Financial Performance - The company's operating revenue for Q3 2021 was CNY 204,350,126.96, representing a year-on-year increase of 34.80%[5] - The net profit attributable to shareholders was CNY 12,533,120.11, showing a decrease of 38.91% compared to the same period last year[5] - The basic earnings per share for the quarter was CNY 0.0639, down 55.24% year-on-year[6] - The company reported a net profit of RMB 371,596,495.51 for the first nine months of 2021, compared to RMB 361,874,282.43 in the same period last year, indicating a growth of approximately 2%[20] - Net profit for the first three quarters of 2021 was ¥27.41 million, a decrease of 35.2% compared to ¥42.34 million in the same period of 2020[22] - Operating profit for the first three quarters of 2021 was ¥29.51 million, down 40.4% from ¥49.51 million in the same period of 2020[22] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 2,196,863,358.62, an increase of 10.48% from the end of the previous year[6] - As of September 30, 2021, the total assets of the company amounted to RMB 2,196,863,358.62, an increase from RMB 1,988,413,091.18 at the end of 2020, representing a growth of approximately 10.5%[20] - The company's current assets totaled RMB 749,167,155.61, down from RMB 803,901,167.08 in the previous year, indicating a decrease of about 6.8%[18] - Total liabilities reached RMB 1,072,229,071.14, up from RMB 873,095,973.87, which is an increase of approximately 22.8%[19] - The total liabilities were reported at 873,095,973.87 RMB, with current liabilities at 541,500,337.57 RMB and non-current liabilities at 331,595,636.30 RMB[32] Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 77,535,108.78, indicating a significant decline of 400.50%[6] - Cash flow from operating activities for the first three quarters of 2021 was negative at -¥77.54 million, compared to a positive cash flow of ¥25.80 million in the same period of 2020[27] - The net cash flow from financing activities was 89,930,418.57 RMB, a decrease from 100,318,891.51 RMB in the previous period, indicating a decline of approximately 1.4%[28] - The total cash and cash equivalents at the end of the period amounted to 249,710,361.39 RMB, down from 438,385,187.38 RMB at the beginning of the period, reflecting a decrease of about 43%[28] Inventory and Receivables - Accounts receivable increased by 39.88%, primarily due to sales growth[10] - Inventory levels rose by 81.91%, reflecting increased stock to support sales growth[10] - Accounts receivable increased significantly to RMB 256,824,336.32 from RMB 183,600,935.08, reflecting a growth of approximately 40%[17] - The company's inventory rose to RMB 55,498,917.17, compared to RMB 30,509,402.93 in the previous year, marking an increase of about 81.9%[18] Costs and Expenses - The company's gross profit margin decreased due to a 60.62% increase in operating costs attributed to sales growth and rising raw material prices[11] - Total operating costs for the first three quarters of 2021 were ¥509.89 million, up 40.6% from ¥362.50 million in the same period of 2020[21] Future Outlook - The company plans to continue expanding its semiconductor product line to drive future growth[5] - The company’s management indicated a focus on expanding market presence and investing in new technologies for future growth[24] Credit and Impairment - The company reported a 94.27% increase in credit impairment losses, mainly due to increased sales revenue[11] - The company incurred a credit impairment loss of -¥3.01 million in the third quarter of 2021, compared to -¥1.55 million in the same quarter of 2020[22] Equity and Dividends - The company's equity attributable to shareholders was RMB 1,126,391,562.74, slightly up from RMB 1,116,669,349.66, showing a marginal increase of about 0.2%[19] - The company distributed dividends and interest payments totaling 36,836,639.37 RMB, an increase from 25,712,378.49 RMB in the previous period, representing a growth of about 43%[28]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥335,154,670.42, representing a 30.56% increase compared to ¥256,706,305.96 in the same period last year[20] - The net profit attributable to shareholders for the first half of 2021 was ¥15,278,838.33, a decrease of 30.99% from ¥22,140,568.80 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥14,088,763.57, down 31.22% from ¥20,482,380.54 year-on-year[20] - The net cash flow from operating activities was -¥19,629,308.95, a significant decline of 235.93% compared to ¥14,440,446.30 in the same period last year[20] - The total assets at the end of the reporting period were ¥2,054,698,128.87, an increase of 3.33% from ¥1,988,413,091.18 at the end of the previous year[20] - The net assets attributable to shareholders at the end of the reporting period were ¥1,113,858,442.63, a slight decrease of 0.25% from ¥1,116,669,349.66 at the end of the previous year[20] - Basic earnings per share decreased by 52.64% to CNY 0.0780 compared to the same period last year[21] - Diluted earnings per share also decreased by 52.64% to CNY 0.0780 compared to the same period last year[21] - The weighted average return on equity dropped to 1.37%, down 1.39 percentage points from the previous year[21] - The company's gross profit margin decreased to 27.06%, down 3.5 percentage points year-on-year[43] - The company achieved a revenue of CNY 335.15 million in the first half of 2021, representing a 30.56% increase compared to the same period last year[43] - The company reported a net profit margin improvement, with net profits significantly contributing to retained earnings[121] Research and Development - The company has a professional R&D team of over 50 members and has developed 13 high-tech products recognized by Jiangsu