天风证券股份有限公司 关于广东聚石化学股份有限公司 2022 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二三年八月 3-2-1 保荐机构及保荐代表人声明 广东聚石化学股份有限公司（以下简称"发行人""聚石化学"）申请向特定 对象发行 A 股股票并在科创板上市，依据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司证券发行注册管理办法》（以下简称《注册管理办 法》）《上海证券交易所上市公司证券发行上市审核规则》等相关的法律、法规 的有关规定，提交发行申请文件。天风证券股份有限公司（以下简称"天风证 券""保荐机构"）作为其本次发行的保荐机构，蒋伟驰、张长龙作为具体负责推 荐的保荐代表人，特为其出具本上市保荐书。 保荐机构天风证券、保荐代表人蒋伟驰、张长龙承诺：本保荐机构和保荐 代表人根据《中华人民共和国公司法》《中华人民共和国证券法》等有关法律、 法规和中国证监会、上海证券交易所的有关规定，诚实守信、勤勉尽责，严格 按照依法制定的业务规则、行业执业规范和道德准则出具本上市保荐书，并保 证所出具文件的真实 ...

广东聚石化学股份有限公司 PolyrocksChemicalCo.,Ltd. （广东省清远市高新技术产业开发区雄兴工业城 B6） 关于广东聚石化学股份有限公司 向特定对象发行股票申请文件的 审核问询函之回复 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二三年八月 8-1-1 上海证券交易所： 贵所于 2023 年 7 月 7 日出具的《关于广东聚石化学股份有限公司向特定对 象发行股票申请文件的审核问询函》（上证科审（再融资）〔2023〕169 号）（以 下简称"审核问询函"）已收悉。广东聚石化学股份有限公司（以下简称"聚石化 学""发行人"或"公司"）与天风证券股份有限公司（以下简称"保荐机构"或"天风 证券"）、北京海润天睿律师事务所（以下简称"发行人律师"或"律师"）、中兴 华会计师事务所（特殊普通合伙）（以下简称"发行人会计师"或"会计师"）等相 关方就审核问询函所提问题逐条进行了认真讨论、核查和落实，现回复如下，请 予以审核。 说明： 一、如无特别说明，本回复使用的简称或名词的释义与《广东聚石化学股份 有限公司 2022 年度向特定对象发行 A 股股票 ...

同时根据上交所审核意见，公司会同相关中介机构对募集说明书等申请文件 中的相关内容进行了补充与修订，具体内容详见公司同日在上交所网站 （www.sse.com.cn）披露的《广东聚石化学股份有限公司 2022 年度向特定对象 发行 A 股股票募集说明书（申报稿）》等文件。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施， 最终能否通过上交所审核并获得中国证监会同意注册的决定及其时间尚存在不 确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者 注意投资风险。 特此公告。 1 广东聚石化学股份有限公司董事会 证券代码：688669 证券简称：聚石化学 公告编号：2023-052 广东聚石化学股份有限公司 关于向特定对象发行 A 股股票申请文件的审核问询 函回复及募集说明书等申请文件更新的提示性公告 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法律责任。 广东聚石化学股份有限公司（以下简称"公司"）于 2023 年 7 月 7 ...

