Financial Performance - In 2022, the company's operating revenue decreased by 34.09% to CNY 3,107,698,520.66 compared to CNY 4,715,130,723.26 in 2021[21]. - The net profit attributable to shareholders was CNY 105,730,620.76 in 2022, a significant recovery from a loss of CNY 543,993,247.81 in 2021[21]. - The basic earnings per share improved to CNY 0.25 in 2022 from a loss of CNY 1.27 in 2021[22]. - The weighted average return on equity increased to 6.32% in 2022, up from -31.40% in 2021, reflecting improved operational efficiency[22]. - The company reported a net cash flow from operating activities of CNY 324,274,777.17 in 2022, a recovery from a negative cash flow in 2021[21]. - The total assets decreased by 8.34% to CNY 6,583,262,247.38 at the end of 2022 compared to CNY 7,182,117,174.09 at the end of 2021[21]. - The company achieved operating revenue of 310,769.85 million RMB, a year-on-year decrease of 34.09%, while the comprehensive gross profit margin increased by 8.38 percentage points to 32.40%[30]. - The company reported a net profit attributable to shareholders of 10,573.06 million RMB, with a net profit of 3,594.68 million RMB after deducting non-recurring gains and losses[30]. - The company achieved operating revenue of CNY 3,107.70 million in 2022, a decrease of 34.09% compared to the previous year[54]. - The gross profit margin increased by 8.38 percentage points to 32.40%, despite the decline in revenue[51]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.75 CNY per 10 shares, totaling 32,336,708.85 CNY (including tax) based on the current total share capital of 431,156,118 shares[6]. - The company declared a cash dividend of CNY 32,336,708.85, which accounts for 30.58% of the net profit attributable to ordinary shareholders in the consolidated financial statements[163]. - The company plans to maintain a cash dividend ratio of at least 80% during mature stages without major capital expenditures, and at least 20% during growth stages with significant expenditures[159]. - The company has approved a plan to repurchase and cancel part of the restricted stock, indicating a strategic move to manage equity effectively[132]. - The board approved a shareholder return plan for 2023-2025, aiming to distribute 500 million CNY in dividends[148]. Market Position and Strategy - The company operates multiple wholly-owned subsidiaries across various cities in China, enhancing its market presence[12]. - The company maintained its position in the top tier of the industry in three major business segments: architectural coatings, insulation decorative panels, and building insulation materials[29]. - The company emphasized a strategic focus on quality growth and management improvement despite a challenging external environment[29]. - The company aims to leverage strategic development opportunities and enhance its risk control systems to foster new growth momentum[29]. - The company plans to enhance its distribution channels and accelerate business transformation in 2023, focusing on cost leadership and digital transformation[34]. - The company is focused on expanding its market presence through the development of new products and technologies in the construction materials sector[88]. - The company is exploring potential acquisitions to enhance its market position, with a focus on companies in the green technology sector[136]. - The company is actively participating in the formulation of national and industry standards, having contributed to 56 standards as of the end of the reporting period[81]. Research and Development - Research and development expenses amounted to CNY 98.14 million, a decrease of 16.89% year-on-year[48]. - The company holds 168 valid patents, including 90 invention patents, as of December 31, 2022[48]. - The company completed the R&D of 32 new products, including a high-temperature fireproof inorganic coating and a lightweight thermal insulation decorative composite board system[91]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency and sustainability[136]. - The company has established a digital transformation partnership with Alibaba Cloud to enhance its information technology capabilities[50]. Risks and Challenges - The company faces risks from potential declines in the real estate market, which could adversely affect its operations due to its reliance on the construction sector[120]. - The company is exposed to raw material price volatility, which could impact its cost structure and profit margins if prices rise significantly[121]. - The company faces a risk of talent loss due to intense competition for high-level technical and marketing management talents in the rapidly developing building energy-saving insulation and decoration materials industry[123]. - There is a risk of declining return on equity as the company plans to invest in large-scale projects that require time to generate expected benefits[124]. - The company is exposed to risks related to new production base investments, including project progress, quality, and cost changes, as well as market environment fluctuations[125]. Environmental and Social Responsibility - The company invested CNY 23.0579 million in environmental protection during the reporting period[170]. - The company reduced carbon emissions by 5,339 tons through measures such as low VOCs product development and wastewater reuse[178]. - The company has established a comprehensive pollution prevention facility and conducts regular maintenance to ensure compliance with environmental standards[172]. - The company actively participates in social responsibility initiatives, including a public welfare education support program titled "Building Hope for a Better Future" aimed at rural education[180]. - The company has engaged in employment support activities in Anhui and Yunnan provinces, contributing to local economic development through targeted hiring and financial donations[181]. Governance and Compliance - The company received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The board of directors and supervisory board members confirm the authenticity, accuracy, and completeness of the annual report[4]. - The company has a diverse board with members holding positions in various other organizations, enhancing its governance[140]. - The company has been actively involved in the appointment and election of supervisors, ensuring compliance and governance[142]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[177].

