Financial Performance - The company's operating revenue for the first half of 2020 was CNY 256,706,305.96, representing a 13.60% increase compared to CNY 225,978,150.85 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 22,140,568.80, a 40.38% increase from CNY 15,772,060.25 in the previous year[18]. - The net cash flow from operating activities was CNY 14,440,446.30, a significant recovery from a negative cash flow of CNY -7,758,923.19 in the same period last year[18]. - The total assets at the end of the reporting period were CNY 1,432,410,071.77, reflecting a 6.12% increase from CNY 1,349,830,654.98 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased to CNY 801,492,436.01, up 1.42% from CNY 790,271,867.21 at the end of the previous year[18]. - Basic earnings per share for the first half of 2020 were CNY 0.1647, a 14.38% increase from CNY 0.1440 in the same period last year[19]. - The weighted average return on net assets increased to 2.76%, up 0.71 percentage points from 2.05% in the previous year[19]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 20,482,380.54, which is a 43.20% increase from CNY 14,303,293.71 in the previous year[18]. - The gross profit margin improved to 32.41%, up by 2.41 percentage points year-on-year[42]. - The company achieved a significant increase in cash inflow from sales, reaching RMB 196,493,582.41, up from RMB 133,314,827.26 in the first half of 2019, reflecting strong sales performance[114]. Business Operations - The main business focus is on the R&D, production, and sales of ultra-pure reagents and photolithography supporting reagents, which are essential for microelectronics and optoelectronics processes[23]. - The company employs a "sales-driven production" model, aligning production with customer orders to optimize efficiency[24]. - The production process includes purification and mixing techniques, ensuring high purity and functionality of the chemical products[27]. - The company has implemented a recycling model for certain products, reducing raw material costs and addressing environmental concerns[27]. - The sales strategy emphasizes direct sales to end customers in the electronics industry, ensuring high-quality standards and long-term partnerships[28]. - The company aims to become a comprehensive supplier by providing integrated solutions tailored to customer production processes[28]. - The wet electronic chemicals industry is closely tied to the semiconductor manufacturing sector, highlighting its importance in the electronic information industry[29]. - The company has achieved G2 and G3 product standards, with some IPO fundraising project products reaching G4 level, positioning itself among the leaders in the domestic industry[33]. - The company supplies high-end wet electronic chemicals to major clients in the flat panel display, semiconductor, LED, and solar energy sectors, gradually replacing imports in high-end products[34]. - The company has developed a complete set of production processes for wet electronic chemicals, achieving large-scale production capabilities for G2 and G3 grade products[35]. Market and Industry Insights - The global market for wet electronic chemicals has maintained an annual growth rate of over 8% since the 1990s, with a market capacity of approximately 20.8 billion yuan since 2015, growing at a rate of 7% to 8% annually[32]. - The wet electronic chemicals industry is characterized by rapid product updates, high functionality, and strong added value, making it a high-growth sector with broad market prospects[32]. - The company has established a strong customer base, including leading enterprises such as BOE Technology Group and China National Semiconductor, which reflects its technical strength and provides a solid foundation for future growth[36]. - The company has a diversified product application layout, with significant market shares in flat panel displays, semiconductors, and solar energy[56]. Financial Position and Liabilities - The company’s short-term loans increased by 35.63% to 210.23 million yuan, reflecting the need for working capital[47]. - The company’s construction in progress increased by 102.67% to 398.54 million yuan, driven by ongoing projects in Sichuan and Zhenjiang[47]. - The company reported a total of 570,186,610.84 RMB in current assets as of June 30, 2020, a decrease from 604,418,388.34 RMB at the end of 2019, representing a decline of approximately 5.7%[100]. - Total liabilities increased to CNY 631,717,538.05, up from CNY 560,147,676.26, reflecting a growth of 12.7%[102]. - The company is at risk of bad debts due to a large accounts receivable balance, which may strain liquidity[59]. Risks and Challenges - The company faces risks related to fluctuations in raw material prices, which could impact production and operations[53]. - There is a risk of technological obsolescence in the electronic chemical products sector, which may hinder the company's ability to innovate[54]. - Increased competition in the wet electronic chemical market could affect pricing, customer retention, and profitability[55]. - Environmental compliance costs are expected to rise due to stricter regulations and customer demands for higher quality and environmental standards[58]. Shareholder and Governance Matters - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during the reporting period[4]. - The company did not distribute any dividends or bonus shares for the half-year period, with a distribution of 0 shares and 0 yuan per 10 shares[63]. - The company has committed to not transferring or managing its shares for 36 months post-IPO, with a maximum of 25% of shares allowed to be sold annually during the tenure of key personnel[64]. - Major shareholders have committed to not reducing their holdings below the issuance price during the two years following the lock-up period[67]. - The company has established a commitment to not engage in any business that competes with its own products or services[69]. Compliance and Legal Matters - The company has not faced any major litigation or arbitration matters during the reporting period[73]. - The company has adhered to environmental protection laws and has not faced penalties for violations during the reporting period[80]. - The company has not made any significant related party transactions during the reporting period[74]. Future Outlook and Strategy - The company plans to enhance the introduction of high-value-added products and adjust raw material procurement strategies to reduce costs[43]. - The company plans to continue focusing on market expansion and new product development to drive future growth[109]. - The company plans to continue focusing on operational efficiency and strategic investments to enhance future growth prospects[115].

