Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2022, representing a year-on-year increase of 15%[2]. - The net profit attributable to shareholders was 300 million RMB, up 20% compared to the same period last year[2]. - The company's operating revenue for the first half of 2022 was ¥12,571,298,953.64, representing a 32.08% increase compared to ¥9,517,743,849.15 in the same period last year[23]. - The net profit attributable to shareholders for the first half of 2022 was ¥436,130,017.58, a decrease of 55.19% from ¥973,216,730.45 in the previous year[23]. - The total profit for the first half of 2022 was CNY 682,448,085.14, a decrease of 49.1% compared to CNY 1,339,763,569.70 in the same period of 2021[145]. - The company's total comprehensive income for the first half of 2022 was CNY 506,263,069.02, down from CNY 1,222,188,169.25 in the same period of 2021[145]. - Basic earnings per share for the first half of 2022 were ¥0.21, down 65.00% from ¥0.60 in the same period last year[27]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2023[2]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[2]. - The acquisition of 100% equity in Hongneng Coal Industry in November 2021 contributed a net profit of CNY 230 million in the first half of 2022, providing new momentum for the company's performance growth[42]. Research and Development - The company has allocated 200 million RMB for research and development in the next fiscal year[2]. - New product development includes the launch of a high-efficiency coking technology expected to reduce production costs by 15%[2]. Financial Position and Assets - The total assets at the end of the reporting period were ¥20,929,918,404.31, a slight increase of 0.97% from ¥20,728,184,045.88 at the end of the previous year[26]. - The net assets attributable to shareholders at the end of the reporting period were ¥8,924,410,853.49, reflecting a 5.24% increase from ¥8,480,229,862.66 at the end of the previous year[26]. - Cash and cash equivalents decreased by 3.91% to CNY 1,757,971,576.81, representing 8.40% of total assets[44]. - Accounts receivable increased by 20.20% to CNY 1,827,529,891.62, accounting for 8.73% of total assets, mainly due to an increase in accepted bills received[44]. - Inventory rose by 31.82% to CNY 1,910,344,893.57, making up 9.13% of total assets, driven by higher raw material prices and increased finished goods[44]. Operational Efficiency and Cost Management - The company is focusing on digital management and cost reduction strategies to enhance operational efficiency and competitiveness in the market[37]. - The operating cost increased by 44.65% year-on-year, mainly driven by a significant rise in the price of raw material coking coal[41]. - The gross margin for the main product, coke, declined year-on-year, reflecting the pressure from rising raw material costs[38]. Risks and Challenges - The management highlighted potential risks including fluctuating raw material prices and regulatory changes impacting operations[2]. - The company faces risks from macroeconomic fluctuations and major product price changes, which could impact demand for its products[52]. - The company is exposed to risks from fluctuations in raw material prices, particularly for coking coal, which could affect production costs[53]. - The company faces increasing costs and capital expenditures due to stricter environmental regulations, which may impact operational performance[58]. Environmental Compliance and Management - The company operates within a circular economy framework, utilizing resources efficiently and minimizing waste, which enhances economic benefits while ensuring environmental protection[33]. - The company has established an environmental monitoring plan and is conducting regular assessments with external professional agencies[81]. - The company has implemented various pollution control facilities, including wet, semi-dry, and dry desulfurization methods, and low-nitrogen combustion technologies[78]. - The company received a total of 500,000 yuan in administrative penalties due to environmental violations, which have been fully paid and rectified[82]. Corporate Governance and Shareholder Commitments - The company has committed to not transferring more than 25% of its total shares held annually during the tenure of its directors and senior management[95]. - The controlling shareholder, Huanghe Mining, has pledged to avoid any business activities that may compete with the company's operations, both domestically and internationally[98]. - The company has ensured that all shareholders will adhere to the commitments regarding share transfers and related party transactions[102]. - The company has stated that any violation of these commitments will result in penalties, including a 20% fine on the amount of shares sold in violation[98]. Shareholder Structure and Transactions - The major shareholder, Shaanxi Provincial Material Industry Group Co., Ltd., reduced its holdings by 9,388,302 shares, representing 0.46% of the total share capital, bringing its ownership down to 10.97%[124]. - The total number of ordinary shareholders at the end of the reporting period was 133,387[126]. - The top ten shareholders held a total of 1,020,000,000 shares, representing 51.11% of the total share capital[128]. - The company did not provide any guarantees to shareholders, actual controllers, or related parties during the reporting period[121].

