Financial Performance - The company's operating revenue for the first half of 2021 reached ¥14,134,777,143.20, representing a year-on-year increase of 78.34% compared to ¥7,925,805,313.54 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was ¥284,584,521.92, an increase of 81.67% from ¥156,653,093.62 in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥271,892,323.02, up 92.87% from ¥140,969,919.83 in the same period last year[20]. - The net cash flow from operating activities was ¥590,927,152.09, reflecting a 68.21% increase from ¥351,299,924.64 in the previous year[20]. - Basic earnings per share for the first half of 2021 were ¥1.22, representing a 79.41% increase from ¥0.68 in the same period last year[21]. - The weighted average return on net assets increased by 3.46 percentage points to 8.72% compared to 5.26% in the previous year[21]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥7,629,912,000.74, a 22.93% increase from ¥6,206,491,959.84 at the end of the previous year[20]. - The total liabilities rose to ¥3,817,958,855.50 from ¥2,596,542,226.98, marking an increase of around 47.0%[152]. - The company's total equity increased to ¥3,811,953,145.24 from ¥3,609,949,732.86, which is an increase of about 5.6%[152]. - The company's cash and cash equivalents decreased to ¥1,154,481,853.75 from ¥1,275,683,417.36, a decline of about 9.5%[149]. - The company's inventory increased significantly to ¥1,080,715,587.93 from ¥711,205,106.85, reflecting a rise of approximately 52.0%[149]. Production and Capacity - The company has developed a processing capacity exceeding 2 million tons, positioning itself as a leading manufacturer in the cold-rolled stainless steel industry[27]. - In the first half of 2021, the company achieved a production volume of 1.052 million tons, a year-on-year increase of 59.01%[44]. - Sales reached 1.046 million tons, reflecting a year-on-year growth of 58.62%[44]. - The company is expanding its production capacity with new projects, including a 75,000-ton ultra-thin precision stainless steel strip project and a 250,000-ton project in Vietnam[46]. Research and Development - The company holds 174 patents, including 23 invention patents and 151 utility model patents, reflecting its strong focus on R&D and technological innovation[37]. - Research and development expenses increased by 51.88% to CNY 142.27 million, up from CNY 93.67 million in the previous year[50]. - The company is actively involved in the development of new products and technologies, aiming to maintain its leadership position in the cold-rolled stainless steel sector[37]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with all major pollutants' emissions below government-approved limits and in compliance with national standards[78][79]. - The company has successfully managed hazardous waste disposal through qualified third-party companies, ensuring compliance with environmental regulations[78][79]. - Jiangsu Yongjin's environmental monitoring shows stable compliance in wastewater, noise, and air emissions, with hazardous waste managed by qualified units[80]. Shareholder and Management Structure - The controlling shareholders, Yu Jiqun and Cao Peifeng, committed not to transfer or entrust the management of their shares for 36 months post-IPO[95]. - Shareholders in key management positions are restricted from transferring more than 25% of their shares annually during their tenure and for 6 months post-termination[96]. - The company has undergone a change in its board and supervisory committee members, with new appointments made during the annual shareholders' meeting[72]. Financial Management and Risks - The company faces risks related to supplier concentration, which may impact production if key suppliers fail to deliver quality materials on time[64]. - Market price volatility poses a risk to the company's operating performance, as raw material costs significantly affect overall expenses[66]. - The company has experienced management risks as its asset and sales scale rapidly expand, necessitating adjustments in organizational structure and management systems[69]. Capital and Investment - The company made a total of CNY 3.32 billion in new equity investments, primarily for acquiring 51% of Silver Sheep Industry[58]. - The company has cumulatively invested RMB 539 million in the Jiangsu Yongjin project for an annual processing capacity of 75,000 tons of ultra-thin precision stainless steel strips, with an additional investment of RMB 142 million during the reporting period[60]. - The company reported a significant decrease in expected related party transactions for 2021, with actual procurement of hot-rolled stainless steel materials and other services amounting to ¥414,320.71 million, compared to an expected ¥1,223,500.00 million[118].

Financial Performance - Operating revenue surged by 97.19% to CNY 6,265,519,619.76 year-on-year[18] - Net profit attributable to shareholders rose by 107.66% to CNY 111,186,940.29 compared to the same period last year[18] - Basic earnings per share increased by 108.70% to CNY 0.48 compared to CNY 0.23 in the same period last year[18] - The total profit for Q1 2021 was ¥167,070,998.64, an increase of 90.5% from ¥87,589,436.44 in Q1 2020[57] - Net profit for Q1 2021 was ¥132,063,444.45, reflecting a 101.11% year-over-year growth from ¥65,668,218.88 in Q1 2020[34] Assets and Liabilities - Total assets increased by 9.72% to CNY 6,809,740,737.80 compared to the end of the previous year[18] - The company's total liabilities increased significantly, with accounts payable rising by 36.44% to ¥402,786,515.80 from ¥295,210,385.86[30] - Total liabilities increased to CNY 3,061,533,635.69, up from CNY 2,596,542,226.98, representing a growth of approximately 17.9%[45] - Non-current assets increased to CNY 1,958,015,600.63, up from CNY 1,722,916,432.47, showing a growth of around 13.6%[49] - Current assets decreased to CNY 899,309,081.60 from CNY 927,901,711.04, indicating a decline of approximately 3.1%[49] Cash Flow - Net cash flow from operating activities was negative at CNY -124,681,973.35, worsening from CNY -81,300,542.93 in the previous year[18] - The net cash flow from investing activities dropped by 352.83% to -$403.23 million, attributed to increased investment in construction projects and reduced financial recoveries[37] - The net cash flow from financing activities improved to $146.98 million from -$84.80 million in the previous year, mainly due to increased bank borrowings[37] - Cash inflows from operating activities amounted to CNY 6,965,323,678.23, a significant increase from CNY 3,466,619,684.87 year-over-year[62] - The ending cash and cash equivalents balance was CNY 655,628,917.61, down from CNY 1,196,364,880.42 year-over-year[67] Shareholder Information - The total number of shareholders reached 9,905 by the end of the