证券代码：600691 证券简称：阳煤化工 公告编号：临 2020-048 阳煤化工股份有限公司关于机构调研的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 阳煤化工股份有限公司（以下简称"公司"）于近日接待光大证券股份有限 公司研究所（以下简称"光大证券"）分析师赴公司现场调研，主要内容如下： 调研时间：2020 年 11 月 6 日 调研地点：公司会议室 调研机构：光大证券 公司接待人员：公司董事长、总经理、董事会秘书、证券事务代表 调研内容： 1、公司整体生产经营正常，安全环保管控到位，三季度部分产品市场价格 回暖，亏损幅度较前两个季度明显下降，公司经营状况逐步好转。 2、公司于 2020 年 10 月 30 日披露了《关于出售资产暨关联交易进展及签订 补充协议的公告》，截至公告日，公司已收到阳泉煤业化工集团有限责任公司支 付的第一次款项 13.5 亿元，根据企业会计准则的相关规定，公司自 2020 年 11 月 1 日起不再合并已剥离四家公司的财务报表。目前正在进行相关工商变更登记， 待会计师事务所对评估基 ...

2020 年第三季度报告 公司代码：600691 公司简称：阳煤化工 阳煤化工股份有限公司 2020 年第三季度报告 1 / 27 2020 年第三季度报告 目录 | --- | --- | --- | |-------|---------------|-------| | | | | | | 重要提示 | | | | 公司基本情况. | | | | 重要事项 | | | | 附录 | | 一、 二、 三、 四、 2 / 27 2020 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 公司负责人冯志武、主管会计工作负责人冯志武及会计机构负责人（会计主管人员）朱壮瑞保证 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 2020 was CNY 8,230,712,567.56, a decrease of 9.40% compared to CNY 9,084,852,057.18 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 618,077,137.62, compared to a profit of CNY 25,731,227.91 in the previous year, representing a decrease of 2,502.05%[20]. - The net cash flow from operating activities was a negative CNY 605,553,767.97, down 225.44% from CNY 482,752,306.37 in the same period last year[20]. - The basic earnings per share for the first half of 2020 was -CNY 0.2601, a decrease of 2,508.33% compared to CNY 0.0108 in the same period last year[20]. - The weighted average return on net assets was -12.12%, a decrease of 12.55 percentage points from 0.43% in the previous year[20]. - The company achieved operating revenue of 8.231 billion RMB, a decrease of 9.40% compared to 9.085 billion RMB in the same period last year, resulting in a loss of 726 million RMB[33]. - The company reported a net cash flow from operating activities of -605 million RMB, a significant decline compared to 482 million RMB in the previous year[33]. - The company reported a net loss for the first half of 2020 was ¥748,312,632.24, compared to a net loss of ¥9,692,080.30 in the first half of 2019[149]. - The total comprehensive income for the first half of 2020 was a loss of approximately ¥102.08 million, compared to a loss of ¥80.54 million in the same period of 2019, highlighting ongoing challenges[155]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 46,746,089,865.30, an increase of 10.30% from CNY 42,381,615,324.14 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased by 11.33% to CNY 4,797,341,162.76 from CNY 5,410,263,845.65[20]. - The company's cash and cash equivalents increased by 54.33% to 15.198 billion RMB, primarily due to cash received from asset management and increased bank guarantees[38]. - The company’s total liabilities reached ¥40,756,100,680.46, up from ¥35,426,790,504.76, marking an increase of about 15.5%[134]. - The total liabilities increased to ¥9,659,740,248.38 from ¥6,816,442,150.67, reflecting a significant rise in financial obligations[142]. - The total equity decreased to ¥5,712,478,176.11 from ¥5,814,560,703.25, indicating a decline in shareholder value[142]. - The total liabilities at the end of the reporting period are 1,690,124,030.32 RMB, indicating a manageable debt level[175]. Operational Activities - The company produced 1.8264 million tons of urea, 85,400 tons of refined methanol, 199,400 tons of caustic soda, 150,000 tons of ethylene glycol, 106,700 tons of PVC, and 64,700 tons of propylene during the reporting period[33]. - The company’s operating costs decreased by 2.86% to 7.755 billion RMB, attributed to lower raw material prices and procurement volumes[35]. - The company