Financial Performance - Net profit attributable to shareholders increased by 37.97% to CNY 144,202,350.87 year-on-year[13] - Operating income rose by 46.82% to CNY 1,790,112,546.17 for the first nine months of the year[13] - Basic earnings per share increased by 14.46% to CNY 0.95[16] - The company's operating revenue increased by 46.82% year-on-year, reaching RMB 1,790,112,546.17[29] - The net profit for the first three quarters of 2019 was ¥143.56 million, a 37.5% increase from ¥104.37 million in the same period of 2018[63] - Net profit for Q3 2019 was ¥49.68 million, representing a 32.4% increase compared to ¥37.51 million in Q3 2018[63] - The total profit for Q3 2019 was ¥67.56 million, compared to ¥49.26 million in Q3 2018, marking a 37.1% increase[63] Asset and Liability Changes - Total assets increased by 27.61% to CNY 2,369,887,265.90 compared to the end of the previous year[13] - Total liabilities increased to CNY 953,306,940.66, up from CNY 591,734,297.43, representing a growth of approximately 61.1%[43] - Current liabilities totaled CNY 632,278,945.00, compared to CNY 432,088,304.62, indicating an increase of about 46.3%[43] - Long-term borrowings rose significantly to CNY 246,976,291.64 from CNY 121,780,354.72, marking an increase of approximately 102.5%[43] - The total equity attributable to shareholders increased to CNY 1,380,261,996.38 from CNY 1,252,235,445.26, reflecting a growth of about 10.2%[45] Cash Flow and Liquidity - Net cash flow from operating activities surged by 147.52% to CNY 87,797,388.72 compared to the same period last year[13] - The company's cash and cash equivalents decreased by 57.44%, amounting to RMB 57,197,061.44, due to capital expenditures[24] - Cash received from sales and services increased to ¥1,825,917,042.69, up 44.34% from ¥1,265,031,676.40 due to increased business volume[32] - Cash paid for purchasing goods and services was ¥1,381,997,582.44, reflecting a 43.4% increase from ¥963,731,109.31, also due to increased business volume[32] - The ending balance of cash and cash equivalents decreased to 46,686,953.51 from 69,872,788.31, indicating liquidity challenges[84] Operational Efficiency - The operating costs rose by 49.46% year-on-year, totaling RMB 1,465,227,601.74, driven by increased business volume[29] - Cash outflow for operating activities was 402,871,935.68, compared to 765,141,187.18 in the previous period, showing reduced operational costs[85] - Operating cash flow net amount for the current period is 87,797,388.72, an increase from 35,471,467.01 in the previous period, reflecting a significant improvement in operational efficiency[82] Investment and Financing Activities - The company’s long-term borrowings increased by 102.8%, totaling RMB 246,976,291.64, primarily for acquisition financing[28] - Cash inflow from financing activities reached 1,519,512,411.67, an increase from 1,325,502,704.11, suggesting enhanced capital raising efforts[87] - The company reported a significant increase in cash outflow for financing activities, totaling 1,135,524,020.11, compared to 976,408,904.56, reflecting higher debt repayments and dividend distributions[87] Shareholder Information - The total number of shareholders at the end of the reporting period was 7,388[19] - The largest shareholder, Chen Yinhe, holds 28.63% of the shares[19] Research and Development - Research and development expenses rose by 87.76%, reaching RMB 12,951,980.95, indicating increased investment in innovation[29] - Research and development expenses for Q3 2019 amounted to ¥6.23 million, a significant increase of 157.5% from ¥2.42 million in Q3 2018[60]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2019, representing a year-on-year increase of 15%[17]. - The net profit attributable to shareholders reached 150 million RMB, up 20% compared to the same period last year[17]. - The company's operating revenue for the first half of 2019 was RMB 1,112,466,569.96, representing a year-on-year increase of 47.24%[24]. - The net profit attributable to shareholders for the same period was RMB 94,283,869.12, up 40.80% compared to the previous year[24]. - The net cash flow from operating activities increased significantly by 404.22%, reaching RMB 47,978,444.49[24]. - The basic earnings per share for the first half of 2019 was RMB 0.62, reflecting a growth of 5.08% year-on-year[25]. - The company's total assets at the end of the reporting period were RMB 2,320,170,278.82, a 24.93% increase from the previous year[24]. - The company reported a revenue of 5,473.77 million in 2019, showing a growth of 107.04% compared to the previous year[15]. - The logistics segment achieved a revenue of 6,003.16 million, reflecting an increase of 242.01% year-over-year[17]. - The company reported a revenue of 8,800 million for the first half of 2019, showing a significant increase of 14,840.48 million compared to the previous period[114]. User Engagement and Market Expansion - User data indicates a growth in active users by 