reporting period[24] - The largest shareholder, Yu Ji Qun, holds 25.83% of the shares, totaling 60,180,000 shares[24] - The company completed the registration of a stock incentive plan on January 8, 2021, aimed at motivating key personnel[37] Investment and Development - The company plans to continue expanding its market presence and invest in new product development[18] - Research and development expenses for Q1 2021 were ¥62,346,745.97, a 36.00% increase from ¥45,842,223.33 in Q1 2020, reflecting growth in R&D projects[34] - A 51% equity acquisition agreement was signed for Jiangsu Yinyang Stainless Steel Pipe Industry Co., Ltd. on March 28, 2021, indicating ongoing market expansion efforts[37] Financial Ratios and Returns - The weighted average return on net assets improved by 1.64 percentage points to 3.47%[18] - The company's retained earnings increased to CNY 1,589,538,083.72 from CNY 1,478,351,143.43, reflecting a growth of about 7.5%[45] - Total equity attributable to shareholders rose to CNY 3,263,914,063.51, compared to CNY 3,146,796,370.40, reflecting an increase of about 3.7%[45] Expenses - Total operating costs for Q1 2021 were ¥6,103,110,492.74, up 96.7% from ¥3,097,233,674.97 in Q1 2020[55] - Sales expenses for Q1 2021 were ¥56,024,381.82, up 95.0% from ¥28,781,857.85 in Q1 2020[55] - Management expenses for Q1 2021 reached ¥28,990,653.52, a rise of 154.0% compared to ¥11,357,443.14 in Q1 2020[55] Other Financial Information - The company received government subsidies amounting to CNY 7,755,931.01 during the reporting period[21] - The company received CNY 17,241,906.26 in tax refunds, compared to CNY 3,550,728.50 in the previous year[65] - The company paid CNY 87,811,387.69 in employee compensation, an increase from CNY 48,336,366.41 in the same period last year[65]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥7.93 billion, an increase of 11.07% compared to ¥7.14 billion in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥156.65 million, representing a 6.42% increase from ¥147.21 million in the previous year[18]. - The net cash flow from operating activities increased significantly by 147.40%, reaching approximately ¥351.30 million compared to ¥141.99 million in the same period last year[18]. - The total assets at the end of the reporting period were approximately ¥5.31 billion, a 2.35% increase from ¥5.19 billion at the end of the previous year[18]. - The basic earnings per share for the first half of 2020 decreased by 20.00% to ¥0.68, down from ¥0.85 in the same period last year[18]. - The weighted average return on net assets decreased by 4.63 percentage points to 5.26% compared to 9.89% in the previous year[18]. - The company reported a slight decrease of 0.16% in net assets attributable to shareholders, totaling approximately ¥2.89 billion compared to ¥2.90 billion at the end of the previous year[18]. - The net profit after deducting non-recurring gains and losses was approximately ¥140.97 million, a slight increase of 2.62% from ¥137.37 million in the previous year[18]. - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[6]. Production and Technology - The company has an annual production capacity exceeding 1.4 million tons, positioning itself as a well-known professional stainless steel cold-rolling enterprise in China[26]. - The company has developed a series of core technologies for the production of cold-rolled stainless steel strips, ensuring superior product quality and market competitiveness[37]. - As of June 30, 2020, the company has obtained a total of 115 patents, including 18 invention patents and 97 utility model patents[38]. - The main products include precision cold-rolled stainless steel strips with thicknesses ranging from 0.08mm to 1.5mm, widely used in various industries such as home appliances and automotive parts[26]. - The company is recognized as a national high-tech enterprise and has established several research and development centers, enhancing its technological capabilities[38]. - The company has developed four high-tech products, including precision cold-rolled stainless steel ultra-thin strips, which have been recognized as high-tech products[41]. - The company has independently designed and developed 16 sets of 1,350mm reversible precision cold-rolling mills, significantly reducing procurement and maintenance costs[48]. - The company has established a comprehensive ISO9001 quality management system, ensuring strict adherence to quality control throughout the production process[44]. Market and Sales - The company’s sales model involves prepayment of 10%-20% deposit for most customers, resulting in low overdue risk for sales receivables[30]. - The company’s main business remains focused on the research, production, and sales of cold-rolled stainless steel strips, with no significant changes in its operating model during the reporting period[24]. - The company has successfully bid for key projects under the "Made in China 2025" initiative, indicating its strong position in the industry[26]. - The company has actively expanded its market presence, particularly in the automotive sector, and has made progress in obtaining TS16949 certification[57]. Financial Management and Investments - The company reported a substantial increase in cash and cash equivalents, totaling approximately ¥1.62 billion, which is a 280.06% increase from ¥427.31 million in the same period last year[65]. - Research and development expenses decreased by 8.90%, amounting to approximately ¥93.67 million, down from ¥102.82 million in the previous year[60]. - Long-term borrowings increased by 201.21%, totaling approximately ¥149.70 million, reflecting the financing needs for the Guangdong Yongjin project[70]. - The company decided to use raised funds of 150 million yuan for capital increase in its wholly-owned subsidiary Jiangsu Yongjin to implement fundraising projects[73]. - During the reporting period, the company made new equity investments of 59.25 million yuan in Guangdong Yongjin and 16.22 million yuan in Vietnam Yongjin[76]. - The company received a total relocation compensation of 232.11 million yuan from the Lankou Economic Development Zone Management Committee, including 137.24 million yuan for building compensation and 94.87 million yuan for equipment relocation[79]. Risk Management - The company faced a supplier concentration risk, with the top five suppliers accounting for 95.28% of total purchases in the first half of 2020[94]. - Market price fluctuation risk was highlighted, with raw material costs constituting approximately 95% of the main business costs, indicating vulnerability to price changes[96]. - The company faces foreign exchange risk as overseas investment projects increase, with foreign currency settlements expected to rise, making it challenging to fully hedge against currency fluctuations[101]. - The