2020 年第一季度报告 公司代码：603113 公司简称：金能科技 金能科技股份有限公司 2020 年第一季度报告 1 / 24 2020 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 24 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 公司负责人秦庆平、主管会计工作负责人刘吉芹及会计机构负责人（会计主管人员）刘吉芹 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 net profit attributable to shareholders for the first three quarters of 2019 was approximately ¥592.82 million, with the parent company achieving a net profit of ¥511.62 million[6]. - The distributable profit for the first three quarters of 2019, after legal reserve allocation, was approximately ¥460.46 million[6]. - The company's operating revenue for 2019 was approximately ¥8.15 billion, a decrease of 7.51% compared to 2018[24]. - Net profit attributable to shareholders was approximately ¥762.33 million, down 39.99% from the previous year[24]. - The basic earnings per share decreased by 39.89% to ¥1.13, while diluted earnings per share fell by 42.02% to ¥1.09[27]. - The weighted average return on equity decreased by 14.31 percentage points to 14.36%[27]. - The net profit after deducting non-recurring gains and losses was 640 million RMB, a decline of 45.01% year-on-year[53]. - The company reported non-recurring gains of approximately ¥122.46 million for 2019, compared to ¥106.60 million in 2018[32]. Dividends and Profit Distribution - The company declared a cash dividend of ¥1.48 per 10 shares, totaling approximately ¥100.04 million, including an unallocated amount from 2018[6]. - The company distributed a cash dividend of 1.48 RMB per 10 shares, totaling 100,039,039.34 RMB, which represents 13.12% of the net profit attributable to ordinary shareholders in 2019[165]. - The company has not adjusted its cash dividend policy during the reporting period[162]. - The company did not propose a profit distribution plan for the fourth quarter of 2019, as the distribution ratio for the first three quarters met the stipulated requirements[164]. Risk Factors and Compliance - The report includes a detailed description of significant risk factors that the company may face in the future[10]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting investment risks[7]. - The company faces risks from macroeconomic downturns and price fluctuations of key products, which could adversely affect its operating performance[159]. - The company is subject to various industry regulations and policies, and non-compliance could lead to penalties or disruptions in operations[160]. Assets and Liabilities - The company's total assets increased by 27.48% to approximately ¥8.66 billion compared to the end of 2018[24]. - The net assets attributable to shareholders increased by 21.12% to approximately ¥5.89 billion[24]. - The total liabilities decreased significantly, with short-term borrowings down by 57.03% to 73,499,261.92[77]. - Total guarantee amount (including guarantees to subsidiaries) is 20,346.79 million RMB, accounting for 3.45% of the company's net assets[192]. - The total amount of guarantees provided to subsidiaries during the reporting period is 23,284.79 million RMB, with a balance of 20,346.79 million RMB at the end of the reporting period[192]. Research and Development - Research and development expenses increased by 39.82% to 26.17 million RMB, driven by increased environmental and product development projects[58]. - The company invested CNY 24,355.41 million in R&D during the 2019 fiscal year, representing 3.29% of its operating revenue[108]. - The company is currently developing a zero discharge treatment technology for coking wastewater, with optimization and standardization work in progress[108]. - The company has completed pilot tests for a new structure of carbon black reactors, significantly improving product quality and cost efficiency[112]. Market and Industry Position - The company operates in the chemical industry, focusing on coal chemical products and fine chemical products, with stable demand from the steel industry[39]. - The company is the largest producer of para-cresol in China and maintains long-term strategic partnerships with influential international companies[97]. - The demand for potassium sorbate is increasing annually, with China becoming the largest producer, accounting for over 90% of global output[96]. - The overall market price of coke has decreased, leading to a significant drop in profits for coking plants, with industry profits returning to normal levels[94]. Shareholder Commitments and Governance - Major shareholder Fosun Chuangfu has pledged not to transfer shares for 12 months post-IPO and will limit annual reductions to 100% of shares held at the end of the previous year after the lock-up period[2]. - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the listing date[1]. - The company will automatically extend the lock-up period by 6 months if the stock price falls below the IPO price for 20 consecutive trading days within the first 6 months post-IPO[5]. - The company has established a strategy to manage related party transactions and competition among major shareholders[8]. Environmental and Sustainability Initiatives - The company has been recognized as one of the first national green factories, emphasizing its commitment to environmental protection and sustainable development[47]. - The company plans to focus on circular economy strategies to optimize resource utilization and achieve green development[153]. - Environmental protection investment amounted to CNY 22,129.85 million, representing 2.72% of total revenue[146]. - The company is actively pursuing resource recycling technologies to enhance environmental sustainability in its operations[112].

