Financial Performance - The company's operating revenue for the first half of 2020 was CNY 9,052,011,198.87, a decrease of 0.57% compared to the same period last year[14]. - The net profit attributable to shareholders of the listed company reached CNY 349,691,800.90, representing a significant increase of 965.28% year-on-year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 294,793,771.46, compared to a loss of CNY 41,142,425.37 in the same period last year, marking an increase of 816.52%[14]. - The net cash flow from operating activities was CNY 355,792,538.88, a decrease of 67.71% compared to the previous year[14]. - Basic earnings per share for the first half of 2020 were CNY 0.31, up 933.33% from CNY 0.03 in the same period last year[15]. - The weighted average return on net assets increased to 3.99%, up 3.56 percentage points compared to the previous year[15]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the first half of 2020, representing a year-on-year growth of 25%[59]. - The company has set a future outlook with a revenue target of 3 billion CNY for the full year 2020, which would represent a 20% increase from 2019[61]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 26,040,001,184.00, an increase of 11.92% from the end of the previous year[14]. - The total liabilities reached CNY 14,186,849,753.10, compared to CNY 13,176,091,300.92, representing an increase of about 7.6%[114]. - The total equity attributable to shareholders increased to CNY 9,523,527,167.83 from CNY 7,747,750,020.53, a rise of approximately 22.9%[114]. - Long-term equity investments increased by 57.53% to ¥2,097,455,397.77, representing 8.05% of total assets, indicating increased investments in joint ventures[39]. - The company's total current assets increased from 9.449 billion RMB to 10.373 billion RMB, reflecting a growth in liquidity[111]. Investments and Projects - The company initiated the construction of a 30,000-ton high-purity ternary battery-grade nickel sulfate project, which is significant for building an integrated lithium battery materials supply chain[31]. - The company plans to raise up to ¥6.25 billion through a private placement to support projects including the production of 45,000 tons of high-nickel materials[35]. - The company signed a long-term supply contract for approximately 90,000 tons with POSCO and its affiliates in March 2020[30]. - The company established a joint venture in Indonesia for nickel production with a total investment of $51.591 million, aiming for an annual output of 45,000 tons of nickel[45]. Market and Industry Position - The company operates in the new energy lithium battery materials and cobalt new materials sectors, focusing on an integrated supply chain from resource development to manufacturing[19]. - The new energy segment is a core part of the company's strategy, with significant applications in high-end automotive and energy storage markets, including partnerships with LG Chem and SK[20]. - The company aims to transform from a global leader in cobalt to a leader in the global lithium battery materials industry[26]. - The company has established a resource, non-ferrous, and new energy business structure, enhancing its competitive position in the cobalt industry[21]. Research and Development - Research and development expenses increased by 5.04% to approximately ¥126 million, reflecting the company's commitment to innovation[36]. - The company has developed various models of ternary and single crystal products, with some already in mass production, but faces uncertainties in R&D outcomes[51]. - New product development includes the launch of a cobalt-based battery technology, expected to enhance energy efficiency by 30%[62]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, with continuous wastewater discharge from its production processes[74]. - The actual discharge of COD was 12.760 tons, significantly below the permitted total of 32.73 tons[75]. - The company employs advanced oxidation methods in its wastewater treatment to meet discharge standards[74]. - Huayou Cobalt has implemented real-time monitoring systems for pollutants, ensuring compliance with environmental regulations[81]. Shareholder and Governance - The company did not distribute profits or increase capital reserves in the first half of 2020, with a distribution of 0 shares and 0 yuan per 10 shares[55]. - The first major shareholder, Dashan Company, and the second major shareholder, Huayou Holdings, committed to not transferring more than 3% of their shares within 24 months after the lock-up period ends[57]. - The company held three temporary shareholder meetings and one annual meeting in the first half of 2020, with the latest meeting on June 8, 2020[54]. Financial Management - The company maintained a loan repayment rate of 100% during the reporting period[108]. - The company's current ratio decreased by 25.40% from 1.21 to 0.90, while the quick ratio slightly increased by 1.62% from 0.60 to 0.61[108]. - The company received a long-term credit rating of AA+ with a stable outlook, reflecting low risk of default on bond repayment[106]. Risk Factors - The company faces risks from price fluctuations of cobalt, copper, and nickel, which could significantly impact profitability due to high volatility in metal prices[48]. - The ongoing COVID-19 pandemic poses risks to the company's overseas operations and overall performance if not effectively controlled[53]. - The company is exposed to foreign exchange risks due to international operations and transactions primarily settled in USD, leading to potential exchange losses[49].

