Financial Performance - The company's operating revenue for 2019 was CNY 21,354,996,597.18, representing a year-on-year increase of 25.07% compared to CNY 17,074,041,272.71 in 2018[22]. - Net profit attributable to shareholders for 2019 was CNY 232,258,333.23, a 47.80% increase from CNY 157,144,539.53 in 2018[22]. - The net profit after deducting non-recurring gains and losses was CNY 177,390,230.66, up 41.67% from CNY 125,214,165.07 in 2018[22]. - The company's total assets at the end of 2019 were CNY 7,535,681,579.96, a 25.57% increase from CNY 6,001,049,394.33 at the end of 2018[22]. - The net assets attributable to shareholders increased by 55.06% to CNY 3,218,359,584.25, primarily due to a capital increase of CNY 1 billion during the reporting period[22]. - Basic earnings per share for 2019 were CNY 0.56, an increase of 21.74% from CNY 0.46 in 2018[22]. - The weighted average return on net assets was 7.51%, a decrease of 0.32 percentage points from 7.83% in 2018[22]. - The total profit for 2019 was ¥303,715,998.55, representing a 44.20% increase compared to ¥210,620,723.47 in 2018[49]. - The net profit reached ¥259,942,797.53, up 40.71% from ¥184,743,053.36 in the prior year[49]. - The company’s cash flow from financing activities increased by 366.85% to ¥978,687,372.61, compared to ¥209,637,238.04 in the previous year[49]. Dividend Policy - The company plans to distribute a cash dividend of 2.70 RMB per 10 shares to all shareholders based on a total share capital of 437,708,011 shares as of the end of 2019[7]. - The company implemented a cash dividend policy, distributing 2.70 RMB per 10 shares for 2019, totaling 118,181,162.97 RMB, which represents 50.88% of the net profit attributable to ordinary shareholders[114]. - The company plans to distribute at least 10% of the annual distributable profits in cash each year from 2018 to 2020, with a cumulative distribution of no less than 30% of the average annual distributable profits over the three years[123]. Audit and Compliance - The company has received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[6]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders and their related parties[9]. - The company has not encountered any non-standard audit opinions from its accounting firm[132]. - The company has no significant litigation or arbitration matters reported for the year[140]. - The company has not faced any risks of suspension or termination of listing[140]. Research and Development - The company has established a strategic development department to enhance its investment and development strategies[18]. - The company’s R&D expenses rose by 83.48% to ¥155,238,839.41, compared to ¥84,606,492.75 in the previous year[49]. - The total R&D investment accounted for 1.90% of operating revenue, with a total R&D expenditure of approximately ¥405.73 million[67]. - The company has established 7 national-level innovation platforms and 8 provincial-level innovation platforms to enhance its R&D capabilities[66]. - The company has 63 ongoing technology projects, including 6 application research projects and 56 key technology projects for new technologies and products[66]. Market and Industry Insights - The company operates in the precious metals industry, focusing on research, development, and production, with over 390 product varieties and 4,000 specifications[33]. - The precious metals industry is critical for various sectors, including aerospace, electronics, and environmental protection, highlighting its strategic importance[35]. - The strategic value of precious metals is increasingly recognized, especially in the context of global trade protectionism and resource scarcity[37]. - The company operates in industries sensitive to macroeconomic conditions, with potential demand reductions affecting performance, especially in sectors like automotive and petrochemicals[109]. - The precious metal secondary resource recycling is becoming increasingly important due to the depletion of high-grade resources and rising production costs[103]. Operational Challenges - The net cash flow from operating activities was negative CNY 851,368,571.15, a significant decline compared to positive CNY 317,773,397.60 in 2018, representing a decrease of 367.92%[22]. - The company faces risks from fluctuations in precious metal prices, which can impact liquidity and inventory valuation, particularly if prices remain high or drop significantly[108]. - Operating costs increased by 24.74% year-on-year, primarily due to increased sales scale and rising precious metal prices[52]. - The company experienced a 5,058.45 million yuan increase in credit impairment losses year-on-year, mainly due to increased bad debt provisions[52]. Corporate Governance - The company has established a modern corporate governance structure to improve operational efficiency and compliance with regulations[107]. - The company is committed to enhancing governance and risk management, focusing on internal control systems to mitigate operational and financial risks[108]. - The company has a "talent strong enterprise" strategy, integrating talent development with innovation to drive sustainable growth[107]. - The company has a long-term commitment to avoid conflicts of interest and ensure fair dealings in related transactions following its acquisition by Yunnan Tin Company[118]. Environmental Compliance - The company’s pollution control facilities were designed and constructed simultaneously with the main project, ensuring compliance with environmental standards[161]. - The company achieved compliance with air pollutant discharge standards, with total emissions of 1.94 tons for particulate matter and 0.073 tons for sulfur dioxide[158]. - The company conducted quarterly monitoring of production exhaust emissions, ensuring adherence to environmental regulations[164]. - The company has established an emergency response plan for environmental incidents, which is filed with the local environmental protection bureau[163]. - The company’s pollution discharge during the reporting period was within the limits set by relevant environmental standards[165]. Future Outlook and Strategy - The company aims to achieve an annual revenue of 26 billion yuan in 2020[104]. - The company plans to enhance its market share and improve development quality while focusing on high-quality growth[104]. - The company intends to develop strategic large customers in the industrial sector and expand its market presence in South China for the precious metal supply service segment[104]. - The company is committed to implementing an internationalization strategy and accelerating resource integration through mergers and acquisitions[104]. - The company will focus on innovation in key materials and technologies, particularly in defense, new information technology, and environmental protection[104].

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]