company has implemented measures to control foreign exchange risks, although complete hedging remains difficult due to the complexity of foreign currency transactions[101]. Corporate Governance and Compliance - The company has improved its governance structure and compliance with regulatory requirements since its IPO, enhancing transparency in decision-making processes[58]. - The company has maintained active investor relations, engaging with investors through various channels to promote understanding and acceptance in the capital market[58]. - The company has not reported any significant changes in its operational commitments or shareholder agreements during the reporting period[108]. - The company emphasizes compliance with laws and regulations regarding share reductions to ensure transparency and accountability[129]. Environmental and Social Responsibility - Jiangsu Yongjin is classified as a key pollutant discharge unit, with all major pollutants' emissions below government-approved limits and in compliance with national standards[182]. - The company achieved zero industrial wastewater discharge and all environmental monitoring results for wastewater, noise, and waste gas were stable and met standards[183]. - The company has established an emergency response plan for environmental pollution incidents, ensuring rapid and effective handling of such events[185]. - The company has committed 430,000 RMB to poverty alleviation projects in Fuan City, focusing on infrastructure development[175]. - The company has not incurred any costs related to environmental protection initiatives during the reporting period[180]. Shareholder Structure and Stock Management - As of the end of the reporting period, the total number of ordinary shareholders was 21,553, with the largest shareholder holding 26.09% of the shares[192]. - The company’s stock price has been under pressure, leading to an extension of the lock-up period for certain shareholders due to the stock price being below the issue price for 20 consecutive trading days within six months post-listing[198]. - The overall shareholder structure reflects a mix of institutional and individual investors, which may influence future corporate governance and strategic decisions[198].

Financial Performance - The company's total revenue for 2019 was RMB 1,582,776.48 million, representing a 1.13% increase compared to RMB 1,565,030.89 million in 2018[21] - The net profit attributable to shareholders of the listed company was RMB 33,281.77 million, a slight increase of 0.48% from RMB 33,121.17 million in the previous year[21] - The net profit after deducting non-recurring gains and losses was RMB 30,824.83 million, showing a decrease of 3.65% compared to RMB 31,991.48 million in 2018[21] - The net cash flow from operating activities was RMB 38,855.85 million, down 52.36% from RMB 81,553.71 million in the previous year[21] - The company achieved operating revenue of RMB 1,582,776.48 million in 2019, representing a 1.13% increase compared to 2018, while net profit attributable to shareholders grew by 0.48% to RMB 33,281.77 million[24] - The basic earnings per share for 2019 was RMB 1.92, slightly up by 0.52% from RMB 1.91 in 2018, while diluted earnings per share remained the same[24] - The weighted average return on equity decreased to 21.22% in 2019, down by 4.41 percentage points from 25.63% in 2018[24] - The company's gross profit margin for the main business was 5.49%, a decrease of 0.4 percentage points from the previous year[81] - The company reduced financial expenses significantly by 55.83% to RMB 2,577.98 million due to decreased interest expenses[76] - The company reported a total of 104,821.27 million RMB in restricted assets, including cash and fixed assets, primarily used for bank guarantees and loans[103] Dividend Policy - The company proposed a cash dividend of RMB 7 per 10 shares, totaling RMB 161.47 million to be distributed to shareholders[6] - The cash dividend distribution will be at least 10% of the distributable profit according to the consolidated financial statements for the year[168] - In 2019, the net profit attributable to ordinary shareholders was 332,817,663.26 RMB, with a dividend payout ratio of 48.52%[177] - The company will prioritize cash dividends, with a minimum of 80% cash distribution for mature companies without significant cash expenditures[167] - The board of directors will consider industry characteristics and development stages when determining the dividend distribution method[168] - The company has not proposed any other forms of distribution besides cash dividends for 2019[173] - The company’s profit distribution policy requires approval from the shareholders' meeting and must consider the opinions of independent directors and minority shareholders[172] - The company may adjust its dividend policy if certain conditions, such as losses or insufficient cash reserves, are met[170] - The company aims to conduct annual profit distributions, with the possibility of mid-term distributions under certain conditions[171] - The company’s cash dividend policy is subject to review and approval by the supervisory board and shareholders[171] Risk Management - The report includes a risk statement regarding potential future plans and development strategies, advising investors to be cautious[7] - The company acknowledges potential market fluctuations and encourages investors to maintain awareness of risks associated with its performance commitments[147] - The company faces market price fluctuation risks, with direct material costs constituting 96.10% of the main business costs in 2019, making it vulnerable to raw material price changes[156] - The company has established a stable relationship with major suppliers, but any disruption in supply could adversely affect production operations[154] - The company emphasizes the importance of internal control and management system improvements to mitigate operational risks as it scales up[151] Market and Industry Position - The company primarily engages in the research, production, and sales of cold-rolled stainless steel strips, achieving an annual production capacity of over 1.2 million tons as of the end of 2019[38] - The main products include precision cold-rolled stainless steel strips with thicknesses ranging from 0.08mm to 1.5mm and widths below 820mm, widely used in various industries such as home appliances and automotive parts[40][42] - The company has been recognized as a "Top 500 Manufacturing Enterprise in China" and a "Top 100 Manufacturing Enterprise in Zhejiang Province" in 2019[38] - The demand for stainless steel in China is expected to remain high, with actual consumption in 2019 reaching approximately 25.06 million tons, a year-on-year increase of 10.4%[131] - The urbanization rate in China was 60.60% by the end of 2019, indicating potential