reported a significant increase in sales revenue, with cash received from sales reaching RMB 1,906,367,801.19, compared to RMB 935,726,770.41 in the previous year, an increase of approximately 103.0%[162]. - The company’s total equity at the end of the reporting period was RMB 6,954,824,819.38, showing a decrease from the previous year, indicating potential challenges in retaining earnings[167]. Research and Development - The company applied for 106 patents during the reporting period, including 14 invention patents and 92 utility model patents, enhancing its innovation capabilities[29]. - The company’s research and development expenses decreased by 21.44% to 35 million RMB, as fewer R&D projects were undertaken by subsidiaries during the period[35]. - Research and development expenses were ¥35,311,622.82, down from ¥44,948,341.93 in the previous year, indicating a reduction in investment in innovation[147]. Environmental Compliance - The company has implemented strict pollution control measures, ensuring that all subsidiaries comply with environmental regulations and standards for wastewater, waste gas, and solid waste emissions[98]. - The main pollutants monitored include COD and ammonia nitrogen for wastewater, sulfur dioxide and nitrogen oxides for waste gas, with all emissions reported to be within the regulatory limits[98]. - The total sulfur dioxide emissions from the company were reported at 16.77 tons, which is below the approved limit of 473.636 tons per year[98]. - The company has invested in new technologies to enhance its environmental performance and reduce emissions further[102]. - The company is committed to maintaining transparency with the public and regulatory bodies regarding its environmental impact and compliance status[98]. Corporate Governance - The company held three shareholder meetings in 2020, approving multiple resolutions to address operational and strategic matters[60]. - 阳煤集团 committed to ensuring the independence of *ST Dongtan in terms of organization, finance, and decision-making after the completion of the major asset restructuring[68]. - 阳煤集团 guarantees that the cash dividends distributed by the listed company will not be less than 10% of the distributable profits achieved in the current year, and the cumulative cash distribution over three consecutive years will not be less than 30% of the average annual distributable profits[68]. - The company appointed Xinyong Zhonghe Accounting Firm as the auditor for the 2020 financial year based on the resolution from the 2019 annual general meeting[76]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,191[118]. - The largest shareholder, Yangquan Coal Industry Group, held 574,674,600 shares, representing 24.19% of total shares[118]. - The top ten unrestricted shareholders hold a total of 574,674,600 shares, with the largest shareholder being Yangquan Coal Industry Group Co., Ltd.[121]. - The company has a significant number of shares under lock-up conditions, with 309,597,522 shares held by Shenzhen Yangmei Jinling Industrial Investment Fund, set to be tradable after December 29, 2021[123]. Future Outlook - The company anticipates a significant decline in cumulative net profit for 2020 due to the ongoing impact of the COVID-19 pandemic and weak demand in the coal chemical product market[54]. - Future expansion plans include further investments in environmentally friendly technologies and practices to enhance sustainability[102]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[122]. - The company did not provide specific future guidance or performance outlook in this report[186].

