Financial Performance - In 2021, the company's operating revenue was CNY 127.29 million, an increase of 18.83% compared to CNY 107.12 million in 2020[24]. - The net profit attributable to shareholders was CNY 28.81 million, a significant increase of 126.60% from CNY 12.72 million in the previous year[24]. - The net cash flow from operating activities improved to CNY 6.06 million, a turnaround from a negative cash flow of CNY -130.31 million in 2020[24]. - The total assets at the end of 2021 were CNY 485.16 million, reflecting a 3.36% increase from CNY 469.37 million at the end of 2020[24]. - The company's net assets attributable to shareholders increased by 7.53% to CNY 422.52 million from CNY 392.92 million in 2020[24]. - Basic earnings per share rose to CNY 0.04, doubling from CNY 0.02 in the previous year[25]. - The weighted average return on equity increased to 7.07%, up by 3.77 percentage points from 3.30% in 2020[25]. - The company reported a total revenue of 1.2 billion in 2021, representing a year-over-year growth of 15%[111]. Revenue and Sales - Revenue from the chemical industry reached 122,591,387.48 yuan with a gross margin of 20.96%, reflecting a year-on-year decrease of 2.57 percentage points[46]. - Revenue from 27.5% hydrogen peroxide was 101,658,443.06 yuan, with a gross margin of 24.84%, showing a slight increase of 0.23 percentage points year-on-year[46]. - Revenue from 50% hydrogen peroxide surged by 332.18% to 20,576,379.81 yuan, while its gross margin was only 2.04% due to low production capacity utilization of 15.53%[47][48]. - Sales revenue in Guangxi region decreased by 5.76%, while revenue outside Guangxi increased by 40.78% year-on-year, indicating a shift in sales strategy[47]. - Direct sales accounted for 16.84% of revenue in Guangxi region, down from 61.40% the previous year, while distribution sales rose to 83.16%[51]. Production and Capacity - The cumulative production of 27.5% hydrogen peroxide reached 101,970 tons, with a capacity utilization rate exceeding 100%[33]. - The company's actual production of 27.5% hydrogen peroxide was 101,970 tons, achieving a capacity utilization rate of 101.97%[76]. - The production volume of 50% hydrogen peroxide increased by 60.43% to 3,292 tons, while sales volume increased by 309.17% to 11,019 tons[52]. - The company faced production interruptions totaling over 20 days due to power and hydrogen supply shortages, affecting production by more than 8,000 tons[85]. Expenses and Cost Management - The company reported a significant reduction in expenses, including a decrease in employee settlement costs from CNY 122 million in the previous year to CNY 0.92 million in 2021[26]. - Management expenses decreased by 42.83% compared to the same period last year, primarily due to significant work stoppage losses from unplaced employees in the previous year[45]. - Financial expenses decreased by 7.0991 million yuan compared to the same period last year, mainly due to increased interest income during the reporting period[45]. - The cost of direct materials in the chemical industry increased by 10.30% to 59,614,343.38 yuan, accounting for 81.04% of total costs[54]. Market and Strategic Initiatives - The company plans to achieve a revenue target of 100 million yuan in 2022, aiming for profitability amidst a challenging market environment[96]. - The company is actively seeking suitable assets or strategic investors to facilitate its transformation and upgrade efforts[97]. - Market expansion plans include entering three new regional markets by Q3 2022, targeting a 10% market share in each[111]. - A new marketing strategy was introduced, focusing on digital channels, expected to increase customer engagement by 30%[111]. Governance and Compliance - The governance structure has been adjusted, reducing the board of directors from 9 to 7 members to improve operational efficiency[100]. - The company maintained strict compliance with insider information management regulations, ensuring fair disclosure practices[105]. - The company achieved full independence from its controlling shareholders in terms of assets, personnel, finance, and operations during the reporting period[105]. - The internal control system has been effectively implemented during the reporting period, with no significant deficiencies reported[153]. Environmental and Safety Practices - The company has implemented a comprehensive environmental protection strategy, ensuring that all waste emissions meet the required standards[158]. - The company has committed to promoting green office practices, including double-sided printing and energy-saving lighting[159]. - The company emphasizes safety and environmental responsibility, particularly in light of stricter regulations related to hazardous chemical production[97]. Legal and Litigation Matters - The company is currently involved in significant litigation, with a case against Fujian SanNeng Energy Technology Co., Ltd. involving a principal amount of RMB 25.8898 million, which is under retrial[168]. - The company has a pending lawsuit with Shanxi Huaxin Blue Ocean Industrial Co., Ltd. regarding a contract dispute, with a principal amount of RMB 66.0422 million, currently in the first instance[168]. Shareholder Information - The total number of ordinary shareholders increased from 23,488 to 24,182 during the reporting period[180]. - The largest shareholder, Liu Zhou Yuan Tong Investment Development Co., Ltd., holds 201,452,434 shares, representing 25.22% of the total shares[182]. - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profits to be allocated as cash dividends if certain conditions are met[142].