2020 年第一季度报告 公司代码：603078 公司简称：江化微 江阴江化微电子材料股份有限公司 2020 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 7 | 2020 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | | | | 增减(%) | | | 总资产 | 1,398,525,517.17 | 1,349,830,654.98 | | 3.61% | | 归属于上市公司股东 | 799,075,661.18 | 790,271,867.21 | | 1.11% | | 的净资产 | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | | 经营活动产生的现金 | 16,620,022.46 | -6,157,398. ...

Financial Performance - The net profit for 2019 was CNY 37,377,049.83, with a distributable profit of CNY 33,639,344.85 after statutory surplus reserve allocation[5]. - The total distributable profit available to shareholders as of December 31, 2019, was CNY 326,512,989.20 after deducting cash dividends of CNY 12,600,000.00 from the adjusted retained earnings[5]. - The company's operating revenue for 2019 was approximately CNY 490.43 million, representing a year-over-year increase of 27.82% compared to CNY 383.68 million in 2018[22]. - The net profit attributable to shareholders for 2019 decreased by 13.54% to CNY 34.52 million from CNY 39.92 million in 2018[22]. - The basic earnings per share for 2019 was CNY 0.3161, down 13.54% from CNY 0.3656 in 2018[23]. - The weighted average return on equity for 2019 was 4.43%, a decrease of 0.86 percentage points from 5.29% in 2018[23]. - The net cash flow from operating activities for 2019 was CNY 44.24 million, a decline of 39.30% compared to CNY 72.88 million in 2018[22]. - The total assets at the end of 2019 were CNY 1.35 billion, an increase of 33.80% from CNY 1.01 billion at the end of 2018[22]. - The net assets attributable to shareholders at the end of 2019 were CNY 790.27 million, reflecting a 2.66% increase from CNY 769.79 million at the end of 2018[22]. - The gross profit margin remained stable at 30.08%, while the net profit attributable to shareholders decreased by 13.54% to CNY 34.52 million[49]. Profit Distribution - A cash dividend of CNY 1.00 per 10 shares (totaling CNY 10,920,000) will be distributed to shareholders, along with a capital reserve conversion of 3 shares for every 10 shares held, increasing the total share capital to 141,960,000 shares[5]. - The cash dividends distributed in 2019 represented 31.64% of the net profit attributable to shareholders[135]. - The profit distribution plan for 2019 included a cash dividend of CNY 1.00 per 10 shares, totaling CNY 10,920,000, and a capital reserve increase of 3 shares for every 10 shares held, resulting in an increase of 32,760,000 shares[134]. - The company has implemented a proactive profit distribution policy, prioritizing cash dividends, with a minimum cash distribution of 20% of distributable profits if no major investment plans arise[128]. - The company will consider industry characteristics and development stages when proposing profit distribution plans, with cash dividends potentially reaching 80% in mature stages without major expenditures[129]. Operational Focus - The company is focused on the development of ultra-pure reagents and photoresist supporting reagents for the semiconductor and microelectronics industries[11]. - The company specializes in the R&D, production, and sales of ultra-pure reagents and related chemical products for the microelectronics and optoelectronics industries[29]. - The company plans to continue expanding its market presence in the semiconductor and photovoltaic sectors, focusing on high-purity and functional electronic chemical materials[29]. - The company adopts a "sales-driven production, production-driven procurement" model, ensuring production aligns with customer orders[30]. - The production process is based on customer demand, with manufacturing plans developed monthly according to sales forecasts and inventory levels[32]. Market Position and Growth - The company operates in the wet electronic chemicals industry, which is a critical sector for semiconductor manufacturing and is recognized as a key growth area in China's chemical industry[74]. - The company is positioned as a leading domestic producer of wet electronic chemicals, with a competitive edge in high-generation flat panel display sectors[114]. - The company aims to enhance its R&D capabilities by building a high-level engineering technology team and establishing a national-level technology center for wet electronic chemicals[119]. - The company has successfully replaced imports in the high-end wet electronic chemical sector, demonstrating its technological advantages[38]. - The company is expected to see increased market share in wet electronic chemicals, particularly in the flat panel display, semiconductor, and solar sectors[110]. Research and Development - The company has a professional R&D team of over 40 members and holds 73 patents, including 28 invention patents[41]. - The total research and development investment accounted for 5.1% of operating revenue[65]. - Research and development expenses rose by 26.18% year-on-year, amounting to 25.02 million yuan[54]. - The company is committed to forward-looking independent research and development to maintain