for increased demand for stainless steel products as urbanization continues[132] - The cold-rolled stainless steel industry is trending towards high-end and customized products, driven by technological advancements and market demands[134] - The industry is experiencing intensified competition, with non-stainless steel companies entering the cold-rolled sector, indicating a shift in market dynamics[135] - There is a trend of deeper cooperation between upstream and downstream players in the stainless steel industry, aimed at ensuring stable supply chains and production capabilities[136] Future Plans and Investments - The company plans to continue expanding its market presence and investing in new product development to drive future growth[27] - The company aims to achieve a revenue of approximately CNY 18.58 billion to CNY 21 billion in 2020, representing a year-on-year growth of 17% to 32.68%[147] - The projected net profit attributable to the company is expected to be between CNY 365 million and CNY 425 million, indicating a year-on-year increase of 9.67% to 27.70%[147] - The company plans to expand its production scale and enhance its product offerings, focusing on high-end, customized cold-rolled stainless steel products[147] - The company is committed to the "Belt and Road" initiative, with plans to advance its Vietnam project and explore further international expansion opportunities[148] - The company is investing in advanced equipment, including cold rolling mills and bright annealing lines, to support the production of ultra-thin precision stainless steel strips[147] - The company aims to complete the acceptance of its first production line by the end of 2020 to generate economic benefits from its new projects[147] - The company is focused on optimizing its product structure and enhancing market share through continuous innovation and technology development[146] Shareholder Management - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[187] - Shareholders are limited to transferring no more than 25% of their total shares annually during their tenure as directors or senior management, with specific conditions after leaving[181] - If the stock price falls below the issue price for 20 consecutive trading days within 6 months post-listing, the lock-up period for shares will be extended by 6 months[188] - Major shareholders have pledged to limit their share reduction to 1% of total shares in any 90-day period post-lock-up, with specific conditions for block trades[188] - The company will ensure compliance with relevant laws and regulations regarding share transfers and reductions[192] - Shareholders with a controlling interest have agreed to not transfer shares for 12 months post-listing[186] - The company has outlined specific conditions for share transfers after the lock-up period, including price restrictions and notification requirements[189] - The lock-up period for shares will automatically extend if the stock price conditions are not met within the specified timeframe[194] - Shareholders are required to adhere to their commitments regarding share transfers, with penalties for violations[192] - The company has established a clear framework for managing share transfers and ensuring shareholder compliance with regulations[197] - Shareholders holding more than 5% of the company's shares are restricted to reducing their holdings by no more than 1% of the total shares through centralized bidding within any consecutive 90 days after the lock-up period expires[199] - If the company’s stock price falls below the issuance price for 20 consecutive trading days within 6 months post-IPO, the lock-up period for shareholders will automatically extend by 6 months[198] - The company will strictly adhere to regulations from the China Securities Regulatory Commission regarding share reduction plans and will announce the details of any reduction 3 trading days in advance[200] - Any violation of the share reduction commitments will result in the proceeds being forfeited to the company, and the company reserves the right to withhold cash dividends equivalent to the amount of the illegal proceeds[200]

Financial Performance - The company's operating revenue for 2020 was CNY 2,044,342.19 million, an increase of 29.16% compared to 2019, primarily due to the production increase from the new capacity of 259,600 tons in April 2020 and the acquisition of Qingtuo Shangke, which added 64,100 tons[22]. - The net profit attributable to shareholders for 2020 was CNY 41,444.11 million, reflecting a year-on-year increase of 24.52%[22]. - The net cash flow from operating activities reached CNY 76,228.62 million, a significant increase of 96.18% year-on-year, driven by higher operating net profit and an increase in customer deposits[23]. - The company's total assets at the end of 2020 were CNY 620,649.20 million, up 19.59% from the previous year[22]. - The basic earnings per share for 2020 was CNY 1.80, a decrease of 6.25% compared to 2019[22]. - The weighted average return on equity for 2020 was 13.78%, down 7.44 percentage points from 2019[22]. - The company reported a net profit of CNY 15,515.43 million in Q4 2020, contributing to a total annual net profit growth[26]. - The company reported a total revenue of approximately ¥10.22 billion from East China, with a year-on-year increase of 49.96%, but a gross margin decrease of 0.70 percentage points to 6.26%[75]. - The expected consolidated revenue for 2021 is between 24.532 billion yuan and 26.576 billion yuan, with a year-on-year growth of 20% to 30%[124]. - The net profit attributable to the listed company is projected to be between 518 million yuan and 560 million yuan, reflecting a year-on-year increase of 25% to 35%[124]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 7 RMB per 10 shares to all shareholders, totaling approximately 163.11 million RMB (including tax) based on a total share capital of 233,017,400 shares as of April 13, 2021[7]. - The cash dividend proposal for 2020 is to distribute CNY 7 per 10 shares, totaling approximately CNY 163,112,180, which represents 39.36% of the net profit attributable to shareholders[143]. - The company has a history of stable cash dividend distribution, with a focus on balancing shareholder returns and sustainable development[141]. Risk Management - The company has outlined potential risks in its operations, which investors should be aware of[8]. - The company emphasizes the importance of risk awareness for investors regarding future plans and development strategies[8]. - The company faces risks related to market price fluctuations, particularly in raw materials, which could adversely affect operational performance if prices rise or product prices fall[134]. - The reliance on nickel and chromium in stainless steel production makes the company vulnerable to price volatility in these