航天长征化学工程股份有限公司 2016 年第一季度报告 公司代码：603698 公司简称：航天工程 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司主要财务数据和股东变化 3 | | 三、 | 重要事项 6 | | 四、 | 附录 16 | 航天长征化学工程股份有限公司 2016 年第一季度报告 一、 重要提示 二、 公司主要财务数据和股东变化 2.1 主要财务数据 3 / 26 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 4,148,542,866.93 4,143,062,668.99 0.13 归属于上市公司 股东的净资产 2,272,836,384.60 2,268,211,982.87 0.20 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的 现金流量净额 -135,221,687.34 -41,606,424.83 -225 年初至报告期末 上年初至上年报告期末 比上年同期增减（%） 营业收入 138,245,769.43 206,895,592.36 -33.18 归属于上市公司 股东的净利润 ...

Financial Performance - The company's operating revenue for 2015 was RMB 1,550,211,901.83, representing a 25.43% increase compared to RMB 1,235,878,647.64 in 2014[23] - The net profit attributable to shareholders for 2015 was RMB 295,964,407.39, a 5.11% increase from RMB 281,584,500.12 in the previous year[23] - The total assets at the end of 2015 reached RMB 4,143,062,668.99, a 56.41% increase from RMB 2,648,811,866.47 in 2014[23] - The net assets attributable to shareholders increased by 123.93% to RMB 2,268,211,982.87 from RMB 1,012,911,917.46 in 2014[23] - The basic earnings per share for 2015 was RMB 0.73, down 14.12% from RMB 0.85 in 2014[24] - The weighted average return on equity decreased to 14.45% in 2015 from 28.07% in 2014, a reduction of 13.62 percentage points[24] - The cash flow from operating activities showed a significant decline, with a net outflow of RMB -372,363,225.87 compared to an inflow of RMB 487,633,891.40 in 2014, a decrease of 176.36%[23] - The total share capital at the end of 2015 was 412,300,000 shares, an increase of 24.94% from 330,000,000 shares in 2014[23] Quarterly Performance - In the first quarter, the company reported revenue of ¥206,895,592.36, while the second quarter saw revenue increase to ¥593,198,683.25, followed by ¥209,018,293.90 in the third quarter and ¥541,099,332.32 in the fourth quarter[27] - The net profit attributable to shareholders in the second quarter was ¥131,277,772.28, but the third quarter experienced a loss of ¥13,746,413.11, with a recovery to ¥158,205,356.18 in the fourth quarter[27] Assets and Liabilities - The company reported a significant increase in other current assets, which rose by 11,481.46% to ¥724,912,597.48, primarily due to cash management activities[35] - Long-term receivables increased to ¥347,630,660.51, up from zero in the previous period, as the company began executing installment payment contracts[35] - The total assets at the end of the reporting period were CNY 4,143,062,668.99, an increase of 56.41% from the previous period, with current assets accounting for 71.59% of total assets[67] - Accounts receivable at the end of the period were CNY 762,966,211.37, a 45.75% increase year-on-year, driven by the growth in business scale and the increase in completed and warranty projects[67] - Inventory at the end of the period was CNY 565,776,339.80, up 35.54% year-on-year, primarily due to increased stock from pre-production activities[67] - Total liabilities rose by 14.61% from CNY 1.64 billion in 2014 to CNY 1.87 billion in 2015[141] Research and Development - The total R&D investment for the period was CNY 64,226,697.10, representing 4.14% of total operating revenue[62] - Research and development expenses rose by 40.64% to ¥64,226,697.10, indicating a focus on innovation[49] - The company filed for 44 patents during the reporting period, including 21 invention patents and 23 utility model patents[36] - The company was recognized as a "National Intellectual Property Advantage Enterprise" in 2015[44] Business Strategy and Market Position - The company’s core business focuses on gasification technology and key equipment development, with applications in clean and efficient coal utilization[33] - The coal chemical industry, which the company serves, is crucial for national economic growth and energy structure stability, with significant investment opportunities attracting domestic and international investors[34] - The company’s business model has expanded towards engineering general contracting, alongside its traditional patent licensing and equipment supply services[33] - The company aims to achieve an annual