Financial Performance - Operating revenue for the first nine months was ¥6,207,670,398.98, a decrease of 2.24% compared to the same period last year[18]. - Net profit attributable to shareholders of the listed company decreased by 35.74% to ¥592,818,324.16[18]. - Basic earnings per share fell by 35.29% to ¥0.88[21]. - Operating profit decreased by 37.21% to CNY 672,031,262.61 primarily due to a decline in gross profit from main products[33]. - Net profit fell by 35.74% to CNY 592,818,324.16, attributed to lower gross margins on key products[33]. - Total operating revenue for Q3 2019 was approximately ¥2.03 billion, a decrease of 12.1% from ¥2.31 billion in Q3 2018[74]. - Net profit for Q3 2019 was approximately ¥200.49 million, a decrease of 49.9% compared to ¥399.96 million in Q3 2018[78]. - The company reported a total profit of approximately ¥236.04 million for Q3 2019, down 50.5% from ¥475.49 million in Q3 2018[78]. - Total comprehensive income for the first three quarters of 2019 reached CNY 511,624,722.26, a decline of 41.9% from CNY 881,049,078.64 in the same period of 2018[91]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,012,593,810.57, an increase of 3.19% compared to the previous year-end[18]. - Current assets totaled CNY 2,856,698,105.47, down from CNY 3,476,729,012.66 in December 2018, reflecting a decrease in liquidity[59]. - Total liabilities decreased to CNY 1,554,741,309.26 from CNY 1,929,492,274.74, indicating improved financial leverage[65]. - Total liabilities decreased to approximately ¥1.51 billion in Q3 2019 from ¥1.88 billion in Q3 2018, a reduction of 19.7%[72]. - The company's equity attributable to shareholders increased to CNY 5,457,852,501.31 from CNY 4,866,004,275.17, reflecting growth in shareholder value[65]. Cash Flow - The net cash flow from operating activities was ¥216,676,394.38, down 83.23% year-on-year[18]. - Cash inflow from operating activities totaled ¥4,470,212,880.22, a decrease of 11% from ¥5,026,320,152.54 in the previous period[95]. - Cash outflow from operating activities increased to ¥4,253,536,485.84, compared to ¥3,734,169,026.81 in the prior period, resulting in a net cash flow from operating activities of ¥216,676,394.38, down from ¥1,292,151,125.73[95]. - Cash inflow from investment activities was ¥2,114,090,737.43, significantly lower than ¥4,371,549,195.34 in the previous period[95]. - Cash outflow from investment activities reached ¥2,854,778,299.50, compared to ¥5,814,729,571.09 in the prior period, leading to a net cash flow from investment activities of -¥740,687,562.07, an improvement from -¥1,443,180,375.75[97]. - The total cash and cash equivalents at the end of the period was ¥419,681,839.70, down from ¥132,912,846.90 in the previous period[97]. Shareholder Commitments - The controlling shareholders, Qin Qingping and Wang Yongmei, committed to not transferring or entrusting their shares for 36 months post-IPO, with a potential 6-month extension if stock prices fall below the IPO price for 20 consecutive trading days[38]. - The commitments made by shareholders and management are still in effect, with no violations reported during the reporting period[38]. - The company has a stock price stabilization plan that activates if the stock price falls below the latest audited net asset value for 20 consecutive trading days, requiring board meetings and shareholder approvals for any buyback actions[41]. - The controlling shareholders, Qin Qingping and Wang Yongmei, committed to not reducing their holdings by more than 25% of their total shares each year after the lock-up period ends[45]. - The commitments made by shareholders are valid and cannot be revoked during their tenure as controlling shareholders[49]. Investment and Expenses - The company reported a net loss from investment activities of ¥740,687,562.07, an improvement of 48.68% compared to the previous year[18]. - Research and development expenses for Q3 2019 were approximately ¥4.82 million, a decrease of 14.5% from ¥5.64 million in Q3 2018[74]. - Operating costs for Q3 2019 were CNY 1,623,657,929.89, an increase of 1.8% from CNY 1,597,772,613.37 in Q3 2018[86]. - The company incurred a credit impairment loss of CNY 1,499,070.82 in Q3 2019, compared to no such loss in Q3 2018[86].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥4,177,394,391.21, an increase of 3.43% compared to ¥4,038,788,606.20 in the same period last year[22]. - The net profit attributable to shareholders decreased by 24.92% to ¥392,327,255.21 from ¥522,515,602.73 in the previous year[22]. - The net cash flow from operating activities dropped significantly by 72.22%, amounting to ¥170,595,604.76 compared to ¥614,100,363.88 in the same period last year[22]. - Basic earnings per share for the first half of 2019 were ¥0.58, a decrease of 24.68% from ¥0.77 in the same period last year[23]. - The weighted average return on equity decreased by 5 percentage points to 7.75% compared to 12.75% in the previous year[26]. - The net profit after deducting non-recurring gains and losses decreased by 29.71% to ¥330,335,293.05 from ¥469,950,424.96 in the previous