2020 年年度报告 公司代码：603659 公司简称：璞泰来 上海璞泰来新能源科技股份有限公司 2020 年年度报告 1 / 201 2020 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人梁丰、主管会计工作负责人韩钟伟及会计机构负责人（会计主管人员）韦富桂声 明：保证年度报告中财务报告的真实、准确、完整。 五、经董事会审议的报告期利润分配预案或公积金转增股本预案 2020年年度利润分配预案：以实施权益分派股权登记日的总股本为基数进行利润分配，向全 体股东每10股派发现金红利4.1元（含税），以截止2020年12月31日公司总股本496,028,364股为 基数进行测算，本次拟派发现金红利203,371,629.24元。同时拟向全体股东每10股以资本公积金 转增4股，以截止2020年12月31日公司总股本496,028,364股为基数进行测算，本次转 ...

[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines professional terms, abbreviations for the company and its subsidiaries, and key customers used in the report - Defines terms, company/subsidiary abbreviations, and major customers (e.g., ATL, CATL, Samsung SDI, LG Chem) used in the report[7](index=7&type=chunk) - The reporting period is defined as January 1, 2020, to June 30, 2020[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and analyzes its key financial performance during the first half of 2020 [Company Profile](index=6&type=section&id=公司简介) This chapter provides the company's basic information, including its Chinese and English names, legal representative, contact details, registered and office addresses, and information disclosure channels Company Basic Information | Item | Content | | :--- | :--- | | **Chinese Name** | 上海璞泰来新能源科技股份有限公司 | | **Chinese Abbreviation** | 璞泰来 | | **English Name** | Shanghai Putailai New Energy Technology Co., Ltd. | | **Legal Representative** | 梁丰 | | **Stock Abbreviation** | 璞泰来 | | **Stock Code** | 603659 | [Key Accounting Data and Financial Indicators](index=7&type=section&id=主要会计数据和财务指标) In the first half of 2020, the company's operating revenue and net profit attributable to shareholders both declined, with revenue down 13.30% and net profit down 25.44%, while net cash flow from operating activities increased by 14.13% Key Accounting Data for H1 2020 (Unit: Yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,887,637,120.26 | 2,177,300,177.60 | -13.30 | | Net Profit Attributable to Shareholders of Listed Company | 196,700,787.56 | 263,803,143.72 | -25.44 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 175,353,180.84 | 239,671,376.33 | -26.84 | | Net Cash Flow from Operating Activities | 224,320,788.39 | 196,547,072.45 | 14.13 | | **Asset Status** | **Current Period End** | **Prior Year End** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 3,519,474,954.49 | 3,409,416,053.27 | 3.23 | | Total Assets | 9,255,442,865.22 | 8,130,924,461.78 | 13.83 | Key Financial Indicators for H1 2020 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.45 | 0.61 | -26.23% | | Diluted Earnings Per Share (Yuan/share) | 0.45 | 0.61 | -26.23% | | Weighted Average Return on Net Assets (%) | 5.45 | 8.93 | Decreased by 3.48 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 4.86 | 8.11 | Decreased by 3.25 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **21.35 million Yuan**, primarily from government subsidies[19](index=19&type=chunk) [Company Business Overview](index=9&type=section&id=第三节%20公司业务概要) This section details the company's core business, operating model, and industry landscape, highlighting its competitive advantages in technology, integrated supply chain, market resources, and management team [Main Business, Operating Model, and Industry Overview](index=9&type=section&id=主要业务、经营模式及行业情况说明) The company's main business involves R&D, production, and sales of key materials (anode materials, coated separators, aluminum-plastic film) and automated process equipment for new energy lithium batteries, serving major manufacturers like ATL, CATL, and LG Chem - The company is dedicated to providing comprehensive solutions for key materials and automated process equipment for the new energy lithium-ion battery industry, covering anode materials, wet-process separators and coating, automation equipment, and aluminum-plastic packaging film[20](index=20&type=chunk) - The company adopts a "build-to-order with market forecast consideration" production model and a direct sales model, with major clients including ATL, CATL, LG Chem, Samsung SDI, and other leading domestic and international lithium battery manufacturers[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Industry trends indicate broad demand in the consumer battery market, a sustained long-term growth trend in the power battery market despite short-term pandemic impacts, and accelerating development in the energy storage market[26](index=26&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=报告期内核心竞争力分析) The company's core competitiveness lies in its technological R&D, integrated industrial chain, market resources, and experienced management team, enabling cost control and strong client relationships - **Technology and R&D Advantages**: The company possesses unique core technologies and continuous R&D investment across various segments, including anode materials, lithium battery equipment, coated separators, and aluminum-plastic film, with superior product performance and entry into international high-end supply chains[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - **Integrated Industrial Chain Advantage**: The company has achieved full coverage in anode materials from raw coke to graphitization processing, extended its coated separator business upstream to base film, and formed synergistic effects through self-supply of core equipment, effectively enhancing product quality and cost control capabilities[41](index=41&type=chunk) - **Market Resource Advantage**: The company has established long-term stable cooperative relationships with renowned domestic and international lithium battery and automotive manufacturers such as ATL, CATL, LG Chem, Samsung SDI, Panasonic, and Tesla, demonstrating strong customer stickiness[42](index=42&type=chunk) - **Team Advantage**: The company's core management team possesses rich industry experience and