Financial Performance - The company's operating revenue for the first half of 2021 was CNY 209,027,551.84, representing a year-on-year increase of 49.08% compared to CNY 140,212,997.88 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 6,841,309.39, a significant increase of 360.44% from CNY 1,485,807.12 in the previous year[20]. - The net cash flow from operating activities was CNY 5,977,764.86, recovering from a negative cash flow of CNY -21,669,690.93 in the same period last year[20]. - The basic earnings per share increased to CNY 0.0189, up 89.00% from CNY 0.0100 in the previous year[21]. - The weighted average return on net assets rose to 1.30%, an increase of 1.02 percentage points compared to 0.28% in the same period last year[21]. - The company's total assets at the end of the reporting period were CNY 583,985,016.47, a slight decrease of 0.23% from CNY 585,304,169.51 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased to CNY 529,701,896.87, reflecting a growth of 1.01% from CNY 524,428,649.61 at the end of the previous year[20]. - The significant growth in revenue and profit was attributed to the recovery of the domestic economy and the rise in sales prices of the company's main products, unsaturated resins, due to improved market conditions[20]. Cash Flow and Investments - The company reported a significant increase in cash flow from operating activities, totaling CNY 239,162,353.83, compared to CNY 141,600,503.62 in the same period of 2020[117]. - The net cash flow from investment activities was 119,186,917.08 RMB, a substantial increase from 3,791,582.19 RMB in the previous period[119]. - Cash inflow from investment activities totaled 547,273,101.08 RMB, up from 354,701,265.26 RMB, indicating a growth of about 54%[119]. - The company reported a net increase in cash and cash equivalents of 122,954,791.02 RMB, compared to 11,596,138.90 RMB in the same period last year[119]. - The ending balance of cash and cash equivalents reached 195,034,366.87 RMB, significantly higher than 75,293,335.27 RMB at the end of the previous period[119]. Research and Development - Research and development expenses increased by 39.03% to 6.61 million RMB, indicating a focus on innovation[33]. - Research and development expenses increased to CNY 6,608,449.75, up from CNY 4,753,114.02 in the previous year, indicating a focus on innovation[111]. - The company has a strategic focus on research and development, with dedicated departments for innovation and product development[143]. Corporate Governance and Management - The company underwent a significant leadership change with the election of a new board and management team, including the appointment of Chen Xiang as Chairman and Xu Weida as Vice Chairman and General Manager[50]. - The company has established a governance structure with a board of directors, supervisory board, and various departments to enhance operational efficiency[143]. - The company has committed to ensuring the independence of its management personnel, financial staff, and assets, maintaining a complete and independent labor and personnel management system[62]. Environmental Responsibility - The company has invested in new environmental protection facilities, including a new set of exhaust gas treatment equipment, ensuring compliance with emission standards[54]. - The company has implemented an environmental self-monitoring plan, with online monitoring devices installed at wastewater discharge points to report data to local environmental authorities[57]. - There were no administrative penalties received due to environmental issues during the reporting period[58]. Shareholder and Equity Information - The company reported a cash dividend of 0.079 RMB per 10 shares, totaling 2,183,708.52 RMB (including tax) to shareholders[82]. - The total number of shares increased from 279,388,800 to 362,314,440, representing an increase of 82,925,640 shares due to capital reserve conversion[82]. - The company has committed to a stable cash dividend policy, ensuring that at least 20% of the distributable profits for the year will be distributed in cash[70]. - The company plans to maintain the continuity and stability of its profit distribution policy, with arrangements for profit distribution over the next three years following the listing[70]. Legal and Compliance - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[75]. - The company and its controlling shareholders have not faced any penalties from regulatory authorities, maintaining a good integrity status[75]. - The company has ensured that all related party transactions comply with legal and regulatory requirements, safeguarding shareholder interests[72]. Market and Competitive Position - The company operates in a competitive market for unsaturated polyester resin, with significant market share held by major players[29]. - The sales model is direct sales, with a focus on manufacturers as the primary customers[28]. - The company plans to optimize product processes and expand product areas to enhance operational performance[30]. Financial Reporting and Accounting - The financial statements are prepared based on the principle of going concern, ensuring that the company's financial status and operating results are accurately reflected[146][149]. - The company adheres to the accounting standards for enterprises, ensuring the financial reports are true and complete[149]. - The consolidated financial statements include the company and its subsidiaries, with the scope of consolidation based on control[159].

2021 年第一季度报告 公司代码：603879 公司简称：永悦科技 永悦科技股份有限公司 2021 年第一季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 9 | 单位：元 币种：人民币 二、 公司基本情况 2.1 主要财务数据 3 / 23 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 584,015,674.33 585,304,169.51 -0.22% 归属于上市公司 股东的净资产 528,115,800.31 524,428,649.61 0.70% 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 3,985,875.94 -28,019,937.51 不适用 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 92,933,336.35 52,581,736.77 76.74% 归属于上市公司 股东的净利润 3,202,585.18 -3,470,666.46 不适用 归属于上 ...

