in December 2018, which significantly improved its financial condition, with a total of CNY 2,826,000,000 included in the 2018 financial data due to debt exemption and net gains from the restructuring[34]. - The company reported a net profit of approximately 2.62 billion RMB for 2018, with no profit distribution planned due to insufficient distributable profits[102]. Restructuring and Compliance - The company underwent a restructuring process approved by the Fushun Intermediate People's Court, which was completed on December 27, 2018, enhancing its sustainable development capabilities[12]. - The company confirmed the resolution of risks related to asset misstatement and the ability to continue as a going concern after implementing internal control improvements and restructuring[14]. - The company has eliminated the joint guarantee responsibility for the financing of its controlling shareholder, Northeast Special Steel Group, due to the approval of a restructuring plan[13]. - The company completed internal control rectification work related to accounting errors, ensuring compliance with regulatory requirements[14]. - The company successfully completed its bankruptcy reorganization in 2018, reducing its debt ratio from 117% to below 50%, significantly lower than the industry average[133]. - The reorganization plan was approved by the court on November 22, 2018, marking the end of the reorganization process[133]. - The company has completed rectification measures as mandated by the Liaoning Regulatory Bureau of the China Securities Regulatory Commission regarding internal control and accounting issues[145]. - The company is under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports within the statutory deadline, which may result in administrative penalties[145]. Market and Industry Context - The domestic special steel industry continues to grow rapidly, with a persistent shortage of high-end product supply[43]. - The domestic special steel industry faces a supply contradiction, with an oversupply of low-end products and a lack of high-tech products to meet the demands of high-end manufacturing[95]. - The international economic environment remains complex, with trade disputes potentially impacting market demand and leading to risks of oversupply in the low-end product segment[99]. - The domestic special steel industry is experiencing increased competition and is working towards higher industry concentration driven by national policies and market forces[100]. Research and Development - Research and development expenses amounted to 287 million RMB in 2018, reflecting a 57.40% increase compared to the previous year[53]. - The company was awarded 5 national research projects in 2018, with a total of 41 ongoing projects[45]. - The company has a total of 1,036 R&D personnel, accounting for 12.57% of the total workforce[68]. - The company aims to enhance its capabilities in providing raw materials for key industries such as aerospace and national defense through increased investment in R&D for high-end special steel products[96]. Environmental Responsibility - In 2018, the company discharged 360,000 tons of wastewater, with a chemical oxygen demand of 5.45 tons, sulfur dioxide emissions of 192.06 tons, nitrogen oxides emissions of 180.41 tons, and particulate matter emissions of 168.48 tons[189]. - The company has one wastewater discharge outlet and 140 air discharge outlets, all of which meet environmental standards after treatment[189]. - The company has installed online monitoring equipment at its wastewater treatment plant and some coal-fired boilers to ensure compliance with environmental regulations[189]. - The company has not reported any major environmental protection incidents in 2018, indicating good operational status of its pollution control facilities[190]. - The company emphasizes the importance of environmental protection and has established emergency response plans for environmental incidents[193]. Social Responsibility - The company allocated 410,000 RMB for poverty alleviation projects, helping 81 registered impoverished individuals to escape poverty[184]. - The company has established a poverty alleviation work team consisting of seven experienced employees to assist in targeted poverty alleviation efforts[179]. - The company plans to continue its poverty alleviation initiatives, focusing on promoting local agricultural products and enhancing brand recognition[187]. - The company has conducted 12 visits to understand the living conditions of impoverished households and to analyze poverty alleviation methods[181]. - The company has organized various meetings to ensure effective communication and implementation of poverty alleviation strategies[181]. Related Party Transactions - The company engaged in various related party transactions, including purchasing materials worth 121,993,786.65 and accepting processing services valued at 2,588,497.21[155]. - The company’s related party transactions are authorized and beneficial for reducing operational costs[160]. - The company’s strategic focus includes expanding its product range and maintaining independence despite related party transactions[162]. - The total value of materials purchased from related parties was 21,378,918.21, showcasing the company's reliance on its network[155]. - The company’s related party transactions did not have a significant impact on its financial position[168].