证券代码：603378 证券简称：亚士创能 公告编号：2023-043 亚士创能科技（上海）股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 二、 说明会召开的时间、地点 （一） 会议召开时间：2023 年 5 月 9 日下午 16:00-17:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： 会议召开时间：2023 年 5 月 9 日(星期二)下午 16:00-17:00 会议召开地点：上海证券交易所上证路演中心 http://roadshow.sseinfo.com/） （http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 4 月 28 日（星期五）至 5 月 8 日（星期一）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dmb@cuanon.com 进行提问。公司将在说明会上对投 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥917,600,109.56, a decrease of 33.21% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2022 was ¥37,560,235.58, down 43.14% year-on-year[5] - The basic earnings per share for Q3 2022 was ¥0.08, a decline of 63.64% compared to the previous year[6] - Total operating revenue for the first three quarters of 2022 was CNY 2,330,734,398.73, a decrease of 36.6% compared to CNY 3,677,573,516.89 in the same period of 2021[21] - Net profit for the third quarter of 2022 was CNY 70,005,167.75, representing a decline of 46.4% from CNY 131,047,961.31 in the same quarter of 2021[22] - The net profit for the first three quarters of 2022 was CNY 12,214,884.42, down 61.4% from CNY 31,514,053.10 in the previous year[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,907,865,785.18, a decrease of 3.82% from the end of the previous year[6] - The company's total liabilities decreased to CNY 5,200,767,497.44 in Q3 2022 from CNY 5,562,066,309.76 in Q3 2021, a reduction of approximately 6.5%[19] - The company's total liabilities as of the end of Q3 2022 amounted to CNY 1,989,170,996.61, compared to CNY 1,931,244,102.20 at the end of Q3 2021, reflecting an increase of 3.0%[28] - The company's total assets as of September 30, 2022, were CNY 3,385,872,488.85, an increase from CNY 3,298,688,454.36 as of December 31, 2021, representing a growth of 2.64%[25] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥149,796,676.64 for the year-to-date[6] - Cash flow from operating activities for the first three quarters of 2022 was negative CNY 149,796,676.64, an improvement from negative CNY 1,096,172,226.62 in the same period of 2021[24] - The company's cash flow from operating activities showed a net outflow of CNY 51,273,944.71 for the first three quarters of 2022, contrasting with a net inflow of CNY 164,963,298.82 in the same period of 2021[31] Investment and Equity - The company reported a significant decrease in investment income by 93.28% due to reduced financial returns[10] - The company's long-term equity investments decreased by 77.95% due to the return of investment funds[10] - The total equity attributable to shareholders increased to CNY 1,707,098,287.74 in Q3 2022, compared to CNY 1,620,050,864.33 in Q3 2021, reflecting a growth of 5.4%[19] - The company's long-term equity investments increased to CNY 1,899,396,220.22 as of September 30, 2022, from CNY 1,840,279,480.00 a year earlier, marking a growth of 3.21%[26] Costs and Expenses - The company experienced a 41.95% decrease in operating costs, attributed to reduced sales volume[10] - Total operating costs for the first three quarters of 2022 were CNY 2,247,148,906.07, down 36.1% from CNY 3,512,085,923.12 in the previous year[21] - Research and development expenses for the first three quarters of 2022 were CNY 67,512,347.00, slightly down from CNY 72,412,643.42 in the same period of 2021[21] - Research and development expenses increased to CNY 9,162,472.45 in the first three quarters of 2022, up 21.1% from CNY 7,568,181.24 in the previous year[29] - The company reported a significant increase in financial expenses, which rose to CNY 10,025,714.94 in 2022 from CNY 3,315,966.21 in 2021, primarily due to interest expenses[29] Inventory and Receivables - The company's inventory decreased to RMB 263.83 million from RMB 289.48 million, a decline of approximately 8.8%[17] - Accounts receivable increased to RMB 2.29 billion from RMB 2.13 billion, showing a growth of about 7.4% year-over-year[17] - The company's inventory as of September 30, 2022, was CNY 5,137.17, significantly lower than CNY 165,306.87 in the previous year, indicating a decrease of 96.91%[26] Future Outlook - The company has ongoing research and development efforts, although specific new products or technologies were not detailed in the report[15] - Future outlook includes potential market expansion strategies, though specific plans were not disclosed in the conference call[15] - The company plans to focus on market expansion and new product development in the upcoming quarters[22] - The company emphasized the importance of monitoring market trends and adapting strategies accordingly to enhance performance[15]

Financial Performance - The company's operating revenue for the first half of the year was approximately ¥1.41 billion, a decrease of 38.66% compared to the same period last year[22]. - Net profit attributable to shareholders was approximately ¥32.44 million, down 49.25% year-on-year[22]. - Basic and diluted earnings per share were both ¥0.08, representing a decline of 46.67% compared to the previous year[21]. - The net cash flow from operating activities improved, with a net cash flow of approximately -¥301.55 million, compared to -¥678.05 million in the same period last year[22]. - The company's total assets decreased by 1.33% to approximately ¥7.09 billion compared to the end of the previous year[22]. - The weighted average return on equity was 1.98%, down 1.23 percentage points from the previous year[21]. - The decline in revenue and profits was primarily attributed to the weak real estate market and recurring pandemic impacts[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.11 million, a significant drop of 96.32% year-on-year[22]. - The company's revenue for the reporting period was 1,413.13 million, a year-on-year decrease of 38.66%, with net profit attributable to shareholders declining by 49.25% to 32.44 million[47]. Research and Development - Research and development expenses amounted to 47.61 million, representing a year-on-year increase of 7.73%[41]. - The company emphasizes the importance of technological innovation, with ongoing investments in R&D for new materials and products[68]. - R&D expenses rose by 