Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,037,517,397.10, representing a 3.67% increase compared to CNY 1,965,365,917.43 in the same period last year[22]. - The net profit attributable to shareholders of the listed company reached CNY 142,152,561.49, a 28.64% increase from CNY 110,504,337.75 in the previous year[22]. - The net cash flow from operating activities improved significantly to CNY 48,751,191.50, compared to a negative cash flow of CNY -175,939,293.03 in the same period last year, marking a 127.71% increase[22]. - Basic earnings per share for the first half of 2020 were CNY 0.3304, up 28.66% from CNY 0.2568 in the same period last year[25]. - The company's operating revenue for the first half of 2020 was 2.038 billion yuan, representing a growth of 3.67% year-on-year[48]. - In the first half of 2020, the company achieved a net profit of 142 million yuan, an increase of 28.64% compared to the same period last year[47]. - The company's total profit for the first half of 2020 was CNY 203.69 million, compared to CNY 150.34 million in the same period of 2019, marking an increase of approximately 35.4%[192]. Assets and Liabilities - The total assets of the company increased by 10.07% to CNY 8,917,208,086.03 from CNY 8,101,396,780.40 at the end of the previous year[25]. - The total liabilities increased to CNY 4,741,963,695.55 from CNY 3,932,593,397.09, representing a rise of about 20.6%[186]. - The company's total liabilities increased, with accounts payable rising by 35.87% to CNY 1,010,560,209.25 from CNY 743,760,735.96 last year[63]. - The total amount of cash and cash equivalents at the end of the reporting period was CNY 1,245,032,236.71, a 40.15% increase from CNY 888,384,237.07 in the previous year[63]. Research and Development - Research and development expenses rose by 46.89% to CNY 55,562,414.26, primarily due to increased funding for R&D projects[58]. - The company has completed over 8,000 national scientific research projects and achieved more than 700 research results, contributing significantly to national defense modernization and advanced technology development[3]. - The company is focusing on developing high value-added and high-tech products to pursue sustainable development[75]. - Research and development expenses for the first half of 2020 amounted to CNY 54.26 million, which is an increase from CNY 35.81 million in the same period of 2019, representing a growth of about 51.5%[192]. Market and Industry Position - The company is the largest producer of titanium and titanium alloys in China, with a comprehensive production system for various specifications of titanium products[32]. - The company aims to enhance the application ratio of titanium materials in aerospace, shipbuilding, and deep-sea industries, focusing on high-end titanium market share[38]. - The titanium industry is strategically significant for national defense and economic development, with strong government support for its growth[37]. - The market for mid-to-low-end titanium products is expected to gradually recover in the second half of 2020, despite ongoing uncertainties[37]. Corporate Governance and Compliance - The company has established a comprehensive governance structure and advanced management systems, ensuring efficient and high-quality operational activities[9]. - The company has established strict regulations for related party transactions to ensure fairness and protect minority shareholders' interests[86]. - The company has committed to avoiding any business competition with its controlling shareholder, BaoTi Group, following asset acquisitions[93]. - The company has received no penalties or corrective actions against its directors, supervisors, or controlling shareholders during the reporting period[96]. Environmental and Social Responsibility - The company has established a comprehensive environmental protection system to comply with national standards[79]. - The company has adhered to environmental regulations, with all pollutants discharged within national standards, and has not faced any penalties from environmental authorities[113]. - The company has implemented targeted poverty alleviation measures, including direct assistance to 248 impoverished households, providing essential goods such as rice and oil[109]. - The company has actively engaged in community support activities, including donations of daily necessities to local mutual aid centers[109]. Financial Management - The company has implemented a non-public offering plan to raise up to 2.3 billion RMB by issuing 119 million shares to five strategic investors[137]. - The issuer's credit rating is AA, and the bond rating is AAA, with a stable outlook[157]. - Current ratio decreased by 23.24% to 1.85 compared to the previous year-end of 2.42, primarily due to the reclassification of a 400 million RMB two-year bank loan to current liabilities[162]. - The company maintained a loan repayment rate of 100% during the reporting period[166].

2020 年第一季度报告 公司代码：600456 公司简称：宝钛股份 债券代码：155801/155802 债券简称：19 宝钛 01/19 宝钛 02 股份有限公司 2020 年第一季度报告 1 / 21 2020 年第一季度报告 重要提示 . 一、 二、 公司基本情况 . 11Í 重要事项 . 四、 附录 . 目录 2 / 21 2020 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王文生、主管会计工作负责人宋朝利及会计机构负责人（会计主管人员）宋朝利 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-------------------------------------------------|------------------|----- ...