Financial Performance - The company reported a negative retained earnings balance, leading to no profit distribution for the year 2019[7]. - The company's operating revenue for 2019 was approximately ¥17.93 billion, a decrease of 17.66% compared to ¥21.77 billion in 2018[26]. - The net profit attributable to shareholders was a loss of approximately ¥524.19 million, a decline of 507.13% from a profit of ¥128.75 million in 2018[26]. - The net cash flow from operating activities was approximately ¥488.47 million, down 77.45% from ¥2.17 billion in 2018[26]. - The total assets at the end of 2019 were approximately ¥42.38 billion, an increase of 2.10% from ¥41.51 billion in 2018[26]. - The basic earnings per share for 2019 was -¥0.2206, a decrease of 400.95% compared to ¥0.0733 in 2018[26]. - The weighted average return on equity was -9.25%, a decrease of 11.79 percentage points from 2.54% in 2018[26]. - The company reported a total of ¥141.48 million in government subsidies related to its normal business operations in 2019[30]. - The company reported a net profit of -236,931,467.29 RMB for the year 2019, leading to a total distributable profit of -1,872,485,070.30 RMB at year-end, resulting in no profit distribution for the year[122]. Risk Management - The company has identified major risk factors including market risk, safety risk, and environmental risk[9]. - The company is focusing on safety management and environmental protection, with all major pollutant emissions well below permitted levels[43]. - The company is focusing on safety management and environmental compliance to mitigate risks associated with high-energy and high-pollution operations[115]. Corporate Governance - The audit report issued by Xinyong Zhonghe CPA was a standard unqualified opinion[6]. - The company’s legal representative is Feng Zhiwu, and the accounting work is overseen by Zhu Zhuangrui[18]. - The company has committed to maintaining the independence of its operations and assets, ensuring compliance with relevant regulations[135]. - The company has made commitments to avoid illegal occupation of funds and resources in its transactions with related parties[126]. - The company has not reported any significant impacts from the changes in accounting policies on its financial performance[140]. Production and Operations - The company achieved a total production volume of 6.7408 million tons, exceeding the planned completion rate by 4.87%[41]. - The company produced 3.4859 million tons of urea, 572,200 tons of methanol, and 368,500 tons of ethylene glycol during the reporting period[44]. - The company’s coal-based ethylene glycol production capacity was approximately 5.43 million tons in 2019, with the company producing 368,500 tons[84]. - The company’s methanol production in 2019 was 572,200 tons, with 127,000 tons produced by Hengtong Chemical for internal use in the olefin unit[84]. Environmental Compliance - The company maintained compliance with all emission standards, with no exceedances reported across all monitored pollutants[190][192]. - The total emissions of COD from the wastewater treatment outlet were 9.499 tons, significantly below the annual limit of 70.4 tons[192]. - The company has implemented a series of upgrades to reduce pollutant discharge concentrations, meeting relevant national standards[197]. - The company invested a total of 308.15 million yuan in 28 environmental protection projects, with 21.54 million yuan already completed[197]. Strategic Initiatives - The company is actively promoting mixed ownership reform and planning new development projects, including the second phase of the Zhengyuan Hydrogen Energy project[42]. - The company aims to enhance production management and maintain stable operations to counteract the declining prices of chemical products[111]. - The company is actively seeking strategic investors to support key projects and improve operational quality and efficiency[113]. Related Party Transactions - The total amount of related party transactions reached 4,876,488,135.13, with significant contributions from various subsidiaries[164]. - The company maintained market pricing principles for all related party transactions, ensuring compliance with market standards[164]. - The total amount of loans provided to related parties for interest expenses was 138,000,000.00, indicating a significant financial relationship[164]. Future Outlook - The company plans to achieve a physical output of 5.87 million tons and revenue of CNY 19.65 billion in 2020, with a profit target of CNY 60 million[114]. - The company aims to accelerate technological innovation and application to improve production efficiency and product conversion rates[117]. - The company will actively assist related enterprises in resolving property rights issues to ensure compliance and operational stability[126].