Financial Performance - The company's operating revenue for Q1 2022 was ¥5,646,749,560.12, representing a 21.74% increase compared to ¥4,638,292,701.09 in the same period last year[6]. - Net profit attributable to shareholders decreased by 54.44% to ¥237,067,998.70 from ¥520,388,902.09 in the previous year[6]. - The net profit for Q1 2022 was ¥291,609,987.40, a decrease of 58.5% from ¥702,515,175.91 in Q1 2021[28]. - Basic earnings per share dropped by 62.50% to ¥0.12 from ¥0.32 in the previous year[9]. - The company’s earnings per share for Q1 2022 was ¥0.12, down from ¥0.32 in Q1 2021[28]. - The company's total operating costs for Q1 2022 were ¥5,353,414,591.03, an increase of 35.5% from ¥3,951,090,595.42 in Q1 2021[26]. Cash Flow - The net cash flow from operating activities improved by 135.60%, reaching ¥64,174,401.13 compared to a negative cash flow of ¥180,282,429.18 in the same period last year[9]. - Total cash inflow from operating activities reached ¥3,217,855,976.36, up from ¥2,877,337,420.28 in the same quarter last year, indicating a growth of approximately 11.8%[33]. - Cash outflow for purchasing goods and services decreased to ¥1,745,349,294.99 from ¥1,979,892,501.13, reflecting a reduction of about 11.8%[33]. - Cash and cash equivalents at the end of Q1 2022 amounted to ¥581,780,966.79, compared to ¥245,524,916.99 at the end of Q1 2021, showing an increase of approximately 136.5%[33]. - Cash inflow from financing activities totaled ¥657,300,000.00, down from ¥937,387,526.67 in Q1 2021, representing a decline of about 29.9%[33]. - The company incurred cash outflows of ¥619,822,753.03 for financing activities, a decrease from ¥798,895,809.53 in the previous year, indicating a reduction of approximately 22.5%[33]. - The cash flow from investment activities was negative at -¥59,439,293.19, compared to -¥38,006,137.80 in Q1 2021, reflecting an increase in cash outflow[33]. - The total cash inflow from operating activities included ¥3,115,068,287.25 from sales of goods and services, which is a significant increase from ¥2,273,553,897.26 in the previous year[33]. - The company received ¥161,800,000.00 from other financing activities, a decrease from ¥483,387,526.67 in Q1 2021, indicating a decline of approximately 66.6%[33]. - The company reported a total cash outflow of ¥1,079,480,166.13 for other operating activities, which increased from ¥695,018,839.18 in the previous year, reflecting a rise of about 55.2%[33]. Assets and Liabilities - Total assets increased by 4.84% to ¥21,731,223,629.67 from ¥20,728,184,045.88 at the end of the previous year[9]. - The company's total assets as of March 31, 2022, were ¥21,731,223,629.67, up from ¥20,728,184,045.88 at the end of 2021, representing an increase of 4.8%[22]. - The company's total liabilities increased to ¥10,664,708,054.13 in Q1 2022, compared to ¥9,954,990,490.52 in Q4 2021, reflecting a rise of 7.1%[23]. - The cash and cash equivalents as of March 31, 2022, were ¥2,034,033,443.94, compared to ¥1,829,567,796.54 at the end of 2021, indicating a growth of 11.2%[22]. - The company's inventory increased significantly to ¥2,417,109,586.78 in Q1 2022, up from ¥1,449,192,834.26 in Q4 2021, marking a rise of 66.8%[22]. - The company’s long-term investments decreased to ¥1,871,909,757.16 in Q1 2022 from ¥2,280,075,601.16 at the end of 2021, a decline of 17.9%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 125,536[14]. - Major shareholder Shaanxi Huanghe Mining Group holds 45.14% of the shares, amounting to 922,028,420 shares[14]. Market Conditions - The company reported a significant increase in raw material prices, which contributed to the decline in profit margins[13]. - The company completed acquisitions of 51% of Huayun Logistics and 100% of a sewage treatment plant in 2021, leading to retrospective adjustments in financial data[9]. Return on Equity - The weighted average return on equity decreased by 5.90 percentage points to 2.76% from 8.66% in the previous year[9].