Financial Performance - The company's operating revenue for 2019 was CNY 4,187,620,210.76, representing a 22.80% increase compared to CNY 3,410,193,856.18 in 2018[24]. - Net profit attributable to shareholders for 2019 was CNY 240,010,609.72, a significant increase of 70.11% from CNY 141,092,221.71 in 2018[24]. - The net profit after deducting non-recurring gains and losses was CNY 205,896,327.25, up 84.85% from CNY 111,384,006.17 in 2018[24]. - The total assets at the end of 2019 were CNY 8,101,396,780.40, an increase of 11.35% from CNY 7,275,552,583.21 at the end of 2018[24]. - Basic earnings per share for 2019 were CNY 0.5578, reflecting a 70.11% increase from CNY 0.3279 in 2018[24]. - The weighted average return on net assets increased by 2.5503 percentage points to 6.6012% in 2019 from 4.0509% in 2018[24]. - The company achieved an operating revenue of 4.188 billion yuan and a net profit attributable to shareholders of 240 million yuan in 2019, reflecting significant growth in product orders and sales volume[43]. - The company reported a net profit of CNY 29,432,180.71 in Q1 2019, with a total operating revenue of CNY 1,149,873,256.91[26]. Dividend and Profit Distribution - The board proposed a cash dividend of RMB 2 per 10 shares, totaling RMB 86,053,140 for all shareholders[6]. - The cash dividend for 2018 was RMB 0.1 per share, totaling RMB 43,026,570, which represents 30.50% of the net profit attributable to ordinary shareholders[160]. - The company reported a net profit of RMB 240,010,609.72 for 2019, with a dividend payout ratio of 35.85%[160]. - The company’s profit distribution policy has been revised to ensure clarity in distribution principles and procedures, protecting the rights of minority shareholders[159]. Operational Efficiency and Management - The company has implemented a production model based on sales demand, optimizing production plans and maintaining reasonable inventory levels to meet market needs[41]. - The company optimized its management structure and improved operational efficiency through a series of reforms, enhancing overall performance[60]. - The company completed 63 equipment improvement projects during the year, effectively reducing operational costs[70]. - The company implemented a significant upgrade of its information systems to enhance smart manufacturing capabilities[74]. - The company will enhance contract execution efficiency, making on-time delivery a key performance indicator, and implement a smart information system to improve production responsiveness[131]. - The company will strengthen process quality control, aiming to reduce production costs and improve product quality through targeted research and process optimization[134]. Research and Development - The company has a strong R&D capability, having completed over 8,000 national research projects and achieved more than 700 research results, contributing significantly to national defense and advanced technology[51]. - The company focused on technological innovation, with significant progress in research projects related to titanium alloys for deep-sea submersibles and aerospace applications[66]. - The company plans to accelerate the research and development of new products and technologies, particularly in high-end titanium applications, while also enhancing its smart manufacturing capabilities[130]. - R&D expenses amounted to ¥92,970,610.43, representing 2.22% of total revenue[93]. Market Position and Strategy - The company is the largest producer of titanium and titanium alloys in China, with its main products being titanium plates, strips, foils, pipes, rods, and various metal composite materials[38]. - The company has established long-term strategic partnerships with major clients such as Boeing, Airbus, and Rolls-Royce, enhancing its market competitiveness[51]. - The company is focusing on increasing the application ratio of titanium materials in aerospace, marine, and biomedical fields, aiming to capture high-end market opportunities[46]. - The company aims to improve its quality management system, with a focus on enhancing product quality stability and reducing quality disputes and accidents through comprehensive quality control measures[126]. Risk Management - The company has established a comprehensive risk management framework to address various operational risks, including technical, financial, and environmental risks[151]. - The company is exposed to foreign exchange risks due to its import and export activities, and it plans to strengthen its research on foreign exchange markets to minimize these risks[153]. - The company has committed to enhancing its environmental protection measures in response to stricter regulations, including regular inspections and maintenance of pollution control facilities[154]. - The company has implemented measures to mitigate financial risks related to accounts receivable by establishing strong relationships with customers and monitoring their financial status[151]. Social Responsibility - The company has committed CNY 80,000 to support poverty alleviation projects, including establishing a sheep farming base for 50 impoverished households[199]. - The company actively engages in social responsibility initiatives, including direct assistance to impoverished households and community support activities[199]. - The company has organized professional training in pepper planting and culinary services for poverty-stricken households[200]. - The implementation of national poverty alleviation policies has been effectively promoted through local initiatives[200]. Corporate Governance - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors[7]. - The company will strictly adhere to regulatory requirements for information disclosure, ensuring that all reports are accurate and complete to maintain investor trust[142]. - The company is committed to maintaining a robust internal control system to ensure compliance and improve operational efficiency[146]. - The company will provide training for investor relations personnel to improve the quality and effectiveness of its investor relations management[148].