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 30,502,515.40, representing a year-on-year increase of 28.24%[6] - The net profit attributable to shareholders for the same period was CNY 4,000,920.85, reflecting a year-on-year increase of 5.79%[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 4,003,255.08, with a year-on-year increase of 4.02%[6] - The company reported a net profit of CNY 25.30 million for the first nine months of 2021, with a net cash flow from operating activities of CNY 6.60 million, indicating some improvement in operational conditions[14] - The company's revenue for the first three quarters of 2021 reached CNY 90.35 million, up from CNY 67.43 million in the same period of 2020, representing a growth of approximately 33.9%[19] - The company's operating profit for Q3 2021 was ¥24,808,028.85, compared to a loss of ¥1,317,812.27 in Q3 2020[21] - Total profit for Q3 2021 reached ¥25,304,010.75, while the total loss in Q3 2020 was ¥1,595,772.53[21] - The net profit for Q3 2021 was ¥25,304,010.75, with no net loss reported for the same period in 2020[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 490,472,134.03, an increase of 4.50% compared to the end of the previous year[7] - The equity attributable to shareholders at the end of the reporting period was CNY 418,927,611.39, up 6.62% from the end of the previous year[7] - As of September 30, 2021, total assets amounted to CNY 490.47 million, an increase from CNY 469.37 million at the end of 2020[17] - The company’s total liabilities as of September 30, 2021, were CNY 71.54 million, a decrease from CNY 76.45 million at the end of 2020[18] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 6,596,184.49[6] - The net cash flow from operating activities showed a substantial improvement, with a year-on-year increase of 104.68%[10] - Cash flow from operating activities for the first nine months of 2021 was ¥105,620,292.38, significantly up from ¥43,336,710.51 in the same period of 2020[24] - The net cash flow from operating activities for the first nine months of 2021 was ¥6,596,184.49, recovering from a net outflow of ¥140,969,430.14 in the previous year[24] - The total cash outflow from operating activities in the first nine months of 2021 was ¥99,024,107.89, down from ¥184,306,140.65 in the previous year[24] Shareholder Information - The company has a total of 23,591 common shareholders at the end of the reporting period[12] Inventory and Costs - Operating costs for the first three quarters of 2021 were CNY 69.01 million, compared to CNY 51.51 million in the previous year, reflecting an increase of about 34.0%[19] - The company’s inventory as of September 30, 2021, was CNY 2.33 million, an increase from CNY 1.42 million at the end of 2020[16] Financial Ratios - The weighted average return on equity for the year-to-date was 6.24%, an increase of 6.66 percentage points compared to the previous year[6] - The company’s gross profit margin for the first three quarters of 2021 was approximately 23.5%, compared to 23.5% in the same period of 2020[19] Financial Expenses - The company reported a significant increase in financial expenses, with a net financial expense of CNY -9.97 million for the first three quarters of 2021, compared to CNY -3.17 million in the previous year[19] Legal Matters - The company faced litigation with a total claim amount of CNY 100.60 million, which accounts for 25.60% of the latest audited net assets[15] Cash and Cash Equivalents - The company’s cash and cash equivalents as of September 30, 2021, were CNY 386.99 million, compared to CNY 354.19 million at the end of 2020[16] - The cash and cash equivalents at the end of Q3 2021 totaled ¥358,850,856.72, compared to ¥341,706,322.79 at the end of Q3 2020[25] Business Developments - The company did not report any new product or technology developments during the conference call[21] - There were no announcements regarding market expansion or mergers and acquisitions in the Q3 2021 report[21]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 59,849,259.86, representing a 37.12% increase compared to CNY 43,646,634.18 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 21,303,089.90, a significant recovery from a loss of CNY 5,377,594.91 in the previous year[17]. - The net cash flow from operating activities was CNY 23,234,814.72, a turnaround from a negative cash flow of CNY -131,164,877.18 in the same period last year[17]. - The basic earnings per share for the first half of 2021 was CNY 0.03, compared to a loss of CNY -0.01 in the same period last year[18]. - The weighted average return on net assets increased by 6.71 percentage points to 5.28% from -1.43% in the previous year[18]. - The company's net profit for the period was 2,130.31 million RMB, a significant recovery from a loss of 537.76 million RMB in