Financial Performance - The company's operating revenue for 2020 was CNY 406,386,873.21, a decrease of 5.21% compared to CNY 428,725,782.24 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 6,251,403.04, down 74.37% from CNY 24,390,446.63 in 2019[22]. - The net cash flow from operating activities decreased by 83.02% to CNY 2,877,348.06 from CNY 16,943,896.41 in 2019[22]. - The total assets at the end of 2020 were CNY 585,304,169.51, a slight increase of 0.68% from CNY 581,366,531.76 at the end of 2019[22]. - The basic earnings per share for 2020 were CNY 0.02, down 83.33% from CNY 0.12 in 2019[23]. - The weighted average return on net assets decreased by 3.49 percentage points to 1.19% in 2020 from 4.68% in 2019[23]. - The net assets attributable to shareholders at the end of 2020 were CNY 524,428,649.61, a decrease of 0.35% from CNY 526,276,895.77 at the end of 2019[22]. - The company reported a significant impact on net profit due to the COVID-19 pandemic, falling oil prices, and inventory losses[23]. Cash Flow and Dividends - The company plans to distribute a cash dividend of CNY 0.079 per 10 shares, totaling CNY 2,183,708.52, and to increase the share capital by 3 shares for every 10 shares held[5]. - The company maintains a profit distribution policy that ensures at least 20% of its distributable profits are allocated for cash dividends, with higher percentages during mature phases without major capital expenditures[107]. - The company proposed a cash dividend distribution plan for 2020, with a cash dividend of 0.079 RMB per 10 shares, totaling 2,183,708.52 RMB, which represents 34.93% of the net profit attributable to ordinary shareholders[112]. - In 2019, the cash dividend was 0.5 RMB per 10 shares, amounting to 9,872,100.00 RMB, accounting for 40.48% of the net profit attributable to ordinary shareholders[112]. Market Position and Strategy - The main business focus is on the research, production, and sales of synthetic resins, primarily unsaturated polyester resins, indicating a specialized market position[31]. - The company operates in a competitive market for unsaturated polyester resins, with major competitors including Ashland and Royal DSM, highlighting the need for strategic positioning[33]. - The company has rapidly grown its market share in the artificial stone resin sector since its establishment in 2011, becoming one of the larger suppliers in China[33]. - The company is recognized as a national high-tech enterprise, indicating its commitment to innovation and technology development in the chemical industry[68]. - The company aims to consolidate and increase its market share in the unsaturated polyester resin sector, targeting a higher capacity utilization rate over the next three years[93]. Research and Development - The total R&D expenditure was CNY 13.92 million, accounting for 3.43% of total revenue, with 29 R&D personnel representing 18.95% of the total workforce[57]. - The company has invested in R&D to enhance production processes and reduce costs, utilizing a higher proportion of recycled PET in unsaturated polyester resin production[35]. - The company intends to increase R&D efforts in synthetic resin products, particularly water-based polyurethane, to meet market demands over the next three years[95]. - The company is actively developing new products, including 3D printing liquid resin and halogen-free flame-retardant resin for high-speed trains[71]. Environmental and Social Responsibility - The company has implemented strict environmental protection measures, ensuring compliance with national and local standards[37]. - The company reported a total wastewater discharge of 4,373 tons in 2020, with key pollutants being COD at 1.932 tons and ammonia nitrogen at 0.483 tons, all within the national discharge standards[142]. - The total organized industrial waste gas emissions amounted to 7,885 tons in 2020, with major pollutants including sulfur dioxide at 27.32 tons and nitrogen oxides at 27.2 tons, all below the emission concentration limits[142]. - The company actively participated in poverty alleviation efforts in 2020, aligning with government initiatives[137]. - The company is committed to ongoing participation in poverty alleviation and corporate social responsibility initiatives[139]. Governance and Compliance - The company has committed to maintaining independent financial operations and ensuring that its financial decisions are not influenced by controlling shareholders[113]. - The company has established a management system for insider information, ensuring compliance with regulations[198]. - The company has maintained its listing status and has not faced any risks of suspension or termination of listing[125]. - The company has not reported any significant discrepancies in governance compared to regulatory requirements[198]. - The company ensures that all shareholders can exercise their voting rights equally during shareholder meetings[196]. Shareholder Structure and Changes - The total number of ordinary shares increased from 200,412,000 to 279,388,800 due to a capital increase of 78,976,800 shares through capital reserves[155]. - Jiangsu Huaying holds 47,815,000 shares, accounting for 17.1141% of the total share capital after the transfer of shares from the original controlling shareholders[169]. - The share transfer was completed on January 20, 2021, marking Jiangsu Huaying as the new controlling shareholder[169]. - The company has undergone a change in controlling shareholder as of November 30, 2020, with the completion of the share transfer[169]. Operational Efficiency - The production plan is closely aligned with customer orders and inventory levels, ensuring efficient use of resources and meeting market demand[32]. - The company has established stable procurement channels for raw materials, ensuring a consistent supply and price stability for production[31]. - The company is expanding its production capacity in regions such as Hubei, Sichuan, and Xinjiang to meet growing domestic demand[91]. - The company is enhancing its financial management practices to ensure compliance and transparency in reporting[178].