2019 年第三季度报告 公司代码：600456 公司简称：宝钛股份 宝鸡钛业股份有限公司 2019 年第三季度报告 1 / 27 2019 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 27 2019 年第三季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王文生、主管会计工作负责人宋朝利及会计机构负责人（会计主管人员）宋朝利 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |----------------------------------------------|------------------------------|------------------------------------|---- ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,965,365,917.43, representing a 24.42% increase compared to CNY 1,579,610,233.62 in the same period last year[22]. - The net profit attributable to shareholders of the listed company reached CNY 110,504,337.75, a significant increase of 225.00% from CNY 34,001,694.92 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 101,392,118.86, up 299.72% from CNY 25,365,826.15 in the same period last year[24]. - The basic earnings per share for the reporting period was CNY 0.2568, which is a 225.06% increase compared to CNY 0.0790 in the previous year[24]. - The company achieved a net profit of 110.50 million yuan in the first half of 2019, representing a 225% increase compared to the same period last year[51]. - The company's net profit for the first half of 2019 was 101.39 million yuan, a year-on-year increase of 299.72%[79]. - The company reported a total comprehensive income of ¥130,636,399.94 for the first half of 2019, compared to ¥39,311,826.02 in the same period of 2018, an increase of 232.5%[171]. Cash Flow and Assets - The net cash flow from operating activities was negative CNY 175,939,293.03, a decrease of 235.74% compared to CNY 129,615,722.42 in the same period last year[24]. - The company's cash and cash equivalents decreased from RMB 1,062,675,222.37 at the end of 2018 to RMB 960,917,303.88 by June 30, 2019, a decline of approximately 9.6%[152]. - The total assets of the company at the end of the reporting period were CNY 7,899,897,685.55, an increase of 8.58% from CNY 7,275,552,583.21 at the end of the previous year[24]. - The total current assets increased from RMB 4,605,656,255.94 at the end of 2018 to RMB 5,281,578,625.57, a growth of about 14.7%[152]. - The total liabilities reached CNY 3,972,596,081.43, compared to CNY 3,418,071,445.23, indicating an increase of approximately 16.2%[157]. Research and Development - Research and development expenses rose by 54.32% to ¥37,825,671.40, up from ¥24,511,954.19, primarily due to increased investment in R&D[60]. - The company has established multiple research and development centers, enhancing its core competitiveness and profitability[43]. - The company has undertaken over 8,000 national research projects and achieved more than 700 research results, contributing significantly to national defense modernization and advanced technology development[42]. Market Position and Strategy - The company is the largest producer and research base for titanium and titanium alloys in China, with a comprehensive production system for various titanium products[34]. - The company aims to increase the application ratio of titanium materials in high-end sectors such as aerospace and deep-sea industries[40]. - The overall market demand for titanium products is expected to rise, driven by structural adjustments and industrial upgrades in the economy[38]. - The company has a strategy to enhance R&D efforts to improve market share in high-end titanium applications[40]. Environmental Compliance - The company has committed to environmental protection and safety measures, ensuring no major environmental incidents occurred in the first half of 2019[60]. - The company reported that its subsidiary, Baotai Huasheng, complied with environmental regulations, with all pollutants discharged meeting national standards[114]. - The company has implemented various poverty alleviation measures, including industry support and health initiatives[109]. - The company has not reported any penalties from environmental authorities during the reporting period[114]. Corporate Governance - The company has established a comprehensive corporate governance structure and advanced management systems, ensuring efficient and high-quality operations[47]. - The actual controller and shareholders have committed to avoiding competition with the company, ensuring no direct or indirect competition in the domestic and overseas markets[89]. - The company has strict compliance with related party transactions, ensuring fairness and protection of minority shareholders' interests[89].