Financial Performance - Net profit attributable to shareholders was CNY -262,867,328.75, a significant decrease of 3,963.37% compared to the same period last year[10]. - Operating revenue for the period was CNY 3,888,480,390.08, down 18.46% year-on-year[10]. - The total profit decreased dramatically by 9838.34% to a loss of ¥320,798,117.36 from a profit of ¥3,294,176.06 in the same period last year, mainly due to weak market conditions and declining product prices[22]. - The company's operating revenue for Q1 2020 was CNY 1,034,852,734.51, a significant increase from CNY 582,730,389.71 in Q1 2019, representing an increase of approximately 77.7%[41]. - The net profit for Q1 2020 was a loss of CNY 330,998,052.85, compared to a loss of CNY 14,322,928.95 in Q1 2019, indicating a deterioration in profitability[42]. - The total comprehensive income for Q1 2020 was a loss of CNY 330,998,052.85, compared to a loss of CNY 14,629,678.27 in Q1 2019[42]. - The total profit for Q1 2020 was a loss of CNY 320,798,117.36, compared to a profit of CNY 3,294,176.06 in Q1 2019, indicating a significant decline[41]. Cash Flow - The net cash flow from operating activities was CNY -61,293,409.89, a decline of 123.84% compared to the previous year[10]. - Net cash flow from operating activities fell by 123.84% to -¥61,293,409.89, down from ¥257,149,646.42, primarily due to reduced sales caused by the pandemic[23]. - The net cash flow from financing activities increased significantly to ¥456,297,795.33 from -¥614,624,461.00, reflecting a reduction in repayments to related parties[23]. - Cash inflow from operating activities for Q1 2020 was 4,122,217,300.01 CNY, down 16.3% from 4,924,297,653.27 CNY in Q1 2019[45]. - The net cash flow from financing activities for Q1 2020 was 456,297,795.33 CNY, a recovery from -614,624,461.00 CNY in Q1 2019[45]. - The total cash inflow from financing activities in Q1 2020 was 5,152,746,853.00 CNY, compared to 4,222,900,537.50 CNY in Q1 2019, reflecting a growth of 21.9%[45]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 42,028,252,731.82, a decrease of 0.83% compared to the end of the previous year[10]. - Current assets increased to ¥15,668,483,015.47 from ¥14,901,818,858.59, driven by higher cash and inventory levels[28]. - The total liabilities amounted to ¥9,440,124,164.93, an increase from ¥6,816,442,150.67, indicating a rise of 38.5%[37]. - The total liabilities reached RMB 35.43 billion, indicating a high leverage ratio compared to total equity[52]. - The company holds cash and cash equivalents of RMB 9.75 billion, providing a strong liquidity position[50]. - The total current liabilities include accounts payable of approximately $17.26 million and employee compensation payable of about $7.20 million[59]. Shareholder Information - The total number of shareholders at the end of the reporting period was 48,465[12]. - The largest shareholder, Yangquan Coal Industry (Group) Co., Ltd., held 574,674,600 shares, representing 24.19% of the total shares[12]. Government Subsidies and Other Income - The company received government subsidies amounting to CNY 16,028,887.93 during the reporting period[10]. - Other income decreased by 30.95% to ¥14,862,273.72 compared to ¥21,523,017.25 in the same period last year, primarily due to a reduction in government subsidies related to daily operations[19]. Investment and R&D - Investment income showed a significant loss of ¥4,864,395.23, worsening from a loss of ¥700,321.70 in the previous year, attributed to increased losses from joint ventures[19]. - The company's research and development expenses for Q1 2020 were CNY 10,758,747.06, down from CNY 13,780,845.53 in Q1 2019, indicating a decrease of about 22%[41]. Compliance and Standards - The company is focused on compliance with the new revenue recognition standards, which took effect in 2020, ensuring accurate financial reporting[64].