7.73% to ¥47,609,130.58, indicating a commitment to innovation despite financial challenges[55]. - Research and development expenses for the first half of 2022 were CNY 47,609,130.58, an increase from CNY 44,192,257.93 in the same period of 2021[138]. Market and Product Development - The company has developed 639 product categories in functional architectural coatings, showcasing a diverse product structure[29]. - The company has developed integrated thermal insulation and decorative materials for building walls, which have been widely applied in new construction and energy-saving renovations over the past 20 years[30]. - The company is the largest manufacturer and supplier of building insulation boards in the industry, with its self-developed "Zhenjin Board" showcasing excellent thermal, physical, and safety performance[30]. - The company entered the building waterproof materials market in 2020, with main products including waterproof membranes, coatings, and auxiliary materials[31]. - The total market size for building insulation materials in China is estimated at approximately 200 billion yuan, driven by new construction and renovation projects[37]. - The building waterproof materials market generated a revenue of 126.16 billion yuan in 2021, reflecting a year-on-year growth of 13.2%[37]. - The company plans to continue focusing on market expansion and new product development, although specific figures were not provided in the report[139]. Sales and Distribution - The sales model consists of 83.44% from distribution and 16.56% from direct sales, with a growing trend in the distribution model over the past five years[35]. - The company has established a nationwide marketing network with 49 provincial marketing agencies and 212 marketing offices, achieving full coverage in major cities[40]. - As of the end of the reporting period, the number of registered distributors reached 25,034, an increase of approximately 42.40% compared to the end of 2021[41]. Financial Position and Assets - The company's net assets attributable to shareholders increased by 2.74% to approximately ¥1.66 billion compared to the end of the previous year[22]. - Total current assets decreased from CNY 4,211,189,695.18 to CNY 3,810,690,478.63, a decline of approximately 9.5%[129]. - Cash and cash equivalents decreased from CNY 1,033,052,934.62 to CNY 637,412,844.50, representing a decrease of about 38.2%[129]. - Total liabilities decreased from CNY 5,562,066,309.76 to CNY 5,422,246,090.50, a reduction of about 2.5%[131]. - Total non-current assets increased from CNY 2,970,927,478.91 to CNY 3,276,015,439.80, an increase of approximately 10.3%[130]. - Total equity attributable to shareholders increased from CNY 1,620,050,864.33 to CNY 1,664,459,827.93, an increase of approximately 2.7%[131]. Risks and Challenges - The company faces risks from the slowdown in the real estate sector, which could adversely impact its performance due to reliance on construction materials[66]. - Fluctuations in raw material prices pose a risk, as the company’s main materials are closely tied to commodity prices, potentially affecting margins[66]. - There is a risk of talent loss due to increasing competition for skilled professionals in the building materials industry[69]. - The company has seen a rapid increase in accounts receivable, which could lead to potential bad debt losses if customer payment capabilities decline[70]. - Environmental regulations are becoming stricter, which may increase compliance costs and impact profitability[70]. - The company has faced risks related to sudden public safety events that could disrupt raw material procurement and product delivery[71]. Corporate Governance and Compliance - The company guarantees the authenticity, accuracy, and completeness of the semi-annual report[7]. - The semi-annual report has not been audited[7]. - The company has established measures to prevent the illegal occupation of funds or assets from its subsidiaries[96]. - The company has not engaged in any illegal guarantees or financial misconduct during the reporting period[99]. - The company has made commitments to reduce and regulate related party transactions to avoid conflicts of interest[89]. - The company has not fulfilled certain commitments in a timely manner, indicating areas for improvement in governance[87]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 17,366[118]. - The top ten shareholders hold a total of 26.20% of the shares, with Shanghai Chuangnengming Investment Co., Ltd. holding 113,535,000 shares[120]. - Li Jinchong, a major shareholder, increased his holdings by 8,397,433 shares during the reporting period, bringing his total to 27,058,395 shares[123]. - The company has a total of 433,269,588 shares outstanding after the recent capital increase[173]. Environmental and Social Responsibility - The company has actively implemented measures to reduce carbon emissions, including clean production and low-carbon office practices, resulting in continuous reductions in energy consumption indicators[83]. - The company has engaged in social responsibility initiatives, including supporting rural education and participating in pandemic relief efforts[84]. - The company has not experienced any severe environmental pollution incidents, maintaining compliance with wastewater and waste gas discharge standards[81]. - The company is focused on enhancing its environmental management system and has set pollution discharge indicators for its factories[81]. Legal Matters - The company is involved in a significant lawsuit against Shenzhen Evergrande Material Equipment Co., Ltd. regarding the return of a performance deposit, with court proceedings ongoing[98]. - The company has not reported any significant litigation or arbitration matters outside of the ongoing lawsuit mentioned[99]. Accounting Policies - The company adheres to the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[180]. - The accounting period for the company runs from January 1 to December 31 each year[181]. - The company's functional currency for accounting is Renminbi (RMB)[183]. - The company consolidates financial statements based on control, including all subsidiaries, and offsets internal transactions[186].