foresight, maintaining team stability and motivation through equity incentives and other means[43](index=43&type=chunk) [Discussion and Analysis of Operations](index=18&type=section&id=第四节%20经营情况的讨论与分析) This section provides a comprehensive analysis of the company's operational performance, including overall financial results, segment-specific performance, and changes in key financial statement items [Overall Analysis of Operations](index=18&type=section&id=经营情况总体分析) In the first half of 2020, the company faced operational challenges due to the COVID-19 pandemic and reduced domestic new energy vehicle subsidies, resulting in a 13.30% decrease in operating revenue to **1.888 billion Yuan** and a 25.44% decrease in net profit attributable to shareholders to **197 million Yuan** H1 2020 Performance Overview | Indicator | Amount (10K Yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 188,763.71 | -13.30% | | Net Profit Attributable to Shareholders of Listed Company | 19,670.08 | -25.44% | - In the first half of the year, domestic new energy vehicle production and sales decreased by over **35%** year-on-year, exerting significant downward pressure on the industry chain, which primarily impacted the company's performance[44](index=44&type=chunk) [Analysis of Operations by Business Segment](index=18&type=section&id=分业务经营情况分析) Business segments showed mixed performance, with anode material shipments increasing by **6.02%** due to overseas orders, while coated separator shipments decreased by **8.41%** due to domestic demand, and lithium equipment revenue significantly dropped by **45.96%** due to delayed deliveries Operating Data for Each Business Segment in H1 2020 | Business Segment | Indicator | Value | YoY Change | | :--- | :--- | :--- | :--- | | **Anode Materials** | Shipment Volume | 22,226 Tons | +6.02% | | | Main Business Revenue | 1.367 billion Yuan | -1.65% | | **Coated Separators** | Shipment Volume | 219 million sqm | -8.41% | | | Main Business Revenue | 282 million Yuan | -16.93% | | **Aluminum-Plastic Film** | Shipment Volume | 2.53 million sqm | -0.57% | | | Main Business Revenue | 32 million Yuan | YoY flat | | **Nano Alumina** | Shipment Volume | 506 Tons | +103.51% | | | Main Business Revenue | 13 million Yuan | +735.33% | | **Lithium Equipment** | Main Business Revenue (Excluding Internal) | 127 million Yuan | -45.96% | [Main Business Analysis](index=22&type=section&id=主营业务分析) This chapter analyzes the company's first-half operating status through changes in financial statement items, noting revenue decline due to the pandemic, a greater decrease in operating costs from raw material price drops, increased sales expenses from overseas growth, higher financial expenses due to convertible bond issuance, and improved operating cash flow from enhanced collections Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Ratio (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,887,637,120.26 | 2,177,300,177.60 | -13.30 | Impact of COVID-19 pandemic, insufficient demand for power batteries | | Operating Cost | 1,309,599,095.46 | 1,590,871,512.93 | -17.68 | Decrease in raw material prices and cost control | | Selling Expenses | 90,209,827.41 | 71,430,313.59 | 26.29 | Increase in overseas market revenue | | Financial Expenses | 60,879,363.51 | 45,774,281.57 | 33.00 | Issuance of convertible bonds and increased bank financing | | Net Cash Flow from Operating Activities | 224,320,788.39 | 196,547,072.45 | 14.13 | Strengthened collections, controlled payments | | Net Cash Flow from Financing Activities | 1,199,793,704.04 | 299,113,556.00 | 301.12 | Issuance of convertible bonds | [Analysis of Assets and Liabilities](index=23&type=section&id=资产、负债情况分析) At the end of the reporting period, the company's total assets reached **9.255 billion Yuan**, an increase of **13.83%** from the end of the previous year, primarily driven by a **90.66%** surge in monetary funds due to convertible bond issuance, while liabilities saw a **1085.87%** increase in bonds payable Changes in Major Balance Sheet Items | Item Name | Current Period End Amount (Yuan) | Change Ratio from Prior Year End (%) | Main Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,644,061,091.44 | 90.66 | Issuance of convertible bonds and customer collections | | Prepayments | 127,385,196.91 | 57.23 | Increase in prepaid electricity and other payments | | Other Non-current Assets | 185,139,562.41 | 36.36 | Increased investment in construction projects, increased equipment prepayments | | Bonds Payable | 778,310,243.11 | 1,085.87 | Issuance of convertible bonds | | Long-term Payables | 136,764,634.53 | 237.65 | Subsidiaries engaged in finance lease sale-and-leaseback transactions | [Analysis of Investment Status](index=25&type=section&id=投资状况分析) During the reporting period, the company made several equity investments, including capital increases for Ningde Zhuogao and Jiangsu Zhongguancun Jiatuo, and established Dongguan Zhuogao New Energy, while also planning to acquire the remaining **49%** equity in Shandong Xingfeng for **735 million Yuan** - The company plans to acquire **49%** of Shandong Xingfeng's minority equity for **735 million Yuan** in cash, making Shandong Xingfeng a wholly-owned subsidiary upon completion, contingent on CSRC approval for non-public issuance[66](index=66&type=chunk)[67](index=67&type=chunk) - The company increased capital in its wholly-owned subsidiary Ningde Zhuogao by **60 million Yuan**, in Jiangsu Zhongguancun Jiatuo by **100 million Yuan**, and invested **50 million Yuan** to establish Dongguan Zhuogao New Energy Technology Co., Ltd[64](index=64&type=chunk)[65](index=65&type=chunk) Progress of Major Non-Equity Investment Projects | Project Name | Project Amount (10K Yuan) | Amount Invested This Year (10K Yuan) | Cumulative Investment (10K Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | High-Safety