the same period last year[28]. - The company achieved operating revenue of CNY 59.85 million and net profit of CNY 21.30 million during the reporting period, indicating an improvement in operational conditions[49]. - The net cash flow from operating activities was CNY 23.23 million, reflecting a positive trend in cash generation[49]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 486,085,523.25, an increase of 3.56% from CNY 469,370,097.96 at the end of the previous year[17]. - The total liabilities decreased to ¥71,247,631.51 from ¥76,448,135.13, reflecting a reduction of approximately 6.5%[69]. - The total owner's equity increased to ¥414,837,891.74 from ¥392,921,962.83, marking an increase of approximately 5.6%[69]. - The company's total assets as of June 30, 2021, amounted to ¥486,085,523.25, an increase from ¥469,370,097.96 at the end of 2020, representing a growth of approximately 3.3%[69]. - The company's inventory increased to ¥2,884,486.62 from ¥1,415,177.36, reflecting a growth of approximately 103.3%, which may indicate increased production or stockpiling strategies[68]. - The total accounts receivable at the end of the period is 2,591,828.17, with 76.62% being due within one year[170]. Production and Sales - The company primarily engaged in the production and sales of 27.5% hydrogen peroxide, which is widely used across various industries[23]. - The company's 27.5% hydrogen peroxide production increased by 5.90% year-on-year to 50,700 tons, while sales volume rose by 7.79% to 47,548 tons[27]. - The average selling price of 27.5% hydrogen peroxide increased by 21.42% year-on-year, reaching 1,113.88 RMB per ton, contributing to a revenue increase of 37.12% to 59.85 million RMB[28]. - Operating costs increased by 13.30% year-on-year, primarily due to higher sales volume and transportation costs[30]. Management and Strategy - The company plans to enhance internal management and expand marketing channels to mitigate risks and improve profitability[36]. - Management expenses decreased significantly by 64.48% year-on-year, attributed to reduced employee compensation following previous layoffs[30]. - The company faces ongoing risks related to its single product line and market fluctuations, which could impact profitability[36]. - The company expects intensified market competition in the second half of the year due to the addition of 116,000 tons of new production capacity[25]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 24,199[60]. - The largest shareholder, Liuzhou Yuantong Investment Development Co., Ltd., holds 201,452,434 shares, representing 25.22% of the total shares[62]. - The second-largest shareholder, China Construction Bank Corporation Guangxi Branch, holds 49,256,529 shares, accounting for 6.17%[62]. - The company has not reported any changes in its share capital structure during the reporting period[58]. Legal and Compliance - The company has not faced any administrative penalties related to environmental protection laws during the reporting period[45]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[50]. - The company is currently involved in a significant lawsuit with Fujian Sanneng Energy Conservation and Environmental Protection Technology Co., Ltd., which is demanding a penalty of RMB 25.8898 million, accounting for 6.59% of the company's latest audited net assets[56]. - The company has not made any profit distribution or capital reserve transfer plans for the half-year period[43]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect true and complete information[89]. - The company’s accounting period aligns with the calendar year, from January 1 to December 31[90]. - The company’s accounting currency is the Renminbi (RMB)[92]. - The company has not reported any changes in significant accounting policies or estimates during the reporting period[44]. Cash Flow and Financial Position - The cash and cash equivalents increased to ¥377,686,126.38 from ¥354,187,490.14, showing a growth of about 6.6%[68]. - Total cash inflow from operating activities reached ¥70,740,251.74, while cash outflow was ¥47,505,437.02, resulting in a positive cash flow[73]. - The company received cash from operating activities related to tax refunds amounting to ¥7,026,414.74, up from ¥1,764,093.14 in the previous year[73]. - The company reported a total of 798,695,026.00 RMB in retained earnings at the end of the period[79]. Risks and Uncertainties - The company faces ongoing risks related to its ability to continue as a going concern due to its single product line and limited market resilience[88]. - The financial statements are prepared based on the going concern assumption, with measures to enhance profitability and reduce risks[88].

股票代码：600423 股票简称：ST 柳化 公告编号：2021-012 柳州化工股份有限公司 | --- | |-----------------------------------------------------------------------------------------------------------------------------------------| | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | 为进一步加强与投资者的互动交流，柳州化工股份有限公司（以下简称"公司"）将参加由广西上市 公司协会、深圳市全景网络有限公司共同举办的"2021 年广西地区上市公司投资者网上集体接待日活动"， 现将有关事项公告如下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的互联网平台举行，投资者可以登陆"全 景·投资者关系互动平台"网站（https://ir.p5w.net/）参与公司本次投资者集体接待日活动，活动时间 为 2021 年 5 月 21 日（星期五）15:30 至 ...