year[22]. - The gross profit margin for the main business products was 15.12%, a decrease of 7.20% compared to the previous year, as the increase in revenue was less than the increase in costs[50]. - The company reported a total operating cost of CNY 3,132,745,972.58 for the first half of 2019, an increase of 5.4% from CNY 2,972,017,306.55 in the same period of 2018[152]. Assets and Liabilities - The total assets decreased by 3.23% to ¥6,575,982,864.03 from ¥6,795,496,549.91 at the end of the previous year[22]. - The company's total equity increased from CNY 4,788,854,211.93 at the end of 2018 to CNY 5,142,213,590.04 by mid-2019, representing a growth of approximately 7.4%[147]. - Total liabilities decreased from CNY 1,876,277,534.39 at the end of 2018 to CNY 1,290,604,482.42 by mid-2019, indicating a decline of about 31.2%[147]. - The company's undistributed profits increased to CNY 2,510,044,749.75 from CNY 2,117,717,494.54, an increase of about 18.43%[139]. - Cash and cash equivalents decreased by 54.58% to ¥423,798,979.95 from ¥933,097,942.78 due to dividend payments and increased project investments[56]. Investment and Projects - The company invested CNY 4.68 billion in the 900,000 tons/year propane dehydrogenation project and CNY 1.28 billion in the 450,000 tons/year high-performance polypropylene project during the reporting period[49]. - The company’s construction in progress increased by 309.07% to CNY 729 million, mainly due to investments in new projects[41]. - The company has completed several environmental impact assessments for projects, including a 10000 tons/year sorbic acid (potassium) expansion project approved on December 25, 2006, and a 150000 tons/year coal tar processing project approved on October 26, 2007[106]. - The company is involved in a project for 200000 tons/year of coke oven gas to methanol co-production, which was self-accepted on January 23, 2019[108]. Market Position and Strategy - The company operates in the chemical industry, focusing on resource utilization and circular economy, with key products including coke, carbon black, and methanol[31]. - The automotive industry saw production and sales of 10.24 million vehicles, providing strong support for carbon black sales, with a market share growth of nearly 20%[35]. - The company is the largest producer of sorbic acid and potassium sorbate in China, accounting for over 90% of global production, benefiting from strict food safety standards[36]. - The company maintains a leading position in the production of para-cresol, with significant market influence and strategic partnerships with international firms[39]. - The company’s carbon black products have achieved industry-leading profitability, supported by a circular economy model and enhanced brand influence[35]. Shareholder Commitments and Governance - The company has committed to a 36-month lock-up period for major shareholders, including Qin Qingping and Wang Yongmei, preventing them from transferring or managing their shares[124]. - The company’s controlling shareholders and actual controllers have committed to not transferring or entrusting the management of their shares for 36 months post-IPO[71]. - The company has established a stock price stabilization plan that will be activated if the stock price falls below the latest audited net asset value for 20 consecutive trading days[74]. - The company will repurchase shares if the stock price stabilization conditions are met, with a minimum repurchase fund of RMB 10 million[74]. - The company has not violated any commitments during the reporting period, maintaining compliance with all regulations[79]. Environmental Initiatives - The company has implemented multiple air pollution prevention projects to minimize environmental impact and enhance clean production[102]. - The company has invested in a flue gas desulfurization project that integrates waste heat recovery and cooling processes, producing no wastewater or waste residue[102]. - The company has achieved a dust removal efficiency of over 99% through upgrades to its coal handling systems, complying with the latest national air emission standards[102]. - The company has established a three-level supervision mechanism for the operation of pollution prevention facilities, ensuring they are functioning well[102]. Research and Development - The company’s research and development expenses increased by 43.53% to CNY 10.74 million, reflecting a focus on environmental and product development projects[55]. - Research and development expenses for the first half of 2019 amounted to CNY 10,735,906.09, compared to CNY 7,479,976.98 in the previous year, showing an increase of about 43%[147]. Compliance and Reporting - The financial statements are prepared based on the assumption of going concern, in accordance with the relevant accounting standards and regulations[197]. - The company complies with the disclosure requirements of the China Securities Regulatory Commission regarding financial statements and their notes[200]. - The company has not reported any major accounting errors or restatements during the reporting period[114].