metals[134]. - Management risks are present as the company scales up operations, necessitating adjustments in organizational structure and management practices[137]. Research and Development - The company has developed four high-tech products, including "precision cold-rolled ultra-thin stainless steel strip," recognized as high-tech products and included in the National Torch Program[49]. - The company holds a total of 152 patents, including 21 invention patents and 131 utility model patents, reflecting its strong focus on technology and R&D[48]. - The company has established several research and development centers, including a provincial-level technology center and a post-doctoral workstation, to enhance its innovation capabilities[48]. - The company has made significant advancements in R&D, focusing on customer needs and launching customized products to meet market demands[58]. - The company is investing 50 million in R&D for new technologies aimed at enhancing user experience[149]. Production and Capacity - The company maintained a production capacity of over 1.6 million tons annually, focusing on the R&D, production, and sales of cold-rolled stainless steel strips[34]. - In 2020, the company achieved a production volume of 1.6663 million tons, representing a year-on-year increase of 36.20%, and sales of 1.6564 million tons, up 34.98% year-on-year[58]. - The company plans to expand its production capacity by 75,000 tons per year for ultra-thin precision stainless steel strips, highlighting growth potential in the market[137]. - The planned stainless steel production for 2021 is 2.15 million tons, representing an approximate increase of 29% year-on-year[122]. Corporate Governance - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance[5]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has committed to linking executive compensation to the execution of return measures, enhancing accountability[177]. Market and Sales - The company’s products are widely applied in downstream industries such as home appliances, automotive parts, and chemical industries, indicating a broad market reach[35]. - The company has expanded its customer base, successfully developing high-value clients in various sectors, including electronics and automotive, and establishing relationships with major brands like SINOVA[61]. - The company’s sales model includes a prepayment of 10%-20% deposit for most customers, ensuring a low risk of overdue receivables[40]. - The company targets to achieve over 80% market share in steel buckle materials and 70% in button battery materials[125]. Environmental and Compliance - Environmental management measures were strengthened, with all pollutant emissions meeting standards and no penalties incurred during the year[62]. - The company maintains a good integrity status, with no major dishonesty issues reported[198]. - The company has outlined measures to ensure compliance with related party transaction regulations, including avoiding conflicts of interest during voting processes[187]. Acquisitions and Investments - The company successfully completed the acquisition of Fujian Qingtou Shangke Stainless Steel Co., which is expected to increase cold-rolled production capacity by 300,000 tons in 2021[66]. - The company and Dingxin Technology jointly invested 200 million CNY in Fujian Yongjin for the acquisition of Qingtuo Shangke[110]. - The company has cumulatively invested 396 million CNY in the Jiangsu Yongjin project for an annual processing capacity of 75,000 tons of ultra-thin precision stainless steel strips[111]. - The company plans to invest 27 million USD in establishing a subsidiary in Thailand, with a 67% ownership stake[109]. Audit and Financial Reporting - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the financial report's authenticity and completeness[6]. - The company has appointed Tianjian Accounting Firm as the financial and internal control auditing institution for the year 2020, with an audit fee of RMB 1,680,000[195]. - The company has implemented a new revenue accounting standard effective from January 1, 2020, which is not expected to have a significant impact on its financial status or operating results[194].

Financial Performance - Operating revenue for the first nine months was ¥13,619,569,582.40, representing a year-on-year growth of 20.19%[17] - Net profit attributable to shareholders was ¥259,286,793.16, an increase of 8.45% compared to the same period last year[17] - Basic and diluted earnings per share were both ¥1.12, down 18.84% from the previous year[17] - Total operating revenue for Q3 2020 reached ¥5,693,764,268.86, a 35.7% increase from ¥4,195,741,668.76 in Q3 2019[49] - Net profit for Q3 2020 was ¥121,854,563.66, representing a 15.8% increase compared to ¥105,726,255.36 in Q3 2019[51] - Total comprehensive income for Q3 2020 was ¥119,826,219.28, compared to ¥105,801,819.56 in Q3 2019, indicating a growth of 13.2%[55] - The company reported a total profit of ¥149,976,170.78 for Q3 2020, an increase from ¥129,765,133.80 in Q3 2019[51] Cash Flow - The net cash flow from operating activities for the first nine months decreased by 61.57% to ¥105,292,297.77[17] - The cash flow from operating activities for the first three quarters of 2020 was ¥15,616,046,025.25, an increase from ¥12,704,819,910.30 in the same period of 2019[65] - The net cash flow from operating activities for the first three quarters of 2020 was ¥12,832,096.20, a decrease of 73.3% compared to ¥48,076,986.02 in the same period of 2019[67] - The company reported a net cash flow from investing activities of ¥26,180,169.23 in Q3 2020, compared to a negative cash flow of -¥198,746,958.03 in Q3 2019[65] - The net cash flow from financing activities was -¥246,399,315.61, worsening from -¥26,757,888.51 in the previous year, indicating higher cash outflows for debt repayment and dividends[67] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,545,232,742.90, an increase of 6.85% compared to the end of the previous year[17] - Total liabilities increased to ¥2,212,972,245.12, up from ¥2,026,096,822.42, reflecting a growth of approximately 9.2% year-over-year[40] - Total equity rose to ¥3,332,260,497.78, compared to ¥3,163,797,498.46, marking an increase of about 5.3% year-over-year[40] - Cash and cash equivalents decreased to ¥596,399,757.21 from ¥934,675,426.86, representing a decline of approximately 36.1%[44] - Current liabilities totaled ¥1,866,333,633.71, up from ¥1,664,323,560.26, indicating an increase of about 12.1%[40] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,252[19] - Major shareholder Yu Jiqun holds 26.09% of the shares, while Cao Peifeng holds 21.20%[19] - The company paid ¥164,109,916.60 in dividends and interest, up from ¥55,279,533.94 in the previous year, reflecting a commitment to shareholder returns[70] Expenses and