production capacity of 40 million tons for coal-to-oil and 28 billion cubic meters for coal-to-gas by 2020[77] - The company plans to enhance its research and development capabilities and increase the number of core technology patent applications to drive innovation[78] Shareholder Relations and Dividends - The company has established a cash dividend policy, distributing no less than 20% of the available distributable profits each year to shareholders[89] - For the fiscal year 2015, the company approved a cash dividend of 2.16 RMB per 10 shares, totaling 89,056,800 RMB[91] - The cash dividend for 2014 amounted to 223,974,900 RMB, representing 79.54% of the net profit attributable to shareholders[94] - The profit distribution plan for 2015 is subject to approval at the shareholders' meeting[91] - The company emphasizes communication with shareholders, particularly small and medium shareholders, regarding profit distribution proposals[89] Corporate Governance and Compliance - The company has appointed Dahua Certified Public Accountants as its auditing firm for the 2015 fiscal year, with an audit fee of CNY 950,000[110] - The company has not faced any penalties from securities regulatory agencies in the past three years[186] - The company has established a multi-level welfare guarantee system for employees, including "five insurances and two funds" and paid leave[188] - The company is focused on maintaining compliance with regulatory requirements regarding executive compensation and governance practices[184] Employee and Workforce Management - The company has a workforce of over 600 employees, with 48.2% holding a master's degree or higher[37] - The total number of employees in the parent company is 599, and the total number of employees in major subsidiaries is 44, resulting in a combined total of 643 employees[187] - The professional composition includes 489 technical personnel, 27 sales personnel, 22 financial personnel, 76 administrative personnel, and 29 others, totaling 643 employees[187] - The company has implemented a training plan aimed at enhancing management capabilities and improving design quality through various training methods[189] Environmental and Social Responsibility - The company has established a partnership with the National Environmental Protection Department to promote sustainable resource utilization and environmental protection[124] - The company actively participates in social welfare initiatives, contributing to various charitable causes[123] - The company has implemented energy-saving and environmental protection measures, focusing on coal gasification technology research[124] - The company’s financial report indicates a strong commitment to corporate social responsibility across various sectors[123]

Financial Performance - Operating revenue for the first nine months rose by 24.06% to CNY 1,009,112,569.51 compared to the same period last year[4] - Net profit attributable to shareholders decreased by 16.58% to CNY 137,759,051.21 year-on-year[4] - Basic earnings per share fell by 32.00% to CNY 0.34 compared to the same period last year[4] - Total operating revenue for Q3 was CNY 209,018,293.90, a decrease of 9.2% from CNY 230,100,096.81 in the same period last year[42] - Net profit for the first nine months was CNY 137,759,051.21, down 16.6% from CNY 165,138,032.91 in the previous year[44] - The total profit (loss) for the third quarter was -20,315,019.95 RMB, compared to a profit of 15,688,735.41 RMB in the same period last year[49] - The net profit (loss) for the third quarter was -17,267,766.96 RMB, a decrease from a profit of 14,094,339.90 RMB year-over-year[50] Assets and Liabilities - Total assets increased by 52.68% to CNY 4,044,139,818.22 compared to the end of the previous year[4] - Total current assets increased to ¥3,079,114,409.75 from ¥1,865,706,720.02, representing a growth of approximately 64.8%[34] - Total non-current assets reached ¥965,025,408.47, up from ¥783,105,146.45, marking an increase of about 23.2%[35] - Total liabilities increased to ¥1,936,376,137.02 from ¥1,635,899,949.01, representing a rise of about 18.4%[36] - Total current liabilities increased to ¥1,864,841,439.68 from ¥1,565,987,191.14, reflecting a growth of approximately 19.1%[35] Cash Flow - Net cash flow from operating activities showed a significant decline of 202.06%, resulting in a negative CNY 257,706,224.37[4] - Cash flow from operating activities for the first nine months was -257,706,224.37 RMB, down from 252,506,833.37 RMB in the previous year[51] - Cash inflow from investment activities totaled 1,692,576,539.07 RMB, while cash outflow was 2,371,382,267.30 RMB, resulting in a net cash flow of -678,805,728.23 RMB[52] - Cash flow from financing activities generated a net inflow of 957,983,625.02 RMB, compared to 829,050.00 RMB in the previous year[52] - The net increase in cash and cash equivalents for the period was 12,445,564.26 RMB, down from 172,363,956.20 RMB in the same period last year[56] Shareholder Information - The total number of shareholders reached 31,908 by the end of the reporting period[9] - The largest shareholder, China Academy of Launch Vehicle Technology, holds 45.98% of the shares[10] - The company reported a commitment not to engage in any business that competes with aerospace engineering, ensuring no conflicts of interest with its investments[18] - The lock-up period for shares held by major shareholders is set for 36 months post-IPO, with an automatic extension of 6 months if share prices fall below the issue price[20] - Major shareholders are committed to not transferring or managing shares for 36 months after the IPO, ensuring stability in shareholding[20] Investment and Capital Management - The company raised RMB 990,876,000.00 from public stock issuance during the period[14] - The company plans to invest RMB 30 million to increase its shareholding through the Shanghai Stock Exchange trading system within the next 2 months[29] - The controlling shareholder will increase its shareholding at a price not exceeding the company's audited net asset value per share, with a minimum investment of RMB 500,000[28] - The company will ensure that the shareholding distribution complies with listing conditions after the repurchase and increase of shares[28] Operational Costs - Operating costs for the period were RMB 730,372,982.47, representing a year-on-year increase of 45.92, primarily due to the implementation of major contract projects with relatively low gross margins[13] - Cash paid for purchasing goods and services was RMB 427,168,448.60, up 56.54% year-on-year, driven by increased payments for timely project deliveries[13] - Sales expenses for Q3 were CNY 5,702,023.59, an increase of 96.1% from CNY 2,907,869.75 in the same period last year[48] - Management expenses for the first nine months rose to CNY 82,442,419.43, up 7.7% from CNY 76,958,547.31 year-over-year[48]

Financial Performance - The company's operating revenue for the first half of 2015 was ¥800,094,275.61, representing a 37.16% increase compared to ¥583,329,041.20 in the same period last year[22]. - The net profit attributable to shareholders was ¥151,505,464.32, a slight increase of 1.36% from ¥149,473,470.12 year-on-year[22]. - The net cash flow from operating activities was negative at -¥83,872,753.90, a significant decline of 416.04% compared to -¥16,253,269.04 in the previous year[22]. - The total assets at the end of the reporting period reached ¥3,899,868,615.11, an increase of 47.23% from ¥2,648,811,866.47 at the end of the previous year[22]. - The net assets attributable to shareholders increased by 109.38% to ¥2,120,825,537.82 from ¥1,012,911,917.46 at the end of the previous year[22]. - Basic earnings per share decreased by 15.56% to ¥0.38 from ¥0.45 in the same period last year[23]. - The weighted average return on net assets dropped to 7.95%, down 6.95 percentage points from 14.90% year-on-year[23]. Revenue and Costs - Operating costs rose by 66.26% to 548,714,298.28 RMB, primarily due to the implementation of total contracting projects with lower gross margins[37]. - The overall gross margin for the company's products is 31.42%, a decrease of 12 percentage points compared to the same period last year[45]. - Revenue from proprietary and general equipment, which accounts for 69.47% of total revenue, saw a gross margin decline of 13.15 percentage points