Financial Performance - The company's operating revenue for Q1 2022 was ¥487,984,282.89, representing a decrease of 18.77% compared to the same period last year, which was ¥600,714,405.53[5] - The net profit attributable to shareholders for Q1 2022 was -¥38,042,051.11, a significant decline from -¥5,439,250.45 in the previous year[5] - The basic and diluted earnings per share for Q1 2022 were both -¥0.13, compared to -¥0.03 in the previous year[6] - The company noted that the decline in net profit was primarily due to a decrease in operating revenue caused by the pandemic, along with an increase in expenses by 8.85%[7] - The company reported a comprehensive income total of -¥38,042,051.11 for Q1 2022, down from ¥150,070,659.69 in Q1 2021[26] - Earnings per share for Q1 2022 were -¥0.13, compared to -¥0.01 in Q1 2021[26] - Net profit for Q1 2022 was a loss of ¥38,042,051.11, compared to a loss of ¥3,919,462.49 in Q1 2021[25] Cash Flow - The net cash flow from operating activities was -¥415,129,146.81, compared to -¥1,012,028,176.43 in the same period last year[6] - Net cash flow from operating activities was -$415.13 million, an improvement from -$1.01 billion year-over-year[28] - The company reported a net decrease in cash and cash equivalents of -$216.42 million, compared to -$990.32 million in the previous year[29] - Cash received from sales of goods and services in Q1 2022 was ¥808,088,556.50, an increase of 42.0% from ¥569,553,006.09 in Q1 2021[27] Assets and Liabilities - Total assets at the end of Q1 2022 were ¥6,785,657,798.99, down 5.52% from ¥7,182,117,174.09 at the end of the previous year[6] - The company’s total liabilities decreased to RMB 3,661,440,596.39 from RMB 4,211,189,695.18, a reduction of approximately 13%[19] - Total liabilities as of Q1 2022 were ¥5,197,294,849.45, a decrease from ¥5,562,066,309.76 in the previous year[21] - Total assets amounted to RMB 6,785,657,798.99, down from RMB 7,182,117,174.09, indicating a decrease of about 5.5%[20] Research and Development - The company's R&D expenses increased by 42.76% during the reporting period, indicating a focus on innovation and development[14] - Research and development expenses increased to ¥25,203,561.98 in Q1 2022, up from ¥17,654,410.10 in Q1 2021, reflecting a focus on innovation[25] Shareholder Information - The total number of ordinary shares at the end of the reporting period was 20,101[16] - The number of shareholders at the end of the reporting period was 20,101[16] - The top shareholder, Shanghai Chuangnengming Investment Co., Ltd., holds 78,300,000 shares, representing 26.20% of total shares[16] Inventory and Receivables - Accounts receivable decreased to RMB 1,849,788,076.14 from RMB 2,130,222,098.43, a decline of about 13%[19] - Inventory increased to RMB 337,824,231.49 from RMB 289,478,228.59, reflecting an increase of approximately 17%[19] - The company experienced a 143.20% increase in receivables financing, attributed to an increase in bank acceptance bill settlements[13] Other Income and Expenses - The company reported a decrease of 82.37% in other income due to reduced government subsidies received[14] - Total operating costs for Q1 2022 were ¥547,162,563.90, down 14.8% from ¥642,443,515.53 in Q1 2021[25] - The weighted average return on net assets was -2.81%, a decrease of 2.62 percentage points compared to the previous year[6] Fixed and Non-Current Assets - The company has a total of 3,124,217,202.60 in non-current assets as of March 31, 2022, compared to 2,970,927,478.91 at the end of 2021, an increase of approximately 5.2%[20] - The company’s fixed assets increased to RMB 837,154,243.44 from RMB 699,411,753.66, an increase of about 20%[20]

Capital Structure and Shareholder Actions - The company plans to increase its total share capital from 298,951,327 shares to 433,479,424 shares by distributing 4.5 additional shares for every 10 shares held[6]. - The company will treat the cash payment of 99,982,197.08 yuan for share repurchase as a cash dividend, which will be included in the calculation of the cash dividend ratio for 2021[6]. - The company approved the 2021 annual report and financial statements, which included a profit distribution plan and capital reserve transfer to increase share capital[148]. - The company plans to issue non-public A-shares to raise funds, with a feasibility study report on the use of raised funds presented[149]. - The company is set to authorize the board to handle matters related to the issuance of convertible bonds, including a feasibility analysis report on the use of raised funds[149]. - The company has implemented a stock incentive plan to align employee interests with shareholder value, enhancing overall performance[148]. - The total number of shares held by the board members increased from 23,069,729 at the beginning of the year to 30,180,962 at the end of the year, representing a change of 7,111,233 shares[151]. - Li Jinchong, the Chairman and General Manager, increased his shareholding by 5,791,333 shares due to capital reserve conversion, bringing his total to 18,660,962 shares[151]. - Wang Yongjun, the Vice General Manager and Secretary of the Board, increased his shareholding by 364,500 shares, totaling 1,174,500 shares at year-end[151]. - The company has a focus on capital reserve conversion as a method for increasing shareholdings among its executives[151]. Financial Performance - The company achieved operating revenue of RMB 471,513.07 million in 2021, representing a year-on-year increase of 34.46% due to increased market investment and improved competitiveness[24]. - The net profit attributable to shareholders of the listed company was RMB -54,399.32 million, a decrease of 267.54% compared to the previous year, primarily due to significant increases in raw material prices and credit impairment losses from certain real estate clients[25]. - The net cash flow from operating activities decreased by 505.38% year-on-year to RMB -102,577.20 million, mainly due to increased employee compensation, raw material procurement costs, and related operating guarantees[25]. - The company's total assets increased by 37.17% year-on-year to RMB 718,211.72 million as of the end of 2021[23]. - The basic earnings per share for 2021 was RMB -1.84, a decline of 260.00% compared to the previous year[24]. - The weighted average return on equity was -31.40% in 2021, down 52.82% from the previous year[24]. - The company reported a net profit attributable to shareholders of RMB -543.99 million for the year 2021[178]. Market and Industry Insights - The company is focused on expanding its market presence and developing new products and technologies to drive future growth[7]. - The overall market size for the waterproof materials industry is approximately 200 billion yuan, with a year-on-year revenue growth of 13.2% for the 839 major waterproof enterprises in 2021[46]. - The construction coating market in China is estimated to be between 175 billion to 200 billion yuan, with significant growth potential due to increasing consumption levels[45]. - The company has identified significant market opportunities in energy-saving building materials, with the market size currently around 200 billion yuan[46]. - The industry is characterized by low market concentration, with many small enterprises, but there is potential for increased concentration as larger companies expand[47]. - The current scale of the Chinese architectural coating market is estimated to be around 175 billion to 200 billion yuan, with a production output of 38 million tons in 2021, representing a year-on-year growth of 16%[1]. - The main business revenue of the architectural coating industry reached 460 billion yuan in 2021, also showing a year-on-year increase of 16%, while profits totaled 30.3 billion yuan, a decrease of 4% year-on-year[1]. Operational and Strategic Initiatives - The company has a comprehensive range of subsidiaries across various cities, enhancing its operational capabilities and market reach[12]. - The company expanded its dealer network to 17,580, an increase of approximately 110% compared to the end of 2020[36]. - The company has established a comprehensive marketing network with 34 provincial marketing agencies and 276 marketing offices, achieving nationwide coverage[56]. - The company has established a strategic partnership with Alibaba Cloud to enhance its digital transformation over the next 2-3 years[60]. - The company aims to reduce costs and improve efficiency through new product development and better procurement strategies[44]. - The company is actively pursuing market expansion through new product development and strategic partnerships in the construction materials sector[102]. - The company has implemented measures to mitigate the dilution of immediate returns for shareholders following the non-public offering[166]. Research and Development - Research and development expenses reached CNY 11.81 million, representing a year-on-year growth of 22.44%[57]. - The number of R&D personnel is 521, making up 10.30% of the total workforce, indicating a strong focus on innovation[75]. - The company holds a total of 145 valid patents, including 61 invention patents, and has filed for 80 new patents during the reporting period[7]. - The company completed 21 R&D projects during the reporting period, focusing on various innovative products such as a high-stability water-based sand coating and a waterproof and aging-resistant flexible granite[102]. - The company is in the small trial stage for several R&D projects, including a water-based alkyd resin application technology and energy-saving coatings suitable for cold winter and hot summer regions[103]. Risk Management and Compliance - The company faces risks from potential declines in the real estate market and fluctuations in raw material prices, which could impact its profitability[137]. - The company has established comprehensive governance structures to ensure effective risk management and compliance with regulatory requirements[144]. - The company has not faced any penalties from securities regulatory authorities in the past three years[157]. - The company has implemented measures to reduce carbon emissions, including clean production practices and energy-saving initiatives, resulting in lower energy consumption metrics[190]. - The company has committed to a "1+6" public welfare charity mechanism, coordinating efforts across six sales regions to support rural revitalization and poverty alleviation[192]. Employee and Social Responsibility - The company has implemented a comprehensive training program for new employees, covering various aspects of production and marketing[172]. - The company’s employee training platform, "亚士云学堂," supports continuous learning and knowledge sharing across all departments[173]. - The company’s remuneration policy emphasizes internal equity and market competitiveness, rewarding based on job value, performance, and individual capability[170]. - The company donated 1 million yuan to Qixing Primary School in Huadu, Guangzhou, to improve educational conditions and support students participating in the 2021 World Rope Skipping Championship[192]. - The company contributed 2 million yuan for COVID-19 prevention efforts and provided materials for the construction of the Xiaotangshan project in Beijing[192].