2019 年第一季度报告 公司代码：600456 公司简称：宝钛股份 宝鸡钛业股份有限公司 2019 年第一季度报告 1 / 25 2019 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 25 2019 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 未出席董事情况 未出席董事姓名 未出席董事职务 未出席原因的说明 被委托人姓名 张克东 独立董事 有事 万学国 1.3 公司负责人王文生、主管会计工作负责人韦化鹏及会计机构负责人（会计主管人员）宋朝利 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | --- | --- | --- | |----------------------- ...

2018 年年度报告 公司代码：600456 公司简称：宝钛股份 宝鸡钛业股份有限公司 2018 年年度报告 1 / 194 2018 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 董事 雷让岐 有事 王文生 三、 希格玛会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人王文生、主管会计工作负责人韦化鹏及会计机构负责人（会计主管人员）宋 朝利声明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 董事会拟以公司总股本430,265,700股为基数，向全体股东按每10股派发现金股利人民币1元（含税 ），共计派发现金红利43,026,570.00元（含税）。本年度不以资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承 ...

2018 年第三季度报告 公司代码：600456 公司简称：宝钛股份 宝鸡钛业股份有限公司 2018 年第三季度报告 1 / 22 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王文生、主管会计工作负责人韦化鹏及会计机构负责人（会计主管人员）宋朝利 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 22 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 7,329,312,673.76 6,899,637,843.92 6.23 归属于上市公司股 东的净资产 3,5 ...

Financial Performance - The company's operating revenue for the first half of 2018 was ¥1,579,610,233.62, representing a 38.40% increase compared to ¥1,141,314,822.26 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2018 was ¥34,001,694.92, a significant turnaround from a loss of ¥52,300,966.94 in the previous year, marking a 165.01% increase[19]. - The net cash flow from operating activities was ¥128,515,722.42, compared to a negative cash flow of ¥124,904,946.96 in the same period last year, indicating a 202.89% improvement[20]. - The basic earnings per share for the first half of 2018 was ¥0.0790, a recovery from a loss of ¥0.1216 per share in the same period last year, reflecting a 164.97% increase[21]. - The total assets at the end of the reporting period were ¥7,104,295,493.28, up 2.97% from ¥6,899,637,843.92 at the end of the previous year[20]. - The company's net assets attributable to shareholders increased to ¥3,437,413,625.75, a slight rise of 0.36% from ¥3,424,921,018.24 at the end of the previous year[20]. - The weighted average return on equity for the first half of 2018 was 0.9889%, an increase of 2.5307 percentage points from -1.5418% in the same period last year[21]. - The company reported a total profit of 8,635,868.77, with significant impacts from non-operating income and expenses[25]. - The company achieved a net profit of 34 million RMB in the first half of 2018, representing a 165% increase compared to the same period last year[37]. Revenue and Sales Growth - The increase in revenue and profit was primarily driven by higher product sales during the reporting period[21]. - The sales volume of titanium materials reached 5,796.79 tons in the first half of 2018, marking a 45.04% year-on-year growth[39]. - The company reported a significant increase in other income, which rose by 84.62% to approximately CNY 11.52 million, mainly due to increased government subsidies[45]. - The company received cash from sales of goods and services amounting to ¥1,097,438,503.30, an increase of 45.2% from ¥755,611,177.07 in the previous period[110]. Research and Development - The company has completed over 8,000 national research projects and achieved more than 700 research results, contributing significantly to national defense modernization and advanced technology development[33]. - The company has a strong R&D capability, recognized as a national high-tech enterprise, and has established partnerships with various universities and research institutions[33]. - Research and development expenses decreased by 14.75% to approximately CNY 24.51 million, indicating a focus on cost management[45]. - The company aims to enhance the application ratio of titanium materials in aerospace, shipbuilding, and deep-sea industries, and plans to increase R&D efforts to improve market share in high-end titanium applications[30]. Market Position and Strategy - The company is the largest producer and research base for titanium and titanium alloys in China, with a leading annual production capacity in the global market[27]. - In the first half of 2018, the domestic demand for sponge titanium increased, and the market for the titanium industry showed signs of recovery, although structural overcapacity and intense competition remain challenges[30]. - The company is actively expanding its market presence, targeting high-end sectors such as aerospace, medical, and marine engineering[39]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[106]. Corporate Governance and Management - The company has established a comprehensive corporate governance structure and advanced management systems to ensure efficient operations[7]. - The company has undergone a management restructuring with several key personnel changes, including the