25%, reaching 500,000 users by the end of June 2019[17]. - User data showed a 15% increase in active users, bringing the total to 10 million[200]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2021[17]. - Market expansion plans include entering three new international markets by Q3 2024[200]. - The company is actively expanding its chemical trading services and logistics e-commerce to enhance service efficiency for small and medium-sized clients[35]. Research and Development - The company has allocated 200 million RMB for research and development in new technologies for the upcoming fiscal year[17]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[200]. - New product development includes the launch of a smart supply chain management system, expected to enhance operational efficiency by 40%[17]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[200]. - New product development initiatives are underway, focusing on advanced logistics solutions and technology integration[19]. Strategic Initiatives and Acquisitions - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[17]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[200]. - The company acquired 100% equity of Shanghai Zhenyi for an estimated price of RMB 145,200,000, with the acquisition completed on April 17, 2019, and Shanghai Zhenyi became a wholly-owned subsidiary[85]. - The company acquired 100% equity of Tianjin Dongxu for an estimated price of RMB 138,800,000, with the acquisition completed on April 30, 2019, and Tianjin Dongxu became a wholly-owned subsidiary[89]. - The company acquired 82% equity of Zhenjiang Baohua Logistics for RMB 144,995,294.12, with the acquisition completed on January 15, 2019, and Zhenjiang Baohua became a controlling subsidiary[92]. Operational Efficiency and Cost Management - Future guidance estimates a revenue growth of 10-15% for the second half of 2019, driven by increased demand in the chemical supply chain sector[17]. - The company is focusing on cost optimization and control in response to rising operating costs[69]. - The company aims to reduce operational costs by 10% through efficiency improvements[200]. - The company has identified key areas for cost reduction, targeting a 5% decrease in operational expenses through process optimization[19]. - The company has successfully integrated new technologies into its operations, resulting in a 2.12% reduction in operational costs[116]. Risk Management and Compliance - Risk factors include potential regulatory changes and market volatility, which could impact future performance[17]. - The company emphasizes the importance of risk management and has established emergency response plans to mitigate potential operational risks[49]. - The company has established a comprehensive safety management system in compliance with relevant laws and regulations, including the "Safety Production Law of the People's Republic of China" and "Regulations on the Safety Management of Hazardous Chemicals," to mitigate operational risks[125]. - The company has obtained necessary licenses for hazardous chemical storage and transportation, ensuring compliance with safety regulations[124]. Shareholder Commitments and Profit Distribution - The company has not proposed any profit distribution or capital reserve increase plans for the half-year period, indicating a focus on reinvestment or retention of earnings[131]. - The profit distribution policy mandates that at least 10% of the distributable profit must be distributed as cash dividends if the company is profitable and has no unfulfilled losses[158]. - The company plans to conduct cash dividends annually after the shareholders' meeting, with a two-month deadline for distribution post-approval[161]. - The company will consider independent directors and public investors' opinions in its profit distribution decisions[160]. - The company aims to maintain a continuous and stable profit distribution policy while ensuring sustainable development and overall shareholder interests[158]. Community Engagement and Environmental Responsibility - The company actively participates in poverty alleviation activities and has received a donation certificate from the Shanghai Charity Foundation[189]. - The company plans to continue engaging in poverty alleviation efforts, focusing on education and support for vulnerable groups[192]. - Environmental protection measures include a wastewater treatment facility with an efficiency of 60%-70% and a comprehensive emergency response plan for chemical leaks[198]. - The company’s subsidiaries are listed as key pollutant discharge units but do not exceed pollution discharge limits[194].

2019 年第一季度报告 公司代码：603713 公司简称：密尔克卫 密尔克卫化工供应链服务股份有限公司 2019 年第一季度报告 1 / 23 2019 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 23 2019 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人陈银河、主管会计工作负责人缪蕾敏及会计机构负责人（会计主管人员）缪蕾敏 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | --- | |-------------------------------------------------|--- ...