Financial Performance - Operating revenue for the period reached CNY 28,928,514.61, a 34.30% increase year-on-year[6] - Net profit attributable to shareholders was CNY 11,708,148.33, representing a significant increase of 10,439.98% compared to the same period last year[6] - The company reported a basic earnings per share of CNY 0.01, compared to CNY 0.00 in the previous year[6] - The net profit for Q1 2021 was CNY 11,708,148.33, compared to a net loss of CNY 111,083.26 in Q1 2020, indicating a significant turnaround[22] - The overall comprehensive income for Q1 2021 was CNY 11,708,148.33, reflecting a positive financial performance compared to the previous year[22] Cash Flow - The net cash flow from operating activities was CNY 9,578,191.00, a recovery from a negative cash flow of CNY -119,849,734.57 in the previous year[6] - Operating cash inflow for Q1 2021 was CNY 34,299,504.04, a substantial increase from CNY 11,089,739.70 in Q1 2020, reflecting improved sales performance[24] - The net cash flow from operating activities for Q1 2021 was CNY 9,578,191.00, recovering from a net outflow of CNY 119,849,734.57 in the same period last year[25] - The total cash outflow from operating activities in Q1 2021 was CNY 24,721,313.04, significantly lower than CNY 130,939,474.27 in Q1 2020, indicating better cost management[25] Assets and Liabilities - Total assets increased by 2.18% to CNY 479,585,458.42 compared to the end of the previous year[6] - As of March 31, 2021, the total assets amounted to 479.59 million yuan, an increase from 469.37 million yuan at the end of 2020[18] - The company's total liabilities as of March 31, 2021, were 74.70 million yuan, slightly down from 76.45 million yuan at the end of 2020[18] - The company’s cash and cash equivalents net increase was CNY 129 million, primarily due to reduced employee settlement payments compared to the previous year[11] - The company’s cash and cash equivalents increased to 363.92 million yuan from 354.19 million yuan at the end of 2020[17] Operational Efficiency - Management expenses decreased by 74.33% year-on-year, attributed to a significant reduction in the number of employees[11] - The company did not report any new investment or financing activities during Q1 2021, focusing instead on operational efficiency[25] - The company advises investors to be cautious due to ongoing risks related to its operational scale and product diversity[13] Sales and Inventory - Sales revenue from goods and services received in Q1 2021 reached CNY 30,476,595.64, compared to CNY 10,430,901.66 in Q1 2020, marking a growth of approximately 192%[24] - Inventory increased by 120.51% compared to the end of the previous year, mainly due to an increase in raw material stock[10] - The cost of goods sold in Q1 2021 was 18.45 million yuan, up from 14.07 million yuan in the same period last year[19] Return on Equity - The weighted average return on equity increased by 2.82 percentage points to 2.85%[6] Production Capacity - The company has a design production capacity of 100,000 tons of hydrogen peroxide, but its operational scale remains small[13] Other Financial Metrics - The company’s net profit for Q1 2021 was significantly impacted by management expenses of 1.89 million yuan, which were higher than the previous year's[19] - Cash and cash equivalents at the end of Q1 2021 stood at CNY 361,834,014.48, slightly down from CNY 362,824,218.45 at the end of Q1 2020[25] - The company is not applying the new leasing standards for the year 2021, which may impact future financial reporting[26]

Financial Performance - The company's operating revenue for 2020 was approximately ¥107.12 million, a decrease of 71.35% compared to ¥373.96 million in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥12.72 million, a significant recovery from a loss of ¥1.87 billion in 2019[24]. - Basic earnings per share for 2020 were ¥0.02, a recovery from -¥2.34 in 2019[25]. - The weighted average return on net assets improved to 3.30% in 2020, up from -148.70% in 2019, marking an increase of 152.00 percentage points[25]. - The company achieved total operating revenue of RMB 106,120,775.91, with a net profit attributable to shareholders of RMB 14,312,184.97 in Q4, marking a significant recovery from a loss in Q2[27]. - Operating profit was 8.98 million yuan, and net profit was 12.72 million yuan, with net profit attributable to shareholders also at 12.72 million yuan[39]. - The total comprehensive income for 2020 was CNY 12,716,412.44, recovering from a loss of CNY 1,806,172,978.55 in 2019[181]. - The company reported a net loss of CNY 2,217,053,456.27 in 2020, an improvement from a loss of CNY 2,443,622,847.38 in 2019[171]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥130.31 million, indicating a continued cash flow challenge despite a reduction in losses compared to -¥274.34 million in 2019[24]. - The operating cash flow for Q4 was RMB 10,660,583.18, indicating improved cash generation capabilities[27]. - The cash flow from operating activities showed a net outflow of 130.31 million yuan, compared to an outflow of 274.34 million yuan in the previous year[42]. - The cash dividend policy stipulates that at least 10% of the distributable profits will be allocated for cash dividends, provided certain conditions are met[83]. - The company reported a year-end cash balance of 354.19 million yuan, representing 75% of total assets, highlighting concerns about asset quality[157]. - The company's operating cash flow for 2020 was -130.31 million yuan, with employee settlement costs amounting to 121.62 million yuan, indicating a significant cash flow challenge[156]. - The total cash inflow from operating activities was 81,758,610.16 RMB, down from 282,805,733.00 RMB in 2019, reflecting a decline of approximately 71%[187]. Assets and Liabilities - The total assets decreased by 20.84% to ¥469.37 million at the end of 2020, down from ¥592.93 million at the end of 2019[24]. - The total liabilities decreased by 64.21% to ¥76,448,135.13, primarily due to the repayment of related debts in the previous year[54]. - The company's total assets decreased to CNY 