Financial Performance - In 2021, the company achieved a net profit attributable to shareholders of 1.527 billion yuan, benefiting from a favorable market cycle [6]. - The cumulative cash dividend amount for 2019, 2020, and 2021 accounted for 39.98% of the average annual net profit attributable to shareholders, meeting the company's regulations [7]. - The company will not distribute profits for 2021 to support investment and operational needs, rolling over undistributed profits to the next year [7]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth [19]. - The company’s operating revenue for 2021 was CNY 18.90 billion, an increase of 97.07% compared to the previous year [33]. - The net profit attributable to shareholders for 2021 reached CNY 1.53 billion, representing a significant increase of 670.47% year-on-year [33]. - The net profit after deducting non-recurring gains and losses was CNY 1.36 billion, up 675.88% from the previous year [33]. - The gross profit margin improved to 35%, up from 30% in the previous year, due to cost optimization strategies [19]. - The company reported a net profit margin of 12% for the fiscal year 2021, indicating a stable financial performance despite market fluctuations [168]. Investment and Expansion - The company plans to increase investment in raw material supply to reduce dependence on external sources, following the acquisition of Zhangye Hongneng Coal Industry Co., Ltd. [6]. - The Inner Mongolia Black Cat Phase II project, with an annual production capacity of 1 million tons of coke and 100,000 tons of LNG, is currently in the early construction funding phase [6]. - The company has received relevant administrative approvals for its projects, indicating progress in its expansion plans [6]. - The company completed the acquisition of a 51% stake in a logistics subsidiary, enhancing operational efficiency [19]. - The company acquired 100% equity of Hongneng Coal Industry and 51% of Shaanxi Huayun Logistics, enhancing its market position [50]. - The company plans to establish a wholly-owned subsidiary in Xinjiang, increasing its operational footprint [50]. - The company is actively pursuing mergers and acquisitions to strengthen its market position, with a target of completing at least two acquisitions in the next year [167]. Research and Development - Research and development investments increased by 30%, totaling 150 million RMB, focusing on clean energy technologies [19]. - The company has invested approximately 50 million in research and development for new technologies aimed at improving production efficiency [166]. - The company is exploring market expansion opportunities and potential mergers and acquisitions to enhance its competitive position [108]. Operational Efficiency and Challenges - The company is facing challenges due to fluctuations in raw material prices and supply instability caused by external factors, including the pandemic [6]. - The company is focused on expanding its business scale and ensuring sustainable development to benefit shareholders in the long term [7]. - The company is implementing digital management and process system construction to optimize its management model [60]. - The company plans to adjust its product structure and improve capacity utilization based on market expectations, particularly for synthetic ammonia and BDO, which saw production increases of 44.71% and 51.47%, respectively [75]. - The company is focused on a circular economy model, integrating coal, gas, and chemical production to enhance resource utilization and reduce costs [56]. Environmental and Safety Measures - The company intends to enhance investment in safety, environmental protection, and production process upgrades in response to national "dual carbon" goals [6]. - The company emphasizes the importance of environmental governance and aims to meet national environmental targets while enhancing its production processes [134]. - The company has increased its investment in environmental protection, implementing advanced treatment facilities; however, failure to comply with stringent environmental regulations could lead to penalties and negatively affect the company's reputation and financial performance [145]. - The production process involves significant safety risks, including potential gas leaks and explosions, which could adversely impact operations and lead to financial losses [146]. Governance and Management - The company emphasizes the importance of maintaining accurate and complete financial reporting, as stated by its management team [4]. - The company held two shareholder meetings and twelve board meetings during the reporting period, ensuring compliance with legal and regulatory requirements for governance [149]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring operational independence and effective oversight [150]. - The company’s board of directors includes a mix of experienced professionals, with Li Baoping serving as chairman since December 24, 2021, and Zhang Linxing as general manager since the