Financial Performance - The company's operating revenue for 2022 was ¥3,957,415,541.72, representing a 55.70% increase compared to ¥2,541,722,649.58 in 2021[20]. - The net profit attributable to shareholders decreased by 45.77% to ¥45,048,409.19 from ¥83,075,841.07 in the previous year[20]. - The net cash flow from operating activities increased by 105.15% to ¥87,059,619.40, up from ¥42,437,020.71 in 2021[20]. - The total assets grew by 13.92% to ¥4,084,955,686.29, compared to ¥3,585,725,162.43 at the end of 2021[20]. - Basic earnings per share decreased by 47.25% to ¥0.48 from ¥0.91 in 2021[22]. - The proportion of R&D expenses to operating revenue decreased to 3.24% from 3.84% in the previous year[22]. - The company achieved operating revenue of 3.957 billion RMB in 2022, a year-on-year increase of 55.70%[34]. - Operating costs rose to 3.479 billion RMB, reflecting a 63.67% increase compared to the previous year[34]. - The company reported a total revenue of 1.2 billion in 2022, representing a year-over-year growth of 15%[171]. - The total revenue for the year 2022 reached 9,660,550,000, with a net profit of 1,092,310,000[172]. Investment and R&D - The company achieved a total R&D expenditure of ¥128,219,072.41 in the reporting period, representing a 31.49% increase compared to ¥97,511,267.43 in the previous year[64]. - The company applied for 53 new intellectual property projects during the reporting period, including 35 invention patents, and received 63 new authorizations, with 31 being invention patents[62]. - The company has made substantial investments in R&D to develop advanced technologies in flame retardants and modified plastics, enhancing its innovation capabilities[55]. - The company invested 200 million in R&D for new technologies, focusing on AI and machine learning applications[171]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[174]. Market Expansion and Product Development - The company is focused on expanding its market presence and developing new products and technologies, although specific figures and timelines are not provided in the extracted content[6]. - The company is actively developing a new materials recycling industrial park, with an initial phase producing 5,000 tons of EPP completed in February 2023[35]. - The company is expanding its market share in automotive lightweight components and flame-retardant parts to meet increasing market demand[155]. - The company plans to expand its market presence in agriculture and environmental sectors through research and demonstration applications of its products[72]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of $100 million allocated for this purpose[174]. Corporate Governance - The report includes a standard unqualified audit opinion from Zhongxinghua Certified Public Accountants, ensuring the reliability of the financial statements[5]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties, indicating sound governance practices[7]. - There are no special arrangements for corporate governance, suggesting a standard governance structure is in place[8]. - The company maintained independence from its controlling shareholder in terms of assets, personnel, finance, and operations, with no incidents of fund misappropriation reported[164]. - The company emphasized investor relations through various channels, including shareholder meetings and dedicated platforms, to enhance communication and protect investor rights[163]. Risk Management - The company has detailed various operational risks and corresponding mitigation measures in the report, highlighting a proactive approach to risk management[4]. - The report emphasizes the importance of forward-looking statements and the associated investment risks, advising investors to exercise caution[6]. - The company faces risks related to the concentration of customers in the optical display products segment, with major clients accounting for 22.85% and 42.57% of sales in 2022[86]. - The company is exposed to risks from raw material price volatility, which could affect profit margins if costs cannot be passed on to customers[86]. Sustainability and Environmental Initiatives - The company is committed to addressing plastic pollution through the innovation of fully biodegradable composite materials, with a key project budget of 300 million RMB[20]. - The market for recyclable plastic products is expected to grow significantly due to national policies promoting green packaging and circular economy initiatives[50]. - The company is focusing on halogen-free modified plastics as a key development area, driven by safety concerns related to toxic gas emissions during fires[152]. - The company is actively following policies aimed at reducing plastic pollution and promoting the recycling of plastic materials[126]. Strategic Partnerships and Collaborations - The company has established strategic partnerships with numerous well-known domestic and international enterprises to enhance its competitiveness and risk resistance[39]. - The company formed strategic partnerships with major clients, including Akzo Nobel and Samsung Electronics, enhancing its market presence and brand reputation[81]. - The company has established a comprehensive quality management system, adhering to ISO9001:2015 and IATF16949:2016 standards, ensuring product quality across all processes[79]. Employee and Management Structure - The total number of employees in the company and its main subsidiaries is 1,855, with 464 in the parent company and 1,391 in subsidiaries[196]. - The company has implemented a training program that includes systematic onboarding and ongoing training, collaborating with local professional institutions to develop skilled talent[198]. - The company’s R&D team includes 1 PhD, 38 master's degree holders, and 84 bachelor's degree holders, indicating a strong educational background[76]. - The number of R&D personnel increased to 331 from 297, accounting for 18.01% of the total workforce, down from 19.94%[74]. Financial Management and Cash Flow - The company reported a foreign exchange loss of CNY 2,474.64 million due to currency fluctuations, impacting its financial results[92]. - The company’s financing activities resulted in a net cash flow of 222.35 million RMB, a decrease of 74.92% compared to the previous year[96]. - The company reported a net cash flow from investing activities of -476.84 million RMB, an improvement of 28.40% from the previous year[96]. - Operating cash flow increased by 105.15% to 8,705.96 million RMB, primarily due to business expansion and increased customer payments[114].