Financial Performance - The company's operating revenue for 2019 was ¥18,852,828,463.22, representing a 30.46% increase compared to ¥14,450,762,951.95 in 2018[17]. - The net profit attributable to shareholders for 2019 was ¥119,534,808.82, a significant decrease of 92.18% from ¥1,528,098,517.04 in 2018[17]. - The net cash flow from operating activities increased by 42.64% to ¥2,599,671,576.78 in 2019, up from ¥1,822,550,039.12 in 2018[17]. - Basic earnings per share for 2019 dropped to ¥0.11, down 92.25% from ¥1.42 in 2018[18]. - The weighted average return on equity decreased to 1.56% in 2019, down 21.12 percentage points from 22.68% in 2018[18]. - The total assets at the end of 2019 were ¥23,266,984,327.79, reflecting a 22.07% increase from ¥19,059,803,347.12 at the end of 2018[17]. - The net assets attributable to shareholders increased by 1.93% to ¥7,747,750,020.53 at the end of 2019, compared to ¥7,600,754,136.52 at the end of 2018[17]. - The company's total revenue for the year reached RMB 3,183,306,373.92, representing a 49.12% increase compared to the previous year[75]. - Operating costs increased by 62.02% to ¥16,748,261,571.90, up from ¥10,337,003,721.20, primarily due to the addition of trade business from Singapore Resources Company[51]. - The company's revenue from the new energy battery materials segment was ¥6,993,009,314.58, a decrease of 34.47% year-over-year[52]. Business Overview and Strategy - The company focuses on the research, development, and manufacturing of new energy lithium battery materials and cobalt new materials, establishing an integrated industrial chain from cobalt and nickel resource development to lithium battery material manufacturing[25]. - The new energy business segment is the core of the company's "two new" industry strategy, aiming for rapid development and high-end breakthroughs, with core products entering the supply chains of global leaders like LG Chem, CATL, and BYD[26][27]. - The company aims to transform from a global leader in the cobalt industry to a leader in the global new energy lithium battery materials industry, implementing a strategy focused on resource control and market expansion[30]. - The company is actively developing a lithium battery recycling business, having been selected as one of the first five companies meeting the national standards for recycling used power batteries[30]. - The company aims to maintain a leading position in the cobalt new materials industry and become a leader in the new energy lithium battery materials industry, focusing on "controlling resources, expanding markets, and enhancing capabilities" as part of its transformation strategy[87]. Market and Industry Trends - The global new energy vehicle market is projected to grow, with policies in China aiming for 25% of vehicle sales to be electric by 2025, indicating a favorable environment for the company's growth[31]. - The market for lithium battery materials is expected to grow significantly due to the increasing adoption of electric vehicles and advancements in battery technology[82]. - By 2025, the global electric vehicle market share is expected to reach 8%-20%, with sales projected to exceed 8 million units[84]. - The company is positioned to capitalize on the integration trends within the new energy vehicle supply chain, enhancing its competitive edge[85]. Risk Management - The company has detailed the risks it may face in its future development in the report[7]. - The company faces risks from price volatility of key products like lithium, cobalt, and nickel, which can significantly impact profitability if prices decline[94]. - The company is exposed to foreign exchange risks due to its reliance on US dollar settlements for raw materials, which can lead to losses if the RMB depreciates[95]. - The company is working on various new product developments, but uncertainties in technology research and development may hinder its ability to meet market demands[97]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders and their related parties[6]. - The company has not received any administrative penalties from the China Securities Regulatory Commission in the last 36 months and has not faced public reprimands from the stock exchange in the last 12 months[105]. - The company guarantees that all information disclosed during transactions is accurate and complete, assuming legal responsibility for any misrepresentation[104]. - The company has established a compensation system linked to the performance of the company, ensuring accountability for executive compensation[106]. Social Responsibility and Environmental Impact - The company achieved a total environmental investment of CNY 188,325,000 in 2019, resulting in a reduction of energy consumption by 15,926,979,200 KJ and 100% compliance in wastewater and exhaust emissions[136]. - The company conducted 4 due diligence audits from clients in 2019, ensuring compliance with responsible supply chain practices[138]. - In 2019, the company invested CNY 7,015,000 in poverty alleviation projects, benefiting 300 impoverished households in Longba Township and 105 households in Guasu Township through walnut and pepper planting bases[133]. - The company has plans to continue supporting targeted poverty alleviation efforts in collaboration with local government[135]. Employee and Management Information - The total number of employees in the parent company and major subsidiaries is 6,936, with 1,378 in the parent company and 5,558 in subsidiaries[182]. - The company emphasizes a performance-based compensation policy, linking salaries to production and operational performance[184]. - The company has established a training system based on a qualification framework to enhance employee skills and performance[185]. - The company has a total of 3,894 production personnel, 834 technical personnel, and 1,514 other auxiliary personnel among its employees[183]. Investment and Financial Strategy - The company plans to continue expanding its market presence and investing in new projects to enhance growth prospects[69]. - The company reported a significant increase in financing activities, with net cash flow from financing activities rising by 839.88% to ¥2,568,148,861.83[51]. - The company has made significant investments in subsidiaries, including a capital increase of RMB 4 billion for Huayou New Energy[76]. - The company plans to invest 200 million RMB in research and development over the next three years to drive innovation[177].