Financial Performance - Operating revenue decreased by 18.59% to CNY 255,141,990.99 for the period from January to September[5] - Net profit attributable to shareholders of the listed company was CNY -1,290,113.21, a significant decline from CNY 20,280,955.01 in the previous year[5] - The diluted earnings per share for the period was CNY -0.01, compared to CNY 0.10 in the previous year[6] - The company anticipates a significant decline in net profit attributable to shareholders for the year 2020 compared to the previous year, due to unprecedented operational pressures from the global pandemic, trade tensions, and decreased downstream demand[16] - Net profit for Q3 2020 was a loss of ¥2,996,883.29, compared to a profit of ¥7,087,895.59 in Q3 2019, indicating a significant decline[31] - The total profit for Q3 2020 was a loss of ¥2,709,730.66, compared to a profit of ¥7,795,282.19 in Q3 2019, indicating a significant downturn[31] - The company reported a total comprehensive income of approximately -¥3.93 million for Q3 2020, compared to ¥7.02 million in Q3 2019[37] Cash Flow - Net cash flow from operating activities decreased by 43.59% to CNY -16,126,367.95 compared to the same period last year[5] - Cash and cash equivalents decreased by 36.29% to ¥42,888,829.91 due to payments for subsidiary investments and external PE investments[13] - The net cash flow from investment activities decreased to -36,992,721.87 RMB, primarily due to increased payments for subsidiary investments and external PE investments[16] - The net cash flow from financing activities increased to 25,770,224.52 RMB, mainly due to an increase in borrowings compared to the same period last year when the company repurchased shares[16] - The cash flow from operating activities for the first three quarters of 2020 was approximately -¥16.13 million, compared to -¥11.23 million in the same period of 2019[39] - The net cash flow from investment activities was -41,368,518.45 RMB, a significant decline from a positive cash flow of 4,116,341.18 RMB in the same period last year[41] - The net cash flow from financing activities was 18,770,224.52 RMB, recovering from a negative cash flow of -35,337,663.23 RMB in the previous year[42] Assets and Liabilities - Total assets increased by 6.68% to CNY 620,212,956.79 compared to the end of the previous year[5] - The total liabilities increased to 93,980,253.67 RMB from 44,792,978.12 RMB, indicating a substantial rise in financial obligations[22] - The equity attributable to shareholders decreased to 516,553,858.92 RMB from 526,276,895.77 RMB, reflecting a decline in retained earnings[23] - The total liabilities as of Q3 2020 amounted to ¥90,616,215.45, compared to ¥48,073,636.12 in the same period last year, reflecting an increase of 88.5%[27] - The total equity decreased to ¥524,481,140.47 in Q3 2020 from ¥529,840,088.26 in Q3 2019, a decline of 1.0%[27] - The company’s total current liabilities were CNY 47,749,319.95, with short-term borrowings at CNY 14,244,481.54[50] Shareholder Information - The number of shareholders at the end of the reporting period was 23,043[10] - The largest shareholder, Fu Wenchang, holds 21.05% of the shares, with 18,270,000 shares pledged[10] Government Support and Other Income - The company received government subsidies amounting to CNY 1,187,050.00 during the reporting period[7] - The company reported a total of ¥1,163,660.75 in other income for Q3 2020, up from ¥700,000.00 in Q3 2019, a growth of 66.1%[30] Investment and Expenses - Investment income rose by 87.15% to ¥7,120,101.76, primarily from profits on futures trading[15] - Research and development expenses for Q3 2020 were ¥4,456,427.62, compared to ¥3,350,364.40 in Q3 2019, marking an increase of 32.9%[30] - Financial expenses surged by 11,037.88% to ¥1,425,310.83 due to increased loan amounts and higher interest payments[15]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥140,212,997.88, a decrease of 33.03% compared to ¥209,358,939.62 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥1,485,807.12, down 88.73% from ¥13,184,975.44 in the previous year[17]. - The net cash flow from operating activities was -¥21,669,690.93, an improvement of 42.10% compared to -¥37,424,104.06 in the same period last year[17]. - The company reported a loss of ¥4,738,831.13 after deducting non-recurring gains and losses, compared to a profit of ¥8,861,310.85 in the same period last year, representing a decrease of 153.48%[17]. - The total comprehensive income for the first half of 2020 was ¥1,184,374.01, a drop of 91.1% from ¥13,247,828.93 in the previous year[121]. - The company experienced a net loss from minority shareholders amounting to ¥402,272.21, compared to a loss of ¥9,488.29 in the same period last year[120]. - The operating profit for the first half of 2020 was a loss of ¥566,652.75, contrasting with a profit of ¥14,511,234.36 in the first half of 2019[120]. - The company reported a tax expense of ¥1,659,359.83 for the first half of 2020, compared to a tax benefit of ¥1,274,974.04 in the same period of 2019[120]. Assets and Liabilities - The total assets at the end of the reporting period were ¥597,592,702.21, an increase of 2.79% from ¥581,366,531.76 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company decreased by 1.38% to ¥519,039,194.83 from ¥526,276,895.77 at the end of the previous year[18]. - The company's fixed assets increased to CNY 71,586,323.23, representing a 33.09% growth due to the transfer of construction projects to fixed assets[44]. - Current liabilities rose to CNY 68,430,905.55, up from CNY 44,437,194.83, indicating an increase of about 54%[113]. - Total liabilities reached CNY 68,652,585.06, up from CNY 44,792,978.12, showing an increase of approximately 53%[113]. - Shareholders' equity decreased to CNY 528,940,117.15 from CNY 536,573,553.64, reflecting a decline of about 1.3%[113]. Research and Development - Continuous investment in R&D has led to process innovations, including the use of recycled PET to reduce production costs and environmental impact[29]. - Research