Lithium-Ion Battery Functional Coated Separator Production Base | 43,200.00 | 22,486.92 | 22,486.92 | Construction phase | | Annual Production of 30,000 Tons of High-Performance Lithium-Ion Battery Anode Materials (Carbonization, etc.) | 23,300.00 | 10,123.76 | 10,123.76 | Partial processes completed and trial production | [Analysis of Major Holding and Participating Companies](index=27&type=section&id=主要控股参股公司分析) This chapter discloses the financial performance of major holding subsidiaries, with Jiangxi Zichen (anode materials) contributing the majority of operating revenue and net profit at **154.55 million Yuan**, while Ningde Zhuogao and Inner Mongolia Xingfeng also reported profits, and Jiangsu Zhuogao incurred losses Operating Performance of Major Holding Subsidiaries in H1 2020 (Unit: 10K Yuan) | Company Name | Main Business | Operating Revenue for Reporting Period | Net Profit for Reporting Period | | :--- | :--- | :--- | :--- | | Jiangxi Zichen | Anode Materials | 136,862.97 | 15,455.45 | | Inner Mongolia Xingfeng | Graphitization Processing | 21,750.79 | 3,346.61 | | Shenzhen Xinjia Tuo | Lithium Equipment | 20,531.23 | 2,639.81 | | Ningde Zhuogao | Coated Separators | 21,488.84 | 3,444.43 | | Jiangsu Zhuogao | Coated Separators | 4,111.49 | -328.46 | [Potential Risks](index=28&type=section&id=可能面对的风险) The company faces risks from macroeconomic fluctuations, policy changes, intensified market competition, raw material price volatility, and technological substitution, which could lead to demand contraction, price pressure, and adverse impacts on performance - Macroeconomic downturn, reduced new energy vehicle subsidies, and overcapacity in downstream industries may lead to demand contraction and customer credit risk[73](index=73&type=chunk) - Intensified market competition may lead to product price reductions, affecting the company's profitability[75](index=75&type=chunk) - Fluctuations in raw material prices and the risk of substitution by emerging battery technologies (such as solid-state batteries) may adversely affect the market competitiveness of the company's products[76](index=76&type=chunk)[78](index=78&type=chunk) [Significant Matters](index=30&type=section&id=第五节%20重要事项) This section covers key corporate events, including shareholder meetings, profit distribution plans, major litigations, related party transactions, significant contracts, guarantees, and details regarding convertible corporate bonds [Shareholder Meetings and Profit Distribution](index=30&type=section&id=股东大会与利润分配) During the reporting period, the company held three shareholder meetings, and the board of directors resolved not to distribute profits or convert capital reserves into share capital for the first half of 2020 - The company held three shareholder meetings during and after the reporting period, reviewing proposals such as the annual report, routine related party transactions, and non-public issuance of shares[79](index=79&type=chunk) - The company plans not to distribute profits or convert capital reserves into share capital for the first half of 2020[80](index=80&type=chunk) [Major Litigations and Related Party Transactions](index=32&type=section&id=重大诉讼与关联交易) The company had one major litigation where its wholly-owned subsidiary Jiangxi Zichen sought enforcement against Jiangsu Zhihang New Energy for **92.04 million Yuan** in payment disputes, and significant related party transactions included the planned **735 million Yuan** acquisition of minority equity in Shandong Xingfeng - Wholly-owned subsidiary Jiangxi Zichen Technology Co., Ltd. applied to the court for compulsory enforcement against Jiangsu Zhihang New Energy Co., Ltd. due to payment disputes, involving a total amount of **92.04 million Yuan**[85](index=85&type=chunk) - The company plans to acquire **29.40%** and **19.60%** equity in Shandong Xingfeng for a total of **735 million Yuan** in cash, constituting a significant related party transaction[89](index=89&type=chunk) - The company expects routine related party transactions with associated parties in 2020 to not exceed **240 million Yuan** (excluding tax)[87](index=87&type=chunk) [Significant Contracts and Guarantees](index=35&type=section&id=重大合同与担保) As of the end of the reporting period, the company's total guarantee balance for its subsidiaries amounted to **3.516 billion Yuan**, representing **93.24%** of its net assets, with **608 million Yuan** provided for guaranteed entities with an asset-liability ratio exceeding **70%** Company Guarantee Status (Unit: 10K Yuan) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 124,500.00 | | Total Guarantee Balance for Subsidiaries at End of Reporting Period | 351,554.90 | | Ratio of Total Guarantees to Company's Net Assets (%) | 93.24 | [Convertible Corporate Bonds](index=37&type=section&id=可转换公司债券情况) The company publicly issued **870 million Yuan** in convertible corporate bonds ("Putailai Convertible Bonds") on January 2, 2020, which began trading on February 4, with the conversion period starting July 8, 2020, and the conversion price adjusted from **83.18 Yuan/share** to **82.73 Yuan/share** due to the 2019 equity distribution - The company publicly issued **870 million Yuan** in convertible corporate bonds in January 2020, with the bond abbreviation "Putailai Convertible Bonds" and code "113562"[100](index=100&type=chunk) - As of the end of the reporting period, the unconverted amount was **870 million Yuan**, representing **100%** of the total issuance[105](index=105&type=chunk) - Due to the implementation of the 2019 equity distribution, the conversion price was adjusted from **83.18 Yuan/share** to **82.73 Yuan/share** effective May 12, 2020[107](index=107&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=41&type=section&id=第六节%20普通股股份变动及股东情况) This section details the company's share capital