Financial Performance - Net profit attributable to shareholders increased by 31.77% year-on-year, amounting to CNY 158,288,397.57[12] - Operating revenue rose by 25.43% year-on-year, totaling CNY 16,717,601,851.53[12] - Basic earnings per share rose to CNY 0.39, up from CNY 0.35, reflecting an increase of 11.43%[12] - The company reported a 49.79% increase in income tax expenses, totaling ¥40,637,936.33, attributed to an increase in total profit[29] - The company's total profit for the first nine months of 2019 was ¥216,963,441.22, compared to ¥167,397,091.94 in the same period of 2018, indicating a growth of 29.6%[58] - Net profit attributable to shareholders of the parent company was ¥46,692,809.69, compared to ¥44,605,850.51 in the same period last year, reflecting an increase of approximately 4.67%[61] - Total comprehensive income attributable to shareholders of the parent company was ¥44,467,472.67, up from ¥64,225,297.98 year-over-year, indicating a decrease of about 30.83%[63] Cash Flow - Net cash flow from operating activities showed a net outflow of CNY 552,975,574.01, a decrease of CNY 451,607,415.79 compared to the previous year[12] - The net cash flow from financing activities increased by 30.53% year-on-year, reaching CNY 431,414,263.32[12] - Investment activities generated a net cash inflow of CNY 37,704,312.06, a significant improvement compared to a net outflow of CNY 145,853,093.79 in the previous year[12] - The net cash flow from operating activities for the first three quarters of 2019 was -CNY 552,975,574.01, compared to -CNY 101,367,158.22 in the same period of 2018, indicating a worsening cash flow situation[74] - Total cash inflow from financing activities reached CNY 2,891,029,774.88 in 2019, compared to CNY 2,145,229,986.67 in 2018, marking an increase of approximately 34.7%[77] Assets and Liabilities - Total assets increased by 17.32% year-on-year, reaching CNY 7,040,609,978.42[10] - The net assets attributable to shareholders increased by 51.54% compared to the beginning of the year, primarily due to a successful fundraising of CNY 1 billion[12] - Total current assets increased to ¥5,852,437,672.50 as of September 30, 2019, up from ¥4,786,848,253.24 on December 31, 2018, representing a growth of approximately 22.3%[38] - Total liabilities decreased slightly to ¥3,702,737,154.08 from ¥3,737,390,921.88, a reduction of about 0.9%[44] - The company’s total liabilities saw a significant reduction, with current liabilities decreasing by 64.11% compared to the beginning of the year[26] - The company’s short-term borrowings decreased to ¥1,521,387,474.55 from ¥1,913,521,566.67, a reduction of about 20.5%[44] Research and Development - The company's R&D expenses increased by 51.88% compared to the same period last year, amounting to ¥76,085,015.43, primarily due to higher consumption of raw materials and testing costs[26] - Research and development expenses for Q3 2019 were ¥26,501,644.15, a significant increase of 49.5% compared to ¥17,726,701.03 in Q3 2018[54] - Research and development expenses for Q3 2019 were ¥8,035,707.46, up from ¥3,780,490.97 in Q3 2018, reflecting an increase of approximately 112.00%[67] Investment Income - Investment income rose by 90.48% year-on-year to ¥21,448,953.05, mainly due to increased gains from hedging business settlements[26] - The company experienced a significant increase in investment income, reporting ¥34,733,265.35 for the first three quarters of 2019, compared to ¥20,799,134.48 in the same period last year, representing an increase of about 67.00%[67] Other Financial Metrics - The weighted average return on net assets decreased by 0.69 percentage points to 5.30%[12] - Other income decreased by 30.72% year-on-year to ¥11,954,658.98, mainly due to a reduction in government subsidies related to daily operations[26] - The company reported a total operating cost of ¥6,206,391,249.23 in Q3 2019, compared to ¥4,586,465,348.04 in Q3 2018, which is an increase of 35.3%[54]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2019, representing a year-on-year increase of 15%[24]. - The net profit attributable to shareholders reached 300 million RMB, up 20% compared to the same period last year[24]. - The company's operating revenue for the first half of the year reached ¥10,453,615,163.27, representing a 20.10% increase compared to the same period last year[25]. - Net profit attributable to shareholders increased by 47.77% year-on-year, amounting to ¥111,595,587.88, driven by higher main business profits[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 52.58% to ¥101,668,502.13[27]. - Basic earnings per share increased by 31.82% to ¥0.29, while diluted earnings per share also stood at ¥0.29[26]. - The total profit amounted to ¥149,439,508.77, which is a 40.22% increase from ¥106,577,173.05 in the previous year[43]. - Net profit reached ¥120,699,535.71, up 36.84% from ¥88,205,152.80 year-on-year[43]. - The total comprehensive income for the first half of 2019 was approximately ¥108.50 million, compared to ¥83.45 million in the previous year, showing an increase of around 30.1%[135]. - The company's operating profit for the first half of 2019 was approximately ¥149.16 million, an increase from ¥104.27 million in the same period of 