469,370,097.96 in 2020 from CNY 592,928,065.20 in 2019, reflecting a decline of approximately 20.9%[171]. - Current liabilities totaled CNY 76,448,135.13 in 2020, a decrease from CNY 213,600,161.17 in 2019, showing a reduction of about 64.2%[174]. - The company's equity attributable to shareholders increased to CNY 392,921,962.83 in 2020 from CNY 379,327,904.03 in 2019, representing an increase of approximately 3.6%[175]. Operational Adjustments and Strategy - The company implemented adjustments to its business scope and organizational structure following judicial restructuring, focusing on safety and environmental management[37]. - The company adjusted its product offerings to focus on the production and sales of hydrogen peroxide solutions, reflecting a strategic shift in operations[33]. - The company plans to achieve a revenue target of 130 million RMB in 2021, focusing on enhancing operational efficiency and expanding trade activities[75]. - The company is committed to safety and environmental protection while expanding its business scope and scale[94]. - The company plans not to distribute profits or increase capital reserves due to the ongoing operational risks and negative cash flow situation[6]. Market and Competitive Landscape - The competitive landscape in the chemical industry remained challenging, with price fluctuations driven by supply and demand dynamics[35]. - The domestic hydrogen peroxide production capacity reached 15.47 million tons by the end of 2020, with an additional 990,000 tons expected to come online in 2021, intensifying market competition[73]. - The sales price of 27.5% hydrogen peroxide decreased by nearly 30% in Q2 compared to Q1, leading to operating losses in the first half of 2020[38]. Governance and Compliance - The company has a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring independence from the controlling shareholder[141]. - The internal control audit report issued by DaXin Accounting Firm provided a standard unqualified opinion, affirming the effectiveness of the company's internal controls[150]. - The company has maintained strict compliance with information disclosure regulations, ensuring timely and accurate reporting of significant events[145]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 18,705, an increase from 18,157 at the end of the previous month[114]. - The largest shareholder, Liuzhou Yuantong Investment Development Co., Ltd., holds 201,452,434 shares, representing 25.22% of the total shares[116]. - The company has not proposed any cash dividend distribution for 2020, as it did not meet the required conditions[91]. Employee and Management - The total number of employees in the parent company is 84, with 45 in production, 3 in sales, 8 in technology, 5 in finance, and 23 in administration[136]. - The company has implemented a fixed plus performance-based salary incentive policy for its employees[137]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 2.93 million yuan[125].

Financial Performance - Operating revenue for the first nine months was CNY 67,433,022.32, a decline of 76.07% year-on-year[8] - Net profit attributable to shareholders was a loss of CNY 1,595,772.53, compared to a loss of CNY 483,410,157.94 in the same period last year[8] - The company reported a net loss of 5.87 billion RMB after accounting for asset disposal gains of 1.29 billion RMB in 2019, indicating ongoing concerns regarding its ability to continue as a going concern[15] - Total operating revenue for Q3 2020 was ¥23,786,388.14, a slight decrease from ¥23,847,373.38 in Q3 2019[27] - The net profit for the first three quarters of 2020 was reported as -¥2,231,365,641.24, indicating a loss compared to -¥2,229,769,868.71 in the same period of 2019[24] - Q3 2020 revenue was CNY 23.79 million, a 5.1% increase from CNY 22.63 million in Q3 2019[30] - Q3 2020 net profit was CNY 3.78 million, compared to a net loss of CNY 243.94 million in Q3 2019[29] - Total profit for Q3 2020 reached CNY 3.78 million, contrasting with a total loss of CNY 243.94 million in the same period last year[29] Assets and Liabilities - Total assets decreased by 22.16% to CNY 461,515,423.23 compared to the end of the previous year[8] - Total assets decreased from 592.93 million RMB at the end of 2019 to 461.52 million RMB by September 30, 2020, reflecting a significant reduction in operational scale[19] - Total liabilities for Q3 2020 were ¥83,187,188.37, down from ¥213,600,161.17 in Q3 2019[24] - The total current liabilities decreased from 213.60 million RMB to 83.19 million RMB, indicating improved liquidity management[20] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 140,969,430.14, compared to a net outflow of CNY 258,109,698.88 in the previous year[8] - The net cash flow from operating activities increased substantially, mainly due to reduced employee salaries and settlement costs in the current period compared to the previous year[16] - In the first three quarters of 2020, the company reported cash inflows from operating activities of CNY 43,336,710.51, a decrease of 81.8% compared to CNY 238,003,228.81 in the same period of 2019[32] - The net cash outflow from operating activities was CNY -140,969,430.14, compared to CNY -258,109,698.88 in the previous year, indicating an improvement of 45.5%[33] - The total cash and cash equivalents at the end of the period were CNY 341,706,322.79, down from CNY 536,530,161.66 at the beginning of the year[35] Inventory and Receivables - Accounts receivable increased by 402.64% to CNY 164,940,000, primarily due to increased credit sales[10] - Inventory decreased by 35.79%, attributed to the sale of stock goods[11] - The company’s inventory decreased from 4.78 million RMB to 3.07 million RMB, reflecting a reduction in operational capacity[18] - Inventory levels were reported at ¥3,066,628.79, down from ¥4,775,875.76 in the previous year[24] Expenses and Cost Management - Management expenses decreased by 96.13% compared to the same period last year, due to the cessation of most production systems[12] - Employee compensation payments decreased by 52.38% year-on-year, attributed to a significant