year-on-year[45]. - Revenue from the professional technology sector reached approximately ¥800.09 million, with a gross margin of 31.42%[45]. - The revenue from patent technology implementation licenses increased by 97.66%, with a gross margin of 74.60%[45]. - The revenue from engineering construction reached approximately ¥175.19 million, with a gross margin of 7.91%[45]. - The design and consulting services segment reported a significant decline in revenue, with a gross margin of -58.18%[45]. Cash Flow and Financing - The company reported a significant increase of 3,093.67% in net cash flow from financing activities, totaling 958,237,381.84 RMB, due to public stock issuance[37]. - The company raised 1.03 billion RMB through the issuance of 82.3 million shares at a price of 12.52 RMB per share[33]. - The company utilized ¥496.77 million of the raised funds, with a remaining balance of ¥494.56 million as of June 30, 2015[55]. - The company reported a cash balance of CNY 686,143,282.92, up from CNY 555,781,624.97, representing an increase of approximately 23.5%[108]. - Cash inflow from financing activities amounted to 990,880,250.00 RMB, with a net cash flow of 958,237,381.84 RMB after outflows[124]. Shareholder Information - The company distributed cash dividends totaling 25,974,900 CNY, equivalent to 0.63 CNY per share, based on a total share count of 41,230 million shares[61]. - The total number of shares after the issuance is 412,300,000, with 82,300,000 newly issued shares[89]. - The largest shareholder, China Academy of Launch Vehicle Technology, holds 188,630,981 shares, representing 45.75% of the total[97]. - The second-largest shareholder, Aerospace Investment Holdings Co., Ltd., holds 62,954,904 shares, representing 15.27% of the total[97]. - The company has a total of 188,630,981 shares under lock-up conditions, which will be tradable after 36 months from January 28, 2018[100]. Corporate Governance and Compliance - The company has established a sound corporate governance structure and internal control system, complying with relevant laws and regulations[82]. - The company has not faced any penalties or criticisms from the China Securities Regulatory Commission during the reporting period[81]. - The company has committed to using raised funds strictly for the promised projects, ensuring compliance with fundraising commitments[58]. - There are no significant changes or updates regarding major litigation, bankruptcy restructuring, or asset transactions reported during this period[64]. Future Outlook and Strategic Initiatives - The company provided a future outlook, projecting a revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion[72]. - Research and development efforts focused on two new products expected to launch in Q3 2015, with an estimated investment of 200 million RMB[72]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[72]. - A strategic acquisition of a local competitor is under consideration, which could enhance the company's market position and customer base[72]. Financial Instruments and Risk Management - The company maintains a clear strategy for managing financial instruments, ensuring compliance with contractual terms and economic substance[169]. - The financial report indicates a robust framework for assessing the fair value of financial instruments, ensuring accurate reporting and compliance with accounting standards[171]. - The company assesses the fair value of financial assets and liabilities based on active market quotes when available; otherwise, valuation techniques are employed[177]. - Impairment provisions for financial assets are recognized when objective evidence indicates a decline in value, with specific criteria outlined for various scenarios[179]. Operational Efficiency and Management - The company is focused on enhancing its management processes and internal control systems to improve operational efficiency and risk management[34]. - The company aims to improve operational efficiency by 5% through cost-cutting measures and process optimization initiatives[72]. - The company has invested $30 million in research and development for new technologies aimed at improving operational efficiency[162].