structure and the holdings of its major shareholders [Shareholder Information](index=41&type=section&id=股东情况) As of the end of the reporting period, the company had **12,838** ordinary shareholders, with the top three shareholders, Liang Feng, Ningbo Shengyue Investment, and Ningbo Huineng Investment, collectively holding over **55%** of the shares, and Liang Feng being the actual controller Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | | Liang Feng | 130,914,010 | 30.08 | | Ningbo Shengyue Investment Partnership (Limited Partnership) | 56,714,612 | 13.03 | | Ningbo Huineng Investment Partnership (Limited Partnership) | 51,955,111 | 11.94 | | Chen Wei | 42,978,366 | 9.88 | | Hong Kong Securities Clearing Company Limited | 11,088,665 | 2.55 | - Ningbo Shengyue and Ningbo Huineng are limited partnerships controlled by Mr. Liang Feng, the actual controller, forming a concerted action relationship[116](index=116&type=chunk)[117](index=117&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=45&type=section&id=第八节%20董事、监事、高级管理人员情况) This section provides details on the company's board of directors, supervisory board, and senior management team [Changes in Shareholdings](index=45&type=section&id=持股变动情况) During the reporting period, some directors, supervisors, and senior management reduced their company shareholdings in the secondary market according to disclosed plans, while controlling shareholder Liang Feng's shareholding remained unchanged Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Change in Shareholdings During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | | Chen Wei | Director | -4,306,000 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Han Zhongwei | Director | -650,000 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Liu Fang | Supervisor | -746,502 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Feng Suning | Senior Management | -900,000 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Qi Xiaodong | Senior Management | -999,331 | Reduced shareholdings in the secondary market according to disclosed reduction plan | [Corporate Bonds Information](index=46&type=section&id=第九节%20公司债券相关情况) This section provides details on the company's corporate bonds, including their basic information, interest payments, redemption, and analysis of the company's solvency and bank credit lines [Basic Information and Interest Payment/Redemption of Corporate Bonds](index=46&type=section&id=公司债券基本情况与付息兑付) During the reporting period, the company timely and fully redeemed the principal and interest of "PR Putailai 01" and delisted it, while also timely redeeming part of the principal and interest of "18 Putailai," which was renamed "PR Putailai 02" and remains in circulation - The corporate bond "PR Putailai 01" completed principal and interest redemption and was delisted on May 18, 2020[122](index=122&type=chunk) - The corporate bond "18 Putailai" redeemed 1/3 of its principal and interest on March 19, 2020, and its bond abbreviation was changed to "PR Putailai 02," with a remaining bond balance of **67 million Yuan** at period-end[122](index=122&type=chunk)[123](index=123&type=chunk) [Solvency and Bank Credit Lines](index=49&type=section&id=偿债能力与银行授信) At the end of the reporting period, the company's current ratio and quick ratio both improved, while the asset-liability ratio slightly increased to **59.26%**, and the EBITDA interest coverage ratio decreased to **5.36** times due to increased interest accrual from convertible bonds Solvency Related Financial Indicators | Key Indicator | Current Period End / Current Period | Prior Year End / Prior Period | Reason for Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.28 | 1.19 | Issuance of convertible bonds and strengthened cash flow management | | Quick Ratio | 0.74 | 0.65 | Issuance of convertible bonds and strengthened cash flow management | | Asset-Liability Ratio (%) | 59.26 | 55.18 | Increase in liabilities due to convertible bond issuance exceeded asset increase | | EBITDA Interest Coverage Ratio | 5.36 | 8.07 | Increased interest accrual due to convertible bond business | - As of the end of the reporting period, the company and its subsidiaries collectively obtained bank credit lines totaling **4.134 billion Yuan**, with **2.612 billion Yuan** utilized and **1.523 billion Yuan** unused, indicating timely repayment of all credit lines[134](index=134&type=chunk) [Financial Report](index=51&type=section&id=第十节%20财务报告) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2020, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Financial Statements](index=51&type=section&id=财务报表) This chapter provides the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2020 Consolidated Income Statement Summary (Jan-Jun 2020) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | **1,887,637,120.26** | | Total Operating Cost | 1,652,381,215.22 | | Operating Profit | 231,257,213.94 | | Total Profit | 232,083,556.09 | | **Net Profit** | **212,525,567.32** | | **Net Profit Attributable to Parent Company Shareholders** | **196,700,787.56** | Consolidated Balance Sheet Summary (As of June 30, 2020) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **9,255,442,865.22** | | Total Current Assets | 5,707,169,391.22 | | Total Non-current Assets | 3,548,273,474.00 | | **Total Liabilities** | **5,484,961,529.54** | | Total Current Liabilities | 4,453,411,869.99 | | Total Non-current Liabilities | 1,031,549,659.55 | | **Total Owners' Equity** | **3,770,481,335.68** | | Total Owners' Equity Attributable to Parent Company | 3,519,474,954.49 | Consolidated Cash Flow Statement Summary (Jan-Jun 2020) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 224,320,788.39 | | Net Cash Flow from Investing Activities | -373,880,036.99 | | Net Cash Flow from Financing Activities | 1,199,793,704.04 | | **Net Increase in Cash and Cash