reduction in workforce following the completion of the restructuring plan[13] - Tax payments decreased by 62.88% year-on-year, reflecting a substantial reduction in revenue and operational scale[13] - Operating costs for Q3 2020 were CNY 18.34 million, up from CNY 14.80 million in Q3 2019, reflecting a 24.3% increase[30] - Research and development expenses were noted at ¥4,580.63 for Q3 2020, reflecting ongoing investment in innovation[27] - Research and development expenses were CNY 4,580.63 in Q3 2020, compared to CNY 2.02 million in the same period last year[30] Operational Risks and Future Strategies - The company continues to face significant operational risks, with ongoing losses reported in the first three quarters of the year[15] - The company aims to enhance market expansion and product development strategies moving forward[30] - The company is focusing on cost management strategies to improve profitability moving forward[27] Financial Reporting Changes - The company executed a new revenue standard from January 1, 2020, resulting in a reclassification of certain financial items[11] - The company has no subsidiaries to consolidate in the financial statements following the disposal of all subsidiaries in November 2019[5]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥43,646,634.18, a decrease of 83.08% compared to ¥257,962,019.80 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was -¥5,377,594.91, compared to -¥241,578,944.09 in the previous year[19]. - The net cash flow from operating activities was -¥131,164,877.18, worsening from -¥91,887,584.50 in the same period last year[19]. - The basic earnings per share for the first half of 2020 was -¥0.01, improving from -¥0.30 in the same period last year[20]. - The weighted average return on net assets was -1.43%, an increase of 10.25 percentage points from -11.68% in the previous year[20]. - The company reported a revenue of CNY 43.65 million for the reporting period, a significant decrease of 83.08% year-on-year[29]. - The operating profit was a loss of CNY 5.19 million, and the net profit was a loss of CNY 5.38 million, both attributed to decreased sales and operational scale[29]. - The company reported a net loss of CNY 2,235,147,463.62, which is an improvement of 8.53% compared to a loss of CNY 2,443,622,847.38 in the previous period[35]. - The total comprehensive income for the first half of 2020 was a loss of CNY 5,377,594.91, compared to a loss of CNY 240,542,480.01 in the first half of 2019[82]. Assets and Liabilities - Total assets decreased by 22.27% to ¥460,861,689.12 from ¥592,928,065.20 at the end of the previous year[19]. - The company's total liabilities decreased by 59.46% to CNY 86,587,646.41 from CNY 213,600,161.17 in the previous period[35]. - Cash and cash equivalents decreased by 27.17% to CNY 351.51 million, representing 76.27% of total assets[34]. - The company's accounts receivable increased by 627.19% to CNY 2.98 million, indicating an increase in credit sales[34]. - The company's total current liabilities fell from RMB 213,600,161.17 to RMB 86,587,646.41, indicating a reduction of approximately 59.5%[70]. - The company's current assets decreased to RMB 390,784,845.58 from RMB 519,146,552.39, reflecting a reduction of about 24.8%[69]. Operational Changes - The company has ceased production of hazardous chemicals and adjusted its business scope accordingly due to regulatory changes[23]. - The company completed the execution of its restructuring plan in November 2019, leading to a significant reduction in operational scale and product variety[19]. - The company plans to enhance internal management and expand marketing channels to improve profitability and mitigate ongoing operational risks[37]. - The company is actively managing its cash flow amidst challenging market conditions, focusing on reducing cash outflows and optimizing operational efficiency[88]. Shareholder Information - The company’s total number of ordinary shareholders at the end of the reporting period was 20,587[58]. - The largest shareholder, Liu Zhou Yuantong Investment Development Co., Ltd., held 201,452,434 shares, accounting for 25.22% of the total shares[60]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[48]. Compliance and Governance - The financial report was approved by the board of directors on August 12, 2020, indicating compliance with corporate governance standards[104]. - The company operates under the accounting principles set forth by the Ministry of Finance, ensuring adherence to established financial reporting standards[106]. - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, reflecting a true and complete financial status as of June 30, 2020[109]. Risk Management - The company faced a continuous operating risk due to a net profit loss of CNY 394 million in 2019, leading to an audit report highlighting significant uncertainties regarding its ongoing operations[37]. - The company continues to face safety and environmental responsibility risks as a hazardous chemical producer, with measures in place to prevent accidents[38]. Revenue Recognition and Taxation - The company applies a 25% corporate income tax rate, with VAT rates for main products ranging from 9% to 13%[188]. - The company has implemented the new revenue recognition standard since January 1, 2020, which is not expected to significantly impact its financial position or operating results[181]. - Government subsidies are recognized as deferred income when related to assets and are amortized over the asset's useful life[174]. Inventory and Asset Management - The company classifies its inventory into raw materials, finished products, semi-finished products, spare parts, low-value consumables, and woven bags, with raw materials and industrial salt valued at actual cost[141]. - Fixed assets are depreciated using the straight-line method, with depreciation rates ranging from 2.71% to 24.25% depending on the asset category[151]. - The company recognizes impairment losses on inventory based on the lower of cost and net realizable value, with adjustments made if previous impairment factors no longer exist[143].