industry leadership[88]. - The company has established stable partnerships with universities for collaborative research and development, enhancing its technological innovation capabilities[89]. Risk Management - The company has detailed potential industry and operational risks in the report, advising investors to review the relevant sections for more information[6]. - The company faces risks from fluctuations in raw material prices, which could impact production and operations, as the main raw materials are basic chemical materials[123]. - The company has a diversified application layout in downstream sectors such as flat panel displays, semiconductors, and solar energy, which helps mitigate market demand fluctuations[124]. Corporate Governance - The company has a clear governance structure with no conflicts of interest reported among board members[177]. - The company has established a mechanism to ensure compliance with the latest regulatory requirements regarding compensation and return measures[142]. - The company has implemented a compensation committee to evaluate the performance of directors and senior management annually[182]. - The board of directors held 11 meetings during the year, with all members actively participating[193]. - The company has a strong commitment to investor relations, ensuring effective communication and transparency with shareholders[191]. Environmental Responsibility - The company implemented clean production processes to minimize pollution and comply with environmental regulations, with no penalties reported during the period[158]. - The company has implemented a recycling model for certain products, reducing raw material costs and addressing environmental concerns[32]. - Environmental investment amounted to RMB 108.03 million, which is 0.22% of total revenue[103].

Financial Performance - Operating revenue for the first nine months reached CNY 363,952,630.25, a growth of 28.31% year-on-year[6] - Net profit attributable to shareholders increased by 11.74% to CNY 32,966,008.38 for the first nine months[6] - Basic and diluted earnings per share rose by 11.73% to CNY 0.3019[7] - The company reported a total profit of ¥36,014,255.58 for the first three quarters of 2019, an increase of 7.4% from ¥33,434,479.76 in the same period of 2018[27] - Net profit for Q3 2019 was ¥16,742,779.22, representing a 63.5% increase compared to ¥10,281,941.64 in Q3 2018[27] - The company reported a total profit of ¥19,412,858.86 for Q3 2019, compared to ¥12,361,863.01 in Q3 2018, marking a 56.4% increase[31] Asset and Liability Changes - Total assets increased by 16.27% to CNY 1,172,921,405.65 compared to the end of the previous year[6] - Total liabilities reached CNY 384,135,630.76, compared to CNY 239,290,394.67, which is an increase of about 60.5%[20] - Current liabilities rose to CNY 275,543,112.45 from CNY 221,390,379.36, reflecting an increase of approximately 24.5%[20] - Short-term borrowings increased significantly to CNY 155,000,000.00, up from CNY 60,000,000.00, marking a growth of 158.3%[25] - Non-current assets totaled CNY 671,845,001.68, compared to CNY 514,656,650.98, indicating a year-over-year increase of about 30.6%[20] Cash Flow Analysis - Net cash flow from operating activities decreased by 62.00% to CNY 18,387,896.88 compared to the same period last year[6] - Net cash flow from investing activities turned negative at -¥163,820,585.70, a decline of 562.36% due to increased fixed asset payments[15] - Net cash flow from financing activities increased by 508.38% to ¥127,638,514.76, primarily due to new loans[15] - Cash flow from operating activities for the first three quarters of 2019 was ¥18,387,896.88, down 61.9% from ¥48,383,088.96 in the same period of 2018[34] - The net cash flow from operating activities for the first three quarters of 2019 was CNY 28,345,945.40, slightly down from CNY 29,994,262.84 in the first three quarters of 2018[36] Shareholder Information - The total number of shareholders reached 14,293 by the end of the reporting period[11] - The largest shareholder, Yin Fuhua, holds 27.42% of the shares, totaling 29,941,457 shares[11] - The total equity attributable to shareholders increased to ¥794,552,614.28 in Q3 2019 from ¥772,278,285.24 in Q3 2018, a rise of 2.9%[26] Expenses and Costs - The company's sales expenses increased by 65.37% to ¥35,941,462.97, driven by higher transportation costs from increased sales volume[14] - Total operating costs for Q3 2019 were ¥120,173,395.54, up 28.8% from ¥93,273,518.88 in Q3 2018[26] - Research and development expenses for the first three quarters of 2019 amounted to ¥17,830,150.62, up 19.5% from ¥14,885,972.64 in the same period of 2018[26] Other Financial Metrics - The weighted average return on equity increased by 0.29 percentage points to 4.22%[7] - The company reported non-operating income of CNY 791,820.77 for the first nine months[9] - The company incurred CNY 38,688,679.48 in cash payments for the purchase of fixed assets and intangible assets in Q3 2019, down from CNY 72,368,836.76 