江西晨光新材料股份有限公司 2022 年第一季度报告 2022 年第一季度报告 证券代码：605399 证券简称：晨光新材 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、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 18 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期增减 变动幅度(%) 营业收入 532,095,519.38 98.63 归属于上市公司股东的净利润 190,027,032.60 203.04 归属于上市公司股东的扣除非经常 性损益的净利润 188,078,126.44 228.04 经营活动产生的现金流量净额 185,304,558.88 531.60 基本每股收益（元 ...

Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5 RMB per 10 shares and to increase capital by 3 shares for every 10 shares held, pending shareholder approval[5]. - For the fiscal year 2021, the company plans to distribute a cash dividend of RMB 5.00 per 10 shares, totaling RMB 92,405,000.00, which represents 17.21% of the net profit attributable to shareholders[148]. - The company has a cash dividend policy that stipulates a minimum distribution of 15% of the distributable profits each year, subject to board approval based on actual conditions[144]. - The company completed a cash dividend distribution of RMB 3,864.00 million for the fiscal year 2020, with a distribution of RMB 2.1 per 10 shares[147]. Financial Performance - The company's operating revenue for 2021 reached RMB 1,697,430,524.59, representing a 127.47% increase compared to RMB 746,212,494.00 in 2020[21]. - Net profit attributable to shareholders for 2021 was RMB 536,868,145.46, a significant increase of 320.88% from RMB 127,558,913.53 in the previous year[21]. - The basic earnings per share for 2021 was RMB 2.92, up 260.49% from RMB 0.81 in 2020[22]. - The company's total assets increased by 49.41% to RMB 1,862,351,980.54 at the end of 2021, compared to RMB 1,246,442,484.30 at the end of 2020[21]. - The comprehensive gross profit margin for the company improved to 42.56% in 2021, an increase of 15.78 percentage points from 26.78% in the previous year[22]. - The total profit for 2021 was 624 million RMB, an increase of 323.33% compared to the previous year[31]. - The company reported a quarterly revenue of 607.46 million RMB in Q4 2021, marking a significant increase from 267.88 million RMB in Q1 2021[31]. - The company reported a total revenue of 390 million for the year 2021, reflecting a growth rate of 3.6% compared to the previous year[198]. - The company achieved a net profit of 39 million, with a year-on-year increase of 3.8%[198]. Audit and Compliance - The company received a standard unqualified audit report from Suya Jincheng Accounting Firm[4]. - The board of directors and supervisory board members confirm the authenticity and completeness of the annual report[4]. - The company has not faced any penalties from securities regulatory authorities in the past three years[128]. - The company has established a structured internal control system in place, complying with regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange[153]. - A standard unqualified opinion was issued by the auditing firm on the company's internal control implementation for the 2021 financial report[155]. Risk Management - The company faces potential risks as outlined in the management discussion and analysis section[7]. - The company emphasizes the importance of investor awareness regarding investment risks related to forward-looking statements[6]. - The company faces risks from the ongoing COVID-19 pandemic and macroeconomic fluctuations, which could impact market demand and profitability[107]. - The company faces risks from intensified market competition as domestic competitors expand their production capacity in functional silanes[108]. - Raw material prices constitute a significant portion of production costs, and fluctuations could adversely affect the company's operating performance if not managed effectively[109]. - International trade tensions, particularly with Western countries, could negatively impact the company's export performance and overall business operations[111]. Research and Development - In 2021, the company had 33 ongoing R&D projects, completed 7 projects, and applied for 7 invention patents, with 2 patents granted[36]. - Research and development expenses increased by 95.17% to CNY 55,062,005.46, reflecting the company's commitment to innovation[49]. - The company is focusing on expanding its investment and asset management services, including innovative financial products[198]. - The company plans to invest RMB 150 million in a new project to produce 23,000 tons of specialty organic silicon materials, aimed at extending the industrial chain and enhancing product competitiveness[95]. Corporate Governance - The company has established a robust corporate governance structure, ensuring clear responsibilities and effective decision-making processes[114]. - The board of directors includes independent members, with 5 out of 7 directors attending all meetings[130]. - The company has not disclosed any significant differences in governance practices compared to regulatory requirements[114]. - The company has a structured internal control system in place, complying with regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange[153]. Environmental and Social Responsibility - The company has established effective pollution prevention facilities, ensuring compliance with environmental standards and stable pollutant discharge[159]. - The company has conducted regular environmental emergency drills to ensure preparedness for potential environmental incidents[161]. - The company donated a total of 270,000 yuan for rural revitalization and poverty alleviation efforts during the reporting period[166]. - Employee rights are protected through compliance with labor laws, social insurance contributions, and the establishment of a comprehensive compensation and benefits system[164]. Market and Product Development - The company plans to continue expanding its product offerings and market presence, focusing on new technologies and strategic acquisitions[21]. - The company has expanded its product offerings, including new products like long-chain alkyl silanes and new sulfur-containing silanes, enhancing its competitive edge[44]. - The functional silane industry in China is experiencing rapid growth, with production scale expanding and technology improving, despite fluctuations in market demand and raw material prices[99]. - The company is recognized as one of the most complete enterprises in the domestic functional silane industry, with a comprehensive product line[76].