Equivalents** | **1,051,460,256.66** | [Significant Accounting Policies and Estimates](index=75&type=section&id=重要会计政策及会计估计) The company adopted new revenue recognition standards from January 1, 2020, reclassifying sales-related advances to contract liabilities and adjusting opening financial statements accordingly, with detailed explanations for other key policies like financial instrument recognition, inventory valuation, and fixed asset depreciation - The company adopted new revenue recognition standards from January 1, 2020, primarily reclassifying advances from customers to contract liabilities, adjusting the opening balance sheet for 2020, but not retrospectively adjusting comparative period data[241](index=241&type=chunk) - Due to the adoption of new revenue standards, the company's advances from customers decreased by **717 million Yuan** and contract liabilities increased by **717 million Yuan** as of January 1, 2020[236](index=236&type=chunk) [Reference Documents](index=188&type=section&id=第十一节%20备查文件目录) This chapter lists the reference documents, including financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department, as well as originals of all company documents and announcements publicly disclosed during the reporting period - This chapter lists reference documents, including financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department, as well as originals of all company documents and announcements publicly disclosed in designated newspapers during the reporting period[459](index=459&type=chunk)

2019 年年度报告 | --- | --- | |---------------------|---------------------------| | | | | 公司代码： 603659 | 公司简称：璞泰来 | | 债券代码： 143119 | 债券简称： PR 璞泰 01 | | 债券代码： 143514 | 债券简称： PR 璞泰 02 | | 可转债代码： 113562 | 可转债简称：璞泰转债 | 上海璞泰来新能源科技股份有限公司 2019 年年度报告 1 / 228 2019 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人梁丰、主管会计工作负责人韩钟伟及会计机构负责人（会计主管人员）韦富桂声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 2019 年年度利润分配方 ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,177,300,177.60, representing a 58.04% increase compared to CNY 1,377,696,364.17 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 263,803,143.72, a 2.62% increase from CNY 257,063,708.12 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 239,671,376.33, which is an 8.53% increase from CNY 220,841,064.58 year-on-year[17]. - The net cash flow from operating activities was CNY 196,547,072.45, a significant improvement of 364.45% compared to a negative cash flow of CNY -74,322,343.95 in the same period last year[17]. - The total assets of the company reached CNY 7,705,638,678.47, which is a 15.69% increase compared to CNY 6,660,461,107.69 at the end of the previous year[17]. - Basic earnings per share for the reporting period (1-6 months) increased by 3.39% to CNY 0.61 compared to the same period last year[18]. - The weighted average return on equity decreased by 0.82 percentage points to 8.93% compared to the previous year[18]. Business Operations - The company’s main business includes the R&D, production, and sales of key materials for lithium-ion batteries and automation equipment[22]. - The production model is based on "order-based production" with a focus on market forecasts and maintaining appropriate inventory levels[25]. - The company is expanding its production capabilities with new projects, including a 50,000-ton graphite processing base that has commenced operations[24]. - Strategic partnerships with leading battery manufacturers such as ATL and CATL have been established to ensure stable business relationships[25]. - The company is advancing the construction of a production base for high-performance lithium-ion battery anode materials, with an investment progress of nearly 70% and an expected annual shipment of over 50,000 tons[39]. - The company is focusing on R&D in the field of anode materials, collaborating with institutions like the Chinese Academy of Sciences to enhance product development and technological innovation[33]. Market Trends - The demand for power batteries in the new energy vehicle sector saw a significant increase, with a 48.5% growth in production and sales of new energy vehicles in the first half of 2019[26]. - The installed capacity of power batteries in China reached 30.01 GWh in the first half of 2019, representing a year-on-year growth of 94.29%[26]. - The cumulative operational scale of electrochemical energy storage in China is expected to reach 1.92 GWh by the end of 2019, with an annual growth rate of 89%[28]. - The lithium-ion battery industry is projected to maintain over 70% annual growth rate in 2020, with expectations to exceed 10 GWh in 2022 and approach 20 GWh in 2023[28]. Research and Development - The company has developed high-end anode materials with international leading levels, meeting fast charging requirements and featuring high capacity and long cycle life[29]. - The company has made significant advancements in high-speed coating technology, improving efficiency and reducing production costs for clients[30]. - The company is committed to developing new products and processes, with ongoing research in solid-state and fuel cell technologies[32]. - The company has integrated resources for separator base film, coating materials, and processing technology, achieving cost reductions while enhancing battery performance[31]. Financial Position - The company reported a significant increase in fixed assets, reaching CNY 1,130,235,080.50, up 66.13% compared to the previous period, due to the completion of expansion projects[58]. - Short-term borrowings increased to CNY 1,051,582,000.00, reflecting a 151.88% rise as the company sought additional funds to support business growth[58]. - The company's total liabilities as of June 30, 2019, were CNY 4,496.81 million, compared to CNY 3,539.26 million at the end of 2018, marking an increase of approximately 