in Q3 2018[38]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥225,978,150.85, representing a 26.46% increase compared to ¥178,693,205.75 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 17.94% to ¥15,772,060.25 from ¥19,219,876.70 year-on-year[19]. - Basic earnings per share decreased by 18.18% to CNY 0.144 compared to the same period last year[20]. - Diluted earnings per share also decreased by 18.18% to CNY 0.144 compared to the same period last year[20]. - The total comprehensive income attributable to shareholders of the parent company was CNY 15,772,060.25, compared to CNY 19,219,876.70 in the previous year, reflecting a decline of 17.5%[109]. - The company reported a net increase in cash and cash equivalents of -16,922,712.14 RMB for the first half of 2019, compared to an increase of 182,762,467.60 RMB in the same period of 2018[119]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥7,758,923.19, a decline of 120.76% compared to ¥37,369,233.83 in the previous year[19]. - The company reported a cash inflow from operating activities of CNY 133,314,827.26, down 13.1% from CNY 153,477,908.98 in the first half of 2018[114]. - Cash received from sales and services was 130,477,872.78 RMB, a decrease from 151,133,456.36 RMB in the first half of 2018[118]. - The company has significant accounts receivable, which may lead to liquidity pressures and risks of bad debts[62]. Assets and Liabilities - The total assets increased by 13.27% to ¥1,142,685,345.87 from ¥1,008,809,318.69 at the end of the previous year[19]. - The total liabilities increased to ¥370,642,350.20 from ¥239,290,394.67, showing a significant rise of approximately 54.9%[102]. - The total current liabilities rose to CNY 264,301,332.89 from CNY 221,390,379.36, which is an increase of around 19.4%[102]. - The company has fixed assets valued at RMB 51,584,078.46 and intangible assets valued at RMB 18,589,979.48, both secured against bank loans[53]. Research and Development - The company continues to focus on the development of high-purity electronic chemicals and related products for the semiconductor industry[10]. - Research and development expenses for the first half of 2019 amounted to ¥11,626,059.41, an increase of 35.5% from ¥8,586,944.97 in the first half of 2018[108]. - The company has a strong R&D team that continuously meets the functional demands of downstream clients, enhancing its competitive edge in the market[38]. Market Position and Strategy - The company specializes in the R&D, production, and sales of ultra-pure reagents and photolithography supporting reagents for the semiconductor and electronics industries[25]. - The company aims to become a comprehensive supplier providing integrated solutions based on customer production processes and technical requirements[30]. - The wet electronic chemicals industry is recognized as a critical category in semiconductor manufacturing materials, with significant market potential[31]. - The company has established stable relationships with downstream enterprises, which are crucial for maintaining quality and supply capabilities, leading to high market entry barriers for new competitors[34]. Risks and Challenges - The company has disclosed potential industry and operational risks in the report, urging investors to pay attention to investment risks[6]. - The company faces risks from fluctuations in raw material prices, which could impact production and operations[56]. - Increased competition in the wet electronic chemicals market may affect pricing, customer retention, and profitability[58]. - Environmental and safety production risks are present, including potential increases in environmental governance costs and the risk of production accidents[60][61]. Shareholder Information - The company did not have any profit distribution plan or capital reserve transfer plan approved by the board during the reporting period[4]. - The actual controller and shareholders committed to not transferring shares for 36 months post-listing, with a maximum of 25% of their holdings allowed to be transferred annually during their tenure[66]. - The company did not distribute any dividends or increase capital reserves in the first half of 2019, with a proposed distribution of 0 shares and 0 yuan per 10 shares[64]. Compliance and Governance - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[7]. - The company has not reported any environmental violations during the reporting period, adhering to various environmental protection laws[78]. - There were no significant lawsuits or arbitration matters reported during the reporting period[74]. Accounting Policies - The company adheres to enterprise accounting standards, ensuring transparency and accuracy in financial reporting[141]. - The company has implemented specific accounting policies tailored to its operational characteristics, enhancing financial management[140]. - The company recognizes impairment losses for inventory based on the lower of cost and net realizable value, with provisions made at the end of the period[178].