Costs - Sales expenses increased by 37.43% from CNY 84,381,511.92 to CNY 115,964,973.37 due to new product sales in Guangdong Yongjin and changes in other sales regions[31] - Financial expenses decreased by 72.03% from CNY 17,950,618.31 to CNY 5,020,022.76 due to reduced interest expenses on short-term loans and increased interest income from deposits[31] - R&D expenses for Q3 2020 amounted to ¥55,610,759.71, slightly up from ¥54,484,300.18 in Q3 2019[49] - The total sales expenses for Q3 2020 were ¥6,720,555.70, an increase of 29.9% from ¥5,162,780.09 in Q3 2019[56] Investment Activities - The company received government subsidies amounting to ¥21,743,757.13 during the first nine months[19] - Investment income surged by 880.36% from CNY 974,410.75 to CNY 9,552,733.58, primarily from increased returns on idle funds[31] - Total cash inflow from investment activities was ¥665,401,661.83, significantly higher than ¥151,333,618.43 in the previous year, indicating a strong increase in investment recovery[67] - Cash outflow from investment activities totaled ¥814,112,926.91, compared to ¥160,930,831.47 in the same period last year, reflecting increased capital expenditures[70]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥7.93 billion, an increase of 11.07% compared to ¥7.14 billion in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥156.65 million, representing a 6.42% increase from ¥147.21 million in the previous year[18]. - The net cash flow from operating activities increased significantly to approximately ¥351.30 million, up 147.40% from ¥141.99 million in the same period last year[18]. - The total assets at the end of the reporting period were approximately ¥5.31 billion, a 2.35% increase from ¥5.19 billion at the end of the previous year[18]. - The basic earnings per share for the first half of 2020 decreased to ¥0.68, down 20.00% from ¥0.85 in the same period last year[18]. - The weighted average return on net assets for the first half of 2020 was 5.26%, a decrease of 4.63 percentage points compared to 9.89% in the previous year[18]. - The company reported a decrease in net assets attributable to shareholders to approximately ¥2.89 billion, a slight decline of 0.16% from ¥2.90 billion at the end of the previous year[18]. - The company achieved a revenue of ¥7,925,805,313.54 for the first half of 2020, representing a year-on-year growth of 11.07%[52]. - The net profit attributable to the parent company for the same period was ¥156,653,093.62, an increase of 6.42% year-on-year[52]. Operational Highlights - The company has an annual production capacity exceeding 1.4 million tons, positioning itself as a well-known stainless steel cold-rolling enterprise in China[26]. - The company has developed advanced technologies in the production of precision cold-rolled stainless steel strips, achieving international standards with its self-designed automation production lines[26]. - The company holds 115 patents, including 18 invention patents and 97 utility model patents, reflecting its strong focus on technological innovation and R&D[38]. - The main products include precision cold-rolled stainless steel strips with thicknesses ranging from 0.08mm to 1.5mm, widely used in various industries such as home appliances and automotive parts[27]. - The company operates under a sales model that typically requires a 10%-20% deposit from customers, resulting in low overdue payment risks[30]. - The company is recognized as a national high-tech enterprise and has been involved in significant projects under the national torch program, enhancing its competitive edge in the market[38]. - The company has successfully bid for key projects under the "Made in China 2025" initiative, indicating its strategic alignment with national industrial policies[26]. - The company’s production process is characterized by high technical content and complexity, ensuring superior product quality and market competitiveness[37]. - The company’s main business remains focused on the R&D, production, and sales of cold-rolled stainless steel strips, with no significant changes in its operational model during the reporting period[24]. Investment and Expansion - The Guangdong Yongjin Phase I project, with an annual processing capacity of 280,000 tons, commenced production in April 2020 and achieved over 90% capacity utilization by June 30, 2020[53]. - The company is in the process of installing equipment for a new project with an annual processing capacity of 75,000 tons of ultra-thin precision stainless steel strip, expected to yield benefits in Q3 2020[53]. - The company has developed four new high-tech products, including precision cold-rolled stainless steel ultra-thin strips, which have been recognized as high-tech products[41][42]. - The company plans to expand into related industries, such as metal composite materials, to enhance its product structure and overall profitability[54]. - The company has established a subsidiary in Vietnam and plans to invest in a factory in Thailand as part of its international expansion strategy[99]. - The company plans to invest approximately RMB 5.02 billion (67% of total investment) in establishing a subsidiary in Thailand for producing and selling cold-rolled stainless steel, with a total project investment of RMB 7.49 billion[160]. Financial Management - Operating costs rose to approximately ¥7.53 billion, an increase of 11.75% from ¥6.73 billion, primarily due to the new sales revenue from the Guangdong Yongjin project[60]. - The company reported a substantial increase in cash and cash equivalents, totaling approximately ¥1.62 billion, which is a 280.06% increase from ¥427.31 million in the same period last year[65]. - Research and development expenses decreased by 8.90% to approximately ¥93.67 million, down from ¥102.82 million, due to a reduction in ongoing R&D projects[60]. - The company’s financial expenses showed a significant decrease of 108.75%, resulting in a net financial income of approximately -¥1.16 million compared to an expense of ¥13.29 million in the previous year[60]. - The company decided to use raised funds of 150 million yuan for capital increase in its wholly-owned subsidiary Jiangsu Yongjin to implement fundraising projects[72]. - During the reporting period, the company made new equity investments of 59.25 million yuan in Guangdong Yongjin and 16.22 million yuan in Vietnam Yongjin[75]. - As of June 30, 2020, the cumulative investment in fundraising projects reached 156.71 million yuan, and the cumulative investment in the Zhejiang Yongjin C area relocation project was 73.77 million yuan[76]. Compliance and Governance - The company has improved its governance structure and compliance with regulatory requirements since its IPO, enhancing transparency in decision-making processes[58]. - The company is focusing on investor relations