2021 年第三季度报告 证券代码：605399 证券简称：晨光新材 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 | | 年初至报告 | | --- | --- | --- | --- | --- | | | | 比上年同 | 年初至报告期末 | 期末比上年 | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 446,822,428.19 | 149.48 | 1,089,965,981.62 | 120.03 | | 归属于上市公司股东 | 138,246,656.76 | 547.88 | 299,716,569.57 | 295.50 | | 的净利润 | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 137,990,795.74 | 607.23 | 293,608,951.16 | 313.30 | | 的净利润 | | | | | 1 / 17 江西晨光新材料股份有限公司 2021 年第三季度报告 本公司董事会及 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms and concepts used throughout the report to ensure clarity and consistent understanding [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report, such as company names, related entities, the reporting period, and the chemical names and applications of core products like functional silanes and coupling agents - Defined "Company", "This Company", "Joint Stock Company", "Chenguang New Material", and "Jiangxi Chenguang" as **"Jiangxi Chenguang New Material Co., Ltd."**[11](index=11&type=chunk) - The reporting period refers to **January 1, 2021, to June 30, 2021**[11](index=11&type=chunk) - Main products include functional silanes, silane coupling agents, crosslinking agents, and specific models such as CG-202, CG-171, Si-69/CG-Si69, KH-550, KH-560, DL-602, with detailed explanations of their chemical properties and application areas[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's fundamental information, contact details, stock specifics, and a summary of key financial performance and indicators for the reporting period [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section presents the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative Ding Jianfeng - The company's Chinese name is Jiangxi Chenguang New Material Co., Ltd., abbreviated as **Chenguang New Material**[14](index=14&type=chunk) - The legal representative is **Ding Jianfeng**[14](index=14&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary Liang Qiuhong and Securities Affairs Representative Ge Liwei, including addresses, phone numbers, fax, and email - The Board Secretary is **Liang Qiuhong**, and the Securities Affairs Representative is **Ge Liwei**[15](index=15&type=chunk) - The contact address is **No. 8 Xiangyang Road, Jinshawan Industrial Park, Hukou County, Jiujiang City, Jiangxi Province**[15](index=15&type=chunk) [Overview of Basic Information Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses basic company information such as registered address, office address, postal code, company website, and email address - The company's registered and office addresses are both **Jinshawan Industrial Park, Hukou County, Jiujiang City, Jiangxi Province**[16](index=16&type=chunk) - The company website is **www.cgsilane.cn**[16](index=16&type=chunk) [Overview of Information Disclosure and Document Availability Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated newspapers and websites for information disclosure, along with the location for accessing the half-year report - Designated information disclosure newspapers include **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**[17](index=17&type=chunk) - The website address for publishing the half-year report is the **Shanghai Stock Exchange website (www.sse.com.cn)**[17](index=17&type=chunk) [Company Stock Overview](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides an overview of the company's stock, including its type, listing exchange, stock abbreviation, and code - The stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[18](index=18&type=chunk) - The stock abbreviation is **"Chenguang New Material"**, and the stock code is **"605399"**[18](index=18&type=chunk) [Other Relevant Information](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information about the accounting firm engaged by the company and the sponsor institution responsible for continuous supervision during the reporting period - The engaged accounting firm is **Suya Jincheng Certified Public Accountants (Special General Partnership)**[19](index=19&type=chunk) - The sponsor institution is **Guoyuan Securities Co., Ltd.**, with a continuous supervision period from **August 4, 2020, to December 31, 2022**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved significant growth in both operating revenue and net profit, with a substantial increase in net cash flow from operating activities, demonstrating strong profitability and cash flow performance Key Accounting Data for H1 2021 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 643,143,553.43 | 316,267,907.49 | 103.35 | | Net Profit Attributable to Shareholders (Yuan) | 161,469,912.81 | 54,443,411.53 | 196.58 | | Net Profit Attributable to Shareholders (Excl. Non-Recurring) (Yuan) | 155,618,155.42 | 51,529,007.73 | 202.00 | | Net Cash Flow from Operating Activities (Yuan) | 110,530,859.16 | 35,715,850.39 | 209.47 | Key Financial Indicators for H1 2021 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (Yuan/share) | 0.88 | 0.39 | 125.64 | | Diluted EPS (Yuan/share) | 0.88 | 0.39 | 125.64 | | Basic EPS (Excl. Non-Recurring) (Yuan/share) | 0.85 | 0.37 | 129.73 | | Weighted Average ROE (%) | 13.36 | 11.49 | Increase by 1.87 percentage points | | Weighted Average ROE (Excl. Non-Recurring) (%) | 12.88 | 10.88 | Increase by 2.00 percentage points | Balance Sheet Data as of H1 2021 End | Indicator | Current Period End | Prior Year End | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders (Yuan) | 1,257,452,301.65 | 1,133,975,087.49 | 10.89 | | Total Assets (Yuan) | 1,400,580,402.41 | 1,246,442,484.30 | 12.37 | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 5.85 million**, primarily comprising non-current asset disposal gains/losses, government grants, and other non-operating income and expenses Non-Recurring Gains and Losses Items for H1 2021 | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 296,186.58 | | Government Grants Recognized in Current P&L | 2,022,166.84 | | Other Non-Operating Income and Expenses (Excl. Above) | 4,566,067.04 | | Income Tax Impact | -1,032,663.07 | | **Total** | **5,851,757.39** | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section offers management's perspective on the company's industry, core competencies, operational performance, and potential risks during the reporting period [Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily engages in the R&D, production, and sales of functional silane raw materials, intermediates, and finished products, widely used in composite materials, rubber processing, and other sectors; the industry benefits from national policy support and technological innovation, experiencing rapid development, yet faces challenges and opportunities from macroeconomic fluctuations and stricter environmental requirements - The company's main business is the R&D, production, and sales of functional silane basic raw materials, intermediates, and finished products[26](index=26&type=chunk) - Products are widely used in composite materials, rubber processing, plastics, adhesives, coatings, building waterproofing, and surface treatment[26](index=26&type=chunk) - The company belongs to **"C26—Chemical Raw Materials and Chemical Products Manufacturing"**; national policies continuously support the development of the silicon-based new materials industry, which is undergoing upgrading with prominent features of large-scale, integrated, and regional development, leading to an improved supply-demand structure, but it is affected by macroeconomic conditions and raw material price fluctuations[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=8&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from continuous technological innovation, a circular economy model, full industry chain extension, and robust customer and channel advantages, collectively supporting its healthy and rapid development - Technology and Process Advantages: Possesses **37** authorized patents (**11** invention patents, **26** utility model patents), with core technologies including efficient catalytic technology for hydrosilylation reactions, continuous automated production technology, and dry direct recovery technology for hydrogen chloride gas[30](index=30&type=chunk) - Circular Economy Advantages: Achieved large-scale application of hydrogen circulation and hydrogen chloride closed-loop circulation processes, developing a method to supplement trichlorosilane production of hydrogen chloride using methylchlorosilane as a chlorine source, thereby achieving energy saving, environmental protection, and safety objectives[31](index=31&type=chunk) - Full Industry Chain Extension Advantage: Products cover major functional silanes such as aminosilanes, epoxysilanes, chloropropylsilanes, and sulfur-containing