Province, including various etching and stripping solutions[36] - The company’s R&D expenses increased by 55.36% to CNY 17.36 million compared to the previous year[43] - Research and development expenses rose to ¥17,358,021.24, an increase of 55.3% from ¥11,172,555.81 in the previous year[102] Market and Industry Trends - The wet electronic chemicals industry is experiencing rapid growth, with a global average annual consumption growth rate of over 8% since the 1990s, making it one of the fastest-growing sectors in the chemical industry[34] - The market size for wet electronic chemicals in China is expected to exceed 10.5 billion yuan, with a demand of 1.4704 million tons by 2020, and is projected to maintain double-digit growth in the coming years[34] - The company’s strategic focus aligns with national policies promoting new materials and electronic information technology as key emerging industries, indicating a favorable market outlook[34] - The company has established stable partnerships with major clients in various sectors, including high-end wet electronic chemicals for 6th and 8.5th generation flat panel display production lines, gradually replacing imports[35] - The company successfully entered the supply chain of leading enterprises in the semiconductor, flat panel display, and solar energy sectors, establishing a solid customer base for future growth[39] Production and Operations - The company’s main business includes the R&D, production, and sales of ultra-pure reagents and photolithography supporting reagents[26] - The production process is based on a "sales-driven production" model, aligning production with customer orders[27] - The company has implemented a recycling model for certain products, reducing raw material procurement costs[29] - The company aims to provide integrated solutions based on customer production processes and technical requirements[29] - The company’s production capacity expanded from 55,000 tons/year to 90,000 tons/year following the IPO fundraising project[43] - The company’s Sichuan factory has begun trial production, aiming to obtain safety production permits soon[45] - The company’s Jianghua Micro factory in Zhenjiang is in the final equipment debugging stage, expected to achieve a production capacity of 208,000 tons/year upon official operation[45] Financial Position and Capital Management - The company’s capital distribution plan includes a cash dividend of CNY 1.20 per 10 shares, totaling CNY 18,089,745.36[21] - The company has restricted cash of 113,712,951.30 CNY due to bank acceptance bills[50] - The company’s total current assets as of June 30, 2021, amounted to 750,421,081.63 RMB, a decrease from 803,901,167.08 RMB at the end of 2020[93] - The company's cash and cash equivalents were reported at 311,858,870.71 RMB, down from 550,920,885.23 RMB at the end of 2020[93] - The company reported fixed assets of 226,606,028.05 RMB, a slight decrease from 236,180,370.25 RMB at the end of 2020[93] - The company has a significant amount of accounts receivable, which poses liquidity risks and the potential for bad debts, impacting overall financial health[58] - The company has not reported any overdue guarantees during the reporting period[80] - The total amount of special reserves at the end of the period is 376,343,719, showing a slight increase from the previous balance[132] Risks and Challenges - The company faces risks from fluctuations in the prices of key raw materials, which include various chemical compounds, potentially impacting production operations[55] - There is a risk of being unable to predict future technological updates, which could hinder the company's ability to innovate and adapt to market demands in emerging fields like semiconductors and solar energy[56] - Increased competition in the wet electronic chemicals market may affect product pricing, customer retention, and overall profitability[56] - Environmental and safety production risks are present, including potential penalties for pollution and the possibility of accidents during operations[57] Shareholder and Governance Matters - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[70] - The company will disclose any share reduction plans three trading days in advance[70] - The company has established a commitment to adhere to regulations regarding major shareholders and executives' share reductions[70] - The company reported no significant litigation or arbitration matters during the reporting period[77] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[76] - The company has not engaged in any major related party transactions during the reporting period[78] Accounting and Financial Reporting - The company has adopted the new leasing standards effective from January 1, 2021, in accordance with the Ministry of Finance's regulations[139] - The company follows the enterprise accounting standards, ensuring that financial statements reflect its financial position and operating results accurately[140] - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, reflecting the overall financial position, operating results, and cash flows of the entire corporate group[151] - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[178]

2021 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 2021 年第一季度报告 1 / 19 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 7 | 2021 年第一季度报告 一、 重要提示 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 非经常性损益项目和金额 √适用 □不适用 3 / 19 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 2,028,573,462.30 1,988,413,091.18 2.02% 归属于上市公司股东的净资产 1,126,000,922.79 1,116,669,349.66 0.84% 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 -42,616,193.77 16,620,022.46 -356.41% 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 156,379,481.47 1 ...