management, engaging with investors through various channels to enhance understanding and acceptance in the capital market[58]. - The company has received approval for various proposals during the 2019 annual shareholders' meeting, including financial reports and budget plans[102]. - The company is committed to maintaining compliance with its promises regarding share transfers and management during the specified lock-up periods[114]. - The company will adhere to relevant laws and regulations regarding share reduction and will announce the details of any reductions in advance[128]. - The company commits to repurchase all newly issued shares if there are significant misstatements in the prospectus, with the repurchase price not lower than the initial public offering price[132]. - The company’s management has committed to not using company assets for unrelated investments or consumption activities[140]. - The company will ensure that any necessary related party transactions are conducted at fair market prices and comply with legal requirements[146]. Environmental Responsibility - Jiangsu Yongjin is classified as a key pollutant discharge unit, with all other subsidiaries not falling under this category, and has obtained the necessary discharge permits[181]. - The company reported zero major environmental pollution incidents during the reporting period, with total emissions of key pollutants below government-approved limits[182]. - Jiangsu Yongjin's hazardous waste includes various materials such as waste cutting fluid and spent catalysts, all of which are disposed of by qualified third-party companies[182]. - The company has implemented a clean production strategy to improve energy utilization and water recycling rates, aiming to reduce pollutant emissions[182]. - The company has established an emergency response plan for environmental pollution incidents, which was recompiled in July 2019 and filed with the local environmental authority[184][186]. - The company has a total of 10 organized waste gas discharge outlets, with regular monitoring of pollutants such as ammonia nitrogen and total phosphorus[187]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 21,553, with the largest shareholder holding 26.09% of the shares[191]. - The company has not experienced any changes in its share capital structure during the reporting period[191]. - The company reported a total of 60,180,000 shares held by YUJIQUN, with a lock-up period of 36 months due to stock price conditions[197]. - The second largest shareholder, Cao Peifeng, holds 48,905,789 shares, also subject to a 36-month lock-up period[197]. - Shareholders are committed to reducing their holdings post-lock-up period, with a maximum of 1% reduction through centralized bidding and 2% through block trading within any consecutive 90 days[116].

证券代码：603995 证券简称：甬金股份 公告编号：2020-027 浙江甬金金属科技股份有限公司 关于参加浙江辖区上市公司投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 1、会议内容：浙江辖区上市公司投资者网上集体接待日活动 2、召开时间：2020 年 5 月 15 日下午 15:00-17:00 3、召开地点：全景网（http://rs.p5w.net） 4、召开方式：网络平台在线交流 5、投资者可以在 2020 年 5 月 14 日下午 17:00 前将需要了解的情况和关注 问题预先发送至公司投资者关系信箱(yongjinkeji@yjgf.com)，公司将在本次活 动上就投资者普遍关注的问题进行回答。 一、说明会类型 为进一步加强与投资者特别是中小投资者的沟通交流，浙江甬金金属科技股 份有限公司（以下简称"公司"）将于 2020 年 5 月 15 日参加由浙江证监局指导、 浙江上市公司协会与深圳市全景网络有限公司共同举办的"凝心聚力 共克时 艰"浙江辖区上市公司投 ...

Financial Performance - Net profit attributable to shareholders of the listed company was ¥53,542,605.15, representing a growth of 6.23% year-on-year[11]. - Operating revenue for the period was ¥3,177,463,223.08, a decrease of 2.42% compared to the same period last year[11]. - The company's net profit for the current period reached ¥65,668,218.88, an increase of 11.9% compared to ¥58,904,955.85 in the previous period[42]. - The total profit amounted to ¥87,589,436.44, reflecting a growth of 18.6% from ¥73,853,949.49 in the previous year[42]. - The company’s operating profit increased to ¥89,249,140.79, up 19.8% from ¥74,449,749.49 year-over-year[42]. - The total comprehensive income for the current period was ¥66,019,098.47, compared to ¥58,878,076.07 in the previous year, an increase of 12.2%[44]. Cash Flow - The net cash flow from operating activities was -¥81,300,542.93, contrasting with a positive cash flow of ¥44,369,164.04 in the same period last year[11]. - In Q1 2020, the company's cash inflow from operating activities was approximately ¥3.47 billion, a decrease of 0.6% compared to ¥3.49 billion in Q1 2019[50]. - The net cash flow from operating activities in Q1 2020 was negative at approximately -¥81.30 million, contrasting with a positive cash flow of ¥44.37 million in Q1 2019[50]. - Cash inflow from investment activities totaled approximately ¥750.48 million in Q1 2020, significantly higher than ¥365.66 million in Q1 2019, marking an increase of 105.5%[52]. - The net cash flow from investment activities in Q1 2020 was approximately ¥159.49 million, compared to a negative cash flow of -¥60.29 million in Q1 2019[52]. - The net cash flow from financing activities in Q1 2020 was negative at approximately -¥84.80 million, compared to a positive cash flow of ¥32.07 million in Q1 2019[52]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,470,381,065.66, an increase of 5.40% compared to the end of the previous year[10]. - Total liabilities decreased to ¥155,995,626.81 in Q1 2020 from ¥229,710,372.98 in Q1 2019, a reduction of 32%[39]. - The company's total equity increased to ¥2,408,978,860.27 in Q1 2020 from ¥2,392,031,559.88 in Q1 2019, showing a growth of 0.7%[39]. - Inventory surged to CNY 1,092,081,782.21, representing a 113.63% increase from CNY 511,198,286.91, primarily due to increased stock by subsidiaries Jiangsu Yongjin and Fujian Yongjin[21]. - Other current assets fell by 78.87% to CNY 75,073,111.63 from CNY 355,252,467.90, mainly due to the redemption of financial products during the period[21]. Shareholder Information - The total number of shareholders at the end of the reporting period was 27,108[13]. - The largest shareholder, YU JI QUN, holds 26.09% of the shares, with a total of 60,180,000 shares[13]. Expenses and Income - Financial expenses decreased by 126.54% to -CNY 1,999,865.35 from CNY 7,535,570.32, mainly due to reduced interest expenses and increased interest income from time deposits[21]. - Income tax expenses rose to CNY 21,921,217.56, a 46.64% increase from CNY 14,948,993.64, due to higher total profit compared to the previous period[23]. - Research and development expenses were ¥4,989,305.66, significantly lower than ¥14,126,493.02 in the same period last year, indicating a reduction of 64.7%[44]. Other Information - The company has not disclosed any significant new product developments or market expansion strategies in this report[19]. - The company reported non-operating income of ¥9,556,828.51 for the period, primarily from government subsidies and other income[13].