2018, representing a growth of about 43%[135]. Market Expansion and Strategy - The company has expanded its user base by 10% in the first half of 2019, reaching a total of 1.1 million active users[24]. - The company plans to launch two new products in the next quarter, aiming to capture an additional 5% market share[24]. - The company is actively pursuing market expansion strategies in Southeast Asia, targeting a 15% increase in sales from this region[24]. - The company is focusing on expanding its market presence in high-end sectors and optimizing product structures through continuous R&D and industrialization[43]. - The company is actively developing new markets and projects, particularly in the areas of precious metal precursor materials and secondary resource recycling[43]. Research and Development - Research and development expenses increased by 25% to 150 million RMB, focusing on new catalyst technologies[24]. - The company has been recognized as a national high-tech enterprise and has multiple national and provincial innovation platforms, maintaining a leading position in R&D capabilities[41]. - The company has formulated and revised 77 national standards and 118 industry standards, showcasing its leadership in standard-setting within the precious metals sector[41]. - Research and development expenses surged by 53.18% year-on-year to ¥49,583,371.28, attributed to higher testing fees and employee compensation[46]. - Research and development expenses increased to approximately ¥15.04 million in the first half of 2019, up from ¥9.31 million in the same period of 2018, representing a rise of about 61.2%[138]. Financial Position and Assets - The company's net assets attributable to shareholders grew by 49.42% to ¥3,101,319,885.19, primarily due to a successful fundraising of ¥1 billion[27]. - Total assets increased by 6.07% to ¥6,365,173,919.25[25]. - Current assets totaled approximately ¥5.17 billion, an increase of 7.93% from ¥4.79 billion as of December 31, 2018[116]. - Total liabilities decreased to approximately ¥3.08 billion, down 17.54% from ¥3.74 billion[121]. - Total equity attributable to shareholders increased to approximately ¥3.10 billion, up 49.29% from ¥2.08 billion[121]. Cash Flow and Financing - The net cash flow from operating activities was negative at -¥390,377,226.83, a significant decline of 555.02% compared to the previous year[25]. - The company reported a significant increase in prepaid expenses, rising to ¥144.77 million from ¥65.77 million, an increase of 120.00%[116]. - Net cash flow from financing activities decreased by 60.47% year-on-year to ¥306,726,563.33, mainly due to increased debt repayments[46]. - The ending cash and cash equivalents balance was CNY 693,890,592.19, a decrease from CNY 1,172,612,179.54 at the end of the previous period[147]. Risks and Challenges - The company has identified key risks including fluctuations in raw material prices and regulatory changes in the industry[24]. - The company faced risks related to fluctuations in precious metal prices, which could impact liquidity and inventory valuation[58]. - The company has a strong competitive position in the precious metal deep processing industry but faces challenges in brand and technology compared to multinational competitors[61]. - The company emphasizes the importance of timely technological upgrades and new product development to avoid risks associated with technological stagnation[61]. Corporate Governance and Shareholder Matters - The company held its annual shareholder meeting on April 30, 2019, with 40.42% of the total shares represented[63]. - The first extraordinary shareholder meeting of 2019 took place on May 21, 2019, with 40.44% of the total shares represented[65]. - The company has established a shareholder return plan for 2018-2020, committing to distribute at least 10% of the annual distributable profit in cash, totaling no less than 30% of the average annual distributable profit over the three years[71]. - The company is taking effective measures to improve corporate governance and ensure independence in personnel, finance, assets, and operations during its period as a controlling shareholder[71]. - The company has committed to ensuring that there is no competition with Yunnan Tin Industry Group in its main business activities, with a commitment date of November 7, 2017, and this commitment is long-term[68]. Environmental Responsibility - The company operates in the precious metals industry, focusing on research, development, and production, with a comprehensive product range exceeding 390 varieties and 4,000 specifications[33]. - The precious metals industry is increasingly recognized for its critical role in sustainable development, with a growing emphasis on recycling and resource utilization[37]. - The company has implemented pollution prevention facilities that are designed, constructed, and operated simultaneously with the main project[93]. - Guiyan Resources (Yimen) Co., Ltd. has passed the ISO 14001 environmental management system certification and publishes its environmental information annually[99]. - The company has established an emergency response plan for environmental incidents, which is filed with the local environmental protection bureau[95].