Financial Performance - Operating revenue rose by 17.38% to CNY 97,828,343.54 year-on-year[6] - Net profit attributable to shareholders decreased by 44.36% to CNY 4,789,267.45 compared to the same period last year[6] - Basic earnings per share fell by 44.39% to CNY 0.057[9] - The company reported a decrease in net profit after deducting non-recurring gains and losses by 36.23% to CNY 3,997,334.65[6] - Net profit for Q1 2019 was ¥4,553,740.19, a decrease of 47.3% from ¥8,607,704.84 in Q1 2018[25] - Operating profit for Q1 2019 was CNY 5,881,185.08, down 39.0% from CNY 9,724,634.43 in Q1 2018[27] - Net profit for Q1 2019 was CNY 5,543,661.99, a decrease of 37.7% compared to CNY 8,814,383.79 in Q1 2018[28] - Total comprehensive income for Q1 2019 was CNY 5,543,661.99, down from CNY 8,814,383.79 in Q1 2018[28] Cash Flow - Net cash flow from operating activities dropped by 136.44% to -CNY 6,157,398.44[6] - Cash flow from operating activities decreased by 136.44% to -¥6,157,398.44 primarily due to a decrease in cash received from sales[13] - Cash flow from investing activities decreased by 3703.25% to -¥69,233,176.06 due to increased acquisition of fixed assets[13] - Cash flow from financing activities increased by 178.50% to ¥82,910,490.64 primarily due to new loans[13] - Cash inflow from operating activities totaled $69,643,204.79, a decrease of 13.5% compared to $80,091,002.04 in the previous year[35] - Net cash outflow from operating activities was $14,479,362.80, worsening from a net outflow of $4,211,695.39 year-over-year[35] - Cash inflow from investment activities was $62,026,849.32, while cash outflow was $30,577,793.46, resulting in a net cash outflow of $30,577,793.46 compared to a net inflow of $7,414,615.67 last year[35] - Cash inflow from financing activities was $25,000,000.00, down from $30,000,000.00 in the previous year[35] - The company reported a total cash inflow of $69,643,204.79 from operating activities, while cash outflow was $84,122,567.59, leading to a negative cash flow from operations[35] - The company experienced a significant decrease in cash flow from investment activities, with a net cash flow of -$30,577,793.46 compared to a positive cash flow in the previous year[35] - The company’s cash and cash equivalents decreased by $52,146,665.62 during the quarter, contrasting with an increase of $32,973,495.29 in the previous year[36] Assets and Liabilities - Total assets increased by 3.67% to CNY 1,045,831,155.16 compared to the end of the previous year[6] - Total current assets decreased to ¥385,420,349.24 as of March 31, 2019, down 12.1% from ¥438,700,510.42 at the end of 2018[22] - Total non-current assets increased to ¥549,552,796.17 as of March 31, 2019, up 3.4% from ¥530,803,793.29 at the end of 2018[22] - Total liabilities decreased to ¥157,151,198.18 as of March 31, 2019, down 20.3% from ¥197,226,018.47 at the end of 2018[23] - Shareholder equity increased to ¥777,821,947.23 as of March 31, 2019, up 0.7% from ¥772,278,285.24 at the end of 2018[23] Shareholder Information - The total number of shareholders reached 7,244 at the end of the reporting period[10] - The largest shareholder, Yin Fuhua, holds 27.42% of the shares, totaling 23,031,890 shares[10] Research and Development - Research and development expenses increased by 71.58% to ¥5,275,356.34 due to increased investment in R&D[13] - Research and development expenses increased to ¥5,275,356.34 in Q1 2019, compared to ¥3,074,558.50 in Q1 2018, reflecting a growth of 71.6%[24] Government Subsidies - Government subsidies recognized in the current period amounted to CNY 959,499.00[8] Project Financing - The company is constructing a project with an annual capacity of 58,000 tons, which will impact cash flow and construction in progress[14] - The company plans to finance the project through self-owned funds, bank loans, and issuing convertible bonds[14]

Financial Performance - In 2018, the company achieved a net profit of ¥41,836,042.05, with a distributable profit of ¥37,652,437.84 after statutory surplus reserve allocation[5]. - The total distributable profit available to shareholders as of December 31, 2018, was ¥305,583,629.34, after deducting cash dividends of ¥18,000,000.00 paid during the year[5]. - The company proposed a cash dividend of ¥1.50 per 10 shares, totaling ¥12,600,000.00, and a capital reserve conversion of 3 shares for every 10 shares, increasing the total share capital to 109,200,000 shares[5]. - The company's operating revenue for 2018 was ¥383.68 million, an increase of 8.30% compared to ¥354.28 million in 2017[20]. - The net profit attributable to shareholders decreased by 25.62% to ¥39.92 million from ¥53.68 million in 2017[20]. - The