and development expenses were CNY 4.75 million, a decrease of 24.77% from the previous year[38]. - The company has established a strong R&D system and increased investment in R&D, leading to multiple patented technologies and process improvements[31]. Market and Competition - The company faced a significant decline in sales due to the impact of the COVID-19 pandemic and a decrease in sales prices in the chemical industry[20]. - The unsaturated polyester resin industry is highly competitive, with market share gradually concentrating among brand enterprises[27]. - The company has become a major supplier of unsaturated polyester resin for artificial stone in China, capitalizing on the increasing market demand[53]. - The company is exposed to intense competition due to low industry concentration in the unsaturated polyester resin market, necessitating continuous product and technology upgrades[53]. Environmental Compliance - The company has implemented strict environmental protection measures, ensuring compliance with national and local standards for pollutant emissions[32]. - The environmental protection facilities have been operating normally, ensuring compliance with wastewater and air emission standards during the reporting period[90]. - The company has established an online monitoring system for wastewater discharge, regularly transmitting data to local environmental authorities[93]. - The company has completed environmental impact assessments for all construction projects, with no violations reported[91]. - The company has established safety management systems and facilities to mitigate risks associated with hazardous chemicals, although safety incidents cannot be entirely ruled out[54]. Shareholder and Governance - The company plans to initiate stock repurchase measures if certain conditions are met, including a buyback price not exceeding the latest audited net asset value per share[63]. - Major shareholders have committed to not reducing their holdings below the issuance price within two years after the lock-up period[65]. - The company will ensure that at least 20% of the distributable profits are distributed as cash dividends each year[72]. - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board to enhance operational efficiency[150]. Social Responsibility - The company continues to strengthen its commitment to poverty alleviation, aligning with local government requirements and focusing on social responsibility alongside economic benefits[84]. - In the first half of 2020, the company allocated RMB 0.6 million for educational poverty alleviation initiatives, improving resources in impoverished areas[85]. - The company donated RMB 3,000 each to Nanjing Kindergarten and Nanjing Village Primary School to enhance the learning environment for students[86]. Financial Policies and Accounting - The company’s financial statements are prepared based on the going concern principle, ensuring the continuity of its operations[155]. - The company recognizes foreign currency transactions at the spot exchange rate on the transaction date, with any exchange differences recorded in the current period's profit or loss[173]. - The company ensures consistency in accounting policies and periods between itself and its subsidiaries when preparing consolidated financial statements[168].

Financial Performance - Operating revenue fell by 45.24% to CNY 52,581,736.77 year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 3,470,666.46, a decrease of 160.19% compared to the same period last year[6] - Basic earnings per share dropped by 166.67% to -CNY 0.02[6] - The company reported a significant decline in net profit and revenue, indicating challenges in the current market environment[6] - Total revenue fell by 45.24% to ¥52,581,736.77 from ¥96,015,725.75, primarily impacted by weakened downstream customer demand due to COVID-19[15] - Net profit decreased by 78.21% to -¥348,701.56 from -¥1,600,249.34, driven by a significant drop in operating income[15] - The company anticipates a significant decline in cumulative net profit for the first half of 2020 compared to the same period last year due to ongoing impacts from COVID-19[16] - The company's operating revenue for Q1 2020 was CNY 52,366,260.80, a decrease of 45.4% compared to CNY 95,964,001.61 in Q1 2019[32] - The net profit for Q1 2020 was CNY -3,668,759.08, compared to a net profit of CNY 5,758,840.16 in Q1 2019, indicating a significant decline[30] - The company reported a total comprehensive income of CNY -3,557,683.82 for Q1 2020, compared to CNY 5,742,355.50 in Q1 2019[31] Assets and Liabilities - Total assets decreased by 3.65% to CNY 560,126,769.16 compared to the end of the previous year[6] - Cash and cash equivalents decreased by 56.71% to ¥29,147,803.93 from ¥67,323,804.90 due to payments for investments and short-term loan repayments[14] - Total assets as of March 31, 2020, amounted to ¥557,935,376.54, a decrease from ¥577,913,724.38 at the end of 2019[25] - Total liabilities as of March 31, 2020, were ¥27,211,778.67, down from ¥48,073,636.12 at the end of 2019, indicating a significant reduction in liabilities[26] - The total equity attributable to shareholders was ¥530,723,597.87, slightly up from ¥529,840,088.26 at the end of 2019[27] - Cash and cash equivalents decreased to ¥24,825,616.36 from ¥64,310,011.38 at the end of 2019, reflecting a liquidity contraction[24] Shareholder Information - The total number of shareholders at the end of the reporting period was 6,199[10] - The largest shareholder, Fu Wenchang, holds 20.96% of the shares, with 42,000,000 shares pledged[11] Cash Flow - Net cash flow from operating activities was a negative CNY 28,019,937.51, a decrease of 1.25% year-on-year[6] - Cash received from sales of goods and services was CNY 52,783,596.25 in Q1 2020, down 45.1% from CNY 97,344,417.90 in Q1 2019[35] - Operating cash inflow for Q1 2020 was CNY 52,708,246, a decrease of 46.5% from CNY 98,230,410 in Q1 2019[39] - Net cash outflow from operating activities was CNY -24,950,841, compared to CNY -27,984,729 in the same period last year, showing an improvement[39] - Cash flow from financing activities resulted in a net outflow of CNY -10,025,375, compared to CNY -26,000,000 in the previous year[40] Costs and Expenses - Total costs decreased by 41.90% to ¥47,614,735.69 from ¥81,955,810.66, reflecting reduced operational activity amid the pandemic[15] - Research and development expenses for Q1 2020 were CNY 2,018,343.34, down from CNY 2,605,003.39 in Q1 2019, reflecting a reduction of 22.5%[30] - The company reported a 94.97% decrease in financial expenses to -¥9,442.99 from -¥187,854.27, due to reduced interest income[15] Other Financial Metrics - The weighted average return on net assets decreased by 1.76 percentage points to -0.66%[6] - Non-recurring gains and losses totaled CNY 986,069.24, primarily from asset management gains[9] - Other comprehensive income rose by 45.86% to ¥331,860.21 from ¥227,522.24, primarily due to increases in foreign currency translation adjustments[14] - Other current assets increased by 526.80% to ¥1,550,709.21 from ¥247,402.74, attributed to the accumulation of input tax credits[14] - The company experienced a credit impairment loss of CNY -1,293,008.86 in Q1 2020, compared to CNY -1,106,533.44 in Q1 2019[30] - Other comprehensive income attributable to the parent company was CNY 104,337.97 in Q1 2020, compared to CNY -15,676.91 in Q1 2019[31]

Financial Performance - The company's operating revenue for 2019 was ¥428,725,782.24, a decrease of 29.51% compared to ¥608,219,278.20 in 2018[21] - The net profit attributable to shareholders for 2019 was ¥24,390,446.63, down 34.81% from ¥37,415,248.89 in 2018[21] - The basic earnings per share for 2019 was ¥0.12, a decline of 36.84% from ¥0.19 in 2018[23] - The total assets at the end of 2019 were ¥581,366,531.76, a decrease of 3.15% from ¥600,267,863.64 at the end of 2018[22] - The net cash flow from operating activities for 2019 was ¥16,943,896.41, down 38.51% from ¥27,555,645.50 in 2018[22] - The weighted average return on equity for 2019 was 4.68%, a decrease of 2.44 percentage points from 7.12% in 2018[23] - The company reported a decrease in net profit after deducting non-recurring gains and losses to ¥16,385,890.06, down 43.90% from ¥29,206,490.30 in 2018[22] - The company achieved operating revenue of 428.73 million yuan, a decrease of 29.51% compared to the same period last year[47] - The net profit attributable to shareholders was 24.39 million yuan, down 34.81% year-on-year[47] - Total assets amounted to 581.37 million yuan, reflecting a decline of 3.15% year-on-year[47] - The net assets attributable to shareholders were 526.28 million yuan, a decrease of 1.93% compared to the previous year[47] Cash Flow and Investments - The net cash flow from operating activities was 16.94 million yuan, reflecting a decline of 38.51% compared to the previous year[50] - The net cash flow from investment activities was -35.39 million yuan, significantly impacted by increased investments in subsidiaries and project preparations in Bangladesh[64] - The net cash flow from financing activities decreased by 41.55% to -¥21,628,830.63, mainly due to continued stock repurchases by the company[64] - Cash and cash equivalents decreased by 41.48% to ¥67,323,804.90, down from ¥115,048,086.58 in the previous period[65] - The company’s total liabilities decreased by 57.26% in accounts payable to ¥18,118,620.30 from ¥42,397,162.90, attributed to changes in payment settlement methods[66] Business Operations - The main business focus is on the research, production, and sales of unsaturated polyester resins, with a stable supply chain established for raw materials[31] - The company operates a direct sales model, primarily targeting manufacturers, with a low proportion of trade merchants involved[32] - The unsaturated polyester resin industry is highly competitive, with significant market share concentrated among large brand enterprises[34] - The company has become one of the larger suppliers of artificial stone resin in China since its establishment in 2011, with rapid growth in sales and revenue[34] - The production plan is developed based on order and inventory status, ensuring customer orders are met while maintaining safety stock levels[32] Research and Development - The company focuses on continuous R&D investment to enhance product value and reduce production costs, utilizing high proportions of recycled PET in its production processes[36] - The company has formed partnerships with Xiamen University and the Chinese Academy of Sciences to enhance its R&D capabilities[38] - The company is developing new products including 3D printing liquid resin and flame-retardant resin for high-speed trains[78] Environmental and Safety Compliance - The company emphasizes safety and environmental protection, ensuring compliance with national and local environmental standards[39] - The company has implemented a comprehensive management system to ensure effective internal controls and risk management[42] - The company reported a total wastewater COD discharge of 0.1237 tons and ammonia nitrogen discharge of 0.0026 tons in 2019, both below the national discharge standards[163] - The company achieved a total organized industrial waste gas discharge of 76.67 million cubic meters in 2019, with sulfur dioxide emissions at 5.6902 tons and nitrogen oxides at 3.6385 tons, all within the emission limits[164] - The company has implemented a comprehensive emergency response plan for environmental incidents, which was approved by the local environmental bureau[165] Shareholder and Equity Management - The company plans to distribute a cash dividend of ¥0.5 per 10 shares, totaling ¥9,872,100.00, and to increase the share capital by 4 shares for every 10 shares held, resulting in a total share capital increase to 279,388,800 shares[5] - The company’s cash dividend policy stipulates that at least 20% of the distributable profits must be distributed as cash dividends annually[115] - In 2019, the company distributed a total cash dividend of 38,137,486.87 