2019 年第一季度报告 公司代码：603113 公司简称：金能科技 金能科技股份有限公司 2019 年第一季度报告 1 / 23 2019 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 23 2019 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 公司负责人秦庆平、主管会计工作负责人刘吉芹及会计机构负责人（会计主管人员）刘吉芹 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 net profit attributable to shareholders for the first three quarters of 2018 was 922,475,169.37 yuan, with the parent company achieving a net profit of 881,049,078.64 yuan[6]. - The net profit for the year 2017 was reported at 678,787,868.51 yuan, with the parent company netting 668,678,102.79 yuan[6]. - Net profit attributable to shareholders for 2018 reached CNY 1,270,261,992.01, representing an 87.14% increase year-on-year[23]. - The net profit after deducting non-recurring gains and losses was CNY 1,163,663,790.18, up 82.03% from the previous year[23]. - The company's operating revenue for 2018 was CNY 8,812,014,796.82, an increase of 32.47% compared to 2017[23]. - The total distributable profit for 2017 after legal reserve deductions was 601,810,292.51 yuan[6]. - Basic earnings per share for 2018 were CNY 1.88, a 79.05% increase from 2017[26]. - The weighted average return on equity rose to 28.67%, an increase of 6.83 percentage points compared to the previous year[26]. Dividend Distribution - The company plans to distribute cash dividends of 2.35 yuan per 10 shares for the first three quarters of 2018, totaling 158,845,771.93 yuan[9]. - The company has committed to distributing at least 15% of the available profit as cash dividends in the first three years post-IPO[6]. - The company distributed cash dividends of 1.51 yuan per 10 shares in 2018, totaling 102,066,857.71 yuan[146]. - The cash dividend in 2018 represented 12.50% of the net profit attributable to ordinary shareholders[150]. - The company has not adjusted its cash dividend policy during the reporting period[146]. Operational Efficiency - The net cash flow from operating activities was CNY 1,691,862,238.30, a significant increase of 117.08% compared to 2017[23]. - The company's total assets at the end of 2018 were CNY 6,795,496,549.91, reflecting a growth of 28.18% from 2017[25]. - The net assets attributable to shareholders increased by 26.25% to CNY 4,866,004,275.17 at the end of 2018[25]. - The company's investment activities generated a net cash flow of -¥622,220,357.14, a 51.71% improvement from the previous year[49]. - The company achieved a capacity utilization rate of 93.53% for coke production, indicating efficient operations[109]. Revenue Breakdown - The main products' revenue breakdown shows that coke revenue was 4.149 billion RMB, accounting for 55.48% of total revenue, with a year-on-year increase of 29.43%[43]. - Carbon black revenue was 1.534 billion RMB, representing 20.51% of total revenue, with a year-on-year increase of 41.70%[43]. - The company reported a significant increase in methanol revenue, reaching 336.918 million RMB, up 54.88% year-on-year[43]. Research and Development - The company invested approximately 26.22 million yuan in R&D, accounting for 3.22% of its operating revenue, focusing on new synthesis technologies and environmental protection[93]. - Ongoing R&D projects include the development of new synthesis techniques for antioxidants and high-performance rubber, with some projects already in the industrialization phase[96]. - The company is also working on advanced white carbon black for green tire applications and other specialized uses in the feed and food industries[96]. Market Position and Strategy - The company operates in the chemical industry, specifically in coal chemical and fine chemical sectors, including sub-industries such as coke, carbon black, methanol, and sorbic acid[69]. - The company aims to eliminate all backward production capacity in the coking industry during the 13th Five-Year Plan period, with a target to resolve excess capacity of 50 million tons[71]. - The company is committed to enhancing ecological environment protection and resource utilization efficiency to provide more quality ecological products[73]. - The company is a leading technology innovation-focused coking enterprise in China, benefiting from the supply-side structural reform and increased infrastructure investment, leading to a rise in coke demand[80]. Shareholder Commitments - The controlling shareholders, Qin Qingping and Wang Yongmei, committed to not transferring or entrusting the management of their shares for 36 months post-IPO[1]. - Major shareholders have committed to not transferring or managing their shares for 12 months post-IPO, ensuring stability in stock price[157]. - Shareholders are required to announce