2020 年半年度报告 公司代码：603010 公司简称：万盛股份 浙江万盛股份有限公司 2020 年半年度报告 1 / 136 2020 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人高献国、主管会计工作负责人周三昌及会计机构负责人（会计主管人员）乐雁声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 报告期内公司不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划等前瞻性陈述因存在不确定性，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已在本报告中详细描述了存在的风险事项，敬请查阅"第四节经营情况的讨论与分析" 第三部分"其 ...

2020 年第一季度报告 公司代码：603010 公司简称：万盛股份 浙江万盛股份有限公司 2020 年第一季度报告 1 / 23 2020 年第一季度报告 | --- | --- | --- | |-------|--------------|-------| | | | | | | | | | | | | | | 目录 | | | 一、 | 重要提示 | | | i i | 公司基本情况 | | | 三、 | 重要事项 | | | 四、 | 附录 | | 2 / 23 2020 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人高献国、主管会计工作负责人周三昌及会计机构负责人（会计主管人员）乐雁保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |---- ...

2019 年年度报告 公司代码：603010 公司简称：万盛股份 浙江万盛股份有限公司 2019 年年度报告 1 / 178 2019 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 信永中和会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人高献国、主管会计工作负责人周三昌及会计机构负责人（会计主管人员）乐雁声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 以截止2019年12月31日的总股本346,791,324股为基数，用可供股东分配的利润向全体股东每 10股派发1.5元现金红利（含税），共计52,018,698.60元，剩余未分配利润443,799,585.95元结转以 后年度分配。 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告内容涉及的未来计划等前瞻性陈述因存在不确定性，不构成公司对投资者的实质 承诺，请投资者注意投资风险 ...

2019 年第三季度报告 公司代码：603010 公司简称：万盛股份 浙江万盛股份有限公司 2019 年第三季度报告 1 / 28 2019 年第三季度报告 一、 重要提示 二、 公司基本情况 11[ 重要事项 四、 附录 目录 2 / 28 2019 年第三季度报告 单位：元 币种：人民币 3 / 28 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 公司负责人高献国、主管会计工作负责人周三昌及会计机构负责人（会计主管人员）乐雁保 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 | --- | --- | --- | --- | |-----------------------------------------------|------------------------------|----------------------------------- ...

2019 年半年度报告 公司代码：603010 公司简称：万盛股份 浙江万盛股份有限公司 2019 年半年度报告 1 / 132 2019 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人高献国、主管会计工作负责人周三昌及会计机构负责人（会计主管人员）乐雁声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 报告期内公司不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划等前瞻性陈述因存在不确定性，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已在本报告中详细描述了存在的风险事项，敬请查阅"第四节经营情况的讨论与分析" 第二部分"其 ...

2019 年第一季度报告 公司代码：603010 公司简称：万盛股份 浙江万盛股份有限公司 2019 年第一季度报告 1 / 24 2019 年第一季度报告 | --- | --- | |-------|--------------| | | | | | | | | | | | 目录 | | í | 重要提示 | | in in | 公司基本情况 | | | 重要事项 | | 四、 | 附录 | 2 / 24 2019 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人高献国、主管会计工作负责人周三昌及会计机构负责人（会计主管人员）乐雁保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------| ...