证券代码：688669 证券简称：聚石化学 公告编号： 2023-030 广东聚石化学股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会 的公告 一、 说明会类型 广东聚石化学股份有限公司（以下简称"公司"）分别于 2023 年 3 月 28 日、 2023 年 4 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了《2022 年年 度报告》《2023 年第一季度报告》，为便于广大投资者更加全面深入地了解公司 经营业绩、发展战略等情况，公司定于 2023 年 6 月 2 日（星期五）15:00-16:30 会议召开时间：2023 年 6 月 2 日(星期五) 15:00-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 在"价值在线"（www.ir-online.cn）举办公司 2022 年度暨 2023 年第一季度业 绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、 说明会召开的时间、地点 （一） 会议召开时间：2023 年 6 月 2 日 15:00-16:30 （二） 会议召开地点：价值在线（ ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥829,954,719.82, representing a decrease of 12.06% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥14,513,221.74, down 14.38% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥12,974,683.95, an increase of 11.23% compared to the previous year[5]. - The net cash flow from operating activities was -¥39,481,464.73, indicating a significant cash outflow[5]. - Total operating revenue for Q1 2023 was ¥829,954,719.82, a decrease of 12.06% compared to ¥943,789,396.16 in Q1 2022[19]. - Net profit for Q1 2023 was ¥12,895,607.45, a decline of 49.3% from ¥25,456,693.27 in Q1 2022[20]. - The total comprehensive income for Q1 2023 was ¥17,189,978.84, down from ¥27,717,711.02 in Q1 2022, a decrease of 38.0%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,052,139,980.91, a decrease of 0.80% from the end of the previous year[6]. - The company's total liabilities decreased to ¥2,309,607,440.08 in Q1 2023 from ¥2,359,839,934.46 in Q1 2022, a reduction of 2.12%[18]. - The company's current assets totaled CNY 2,268,227,512.25, down from CNY 2,377,986,347.47, indicating a decline of about 4.6% year-over-year[16]. - The company reported a total current liability of CNY 821,239,982.98, compared to CNY 806,309,836.08 in the previous period, showing an increase of about 1.2%[16]. - The total non-current assets amounted to CNY 1,783,912,468.66, up from CNY 1,706,969,338.82, representing an increase of approximately 4.5%[16]. Cash Flow - Cash flow from operating activities increased to ¥823,602,103.99 in Q1 2023, compared to ¥772,722,094.90 in Q1 2022, reflecting a growth of 6.58%[23]. - Total cash inflow from operating activities was 866,762,559.87, compared to 822,534,954.20 in the same period last year, reflecting a year-over-year increase of approximately 5.2%[24]. - Cash outflow from operating activities totaled 906,244,024.60, down from 945,195,139.14, indicating a decrease of about 4.1%[24]. - The net cash flow from investing activities was -161,587,722.63, worsening from -72,537,792.28 year-over-year[24]. - The net cash flow from financing activities was 85,499,213.69, down from 119,163,492.52 in the previous year[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,204[10]. - The largest shareholder, Guangzhou Shipanshi Investment Management Co., Ltd., held 39.43% of the shares[11]. Research and Development - Research and development expenses totaled ¥29,097,963.72, accounting for 3.51% of operating revenue, an increase of 0.38 percentage points[6]. - Research and development expenses for Q1 2023 were ¥29,097,963.72, slightly down from ¥29,526,204.70 in Q1 2022[19]. Other Financial Metrics - The weighted average return on net assets was 0.93%, a decrease of 0.57 percentage points[6]. - The company reported non-recurring gains of ¥1,538,537.79 for the period[8]. - The company's other comprehensive income after tax for Q1 2023 was ¥4,294,371.39, compared to ¥2,261,017.75 in Q1 2022, an increase of 89.73%[21]. - The company experienced a negative impact of -4,481,980.79 from exchange rate fluctuations on cash and cash equivalents[25].