any stock reduction plans three trading days in advance after the lock-up period ends[157]. - The company has established a cautious stock reduction plan to align with operational and capital needs post-IPO[157]. Compliance and Governance - The company has ensured that the financial report is accurate and complete, with a standard unqualified audit report issued by Ruihua Certified Public Accountants[6]. - The company is committed to complying with relevant laws and regulations, with potential risks from changes in industrial policies[144]. - The company has established measures to avoid conflicts of interest and ensure fair transactions with related parties[166]. - The company continues to appoint Ruihua Certified Public Accountants as its auditing firm for 2018, with an audit fee of 550,000 RMB and an audit tenure of 8 years[171].

Financial Performance - Net profit attributable to shareholders rose by 54.13% to CNY 922,475,169.37 for the third quarter[7] - Operating revenue for the first nine months reached CNY 6,350,113,533.23, a 31.16% increase year-on-year[6] - Basic and diluted earnings per share improved by 43.16% to CNY 1.36[7] - The cumulative net profit for the year is expected to increase compared to the same period last year, driven by improved profitability of main products such as coke and carbon black[31] - Net profit for Q3 2018 reached RMB 922,475,169.37, a 54.13% increase from RMB 598,509,758.08 year-on-year[14] - The total profit for the first nine months of 2018 was ¥1,090,172,513.35, compared to ¥690,243,216.91 for the same period in 2017, indicating a growth of 58.0%[50] - Net profit for Q3 2018 reached ¥383,439,776.51, an increase of 66.2% compared to ¥230,566,130.86 in Q3 2017[51] Assets and Liabilities - Total assets increased by 22.73% to CNY 6,506,851,069.24 compared to the end of the previous year[6] - Current assets totaled CNY 3,650,670,399.17, up from CNY 2,653,609,682.55 at the beginning of the year, indicating significant growth[35] - Total liabilities increased to ¥1,721,414,542.61 from ¥1,321,665,838.60 at the start of the year, marking a rise of 30.3%[41] - Current liabilities increased to CNY 1,432,572,473.57 from CNY 1,011,641,287.07, suggesting a rise in short-term obligations[36] Cash Flow - Net cash flow from operating activities surged by 107.00% to CNY 1,292,151,125.73 compared to the same period last year[6] - Cash flow from operating activities increased by 107.00% to RMB 1,292,151,125.73, reflecting improved cash inflow from operations[14] - Cash inflow from investment activities totaled ¥3,929,191,982.58, significantly higher than ¥1,196,660,658.35, marking an increase of approximately 228.5%[57] - Cash outflow for purchasing goods and services was ¥2,732,728,691.89, up from ¥2,153,983,317.14, indicating an increase of approximately 26.8%[57] Shareholder Information - The number of shareholders reached 32,429 by the end of the reporting period[12] - Major shareholder Qin Qingping holds 29.07% of the shares, with 88,700,000 shares pledged[12] - Shareholders holding more than 5% of shares have committed to not reducing their holdings by more than 25% of their total shares in any given year after the lock-up period[24] Investment Activities - The company signed an investment cooperation agreement for a new materials and hydrogen energy project in Qingdao, with a total contract amount of RMB 20.3 billion[15] - The company reported a significant increase in investment income by 208.53% to RMB 37,470,236.45, attributed to increased purchases of financial products[14] - The company approved a project change to replace the original coal tar hydrogenation project with a propane dehydrogenation project, increasing production capacity significantly[16] Compliance and Governance - The company has committed to avoiding illegal occupation of funds and assets, ensuring fair and reasonable related party transactions[29] - The company has not violated any commitments during the reporting period, maintaining compliance with governance standards[28] - The company will require new directors and senior management to sign commitments to uphold previous promises made during the IPO[22] Research and Development - Research and development expenses for Q3 2018 were ¥5,638,446.05, up from ¥4,876,872.55 in Q3 2017, reflecting a focus on innovation[50]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥4,038,788,606.20, representing a 28.74% increase compared to ¥3,137,255,503.34 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was ¥522,515,602.73, an increase of 43.57% from ¥363,944,617.44 in the previous year[16]. - The net cash flow from operating activities