Financial Performance - The company's revenue for Q3 2021 was approximately ¥1.37 billion, representing a 25.47% increase compared to ¥1.09 billion in the same period last year[6] - Net profit attributable to shareholders decreased by 49.33% to ¥66.06 million from ¥125.94 million year-on-year[6] - The net profit after deducting non-recurring gains and losses fell by 71.18% to ¥35.95 million compared to ¥123.47 million in the previous year[6] - The basic earnings per share decreased by 51.99% to ¥0.22 from ¥0.45 in the same period last year[6] - Operating profit for the first three quarters of 2021 was ¥157,321,939.03, a decrease of 46.5% from ¥293,311,959.58 in the previous year[23] - The company reported a net profit of ¥157,321,939.03 for the first three quarters of 2021, reflecting a decline in profitability compared to the previous year[23] - The net profit for Q3 2021 was CNY 131,047,961.31, a decrease of 46.1% compared to CNY 243,458,363.71 in Q3 2020[24] - The total comprehensive income for Q3 2021 was CNY 131,047,961.31, reflecting a significant decline from CNY 243,458,363.71 in Q3 2020[24] Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥7.66 billion, an increase of 46.26% from ¥5.19 billion at the end of the previous year[7] - Total assets as of September 30, 2021, amounted to ¥7,658,123,646.18, an increase of 46.2% from ¥5,235,801,046.47 at the end of 2020[20] - Total liabilities reached ¥5,358,706,985.26 as of September 30, 2021, up 70.0% from ¥3,154,986,077.55 at the end of 2020[20] - Current liabilities totaled approximately ¥2.89 billion, while non-current liabilities were around ¥261.75 million, leading to total liabilities of approximately ¥3.15 billion[31] - The total liabilities to equity ratio is approximately 1.51, suggesting a moderate level of financial leverage[31] Cash Flow - The net cash flow from operating activities was negative at approximately -¥1.10 billion, compared to -¥459.76 million in the same period last year[6] - The net cash flow from operating activities for the first nine months of 2021 was negative CNY 1,096,172,226.62, compared to negative CNY 459,759,083.06 in the same period of 2020[27] - The cash flow from investing activities showed a net outflow of CNY 944,398,346.39 in the first nine months of 2021, compared to a smaller outflow of CNY 68,797,092.52 in the same period of 2020[27] - The cash flow from financing activities generated a net inflow of CNY 1,220,577,750.01 in the first nine months of 2021, compared to CNY 325,739,995.23 in the same period of 2020[27] Shareholder Equity - The equity attributable to shareholders increased by 10.51% to approximately ¥2.30 billion from ¥2.05 billion at the end of the previous year[7] - Shareholders' equity reached approximately ¥2.08 billion, with retained earnings of about ¥892.44 million[32] Operational Metrics - Revenue increased by 55.42% due to increased market investment and promotion, leading to higher sales[12] - Operating costs rose by 89.59% driven by raw material price increases and corresponding revenue growth[13] - Accounts receivable grew by 61.78% as a result of sales growth and slight adjustments in customer payment terms[12] - Inventory increased by 76.18% due to higher sales and stock preparation[12] - Research and development expenses rose by 87.77% reflecting growth in personnel and material costs[13] - Other income surged by 206.78% due to increased government subsidies received[13] - The company reported a significant increase in contract liabilities by 205.23% due to higher customer prepayments[12] Cash and Investments - Cash and cash equivalents as of September 30, 2021, were ¥684,718,877.13, down 50.5% from ¥1,381,612,002.49 at the end of 2020[19] - The company experienced a significant increase in cash received from investment activities, totaling CNY 2,556,150,180.00 in the first nine months of 2021[27] - The company has a long-term investment of approximately ¥3.09 million in equity investments, indicating a commitment to growth[30] Future Outlook - The company plans to continue its investment in new technologies and market expansion strategies to enhance future growth[26] - The company is implementing new leasing standards effective from January 1, 2021, which may affect future financial reporting[32]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,303,788,179.28, representing an increase of 81.22% compared to ¥1,271,233,133.09 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 45.99% to ¥59,825,238.94 from ¥110,771,521.59 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 73.75% to ¥24,990,886.12 compared to ¥95,188,871.75 in the same period last year[18]. - The net cash flow from operating activities was negative at -¥678,054,330.17, worsening from -¥213,704,968.52 in the previous year[18]. - The total assets increased by 30.63% to ¥6,785,598,044.04 from ¥5,194,616,717.76 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 0.91% to ¥2,028,753,329.03 from ¥2,047,331,948.83 at the end of the previous year[18]. - The gross profit margin was 24.63%, a decrease of 11.45 percentage points compared to the same period last year[41]. - Basic and diluted earnings per share both declined by 50.00% compared to the previous year, with basic earnings per share after excluding non-recurring gains and losses dropping by 76.47%[21]. Revenue and Sales - The company's operating revenue increased by 81.22% compared to the same period last year, driven by enhanced market development and increased competitiveness[21]. - Sales revenue from functional architectural coatings reached 1,377.68 million yuan, with a production volume of 473,600 tons, reflecting a year-on-year increase of 88.01%[41]. - Sales revenue from energy-saving building materials was 769.51 million yuan, a year-on-year increase of 120.25%, accounting for 33.83% of total revenue[43]. - The company's revenue growth rate for the reporting period was 81.22%, significantly higher than the industry average growth rate[34]. - The proportion of the company's agency sales model accounted for 81.2% of main operating income, while direct sales accounted for 18.8%[31]. Costs and Expenses - Operating costs rose to CNY 1,736,384,156.57, a significant increase of 125.54% from CNY 769,875,306.77, primarily due to rising raw material prices and increased sales volume[46]. - The net cash flow from operating activities decreased, mainly due to increased payments for raw material purchases and higher deposits[21]. - The company plans to enhance its strategic focus on cost reduction and efficiency improvement in response to rising raw material prices and increased labor costs[44]. - Research and development expenses increased by 88.86% to CNY 44,192,257.93, up