Financial Performance - Net profit attributable to shareholders was CNY -170.72 million, a decrease of 189.58% year-on-year[18]. - Operating revenue decreased by 14.15% to CNY 13.81 billion for the period from January to September[18]. - Basic and diluted earnings per share were both CNY -0.0719, a decrease of 166.27% year-on-year[18]. - The company reported a net profit loss of ¥21.42 million, a decline of 198.01% compared to a profit of ¥21.85 million in the previous year[26]. - Total operating revenue for Q3 2019 was ¥4,721,295,494.75, a decrease of 24.5% compared to ¥6,257,565,095.36 in Q3 2018[51]. - Net profit for Q3 2019 was a loss of ¥204,461,517.72, compared to a profit of ¥42,905,071.65 in Q3 2018[55]. - The company reported a total profit loss of ¥169,482,787.92 for Q3 2019, contrasting with a profit of ¥80,330,489.31 in Q3 2018[55]. - The company reported a total comprehensive loss of ¥204,014,439.76 for Q3 2019, compared to a gain of ¥43,529,317.60 in Q3 2018[60]. - The company reported a net loss of ¥54,479,784.51 for the current quarter, compared to a net loss of ¥23,549,810.06 in the same quarter last year, indicating a significant decline in profitability[67]. - Operating profit for the current quarter was ¥-54,396,728.81, a decrease from ¥-23,266,269.05 in the previous year, reflecting ongoing financial challenges[67]. Cash Flow and Liquidity - Net cash flow from operating activities decreased by 68.51% to CNY 693.67 million compared to the same period last year[18]. - Cash inflow from operating activities was ¥14,682,191,225.41, a decrease from ¥18,191,176,300.07, highlighting a decline in cash generation capabilities[69]. - The net cash flow from operating activities was 693,665,809.37, a decrease of 68.5% compared to 2,202,997,518.10 in the previous period[72]. - The total cash outflow from operating activities amounted to 13,988,525,416.04, down from 15,988,178,781.97, indicating a reduction of 12.5%[72]. - The cash and cash equivalents at the end of the period increased to 1,515,087,157.30, compared to 1,346,074,975.34 in the previous period, reflecting a growth of 12.5%[73]. Assets and Liabilities - Total assets increased by 9.13% to CNY 45.30 billion compared to the end of the previous year[18]. - Total current liabilities increased to ¥30.90 billion from ¥28.08 billion, representing a growth of 10.03% year-over-year[41]. - Long-term borrowings rose to ¥5.87 billion, up from ¥4.86 billion, marking an increase of 20.77%[41]. - Total liabilities reached ¥37.85 billion, compared to ¥33.85 billion, reflecting a year-over-year increase of 11.83%[41]. - Total assets amounted to ¥45.30 billion, up from ¥41.51 billion, indicating a growth of 9.00%[41]. - The company reported an accumulated deficit of ¥1.03 billion, worsening from a deficit of ¥861.28 million[41]. - Total non-current liabilities rose to ¥6.95 billion from ¥5.78 billion, reflecting an increase of 20.29%[41]. - Current liabilities reached approximately ¥28.08 billion, with short-term borrowings accounting for ¥16.04 billion[81]. - Long-term borrowings were reported at approximately ¥4.86 billion, contributing to total liabilities of about ¥33.85 billion[81]. Shareholder Information - The total number of shareholders at the end of the reporting period was 51,812[22]. - The largest shareholder, Yangquan Coal Industry (Group) Co., Ltd., held 24.19% of the shares[22]. Research and Development - R&D expenses rose to ¥76.81 million, a significant increase of 123.77% compared to ¥34.33 million at the end of 2018[26]. - Research and development expenses increased to ¥31,861,389.95 in Q3 2019, up 109% from ¥15,171,990.90 in Q3 2018[51]. Operational Challenges - The company experienced significant changes in financial indicators, including a 43.90% increase in cash and cash equivalents[23]. - The company experienced a significant drop in product prices, particularly in glycol, which affected overall performance negatively[27]. - The company plans to implement unified procurement and sales strategies to mitigate the impact of declining product prices in the fourth quarter[30]. - Sales expenses amounted to ¥-418,275.76, while management expenses were ¥10,230,114.77, indicating a need for cost management strategies[67]. - Financial expenses increased significantly to ¥43,877,805.97, compared to ¥23,358,489.68 in the previous year, primarily driven by interest expenses of ¥60,626,904.93[67].