increased by 84.84%, reaching ¥581,496,531.62, primarily due to an increase in cash received from sales[18]. - Basic earnings per share increased by 28.33% to ¥0.77, driven by the growth in net profit[17]. - The net profit after deducting non-recurring gains and losses increased by 34.57% to ¥469,950,424.96, mainly due to rising product prices and increased gross profit[18]. - The company reported a significant increase in the basic earnings per share after deducting non-recurring gains and losses, which rose by 22.81% to ¥0.70[19]. - The company achieved operating revenue of 4.04 billion RMB, an increase of 28.74% compared to the same period last year[36]. - Net profit attributable to shareholders reached 523 million RMB, up 43.57% year-on-year[36]. Assets and Liabilities - The total assets of the company increased by 10.64% to ¥5,865,801,079.23, while the net assets attributable to shareholders rose by 10.93% to ¥4,275,468,848.95[16]. - The company's total assets reached CNY 5,865,801,079.23, compared to CNY 5,301,665,757.68 at the beginning of the period, marking a growth of approximately 10.63%[118]. - The total liabilities of the company as of June 30, 2018, were CNY 1,590,332,230.28, up from CNY 1,447,481,817.76, indicating an increase of about 9.85%[119]. - Short-term borrowings increased by 377.80% to 270 million RMB, indicating a strategy to leverage financing[42]. Investment and Subsidiaries - The company plans to invest CNY 20.3 billion in a new materials and hydrogen energy utilization project in Qingdao West Coast New Area[48]. - The company has invested USD 10 million to establish a wholly-owned subsidiary in Chicago, Illinois, focusing on the sale of chemical products and coal chemical products[45]. - The total assets of the subsidiary Hong Kong Jineng Co., Ltd. amount to CNY 3.56 billion, with a net profit of CNY 199.15 million[50]. - The subsidiary Qingdao Jineng New Materials Co., Ltd. has total assets of CNY 1.18 billion, with a net loss of CNY 946,094.15[51]. - The company’s total investment in the subsidiaries amounts to CNY 5 billion, with 100% ownership in both subsidiaries[45]. Shareholder Commitments and Governance - The company’s controlling shareholders and related parties have committed to not transferring or managing their shares for 36 months post-IPO, with an automatic extension of 6 months if the stock price falls below the IPO price for 20 consecutive trading days[57]. - The commitment from shareholders holding more than 5% includes a 12-month lock-up period post-IPO, with a maximum annual reduction of 100% of their holdings after the lock-up[58]. - The company has not violated any of the commitments during the reporting period, indicating strict adherence to the outlined agreements[58]. - The company has a stock price stabilization plan that activates if the stock price falls below the latest audited net asset value for 20 consecutive trading days[63]. - The company will repurchase shares if stabilization conditions are met, with a minimum repurchase amount of RMB 10 million[65]. Environmental and Social Responsibility - The company has a strong environmental focus, implementing a circular economy model that enhances its competitive edge in the industry[34]. - The company has implemented environmental protection measures, achieving a dust removal efficiency of over 99%[83]. - The company invested in a flue gas desulfurization project, integrating energy-saving processes with zero wastewater and waste residue generation[83]. - The company provided support to the poverty alleviation efforts, spending a total of 6,000 RMB[78]. Accounting and Financial Reporting - The financial statements are prepared based on the accrual basis of accounting, in accordance with the relevant accounting standards[147]. - The company has a continuous operation basis for its financial statements[148]. - The accounting period for the company runs from January 1 to December 31 each year[151]. - The company’s financial reports are stated to be true and complete, reflecting its financial position and operating results accurately[150]. Risk Management and Compliance - The company has established measures to prevent conflicts of interest and ensure compliance with relevant laws and regulations regarding related party transactions[73]. - There were no significant lawsuits or arbitration matters during the reporting period[74]. - The integrity status of the company and its major stakeholders remained good during the reporting period[74]. Research and Development - Research and development expenses increased by 23.24% to 133 million RMB, reflecting a commitment to innovation[39].