RMB, which accounted for 156.36% of the net profit attributable to shareholders[122] - The company’s profit distribution policy allows for a minimum cash dividend ratio of 40% if there are significant capital expenditure plans[116] - The company’s controlling shareholders committed to not transferring or entrusting the management of their shares for 36 months post-IPO[124] Risks and Challenges - The company faces risks from raw material price fluctuations, which could impact profit margins if costs cannot be passed to downstream customers[105] - The performance of the company is sensitive to the economic environment affecting downstream industries, which could lead to reduced demand for unsaturated polyester resins[106] - The company is currently facing risks related to environmental regulations that may increase future expenditures[109] - The company’s project for the comprehensive utilization of waste mineral oil is currently pending approval from the local environmental authority, posing a risk of project suspension[109] Employee and Management Structure - The company has a total of 153 employees, with 144 in the parent company and 9 in major subsidiaries[197] - The employee composition includes 70 production personnel, 24 sales personnel, 21 technical personnel, 9 financial personnel, and 29 administrative personnel[197] - The company implements a performance-based salary system, linking sales personnel compensation to individual sales performance[198] - Employees enjoy benefits such as "five insurances and one fund," paid annual leave, and paid training[198] Audit and Compliance - The company has appointed Zhihong Accounting Firm (Special General Partnership) as its auditor for the 2019 fiscal year, with an audit fee of CNY 600,000[147] - The company has not faced any risks of suspension or termination of its listing[147] - The company has not made any significant acquisitions or disposals during the reporting period[150] - There are no significant related party transactions reported during the fiscal year[149]

Financial Performance - Net profit attributable to shareholders decreased by 40.53% to CNY 20,280,955.01 for the first nine months of the year[6]. - Operating revenue for the first nine months decreased by 29.89% to CNY 313,415,643.33 compared to the same period last year[6]. - Basic earnings per share decreased by 41.18% to CNY 0.10[7]. - Revenue for the third quarter was ¥313,415,643.33, a decrease of 29.89% compared to the same period last year, attributed to lower sales volume and price declines in the chemical industry[15]. - Total operating revenue for Q3 2019 was ¥104,056,703.71, a decrease of 43.2% compared to ¥183,109,168.45 in Q3 2018[29]. - Net profit for Q3 2019 was ¥7,087,895.59, a decline of 45.0% from ¥12,924,567.97 in Q3 2018[31]. - The company’s total profit for Q3 2019 was CNY 7,549,440.62, a decrease of 43.5% from CNY 13,432,683.69 in Q3 2018[36]. Assets and Liabilities - Total assets decreased by 5.97% to CNY 564,448,998.29 compared to the end of the previous year[6]. - Current assets decreased from RMB 526,786,397.63 on December 31, 2018, to RMB 478,191,418.63 on September 30, 2019, a decline of approximately 9.2%[19]. - Total liabilities decreased from RMB 63,308,298.73 on September 30, 2018, to RMB 43,287,416.77 on September 30, 2019, a decrease of approximately 31.6%[22]. - The company's total equity decreased from RMB 536,959,564.91 on December 31, 2018, to RMB 521,161,581.52 on September 30, 2019, a decline of approximately 2.5%[22]. - Total assets decreased from ¥611,884,476.69 in Q3 2018 to ¥575,206,437.32 in Q3 2019, a reduction of 6.0%[27]. - Total liabilities decreased from ¥71,258,253.19 in Q3 2018 to ¥51,069,801.13 in Q3 2019, a decline of 28.4%[27]. Cash Flow - Net cash flow from operating activities was negative at CNY -11,231,108.98 for the first nine months[6]. - The net cash flow from operating activities was -¥11,231,108.98, an improvement from -¥55,440,726.14 in the previous year[15]. - Cash inflow from operating activities totaled CNY 333,635,229.95, a decrease of 28.2% compared to CNY 464,123,713.47 in the previous year[43]. - Net cash flow from operating activities was negative at CNY -10,657,697.44, improving from CNY -54,645,009.01 year-over-year[43]. - Cash inflow from investment activities was CNY 474,042,109.59, slightly down from CNY 477,914,763.14 in the previous year[43]. - Net cash flow from investment activities was CNY 4,116,341.18, a significant decrease of 93.4% compared to CNY 62,481,666.35 in the previous year[43]. Shareholder Information - The total number of shareholders at the end of the reporting period was 8,363[11]. - The largest shareholder, Fu Wenchang, holds 20.96% of the shares, with 42,000,000 shares pledged[11]. Government Support and Investments - The company received government subsidies amounting to CNY 2,298,890.00 during the reporting period[8]. - The company has invested in long-term equity investments amounting to RMB 47,438,524.00 as of September 30, 2019, compared to RMB 33,138,124.00 in the previous year, an increase of approximately 43.3%[25]. Research and Development - Research and development expenses fell by 36.34% to ¥9,668,701.70, reflecting reduced investment due to lower material prices[15]. - Research and development expenses for Q3 2019 were ¥3,350,364.40, a decrease of 46.7% from ¥6,296,378.44 in Q3 2018[30]. - Research and development expenses for the first three quarters of 2019 totaled CNY 9,668,701.70, a decline of 36.5% from CNY 15,188,114.31 in the same period of 2018[35]. Outlook and Market Conditions - The company anticipates potential losses or significant changes in net profit compared to the previous year, indicating a cautious outlook[16]. - The company has not disclosed any new product developments or market expansion strategies in this report[6].