Financial Performance - The company's operating revenue for 2018 was approximately CNY 1.73 billion, representing a year-over-year increase of 17.63% compared to CNY 1.47 billion in 2017[23]. - The net profit attributable to shareholders for 2018 was approximately CNY 107.51 million, an increase of 18.05% from CNY 91.07 million in 2017[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 46.95% to approximately CNY 45.42 million from CNY 85.62 million in 2017[23]. - The net cash flow from operating activities decreased by 43.07% to approximately CNY 74.34 million from CNY 130.59 million in 2017[23]. - The basic earnings per share for 2018 was CNY 0.43, up 19.44% from CNY 0.36 in 2017[24]. - The weighted average return on equity increased to 9.62% in 2018, up by 1.08 percentage points from 8.54% in 2017[24]. - The company reported a gross margin of 23.54%, an increase of 3.01 percentage points year-on-year[54]. - The company achieved operating revenue of CNY 1,732.89 million, a year-on-year increase of 17.63%[49]. - The net profit attributable to shareholders reached CNY 107.51 million, up 18.05% compared to the previous year[49]. - The net profit after deducting non-recurring gains and losses was CNY 45.42 million, a decrease of 46.95% year-on-year, primarily due to goodwill impairment of CNY 85 million[49]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling 37,960,965.15 RMB, with an undistributed profit of 348,788,026.39 RMB carried forward to future years[5]. - The company distributed a cash dividend of 1.10 RMB per 10 shares for the 2017 fiscal year, totaling 27,983,118.02 RMB, with a payout ratio of 30.73%[115]. - For 2018, the company plans to distribute a cash dividend of 1.50 RMB per 10 shares, totaling 37,960,965.15 RMB, with a payout ratio of 35.31%[116]. Raw Material and Production Costs - The company reported that the proportion of major raw materials in operating costs has been increasing due to product structure optimization, particularly in the flame retardant segment[7]. - The company's main raw materials, including propylene oxide and phenol, are subject to price fluctuations correlated with international oil prices, which could impact profitability[7]. - The company faces risks from fluctuations in raw material prices, particularly for epoxy propane, phenol, bisphenol A, and phosphorus trichloride, which are increasingly impacting operating costs[112]. - The total cost of materials increased by 3.12% to CNY 964,113,995.76, while the proportion of direct materials in total costs decreased from 80.34% to 75.92%[59]. Environmental and Safety Measures - The company has implemented measures to improve energy efficiency and waste management in response to stricter environmental regulations[8]. - The company is focused on optimizing production processes to ensure environmental sustainability and reduce energy consumption[8]. - The company emphasizes safety and environmental protection in its operations, continuously optimizing production processes to meet stricter environmental standards[112]. - The company organized 80 safety inspections and 186 safety training sessions, ensuring no major accidents occurred during the year[47]. - The company has established a comprehensive environmental risk emergency mechanism, with plans filed with local authorities[146]. - The company has a complete set of environmental monitoring instruments for self-testing wastewater and air emissions[148]. - The company reported actual emissions of nitrogen oxides at 140 mg/m³, well below the regulatory limit of 400 mg/m³[143]. - The total hydrocarbon emissions were recorded at 35.8 mg/m³, significantly lower than the limit of 120 mg/m³[143]. - The wastewater treatment process includes pre-treatment and biological treatment, ensuring compliance with discharge standards[144]. - The company has implemented a waste classification system for hazardous solid waste, ensuring proper disposal[145]. Research and Development - The company is focusing on the development of organic phosphorus flame retardants and special fatty amines, with a strong emphasis on technological innovation and market expansion[33]. - In 2018, the company applied for 12 invention patents and 3 utility model patents, with a total of 20 invention patents and 15 software copyrights held by the end of the reporting period[39]. - The company plans to enhance R&D in phosphorus-based flame retardants and accelerate the development of new cashew phenol products, with increased investment in R&D funding[111]. - A new R&D subsidiary is planned to be established in Zhangjiang, Shanghai in 2019 to support new project needs[111]. - The company has invested approximately 6,456.98 million RMB in environmental protection, accounting for 3.73% of its operating revenue[99]. Strategic Partnerships and Market Position - The company has established long-term partnerships with major firms such as Bayer and Dow Chemical, enhancing its market presence[33]. - The company has established stable partnerships with major clients such as Bayer, Covestro, BASF, and SABIC, ensuring continuous business development[41]. - The company is a leading domestic producer of organophosphorus flame retardants, maintaining a significant market presence and brand influence[78]. - The subsidiary, Dawi Additives, is one of the largest producers of special fatty amines in China, serving various industrial applications[78]. Financial Management and Governance - The company has established a comprehensive corporate governance structure and actively engages with minority shareholders to address their concerns[138]. - The independent auditor provided a standard unqualified opinion on the financial statements, affirming compliance with accounting standards[198]. - The company’s internal control system was independently audited, resulting in a report confirming its effectiveness without significant deficiencies[198]. - The company has established a comprehensive risk management system to enhance governance and operational efficiency[192]. - The company has not reported any significant differences in governance practices compared to regulatory requirements[192]. Shareholder and Equity Management - The total number of ordinary shares decreased from 254,391,982 to 253,073,101 due to share repurchase and cancellation[154]. - The company repurchased 4,498,881 shares at a nominal price of 1 RMB as compensation for unmet performance commitments[154]. - The company completed the registration of 3.18 million shares under the stock incentive plan by December 7, 2018[154]. - The top ten shareholders held a total of 29.50% of the shares, with the largest shareholder, Linhai Wansheng Investment Co., Ltd., holding 74,657,000 shares[161]. - The company has implemented a three-phase unlocking plan for equity incentives, with specific shares released on December 18, 2018[156]. Employee Management and Rights - The company has a strong focus on employee rights protection, ensuring timely payment of wages and providing a comfortable living environment for employees[139]. - The total number of employees in the parent company and major subsidiaries is 874, with 513 in production, 20 in sales, 97 in technical roles, 31 in finance, 144 in administration, and 69 in other positions[186]. - The company has established an annual training plan to enhance employee skills and performance, utilizing both internal and external resources[189]. - The company has no labor outsourcing arrangements in place[190].