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥9,084,852,057.18, a decrease of 7.53% compared to ¥9,824,536,368.99 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥25,731,227.91, down 82.29% from ¥145,305,211.59 in the previous year[21]. - The net cash flow from operating activities was ¥482,752,306.37, a decline of 58.99% compared to ¥1,177,096,548.13 in the same period last year[21]. - The total profit for the period was 34 million RMB, down from 279 million RMB, representing a decrease of 87.8%[34]. - Basic earnings per share for the first half of 2019 were ¥0.0108, down 86.96% from ¥0.0828 in the same period last year[22]. - The weighted average return on net assets was 0.43%, a decrease of 2.39 percentage points compared to 2.82% in the previous year[22]. - The company reported a total of ¥34,519,700.52 in non-recurring gains and losses for the reporting period[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥43,267,186,449.23, an increase of 4.23% from ¥41,510,567,493.46 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were ¥5,956,236,142.80, a slight increase of 0.44% from ¥5,930,417,398.15 at the end of the previous year[21]. - The company’s total liabilities decreased by 31.39% for non-current liabilities due within one year, from 2.129 billion RMB to 1.461 billion RMB[38]. - The company’s total liabilities increased to ¥35,620,826,276.11 from ¥33,853,587,558.38, representing an increase of approximately 5%[139]. Operational Activities - The company produced 1.7367 million tons of urea, 225,200 tons of refined methanol, and 204,200 tons of caustic soda during the reporting period[34]. - The company is facing significant operational pressure due to low prices of major products like ethylene glycol and a decrease in the operating rate caused by annual maintenance and environmental restrictions[46]. - The company is focusing on a unified purchasing and sales strategy, which is gradually showing positive effects on operational performance[46]. Research and Development - Research and development expenses increased by 93.32% to 44.95 million RMB compared to 23.25 million RMB in the previous year[37]. - The company is focusing on technological upgrades and green production methods to improve product quality and reduce material consumption[32]. Environmental Compliance - The company is classified as a key pollutant discharge unit and adheres to environmental regulations for wastewater, waste gas, and solid waste management[102]. - The company reported a total sulfur dioxide emission of 10.036 tons, well below the annual limit of 273.953 tons[108]. - The company achieved compliance in pollutant emissions, with all pollutants meeting standards except for the Fengxi Linyi company[112]. - The company faced a fine of 680,000 RMB for exceeding emissions limits from a 220t/h boiler and is currently upgrading the facility to meet low emission standards by September 30, 2019[116]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 55,085[124]. - The largest shareholder, Yangquan Coal Industry (Group) Co., Ltd., held 574,674,600 shares, accounting for 24.19% of total shares[124]. - The total number of shares held by the top ten shareholders was 1,109,000,000, which is approximately 46.5% of total shares[124]. Related Party Transactions - The company reported a total related party transaction amount of ¥926,749,200.00 with Yangquan Coal Industry (Group) Co., Ltd., accounting for 12.13% of similar transaction amounts[81]. - The company engaged in related party transactions with Shanxi Yang Coal Chemical International Business Co., Ltd. for coal procurement, amounting to ¥619,648,766.75, representing 8.11% of similar transaction amounts[81]. - The company engaged in various related party transactions based on market prices, ensuring no significant discrepancies with market rates[91]. Legal Matters - The company has been involved in a lawsuit where it is required to bear a joint debt of 10 million yuan plus interest[72]. - The company has initiated legal proceedings to recover 10.95 million yuan owed from a contract with Inner Mongolia Yigao[75]. - The company is pursuing a claim for 2 million yuan from Dalian Jinzhou Heavy Machinery Group due to a breach of contract[75]. Financial Management - The company has committed to ensuring the independence of its operations, assets, finances, and business after the completion of major asset restructuring[56]. - The company plans to maintain a cash distribution of no less than 10% of the distributable profits each year, with a cumulative cash distribution of at least 30% over any three consecutive years[60]. - The company has set aside a certain percentage of bad debt reserves in accordance with relevant financial accounting systems to address existing lawsuits and contingent liabilities related to the acquired assets[62]. Corporate Governance - The company’s board of directors and supervisory board underwent a complete re-election on May 17, 2019[128]. - The company appointed new vice presidents and a secretary to the board on May 22, 2019[128].