Financial Performance - Operating revenue for the period was CNY 206,895,592.36, a 5.91% increase year-on-year[5] - Net profit attributable to shareholders decreased by 57.69% to CNY 20,227,692.04 compared to the same period last year[5] - Basic earnings per share decreased by 64.29% to CNY 0.05 compared to the same period last year[5] - Total profit for the period was ¥25,002,717.48, a decrease of 55.75% compared to the previous period[13] - Net profit attributable to the parent company was ¥20,227,692.04, down 57.69% from the previous period[13] - Total operating revenue for the current period reached ¥206,895,592.36, an increase of 5.3% compared to ¥195,354,184.27 in the previous period[34] - Operating profit decreased to ¥24,257,698.59, down 56.5% from ¥55,786,125.28 in the previous period[35] - Net profit for the current period was ¥20,227,692.04, a decline of 57.7% compared to ¥47,813,357.93 in the previous period[35] - Earnings per share (basic and diluted) decreased to ¥0.05 from ¥0.14 in the previous period[36] Assets and Liabilities - Total assets increased by 41.4% to CNY 3,745,542,448.77 compared to the end of the previous year[5] - Current assets rose to ¥2,934,610,302.25, up from ¥1,865,706,720.02, indicating an increase of about 57.3%[26] - Total liabilities rose to ¥1,730,668,522.39 from ¥1,635,899,949.01, an increase of about 5.8%[28] - Owner's equity increased significantly to ¥2,014,873,926.38 from ¥1,012,911,917.46, representing a growth of approximately 98.7%[28] - The company reported a total current liability of ¥1,661,446,368.03, up from ¥1,565,987,191.14, indicating an increase of about 6.1%[27] - Non-current assets totaled ¥810,932,146.52, up from ¥783,105,146.45, reflecting an increase of approximately 3.9%[27] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 41,606,424.83, a 2.49% increase in outflow compared to the previous year[5] - Cash received from operating activities was ¥16,001,992.86, an increase of 383.07% compared to the previous period[13] - Cash inflow from operating activities totaled ¥162,875,839.07, an increase from ¥153,417,695.09 in the previous period[41] - Cash outflow from investing activities was -1,002,816,904.62 RMB, significantly higher than -11,290,627.76 RMB in the previous period, indicating increased investment expenditures[45] - The net increase in cash and cash equivalents was -38,454,090.39 RMB, an improvement from -44,814,598.12 RMB in the previous period[46] Shareholder Information - The number of shareholders at the end of the reporting period was 33,372[9] - The largest shareholder, China Academy of Launch Vehicle Technology, holds 45.75% of the shares[9] - The company plans to maintain its controlling stake and will not reduce its holdings within 24 months after the lock-up period ends[17] - Shareholders holding more than 5% are restricted to selling no more than 30% of their shares within 24 months after the lock-up period[17] - The lock-up period for shares held by major shareholders is set at 36 months post-listing[18] Capital and Reserves - Capital reserve at the end of the period was ¥1,057,208,329.20, an increase of 567.71% compared to the beginning of the year, mainly due to the company's IPO in January 2015[12] - The company’s capital reserve increased to ¥1,057,208,329.20 from ¥158,332,917.82, a substantial increase of about 570.5%[28] Operational Efficiency - Cash received from sales of goods and services was ¥146,873,846.21, slightly down from ¥150,105,164.59 in the previous period[41] - The company reported an asset impairment loss of ¥9,510,211.71, significantly higher than ¥1,288,247.29 in the previous period[35] - The company paid 42,477,416.28 RMB to employees, a decrease from 43,563,352.67 RMB in the previous period, indicating potential cost-cutting measures[45] - The company received 12,614,395.66 RMB from other operating activities, a significant increase from 2,990,609.44 RMB in the previous period, suggesting improved operational efficiency[45] Stock Price Stabilization Measures - The company plans to stabilize its stock price through measures such as stock repurchase and shareholding increase by major shareholders, with a minimum repurchase amount of RMB 5 million per transaction[20] - The controlling shareholder will increase its holdings at a price not exceeding the audited net asset value per share, with a minimum investment of RMB 5 million per transaction[21] - The stock price stabilization measures will terminate if the stock price exceeds the audited net asset value per share for 10 consecutive trading days[20] - The company has committed to ensuring that any stock repurchase or increase in holdings complies with relevant laws and regulations[21]