same date [157]. - The company is actively engaging in share distribution to incentivize its management team, as evidenced by the significant share increases for key executives [156]. Market Position and Customer Base - User data showed a 20% increase in active users, reaching 500,000 by the end of the fiscal year [19]. - The company is expanding its market presence in the Xinjiang region, targeting a 25% market share by the end of 2023 [19]. - The top five customers accounted for 49.40% of total sales, indicating a strong customer concentration risk [84]. - The company's main business involves the production and sales of coking and related chemical products, with major clients being steel, chemical, and other smelting enterprises, indicating a significant dependence on macroeconomic conditions and downstream industry demand [143].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 4,989,695,574.39, representing a 109.78% increase compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2021 was CNY 385,783,984.61, a 231.66% increase year-over-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was CNY 385,711,462.95, reflecting a 231.60% increase compared to the previous year[4]. - The basic earnings per share for Q3 2021 was CNY 0.20, up 185.71% from CNY 0.07 in the same quarter last year[5]. - Total operating revenue for the first three quarters of 2021 reached ¥14,116,491,465.22, a significant increase of 142.5% compared to ¥5,820,043,767.26 in the same period of 2020[17]. - Net profit for the third quarter of 2021 was ¥1,555,745,428.99, compared to ¥31,128,957.20 in the third quarter of 2020, reflecting a substantial increase[19]. - Operating profit for the first three quarters of 2021 was ¥1,704,905,460.87, compared to ¥40,045,080.40 in the same period of 2020, indicating a strong performance[19]. Assets and Liabilities - The total assets at the end of Q3 2021 were CNY 19,406,856,628.89, a 13.98% increase from the previous year[5]. - The total current assets amounted to RMB 6,288,076,531.07, an increase from RMB 4,813,585,817.97 as of December 31, 2020, representing a growth of approximately 30.6%[14]. - Total assets reached RMB 19,406,856,628.89, up from RMB 17,026,822,019.64, indicating a growth of about 13.9%[16]. - The total liabilities increased to RMB 15,171,049,028.62 from RMB 14,197,000,000.00, reflecting an increase of approximately 6.9%[16]. - Total liabilities amounted to ¥8,859,983,217.79, down from ¥9,293,734,531.71 in the previous year, showing a reduction in financial obligations[17]. - Shareholders' equity increased to ¥10,546,873,411.10 from ¥7,733,087,487.93, representing a growth of approximately 36.5%[17]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -122,355,060.79, indicating a decrease of 112.95% compared to the previous year[5]. - Total cash inflow from operating activities reached CNY 8,910,781,252.75, up from CNY 6,923,603,297.87 in the previous year, representing a growth of approximately 28.7%[23]. - Cash outflow from operating activities was CNY 9,033,136,313.54, compared to CNY 5,979,046,380.97 in the same period last year, indicating a significant increase of about 51.4%[23]. - Cash inflow from investment activities totaled CNY 6,250,000.00, down from CNY 91,450,047.37 in the same period last year[25]. - Cash outflow from investment activities was CNY 222,377,482.89, compared to CNY 2,022,746,963.33 in the previous year, showing a decrease of approximately 89%[25]. - Net cash flow from financing activities was CNY 822,451,356.41, down from CNY 1,027,025,385.99 in the same period last year[25]. - Total cash and cash equivalents at the end of the period were CNY 718,691,973.90, compared to CNY 193,394,285.19 at the end of the same period last year, reflecting a significant increase[25]. Investments and Expenses - The company reported a significant increase in investment income, reaching ¥400,915,527.80 compared to ¥46,544,809.82 in the previous year[19]. - Research and development expenses were reported at ¥131,014,281.16, up from ¥90,649,457.83 in the previous year, indicating a focus on innovation[19]. - The company reported a significant increase in gross profit due to rising product sales prices and increased operational investment income from Jianxin Coal Chemical[8]. - The company completed the merger with Huayun Logistics and the sewage treatment plant, leading to retrospective adjustments in 2020 data[5]. Equity and Reserves - The total equity attributable to shareholders at the end of Q3 2021 was CNY 8,287,498,692.06, a 42.75% increase from the previous year[5]. - The company's total equity as of September 30, 2021, was RMB 4,235,807,600.27, up from RMB 2,829,822,019.64, representing an increase of approximately 49.7%[16]. - The company's capital reserve increased to ¥3,503,414,552.16 from ¥2,580,426,366.19, showing improved financial health[17]. - The tax expenses for the third quarter were ¥149,160,315.68, compared to ¥8,825,641.46 in the same quarter of the previous year, indicating higher profitability[19].