27.2%[113]. - The company's cash and cash equivalents decreased to CNY 1,112.00 million from CNY 1,334.27 million, a decline of about 16.6%[111]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,137[92]. - The largest shareholder, Liang Feng, held 130,914,010 shares, representing 30.12% of the total shares[93]. - The company does not plan to distribute profits or increase capital reserves for the first half of 2019, with no dividends or stock bonuses proposed[65]. Risk Factors - The company faces risks from macroeconomic fluctuations and potential structural overcapacity in the lithium battery materials industry, which could adversely affect performance[60]. - The company faces uncertainties in the commercialization of new technologies and products, which may impact future performance if not successfully developed[63]. Accounting Policies - The financial statements are prepared based on the going concern principle, in accordance with the accounting standards issued by the Ministry of Finance[139]. - The company’s accounting policies include specific estimates related to expected credit losses and inventory valuation methods[140]. - The company applies a control-based approach to determine the scope of consolidated financial statements, including all subsidiaries[147]. Corporate Governance - The company has appointed Ernst & Young Hua Ming as the auditing firm for the fiscal year 2019, effective from the date of the shareholders' meeting[68]. - The company maintains a good integrity status, with no significant debts or court judgments outstanding during the reporting period[70].

Financial Performance - Operating revenue for the quarter reached CNY 1,028,850,463.75, a significant increase of 79.52% year-on-year[4] - Net profit attributable to shareholders was CNY 128,991,028.24, reflecting a slight increase of 0.51% compared to the same period last year[4] - Basic and diluted earnings per share remained stable at CNY 0.30[4] - The total comprehensive income for Q1 2019 was ¥129,906,039.01, slightly higher than ¥129,319,603.00 in Q1 2018, showing a marginal increase[21] - Net profit for Q1 2019 was ¥130,558,890.15, slightly up from ¥129,498,538.88 in Q1 2018, indicating a growth of approximately 0.8%[20] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY -127,049,375.58, a decrease of 1,018.97% year-on-year[4] - The net cash flow from operating activities was negative at -¥127,049,375.58, a significant decline of 1018.97% compared to ¥13,825,259.22 in the previous year[11] - Cash flow from investing activities resulted in a net outflow of -¥470,293,269.27, compared to -¥919,349,053.48 in Q1 2018[26] - The net cash flow from investment activities for Q1 2019 was -302,655,747.76 RMB, showing a significant improvement from -726,726,681.67 RMB in Q1 2018[27] - The net cash flow from financing activities for Q1 2019 was 42,272,098.50 RMB, compared to 97,415,000.00 RMB in Q1 2018, indicating a decrease of approximately 56.6%[27] Assets and Liabilities - Total assets increased by 3.17% to CNY 6,871,901,034.86 compared to the end of the previous year[4] - Total liabilities reached CNY 3,620,203,132.97, up from CNY 3,539,262,001.92, indicating an increase of about 2.29%[16] - Current liabilities rose to CNY 3,064,128,959.42, compared to CNY 2,915,741,827.84, marking an increase of about 5.11%[15] - Shareholders' equity totaled CNY 3,251,697,901.89, compared to CNY 3,121,199,105.77, showing a growth of approximately 4.18%[16] - The company's total liabilities amounted to ¥616,507,829.81, compared to ¥573,138,871.20 in the previous year, showing an increase of about 7.6%[20] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,717[7] - The largest shareholder, Liang Feng, holds 30.12% of the shares, amounting to 130,914,010 shares[7] - The company's net assets attributable to shareholders increased by 4.43% to CNY 3,037,261,607.54 compared to the end of the previous year[40] Research and Development - Research and development expenses rose to ¥44,179,068.18, a 73.83% increase from ¥25,414,763.26, reflecting the company's commitment to new product development[10] - Research and development expenses for Q1 2019 were ¥44,179,068.18, compared to ¥25,414,763.26 in Q1 2018, reflecting an increase of about 73.8%[20] Financial Standards - The company adopted new financial accounting standards effective January 1, 2019, impacting the measurement and reporting of financial instruments[32] - The company did not adjust prior comparative data due to the new financial instrument standards[36]

Financial Performance - The company's operating revenue for 2018 was CNY 3,311,025,339.14, representing a 47.20% increase compared to CNY 2,249,358,777.21 in 2017[19]. - The net profit attributable to shareholders for 2018 was CNY 594,257,759.99, a 31.80% increase from CNY 450,865,833.88 in 2017[19]. - The net cash flow from operating activities for 2018 reached CNY 326,315,354.11, a significant increase of 777.69% compared to CNY 37,179,031.05 in 2017[19]. - The total assets at the end of 2018 were CNY 6,660,461,107.69, reflecting a 53.51% increase from CNY 4,338,877,027.77 at the end of 2017[19]. - The basic earnings per share for 2018 was CNY 1.37, up 15.13% from CNY 1.19 in 2017[20]. - The weighted average return on equity for 2018 was 22.39%, a decrease of 10.06 percentage points from 32.45% in 2017[20]. - The company achieved an annual revenue of 3.311 billion yuan, representing a year-on-year growth of 47.20%[46]. - The net profit attributable to shareholders reached 594 million yuan, with a year-on-year increase of 31.80%[46]. - The company achieved a main business revenue of 3,307.33 million yuan, a year-on-year increase of 47.50%[53]. Dividend Policy - The company plans to distribute a cash dividend of 4.2 RMB per 10 shares, totaling 182,572,110 RMB based on a total share capital of 434,695,500 