silanes, with new products derived downstream to maximize industry chain profits[32](index=32&type=chunk) - Customer and Channel Advantages: Continuously develops new customers, improves product quality, provides specialized products for industries such as coatings, rubber adhesives, new energy, and composite materials, establishing strong cooperative relationships[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E4%B8%89%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company adhered to its 'green, professional, innovative' philosophy, achieving significant growth in operating revenue and net profit through enhanced marketing, optimized production management, and increased R&D investment, while actively advancing new project constructions - The company achieved operating revenue of **RMB 643.14 million**, a year-on-year increase of **103.35%**[35](index=35&type=chunk) - Net profit attributable to shareholders of the listed company was **RMB 161.47 million**, a year-on-year increase of **196.58%**[35](index=35&type=chunk) - Signed the **"300,000 tons/year Silane Coupling Agent Project"** in Tongling, Anhui, with preliminary procedures underway, aiming to strengthen capabilities in the functional silane sector[36](index=36&type=chunk) - Shanghai R&D Center continuously increased R&D investment, achieving phased results in new preparation processes for sulfur-containing silanes, catalysts, and functional silane oligomers, adding **2** invention patents[37](index=37&type=chunk) [Key Operating Performance During the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This period saw significant changes in key financial accounts, including operating revenue, operating costs, sales expenses, administrative expenses, R&D expenses, and net cash flow from operating activities, primarily driven by increased sales volume and prices, expanded sales scale, higher R&D investment, and increased interest income from raised funds; the asset and liability structure also shifted due to construction in progress being capitalized and increased advance receipts from customers Analysis of Major Accounting Item Changes | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 643,143,553.43 | 316,267,907.49 | 103.35 | Increased sales volume and price, expanded product range | | Operating Cost | 418,983,052.39 | 228,290,424.01 | 83.53 | Expanded sales scale | | Selling Expenses | 9,520,398.10 | 5,256,116.86 | 81.13 | Increase in staff salaries and other expenses | | Administrative Expenses | 14,549,215.39 | 10,044,910.52 | 44.84 | Increase in staff salaries and other expenses | | Financial Expenses | -9,492,341.48 | 91,425.48 | -10,482.60 | Increase in interest income from raised funds | | R&D Expenses | 21,234,194.11 | 9,596,794.93 | 121.26 | Increased investment in R&D personnel and direct R&D materials | | Net Cash Flow from Operating Activities | 110,530,859.16 | 35,715,850.39 | 209.47 | Expanded sales scale, good collections | | Net Cash Flow from Investing Activities | -10,891,560.04 | -19,909,797.41 | N/A | Reduced subscription to wealth management products | | Net Cash Flow from Financing Activities | -37,491,735.96 | -20,981,399.71 | N/A | Cash outflow due to 2021 dividend distribution | | Taxes and Surcharges | 3,989,915.91 | 2,310,202.82 | 72.71 | Increase in VAT payable | | Other Income | 2,022,166.84 | 3,835,834.16 | -47.28 | Decrease in operating grants related to daily activities | | Credit Impairment Losses | -3,011,612.30 | -59,057.49 | N/A | Increased revenue and changes in bad debt provision policy | | Asset Impairment Losses | -414,299.77 | -739,217.57 | N/A | Faster material turnover | | Non-Operating Income | 5,306,468.84 | 108,608.40 | 4,785.87 | Received listing reward | | Income Tax Expense | 26,347,702.26 | 8,866,919.91 | 197.15 | Increase in total profit | Changes in Assets and Liabilities | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 764,176,439.15 | 54.57 | 707,946,738.26 | 56.80 | 7.94 | N/A | | Receivables | 218,444,051.41 | 15.60 | 169,494,421.70 | 13.60 | 28.88 | N/A | | Inventories | 100,103,517.99 | 7.15 | 77,986,578.68 | 6.26 | 28.36 | N/A | | Fixed Assets | 234,781,675.99 | 16.77 | 187,289,682.20 | 15.03 | 25.36 | N/A | | Construction in Progress | 34,871,106.87 | 2.49 | 71,806,179.99 | 5.76 | -51.44 | Completed and transferred to fixed assets | | Right-of-Use Assets | 4,636,882.37 | 0.33 | | | | N/A | | Contract Liabilities | 16,171,654.81 | 1.15 | 10,793,759.21 | 0.87 | 49.82 | Increased advance receipts, sales orders not yet completed | | Lease Liabilities | 2,107,097.75 | 0.15 | | | | N/A | - Total assets with restricted ownership or use rights amounted to **RMB 65.09 million**, primarily including letter of credit deposits and fixed assets and intangible assets pledged for credit[44](index=44&type=chunk) [Analysis of Major Holding and Participating Companies](index=12&type=section&id=%E5%85%AD%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main controlled subsidiaries include Jiangsu Chenguang Coupling Agent Co., Ltd., which is profitable, and Anhui Chenguang New Material Co., Ltd., which is in its preliminary project phase; additionally, the company holds an equity interest in Jiujiang Lianyue Hydrogen Energy Co., Ltd., which has not yet commenced actual operations - Jiangsu Chenguang Coupling Agent Co., Ltd.: Registered capital of **RMB 5.18 million**, **100%** shareholding, total assets of **RMB 85.34 million**, achieved net profit of **RMB 3.56 million**[45](index=45&type=chunk) - Anhui Chenguang New Material Co., Ltd.: Registered capital of **RMB 100 million**, **100%** shareholding, total assets of **RMB 1.68 million**, book loss of **RMB 313,520**, primarily engaged in chemical product production and sales[46](index=46&type=chunk) - Jiujiang Lianyue Hydrogen Energy Co., Ltd.: Registered capital of **RMB 20 million**, **20%** shareholding, has not yet commenced actual operations[47](index=47&type=chunk) [Potential Risks](index=13&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from recurring COVID-19 outbreaks, market demand fluctuations due to macroeconomic volatility, intensified industry competition, raw material price volatility, safety production risks associated with hazardous chemical manufacturing, and international trade friction - Risks of Recurring COVID-19 Outbreaks, Macroeconomic Fluctuations, and Market Demand Changes: The functional silane industry is closely linked to the macroeconomic environment and downstream industries; epidemics and economic downturns may lead to reduced market demand, affecting operating performance[48](index=48&type=chunk) - Market Competition Risk: As the industry landscape improves, some organosilicon manufacturers are entering the functional silane sector, potentially leading to overcapacity and unhealthy competition, which could impact the company's sales growth and market share[49](index=49&type=chunk) - Raw Material Price Fluctuation Risk: Raw material costs constitute a significant portion of major product costs; if prices fluctuate sharply and cannot be effectively passed on or offset, it will adversely affect operating performance[49](index=49&type=chunk) - Safety Production Risk: The company's products and production processes involve hazardous chemicals and high-temperature, high-pressure environments, posing safety production risks; despite the company's strong emphasis and strict adherence to regulations, vigilance is still required against safety accidents caused by operational errors or equipment aging[49](index=49&type=chunk)[50](index=50&type=chunk) - International Trade Friction Risk: The company's overseas customers are mainly concentrated in North America, Europe, and East Asia; if trade frictions with the United States or other countries escalate and involve the company's export products, it could adversely affect operating performance[50](index=50&type=chunk) [Corporate Governance](index=15&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section outlines the company's corporate governance structure, including shareholder meetings, changes in key personnel, profit distribution plans, and employee incentive measures [Overview of Shareholder Meetings](index=15&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company convened its 2020 Annual General Meeting on April 20, 2021, approving nine proposals including the Board of Directors' Work Report, the Supervisory Board's Work Report, and the Financial Final Accounts Report - The **2020 Annual General Meeting** was held on **April 20, 2021**, with resolutions published on the **Shanghai Stock Exchange website**[53](index=53&type=chunk) - The meeting approved **9** proposals, including the **"Proposal on the Company's 2020 Board of Directors' Work Report"**, **"Proposal on the Company's 2020 