Financial Performance - Operating revenue decreased by 13.23% to CNY 4,768,544,806.32 year-on-year [12] - Net profit attributable to shareholders dropped by 89.71% to CNY 6,804,102.03 compared to the same period last year [12] - The net profit after deducting non-recurring gains and losses was CNY -12,876,521.63, a decrease of 124.96% year-on-year [12] - Total revenue for Q1 2019 was $4.77 billion, a decrease of 13.2% from $5.50 billion in Q1 2018 [44] - Net profit for Q1 2019 was a loss of $14.32 million, compared to a profit of $96.45 million in Q1 2018 [44] - Operating revenue for Q1 2019 was 582,730,389.71 RMB, a decrease from 1,406,553,972.48 RMB in Q1 2018, reflecting a decline of approximately 58.6% [50] - The company incurred an operating loss of -27,225,527.66 RMB in Q1 2019, compared to a loss of -15,205,412.08 RMB in the same period last year [50] - Total comprehensive income for the period was -14,629,678.27 RMB, down from 96,416,848.47 RMB year-over-year [46] Cash Flow - Cash flow from operating activities decreased by 20.52% to CNY 257,149,646.42 year-on-year [12] - Net cash flow from operating activities for Q1 2019 was ¥257,149,646.42, a decrease of ¥66,378,849.94 or 20.52% compared to Q1 2018 [24] - The cash inflow from operating activities was CNY 1,747,595,854.74 in Q1 2019, compared to CNY 762,591,408.18 in Q1 2018, representing a significant increase [56] - The cash outflow from operating activities was CNY 2,668,084,864.99 in Q1 2019, up from CNY 614,481,573.70 in Q1 2018, leading to a net cash flow from operating activities of -CNY 920,489,010.25 [57] - The company reported cash inflow from financing activities of CNY 700,000,000.00 in Q1 2019, while cash outflow was CNY 49,241,666.46, resulting in a net cash flow from financing activities of CNY 650,758,333.54 [57] - The net increase in cash and cash equivalents for Q1 2019 was -CNY 269,730,676.71, compared to an increase of CNY 117,563,167.80 in Q1 2018, reflecting a challenging cash flow environment [57] Assets and Liabilities - Total assets increased by 5.37% to CNY 43,739,537,639.98 compared to the end of the previous year [12] - Current assets increased to ¥16,075,450,072.51 as of March 31, 2019, compared to ¥13,540,166,877.93 at the end of 2018 [28] - Total liabilities increased to ¥36,095,523,126.55 as of March 31, 2019, compared to ¥33,853,587,558.38 at the end of 2018 [33] - Short-term borrowings increased to ¥16,502,591,000.00 from ¥16,036,616,000.00 at the end of 2018 [32] - The company's total assets increased to $14.68 billion in Q1 2019 from $12.48 billion in Q1 2018, representing a growth of 17.6% [40] - Total liabilities rose to $7.80 billion in Q1 2019, up from $5.57 billion in Q1 2018, indicating an increase of 40.0% [40] Research and Development - R&D expenses increased by 115.28% to CNY 13,780,845.53 compared to the same period last year [20] Market Conditions - Total profit decreased due to weak chemical product market conditions and government environmental policies, leading to a decline in major product prices compared to the same period last year [21] - The company anticipates a potential loss or significant change in cumulative net profit compared to the same period last year due to low market prices for major products like ethylene glycol and weak downstream demand [24] Shareholder Information - The number of shareholders at the end of the reporting period was 51,388 [15]

Financial Performance - The company reported a negative retained earnings balance, leading to no profit distribution for the year 2018[6]. - The company's operating revenue for 2017 was CNY 21,397,901,361.19, representing a year-on-year increase of 1.76% compared to CNY 20,261,692,934.80 in 2016[25]. - The net profit attributable to shareholders for 2017 was CNY 209,474,767.21, a decrease of 38.54% from CNY 116,138,257.41 in 2016[25]. - The net cash flow from operating activities for 2017 was CNY 2,544,072,855.23, down 14.86% from CNY 2,353,954,010.86 in 2016[25]. - The total assets at the end of 2017 were CNY 45,406,792,151.16, a decrease of 8.58% from CNY 41,899,454,943.99 in 2016[25]. - The basic earnings per share for 2018 was CNY 0.0733, a decline of 38.51% from CNY 0.1192 in 2017[26]. - The diluted earnings per share for 2018 was also CNY 0.0733, reflecting the same decline as the basic earnings per share[26]. - The weighted average return on equity for 2018 was 2.54%, down from 4.24% in 2017[26]. - The company reported a total of CNY 146,796,144.01 in non-recurring gains and losses for 2018[30]. - The total revenue for the company reached approximately $20.80 billion, an increase of 14.44% compared to the previous year[52]. - The gross profit margin improved by 1.32 percentage points year-on-year, reaching 14.44%[52]. - The total revenue for the period was approximately CNY 1,313.91 million, a decrease of 2.52% compared to the previous period[59]. Production and Operations - The company is engaged in the production and sales of coal