Financial Performance - The company's operating revenue for 2022 reached CNY 3,957,415,541.72, representing a year-on-year increase of 55.7%[20]. - The net profit attributable to shareholders decreased by 45.77% to CNY 45,048,409.19, primarily due to new business development and a decline in sales of modified plastic particles[22]. - The cash flow from operating activities increased by 105.15% to CNY 87,059,619.40, attributed to business expansion and increased customer payments[20]. - The total assets grew by 13.92% to CNY 4,084,955,686.29, driven by increases in accounts receivable and inventory[20]. - Basic earnings per share fell by 47.25% to CNY 0.48, reflecting the decrease in net profit attributable to shareholders[21]. - The company achieved a revenue of 3.957 billion RMB in 2022, representing a 55.70% increase year-over-year[32]. - Operating costs rose to 3.479 billion RMB, an increase of 63.67% compared to the previous year[32]. - The company reported a decrease in gross margin for chemical raw materials by 16.52 percentage points, with a gross margin of 7.49%[93]. - The gross margin for new chemical materials decreased by 1.04 percentage points to 13.52%[93]. Dividend and Capital Structure - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares (including tax) and to increase capital by 3 shares for every 10 shares held, resulting in a total cash dividend of RMB 9,333,333.40 (including tax) based on a total share capital of 93,333,334 shares, with a cash dividend payout ratio of 20.72% for 2022[5]. - The company has a total share capital of 93,333,334 shares as of December 31, 2022, reflecting its capital structure[5]. - The total dividend amount distributed, including cash and stock dividends, is 45,048,409.19 RMB, accounting for 20.72% of the net profit attributable to ordinary shareholders[200]. - The company issued 3 additional shares for every 10 shares held as a stock dividend[200]. Research and Development - Research and development expenses accounted for 3.24% of operating revenue, a decrease from the previous year[21]. - The company achieved a total R&D expenditure of ¥128,219,072.41 in 2022, representing a 31.81% increase compared to ¥97,274,036.23 in the previous year[62]. - The company added 31 domestic invention patents, 29 utility model patents, and 2 design patents during the reporting period, bringing the total to 312 patents, including 153 domestic invention patents[74]. - The company has established the Jushi Research Institute to support various business lines and is focusing on biodegradable materials, biopharmaceutical films, and graphene applications among other advanced technologies[35]. - The company is focusing on the development of new materials and technologies, as indicated by recent government policies supporting the chemical industry[122]. Operational Risks and Compliance - The company has detailed various operational risks and corresponding mitigation measures in the report, highlighting a proactive approach to risk management[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties, ensuring financial integrity[7]. - The company has not reported any violations of decision-making procedures regarding external guarantees, ensuring compliance with regulatory standards[8]. - The company has a robust quality control system in place, adhering to various international standards such as ISO9001:2015 and IATF16949:2016, ensuring product quality throughout the entire process[77]. Market Position and Strategy - The company has established strategic partnerships with numerous well-known domestic and international enterprises to enhance its market position[37]. - The company is actively integrating its upstream and downstream supply chains, achieving 577 million RMB in revenue from liquefied petroleum gas business[34]. - The company is transitioning from low-end processing to high-end R&D and manufacturing, reducing reliance on imported high-end modified plastics[52]. - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise in 2022[35]. - The company is focusing on the development of biodegradable plastics and circular economy initiatives in line with government regulations[124]. Future Outlook and Growth Plans - The company plans to continue expanding its business and developing new products to stabilize revenue streams[22]. - The company anticipates a strong rebound in demand for LCD TV panels, with a projected 19% year-on-year growth in orders by Q2 2023[45]. - The company aims for continuous high-speed revenue growth in 2023 while enhancing operational efficiency to improve profit margins[153]. - The company plans to launch new products in Q3 2023, targeting a revenue increase of 15% from these innovations[169]. - The company is exploring partnerships to enhance distribution channels and improve customer reach[169]. Employee and Governance - The company has a total of 1,855 employees, with 464 in the parent company and 1,391 in major subsidiaries[191]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 6.98 million RMB[178]. - The company has established a training program for employees, focusing on systematic training for new hires and ongoing professional development[193]. - The company has implemented a strict insider information management system to minimize the number of individuals with access to sensitive information[159]. Financial Integrity and Audit - The company has received a standard unqualified audit report from Zhongxinghua Accounting Firm, reinforcing the reliability of its financial statements[5]. - The company’s asset-liability ratio stands at 57.77%, indicating a moderate level of financial leverage[89]. - The company reported a foreign exchange loss of 2,474.64 million yuan due to currency fluctuations, with foreign sales accounting for 33.44% of total revenue[87].