from CNY 23,399,610.20, reflecting the company's commitment to innovation[46]. Market and Product Development - The company has developed 639 product categories in functional architectural coatings, showcasing a diverse product structure[27]. - The company is a leading manufacturer and supplier of building insulation materials, with its self-developed "Zhenjin Board" being a key product[28]. - The company entered the building waterproofing materials market in 2020, with products including waterproof membranes and coatings[28]. - The market size for insulation materials in China is expected to exceed 175 billion yuan by 2022, with a compound annual growth rate of 12%[33]. - The total revenue of the waterproof materials industry in China was 108.7 billion yuan in 2020, with a year-on-year growth of 4.6%[33]. Risk Factors - The company faces risks from a slowdown in the real estate industry, which could negatively impact its operations[58]. - The company is exposed to raw material price volatility, which could lead to increased costs and decreased profit margins[59]. - The rapid growth of the company's asset, personnel, and business scale poses a risk of insufficient management capabilities[63]. - Increased fixed asset depreciation and amortization risks are anticipated after the completion of new production bases, potentially leading to profit decline if market conditions worsen[62]. Corporate Governance and Compliance - The report has not been audited, ensuring that all financial data is presented accurately and completely[7]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[5]. - The company has adhered to all regulatory requirements, with no violations reported during the first half of 2021[88]. - The company has not reported any significant mergers or acquisitions during the first half of 2021, with a focus on organic growth strategies[88]. Shareholder Information - The total number of shares after the capital reserve conversion is 298,951,327 shares, affecting the calculation of earnings per share[20]. - The company distributed a total cash dividend of 94,839,731.34 yuan during the reporting period[104]. - The largest shareholder, Shanghai Chuangneng Ming Investment Co., Ltd., holds 54,000,000 shares, representing 26.19% of the total shares, with 280,093 shares frozen[109]. - The total number of shareholders reached 10,375 by the end of the reporting period[107]. Environmental and Social Responsibility - The company invested CNY 3.1888 million in environmental protection, accounting for 0.14% of its operating revenue[73]. - The company actively participated in social responsibility initiatives, donating CNY 1 million to improve educational conditions and CNY 2 million for COVID-19 prevention efforts[78]. - The company has established environmental performance assessment indicators and regularly evaluates compliance with pollution discharge standards[75]. - The company’s pollution discharge monitoring results indicate compliance with environmental standards, with no exceedances reported[73].

Financial Performance - The company achieved operating revenue of CNY 3,506.69 million in 2020, representing a year-on-year growth of 44.61%[24]. - Net profit attributable to shareholders was CNY 315.60 million, an increase of 176.40% compared to the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 279.86 million, up 249.03% year-on-year[24]. - The weighted average return on equity increased to 20.88%, up 12.35 percentage points from the previous year[23]. - Total assets at the end of 2020 reached CNY 5,194.62 million, a 63.34% increase from the previous year[23]. - The company's net assets attributable to shareholders increased by 49.88% to CNY 2,047.33 million at the end of 2020[23]. - The comprehensive gross margin was 32.47%, a slight decrease of 0.65 percentage points year-on-year; however, after adjusting for accounting policy changes, it improved to approximately 35.92%, an increase of 2.8 percentage points[80]. - The company's total profit reached CNY 346.16 million, an increase of 169.68% compared to the previous year[88]. - The company's main business revenue increased by 48.19% year-on-year, driven by significant growth in functional architectural coatings (33.65%), integrated thermal insulation and decoration materials (31.72%), and thermal insulation materials (120.90%)[94]. Dividend Policy - The company plans to distribute a cash dividend of 4.60 CNY per 10 shares, totaling 94,839,731.34 CNY, representing a cash dividend ratio of 30.05%[5]. - The company has established a differentiated cash dividend policy based on its development stage, with a minimum cash dividend ratio of 80% for mature stages without major capital expenditures[166]. - The company’s cash dividend distribution is subject to the availability of funds for normal operations and major capital expenditures[166]. - The company’s board of directors is responsible for proposing and modifying the profit distribution policy, which must be approved by the shareholders' meeting[167]. - The company’s cash dividend for 2019 was 35,006,830.08 CNY, representing 28.50% of the net profit[171]. Research and Development - The company invested 96.446 million yuan in R&D in 2020, representing a year-on-year increase of 49.59%[63]. - The company holds a total of 127 valid patents, including 48 invention patents, 59 utility model patents, and 20 design patents as of the end of the reporting period[64]. - The company has multiple ongoing R&D projects, including water-based coatings and insulation materials[104]. - The number of R&D personnel represented 9.54% of the total workforce[103]. - The total R&D investment amounted to CNY 96,446,558.07, representing 2.75% of total revenue[102]. Market Position and Strategy - The company has established strategic partnerships with major real estate firms, including Vanke and Evergrande, solidifying its position as a key supplier in the industry[72]. - The company is recognized as a "high-tech enterprise" and has established research partnerships with institutions like East China University of Science and Technology[64]. - The company has been recognized as a leading supplier in the real estate sector, being named a preferred supplier in multiple categories by industry associations[66]. - The company has formed a nationwide marketing network with 34 provincial marketing agencies, 269 marketing offices, and 19 application technology service centers, achieving 100% coverage in all prefecture-level cities[71]. - The company aims to enhance its market position by focusing on product and model innovation, maintaining a strong core competitiveness in the industry[63]. Product Development - The company has developed nearly 60 