Financial Performance - Net profit attributable to shareholders increased by 62.26% to CNY 32,341,321.08 year-on-year[17] - Operating income rose by 28.48% to CNY 4,950,147,972.17 compared to the same period last year[17] - Basic earnings per share increased by 66.67% to CNY 0.1 compared to the previous year[17] - Operating profit for Q1 2019 was ¥45,902,966.53, compared to ¥31,908,247.41 in Q1 2018, indicating a year-over-year increase of 43.8%[53] - Net profit for Q1 2019 before tax was ¥45,915,357.21, up from ¥32,200,347.41 in Q1 2018, representing a growth of 42.5%[53] - The net profit attributable to shareholders of the parent company was CNY 32,341,321.08, an increase from CNY 19,931,667.35 in the previous year, representing a growth of approximately 62.5%[54] - Total comprehensive income amounted to CNY 22,613,513.99, compared to CNY 17,134,943.93 in the previous year, reflecting an increase of about 32.5%[54] - Operating revenue for the first quarter was CNY 2,163,400,604.19, a rise of approximately 35.2% from CNY 1,599,499,012.68 in the previous year[59] - Operating profit reached CNY 13,263,453.42, significantly higher than CNY 1,647,098.72 in the same quarter last year, marking an increase of over 705%[59] - The net profit for the first quarter was CNY 11,281,098.08, a significant increase from CNY 1,680,698.72 in the same period last year, reflecting a growth of approximately 572.5%[59] Assets and Liabilities - Total assets increased by 11.97% to CNY 6,719,556,915.85 compared to the end of the previous year[17] - Total current assets increased to ¥5,514,759,594.10 from ¥4,786,848,253.24, representing a growth of approximately 15.3% year-over-year[37] - Total assets reached ¥6,719,556,915.85, compared to ¥6,001,049,394.33, marking an increase of about 11.9%[41] - Total liabilities decreased to ¥3,430,352,891.19 from ¥3,737,390,921.88, showing a reduction of approximately 8.2%[43] - Owner's equity increased to ¥3,289,204,024.66 from ¥2,263,658,472.45, representing a growth of about 45.0%[43] - The company's total liabilities to total assets ratio improved to approximately 51.1% from 62.1%, indicating a stronger financial position[43] - Total liabilities amounted to ¥2,728,090,530.60, down from ¥3,156,492,401.91, indicating a decrease of 13.5%[48] - Shareholders' equity increased to ¥2,723,198,372.70 from ¥1,709,955,126.11, representing a growth of 59.1%[48] Cash Flow - Net cash flow from financing activities increased by 155.62% to CNY 813,242,383.73, primarily due to a successful placement financing of CNY 1 billion[17] - Cash flow from operating activities showed a negative net amount of CNY -851,779,276.62, worsening from CNY -209,329,732.70 in the previous year[17] - Net cash flow from operating activities decreased by 64,244.95 thousand yuan compared to the same period last year, mainly due to increased sales scale and accounts receivable[32] - The company completed a rights issue, raising a total of 1,021,775,499.48 yuan, with a net amount of 1,000,830,430.04 yuan after deducting fees[33] - The cash inflow from operating activities totaled CNY 4,826,949,015.94, compared to CNY 3,436,409,564.75 in the previous year, indicating a growth of about 40.5%[61] - The total cash outflow from operating activities in Q1 2019 was 2,362,983,218.43 RMB, compared to 921,440,073.61 RMB in Q1 2018, representing an increase of about 156.5%[68] - Total cash inflow from financing activities was 1,384,618,866.99 RMB in Q1 2019, up from 393,306,000.00 RMB in Q1 2018, indicating an increase of approximately 252.5%[68] - The net cash flow from financing activities for Q1 2019 was 612,252,051.82 RMB, compared to 153,036,290.63 RMB in Q1 2018, showing an increase of about 300.5%[68] Expenses - Research and development expenses increased by 109.31% compared to the same period last year, reflecting increased investment in R&D[28] - Sales expenses increased by 57.34% compared to the same period last year, mainly due to increased employee compensation[28] - The company reported a decrease in investment income by 61.89% compared to the same period last year, primarily due to reduced gains from hedging[28] - Research and development expenses for Q1 2019 totaled ¥27,798,105.97, significantly higher than ¥13,280,948.27 in Q1 2018, marking an increase of 109.5%[53] - Research and development expenses were CNY 8,891,429.19, up from CNY 3,774,542.44, representing an increase of approximately 135.5%[59] Shareholder Information - The total number of shareholders reached 45,880 by the end of the reporting period[20]

Financial Performance - The company's operating revenue for 2018 was approximately ¥17.07 billion, representing a year-over-year increase of 10.57% compared to ¥15.44 billion in 2017[30]. - Net profit attributable to shareholders for 2018 was approximately ¥157.14 million, a 31.69% increase from ¥119.33 million in 2017[30]. - The net cash flow from operating activities for 2018 was approximately ¥317.77 million, a significant recovery from a negative cash flow of ¥940.74 million in 2017[30]. - The basic earnings per share for 2018 was ¥0.46, up 31.43% from ¥0.35 in 2017[30]. - The weighted average return on equity for 2018 was 7.83%, an increase of 1.53 percentage points from 6.3% in 2017[30]. - The total assets at the end of 2018 were approximately ¥6.00 billion, reflecting a 14.68% increase from ¥5.23 billion at the end of 2017[30]. - The net assets attributable to shareholders at the end of 2018 were approximately ¥2.08 billion, a 6.70% increase from ¥1.95 billion at the end of 2017[30]. - The company reported a net profit of approximately RMB 157.14 million for 2018, representing a 50.14% increase compared to RMB 119.33 million in 2017[143]. - The cash dividend distribution