Financial Performance - Net profit attributable to shareholders rose by 74.59% to CNY 135,885,592.88 for the first nine months of the year[6] - Operating revenue for the first nine months increased by 4.19% to CNY 1,136,838,555.36 compared to the same period last year[6] - Basic earnings per share increased by 74.19% to CNY 0.54[7] - The weighted average return on equity rose by 4.51 percentage points to 11.86%[6] - Total operating revenue for Q3 2018 reached ¥490,896,529.65, an increase of 24.5% compared to ¥394,512,818.93 in Q3 2017[28] - Net profit for Q3 2018 was ¥85,850,638.92, compared to ¥31,013,606.22 in Q3 2017, representing a significant increase of 176.5%[30] - The company reported a total profit of ¥106,668,490.66 for Q3 2018, compared to ¥38,694,434.94 in Q3 2017, reflecting an increase of 175.5%[30] - Total comprehensive income for Q3 2018 was ¥86,872,578.08, compared to ¥30,909,748.94 in Q3 2017, marking an increase of 180.5%[34] Asset and Liability Changes - Total assets increased by 11.20% to CNY 2,011,331,480.37 compared to the end of the previous year[6] - Total liabilities grew to ¥850,850,666.05 from ¥708,936,035.37, reflecting a 19.9% increase[22] - Current assets increased to ¥914,324,967.23 from ¥745,510,388.75, representing a growth of approximately 22.6%[20] - Non-current assets totaled ¥1,097,006,513.14, up from ¥1,063,257,565.50, indicating a growth of 3.2%[21] - The company's equity attributable to shareholders rose to ¥1,162,510,515.73 from ¥1,099,529,350.28, a growth of 5.7%[22] Cash Flow Analysis - The net cash flow from operating activities decreased by 79.69% to CNY 13,848,852.31 compared to the previous year[6] - Cash flow from operating activities decreased by 79.69% to ¥13,848,852.31, primarily due to a decline in sales receipts[16] - Net cash flow from investing activities was ¥30,541,805.49, a significant recovery from a negative ¥179,825,639.77 in the previous year[16] - Cash inflow from investment activities totaled CNY 127,300,884.89 in Q3 2018, significantly up from CNY 3,137,809.55 in Q3 2017[36] - Net cash flow from investment activities for the first nine months of 2018 was CNY 193,321,126.23, compared to a negative CNY 129,998,335.15 in the same period last year[40] - Cash inflow from financing activities in Q3 2018 was CNY 463,000,000.00, an increase of 46.2% from CNY 316,486,890.00 in Q3 2017[36] - Net cash flow from financing activities for the first nine months of 2018 was negative CNY 206,669,816.92, compared to a positive CNY 136,658,555.95 in the same period last year[40] Shareholder Information - The company had a total of 11,786 shareholders at the end of the reporting period[8] - The largest shareholder, Linhai Wansheng Investment Co., Ltd., held 29.88% of the shares, with 74,657,000 shares pledged[8] Inventory and Receivables - Inventory increased by 85.57% to ¥275,948,650.69, attributed to the production ramp-up of special fatty amines and phosphoric ester flame retardants[12] - Other receivables rose by 153.26% to ¥4,562,580.55 primarily due to payments for merger and acquisition restructuring fees[12] - Accounts receivable rose to ¥296,826,316.73 from ¥254,505,114.10, an increase of about 16.7%[20] Expenses and Impairments - Management expenses rose by 62.63% to ¥54,619,942.02, mainly due to new business establishment costs and increased salaries[14] - The company reported a 1373.73% increase in asset impairment losses to ¥19,263,048.37, primarily due to goodwill impairment and bad debt provisions[14] - Research and development expenses for the first nine months of 2018 were ¥22,070,807.20, slightly down from ¥22,553,124.86 in the same period last year[29] - Research and development expenses for Q3 2018 totaled ¥9,033,041.96, a 71.5% increase from ¥5,250,824.99 in Q3 2017, reflecting a commitment to innovation[33] Other Financial Metrics - The fair value of financial assets measured at fair value decreased by 69.27% to CNY 147,500.00 due to changes in hedging activities[11] - Deferred tax assets increased to ¥8,260,532.83 from ¥2,571,083.85, a significant rise of 221.5%[21] - The company received CNY 60,000,000.00 in investment income during the first nine months of 2018, which was not recorded in the previous year[39]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 645,942,025.71, a decrease of 10.05% compared to CNY 718,152,132.63 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2018 was CNY 47,703,672.24, down 30.95% from CNY 69,081,003.44 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 27,644,493.10, a decline of 57.12% compared to CNY 64,473,464.32 in the same period last year[20]. - Basic earnings per