Financial Performance - Operating revenue plummeted by 90.03% to CNY 21,540,307.26 year-on-year[5] - The company achieved a positive net profit for the first quarter, marking a turnaround from previous losses due to the execution of a restructuring plan[14] - Net profit attributable to shareholders was CNY 111,083.26, a significant recovery from a loss of CNY 107,982,449.49 in the previous year[5] - The company reported an operating profit of CNY 264,725.77, compared to an operating loss of CNY 109,656,056.44 in Q1 2019[29] - Net profit for Q1 2020 was CNY 111,083.26, recovering from a net loss of CNY 110,508,989.34 in Q1 2019[30] - The company reported a total comprehensive income of CNY 111,083.26 in Q1 2020, recovering from a loss of CNY 97,789,479.00 in Q1 2019[33] Assets and Liabilities - Total assets decreased by 19.60% to CNY 476,732,576.49 compared to the end of the previous year[5] - Total liabilities decreased by 54.44% compared to the end of the previous year, mainly due to the payment of previously accrued employee settlement costs[12] - Current liabilities decreased from 213.60 million yuan to 97.31 million yuan, reflecting a reduction in financial obligations[23] - The company's equity increased slightly to CNY 379,426,466.56 from CNY 379,327,904.03 year-over-year[27] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY -119,849,734.57, worsening from CNY -67,500,452.63 year-on-year[5] - Cash received from sales of goods and services decreased by 91.76%, while cash paid for goods and services decreased by 91.33% and 93.66% respectively, indicating a substantial contraction in business activities[15] - The ending cash and cash equivalents balance for Q1 2020 was CNY 362,824,218.45, down from CNY 417,349,784.09 in Q1 2019[37] - The net cash flow from financing activities was -$133,338,355.74, indicating a significant outflow during the quarter[39] Accounts Receivable and Inventory - Accounts receivable increased by 1271.47% compared to the end of the previous year, primarily due to increased credit sales[12] - Inventory rose by 40.73% compared to the end of the previous year, indicating a buildup of stock due to poor sales conditions[12] - Accounts receivable stood at CNY 5,618,262.81, compared to CNY 409,653.94 in the previous year[26] - Inventory increased to CNY 6,720,987.53 from CNY 4,775,875.76 year-over-year[26] Operational Changes - Operating income and expenses decreased by 94.25% and 90.62% respectively compared to the same period last year, due to a significant reduction in the company's operational scale and scope following the execution of the restructuring plan[15] - The company has retained only the assets of the Luzhai branch, resulting in a small operational scale and a single product line, which poses risks to its ongoing viability[17] - The company disposed of all its subsidiaries in November 2019, resulting in no subsidiaries to consolidate in the current report[7] - The company has not reported any significant new strategies, product developments, or market expansions during the reporting period[18] Other Financial Metrics - The weighted average return on net assets improved by 5.09 percentage points to 0.03%[5] - The company reported a basic earnings per share of CNY 0.00, recovering from a loss of CNY 0.14 per share in Q1 2019[30] - The company incurred sales expenses of CNY 578,268.42 in Q1 2020, a decrease of 91.8% from CNY 7,060,684.80 in Q1 2019[32] - Research and development expenses were CNY 1,189,702.83 in Q1 2019, with no data reported for Q1 2020[32]

Financial Performance - In 2019, the company reported a net loss of RMB 1.87 billion, a decrease of 578.35% compared to a profit of RMB 390 million in 2018[21]. - The company's operating revenue fell by 81.38% to RMB 374 million in 2019, down from RMB 2.01 billion in 2018[21]. - The net cash flow from operating activities was negative RMB 274 million, a decline of 1,235.49% compared to a positive cash flow of RMB 24 million in 2018[21]. - The total assets decreased by 78.38% to RMB 592 million at the end of 2019, compared to RMB 2.74 billion at the end of 2018[21]. - The company's net assets attributable to shareholders dropped by 82.67% to RMB 379 million at the end of 2019, down from RMB 2.19 billion in 2018[21]. - Basic earnings per share were negative RMB 2.34 in 2019, a decrease of 360% from RMB 0.90 in 2018[23]. - The company reported a net loss of RMB 394 million after deducting non-recurring gains and losses, compared to a loss of RMB 329 million in 2018[21]. - The total profit loss was 1.971 billion RMB, with a net profit loss of 1.876 billion RMB, resulting in an earnings per share of -2.34 RMB[46]. - The company reported a significant reduction in research and development (R&D) expenses, totaling approximately ¥2.02 million, which is only 0.54% of operating revenue[59]. - The company reported a net loss of 394 million yuan attributable to the parent