plan for 2018 includes a cash dividend of RMB 1.80 per 10 shares, up from RMB 1.40 per 10 shares in 2017[143]. Risk Management - The company emphasizes that forward-looking statements regarding future plans and development strategies do not constitute substantive commitments to investors, highlighting investment risks[9]. - The company has detailed its risk exposures in the fourth section of the report, which discusses operational conditions and analyses[10]. - The company has enhanced its risk management capabilities through improved governance structures and comprehensive budget management[55]. - The company emphasizes risk management, particularly in areas such as strategic, investment, and operational risks, to enhance its operational capabilities[132]. - The company recognizes market risks due to potential fluctuations in demand from key industries such as automotive and petrochemicals, which could impact its performance[133]. Corporate Governance - The company has received a standard unqualified audit report from Ruihua Certified Public Accountants[6]. - The company has confirmed that all board members attended the board meeting[5]. - The company has ensured that the financial report is true, accurate, and complete, as stated by the responsible executives[7]. - The company has not violated any decision-making procedures in providing guarantees[11]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders and their related parties[10]. - The company has made long-term commitments to avoid competition with its controlling shareholder, Yunnan Tin Group, ensuring no similar business activities will be conducted[146]. - The company has also committed to fair pricing in related transactions with its controlling shareholder to protect the interests of minority shareholders[149]. - The company’s future outlook includes maintaining a robust governance structure and ensuring operational independence from its controlling shareholder[149]. Research and Development - The company has established multiple national and provincial innovation platforms, maintaining a leading position in research and development capabilities within the industry[46]. - Research and development expenses increased by 24.32% to ¥84,606,492.75, driven by the expansion of R&D projects[61]. - The company has 84 ongoing technology projects, including 79 key technology projects for new products and processes[80]. - The company is committed to technological innovation, aiming to break through key technologies such as propane dehydrogenation platinum catalysts and semiconductor testing materials[130]. - The company aims to enhance its capabilities in precious metals research and development, analysis, and talent cultivation to support industry growth[42]. Market Position and Strategy - The company operates in the precious metals sector, focusing on research, development, and production, with a comprehensive product range exceeding 390 varieties and 4,000 specifications[39]. - The company has established a comprehensive precious metals industry chain, including manufacturing, resource recycling, and trade, enhancing its competitive advantage[44]. - The company has achieved significant market share growth in the precious metals new materials manufacturing sector, particularly in automotive catalysts and precious metal electrical alloys[49]. - The company is strategically positioned to respond to both domestic and international competition in the precious metals market[119]. - The company aims to enhance market development and efficiency in the precious metals sector, focusing on product transformation and cost reduction to improve competitiveness[126]. Environmental Responsibility - The company has implemented pollution control facilities that are designed and constructed simultaneously with the main project, ensuring compliance with environmental regulations[175]. - The company has established an emergency response plan for environmental incidents, which is filed with the local environmental protection bureau[177]. - The company has received ISO 14001 environmental management system certification and publishes its environmental information annually on its official website[179]. Financial Management - The company plans to raise up to 1.5 billion yuan through a share placement to repay bank loans and support further development[51]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 784,860,708.95 RMB, which accounts for 34.67% of the company's net assets[167]. - The company received cash related to financing activities amounting to 2,246,000.00 RMB, compared to 1,070,000.00 RMB in the previous period, indicating improved cash flow management[154]. - The total accounts receivable, including notes and accounts, stands at 1,267,927,107.42 RMB, highlighting the company's credit exposure[154]. - The company has a long-term payable of 87,500,000.00 RMB, which remains unchanged from the previous period, indicating stability in long-term liabilities[154]. Shareholder Information - The company has set a cash dividend policy, distributing a cash dividend of 1.4 yuan per 10 shares to shareholders based on the total shares as of December 31, 2017[140]. - The total number of unrestricted circulating shares increased from 260,977,742 to 339,271,065, reflecting an increase of 78,293,323 shares due to capital reserve conversion[184]. - The largest shareholder, Yunnan Provincial Precious Metals New Materials Holding Group, holds 39.34% of the shares, totaling 133,480,345 shares[192]. - The controlling shareholder is Yunnan Provincial Precious Metals New Materials Holding Group, with a 39.34% stake[199]. - The actual controller is the Yunnan Provincial Government State-owned Assets Supervision and Administration Commission[199].