Financial Performance - Operating revenue for the period reached CNY 1,865,944,181.61, reflecting a growth of 16.86% year-on-year[6] - Net profit attributable to shareholders increased by 22.59% to CNY 257,933,947.91 compared to the same period last year[6] - Cash flow from operating activities rose by 26.72% to CNY 305,768,862.54 compared to the previous year[6] - Basic earnings per share improved by 8.57% to CNY 0.38 per share[6] - The net profit after deducting non-recurring gains increased by 20.94% year-on-year[6] - Total operating revenue for Q1 2018 was CNY 1,865,944,181.61, an increase of 16.8% compared to CNY 1,596,717,329.00 in the same period last year[47] - Net profit for Q1 2018 reached CNY 257,933,947.91, representing a growth of 22.5% from CNY 210,398,656.92 in Q1 2017[48] - The total comprehensive income for Q1 2018 was CNY 245,168,362.19, compared to CNY 210,053,946.23 in the same period last year[53] Assets and Liabilities - Total assets increased by 3.62% to CNY 5,493,418,517.34 compared to the end of the previous year[6] - Accounts receivable increased by 48.14% to RMB 263,197,204.89 due to increased bill collections[13] - Fixed assets rose by 32.23% to RMB 2,312,367,836.10 due to the completion of construction projects[14] - Total current assets as of March 31, 2018, amounted to CNY 2,721,158,546.42, an increase from CNY 2,653,609,682.55 at the beginning of the year[40] - Total liabilities as of March 31, 2018, were CNY 1,344,871,038.81, slightly up from CNY 1,321,665,838.60 at the start of the year[46] Shareholder Information - The total number of shareholders reached 28,320 at the end of the reporting period[10] - The largest shareholder, Qin Qingping, holds 29.07% of the shares, with 196,497,200 shares pledged[11] - The company’s major shareholders have committed to not transferring their shares for specified periods to maintain stability[16] - Shareholders holding more than 5% of shares, including Guotou Xieli and Guotou Chuangxin, committed not to transfer or entrust the management of their shares for 12 months post-IPO[19] - Major shareholders, including controlling shareholders Qin Qingping and Wang Yongmei, commit to not reducing their holdings by more than 25% of their total shares annually for two years post-lockup period[28] Commitments and Compliance - The company has not violated any commitments during the reporting period, maintaining compliance with shareholder agreements[21] - The company guarantees that its prospectus does not contain false records or misleading statements, and it will compensate investors for losses if such issues arise[31] - The controlling shareholders commit to avoiding any business that competes with the company, ensuring no direct or indirect competition during their control[34] Cash Flow and Expenses - Cash flow from operating activities for Q1 2018 was CNY 305,768,862.54, compared to CNY 241,288,032.78 in Q1 2017, indicating a 26.7% increase[55] - The company incurred financial expenses of CNY 4,836,819.50 in Q1 2018, a decrease from CNY 9,734,588.98 in the same period last year[51] - Cash outflow for purchasing goods and services rose to ¥754,070,859.93 from ¥529,322,988.06, reflecting a significant increase of approximately 42.5%[58] Investment Activities - Investment activities resulted in a net cash flow of -¥260,266,620.98, worsening from -¥107,202,193.46, highlighting increased investment expenditures[59] - Total cash outflow for investment activities reached ¥608,845,514.38, up from ¥336,592,815.59, representing an increase of about 80.7%[59]

Financial Performance - The net profit attributable to shareholders for 2017 was CNY 678,787,868.51, representing a 61.69% increase compared to CNY 419,803,515.34 in 2016[6]. - The total operating revenue for 2017 reached CNY 6,651,974,332.45, which is a 56.96% increase from CNY 4,237,944,269.85 in 2016[23]. - The basic earnings per share for 2017 was CNY 1.05, a 50.00% increase from CNY 0.70 in 2016[24]. - The weighted average return on equity for 2017 was 21.84%, an increase of 1.79 percentage points from 20.05% in 2016[24]. - The net profit for 2017 increased by 61.69% compared to the previous year, primarily due to the price increase of main products outpacing raw material price increases[25]. - The net assets attributable to shareholders increased by 75.48% year-on-year, and total assets increased by 53.42%, mainly due to the completion of the initial public offering[25]. - The company reported non-recurring gains of CNY 