company after deducting non-recurring gains and losses for 2019, raising concerns about its ability to continue as a going concern[104]. Operational Challenges - The company faced continuous operating risks due to the policy-driven shutdown of production systems starting March 30, 2019, leading to reduced sales and cash inflow[21]. - The company experienced significant operational disruptions, with the ammonium system in a shutdown state due to a fire incident on December 5, 2018, and further production limitations caused by adverse weather conditions in March 2019[35]. - A policy-driven shutdown was mandated by the local government starting June 6, 2019, affecting all production systems at the main facility, leading to a total operational halt except for the Luozhai branch[36]. - The company has ceased production of nitric acid and ammonium nitrate due to policy-driven shutdowns, and currently lacks production capacity and qualifications for these products[72]. - The company faced operational challenges due to a fire incident and adverse weather conditions, leading to significant production downtime[82]. Restructuring and Asset Disposal - The restructuring plan was confirmed completed on December 13, 2019, marking the end of the company's restructuring process[30]. - The company disposed of several subsidiaries, leading to a significant reduction in both assets and liabilities, with total liabilities decreasing by 62.62% to approximately ¥213.60 million[64]. - The company reported an asset disposal loss of approximately 1.29 billion yuan due to the sale of low-efficiency assets, which were sold below their book value[43]. - The company disposed of low-efficiency assets as part of its restructuring plan, with a machine and equipment asset package sold for 30,400,000 RMB, significantly below its book value of 106,779,130 RMB[95]. - The company completed the transfer of its stakes in several subsidiaries, including the mixed fertilizer and potassium fertilizer companies, resulting in a net asset value of 849.98 million yuan and an assessed value of 501.33 million yuan[96]. Market Conditions - The chemical industry faced challenges in 2019, with a continued decline in prices and reduced profitability compared to the previous year[34]. - The domestic chemical industry is facing challenges such as overcapacity, safety and environmental upgrades, and intense competition, necessitating structural reforms and innovation[71]. - The company anticipates continued market competition in 2020 due to oversupply and declining prices in the chemical products sector[101]. Future Plans and Strategies - The company plans not to distribute profits or increase capital reserves due to significant losses and weak profitability[5]. - The company plans to achieve a revenue target of 92 million yuan for 2020, focusing on maximizing existing capacity and improving profitability[103]. - The company will enhance financial management and risk control, aiming to improve accounts receivable turnover rates[102]. - The company plans to strengthen its marketing management and improve customer service to stabilize its client base and reduce operational costs[104]. - The company is committed to enhancing operational stability and improving profitability in 2020 by maximizing existing capacity and strengthening financial management[118]. Environmental and Safety Management - The company has established an emergency response plan for environmental risks and has a dedicated emergency response team and resources to minimize disaster losses[140]. - The company reported a total nitrogen discharge concentration of 38.8 mg/l exceeding the standard during a specific monitoring period[136]. - The company’s environmental facilities operated with a synchronization rate of over 98% during the reporting period, with an operational cost of approximately 23.59 million yuan[139]. Governance and Compliance - The company has maintained independence from its controlling shareholder in terms of assets, personnel, finance, and operations[170]. - The company’s board of directors has been focused on improving operational efficiency and ensuring compliance with governance standards[170]. - The company confirmed that there were no significant differences between its governance practices and those required by the China Securities Regulatory Commission[173]. - The company has not undergone a board election during the reporting period due to its restructuring plan, with current directors continuing to serve[171]. Shareholder Information - The total number of ordinary shareholders increased from 21,593 to 22,975 during the reporting period, representing a growth of approximately 6.4%[145]. - The largest shareholder, Liuzhou Yuantong Investment Development Co., Ltd., holds 201,452,434 shares, accounting for 25.22% of the total shares[148]. - The company has no other shareholders holding more than 10% of the shares[153].