share for the first half of 2018 were CNY 0.19, down 29.63% from CNY 0.27 in the same period last year[21]. - The weighted average return on net assets decreased by 2.21 percentage points to 4.26% from 6.47% in the previous year[21]. - The company's gross margin decreased by 2.80% due to the rapid rise in raw material costs, while product price increases lagged behind[36]. - The financial expenses increased significantly by 67.63% to CNY 6.24 million, primarily due to increased interest expenses from higher borrowing[39]. - The management expenses rose by 30.21% to CNY 43.57 million, attributed to costs related to major asset restructuring and increased depreciation[39]. Cash Flow and Assets - The net cash flow from operating activities increased by 29.80% to CNY 27,588,962.35 from CNY 21,254,674.08 in the previous year[20]. - Cash and cash equivalents increased by 51.14% to 283.86 million, accounting for 14.58% of total assets[46]. - Fixed assets rose by 91.19% to 567.92 million, representing 29.18% of total assets, primarily due to the completion of a 100,000-ton special fatty amine project[46]. - Accounts receivable decreased by 53.01% to 31.17 million, accounting for 1.60% of total assets, due to reduced sales from a subsidiary[46]. - Other receivables increased by 100.68% to 3.61 million, attributed to payments for merger and acquisition fees[46]. - Long-term borrowings increased by 96.11% to 176.50 million, reflecting additional financing for the special fatty amine project[46]. Market and Competitive Position - The company specializes in the research, production, and sales of organophosphorus flame retardants, with over 20 main varieties, primarily used in automotive, electronics, construction, and furniture sectors[27]. - The company has established long-term partnerships with renowned firms such as Dow Chemical, Covestro, BASF, and SABIC, enhancing its market presence[27]. - The company’s core competitiveness remains strong, with a high brand influence and product acceptance among high-end clients[31]. - The acquisition of Dawi Additives has expanded the product structure to include specialty fatty amines, complementing existing organophosphorus flame retardants and polymer polyols[31]. - The global demand for flame retardants is increasing, driven by stricter fire safety standards and a growing emphasis on health and environmental concerns[30]. Future Outlook - The company plans to continue market expansion and accelerate project construction in the second half of 2018 to improve market share and competitiveness[37]. - The company expects a net profit growth of 60%-90% for the upcoming reporting period, driven by non-recurring gains and steady growth in flame retardant sales[51]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with major pollutants including waste gas, wastewater, and hazardous solid waste[67]. - Actual emissions of toluene were 9.72 mg/m³, well below the regulatory limit of ≤40 mg/m³[67]. - The chemical oxygen demand (COD) in wastewater was reported at 349.20 mg/L, which is below the limit of ≤500 mg/L[68]. - The company has implemented environmental monitoring through third-party testing and online detection systems[68]. - Zhejiang Wansheng Co., Ltd. has established a wastewater treatment station and both inorganic and organic waste gas treatment systems, ensuring compliance with production needs[69]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,031[79]. - The company repurchased a total of 4,498,881 shares due to unmet performance commitments, reducing total shares from 254,391,982 to 249,893,101, which is expected to enhance earnings per share and net asset value[78]. - The largest shareholder, Limai Wansheng Investment Co., Ltd., holds 74,657,000 shares, accounting for 29.35% of total shares[81]. Accounting and Financial Reporting - The company adheres to the accounting standards for enterprises, ensuring that financial statements reflect a true and complete picture of its financial status[129]. - The company's accounting period runs from January 1 to December 31 each year, with a business cycle of 12 months[130][131]. - The company has established specific accounting policies and estimates tailored to its production and operational characteristics[128]. - The company recognizes financial assets and liabilities when it becomes a party to a financial instrument contract, categorizing them based on investment purpose and economic substance[138]. - The company applies a percentage-based method for bad debt provision on accounts receivable, with rates of 5% for within one year, 20% for 1-2 years, 50% for 2-3 years, and 100% for over three years[149].