Financial Performance - The net profit for the parent company in 2020 was CNY 65,231,232.20, with a distributable profit of CNY 58,708,108.98 after statutory surplus reserve allocation[5]. - The total distributable profit available to shareholders as of December 31, 2020, was CNY 374,301,098.18, after accounting for the cash dividend of CNY 10,920,000.00 paid in 2019[5]. - A cash dividend of CNY 1.20 per 10 shares (including tax) will be distributed, totaling CNY 18,089,745.36[5]. - The company's operating revenue for 2020 was ¥563.79 million, representing a 14.96% increase compared to ¥490.43 million in 2019[23]. - Net profit attributable to shareholders increased by 68.58% to ¥58.19 million in 2020 from ¥34.52 million in 2019[23]. - The basic earnings per share rose by 67.68% to ¥0.4078 in 2020, compared to ¥0.2432 in 2019[24]. - The weighted average return on equity increased to 6.97% in 2020, up from 4.43% in 2019, marking an increase of 2.54 percentage points[24]. - The total assets of the company reached ¥1,988.41 million at the end of 2020, a 47.31% increase from ¥1,349.83 million at the end of 2019[23]. - The net cash flow from operating activities was negative at -¥11.11 million in 2020, a decline of 125.11% compared to ¥44.24 million in 2019[23]. - The company reported a significant decrease in selling expenses by 77.95% to ¥10,753,728.55[57]. - The gross profit margin improved to 34.56%, up by 4.08 percentage points from the previous year[54]. Shareholder Returns and Capital Structure - The company plans to increase its share capital by 3 shares for every 10 shares held, resulting in an increase of 45,224,363 shares, bringing the total share capital to 195,972,241 shares[5]. - The company has a proactive profit distribution policy, prioritizing cash dividends, with a minimum of 20% of distributable profits allocated for cash dividends if no major investments are planned[125]. - The company plans to distribute cash dividends of 1.20 RMB per 10 shares, totaling 18,089,745.36 RMB, which accounts for 31.09% of the net profit attributable to shareholders for the year 2020[131]. - The company must conduct at least one profit distribution annually if it has positive distributable profits, with the board able to propose interim distributions based on profit and funding needs[127]. - The company’s profit distribution policy can be adjusted in response to significant changes in operational conditions or external factors like natural disasters[129]. - The company’s retained earnings must be used for operational needs, and any adjustments to the profit distribution policy must comply with regulatory requirements[130]. Corporate Governance and Compliance - The company has provided a standard unqualified audit report from Da Hua Certified Public Accountants[4]. - The company is committed to ensuring the accuracy and completeness of the annual report, with all board members present at the meeting[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has established a mechanism to ensure compliance with regulatory requirements regarding share repurchase commitments[138]. - The company has not faced any penalties from securities regulatory authorities in the past three years[192]. - The company actively manages investor relations, ensuring effective communication with shareholders[199]. Market Position and Industry Outlook - The company specializes in the research, production, and sales of ultra-pure reagents and photolithography supporting reagents, primarily used in microelectronics and optoelectronics manufacturing processes[33]. - The wet electronic chemicals industry is closely tied to the rapid development of downstream sectors such as new energy, information communication, and consumer electronics, creating significant market opportunities[38]. - The company aims to become a comprehensive supplier that provides integrated solutions based on customer production processes and technical requirements, focusing on high-value-added products[37]. - The company is expected to achieve G5 product production capability after the completion of its investment projects in Zhenjiang and Sichuan, enhancing its international competitiveness in wet electronic chemicals[42]. - The company has developed a comprehensive range of wet electronic chemicals, serving major clients in the flat panel display, semiconductor, and solar energy sectors, including well-known enterprises like BOE and SMIC[47]. Research and Development - The company holds 83 patents, including 