types of functional architectural coatings, showcasing a diverse product structure[30]. - The company plans to continue expanding its product offerings and market presence in the functional coatings sector[30]. - The company launched a new multi-color coating series, achieving a granite-like effect with a single spray application, reducing construction time and costs[31]. - The company has developed a composite insulation decorative board that integrates insulation and decoration, representing an upgrade from traditional exterior wall insulation systems[35]. - The company emphasizes the development of specialized coatings for insulation decorative boards, ensuring optimal physical and chemical performance[41]. Operational Efficiency - The company has established modern production bases in Shanghai, Anhui, Xinjiang, and Shaanxi, with ongoing construction in multiple locations, enhancing its production capacity and supply assurance[69]. - The company has implemented a strategy of "strong foundation and solid growth," focusing on extensive development and integration in its operations[71]. - The company adopts a procurement model primarily based on bidding, ensuring supplier capability and price verification[53]. - The production model is based on sales-driven production, with some products produced through outsourcing to manage capacity and costs effectively[53]. - The company is actively pursuing modernization in manufacturing processes, focusing on automation and intelligent operations to improve production efficiency and reduce defect rates[70]. Risks and Challenges - The company is exposed to raw material price volatility, with key materials linked to crude oil prices, which could lead to increased costs and reduced profit margins if prices rise significantly[158]. - The company faces risks related to the increase in accounts receivable, which could lead to bad debt losses if customer payment capabilities deteriorate[161]. - The company is subject to increasing environmental regulations, which could raise compliance costs and impact profitability[162]. - The company has committed to linking executive compensation to the execution of return measures to ensure alignment with shareholder interests[181]. - The company is experiencing rapid growth, which may challenge its management capabilities as it expands its operations and establishes subsidiaries[162]. Compliance and Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[8]. - The company has maintained a complete and accurate disclosure of its annual report, with no majority of directors unable to guarantee its authenticity[9]. - The company has established strict measures to prevent the misuse of funds and ensure fair pricing in related party transactions[185]. - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the date of listing, with a lock-up period of 2 years for shares issued before the IPO[174]. - The company has outlined specific measures to compensate for any dilution of immediate returns to shareholders, which will be enforced over the long term[176].

Financial Performance - Operating revenue for the period was ¥600,714,405.53, representing a significant increase of 163.65% year-on-year[5] - Net profit attributable to shareholders was a loss of ¥5,439,250.45, an improvement from a loss of ¥53,327,677.67 in the same period last year[5] - The company's operating revenue for Q1 2021 reached RMB 600,714,405.53, a 163.65% increase compared to RMB 227,843,095.26 in Q1 2020, driven by increased market investment and sales growth[15] - The net profit for Q1 2021 was a loss of RMB 5,439,250.45, an improvement from a loss of RMB 53,327,677.67 in the same period last year, primarily due to increased sales revenue[16] - Total operating revenue for Q1 2021 reached ¥600.71 million, a significant increase of 163.3% compared to ¥227.84 million in Q1 2020[28] - Net loss for Q1 2021 was ¥5.44 million, an improvement from a net loss of ¥53.33 million in Q1 2020[29] - The total comprehensive income for Q1 2021 was CNY 4,884,042.14, compared to CNY 4,709,604.30 in Q1 2020, showing a growth of approximately 3.7%[33] Cash Flow - Cash flow from operating activities showed a net outflow of ¥1,012,028,176.43, worsening from a net outflow of ¥470,482,721.38 year-on-year[5] - Cash inflow from operating activities totaled CNY 664,039,615.07 in Q1 2021, significantly higher than CNY 296,482,839.19 in Q1 2020[34] - Cash outflow from operating activities was CNY 1,676,067,791.50 in Q1 2021, compared to CNY 766,965,560.57 in Q1 2020, leading to a net cash flow from operating activities of -CNY 1,012,028,176.43[35] - The company reported a significant increase in cash received from operating activities related to other business activities, rising to 410,626,123.04 RMB from 41,097,889.32 RMB year-over-year[36] - The net cash flow from financing activities was 21,802,842.95 RMB, a recovery from -60,313,833.34 RMB in Q1 2020[38] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,372,981,441.27, an increase of 3.43% compared to the end of the previous year[5] - The total liabilities of the company as of March 31, 2021, were CNY 3,349,742,292.39, compared to CNY 3,147,284,768.93 at the end of 2020, marking an increase of approximately 6.4%[22] - The company's total equity decreased slightly to ¥1.26 billion in Q1 2021 from ¥1.28 billion in Q1 2020, a decline of 1.5%[26] - The company's current assets totaled CNY 3,693,300,132.89, a decrease of about 4.5% from CNY 3,866,100,101.44 at the end of 2020[21] - Cash and cash equivalents decreased significantly to CNY 439,176,184.88 from CNY 1,381,612,002.49, representing a decline of approximately 68.3%[20] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,423[11] - The largest shareholder, Shanghai Chuangneng Ming Investment Co., Ltd., held 54,000,000 shares, accounting for 26.19% of total shares[12] - The company initiated a share repurchase plan with a budget of between RMB 55 million and RMB 100 million, with a maximum repurchase price of RMB 60.00 per share, aiming to enhance shareholder value[16] Research and Development - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[5] - The company’s R&D expenses increased by 68.96% to RMB 17,654,410.10, reflecting a commitment to innovation and product development[16] - Research and development expenses increased to ¥17.65 million in Q1 2021, compared to ¥10.45 million in Q1 2020, reflecting a growth of 68.5%[28] Other Income and Gains - The company reported non-recurring gains of ¥25,699,701.52, primarily from government subsidies and investment income[10] - The company reported a 589.99% increase in other income to RMB 33,235,258.41, mainly due to increased government subsidies received[16]