39.52 million for 2017, with government subsidies contributing significantly to this figure[30]. - The comprehensive gross margin for main products was 20.40%, a decrease of 0.91% from the previous year due to a larger increase in operating costs compared to revenue[46]. Cash Flow and Dividends - The net cash flow from operating activities for 2017 was CNY 627,600,769.37, which is a 79.15% increase compared to CNY 350,312,545.52 in 2016[23]. - The company plans to distribute a cash dividend of CNY 1.51 per share, totaling CNY 102,066,857.71, which is 15% of the distributable profit for the year[6]. - The cash dividend for 2016 was 1.67 RMB per 10 shares, amounting to 100,059,274.15 RMB, representing 26.48% of the net profit attributable to shareholders[121]. - The company adheres to a cash dividend policy that mandates at least 15% of the distributable profit to be paid out as dividends in the first three years post-IPO[119]. Assets and Liabilities - The company's total assets as of the end of 2017 were CNY 5,301,665,757.68, reflecting a 53.42% increase from CNY 3,455,734,274.12 in 2016[23]. - The net assets attributable to shareholders at the end of 2017 were CNY 3,854,183,939.92, a 75.48% increase from CNY 2,196,376,567.57 in 2016[23]. - The asset-liability ratio decreased from 36.44% to 27.30%, a reduction of 9.14 percentage points[170]. Market and Industry Position - The company operates in the chemical industry, focusing on resource utilization and circular economy, with products including coke, carbon black, and methanol[34]. - The company is the largest producer of sorbic acid (potassium) in China, accounting for over 90% of global production, with increasing demand due to stricter food safety standards[76]. - The company has established a circular economy industrial chain, integrating coal chemical and fine chemical sectors, enhancing its market position in the coke industry[74]. - The company has been recognized as one of the "Top Ten Carbon Black Enterprises" in China, reflecting its leading profitability in the industry[75]. Research and Development - Research and development expenses increased by 54.23% to RMB 215 million, driven by increased investment in environmental and product development projects[51]. - The company's R&D investment for 2017 amounted to CNY 21,554.93 million, representing 3.24% of total revenue[84]. - The company is currently developing a new synthesis technology for 2,6-Di-tert-butyl-p-cresol (BHT), which is used as an antioxidant in food processing[84]. - The company is focusing on developing high-dispersion silica for green tire applications, which has good processing properties[85]. Environmental and Regulatory Compliance - The company has achieved a dust emission concentration of 13.4 Mg/Nm³ and a total emission of 26.9 t/a, meeting national standards[158]. - The company has invested in a flue gas desulfurization project, which integrates waste heat recovery and cooling technology, resulting in zero wastewater and waste residue generation[159]. - The company has established a three-level supervision mechanism for pollution prevention facilities, ensuring they operate effectively[160]. - The "Air Pollution Prevention and Control Law" includes specific provisions for improving air quality and reducing emissions from industrial activities[71]. Shareholder Commitments and Governance - The actual controller and major shareholders have committed to not transferring or managing their shares for 36 months post-IPO[125]. - The company has a commitment to maintain control and stability in strategic decisions and daily operations for two years after the lock-up period[125]. - The commitments made by the controlling shareholders are valid and cannot be revoked during their tenure as major shareholders[139]. - The company has not engaged in any share buybacks that would count as cash dividends during the reporting period[122]. Future Outlook and Strategic Initiatives - The company anticipates a positive outlook for the upcoming fiscal year, with projected growth in both revenue and market share[152]. - Future guidance suggests an optimistic outlook with projected revenue growth of approximately 10% for the upcoming fiscal year, driven by new product launches and market expansion initiatives[191]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product portfolio[191]. - The management team emphasized the importance of strategic partnerships to enhance distribution channels and improve market penetration[191].