Financial Performance - The company's operating revenue for the first half of 2022 reached ¥2,119,514,417.97, representing a 73.02% increase compared to ¥1,225,029,971.19 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥58,240,350.05, an increase of 8.09% from ¥53,880,494.64 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥55,418,450.26, up 10.59% from ¥50,111,610.65 in the same period last year[17]. - The total assets at the end of the reporting period were ¥3,986,172,925.31, an increase of 11.17% from ¥3,585,725,162.43 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥1,543,627,468.18, reflecting a 3.14% increase from ¥1,496,562,445.95 at the end of the previous year[17]. - The report period covers January 1, 2022, to June 30, 2022, providing a comprehensive overview of the company's performance during this timeframe[10]. - Revenue increased by 73.02% year-on-year, primarily driven by growth in phosphate chemicals, liquefied petroleum gas processing, and modified plastic products[20]. - Net profit attributable to shareholders grew by 8.09% year-on-year, mainly due to the acquisition of Longhua Chemical and Guanzhen Technology, as well as foreign exchange gains from sales settled in USD[20]. - Basic and diluted earnings per share increased to CNY 0.62, reflecting a 3.33% rise compared to the same period last year[19]. - The weighted average return on equity decreased to 3.83%, down by 0.24 percentage points year-on-year[19]. Cash Flow and Assets - The net cash flow from operating activities was -¥126,295,954.04, compared to -¥118,768,346.44 in the previous year, indicating a decline[17]. - Cash and cash equivalents at the end of the period amounted to ¥485,953,977.16, representing 12.19% of total assets, an increase of 3.75% compared to the previous year[88]. - Accounts receivable reached ¥824,597,026.14, accounting for 20.69% of total assets, with a year-on-year increase of 12.87%[88]. - Inventory increased significantly to ¥631,172,472.02, making up 15.83% of total assets, reflecting a 38.06% growth due to rapid business expansion[88]. - Total liabilities reached ¥2,264,446,283.98, up from ¥1,913,882,900.12, indicating an increase of around 18.3%[189]. - Owner's equity totaled ¥1,721,726,641.33, compared to ¥1,671,842,262.31, showing a growth of about 2.99%[189]. Research and Development - The total R&D expenditure for the first half of 2022 was ¥55,176,359.14, representing a 15.18% increase compared to ¥47,902,718.14 in the same period last year[55]. - R&D expenditure as a percentage of operating income decreased from 3.91% to 2.60%, a reduction of 1.31 percentage points[56]. - The company obtained 16 new domestic invention patents and 1 overseas invention patent during the reporting period, bringing the total number of invention patents to 136[53]. - The company has established a research institute to support laboratory research and industrialization, focusing on strategic technology areas[67]. - The company aims to enhance its market competitiveness through continuous R&D investment and product innovation[66]. Market and Product Development - The company’s main business includes phosphate chemicals and modified plastic particles, classified under the rubber and plastic products industry[26]. - The company is developing a rental business for circular packaging boxes and scaffolding, enhancing its service offerings in logistics and construction[40]. - The company has established a core technology system covering the "phosphorus chemical - modified plastic particles - plastic products" integrated industrial chain, with all core technologies being self-developed[47]. - The company has improved production efficiency by over 30% by adopting a one-step method for synthesizing triazine organic compounds, replacing the traditional multi-step method[49]. - The company has developed halogen-free flame retardants with enhanced thermal stability and compatibility, suitable for various applications including microwaves and washing machines[49]. Environmental and Regulatory Compliance - The company was recognized as a key pollutant discharge unit by the Chizhou Ecological Environment Bureau in April 2022, with major pollutants including waste gas, wastewater, solid waste, and noise[108]. - The company’s waste gas treatment system includes a water absorption unit and two-stage electrostatic mist removal, ensuring compliance with local air pollution discharge standards[111]. - The wastewater treatment system meets the national discharge standards, with all wastewater processed before being released[111]. - The company strictly adheres to solid waste management regulations, entrusting qualified disposal units for hazardous waste treatment[111]. - Jushi Chemical was fined RMB 180,000 for exceeding the total phosphorus discharge limit by 3.87 times[117]. Shareholder and Governance Matters - The company reported a 36-month lock-up period for major shareholders, during which they cannot transfer or manage their shares[128]. - Major shareholders are restricted from transferring their shares for 12 months following the company's listing on the Shanghai Stock Exchange[129]. - The company has established a clear framework for managing share transfers and lock-up periods for its directors and senior management[129]. - The company is committed to adhering to the rules set forth by the Shanghai Stock Exchange regarding shareholder and management share transfers[129]. - The company has committed to a more robust and transparent profit distribution policy, ensuring shareholder returns post-IPO[138].