shares as of the end of 2018[4]. - The cash dividend per 10 shares was RMB 4.20 in 2018, an increase from RMB 3.13 in 2017[129]. - In 2018, the company distributed cash dividends totaling RMB 182,572,110, representing 30.72% of the net profit attributable to ordinary shareholders[129]. - The company has a cash dividend policy prioritizing cash distributions, with a minimum cash dividend ratio of 10% of the distributable profit when conditions are met[123]. - In mature stages without major capital expenditures, the company aims for cash dividends to constitute at least 80% of profit distribution[124]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[3]. - The company has confirmed that there are no violations in decision-making procedures for external guarantees[6]. - The company has not faced any risks of suspension or termination of its listing during the reporting period[136]. - The company has not reported any significant litigation or arbitration matters beyond those already disclosed[137]. - The company has not made any changes to its accounting policies or estimates that would impact its financial reporting[132]. Operational Overview - The company operates several wholly-owned subsidiaries across various regions, enhancing its operational footprint[10]. - The company focuses on the research, production, and sales of key materials and automated process equipment for lithium-ion batteries[27]. - The main products include anode materials, automated coating equipment, separator base films, and aluminum-plastic packaging films[28]. - The company aims to provide comprehensive solutions for lithium-ion battery materials and processes, positioning itself as a world-class enterprise in this field[27]. - The company utilizes both external procurement and outsourcing for its raw materials, ensuring quality and competitive pricing through strategic supplier partnerships[31]. Market Position and Strategy - The company’s products are positioned in the mid-to-high-end market, primarily sold to renowned lithium battery manufacturers such as ATL, CATL, and BYD, establishing long-term stable business relationships[33]. - The company has entered the supply chains of major global clients such as ATL, CATL, and Tesla, expanding its market presence[44]. - The company aims to leverage its advantages to continuously increase its market scale while promoting collaborative development within the industry[35]. - The company is focusing on asset quality and management efficiency to navigate challenges posed by rising raw material costs and market pressures[46]. Research and Development - The company emphasizes R&D investment, collaborating with renowned research institutions to maintain product innovation and competitiveness[42]. - The company has developed advanced technologies in negative electrode materials and graphite processing, producing high-end materials with international leading levels, characterized by high capacity and long cycle life[37]. - The company has made significant progress in the development of new products and technologies, including high-performance coating materials and automated equipment[54]. - The company is committed to advancing the research and development of next-generation power batteries and innovative battery materials[83]. Risk Management - The company has outlined potential risk factors and their impacts in the section discussing future development[6]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, urging caution regarding investment risks[5]. - The company faces risks from macroeconomic fluctuations and excess capacity in downstream industries, which could negatively impact performance if customer credit risks are not effectively managed[117]. - The domestic lithium battery materials and equipment industry is experiencing intensified competition, leading to significant price volatility and affecting profitability[118]. Social Responsibility - The company initiated a project in Zhuozi County, a national-level poverty-stricken area, to produce 50,000 to 60,000 tons of lithium-ion battery anode materials annually[148]. - The company trained 61 individuals from impoverished backgrounds through professional skills training programs[148]. - The company donated RMB 48,000 to support 8 students from impoverished families[148]. - The company’s poverty alleviation efforts included an investment of RMB 7.65 million in various initiatives[149]. - The company has implemented regular environmental monitoring to ensure compliance with pollution standards, including waste gas and wastewater management[153]. Governance and Management - The company has established a management holding platform through Ningbo Huineng Investment Partnership (Limited Partnership), with Liang Feng as the executive partner[182]. - The board of directors consists of 5 members, including 2 independent directors, ensuring effective governance and oversight[191]. - The company has implemented a structured governance framework, including various committees to oversee strategic and operational decisions[190]. - The company has established a dedicated board secretary responsible for information disclosure, ensuring transparency and equal access to information for all shareholders[192]. Employee and Workforce - The total number of employees in the parent company is 33, while the main subsidiaries employ 2,424, resulting in a total of 2,457 employees[185]. - The company has a diverse employee educational background, with 50 holding postgraduate degrees, 348 with bachelor's degrees, and 359 with associate degrees[186]. - The company emphasizes a compensation policy that aligns with its strategic goals, focusing on ability, responsibility, and performance[187]. - The company has established a comprehensive training program aimed at enhancing employee skills and organizational performance[188].