Financial Performance - The company reported a total revenue of 1.2 billion CNY for the first half of 2021, representing a year-on-year increase of 15%[17] - The net profit attributable to shareholders reached 300 million CNY, up 20% compared to the same period last year[17] - The company's operating revenue for the first half of 2021 reached CNY 9,126,795,890.83, a 165.19% increase compared to CNY 3,441,545,513.67 in the same period last year[23] - Net profit attributable to shareholders was CNY 837,739,177.03, a significant turnaround from a loss of CNY 97,088,260.36 in the previous year, representing a 962.86% increase[23] - The basic earnings per share for the first half of 2021 was CNY 0.5140, compared to a loss of CNY 0.06 per share in the same period last year, marking a 956.67% increase[26] - The company reported a significant increase in net profit due to favorable market conditions and effective operational strategies in the first half of 2021[29] - In the first half of 2021, the company achieved operating revenue of approximately CNY 9.13 billion, a year-on-year increase of 165.19%[48] - The net profit attributable to shareholders was approximately CNY 838 million, a year-on-year increase of 962.86%[48] Assets and Liabilities - The company’s total assets increased to 5 billion CNY, reflecting a growth of 10% from the previous year[17] - The company's total assets as of the end of June 2021 were CNY 18,516,541,180.41, an 8.75% increase from CNY 17,026,822,019.64 at the end of the previous year[23] - Total assets increased to ¥10,666,188,168.84 from ¥9,983,910,403.62, reflecting a growth of approximately 6.9% year-over-year[167] - Total liabilities reached ¥9,874,238,992.84, up from ¥9,293,734,531.71, marking a growth of around 6.25%[160] - Shareholders' equity increased to ¥8,642,302,187.57 from ¥7,733,087,487.93, showing a growth of approximately 11.79%[160] Cash Flow - The company reported a cash flow from operating activities of CNY -152,885,633.58, a decrease of 125.93% compared to CNY 589,602,199.51 in the same period last year[23] - The company's cash flow from financing activities was CNY 547.51 million, a significant turnaround from a negative cash flow in the previous year[49] - Cash inflow from financing activities was CNY 1,619,877,242.26, a significant increase from CNY 798,773,300.00 in the prior year[180] - Cash outflow from operating activities totaled CNY 6,010,987,668.08, up 30.8% from CNY 4,593,524,046.25 in the previous year[180] Production and Operations - User data indicates a 25% increase in active customers, reaching 1 million users by the end of June 2021[17] - Coke production increased by 71% to 2.38 million tons, while sales grew by 78%[42] - The production of LNG surged by 148%, with sales increasing by 158%[42] - The company has a designed production capacity of 7.8 million tons of coke, 300,000 tons of methanol, 370,000 tons of synthetic ammonia, 250,000 tons of LNG, and 60,000 tons of BDO as of June 2021[35] Strategic Initiatives - The company plans to expand its market presence by entering two new provinces by the end of 2021[17] - New product development includes the launch of a high-efficiency coal processing technology expected to reduce production costs by 15%[17] - The company has allocated 100 million CNY for research and development in the next fiscal year[17] - The company has outlined a strategic plan for potential mergers and acquisitions to enhance its market share in the coming year[17] Environmental Compliance - The company has increased its investment in environmental protection measures to comply with stricter regulations, which may lead to higher operational costs[70] - The company and its subsidiary Longmen Coal Chemical have been listed as key monitored polluters by environmental authorities, highlighting regulatory scrutiny[85] - The company has ensured compliance with environmental regulations, with no administrative penalties reported during the reporting period[101] - The company has implemented a 75t/h medium temperature and pressure circulating fluidized bed boiler for desulfurization and denitrification, which is currently operational[90] Governance and Shareholder Commitments - The company commits to limiting the transfer of shares by its directors and senior management to no more than 25% of their total holdings annually during their tenure[1] - The controlling shareholder has pledged to avoid any business activities that may compete with the company's operations, both domestically and internationally[109] - The company has established commitments to ensure that related party transactions are conducted fairly and transparently, protecting the interests of all shareholders[110] - The company has a structured plan to monitor compliance with these commitments through its supervisory board and independent directors[108] Market Risks - The company faces risks related to industry policies, including potential penalties for non-compliance with environmental regulations, which could adversely affect operations[66] - The main raw material for coke production is premium coking coal, which is in short supply domestically, potentially impacting production and financial performance[69] - The company reported a significant reliance on steel and chemical enterprises as primary customers, making it vulnerable to fluctuations in these industries' profitability[67]

2021 年第一季度报告 公司代码：601015 公司简称：陕西黑猫 陕西黑猫焦化股份有限公司 2021 年第一季度报告 1 / 18 2021 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 18 2021 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人李保平、主管会计工作负责人刘芬燕及会计机构负责人（会计主管人员）吕燕保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 | --- | --- | --- | --- | --- | |------------------|-----------------------------------------------|-------------- ...