basic earnings per share for 2018 was ¥0.4753, down 30.27% from ¥0.6816 in 2017[21]. - The weighted average return on equity decreased to 5.29% from 9.09% in 2017, a reduction of 3.8 percentage points[21]. - The gross profit margin decreased to 30.59%, down by 4.55 percentage points year-on-year[52]. - Net profit attributable to shareholders was 39.92 million yuan, a decline of 25.62% from the previous year[56]. Cash Flow and Assets - The net cash flow from operating activities increased by 100.54% to ¥72.88 million from ¥36.34 million in 2017[20]. - Total assets at the end of 2018 were ¥1,008.81 million, a 14.32% increase from ¥882.45 million at the end of 2017[20]. - The company reported a significant increase in cash and cash equivalents, totaling 260,634,884.05 yuan, up 70.02% from the previous year[77]. - The inventory level rose to 29,402,173.96 yuan, reflecting a 48.75% increase year-on-year[77]. Operational Strategy - The company primarily engages in the R&D, production, and sales of ultra-pure reagents and related chemical products for microelectronics[28]. - The production model is based on "sales-driven production," aligning procurement and manufacturing with customer orders[29]. - The company has implemented a strict supplier selection process to ensure the quality and price of raw materials, maintaining a stable procurement pricing model that is generally determined monthly[30]. - The sales strategy focuses on direct sales to end customers in the downstream electronics industry, emphasizing high-quality standards and long-term partnerships[32]. - The company aims to become a comprehensive supplier by providing integrated solutions tailored to customer production processes and technical requirements[33]. Research and Development - The company has established a stable cooperative relationship with Nanjing University for joint research and development[42]. - The company holds 61 patents, including 22 invention patents and 38 utility model patents[42]. - Research and development expenses rose by 22.93% to CNY 19.83 million, indicating a focus on product technology enhancement[58]. - The company aims to enhance its R&D capabilities by building a high-level engineering technology team and establishing a national-level technology center[125]. Market and Industry Trends - The wet electronic chemicals industry is characterized by rapid product updates and high functional value, driven by the fast-paced development of downstream industries such as new energy and information communication[36]. - The global consumption of electronic chemicals has maintained an annual growth rate of over 8% since the 1990s, with the market capacity expected to reach approximately 20.8 billion yuan in 2015, growing at a rate of 7% to 8% in the coming years[37]. - Future development in the wet electronic chemicals sector is promising, supported by national strategic initiatives in new energy and advanced materials[38]. - The company is focusing on increasing the proportion of high-value-added wet electronic chemicals for the semiconductor and flat panel display industries[51]. Risk Management - The company has detailed potential industry and operational risks in the report, advising investors to review the relevant sections for more information[7]. - The company faces risks from raw material price fluctuations, which could impact production and operations[129]. - The company is exposed to competition risks as more firms may enter the wet electronic chemical market due to its growth potential[130]. Shareholder and Profit Distribution - The company maintains a cash dividend policy, distributing at least 20% of distributable profits as cash dividends if no major investment plans arise[134]. - The company emphasizes a stable profit distribution policy, prioritizing cash dividends, especially during mature development stages[135]. - The company actively engages with minority shareholders to gather their opinions on profit distribution matters[137]. - The company has not proposed a cash profit distribution plan for the last three years, which restricts it from issuing new shares or convertible bonds[138]. Corporate Governance and Compliance - The company is committed to ensuring the accuracy and completeness of the financial report, as stated by its management[4]. - The audit report issued by Lixin Certified Public Accountants confirmed the financial statements without reservations[4]. - The company has not faced any risks of suspension from listing during the reporting period[166]. - The company has pledged to adhere to the latest regulations from the China Securities Regulatory Commission regarding compensation measures and stock incentive plans[160].