32 invention patents, demonstrating its strong R&D capabilities in the wet electronic chemicals field[45]. - The company has established a stable cooperative relationship with Nanjing University for joint R&D, ensuring access to cutting-edge theoretical research[45]. - The company emphasizes technological innovation through a combination of foreign technology absorption, independent research and development, and industry-academia collaboration[91][92]. - Research and development expenses amounted to 30.37 million yuan, an increase of 21.38% compared to the previous year, primarily due to increased investment in R&D projects[67]. Operational Efficiency - The production model is based on "sales-driven production," where manufacturing is organized according to customer orders, ensuring efficient procurement and production planning[34]. - The company implements strict supplier selection standards to ensure the quality and price of raw materials, maintaining a dual-supplier strategy for each material to ensure supply stability[35]. - The production process includes purification and mixing techniques, with a focus on high-purity standards and quality control at every stage of production[36]. - The company has optimized its production capacity structure, increasing the proportion of high-margin flat panel and semiconductor capacities while reducing low-margin solar energy capacity[97]. Risks and Challenges - The company faces risks from price fluctuations of key raw materials, which could impact production and operations[119]. - Increased competition in the wet electronic chemicals market may affect pricing, customer retention, and overall profitability[121]. - The company is exposed to the risk of technological updates in the industry, which could hinder its product development and market competitiveness if not anticipated[120]. Social Responsibility and Environmental Compliance - The company emphasizes its commitment to social responsibility, including tax compliance and investor relations management[157]. - The company has implemented clean production processes to minimize environmental impact and comply with relevant environmental laws[158]. - The company has not faced any penalties for environmental violations during the reporting period[159].

Financial Performance - Net profit attributable to shareholders rose by 29.40% to CNY 42,656,403.02 for the first nine months of the year[5] - Revenue for the first nine months reached CNY 408,302,181.91, a 12.19% increase year-over-year[5] - Basic earnings per share increased by 5.13% to CNY 0.3174[6] - The weighted average return on equity improved by 1.04 percentage points to 5.26%[6] - Total revenue from sales of goods and services increased by 42.39% to ¥309,846,457.58, attributed to business growth and improved cash collection management[14] Assets and Liabilities - Total assets increased by 15.99% to CNY 1,565,680,606.28 compared to the end of the previous year[5] - Accounts receivable decreased by 92.41% to ¥1,213,301.00 due to payments made to suppliers[12] - Prepayments increased by 114.00% to ¥8,366,770.31 primarily due to increased advance payments for raw material procurement[12] - Construction in progress rose by 53.00% to ¥473,615,999.82 as a result of increased investment in subsidiary projects[13] - Other receivables decreased by 87.85% to ¥651,075.59 mainly due to the recovery of a previous investment deposit of ¥5 million[13] Cash Flow and Financial Management - Operating cash flow increased by 40.32% to CNY 25,802,168.25 year-to-date[5] - Financial expenses increased by 83.08% to ¥4,807,441.17 due to an increase in short-term loans[13] Shareholder Information - The total number of shareholders reached 22,067 by the end of the reporting period[10] - The largest shareholder, Yin Fuhua, holds 27.42% of the shares, totaling 38,923,894 shares[10] Government Support and Non-Recurring Items - Government subsidies related to research and development amounted to CNY 5,425,424.67 year-to-date[7] - Other income rose by 103.85% to ¥5,425,424.67, mainly from government subsidies for new product R&D[13] - The company reported a non-recurring profit of CNY 2,697,641.51 for the current period[8] Future Projects and Plans - The company plans to complete the Sichuan project by March 2021 and the Zhenjiang project by June 2021, with delays caused by the pandemic[15] - The company has received approval for a non-public offering of A-shares, which is currently in progress[15] Capital Changes - The company’s capital stock increased by 30.00% to ¥141,960,000.00 due to the conversion of capital reserves[13]