Supervisory Board's Work Report"**, and **"Proposal on the Company's 2020 Financial Final Accounts Report"**[53](index=53&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's Board of Directors appointed Liang Qiuhong, Xu Guowei, Ding Jie, and Liu Guohua as Deputy General Managers at a meeting held on March 29, 2021 - **Liang Qiuhong, Xu Guowei, Ding Jie, and Liu Guohua** were appointed as Deputy General Managers of the company[54](index=54&type=chunk) - The reason for the change was the company's business development needs[54](index=54&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=15&type=section&id=%E4%B8%89%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution plan or capital reserve to share capital conversion plan for this half-year period - The proposed profit distribution plan and capital reserve to share capital conversion plan for this half-year period are **"No"**[55](index=55&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=15&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, there were no developments or changes in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - No progress or changes in related equity incentive matters[56](index=56&type=chunk) - No employee stock ownership plan information[57](index=57&type=chunk) - No other incentive measures[57](index=57&type=chunk) [Environmental and Social Responsibility](index=17&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section details the company's environmental performance, compliance with regulations, and contributions to social responsibility initiatives like poverty alleviation and rural revitalization [Environmental Information](index=17&type=section&id=%E4%B8%80%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) As a key pollutant-discharging entity, the company strictly adheres to environmental regulations, operates pollution control facilities normally, achieves compliant pollutant discharge, and has developed emergency response plans for environmental incidents and self-monitoring programs; no environmental administrative penalties were received during the reporting period - The company is classified as a **key pollutant-discharging entity** by environmental protection authorities[59](index=59&type=chunk) Major Pollutant Discharge Status for H1 2021 | Company Name | Major Pollutant Name | Discharge Method | Number of Outlets | Discharge Concentration | Applicable Discharge Standard | Total Discharge (t) | Approved Total Discharge (t/a) | Exceedance Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Chenguang New Material Co., Ltd. | Ammonia Nitrogen | Intermittent | 2 | 4.5mg/l | "Integrated Wastewater Discharge Standard" GB8978-1996 (Level 3) | 0.642 | 4.725 | None | | Jiangxi Chenguang New Material Co., Ltd. | COD | Intermittent | 2 | 120mg/l | "Integrated Wastewater Discharge Standard" GB8978-1996 (Level 3) | 17.14 | 62.25 | None | - The company strictly implements the **"Three Simultaneities"** requirements for environmental protection in construction projects, ensuring normal operation of pollution control facilities and stable compliance with pollutant discharge standards[60](index=60&type=chunk) - The company has prepared and filed emergency response plans for environmental incidents, regularly organizing emergency drills; it has also developed an environmental self-monitoring program and commissioned qualified third-party units for regular monitoring, with no environmental administrative penalties received during the reporting period[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) [Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively responded to national calls, implementing decisions for effective衔接 between poverty alleviation and rural revitalization, and through industrial and infrastructure assistance, cumulatively expended **RMB 130,000** in aid, helping 8 assisted villages complete their poverty alleviation efforts - The company actively ensures the continuity of assistance policies and mechanisms, and researches specific measures to support rural revitalization[67](index=67&type=chunk) - As of **June 30, 2021**, the company cumulatively expended **RMB 130,000** in aid, helping **8** assisted villages successfully complete their poverty alleviation efforts[67](index=67&type=chunk) [Significant Matters](index=20&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant corporate events, including the fulfillment of commitments, related party transactions, guarantees, and any other material matters impacting the company [Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controllers, controlling shareholders, and directors, supervisors, and senior management strictly fulfilled all commitments related to the initial public offering, including share lock-up, resolving horizontal competition, regulating related party transactions, and stabilizing stock prices - Actual controllers, controlling shareholders, and controlled enterprises committed not to transfer shares within **36 months** from the listing date, and that the reduction price within two years after the lock-up period expires shall not be lower than the offering price[70](index=70&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Haoxing Borui, Chenyang Investment, and Zhiyang Investment committed not to transfer shares within **12 months** from the listing date[70](index=70&type=chunk)[75](index=75&type=chunk) - The company's directors, supervisors, and senior management committed not to transfer shares within **12 months** from the listing date, and for some individuals, the reduction price within two years after the lock-up period expires shall not be lower than the offering price[70](index=70&type=chunk)[76](index=76&type=chunk) - Controlling shareholders and actual controllers committed to resolving horizontal competition and not engaging in businesses identical or similar to the company's; controlling shareholders, actual controllers, and shareholders holding **5%** or more committed to avoiding and regulating related party transactions, adhering to the principles of fairness and impartiality[71](index=71&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) - The company and relevant parties formulated a stock price stabilization plan, including measures such as company share repurchases, increased holdings by controlling shareholders and actual controllers, and increased holdings by the company's directors (excluding independent directors) and senior management, with clear activation and cessation conditions and restrictive measures[71](index=71&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - No non-operating fund occupation by controlling shareholders and their related parties[7](index=7&type=chunk) [Irregular Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - No external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Half-Year Report Audit Status](index=25&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This half-year report is unaudited - This half-year report is unaudited[5](index=5&type=chunk) [Alleged Violations, Penalties, and Rectification of Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=25&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, neither the company nor its directors, supervisors, senior management, controlling shareholders, or actual controllers were involved in alleged violations, penalties, or rectification situations - No alleged violations, penalties, or rectification situations[90](index=90&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=25&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no instances of dishonesty, unfulfilled court judgments, or significant overdue debts - Neither the company nor its controlling shareholders or actual controllers have any instances of dishonesty[90](index=90&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions involving the purchase or sale of goods, provision or acceptance of services, no related party entrusted management/contracting or entrusted management/outsourcing, no related party guarantees, no related party fund borrowings, and no related party asset transfers or debt restructurings - No related party transactions involving the purchase or sale of goods, or provision and acceptance of services[91](index=91&type=chunk) - No related party entrusted management/contracting or entrusted management/outsourcing situations[91](index=91&type=chunk) - No related party guarantees[91](index=91&type=chunk) - No related party fund borrowings[92](index=92&type=chunk) - No related party asset transfers or debt restructurings[92](index=92&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant ongoing or unfulfilled guarantees, and no other significant contracts - No entrustment, contracting, or leasing matters[92](index=92&type=chunk) - No significant ongoing or