2018 年年度报告 公司代码：603799 公司简称：华友钴业 浙江华友钴业股份有限公司 2018 年年度报告 二〇一九年三月 1 / 186 2018 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、 天健会计师事务所（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、 公司负责人陈雪华、主管会计工作负责人全昌胜及会计机构负责人（会计主管人员）邹翠英 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 2018 年度利润分配预案为：以公司总股本 829,747,285 股为基数，向全体股东每 10 股派发现金股 利 1.00 元（含税），共分配 82,974,728.50 元；同时进行资本公积转增股本，以公司总股本 829,747,285 股为基数，向全体股东每 10 股转增 3 股。 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告中有涉及公司经营和发展战略等 ...

Financial Performance - Operating revenue for the first nine months reached CNY 10.07 billion, a 63.91% increase from the same period last year[5]. - Net profit attributable to shareholders increased by 74.14% to CNY 1.91 billion year-on-year[5]. - Basic earnings per share rose by 74.24% to CNY 2.30[5]. - The company reported a net profit margin improvement, with net profit for the first nine months of 2018 reaching ¥10,073,629,880.37, compared to ¥6,145,961,356.59 in the same period last year, reflecting an increase of about 63.5%[24]. - The total profit for the first nine months of 2018 reached approximately ¥2.34 billion, compared to ¥1.32 billion in the same period last year, reflecting an increase of about 77.6%[26]. Assets and Liabilities - Total assets increased by 21.26% to CNY 20.15 billion compared to the end of the previous year[5]. - The total assets of the company reached CNY 20,151,288,414.17, up from CNY 16,618,033,248.49 at the beginning of the year[17]. - The total liabilities increased to CNY 10,141,509,192.46, compared to CNY 9,874,443,541.60 at the beginning of the year[17]. - The total liabilities increased to ¥3,468,703,278.12 from ¥2,514,772,704.92, marking an increase of around 37.9%[22]. Shareholder Information - The total number of shareholders reached 104,823 by the end of the reporting period[9]. - The largest shareholder, Dasha Private Limited, holds 23.57% of the shares, with 175 million shares pledged[9]. - Equity attributable to shareholders rose to ¥4,831,887,375.08, compared to ¥4,583,704,748.33 at the start of the year, showing an increase of about 5.4%[22]. Cash Flow - Net cash flow from operating activities was CNY 462.28 million, a significant recovery from a negative cash flow of CNY 1.22 billion in the same period last year[5]. - Cash inflows from operating activities for the first nine months of 2018 reached CNY 11.4 billion, up from CNY 5.8 billion year-over-year, indicating strong operational performance[30]. - The net cash flow from financing activities was CNY 474.8 million, down from CNY 1.2 billion in the previous year, suggesting a shift in financing strategy[32]. - The cash and cash equivalents at the end of the reporting period stood at CNY 1.4 billion, a decrease from CNY 850.5 million at the end of the previous year[32]. Operating Costs and Expenses - The operating cost increased to CNY 6,602,784,163.65, up 61% from CNY 4,102,622,155.79, primarily due to increased production and rising raw material prices[14]. - Research and development expenses surged to CNY 330,858,732.01, a significant increase of 181% compared to CNY 117,364,064.17 from the previous year[14]. - Total operating costs for Q3 2018 were ¥2,820,614,788.18, up from ¥1,860,779,450.40 in Q3 2017, indicating an increase of about 51.6%[24]. Inventory and Accounts Receivable - The total inventory at the end of the period was CNY 6,863,674,419.19, reflecting an increase of 42% from CNY 4,832,631,617.24, driven by higher production and sales volumes[12]. - The company reported a decrease in accounts receivable to CNY 1,904,967,232.20, down 34% from CNY 2,897,871,964.93, attributed to improved collection efforts[12]. - Accounts receivable decreased significantly to ¥179,292,433.00 from ¥404,631,214.43, a reduction of approximately 55.7%[20]. Future Plans - The company plans to continue expanding its production capacity and investing in new technologies to enhance its market position[14]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24].