Financial Performance - The net profit attributable to shareholders for 2020 was CNY 278,152,366.55, with a year-end distributable profit of CNY 1,424,699,630.10[6] - The proposed cash dividend is CNY 0.05 per share, totaling CNY 81,489,473.65, which represents 29.30% of the net profit attributable to shareholders[6] - The average cash dividend payout ratio from 2018 to 2020 was 48.58% of the net profit attributable to ordinary shareholders[6] - In 2020, the company's operating revenue was approximately CNY 9.06 billion, a decrease of 3.52% compared to 2019[28] - The net profit attributable to shareholders in 2020 was approximately CNY 278.15 million, an increase of 866.05% compared to the previous year[28] - The net cash flow from operating activities in 2020 was negative CNY 1.13 billion, a decrease of 335.04% compared to 2019[28] - The total assets at the end of 2020 were approximately CNY 16.67 billion, an increase of 13.11% compared to the end of 2019[31] - The net assets attributable to shareholders at the end of 2020 were approximately CNY 5.75 billion, an increase of 2.05% compared to the end of 2019[31] - Basic earnings per share in 2020 were CNY 0.17, an increase of 750.00% compared to 2019[32] - The weighted average return on net assets in 2020 was 4.82%, an increase of 4.31 percentage points compared to 2019[32] Risk Factors - The company has detailed major risk factors in the report, highlighting uncertainties in future plans[7] - The company faces risks related to industry policies and fluctuations in the prices of its main products, which include coke, methanol, LNG, synthetic ammonia, and BDO[161][163] - The company is subject to stricter environmental regulations, which may lead to increased costs and capital expenditures, impacting financial performance if compliance is not maintained[166] - Safety production risks are present due to the complexity of production processes, which could result in accidents affecting operations[167] - Fluctuations in the price and supply of coking coal, a key raw material for coke production, may directly affect the company's operating performance due to its relative scarcity and increasing prices[165] - The company faces risks from intensified market competition, which could negatively impact performance if product demand continues to decline[164] Corporate Governance - There were no non-operating fund occupations by controlling shareholders or related parties reported[7] - The company has not violated decision-making procedures for external guarantees[7] - The company has established a cash dividend policy to enhance transparency and protect investor interests, particularly for minority shareholders[171] - The company has a three-year shareholder dividend return plan approved in 2019, ensuring stable returns for investors[171] - The controlling shareholder, Huanghe Mining, guarantees no competition with the company's business scope[182] - The company will not engage in unfair related transactions that could harm shareholder interests[182] - The commitments made by the controlling shareholders are irrevocable and will last as long as they hold shares[182] - The company will ensure transparency in related transactions to protect shareholder rights[182] Operational Highlights - The company operates a circular economy industrial chain, focusing on the production and sales of coking and related chemical products[44] - The company has a production capacity of 6.5 million tons of coke, 300,000 tons of methanol, 370,000 tons of synthetic ammonia, 250,000 tons of LNG, and 60,000 tons of BDO as of the end of 2020[55] - The company aims to maximize product output by integrating various production processes and utilizing resources efficiently, contributing to both economic growth and environmental protection[60] - The company has established a circular economy industrial chain, utilizing by-products and waste gases from upstream products as raw materials for downstream products, enhancing cost efficiency[60] - The company achieved operating revenue of approximately CNY 9.057 billion, a year-on-year decrease of 3.52% due to lower average selling prices of chemical products[65] Investment and Acquisitions - The company completed the acquisition of a 49% stake in Jianxin Coal Chemical from its controlling shareholder, Huanghe Mining[15] - The company transferred 44% equity in Hancheng Huijin Logistics Trade Co., Ltd. for a total price of RMB 44 million (approximately $6.8 million) in May 2020[56] - The company acquired 49% equity in Jianxin Coal Chemical from its controlling shareholder for RMB 1.599 billion (approximately $245 million) in June 2020[56] - The company plans to complete the construction of a new project in Inner Mongolia with an annual capacity of 1 million tons of coke and 300,000 tons of methanol by July 2021[124] Market and Pricing - The company reported a significant increase in production volumes in the second half of the year, with coke production reaching 3.6985 million tons and LNG production at 109,700 tons[66] - In 2020, the cumulative increase in coke prices reached ¥600 per ton due to strong demand and supply constraints from environmental production cuts[135] - Methanol prices exhibited a "V" shape throughout 2020, with a peak increase of ¥200-300 per ton in December[135] - LNG prices experienced significant fluctuations, with a notable decrease in Q1 due to transportation disruptions and a subsequent recovery in Q3[136] Financial Management - The company’s financial expenses increased by 45.36% due to a rise in interest expenses from increased interest-bearing liabilities[72] - The company’s cash flow from operating activities showed a net outflow of approximately CNY 1.130 billion, a decrease of 335.04% compared to the previous year[73] - Cash flow from investing activities decreased by 126.83% year-on-year, primarily due to increased cash payments for the acquisition of equity in Jianxin Coal Chemical[92] - Cash flow from financing activities increased by 1,176.56% year-on-year, driven by higher cash received from borrowings[92] Audit and Compliance - The audit report issued by the accounting firm was a standard unqualified opinion, ensuring the accuracy of the financial report[5] - The company has appointed Deloitte Touche Tohmatsu CPA Ltd. as the auditor for 2020, with an audit fee of 110 million and a 12-year audit tenure[193] - There are no significant lawsuits or arbitration matters reported for the year[194] - The company has not faced any risks of suspension or termination of listing during the reporting period[194]