2018 年第三季度报告 公司代码：600459 公司简称：贵研铂业 贵研铂业股份有限公司 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人郭俊梅、主管会计工作负责人潘再富及会计机构负责人（会计主管人员）胥翠芬保证 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 2018 年第三季度报告 1 / 20 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 8 | 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。 2.1 主要财务数据 | | | | | | 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 | | ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 8,704,156,439.15, representing an increase of 18.20% compared to CNY 7,363,891,056.35 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 75,518,132.87, up 23.65% from CNY 61,076,006.17 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 66,632,882.72, an increase of 18.89% from CNY 56,045,634.88 in the same period last year[19]. - The total profit for the period was ¥106,577,173.05, reflecting a 30.08% increase from ¥81,931,505.61 year-on-year[34]. - Net profit attributable to the parent company was ¥75,518,132.87, up 23.65% from ¥61,076,006.17 in the previous year[34]. - The company reported a net profit of ¥12,070,923.74 for Kunming Guiyan Catalyst Co., Ltd., with a main business income of ¥537,698,227.03, representing a profit margin of approximately 11.2%[45]. - Guiyan Resources (Yimen) Co., Ltd. achieved a net profit of ¥15,790,248.76 and a main business income of ¥397,208,072.38, indicating a profit margin of about 4%[45]. - The company reported a total comprehensive income of CNY 83,447,288.70, with a significant contribution from profit distribution of CNY -37,255,348.98[113]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 85,793,541.86, a significant recovery from a negative cash flow of CNY -992,296,043.89 in the previous year[19]. - Cash and cash equivalents increased by 166.83% to ¥1,172,612,179.54, primarily due to an increase in bill discounting during the reporting period[40]. - Cash inflow from financing activities totaled ¥1,787,833,420.00, an increase from ¥1,585,446,504.50, marking a growth of approximately 12.7%[107]. - The ending cash and cash equivalents balance increased to ¥1,172,612,179.54, compared to ¥408,846,293.51 in the previous period, showing a growth of approximately 187.5%[107]. - The net increase in cash and cash equivalents was ¥476,019,643.01, compared to ¥109,586,480.14 in the previous period, reflecting an increase of about 334.5%[110]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,573,225,934.88, reflecting a 25.61% increase from CNY 5,233,018,633.35 at the end of the previous year[19]. - The company's total liabilities increased to ¥4,419,718,623.29, up from ¥3,178,961,830.06, representing a growth of approximately 39% year-over-year[92]. - Total current liabilities rose to ¥3,329,155,059.47 from ¥2,271,767,796.97, indicating an increase of about 46.6%[91]. - The company's current assets reached RMB 5,368,051,826.99, up from RMB 4,164,575,844.02, indicating an increase of about 29%[90]. - Accounts receivable grew by 81.69% to ¥1,096,727,154.78, attributed to an expansion in sales scale and an increase in receivables not yet settled[40]. Market and Industry Position - The company operates in the precious metals industry, providing over 390 product varieties and more than 4,000 specifications, serving sectors such as automotive, electronics, and environmental protection[25]. - The company is positioned in a key industry supported by the state, with increasing demand for precious metals in various high-tech applications[26]. - The company plans to focus on expanding its market share in the transition from National V to National VI standards, enhancing product competitiveness[33]. - The company is actively developing high-yield platinum group metals markets and silver trading markets[33]. Research and Development - Research and development expenses rose by 8.01% to ¥109,107,373.52, driven by new national and provincial research projects[38]. - The company emphasizes the need for continuous technological advancement and new product development to maintain competitiveness in the precious metals industry[49]. - The company has been recognized as a national high-tech enterprise, with its R&D capabilities leading the domestic industry[29]. Corporate Governance and Shareholder Engagement - The company’s annual shareholders' meeting on April 12, 2018, had 40.47% of the total shares represented, indicating strong shareholder engagement[52]. - The company plans to distribute at least 10% of the annual distributable profit in cash, with a cumulative distribution of no less than 30% of the average annual distributable profit over the next three years (2018-2020)[57]. - The commitment to avoid any business activities that may compete with the company's main business will be upheld by the controlling shareholders and related parties[55]. Financial Management and Accounting Policies - The company follows the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, changes in shareholders' equity, and cash flows[136]. - The company employs a reserve method for bad debt provision, assessing the recoverability of accounts receivable[132]. - The company measures inventory at the lower of cost and net realizable value, with provisions for inventory impairment based on management's estimates[133]. - The company recognizes expected liabilities when there is a present obligation that is likely to result in an outflow of economic benefits and can be reliably measured[198]. Risks and Challenges - The company faces risks related to fluctuations in precious metal prices, which can impact liquidity and inventory valuation[47]. - Market risks are present due to the dependence on macroeconomic conditions affecting demand in various industries, including automotive and petrochemicals[48].