Financial Performance - Net profit attributable to shareholders rose by 29.40% to CNY 42,656,403.02 for the first nine months of the year[6] - Operating revenue for the first nine months increased by 12.19% to CNY 408,302,181.91 compared to the same period last year[6] - The net cash flow from operating activities increased by 40.32% to CNY 25,802,168.25 year-to-date[6] - Basic earnings per share increased by 5.13% to CNY 0.3174[7] - Total operating revenue for Q3 2020 was CNY 151,595,875.95, an increase of 9.8% compared to CNY 137,974,479.40 in Q3 2019[22] - Net profit for the first three quarters of 2020 reached CNY 408,302,181.91, compared to CNY 363,952,630.25 in the same period of 2019, marking an increase of 12.2%[22] - The net profit for Q3 2020 was CNY 20,409,257.63, representing an increase from CNY 16,742,779.22 in Q3 2019, which is a growth of approximately 22.5%[24] - The total profit for Q3 2020 reached CNY 23,912,894.05, compared to CNY 18,974,097.78 in the same period last year, marking a year-over-year increase of about 26.5%[24] - Total profit for the first three quarters of 2020 was CNY 52,764,347.12, a 35.4% increase from CNY 38,923,417.09 in the same period of 2019[28] Assets and Liabilities - Total assets increased by 15.99% to CNY 1,565,680,606.28 compared to the end of the previous year[6] - The company's total assets as of September 30, 2020, amounted to CNY 1,221,317,988.69, up from CNY 1,066,116,373.28 at the end of 2019, representing a growth of 14.6%[20] - The total liabilities increased to CNY 390,595,281.20 as of September 30, 2020, compared to CNY 269,183,243.75 at the end of 2019, indicating a rise of 45.0%[20] - Total liabilities reached CNY 560,147,676.26, with current liabilities at CNY 337,012,379.86 and non-current liabilities at CNY 223,135,296.40[37] - Total assets amounted to CNY 1,349,830,654.98, with current assets at CNY 604,418,388.34 and non-current assets at CNY 745,412,266.64[35] Shareholder Information - The total number of shareholders reached 22,067 by the end of the reporting period[9] - The largest shareholder, Yin Fuhua, holds 27.42% of the shares, totaling 38,923,894 shares[9] - Shareholders' equity totaled CNY 789,682,978.72, including paid-in capital of CNY 109,200,000.00 and retained earnings of CNY 321,124,485.87[37] Cash Flow - The company's cash inflow from operating activities for the first three quarters of 2020 was CNY 316,399,491.48, an increase of 41.5% compared to CNY 223,686,634.75 in the same period of 2019[30] - The net cash flow from operating activities was CNY 25,802,168.25, compared to CNY 18,387,896.88 in the first three quarters of 2019[30] - Cash received from sales increased by 42.39% to ¥309,846,457.58 from ¥217,611,052.39 due to business growth and improved cash collection management[12] - Cash paid for purchasing goods increased by 49.15% to ¥196,891,397.10 from ¥132,011,808.89 due to increased procurement driven by business growth[12] - The ending cash and cash equivalents balance was CNY 224,856,548.77, down from CNY 242,668,709.97 at the end of the same period in 2019[31] Research and Development - The company received government subsidies related to research and development amounting to CNY 5,425,424.67 year-to-date[8] - Research and development expenses for Q3 2020 were CNY 7,873,126.60, compared to CNY 6,204,091.21 in Q3 2019, an increase of 26.9%[22] - The company plans to continue investing in new product development and market expansion strategies to drive future growth[28] Operational Efficiency - Accounts receivable decreased by 92.41% to ¥1,213,301.00 from ¥15,988,995.46 due to payments made to suppliers[11] - Prepayments increased by 114.00% to ¥8,366,770.31 from ¥3,909,657.63 primarily due to increased advance payments for raw material procurement[11] - Other receivables decreased by 87.85% to ¥651,075.59 from ¥5,357,715.69 mainly due to the recovery of prior investment deposits[11] - Construction in progress increased by 53.00% to ¥473,615,999.82 from ¥309,561,883.81 due to planned increased investments in subsidiary projects[12] - Payables increased by 3400.04% to ¥87,172,545.22 from ¥2,490,615.20 due to business growth and increased procurement[12] - Tax payable increased by 760.87% to ¥5,538,040.93 from ¥643,306.73 due to increased revenue and profit leading to higher tax liabilities[12]

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]