Financial Performance - The company's operating revenue for 2019 was RMB 1,582,776.48 million, representing a 1.13% increase compared to RMB 1,565,030.89 million in 2018[21] - The net profit attributable to shareholders of the listed company was RMB 33,281.77 million, a slight increase of 0.48% from RMB 33,121.17 million in the previous year[21] - The net profit after deducting non-recurring gains and losses was RMB 30,824.83 million, showing a decrease of 3.65% compared to RMB 31,991.48 million in 2018[21] - The net cash flow from operating activities was RMB 38,855.85 million, down 52.36% from RMB 81,553.71 million in the previous year[21] - The company's total assets increased by 72.01% year-on-year, reaching RMB 518,989.43 million by the end of 2019[25] - Net assets attributable to shareholders grew by 101.12% year-on-year, totaling RMB 289,747.70 million[25] - The basic earnings per share for 2019 was RMB 1.92, a slight increase of 0.52% from RMB 1.91 in 2018[24] - The weighted average return on equity decreased by 4.41 percentage points to 21.22% in 2019[24] - Operating costs amounted to RMB 1,493,878.42 million, reflecting a year-on-year increase of 1.54%[75] - The cash flow from investing activities was -RMB 63,008.19 million, an increase of 259.44% year-on-year[77] - The net cash flow from financing activities increased by 305.44% to 119,658.24 million yuan, largely due to the premium issuance of shares[97] Dividend Policy - The company proposed a cash dividend of RMB 7 per 10 shares, totaling RMB 16,146.90 million to be distributed to shareholders[6] - The cash dividend distribution will be at least 10% of the distributable profit according to the consolidated financial statements for the year[168] - In 2019, the net profit attributable to ordinary shareholders was 332,817,663.26 RMB, with a dividend payout ratio of 48.52%[178] - The company will prioritize cash dividends, with a minimum of 80% of the distribution in cash if in a mature stage without major cash expenditures[169] - The board of directors will consider industry characteristics, development stage, and profitability when determining the dividend distribution method[169] - The company has committed to strict adherence to its cash dividend policy and will deduct any funds misappropriated by shareholders from their dividend distributions[172] Market and Industry Trends - The demand for stainless steel in China is expected to remain high, with actual consumption in 2019 reaching approximately 25.06 million tons, a year-on-year increase of 10.4%[132] - The urbanization rate in China was reported at 60.60% by the end of 2019, indicating potential growth in demand for stainless steel products as urbanization continues[133] - The cold-rolled stainless steel industry is trending towards high-end and customized products, driven by increasing quality demands from downstream customers[136] - There is a growing trend of deep cooperation and industry consolidation between upstream stainless steel manufacturers and downstream cold-rolled producers[137] - The company anticipates that government infrastructure investments will stimulate economic growth, positively impacting the stainless steel market in 2020[132] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[27] - The company aims to achieve a revenue of approximately CNY 185.8 billion to CNY 210 billion in 2020, representing a year-on-year growth of 17% to 32.68%[148] - The projected net profit attributable to the listed company is expected to be between CNY 3.65 billion and CNY 4.25 billion, indicating a year-on-year increase of 9.67% to 27.70%[148] - The company plans to expand its production scale and continue the construction of domestic and international projects, focusing on high-end, customized cold-rolled stainless steel products[148] - The establishment of the Vietnam Yongjin project marks the company's first step towards international industrial layout, with plans to advance the project in line with the Belt and Road Initiative[149] Risk Management - The company has described potential risks in the report, urging investors to pay attention to investment risks[8] - The company recognizes the potential risks associated with project implementation, including market environment changes and budget overruns, which could impact expected returns[163] - The company faces market price fluctuation risks, with raw material costs constituting approximately 96.10% of the main business costs in 2019, making it vulnerable to price changes[157] - The company has established a stable relationship with major suppliers, but any disruption in supply could adversely affect production operations[155] - The company emphasizes the importance of internal control and management systems to mitigate operational risks as it expands its asset and business scale[152] Research and Development - Research and development expenses amounted to 22,260.94 million yuan, representing 1.41% of operating revenue, with 253 R&D personnel, making up 17.79% of the total workforce[95] - The company holds 99 patents as of December 31, 2019, including 18 invention patents and 81 utility model patents, reflecting its strong focus on technology and innovation[52] - The company has developed four high-tech products, including "precision cold-rolled stainless steel ultra-thin strip" and "household appliance panel precision stainless steel strip," which have been recognized as high-tech products[53] Corporate Governance - The audit report issued by Tianjian Accounting Firm was a standard unqualified opinion[5] - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the date of listing[182] - Shareholders are limited to transferring no more than 25% of their total shares annually during their tenure as directors or senior management, and for 6 months after leaving[183] - Major shareholders have agreed to a lock-up period of 12 months post-IPO, during which they will not transfer or manage their shares[187] - The company has established a clear framework for compliance with legal regulations regarding share transfers post-IPO[195]