appointment of a new deputy general manager[93]. - The company has established clear regulations for related party transactions to ensure fairness and protect minority shareholders' interests[62]. - The company has committed to maintaining a good integrity status, with no significant debts or court judgments pending[64]. Environmental Compliance - The company is committed to safety and environmental protection, achieving a 100% completion rate for safety and environmental assessment indicators during the reporting period[42]. - The subsidiary, BaoTi Huashen, is classified as a key pollutant discharge unit, adhering to national environmental protection laws and regulations, with no penalties received during the reporting period[69]. - The company has not experienced any environmental pollution incidents during the reporting period, maintaining compliance with environmental laws[76]. - Wastewater and exhaust gas are treated to meet national discharge standards, with solid waste disposed of by qualified entities[77]. Financial Management - The company maintains stable raw material supply channels through long-term strategic partnerships with major suppliers[29]. - The company emphasizes cost control, enhancing inventory turnover rates and improving capital utilization efficiency[41]. - The company reported a significant increase in accounts payable, which rose to CNY 354,195,744.72 from CNY 240,627,335.53, reflecting an increase of around 47.06%[98]. - The company is addressing potential financial risks related to customer payment delays by fostering strong relationships and monitoring customer financial health[57]. Accounting Policies and Practices - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect its financial position, operating results, changes in shareholders' equity, and cash flows[133]. - The company uses Renminbi as its functional currency for accounting purposes[136]. - The company recognizes revenue from the sale of goods when the risks and rewards of ownership are transferred to the buyer[190]. - The company applies the balance sheet liability method for income tax accounting, recognizing deferred tax liabilities for taxable temporary differences[196].

Financial Performance - Operating revenue rose by 24.35% to CNY 694,781,903.92 from CNY 558,735,039.66 in the same period last year[5] - The net loss attributable to shareholders decreased by 77.16% to CNY -8,286,520.36 from CNY -36,274,599.60 year-on-year[5] - Basic and diluted earnings per share improved by 77.11%, reaching CNY -0.0193 compared to CNY -0.0843 in the same period last year[5] - The net profit attributable to the parent company improved by 77.16% to CNY -8,286,520.36 from CNY -36,274,599.60, driven by increased operating revenue[15] - The total comprehensive income for Q1 2018 was a loss of CNY 21,031,494.40, compared to a loss of CNY 39,319,853.18 in the same period last year[32] Cash Flow - Net cash flow from operating activities improved by 88.32%, reaching CNY -24,228,822.64, compared to CNY -207,357,352.74 in the previous year[5] - Net cash flow from financing activities increased by 63.58% to CNY 175,635,780.01 from CNY 107,370,441.26, due to a decrease in funds used for loan repayments[17] - Cash inflow from operating activities totaled $253,784,269.94, up from $122,873,927.79, indicating a growth of approximately 106.6%[37] - The net cash flow from financing activities improved to $175,635,780.01 from $114,036,441.26, an increase of approximately 54.1%[38] Assets and Liabilities - Total assets increased by 4.16% to CNY 7,186,841,176.60 compared to the end of the previous year[5] - Total liabilities rose to CNY 3,459,001,476.16 from CNY 3,168,070,945.72, reflecting an increase in financial obligations[21] - Current assets increased to CNY 3,591,171,890.82 from CNY 3,354,152,232.05, representing a rise of 7.1%[24] - The total liabilities as of March 31, 2018, were CNY 3,199,932,700.04, up from CNY 2,971,677,082.90, reflecting a year-over-year increase of 7.7%[26] Shareholder Information - The total number of shareholders reached 32,018 at the end of the reporting period[9] - The largest shareholder, BaoTi Group Co., Ltd., holds 53.04% of the shares, totaling 228,227,298 shares[9] Other Financial Metrics - The weighted average return on net assets improved to -0.24% from -1.06% year-on-year[5] - The company reported non-recurring gains of CNY 1,249,875.03 during the period[8] - The company reported a significant increase in pre-receipts by 103.16% to CNY 130,675,501.30 from CNY 64,322,263.20, indicating higher advance payments from subsidiaries[14] Expense Analysis - Sales expenses increased by 31.81% to CNY 8,185,481.35 compared to CNY 6,209,925.12, primarily due to higher employee compensation and freight costs[15] - The financial expenses for Q1 2018 were CNY 33,771,171.35, compared to CNY 29,607,898.78 in the previous year, indicating an increase of 14.5%[30]