Financial Performance - Operating revenue for the first nine months reached CNY 2,291,489,681.01, a growth of 47.76% year-on-year[5] - Net profit attributable to shareholders of the listed company was CNY 429,137,681.83, reflecting a 32.48% increase compared to the same period last year[5] - Basic and diluted earnings per share rose to CNY 0.99, up 12.50% from CNY 0.88 in the same period last year[5] - The company reported a net profit excluding non-recurring gains of CNY 335,190,556.24, a 9.78% increase year-on-year[5] - Net profit for the period was ¥430,882,741.10, a 33.02% increase from ¥323,932,505.81, attributed to business scale growth[14] - The net profit attributable to the parent company was ¥429,137,681.83, marking a 32.48% increase from ¥323,932,505.81, driven by overall business growth[14] Cash Flow - Net cash flow from operating activities improved significantly to CNY 179,209,766.85, a 556.42% increase from the previous year[5] - The net cash flow from operating activities improved significantly to ¥179,209,766.85, a 556.42% increase from a negative cash flow of ¥39,264,256.97 in the previous period, due to enhanced asset quality management and increased customer payments[16] - Investment cash flow was negative at ¥-1,080,969,611.68, a 191.71% decline from ¥-370,562,792.66, mainly due to the acquisition of equity in Liyang Yuequan and investments in production facilities[16] - Financing cash flow increased by 161.30% to ¥686,212,176.65 from ¥262,617,792.73, driven by increased bank loans and bond issuance to meet operational funding needs[16] - The company reported a net cash flow from financing activities of ¥686,212,176.65, compared to ¥262,617,792.73 in the previous year, reflecting improved financing conditions[37] Assets and Liabilities - Total assets increased by 38.94% to CNY 6,028,267,830.76 compared to the end of the previous year[5] - The company's total assets reached ¥6,028,267,830.76, up from ¥4,338,877,027.77, indicating significant growth in asset base[21] - The total liabilities increased to ¥3,078,781,287.41 from ¥1,785,702,714.96, reflecting the company's expansion and increased borrowing[21] - Prepayments increased by 171.38% to ¥104,155,023.74 due to business growth and increased material purchases[10] - Inventory rose by 40.29% to ¥1,668,612,142.60, driven by increased production and orders[10] Shareholder Information - The total number of shareholders at the end of the reporting period was documented, indicating shareholder engagement and interest[7] - Total number of shareholders reached 12,712[8] - The top ten shareholders hold a combined 73.51% of shares, with Liang Feng owning 30.25%[8] Research and Development - R&D expenses rose by 51.33% to ¥96,075,694.47 from ¥63,489,393.35, reflecting the company's commitment to maintaining technological leadership through increased investment[13] - Research and development expenses for the first nine months of 2018 were ¥96,075,694.47, up 51.4% from ¥63,489,393.35 in the same period last year[26] - Research and development expenses for Q3 2018 were CNY 450,829, an increase from CNY 351,459 in Q3 2017, indicating a rise of about 28%[32] Other Financial Metrics - Non-recurring gains and losses totaled CNY 57,724,482.04 for the current period, contributing to the overall financial performance[6] - Government subsidies recognized in the current period amounted to CNY 8,466,413.95, contributing positively to the financial results[6] - The weighted average return on net assets decreased by 11.40 percentage points to 16.54%[5] - The company’s goodwill increased by 4,528.71% to ¥83,228,172.25 due to the acquisition of Liyang Yuequan equity[10] - The company’s long-term equity investments decreased by 98.96% to ¥1,000,000.00 due to the acquisition of Liyang Yuequan equity[10]