Financial Performance - Operating revenue for the first nine months rose by 5.00% to CNY 283,652,009.47 year-on-year[7] - Net profit attributable to shareholders decreased by 31.57% to CNY 29,501,818.34 compared to the same period last year[7] - Basic and diluted earnings per share fell by 39.18% to CNY 0.3512[8] - The weighted average return on net assets decreased by 3.6 percentage points to 3.93%[8] - The company reported a net profit of CNY 4,121,159.81 from non-recurring gains and losses for the year-to-date[10] - Net profit for the first nine months of 2018 reached CNY 29,501,818.34, a decrease of 31.6% from CNY 43,115,505.99 in the same period of 2017[28] - The total profit for the first nine months of 2018 was CNY 35,128,746.07, down from CNY 48,894,249.83 in the same period of 2017, indicating a decrease of about 28.1%[31] Assets and Liabilities - Total assets increased by 7.89% to CNY 952,044,894.11 compared to the end of the previous year[7] - The total number of shareholders reached 6,686 by the end of the reporting period[12] - The largest shareholder, Yin Fuhua, holds 27.42% of the shares, totaling 23,031,890 shares[12] - The company's cash and cash equivalents increased to ¥258,094,836.17, a 68.36% rise from ¥153,300,256.10 at the beginning of the year[14] - Accounts receivable decreased by 55.71% to ¥27,002,416.51 due to an increase in the collection of matured notes during the reporting period[15] - Prepayments increased by 102.01% to ¥3,689,178.90, primarily due to an increase in prepayments during the reporting period[15] - Construction in progress surged by 868.24% to ¥118,343,352.58, attributed to investments in subsidiary construction and fundraising projects[15] - The total liabilities rose to ¥192,678,773.22, compared to ¥134,588,405.01 at the beginning of the year[22] - The company's equity attributable to shareholders increased to ¥759,366,120.89, up from ¥747,864,302.55 at the beginning of the year[22] Cash Flow - Cash flow from operating activities increased significantly by 64.12% to CNY 48,383,088.96 year-to-date[7] - The net cash flow from operating activities increased by 64.12% to ¥48,383,088.96, driven by an increase in cash received from sales[15] - Cash inflow from sales of goods and services reached ¥222,872,631.44, an increase of 7.5% compared to ¥206,668,663.82 in the same period last year[34] - Total cash inflow from investment activities amounted to ¥243,240,568.91, significantly higher than ¥10,111,277.19 in the previous year[35] - Net cash flow from investment activities was -¥35,431,181.30, an improvement from -¥323,323,956.72 in the same period last year[35] - Cash inflow from financing activities totaled ¥40,000,000.00, compared to ¥362,700,000.00 in the previous year[39] - Net cash flow from financing activities was ¥20,980,105.62, down from ¥311,656,052.80 year-on-year[39] - The ending balance of cash and cash equivalents was ¥258,094,836.17, up from ¥152,339,387.51 at the end of the previous year[35] Research and Development - Research and development expenses for Q3 2018 were CNY 6,299,027.67, an increase of 61.3% compared to CNY 3,905,766.40 in Q3 2017[28] - Research and development expenses increased to CNY 5,486,237.02 in Q3 2018, up from CNY 3,905,766.40 in Q3 2017, marking a rise of about 40.4%[31] Future Plans - The company plans to issue convertible bonds totaling up to ¥29,500 million, which has been approved by the board and shareholders[16] - The company has not disclosed any new product developments or market expansion strategies in this report[5]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥178,693,205.75, representing a 2.67% increase compared to ¥174,039,033.59 in the same period last year[20] - The net profit attributable to shareholders for the first half of 2018 was ¥19,219,876.70, a decrease of 26.29% from ¥26,076,431.01 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥15,459,949.77, down 39.03% from ¥25,358,307.16 in the same period last year[20] - The net cash flow from operating activities was ¥37,369,233.83, slightly decreased by 0.67% compared to ¥37,622,359.07 in the previous year[20] - Basic earnings per share decreased by 38.61% to CNY 0.229 compared to the same period last year[21] - Diluted earnings per share also decreased by 38.61% to CNY 0.229 compared to the same period last year[21] - The weighted average return on equity dropped by 2.72 percentage points to 2.57%[21] - The weighted average return on equity after deducting non-recurring gains and losses decreased by 3.07 percentage points to 2.07%[22] - Operating costs rose to 126.60 million yuan, reflecting a 16.96% increase year-on-year[46] - Gross margin decreased to 29.15%, down by 8.65 percentage points compared to the previous year[46] - The ultra-pure reagent business generated revenue of 110.65 million yuan, accounting for 64.33% of main business revenue, down by 4.09 percentage points from 2017[47] - The photoresist auxiliary reagent business reported revenue of 61.34 million yuan, representing 35.67% of main business revenue, an increase of 4.09 percentage points from 2017[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥935,825,919.22, reflecting a 6.49% increase from ¥878,760,801.85 at the end of the