2020 年第三季度报告 公司代码：601015 公司简称：陕西黑猫 陕西黑猫焦化股份有限公司 2020 年第三季度报告 1 / 20 2020 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 20 2020 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人李保平、主管会计工作负责人刘芬燕及会计机构负责人（会计主管人员）吕燕保 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 单位：元 币种：人民币 | --- | --- | --- | --- | |------------------------------------------------|------------------------------|------------------------------------|- ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[2]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[2]. - The company's operating revenue for the first half of 2020 was CNY 3,433,420,708.33, a decrease of 30.79% compared to the same period last year[24]. - The net profit attributable to shareholders for the same period was CNY -92,064,007.09, representing a decline of 339.76% year-on-year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -91,291,862.35, down 217.18% from the previous year[24]. - The company reported a significant decrease in cash received from sales compared to the previous year, impacting cash flow from operating activities[26]. - In the first half of 2020, the company achieved operating revenue of approximately CNY 3.43 billion, a decrease of 30.79% year-on-year[61]. - The company's net profit attributable to shareholders was approximately -CNY 92.06 million, a decline of 339.76% year-on-year, primarily due to reduced production and sales prices influenced by the COVID-19 pandemic[58]. - The company reported a total comprehensive loss of approximately ¥148.95 million for the first half of 2020, compared to a loss of ¥15.19 million in the previous year[189]. Market Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by the end of 2021[2]. - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[2]. - The company emphasizes a procurement strategy based on market supply and demand trends for its primary raw material, premium coal[36]. - The sales strategy prioritizes high-quality customers, with a focus on large and medium-sized steel enterprises for coke sales[37]. - The company is adapting to industry trends by enhancing internal management and reducing production costs to improve core competitiveness[41]. Operational Efficiency - The company has initiated a strategic partnership with a leading technology firm to enhance its operational efficiency[2]. - The company has established a comprehensive production plan based on previous year’s performance and market analysis, ensuring efficient operations[35]. - The company has implemented a pricing strategy based on weekly market analysis reports, ensuring competitive pricing for its products[45]. - The company has established a comprehensive management system to ensure product quality and compliance with safety standards, particularly for hazardous chemicals[41]. Research and Development - New product development includes a focus on clean energy solutions, with an investment of RMB 100 million allocated for R&D in this area[2]. - R&D expenses saw a significant drop of 94.99% year-on-year, primarily due to reduced experimental costs in subsidiaries compared to the previous year[64]. Cash Flow and Liquidity - The company has maintained a strong cash position with cash reserves of RMB 500 million, ensuring liquidity for future investments[2]. - Net cash flow from operating activities decreased by 45.36%, totaling CNY 595,031,543.10[24]. - The ending cash and cash equivalents balance decreased to CNY 132,210,648.68 from CNY 1,392,816,108.98, a decline of 90.5%[198]. Risks and Challenges - The management highlighted potential risks including fluctuations in raw material prices and regulatory changes impacting operations[2]. - The decline in revenue and profit was primarily due to reduced production and sales prices of major products, influenced by the COVID-19 pandemic[26]. - The company faces significant risks from fluctuating prices of key raw materials, particularly coking coal, which is essential for its production[86]. - Environmental protection regulations are becoming stricter, and non-compliance could lead to fines and operational disruptions[88]. - The ongoing impact of the COVID-19 pandemic has caused delays in the resumption of work for upstream and downstream enterprises, affecting material supply and logistics[90]. Environmental Compliance - The company is committed to environmental protection and safety standards, which are critical for its operational sustainability in the coke industry[41]. - The company has achieved ultra-low emission standards through the installation of advanced desulfurization and denitrification facilities in its thermal power plant, which became operational in May 2020[146]. - The company has implemented a solid waste management system, ensuring that solid waste from production processes is sent to qualified facilities for recycling and disposal[144]. - The company has established a tail gas recovery system in the chemical production area, ensuring continuous compliance with VOC emissions standards[143]. Shareholder Commitments - The company has established a commitment to ensure fair and transparent related-party transactions, avoiding any actions that could harm the interests of the company and its shareholders[110]. - The commitments made by shareholders are irrevocable and will remain in effect as long as they hold shares in the company[109]. - The controlling shareholder, Huanghe Mining, committed to not reducing its shareholding by more than 50% of its holdings as of the end of the previous year within two years after the lock-up period[113].