unfulfilled guarantees[92](index=92&type=chunk) - No other significant contracts[92](index=92&type=chunk) [Share Changes and Shareholder Information](index=28&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of changes in the company's share capital, details of its shareholders, and information regarding directors, supervisors, and senior management [Share Capital Changes](index=28&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[94](index=94&type=chunk) [Shareholder Information](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **19,057** common shareholders; among the top ten shareholders, Jiangsu Jianfeng Investment Co., Ltd. and Hong Kong Nobel New Material Co., Ltd. were the two largest, holding **32.30%** and **29.72%** respectively, with all their shares subject to sales restrictions - As of the end of the reporting period, the total number of common shareholders was **19,057**[95](index=95&type=chunk) Top Ten Shareholders' Shareholdings at Period-End | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Restricted Shares Held (shares) | Share Status | Pledged, Marked, or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Jianfeng Investment Co., Ltd. | 59,433,920 | 32.30 | 59,433,920 | None | 0 | Domestic Non-State-Owned Legal Person | | Hong Kong Nobel New Material Co., Ltd. | 54,679,240 | 29.72 | 54,679,240 | None | 0 | Overseas Legal Person | | Danyang Haoxing Borui Chemical Trading Co., Ltd. | 11,886,840 | 6.46 | 11,886,840 | Pledged | 6,980,000 | Domestic Non-State-Owned Legal Person | | Hukou Chenfeng Investment Management Partnership (Limited Partnership) | 4,809,000 | 2.61 | 4,809,000 | None | 0 | Other | | Hukou Chenyang Investment Management Partnership (Limited Partnership) | 3,731,000 | 2.03 | 3,731,000 | None | 0 | Other | | Shanghai Hawthorn Investment Management Center (Limited Partnership) - Jiaxing Zhiyang Investment Management Partnership (Limited Partnership) | 3,460,000 | 1.88 | 3,460,000 | None | 0 | Other | | Industrial and Commercial Bank of China Co., Ltd. - BOCOM Schroders Trend Priority Mixed Securities Investment Fund | 2,015,700 | 1.10 | 0 | None | 0 | Other | | Huatai Securities Co., Ltd. | 434,100 | 0.24 | 0 | None | 0 | State-Owned Legal Person | | Tang Caixia | 431,000 | 0.23 | 0 | None | 0 | Domestic Natural Person | | Zhang Xu | 430,000 | 0.23 | 0 | None | 0 | Domestic Natural Person | - Ding Jianfeng holds **90%** equity in controlling shareholder Jianfeng Investment, **96.31%** equity in Hong Kong Nobel, and **56.33%** partnership interest in Chenfeng Investment, constituting related party relationships and acting in concert[98](index=98&type=chunk)[100](index=100&type=chunk) - The share lock-up period for major restricted shareholders is **36 months** or **12 months**, with shares of Jiangsu Jianfeng Investment Co., Ltd. and Hong Kong Nobel New Material Co., Ltd. locked until **August 4, 2023**[99](index=99&type=chunk)[100](index=100&type=chunk) [Directors, Supervisors, and Senior Management Information](index=30&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, nor were they granted any equity incentives - Shareholding changes for current and departed directors, supervisors, and senior management during the reporting period are **"not applicable"**[101](index=101&type=chunk) - Directors, supervisors, and senior management were not granted equity incentives during the reporting period[101](index=101&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - No changes in controlling shareholder or actual controller[101](index=101&type=chunk) [Preferred Share Information](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any preferred share-related information for the reporting period [Preferred Share Information](index=31&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred share-related information - No preferred share-related information[103](index=103&type=chunk) [Bond Information](index=31&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any corporate bonds, company bonds, or non-financial enterprise debt financing instruments for the reporting period [Corporate Bonds, Company Bonds, and Non-Financial Enterprise Debt Financing Instruments](index=31&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%88%B8%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds, company bonds, or non-financial enterprise debt financing instruments - No corporate bonds, company bonds, or non-financial enterprise debt financing instruments[104](index=104&type=chunk) [Convertible Corporate Bonds](index=31&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - No convertible corporate bonds[104](index=104&type=chunk) [Financial Report](index=32&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and notes, providing a detailed view of its financial health and performance [Audit Report](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This half-year report is unaudited - This half-year report is unaudited[106](index=106&type=chunk) [Financial Statements](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements section includes consolidated and parent company balance sheets, income statements, and cash flow statements, as well as consolidated and parent company statements of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flow during the reporting period - Consolidated balance sheet, consolidated income statement, and consolidated cash flow statement are provided[106](index=106&type=chunk)[113](index=113&type=chunk)[121](index=121&type=chunk) - Parent company balance sheet, parent company income statement, and parent company cash flow statement are provided[109](index=109&type=chunk)[117](index=117&type=chunk)[125](index=125&type=chunk) - Consolidated statement of changes in owners' equity and parent company statement of changes in owners' equity are provided[129](index=129&type=chunk)[142](index=142&type=chunk) [Company's Basic Information](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces the company's establishment history, share capital changes, legal representative, unified social credit code, business scope, and registered address - The company was established on **September 29, 2006**, invested by **Hong Kong Nobel New Material Co., Ltd.**[146](index=146&type=chunk) - Following various equity changes and capital increases, and the initial public offering of **46 million A-shares** in July 2020, the company's share capital changed to **RMB 184 million**[147](index=147&type=chunk) - The legal representative is **Ding Jianfeng**, and the business scope covers chemical product production and sales, specialized chemical product manufacturing and sales, and new material technology promotion services[148](index=148&type=chunk) - The company's registered address is **Jinshawan Industrial Park, Hukou County, Jiujiang City, Jiangxi Province**[149](index=149&type=chunk) [Basis of Financial Statement Preparation](index=54&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis in accordance with Enterprise Accounting Standards, and management believes the company has the ability to continue as a going concern for at least the next 12 months - The company prepares its financial statements on a going concern basis in accordance with **"Enterprise Accounting Standards"**[152](index=152&type=chunk) - Company management believes that the company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[153](index=153&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company adheres to Enterprise Accounting Standards, defining its accounting period, operating cycle, and functional currency; it elaborates on significant accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, employee compensation, revenue recognition, and government grants, also disclosing adjustments for the initial adoption of new lease standards starting in 2021 - The company adheres to Enterprise Accounting Standards, with the accounting year from **January 1 to December 31** of the Gregorian calendar, an operating cycle of **12 months**, and the functional currency being **RMB**[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Detailed explanation of accounting treatment methods for business combinations under common control and non-common control[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - Elaborated on the preparation methods for consolidated financial statements, including unified accounting policies and the treatment of additions and disposals of subsidiaries within the consolidation scope[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - Detailed definitions of financial instrument classification, recognition criteria, measurement methods, financial asset transfers, derecognition of financial liabilities, offsetting principles, and fair value determination methods, along with explanations of financial asset