公司代码：600459 公司简称：贵研铂业 贵研铂业股份有限公司 2018 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 8 | 2018 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 2018 年第一季度报告 | | 本报告期末 | 上年度末 | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | | | | | 末增减(%) | | | 总资产 | 5,830,177,282.61 | 5,233,018,633.35 | | 11.41 | | 归属于上市公司股东的 | 1,959,041,549.50 | 1,945,219,649.37 | | 0.71 | | 净资产 | | | | | | | 年初至报告期末 | 上年初至上年报告期 | 比上年同期增减(%) | | | | | 末 | | | | 经营活动产生的现金流 | -209,329,732.70 | -564,629 ...

Financial Performance - The company's operating revenue for 2017 was CNY 15,441,643,776.68, representing a 43.33% increase compared to CNY 10,773,692,419.25 in 2016[20]. - The net profit attributable to shareholders for 2017 was CNY 119,327,992.18, up 43.73% from CNY 83,020,587.67 in 2016[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 91,871,058.62, a significant increase of 173.01% from CNY 33,651,661.16 in 2016[20]. - The total assets of the company at the end of 2017 were CNY 5,233,018,633.35, reflecting a 52.28% increase from CNY 3,436,541,473.05 at the end of 2016[20]. - The total profit for 2017 was ¥155,260,417.07, up 47.68% from ¥105,134,368.45 year-on-year[42]. - Basic earnings per share increased by 43.75% year-on-year to CNY 0.46, while diluted earnings per share also rose by 43.75% to CNY 0.46[21]. - The company reported a significant increase of 169.23% in basic earnings per share after excluding non-recurring gains and losses, driven by increased operating profits[21]. - The company reported a net profit margin improvement, with retained earnings increasing to CNY 166,424,254.73 from CNY 152,171,901.53, reflecting a growth of 9.5%[182]. Cash Flow and Financial Position - The company reported a negative cash flow from operating activities of CNY -942,981,927.15 in 2017, compared to a positive cash flow of CNY 33,467,496.77 in 2016, marking a decrease of 2,917.61%[20]. - The net cash flow from operating activities decreased by 2,917.61% to -¥942,981,927.15, reflecting increased working capital requirements due to expanded sales[44]. - Cash and cash equivalents increased by 60.14% compared to the beginning of the year, primarily due to the expansion of the company's operating scale and increased funds raised for future production[62]. - The ending cash and cash equivalents balance was CNY 439,461,066.20, up from CNY 264,421,694.46, indicating a growth of about 66.1%[193]. - The company reported a significant increase in cash received from operating activities, totaling CNY 5,295,120,470.89, compared to CNY 3,825,038,891.08 in the previous year, reflecting a growth of approximately 38.5%[195]. Research and Development - Research and development expenditure rose by 55.54% to ¥239,463,740.15, driven by enhanced collaboration in key technology areas[45]. - The total research and development expenditure was 239,463,740.15 yuan, representing 1.55% of the operating income[58]. - The company has established three academician workstations and successfully developed key materials for national high-tech projects, demonstrating its commitment to innovation[37]. - The company received various research grants, which are crucial for funding its extensive R&D projects[168]. Market and Industry Position - The company operates in the precious metals industry, focusing on research, development, and production, with a comprehensive product range exceeding 390 varieties[26]. - The company emphasizes a market-oriented approach, leveraging its integrated operations in precious metals new materials, resource recycling, and trade[26]. - The company is recognized as a national high-tech enterprise, contributing to the sustainable development of precious metals recycling and utilization[28]. - The company has established a comprehensive precious metal industry chain, including manufacturing, resource recycling, and trade, enhancing its competitive advantage in the market[29]. - The company maintained a strong focus on market expansion, particularly in the automotive, semiconductor, and chemical industries, leading to notable growth in these sectors[42]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the report[7]. - The company faces risks related to fluctuations in precious metal prices, which can impact liquidity and inventory valuation[89]. - The company is exposed to market risks due to its reliance on industries sensitive to macroeconomic conditions, such as automotive and petrochemicals[91]. Corporate Governance and Management - The company received a standard unqualified audit report from Ruihua Certified Public Accountants[8]. - The company has committed to improving its corporate governance and internal control mechanisms to support its development goals[87]. - The company has established a multi-layered performance evaluation system that combines quantitative and qualitative assessments, improving the overall evaluation process[147]. - The company has implemented effective emergency response measures for environmental pollution incidents, ensuring preparedness and compliance[113]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 1.4 per 10 shares to all shareholders, based on a total share capital of 260,977,742 shares[5]. - The company reported a cash dividend payout ratio of 30.62% for the year 2017, with a total net profit of 119,327,992.18 RMB[96]. - The company plans to distribute at least 10% of its distributable profits in cash annually over the three years from 2015 to 2017, with a total cash distribution of no less than 30% of the average annual distributable profits during this period[100]. Employee and Talent Development - The company has implemented a talent strategy, resulting in the recognition of three individuals as "craftsmen" and one team as a national "worker pioneer"[39]. - The company has established a talent development team with a focus on localized and market-oriented recruitment of professional technical and management talents[86]. - The company organized 191 training sessions during the reporting period, with a total of 2,006 participants[141]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system, ensuring compliance with environmental regulations and standards[113]. - The company has a structured approach to employee welfare, including annual health check-ups and improved dining quality[88]. - The company has a comprehensive employee social security system and welfare plans to share development benefits with employees[88].