chemical products, including fertilizers and chemical equipment, with a focus on green and environmentally safe production[35]. - The production capacity of Shouyang Chemical reached a maximum load of 116%, making it one of the best coal-to-ethylene glycol production facilities in the country[43]. - The company’s total production of urea was 3.60 million tons, while methanol production was 683,400 tons[44]. - The company’s PVC production in 2018 was 19.636 million tons, reflecting a year-on-year growth of 5.5%[86]. - The company’s caustic soda production in 2018 was 34.202 million tons, showing a year-on-year increase of 0.9%[86]. - The company’s coal-to-ethylene glycol production in 2018 was 354,400 tons, contributing to the overall chemical production capacity[83]. - The company produced 120,000 tons of ethylene and 160,000 tons of propylene in 2018, utilizing advanced MTO+OCP technology, which is at an international advanced level[83]. - The company has reduced urea capacity by 910,000 tons and methanol capacity by 120,000 tons due to the disposal of Qilu Yihua equity and the shutdown of Zhengyuan Fertilizer[97]. Research and Development - The company’s R&D expenses rose by 29.73% to 116 million RMB, reflecting a commitment to innovation[48]. - The company has developed several new technologies, including a gasification furnace in collaboration with Tsinghua University[66]. - The company has published 7 patents in 2018, including 1 invention patent and 6 utility model patents, promoting its R&D innovation efforts[89]. Environmental Compliance - The company is actively investing in safety and environmental measures, enhancing its management and operational standards in compliance with regulations[82]. - The company has implemented a comprehensive environmental monitoring system, ensuring that all new and modified projects comply with environmental laws and regulations[187]. - The company has not exceeded any emission standards for pollutants in 2018, ensuring all pollutants were within the regulatory limits[195]. - The company has made significant progress in reducing emissions through various technical upgrades, achieving "ultra-low emissions" standards[195]. - In 2018, the company invested a total of 317 million RMB in 60 environmental protection projects, including 14 wastewater treatment projects and 20 air pollution control projects[195]. Strategic Moves and Acquisitions - In June 2018, the company approved the transfer of equity and related assets, indicating strategic moves for market expansion and asset management[36]. - The company completed the divestment of Qilu Chemical's equity and the acquisition of Shouyang Chemical's equity, enhancing its profitability[43]. - The company approved the transfer of Qilu Yihua equity and related assets on June 21, 2018, during the 29th meeting of the 9th Board of Directors[173]. - The company also approved the acquisition of Shouyang Chemical equity and related assets on June 21, 2018[173]. Related Party Transactions - The company reported a total of 1,921,016,058.47 RMB in transactions with its parent company's subsidiary for coal procurement, accounting for 10.79% of similar transactions[161]. - The company engaged in transactions worth 1,476,439,218.73 RMB with another related party for chemical product procurement, representing 8.29% of similar transactions[161]. - The company’s board of directors recognized excess related party transactions for the first nine months of 2018, with a focus on adjusting transaction limits[161]. Legal and Regulatory Matters - The company is involved in significant litigation, including a case where it is required to bear a debt of CNY 10 million along with interest, as ruled by the Chengdu Qingyang District Court[149]. - The company has a pending lawsuit regarding a patent dispute, claiming CNY 11.7 million in patent licensing fees from Shanxi Yangmei Machinery Group[151]. - The company has ongoing litigation related to engineering contracts, with claims amounting to CNY 13.36 million currently under review[151]. - The company has not faced any risks of suspension or termination of listing during the reporting period[146]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[52]. - The company plans to achieve a physical production target of 6.43 million tons and aims for a revenue target of ¥16.62 billion and a total profit of ¥291.60 million for 2019[113]. - The company anticipates a significant increase in domestic ethylene and PX self-sufficiency rates to 60% and 80%, respectively, due to the launch of new integrated projects in the petrochemical industry[112].

2018 年第三季度报告 公司代码：600691 公司简称：阳煤化工 阳煤化工股份有限公司 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 非经常性损益项目和金额 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 公司负责人冯志武、主管会计工作负责人商彤及会计机构负责人（会计主管人员）商彤保证 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 / 20 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 42,348,853,860.60 41,899,454,943.99 1.07 归属于上市公 ...