impairment provision recognition methods[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - Inventories are classified as raw materials, revolving materials, work-in-progress, finished goods, and goods in transit, valued using the **weighted average method**, and impairment provisions are made based on the lower of cost and net realizable value for individual inventory items[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk) - Fixed assets are depreciated using the **straight-line method**, with depreciation periods of **10-20 years** for buildings and **5-10 years** for production equipment; intangible assets are categorized into those with finite and indefinite useful lives, with finite-life intangible assets amortized using the **straight-line method**, and land use rights amortized over **50 years**[226](index=226&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[251](index=251&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods; for domestic sales, it is based on customer receipt, and for export sales, it is based on customs declaration and bill of lading acquisition[284](index=284&type=chunk)[286](index=286&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly into profit or loss, respectively[292](index=292&type=chunk)[293](index=293&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) - The company adopted the new lease standards effective **January 1, 2021**, adjusting relevant items in the financial statements at the beginning of the first year of adoption, recognizing right-of-use assets and lease liabilities[314](index=314&type=chunk)[315](index=315&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) [Taxation](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, Education Surcharge, and Local Education Surcharge; as a recognized high-tech enterprise, its Enterprise Income Tax rate is **15%** from 2019 to 2021 Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output Tax - Deductible Input Tax | 13% | | Urban Maintenance and Construction Tax | Circulation Tax Paid | 5% | | Enterprise Income Tax | Taxable Income | 15%、25% | | Education Surcharge | Circulation Tax Paid | 3% | | Local Education Surcharge | Circulation Tax Paid | 2% | - The company is recognized as a high-tech enterprise, with an Enterprise Income Tax rate of **15%** from **2019 to 2021**[326](index=326&type=chunk) - Subsidiaries Jiangsu Chenguang Coupling Agent Co., Ltd. and Anhui Chenguang New Material Co., Ltd. have an income tax rate of **25%**[325](index=325&type=chunk) [Notes to Consolidated Financial Statement Items](index=86&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, and profit/loss items such as cash, accounts receivable, inventory, fixed assets, construction in progress, intangible assets, accounts payable, employee compensation, taxes payable, share capital, retained earnings, operating revenue and costs, various expenses, and government grants, along with their changes and period-end balances - Cash and bank balances at period-end amounted to **RMB 764.18 million**, including **RMB 1.65 million** in letter of credit deposits[328](index=328&type=chunk) - Accounts receivable period-end book balance was **RMB 144.01 million**, with bad debt provisions of **RMB 7.90 million**, and **RMB 3.01 million** in bad debt provisions accrued this period[331](index=331&type=chunk)[333](index=333&type=chunk)[336](index=336&type=chunk) - Inventory period-end book value was **RMB 100.10 million**, including **RMB 1.93 million** in impairment provisions for revolving materials[353](index=353&type=chunk)[355](index=355&type=chunk) - Fixed assets period-end book value was **RMB 234.78 million**, with an increase of **RMB 60.30 million** this period, primarily from transfers from construction in progress[361](index=361&type=chunk)[362](index=362&type=chunk) - Construction in progress period-end book value was **RMB 30.38 million**, with **RMB 50.71 million** transferred to fixed assets this period[365](index=365&type=chunk)[366](index=366&type=chunk) - Intangible assets period-end book value was **RMB 13.81 million**, primarily consisting of land use rights[369](index=369&type=chunk) - Accounts payable period-end balance was **RMB 83.99 million**, of which **RMB 76.19 million** was related to purchases and expenses[378](index=378&type=chunk) - Contract liabilities period-end balance was **RMB 16.17 million**, an increase of **49.82%** from the beginning of the period[380](index=380&type=chunk) - Employee compensation payable period-end balance was **RMB 15.67 million**, with an increase of **RMB 48.49 million** this period[382](index=382&type=chunk)[385](index=385&type=chunk) - Share capital period-end balance was **RMB 184 million**, with no changes this period[399](index=399&type=chunk) - Retained earnings period-end balance was **RMB 447.78 million**, with net profit attributable to parent company owners of **RMB 161.47 million** this period[403](index=403&type=chunk) - Operating revenue for the current period was **RMB 643.14 million**, and operating cost was **RMB 418.98 million**[404](index=404&type=chunk) - Financial expenses for the current period were **RMB -9.49 million**, primarily due to increased interest income[409](index=409&type=chunk) - Other income for the current period was **RMB 2.02 million**, mainly from government grants[410](index=410&type=chunk) - Non-operating income for the current period was **RMB 5.31 million**, mainly from government grants and listing rewards[417](index=417&type=chunk)[418](index=418&type=chunk) - Net cash flow from operating activities was **RMB 110.53 million**, a significant increase of **209.47%** compared to the previous period[424](index=424&type=chunk) - Total assets with restricted ownership or use rights amounted to **RMB 65.09 million**[428](index=428&type=chunk) - Period-end foreign currency cash and bank balances included **USD 9,323,703.06**, equivalent to **RMB 60,232,054.14**[428](index=428&type=chunk) [Changes in Consolidation Scope](index=119&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidated financial statement scope was determined based on control, including Jiangsu Chenguang Coupling Agent Co., Ltd. (merged under common control) and Anhui Chenguang New Material Co., Ltd. (established through investment), with no changes in consolidation scope due to business combinations under non-common control, reverse acquisitions, or disposal of subsidiaries - The company's consolidated financial statement scope includes **Jiangsu Chenguang Coupling Agent Co., Ltd.** (merged under common control) and **Anhui Chenguang New Material Co., Ltd.** (established through investment)[150](index=150&type=chunk)[151](index=151&type=chunk) - No changes in consolidation scope due to business combinations under non-common control, reverse acquisitions, or disposal of subsidiaries[431](index=431&type=chunk) [Interests in Other Entities](index=119&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company's interests in subsidiaries, including Jiangsu Chenguang Coupling Agent Co., Ltd. and Anhui Chenguang New Material Co., Ltd., with **100%** ownership each, have been disclosed; during the reporting period, there were no changes in subsidiary owners' equity shares, nor any significant joint venture or associate interests - The company's interests in subsidiaries include **Jiangsu Chenguang Coupling Agent Co., Ltd.** and **Anhui Chenguang New Material Co., Ltd.**, both with **100%** shareholding[431](index=431&type=chunk) - No transactions where subsidiary owners' equity shares changed while the company still maintained control[432](index=432&type=chunk) - No significant joint venture or associate interests[432](index=432&type=chunk) [Risks Related to Financial Instruments](index=120&type=section&id=%E5%8D%81%E3%8

2021 年第一季度报告 公司代码：605399 公司简称：晨光新材 江西晨光新材料股份有限公司 2021 年第一季度报告 1 / 26 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 3 | | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 二、 公司基本情况 2021 年第一季度报告 一、 重要提示 2.1 主要财务数据 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | --- | --- | --- | --- | | | | | 减(%) | | 总资产 | 1,316,549,856.04 | 1,246,442,484.30 | 5.62 | | 归属于上市公司股 | 1,197,101,612.23 | 1,133,975,087.49 | 5.57 | | 东的净资产 | | | | | | 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 | 29,338,894.81 | -2,210,679.93 | 不适用 | | 金流量净额 | | | | ...

2021 年 3 月 29 日，公司第二届董事会第四次会议审议通过了《关于公司 2020 年度利润分 配方案的议案》， 拟以实施权益分派股权登记日登记的总股本为基数，向全体股东按每 10 股派发 现金红利 2.1 元(含税)，以 2020 年 12 月 31 日公司总股数 18,400 万股为基数进行测算，合计派发 现金红利 3,864.00 万元（含税）。上述利润分配方案尚需提交公司 2020 年度股东大会审议。 2020 年年度报告 公司代码：605399 公司简称：晨光新材 江西晨光新材料股份有限公司 2020 年年度报告 1 / 164 2020 年年度报告 重要提示 三、 苏亚金诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人丁建峰、主管会计工作负责人虞中奇及会计机构负责人（会计主管人员）周凡声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否 ...