Financial Performance - Operating revenue for the first nine months was CNY 11.27 billion, a 50.37% increase compared to the same period last year[6] - Net profit attributable to shareholders increased by 55.62% year-on-year, amounting to CNY 88.61 million[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 138.17%, totaling CNY 77.73 million[6] - Basic earnings per share rose by 54.55% to CNY 0.34 per share[6] - Total operating revenue for the third quarter reached ¥3,902,872,822.54, a 34.6% increase from ¥2,899,776,600.84 in the same period last year[30] - Net profit attributable to the parent company was ¥27,530,621.63, representing a 72.5% increase compared to ¥15,981,374.63 in the previous year[32] - Year-to-date operating revenue reached ¥11,266,763,878.89, a significant increase from ¥7,492,757,909.03 in the previous year[30] - Year-to-date net profit attributable to the parent company was ¥88,606,627.80, up from ¥56,937,440.86 in the same period last year[32] Asset and Liability Changes - The company's total assets increased by 47.70% year-on-year, reaching approximately CNY 5.08 billion at the end of the reporting period[6] - Total assets increased to CNY 5,075,673,178.06 from CNY 3,436,541,473.05, representing a growth of approximately 47.7% year-over-year[24] - Current liabilities rose to CNY 2,134,712,981.62, up from CNY 1,192,862,225.84, indicating an increase of about 79%[24] - Total liabilities reached CNY 3,058,763,469.85, compared to CNY 1,491,576,829.15, which is an increase of approximately 105.5%[24] - The company's equity increased to CNY 2,016,909,708.21 from CNY 1,944,964,643.90, reflecting a growth of approximately 3.7%[24] Cash Flow and Financing - Cash flow from operating activities showed a significant decline, with a net outflow of CNY 885.07 million compared to a net inflow of CNY 133.30 million in the previous year[6] - Cash flow from operating activities decreased by 763.97% year-on-year, resulting in a net outflow of CNY 885,074,040.00, due to increased capital requirements for expanded operations[18] - The cash flow from investment activities showed a positive trend, with total cash inflows of $11,834,247.50 compared to $10,182,047.40 in the previous period[43] - Cash inflow from financing activities totaled $1,901,990,504.50, compared to $391,448,814.58 in the prior year, indicating a substantial increase[43] - The net increase in cash and cash equivalents for the period was $250,667,504.78, contrasting with a decrease of -$98,908,667.14 in the previous year[43] Inventory and Receivables - The company reported a substantial increase in inventory, which rose by 51.75% to approximately CNY 1.64 billion[12] - Inventory increased by 51.75% year-on-year to CNY 1,637,929,344.49, driven by expanded sales scale[13] - Other receivables surged by 528.09% year-on-year, primarily due to fluctuations in hedging tool profits[13] - Prepayments increased by 290.75% year-on-year, reflecting higher advance payments for raw material purchases[13] Operating Costs and Expenses - Operating costs rose by 50.48% year-on-year to CNY 10,978,446,173.30, reflecting the increased sales scale[15] - Financial expenses increased by 74.02% year-on-year to CNY 56,611,756.82, primarily due to a rise in bank loan scale[16] - Management expenses for the third quarter were ¥33,902,775.87, slightly higher than ¥31,132,906.08 in the previous year[31] - Financial expenses increased to ¥22,844,936.99 from ¥11,195,288.43 year-over-year[31] Government Support - The company received government subsidies amounting to CNY 5.73 million during the reporting period, contributing to its non-operating income[6]

Financial Performance - The company's operating revenue for the first half of 2017 reached ¥7,363,891,056.35, representing a 60.33% increase compared to ¥4,592,981,308.19 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥61,076,006.17, up 49.13% from ¥40,956,066.23 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥56,045,634.88, a significant increase of 146.91% compared to ¥22,698,593.17 in the same period last year[18]. - The total profit amounted to ¥81,931,505.61, up 52.83% from ¥53,608,105.67 year-on-year[32]. - Net profit reached ¥66,106,832.94, reflecting a 51.15% increase from ¥43,735,791.61 in the previous year[32]. - Basic earnings per share increased by 43.75% year-on-year to CNY 0.23, while diluted earnings per share also rose by 43.75% to CNY 0.23[19]. - The basic earnings per share excluding non-recurring gains increased by 133.33% year-on-year to CNY 0.21[19]. - The total comprehensive income attributable to the parent company was ¥65,293,820.25, up from ¥41,002,599.64, marking a 59% increase[88]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥992,296,043.89, a decline of 954.29% from ¥116,154,134.34 in the previous year[18]. - The company's cash