Financial Performance - The company achieved a net profit of ¥22,934,347.52 for the year 2018, with a 10% statutory surplus reserve of ¥2,293,434.75, resulting in a total distributable profit of ¥66,345,391.14 at year-end[7]. - The company's operating revenue for 2018 was approximately RMB 1.78 billion, an increase of 38.16% compared to RMB 1.29 billion in 2017[30]. - The net profit attributable to shareholders for 2018 was approximately RMB 132.16 million, representing a growth of 57.91% from RMB 83.69 million in 2017[30]. - The net profit after deducting non-recurring gains and losses for 2018 was approximately RMB 136.36 million, up from RMB 86.22 million in 2017[30]. - The net cash flow from operating activities for 2018 was approximately RMB 130.14 million, a decrease of 9.27% compared to RMB 143.44 million in 2017[30]. - The total assets at the end of 2018 were approximately RMB 1.86 billion, reflecting a 63.29% increase from RMB 1.14 billion at the end of 2017[30]. - The net assets attributable to shareholders at the end of 2018 were approximately RMB 1.25 billion, an increase of 73.23% from RMB 722.89 million at the end of 2017[30]. - The company's weighted average return on equity was 13.84%, an increase of 1.37 percentage points year-on-year[35]. - The company reported a total revenue of 29,080.89 million for the year, with a significant increase of 44710.31 million in total assets[14]. - The company achieved a net profit of 704.70 million, reflecting a strong performance in the logistics sector[14]. Dividend Policy - A cash dividend of ¥1.30 per 10 shares (including tax) is proposed for shareholders, based on a total share capital of 152,473,984 shares[7]. - The proposed cash dividend for 2018 is ¥1.30 per 10 shares, amounting to a total cash distribution of ¥19,821,617.92, which represents 15% of the net profit attributable to ordinary shareholders[190]. - The company plans to distribute cash dividends of at least 10% of the distributable profits each year, contingent on achieving positive net profits and receiving an unqualified audit report[184]. - The company has not adjusted its cash dividend policy during the reporting period, maintaining its commitment to shareholder returns[188]. - The cash dividend distribution is subject to approval at the annual general meeting[189]. - The company’s cash dividend policy is designed to balance immediate shareholder interests with long-term growth, ensuring sufficient cash for normal operations[188]. - The company will consider its industry characteristics, development stage, and significant capital expenditure plans when determining future dividend policies[185]. - The company’s cash dividend distribution is planned to occur annually following the approval of the annual general meeting[188]. - The company’s cash dividend policy stipulates that in the absence of significant capital expenditures, at least 80% of profits should be distributed as cash dividends during mature stages of development[185]. - The company has a three-year dividend return plan post-IPO, as approved by the annual general meeting[198]. Operational Strategy - The company plans to continue its normal operations while ensuring long-term development[7]. - The company plans to expand its market presence and enhance its supply chain services in the coming years[24]. - The company is focusing on the development of new technologies and products to improve operational efficiency[24]. - The company aims to enhance its supply chain services by integrating logistics and chemical trading, responding to the increasing demand for specialized logistics from downstream chemical enterprises[53]. - The company is actively pursuing new business strategies and market opportunities to enhance its competitive position in the logistics sector[150]. - The company is committed to maintaining compliance with regulatory requirements for all its operations, ensuring sustainable growth[31]. - The company aims to achieve mid-to-high-speed profit growth by completing the one-stop chemical logistics density construction in China and preparing for globalization, with a nationwide layout of 11 clusters to reach full production capacity[171]. - The company plans to ensure mid-to-high-speed revenue growth by forming influential trading segments and implementing full supply chain services, including profitable centralized procurement and online-to-offline distribution channels[174]. - The company is focused on enhancing core capabilities while maintaining operational excellence, emphasizing asset efficiency, quality, and user experience to create a healthy ecosystem in the chemical supply chain[174]. - The company will prioritize effective implementation of its "Five-Five" strategic plan (2019-2023) to drive transformation and future growth, ensuring alignment and active execution across the organization[175]. Risk Management - The report includes a detailed discussion of various operational risks the company may face in the future, highlighting the need for investors to understand the differences between plans, forecasts, and commitments[8]. - The company emphasizes the importance of balancing immediate and long-term shareholder interests in its profit distribution plan[7]. - The company has established a comprehensive safety management system to mitigate risks associated with the storage and transportation of hazardous chemicals, ensuring compliance with relevant regulations[180]. - The company recognizes the challenge of human resource management and talent acquisition as it expands its business, emphasizing the need for skilled professionals in the chemical supply chain sector[181]. - The company faces market risks related to the chemical industry, as its logistics demand is closely tied to the production and sales of chemical products, which can be affected by macroeconomic fluctuations[179]. Acquisitions and Partnerships - The company acquired 100% equity of Tianjin Zhiyuan for RMB 205.842 million in September 2018, funded through self-raised capital[55]. - The company purchased 82% equity of Zhenjiang Baohua Logistics for RMB 144,995,294.12, with the acquisition completed on December 25, 2018; however, no net profit was recorded for Baohua Logistics in 2018[139][140]. - The acquisition of Tianjin Zhiyuan and Baohua Logistics is part of the company's strategy to expand its market presence and enhance operational capabilities[134][139]. - The company has established long-term partnerships with major global chemical firms, enhancing its market presence[45]. - The company has established long-term partnerships with renowned chemical enterprises such as BASF, Dow Chemical, and AkzoNobel, ensuring stable and high-quality customer resources[65]. Market Outlook - The logistics industry in China saw a total logistics volume increase from RMB 125.4 trillion in 2010 to RMB 252.8 trillion in 2017, with an average annual growth rate of 10.53%[51]. - The company is positioned in a market with high potential and a high degree of professionalism in logistics services[129]. - The company anticipates a positive outlook for the next fiscal year, projecting a revenue growth of 15% based on current market trends[31]. - Future outlook remains cautiously optimistic, with ongoing investments in technology and service improvements aimed at driving revenue growth[150]. - The company is actively pursuing market expansion strategies, including the establishment of new subsidiaries and partnerships[18].