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥209,358,939.62, a decrease of 20.67% compared to ¥263,908,376.92 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2019 was ¥13,184,975.44, down 37.75% from ¥21,181,056.06 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,861,310.85, a decline of 45.47% compared to ¥16,251,098.67 in the same period last year[17]. - The basic earnings per share for the first half of 2019 was ¥0.07, a decrease of 36.36% from ¥0.11 in the same period last year[18]. - The weighted average return on net assets for the first half of 2019 was 2.53%, down 1.5 percentage points from 4.04% in the previous year[18]. - The company's net assets attributable to shareholders at the end of the reporting period were ¥512,202,375.51, a decrease of 4.55% from ¥536,626,368.86 at the end of the previous year[17]. - The total assets at the end of the reporting period were ¥590,533,492.54, down 1.62% from ¥600,267,863.64 at the end of the previous year[17]. - The net cash flow from operating activities for the first half of 2019 was -¥37,424,104.06, an improvement of 9.57% compared to -¥41,383,362.40 in the same period last year[17]. - The company reported a revenue of 1,146.97 million yuan for the first half of 2019, with a slight decrease of 19.36 million yuan compared to the previous period[47]. - The company reported a decrease in prepayments to CNY 15,265,981.79 from CNY 22,221,074.47, a decline of 31.4%[125]. - The total liabilities amounted to CNY 80,825,682.14, an increase from CNY 71,258,253.19 in the previous year[127]. - The company reported a decrease in profit distribution amounting to -21,600,000.00[148]. Research and Development - The company has increased its R&D investment, resulting in multiple patented technologies and improvements in production processes, enhancing core competitiveness[29]. - Research and development expenses were CNY 6.32 million, a reduction of 28.94% compared to the previous year[38]. - The company collaborates with academic institutions to enhance its R&D capabilities, leveraging external technical resources for innovation[28]. - The company is actively developing new applications for unsaturated polyester resin, including 3D printing liquid resin and high-temperature curing molding resin[36]. Market Position and Competition - The company's main business focuses on the research, production, and sales of synthetic resins, primarily unsaturated polyester resins[22]. - The unsaturated polyester resin industry is highly competitive, with major players like Ashland and Royal DSM, and the company has rapidly grown to become a significant supplier in the domestic market[26]. - The company has established itself as a major supplier of unsaturated polyester resin for artificial stone, benefiting from increasing market demand[50]. - The competitive landscape in the unsaturated polyester resin market is intense, and the company must continue to innovate and scale to maintain its market position[50]. Environmental and Safety Practices - The company emphasizes environmental protection, with all wastewater recycled and emissions treated to meet national standards[30]. - The company has established a comprehensive environmental monitoring system, including online monitoring devices for wastewater discharge, ensuring compliance with environmental standards[92]. - The company has invested in pollution control facilities, achieving compliance with wastewater and air emission standards during the reporting period[89]. - Safety management is critical due to the use of hazardous chemicals in production, and the company has implemented strict safety protocols to mitigate risks[51]. - The company has developed an emergency response plan for environmental incidents, which was updated and approved by the local environmental protection bureau[91]. Shareholder and Capital Management - The company has not proposed any profit distribution or capital reserve transfer plans for the first half of 2019[54]. - The company commits to a stable cash dividend policy, ensuring that cash dividends will not be less than 20% of the distributable profits for the year[69]. - The company has made commitments to avoid any direct or indirect competition with its main business activities, ensuring no similar products are produced by major shareholders or executives[70]. - The company increased its total share capital from 144,000,000 shares to 200,412,000 shares, with a capital increase of 56,412,000 shares through a bonus issue[99]. - The company will initiate stock repurchase measures if the stock price falls below the latest audited net asset value per share for 20 consecutive trading days within three years of listing[59]. Financial Reporting and Compliance - The company has appointed Crowe Horwath as its auditing firm for the 2019 fiscal year, with no changes reported during the audit period[75]. - The company complied with new accounting standards issued by the Ministry of Finance, affecting the financial statements for the first half of 2019[94]. - The financial statements are prepared based on the going concern principle, adhering to the accounting standards set by the Ministry of Finance[162]. - The company did not report any significant accounting errors that required restatement during the reporting period[95]. - The company’s financial reports reflect its financial position, operating results, changes in equity, and cash flows accurately[164]. Corporate Social Responsibility - The company has implemented targeted poverty alleviation measures, contributing a total of 0.6 million RMB to improve educational resources in impoverished areas[83]. - The company donated 3,000 RMB each to Nanjing Kindergarten and Nanjing Village Primary School to enhance the learning environment for students[84]. - The company plans to continue its poverty alleviation efforts in the second half of 2019, emphasizing the importance of corporate social responsibility[85]. - The company has maintained a focus on corporate social responsibility, aligning its operations with local government poverty alleviation initiatives[81]. - The company has actively participated in local poverty alleviation projects, ensuring the implementation of assistance measures as per government directives[81].