Financial Performance - The company's operating revenue for 2014 was CNY 1,235,878,647.64, representing an increase of 18.33% compared to CNY 1,044,449,461.07 in 2013[27] - The net profit attributable to shareholders for 2014 was CNY 281,584,500.12, which is a 23.32% increase from CNY 228,337,755.94 in 2013[27] - The cash flow from operating activities for 2014 was CNY 487,633,891.40, showing a significant increase of 118.56% compared to CNY 223,110,531.11 in 2013[27] - The total assets at the end of 2014 amounted to CNY 2,648,811,866.47, reflecting a growth of 25.65% from CNY 2,108,026,573.30 in 2013[27] - The basic earnings per share for 2014 were CNY 0.85, up 23.19% from CNY 0.69 in 2013[28] - The weighted average return on equity for 2014 was 28.07%, an increase of 0.76 percentage points from 27.31% in 2013[28] - The net assets attributable to shareholders at the end of 2014 were CNY 1,012,911,917.46, a 9.13% increase from CNY 928,180,793.32 in 2013[27] Revenue Sources - Sales of patented and proprietary equipment accounted for 80.40% of total revenue, with a year-on-year growth of 20.55%[40] - Revenue from the North China region was ¥827,827,831.07, accounting for 66.98% of total revenue, with a year-over-year increase of 171.38%[62] - The East China region generated revenue of ¥154,752,981.67, with a growth rate of 55.37%[62] Cash Flow and Investments - The total cash flow from investment activities was negative CNY 149,412,519.99, a decline of 81.20% compared to the previous year[55] - The total cash flow from financing activities was negative CNY 201,248,450.00, a decrease of 119.32% year-on-year, mainly due to mid-year dividends of CNY 198,000,000.00[55] - The company invested 11 million RMB to increase capital in its subsidiaries, enhancing their development capabilities[37] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.63 per 10 shares, totaling CNY 25,974,900.00[5] - In 2014, the total cash dividend distributed was 223,974,900.00 RMB, representing 79.54% of the net profit attributable to shareholders[96] - The company maintained a consistent profit distribution policy, emphasizing long-term interests and sustainable development[94] Research and Development - Research and development expenses totaled CNY 45,666,662.28, representing 3.70% of operating revenue and 4.51% of net assets[52] - The company has developed proprietary gasification technology, which enhances its competitive edge in the coal gasification sector[70] - The company has developed key equipment such as gasifier burners and special valves, achieving performance levels that meet or exceed those of similar imported products[71] Market Strategy and Expansion - The company plans to continue expanding its market presence both domestically and internationally, leveraging its technological advantages[34] - The company intends to deepen strategic cooperation with large enterprises and expand into new coal chemical markets, leveraging opportunities from the "Belt and Road" initiative[90] - The company aims to achieve performance growth through project promotion, focusing on coal gasification technology and partnerships with major domestic and international energy companies[86] Governance and Compliance - The company emphasizes the importance of internal control and risk management, improving governance and financial management capabilities[37] - The company has established a sound corporate governance structure and internal control system, ensuring compliance with laws and regulations, which promotes stable development[181] - The board of directors is responsible for evaluating the effectiveness of internal controls and ensuring the accuracy and completeness of financial reporting[196] Shareholder Commitments and Restrictions - The actual controller committed to not investing or cooperating with any business that may compete with aerospace engineering, effective from March 6, 2012, for the long term[110] - The company has a 36-month lock-up period for shares held indirectly by the actual controller from the date of stock listing, starting January 28, 2015[110] - Major shareholders are restricted from selling more than 10% of their shares within 12 months and no more than 30% within 24 months after the lock-up period[111] Employee and Management Structure - The total number of employees in the parent company is 607, while the main subsidiaries have 38 employees, resulting in a total of 645 employees[172] - The company has established a salary system based on job positions and performance assessments, linking employee performance to company operational results[173] - The management team includes individuals with backgrounds in key positions at the China Academy of Launch Vehicle Technology, enhancing the company's strategic capabilities[156] Risk Factors - The company faces market competition risks due to the high attractiveness of the coal gasification industry, which may lead to increased competition from potential entrants[92] - The company is concerned about the risk of declining oil prices, which could affect the profitability of coal chemical projects and overall market demand[92] Audit and Financial Reporting - The company has appointed Dahua Certified Public Accountants as its auditing firm for the 2014 fiscal year, with an audit fee of RMB 1,050,000[118] - The implementation of new accounting standards from July 1, 2014, resulted in the deferred income being reported separately, with adjustments made to the financial statements[122] - The company has not reported any violations of insider information regulations during the reporting period[181]