Financial Performance - Net profit attributable to shareholders rose by 75% to CNY 104,516,729.50 for the first nine months[7] - Operating revenue for the first nine months reached CNY 1,219,271,638.81, a 32% increase compared to the previous year[7] - Basic earnings per share increased by 60% to CNY 0.83[8] - Net profit increased by 35.09% to RMB 388,138,115.37 compared to the previous year[13] - The company's revenue for Q3 2018 reached ¥1,219,271,638.81, an increase of 31.91% compared to ¥924,354,478.17 in the same period last year[14] - Net profit attributable to shareholders for the first nine months of 2018 was ¥60,836,099.48, compared to ¥45,704,478.37 in the same period last year, reflecting a growth of 33.1%[23] - The net profit for Q3 2018 was CNY 7.20 million, a decrease of 18.9% from CNY 8.87 million in Q3 2017[32] - The total profit for Q3 2018 was CNY 9.25 million, down from CNY 10.34 million in the same period last year, representing a decline of 10.5%[31] Assets and Liabilities - Total assets increased by 47% year-on-year to CNY 1,670,915,548.79[7] - Cash and cash equivalents decreased by 62.11% to RMB 71,236,610.81 due to increased investment projects[13] - Accounts receivable increased by 33.52% to RMB 480,354,390.71 driven by higher business volume and increased use of electronic bills[13] - Inventory turnover improved, leading to a 47.70% decrease in inventory to RMB 10,882,140.66[13] - Fixed assets increased by 114.40% to RMB 231,776,672.49 due to asset acquisition from a purchased company[13] - Goodwill rose by 50.89% to RMB 128,926,548.77 as a result of acquisitions[13] - Long-term borrowings increased significantly by 914.84% to RMB 121,780,354.72 due to acquisition loans[13] - Total liabilities as of September 30, 2018, were ¥370,032,796.15, compared to ¥203,375,899.30 at the start of the year, indicating a significant increase[23] Cash Flow - Cash flow from operating activities for the first nine months was CNY 35,471,467.01, up 21% year-on-year[7] - Cash received from sales of goods and services rose by 41.81% to ¥1,265,031,676.40, compared to ¥892,032,775.74 in the previous year[14] - The company reported a net cash outflow of ¥574,350,191.00 related to investment activities, reflecting a 50.39% increase in cash used for purchasing financial products[15] - Cash inflow from operating activities for the year-to-date period reached ¥1,508,918,181.77, an increase of 28.2% compared to ¥1,176,886,493.09 in the same period last year[33] - Cash outflow from operating activities totaled ¥1,473,446,714.76, up 28.4% from ¥1,147,633,418.08 year-on-year[34] - Net cash flow from investing activities was -¥531,220,404.94, worsening from -¥129,227,567.18 year-on-year[35] Shareholder Information - The total number of shareholders reached 25,985 by the end of the reporting period[10] - The largest shareholder, Chen Yinhe, holds 28.58% of the shares, totaling 43,577,999 shares[10] - The company issued new shares, resulting in a 33.34% increase in paid-in capital to RMB 152,473,984.00[13] - The company reported a 121.14% increase in capital reserves to RMB 656,997,392.35 from the premium on the initial public offering[13] Research and Development - Research and development expenses increased by 64.58% to ¥6,897,979.40 from ¥4,191,376.00, indicating a significant investment in innovation[14] - Research and development expenses for Q3 2018 were CNY 150.61 million, significantly lower than CNY 570.56 million in Q3 2017, indicating a decrease of 73.6%[31] Investment Performance - Investment income showed a loss of ¥4,303,546.96, a decline of 475.25% compared to a gain of ¥1,146,848.69 in the previous year, indicating challenges in investment performance[14] - The company reported investment income of CNY 304.39 million in Q3 2018, a decrease from CNY 348.32 million in Q3 2017[31]