and cash equivalents increased by 48.98% compared to the beginning of the year, indicating improved liquidity for future operations[39]. - The net cash flow from financing activities increased by 126,843.91 thousand yuan, mainly due to an increase in bank financing[37]. - Cash inflow from operating activities increased to ¥2,761,295,667.16, up from ¥1,790,191,466.57, representing a growth of approximately 54.2% year-over-year[96]. - Cash inflow from financing activities rose to ¥1,329,501,504.50, compared to ¥339,532,147.91, marking an increase of approximately 290.5%[97]. - The ending cash and cash equivalents balance increased to ¥278,016,480.20 from ¥170,402,222.13, reflecting a growth of about 63.3%[97]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥4,992,666,933.44, reflecting a 45.28% increase from ¥3,436,541,473.05 at the end of the previous year[18]. - Total current assets increased to 3,930,204,879.78 RMB from 2,374,392,343.52 RMB, representing a growth of approximately 65.5%[78]. - Total liabilities increased to 2,374,099,119.48 RMB from 1,192,862,225.84 RMB, reflecting a rise of approximately 99.0%[79]. - Accounts receivable increased by 53.03% compared to the beginning of the year, primarily due to an increase in receivables not yet due for settlement[12]. - Inventory grew by 47.67% year-to-date, driven by an expansion in sales scale and increased inventory turnover[7]. Research and Development - The company has 98 valid patents, including 88 invention patents, and has participated in the formulation of 70 national standards[28]. - The company is recognized as a national high-tech enterprise, with a strong focus on research and development in precious metals[28]. - Research and development expenses grew by 40.54% year-on-year, reflecting increased investment in key technologies and products with market potential over the next 3-5 years[37]. - The company is leveraging its national-level innovation platform to enhance research and development capabilities in resource recycling and alloy functional materials[34]. Industry and Market Position - The company operates in the precious metals industry, providing over 390 product varieties and 4,000 specifications across various sectors[24]. - The precious metals industry is supported by national policies, with increasing emphasis on resource recycling and sustainable development[26]. - The company aims to enhance its integrated service capabilities in precious metals, covering supply, processing, and recycling[28]. - The company is actively developing new products and enhancing production capacity in the alloy materials sector, focusing on increasing market coverage and share[33]. Risk Management - The company has strengthened its risk management framework, focusing on product market risks, raw material procurement risks, and financial management risks[34]. - The company reported a significant increase in tax and additional charges, which rose by 278.67% to ¥6,265,471.56 from ¥1,654,601.81[35]. Shareholder and Governance - The company has not proposed any profit distribution or capital reserve transfer plan for the half-year period[52]. - The actual controller and shareholders have committed to avoiding any substantial competition with the company's main business, ensuring no similar products are produced[52]. - The company guarantees the independence of its management and financial operations from its controlling shareholder, Yunnan Tin Group[53]. - The company plans to distribute at least 10% of its distributable profits in cash annually over the next three years, totaling at least 30% of the average annual distributable profits[54]. Environmental Compliance - The company strictly adheres to national environmental protection laws and regulations, with all pollutants treated and discharged in compliance, and no environmental pollution incidents reported during the first half of 2017[60]. - The company established a comprehensive environmental management system, ensuring that environmental responsibilities are effectively implemented[60]. - The company has a pollution monitoring system in place for daily monitoring of pollution sources, ensuring compliance with discharge standards[60]. Accounting Policies - The company uses the accrual basis of accounting, with historical cost as the measurement basis for financial statements, except for certain financial instruments[117]. - The company recognizes deferred tax assets based on the likelihood of sufficient taxable profits to offset unused tax losses, requiring significant management judgment[121]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired on the purchase date[129]. - The company will ensure that all significant intercompany balances, transactions, and unrealized profits are eliminated in the preparation of consolidated financial statements[133].