Financial Performance - Operating revenue for the period was CNY 96,015,725.75, a decline of 6.19% year-on-year[7] - Net profit attributable to shareholders decreased by 39.24% to CNY 5,766,251.82[7] - The company reported a significant decrease in net profit due to increased operational costs and reduced revenue[7] - Basic and diluted earnings per share fell by 42.86% to CNY 0.04[7] - The total comprehensive income for Q1 2019 was ¥5,742,355.50, down from ¥11,135,106.81 in Q1 2018, a decrease of around 48.6%[33] - The net profit attributable to the parent company shareholders for Q1 2019 was ¥5,766,251.82, a decrease from ¥9,798,562.60 in Q1 2018, representing a decline of approximately 41.5%[33] - Total operating revenue for Q1 2019 was ¥95,964,001.61, down from ¥102,354,988.83 in Q1 2018, indicating a decrease of about 6.8%[33] - Operating profit for Q1 2019 was ¥6,642,198.63, compared to ¥10,135,106.81 in Q1 2018, reflecting a decline of approximately 34.6%[33] Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of CNY 28,374,402.54, worsening by 73.59% compared to the previous year[7] - Cash and cash equivalents decreased by 51.68% to ¥55,588,061.46 from ¥115,048,086.58 due to stock repurchase using self-owned funds[14] - Cash flow from operating activities for Q1 2019 was negative at -¥28,374,402.54, compared to -¥16,345,308.20 in Q1 2018, indicating a worsening cash flow situation[36] - The total cash and cash equivalents at the end of Q1 2019 were 28,944,900.49 RMB, down from 81,807,887.98 RMB at the end of Q1 2018, a decline of approximately 64.7%[41] - The company experienced a net decrease in cash and cash equivalents of -54,562,351.81 RMB in Q1 2019, compared to -14,431,823.13 RMB in Q1 2018[41] Assets and Liabilities - Total assets decreased by 7.26% to CNY 556,710,395.65 compared to the end of the previous year[7] - Total liabilities decreased to CNY 40,911,357.93 in Q1 2019 from CNY 71,258,253.19 in Q1 2018, indicating improved financial stability[27] - Total assets as of March 31, 2019, amounted to CNY 560,488,110.89, down from CNY 611,884,476.69 at the end of 2018[26] - Accounts receivable increased by 337.99% to ¥15,716,462.94 from ¥3,588,302.37, primarily due to an increase in received notes[15] - Inventory rose by 30.88% to ¥44,529,564.62 from ¥34,023,862.86, mainly due to increased procurement of raw materials[15] Shareholder Information - The total number of shareholders at the end of the reporting period was 9,446[11] - The largest shareholder, Fu Wenchang, holds 20.83% of the shares, with 30,000,000 shares pledged[11] Operational Costs and Expenses - Operating costs for Q1 2019 were CNY 93,429,335.31, down from CNY 95,018,119.39 in Q1 2018, reflecting a cost reduction strategy[29] - Sales expenses increased by 67.18% to ¥4,656,576.54 from ¥2,785,360.54, driven by higher freight and packaging costs[15] - Financial expenses increased by 113.54% to -¥187,854.27 from -¥87,972.99, mainly due to increased interest income[15] - Research and development expenses for Q1 2019 were CNY 2,605,003.39, down from CNY 3,264,001.28 in Q1 2018, reflecting a potential shift in innovation strategy[30] Other Income and Gains - Non-recurring gains and losses totaled CNY 3,245,743.77, with a significant impact from government subsidies and other income[10] - Other income rose by 68.15% to ¥1,598,890.00 from ¥950,890.00, primarily due to an increase in government subsidies[15]