Financial Performance - Net profit attributable to shareholders was CNY 5,136,299.39, representing a significant decrease of 86.18% year-on-year[6]. - Operating revenue for the period was CNY 281,652,742.82, down 15.48% from CNY 333,248,963.86 in the same period last year[6]. - The weighted average return on equity decreased by 3 percentage points to 0.47%[6]. - Basic earnings per share dropped to CNY 0.02, down 86.67% from CNY 0.15 in the previous year[6]. - The company reported a net loss of CNY 2,952,538.13 for its parent company, compared to a net profit of CNY 21,028,933.94 in the same period last year[32]. - Total comprehensive income for Q1 2018 was CNY 4,420,370.10, compared to CNY 37,153,121.15 in the same period last year, indicating a decline of 88.1%[30]. - Net profit for Q1 2018 was CNY 5,135,887.61, a significant decrease of 86.2% from CNY 37,164,349.80 in the previous year[30]. Cash Flow - The net cash flow from operating activities was negative CNY 50,697,223.59, a decline of 268.80% compared to the previous year[6]. - Cash flow from operating activities showed a net outflow of ¥50,697,223.59, a 268.80% increase in outflow compared to the previous year, attributed to increased inventory[15]. - Total cash inflow from operating activities was ¥287,365,605.43, down from ¥317,813,003.71 in the previous year, indicating a reduction in operational efficiency[35]. - Cash inflow from financing activities reached ¥233,000,000.00, a substantial increase from ¥58,000,000.00 in the prior year, reflecting enhanced borrowing capabilities[36]. - The ending cash and cash equivalents balance increased to ¥241,963,981.69, up from ¥160,988,368.78 in the previous year, showcasing a strong liquidity position[36]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,809,408,765.05, a slight increase of 0.04% compared to the previous year[6]. - Total current assets decreased from ¥745,510,388.75 to ¥712,936,815.74, with significant changes in cash and inventory levels[19]. - Non-current assets totaled CNY 1,096,471,949.31, an increase from CNY 1,063,257,565.50 at the beginning of the year, reflecting a growth of approximately 3.4%[21]. - Current liabilities amounted to CNY 591,433,618.09, slightly down from CNY 594,737,792.17, indicating a decrease of about 0.5%[21]. - The total liabilities decreased to CNY 705,156,476.07 from CNY 708,936,035.37, a reduction of approximately 0.4%[21]. - The equity attributable to shareholders increased to CNY 1,103,950,132.16 from CNY 1,099,529,350.28, reflecting a growth of approximately 0.4%[21]. Inventory and Fixed Assets - Inventory increased by 37.75% to CNY 204,842,157.82, attributed to early stocking by suppliers and increased production capacity[12]. - Fixed assets rose by 50.69% to CNY 447,615,602.52, mainly due to the completion of construction for a new production facility[12]. - The company reported a significant increase in fixed assets from ¥297,041,797.23 to ¥447,615,602.52, indicating ongoing investment in infrastructure[19]. Government Support and Expenses - The company received government subsidies amounting to CNY 1,256,729.59, which are closely related to its normal business operations[6]. - Employee compensation payable decreased by 52.55% to ¥9,582,681.52 due to year-end bonuses issued during the reporting period[13]. - Tax payable decreased by 31.57% to ¥12,135,928.27 primarily due to reduced sales from subsidiaries[13]. - Financial expenses increased by 3640.69% to ¥12,992,602.85 mainly due to exchange rate fluctuations resulting in foreign exchange losses[14]. - The company incurred financial expenses of CNY 7,471,538.51 in Q1 2018, compared to a financial income of CNY 1,221,135.96 in the previous year[31]. Shareholder Information - The number of shareholders at the end of the reporting period was 10,358[9]. - The company plans to initiate a share buyback and cancellation for the original shareholders of Zhangjiagang Dawei Additives Co., Ltd. pending shareholder approval[18].