Financial Performance - Operating revenue for the first quarter was CNY 1,546,071,692.47, a decrease of 38.66% year-on-year[10] - Net profit attributable to shareholders was CNY -60,487,038.83, representing a decline of 323.21% compared to the same period last year[10] - Basic earnings per share were CNY -0.04, a decrease of 300.00% year-on-year[10] - The company's net profit for the first quarter of 2020 is projected to experience significant changes compared to the same period last year, although specific figures were not disclosed[22] - Net profit for Q1 2020 was a loss of ¥89,737,660.69, compared to a profit of ¥37,611,398.81 in Q1 2019, indicating a significant decline[39] - The total comprehensive income for Q1 2020 was -8,167,096.62 CNY, compared to 56,352,338.16 CNY in Q1 2019[44] - The operating profit for Q1 2020 was a loss of CNY 7,306,499.01, compared to a profit of CNY 62,511,658.88 in Q1 2019[44] Cash Flow - Net cash flow from operating activities increased by 25,577.72% to CNY 434,772,040.84, primarily due to significant changes in cash payments for goods and services[20] - The cash flow from operating activities for Q1 2020 was CNY 434,772,040.84, significantly higher than CNY 1,693,187.80 in Q1 2019[48] - The total cash inflow from operating activities was CNY 3,438,910,607.65 in Q1 2020, compared to CNY 2,874,710,663.78 in Q1 2019[48] - The total cash outflow from operating activities was CNY 3,004,138,566.81 in Q1 2020, compared to CNY 2,873,017,475.98 in Q1 2019[48] - The net cash flow from operating activities for Q1 2020 was ¥184,549,679.74, compared to a negative cash flow of -¥39,727,852.10 in Q1 2019, indicating a significant improvement[50] - Cash outflow for purchasing goods and services was ¥194,224,760.32, a decrease from ¥642,769,259.90 in Q1 2019, showing a reduction of about 69.8%[50] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 15,040,610,063.38, an increase of 2.05% compared to the end of the previous year[10] - The company's total assets amounted to approximately ¥15.04 billion, an increase from ¥14.74 billion as of December 31, 2019[28] - The company's current liabilities totaled approximately ¥7.23 billion, an increase from ¥6.80 billion year-over-year[27] - Total liabilities amounted to ¥7,355,260,152.78, with current liabilities at ¥6,798,557,879.76[58] - The total assets of the company were valued at ¥14,738,736,391.93, showcasing overall financial strength[61] - The company has a long-term debt of ¥136,000,000.00, indicating a manageable debt level[58] Investments and Equity - Net cash flow from investing activities improved by 76.44%, with cash payments for fixed assets and other long-term assets decreasing compared to the previous year[20] - Long-term equity investments stood at ¥5,687,167,962.38, indicating a stable investment strategy[64] - The total equity attributable to shareholders reached ¥5,633,520,476.00, contributing to total equity of ¥7,383,476,239.15[61] - The company’s retained earnings amounted to ¥1,325,526,487.87, reflecting profitability and reinvestment potential[61] Shareholder Information - The number of shareholders at the end of the reporting period was 41,172, with the largest shareholder holding 43.52% of the shares[18] Government Support - The company received government subsidies totaling CNY 2,307,200.00 related to employment stability during the pandemic[12] Operational Impact - The COVID-19 pandemic has temporarily impacted the company's production and operations in the first quarter of 2020, but production resumed in the second quarter with enhanced internal management[21] Accounting Changes - The company adopted the new revenue recognition standard starting January 1, 2020, impacting the presentation of contract liabilities[67]