2020 年第三季度报告 2020 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人丁建峰、主管会计工作负责人虞中奇及会计机构负责人（会计主管人员）周凡保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 公司代码：605399 公司简称：晨光新材 江西晨光新材料股份有限公司 2020 年第三季度报告 1 / 26 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 二、 公司基本情况 2.1 主要财务数据 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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key professional terms, company entities, and product names, including functional silanes and coupling agents, essential for report comprehension [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key professional terms, company entities, and product names, including functional silanes and coupling agents, essential for report comprehension - The company's core business revolves around **functional silanes**, defined as additives that improve material performance, primarily categorized into silane coupling agents and crosslinking agents[9](index=9&type=chunk) - Key products mentioned in the report include **KH-550** (γ-aminopropyltriethoxysilane) and **CG-Si69** (bis-[γ-(triethoxysilyl)propyl]-tetrasulfide), widely used in rubber, plastics, coatings, and adhesives[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's fundamental information, key financial performance metrics, and details on non-recurring gains and losses [Company Basic Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section details the company's unchanged basic business information, including its name, legal representative, contact details, and addresses - The company's full name is **Jiangxi Chenguang New Materials Co., Ltd.**, with stock abbreviation **Chenguang New Material** and stock code **605399**, listed on the Shanghai Stock Exchange[12](index=12&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) H1 2020 saw operating revenue grow 6.39% to CNY 316 million, net profit at CNY 54.44 million, and net assets up 12.35% | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 316,267,907.49 CNY | 297,285,983.59 CNY | 6.39% | | Net Profit Attributable to Shareholders | 54,443,411.53 CNY | 53,709,729.12 CNY | 1.37% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 51,529,007.73 CNY | 44,754,662.24 CNY | 15.14% | | Net Cash Flow from Operating Activities | 35,715,850.39 CNY | 37,448,749.68 CNY | -4.63% | | **指标** | **End of Current Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | 501,359,035.73 CNY | 446,235,271.05 CNY | 12.35% | | Total Assets | 593,801,810.40 CNY | 573,770,578.87 CNY | 3.49% | | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.3945 | 0.3892 | 1.36% | | Basic EPS (Excluding Non-Recurring Items) (CNY/share) | 0.3734 | 0.3243 | 15.14% | | Weighted Average Return on Net Assets (%) | 11.49% | 14.24% | Decrease of 2.75 percentage points | | Weighted Average RONAN (Excluding Non-Recurring Items) (%) | 10.88% | 11.87% | Decrease of 0.99 percentage points | [Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled CNY 2.9144 million, mainly from government grants, explaining the net profit difference | Non-Recurring Items | Amount (CNY) | | :--- | :--- | | Government Grants Recognized in Current Profit or Loss | 3,925,834.16 | | Fair Value Change Gains/Losses from Trading Financial Assets, etc. | 207,659.63 | | Other Non-Operating Income and Expenses Apart from the Above | -702,920.16 | | Income Tax Impact | -516,169.83 | | **Total** | **2,914,403.80** | [Company Business Overview](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section outlines the company's core business, operational model, industry landscape, and key competitive advantages [Main Business, Operating Model, and Industry Overview](index=8&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in functional silane R&D, production, and sales, employing make-to-order and direct sales models, with China dominating the global market - The company primarily engages in the R&D, production, and sales of **functional silane basic raw materials, intermediates, and finished products**[24](index=24&type=chunk) - Operating model characteristics: - **Production Model**: Make-to-order combined with reasonable inventory based on market conditions - **Procurement Model**: Established and strictly enforced supplier management system for planned procurement of major raw materials - **Sales Model**: Direct sales to manufacturers and traders, with clear domestic and international sales processes[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - Industry data shows that in 2019, China's functional silane output was approximately **270,100 tons**, accounting for **61.0% of global output**, with an overall industry operating rate of **62.9%**[27](index=27&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competencies include technology, circular economy, full industry chain, and strong customer relationships - **Technology and Process**: As of June 30, 2020, the company holds **27 patents** (8 invention, 19 utility model) and possesses core technologies like dry direct recovery of hydrogen chloride gas[28](index=28&type=chunk)[29](index=29&type=chunk) - **Circular Economy**: The company has implemented a closed-loop recycling process for hydrogen and hydrogen chloride, effectively saving energy, protecting the environment, and enhancing profitability[29](index=29&type=chunk) - **Full Industry Chain**: The company is one of the domestic functional silane producers with the most diverse products and longest industry chain, covering various series such as aminosilanes and epoxysilanes[31](index=31&type=chunk) - **Customers and Channels**: Clients include domestic listed companies like Guibao Technology, and internationally renowned enterprises such as Momentive and Evonik, with products exported to Europe, America, Japan, and South Korea[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an overview of the company's operational performance, detailed analysis of its main business, financial position, subsidiary performance, and potential risks [Operational Overview](index=10&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) H1 2020 saw stable operations with CNY 316 million revenue and CNY 51.529 million non-recurring adjusted net profit, driven by domestic market expansion - The company resumed work and production in an orderly manner post-pandemic, actively seizing market opportunities to expand domestically, effectively offsetting the negative impact of the overseas pandemic on sales[34](index=34&type=chunk) | Main Products | H1 2020 Production (tons) | H1 2020 Sales (tons) | | :--- | :--- | :--- | | KH-550 | 2,335.16 | 2,429.85 | | KH-560 | 1,673.04 | 1,629.35 | | CG-202 | 5,992.63 | 2,050.87 | | CG-Si69 | 1,041.11 | 1,089.75 | | CG-171 | 2,036.00 | 1,740.78 | [Main Business Analysis](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew 6.39% from domestic sales, while costs rose due to new accounting standards, significantly reducing selling and financial expenses | Account | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 6.39 | Mainly due to increased domestic market sales | | Operating Cost | 12.03 | Mainly due to freight costs being reclassified to operating costs under new revenue standards | | Selling Expenses | -62.17 | Mainly due to freight costs being reclassified to operating costs under new revenue standards | | Financial Expenses | -92.05 | Mainly due to reduced interest expenses and exchange gains | | R&D Expenses | -19.40 | Mainly due to changes in the progress of some R&D projects | [Analysis of Assets and Liabilities](index=11&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Asset-liability structure remained stable, with construction in progress up 93.85%, short-term borrowings cleared, and CNY 58.579 million in restricted assets | Item | Amount at End of Current Period (CNY) | Change from End of Prior Period (%) | Explanation | | :--- | :--- | :--- | :--- | | Construction in Progress | 58,567,571.14 | 93.85 | Due to new construction projects | | Short-term Borrowings | - | -100.00 | Short-term borrowings repaid in current period | | Advances from Customers | - | -100.00 | Due to reclassification of advances from customers to contract liabilities under new revenue standards in the reporting period | | Contract Liabilities | 3,922,100.58 | N/A | Due to reclassification of advances from customers to contract liabilities under new revenue standards in the reporting period | - As of the end of the reporting period, the company's assets with restricted ownership or use rights totaled **CNY 58,578,968.58**, primarily comprising fixed assets and intangible assets pledged for credit lines, and deposits for letters of credit[43](index=43&type=chunk) [Analysis of Major Holding and Associate Companies](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Wholly-owned subsidiary Jiangsu Chenguang Coupling Agent Co., Ltd. reported CNY 1.6179 million net profit; 20% owned Jiujiang Lianyue Hydrogen Energy Co., Ltd. is inactive - Wholly-owned subsidiary **Jiangsu Chenguang Coupling Agent Co., Ltd.