previous year[20] - The net assets attributable to shareholders at the end of the reporting period were ¥749,084,179.25, an increase of 4.00% from ¥720,262,783.81 at the end of the previous year[20] - Cash and cash equivalents increased to 358,787,516.31, representing 38.34% of total assets, a significant increase of 134.04% compared to the previous period[54] - Accounts receivable decreased by 46.53% to 32,595,524.15, accounting for 3.48% of total assets, primarily due to a reduction in receivables during the reporting period[54] - Construction in progress surged by 490.16% to 72,132,174.02, representing 7.71% of total assets, mainly due to the addition of new equipment for fundraising projects[55] - Total liabilities increased to CNY 186,741,739.97 from CNY 134,588,405.01, reflecting a growth of about 38.7%[109] Market and Industry Position - The company specializes in the R&D, production, and sales of ultra-pure reagents and photolithography supporting reagents for the microelectronics industry[26] - The global market for wet electronic chemicals has maintained an average annual growth rate of over 8% since the 1990s, with a market capacity of approximately 20.8 billion yuan since 2015, projected to grow at an annual rate of 7% to 8%[35] - The company supplies high-end wet electronic chemicals to major clients in the semiconductor and LED sectors, including well-known enterprises such as SMIC and Huazhong University of Science and Technology, and has begun to replace imports in high-end product categories[37] - The company has established a strong customer base, including leading manufacturers in the flat panel display sector such as BOE and Tianma Microelectronics, which supports its ongoing growth and market presence[39] - The wet electronic chemicals industry is characterized by rapid product updates, high functionality, and strong added value, driven by the fast-paced development of downstream industries like new energy and information communication[34] Risks and Challenges - The company has detailed potential industry and operational risks in the report, which investors should review[6] - The company faces risks from price fluctuations of key raw materials, which could impact production and operations[61] - Increased competition in the wet electronic chemicals market may affect pricing, customer retention, and profitability[63] - Market demand fluctuations pose a risk to the company's revenue stability and growth prospects[64] - The company is at risk of being unable to predict future technological updates, which may hinder product development and market competitiveness[62] Corporate Governance and Compliance - The company did not have any profit distribution plan or capital reserve transfer plan approved by the board during the reporting period[4] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[6] - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[7] - The company has committed to maintaining its shareholding structure for a minimum of 36 months post-IPO, with restrictions on share transfers during this period[72] - The company reported a lock-up period of 36 months for major shareholders after the IPO, during which they cannot transfer or manage their shares[73] - The company has committed to adhere to the latest regulations set by the China Securities Regulatory Commission regarding compensation measures[79] - The company has implemented strict compliance with environmental protection laws, ensuring no major violations occurred during the reporting period[86] Research and Development - R&D expenditure increased by 9.04% to 8.59 million yuan, reflecting the company's commitment to enhancing research capabilities[52] - The company is focusing on adjusting customer and product structures towards high-quality downstream clients and high-grade wet electronic chemicals[49] - The company plans to deepen customer engagement and expand sales varieties in the second half of 2018, aiming to enhance market share[49] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 7,789[96] - The top ten shareholders hold a total of 53,000,000 shares, representing 63.25% of the total shares[97] - The largest shareholder, Yin Fuhua, holds 23,031,890 shares, accounting for 27.42% of the total shares[97] Environmental Compliance - The company has committed to reducing pollution during production by utilizing clean production processes and minimizing waste emissions[88] - The company has emphasized the importance of adhering to national environmental standards and effectively managing hazardous waste[87] - The company has maintained a stable environmental compliance record, aligning with increasing customer demands for quality and environmental standards[87]

2018 年第一季度报告 公司代码：603078 公司简称：江化微 江阴江化微电子材料股份有限公司 2018 年第一季度报告 1 / 20 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 7 | | 四、 | 附录 9 | 2018 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 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 920,444,503.08 882,452,707.56 4.31 归属于上市公司股 东的净资产 738,472,007.39 747,864,302.55 -1.26 年初至报告期末 上年初至上年报告 期末 比上年同期增减(%) 经营活动产生的现 金流量净额 16,899,096.26 4,149,019.22 307.30 年初至报告期末 上年初至上年报告 期末 比上年同期增减（%） 营业收入 83,340,896.77 79,087,175.10 5.38 归属于上市公司股 东的净利润 8,607,704.84 11,659,7 ...