** had total assets of **CNY 65.739 million** and achieved a net profit of **CNY 1.6179 million** during the reporting period[44](index=44&type=chunk) - Jiujiang Lianyue Hydrogen Energy Co., Ltd., with a **20% stake**, has not yet commenced actual operations[45](index=45&type=chunk) [Potential Risks](index=14&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) Risks include market competition, raw material price volatility, safety/environmental compliance, trade frictions, and R&D leadership challenges - Market Competition Risk: Rapid development of industry players may lead to oversupply and loss of customer resources[47](index=47&type=chunk) - Raw Material Price Fluctuation Risk: Direct materials constitute a major cost component, and price fluctuations will adversely affect operating performance[47](index=47&type=chunk) - Safety and Environmental Risk: Production involves hazardous chemicals and 'three wastes' treatment, and stricter safety and environmental standards will increase operating costs[48](index=48&type=chunk) - External Risks: International trade frictions (e.g., China-US tariffs) and exchange rate fluctuations (primarily USD-denominated settlements) may adversely affect performance[49](index=49&type=chunk) [Significant Matters](index=15&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant corporate events, including shareholder meetings, fulfillment of commitments, and changes in accounting policies [Shareholder Meeting Information](index=15&type=section&id=%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company held two shareholder meetings in H1 2020, both legally conducted with all proposals approved - During the reporting period, **two shareholder meetings** were held, with all proposals approved and meeting procedures being legal and compliant[52](index=52&type=chunk) [Fulfillment of Commitments](index=15&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All IPO-related commitments by the actual controller, shareholders, and management, including share lock-ups and price stabilization, were strictly fulfilled - The actual controller and controlling shareholders committed not to transfer shares within **36 months** from the listing date, while other shareholders committed to **12 months**[54](index=54&type=chunk)[56](index=56&type=chunk)[59](index=59&type=chunk) - The company has formulated a detailed share price stabilization plan, triggered if the stock's closing price falls below the net asset per share at the end of the previous year for **20 consecutive trading days**, with measures including company buybacks, controlling shareholder increases, and director/supervisor/senior management increases[68](index=68&type=chunk)[70](index=70&type=chunk) [Changes in Accounting Policies](index=23&type=section&id=%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E3%80%81%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1%E5%92%8C%E6%A0%B8%E7%AE%97%E6%96%B9%E6%B3%95%E5%8F%91%E7%94%9F%E5%8F%98%E5%8C%96%E7%9A%84%E6%83%85%E5%86%B5) New revenue standard adopted Jan 1, 2020, impacting financial statement presentation but not significantly affecting financial position or cash flows - The company adopted the new revenue standard from **January 1, 2020**, with the change approved by the Board of Directors and Supervisory Board[80](index=80&type=chunk)[81](index=81&type=chunk) - This accounting policy change will not lead to significant changes in the company's revenue recognition methods and has no material impact on financial position, operating results, or cash flows[81](index=81&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=24&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's ordinary share structure and shareholder information, highlighting the highly concentrated ownership [Shareholder Information](index=24&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of June 30, 2020, the company had only 6 ordinary shareholders, with over 82% of shares concentrated among the top two, all restricted - As of the end of the reporting period, the company had only **6 ordinary shareholders**[85](index=85&type=chunk) | Shareholder Name | Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | Jiangsu Jianfeng Investment Co., Ltd. | 59,433,920 | 43.0681 | 59,433,920 | | Hong Kong Nobel High-Tech Materials Co., Ltd. | 54,679,240 | 39.6226 | 54,679,240 | | Danyang Haojing Borui Chemical Trading Co., Ltd. | 11,886,840 | 8.6137 | 11,886,840 | - Related-party relationships exist among shareholders, with actual controller **Ding Jianfeng** controlling Jiangsu Jianfeng Investment, Hong Kong Nobel, and Chenfeng Investment directly or indirectly[88](index=88&type=chunk)[90](index=90&type=chunk) [Financial Report](index=28&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements, along with detailed notes on accounting policies and key items [Financial Statements](index=28&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's unaudited consolidated and parent financial statements for H1 2020, covering balance sheet, income statement, cash flow, and equity changes [Consolidated Balance Sheet](index=28&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2020, total assets were CNY 594 million, liabilities CNY 92 million, and parent equity CNY 501 million, showing optimized structure | Item | June 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 593,801,810.40 | 573,770,578.87 | | Total Liabilities | 92,442,774.67 | 127,535,307.82 | | Total Equity Attributable to Parent Company Owners | 501,359,035.73 | 446,235,271.05 | [Consolidated Income Statement](index=32&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) H1 2020 saw total operating revenue of CNY 316 million, costs of CNY 256 million, resulting in CNY 63.92 million operating profit and CNY 54.44 million net profit | Item | H1 2020 (CNY) | H1 2019 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 316,267,907.49 | 297,285,983.59 | | II. Total Operating Costs | 255,589,874.62 | 243,268,685.86 | | III. Operating Profit | 63,923,251.60 | 61,949,374.38 | | V. Net Profit | 54,443,411.53 | 53,709,729.12 | [Consolidated Cash Flow Statement](index=36&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Operating cash flow was CNY 35.716 million, with net outflows from investing and financing, leaving CNY 88.038 million cash and equivalents at period-end | Item | H1 2020 (CNY) | H1 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 35,715,850.39 | 37,448,749.68 | | Net Cash Flow from Investing Activities | -19,909,797.41 | -27,916,170.89 | | Net Cash Flow from Financing Activities | -20,981,399.71 | -31,868,217.39 | | Net Increase in Cash and Cash Equivalents | -5,407,574.65 | -22,675,443.24 | [Notes to Financial Statements](index=49&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) Notes detail financial statement preparation, accounting policies, consolidation scope, taxation, and major item composition, including new revenue standard adoption and tax benefits - The company adopted the Ministry of Finance's new revenue standard from **January 1, 2020**, reclassifying advances from customers to contract liabilities, with no impact on opening retained earnings[207](index=207&type=chunk)[211](index=211&type=chunk)[215](index=215&type=chunk) - As a high-tech enterprise, the company enjoys a **15% preferential corporate income tax rate** for the 2019-2021 period[218](index=218&type=chunk) - During the reporting period, key related-party transactions included leasing office space from actual controller **Ding Jianfeng** and a subsidiary providing loan guarantees for the parent company[354](index=354&type=chunk)[356](index=356&type=chunk) - As of **July 29, 2020**, the company completed capital verification for its initial public offering, adding **46 million shares** to its share capital[298](index=298&type=chunk)[299](index=299&type=chunk) [Reference Documents Catalog](index=126&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists available reference documents, including signed financial statements and the half-yearly report text with the legal representative's signature [Reference Documents Catalog](index=126&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists available reference documents, including signed financial statements and the half-yearly report text with the legal representative's signature