Financial Performance - The proposed cash dividend for 2021 is CNY 1.4 per 10 shares, totaling CNY 13,066,666.76, which represents 15.73% of the net profit attributable to shareholders for 2022[6]. - The company has not achieved profitability since its listing[4]. - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2021, representing a year-over-year growth of 15%[13]. - The company achieved a sales revenue of RMB 2.54 billion in 2021, an increase of RMB 617 million, representing a growth of 32.08% compared to 2020[24]. - The net profit attributable to shareholders decreased to RMB 83.08 million, down 47.67% from the previous year, primarily due to significant increases in raw material prices[24]. - The cash flow from operating activities was RMB 42.44 million, a decline of 35.99% compared to 2020, attributed to tight supply and prepayments for materials[24]. - The company achieved operating revenue of 2.542 billion RMB in 2021, a year-on-year increase of 32.08%[33]. - The operating costs rose to 2.133 billion RMB, reflecting a 46.89% increase compared to the previous year[33]. - The net profit attributable to the parent company was 83.08 million RMB, a decrease of 47.67% year-on-year[34]. - The company reported a significant drop in net profit due to rising unit costs from raw material price hikes[26]. Research and Development - The company is investing RMB 50 million in R&D for new technologies aimed at enhancing product performance and sustainability[17]. - The company's R&D investment accounted for 3.83% of its revenue, an increase of 0.74 percentage points from the previous year[25]. - The company’s R&D investment totaled approximately ¥97.27 million in 2021, representing a 62.96% increase compared to ¥59.69 million in 2020[70]. - R&D expenses accounted for 3.83% of total revenue in 2021, up from 3.10% in the previous year, indicating a significant increase in R&D focus[70]. - The company has developed biodegradable materials certified by TUV Rheinland, enhancing its product portfolio in sustainable materials[38]. - The company has established a research platform for high-value new materials, focusing on polyimide raw material research and medical-grade biodegradable materials[68]. - The company has enhanced its core product competitiveness through continuous innovation in formulation design and production processes[68]. - The company has achieved significant improvements in production efficiency and product quality through advanced processing techniques in polymer materials[68]. Market Expansion and Strategy - The company projects a revenue growth of 20% for the upcoming fiscal year, targeting RMB 1.44 billion in total revenue[15]. - Market expansion plans include entering two new provinces, which are projected to increase market share by 10%[18]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of RMB 100 million allocated for potential mergers[19]. - A new marketing strategy focusing on digital channels is expected to increase customer engagement by 30%[20]. - The company plans to expand its market presence in logistics packaging, sanitary materials, and automotive sectors[143]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2023[200]. Corporate Governance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[4]. - There are no special arrangements for corporate governance applicable to the company[9]. - The company has received a standard unqualified audit report from the accounting firm[5]. - The company maintained independence from its controlling shareholder in terms of business, personnel, assets, and finance, with no incidents of fund misappropriation reported[190]. - Investor relations were prioritized, with multiple channels for communication established, including shareholder meetings and dedicated platforms for investor interaction[190]. - The company adhered to strict information disclosure practices, ensuring timely and accurate reporting in compliance with regulatory requirements[190]. Risks and Challenges - The company faces a high customer concentration risk in its optical products, with major clients like Samsung and LGE accounting for 23.67% and 48.21% of the sales revenue from its PS diffusion board business in 2021[92]. - The company is exposed to environmental and safety production risks due to the nature of its chemical products, which could lead to accidents if not managed properly[93]. - The company faces risks related to increased fixed asset depreciation costs following the completion of its fundraising investment projects, which could impact profitability if market conditions do not meet expectations[98]. - The company's raw material costs constitute a significant portion of production costs, and fluctuations in prices could adversely affect profit margins, especially if raw material prices rise sharply[90]. Product Development and Innovation - New product launches include a line of eco-friendly materials, expected to contribute an additional RMB 200 million in revenue[16]. - The company has developed flame-retardant modified plastic particles that have passed UL certification, demonstrating superior performance in various applications, including electronics and medical fields[45]. - The company is focusing on developing environmentally friendly modified additives and biodegradable plastics as new industry trends[177]. - The company aims to create environmentally friendly new material products through technological innovation, focusing on high-performance green materials and expanding its market share domestically and internationally[179]. Financial Position and Investments - The company’s total assets amounted to 358,572.52 million RMB, with a debt-to-asset ratio of 53.38%[106]. - The company reported a goodwill of approximately 149.16 million yuan from acquisitions, with a goodwill impairment provision of 70.40 million yuan recognized for one of the acquired companies[97]. - The company has increased its financing lease liabilities significantly, reflecting a strategic shift in asset management[136]. - The company has made a total investment of CNY 1.2 billion in the construction of the Chizhou Chemical New Materials Production Base project, with a fixed investment of CNY 800 million[168]. Shareholder and Management Information - The total pre-tax compensation for all listed personnel amounted to ¥692.46 million, with a total of 9,848,050 shares held[199]. - The total number of shares held by the chairman and general manager, Chen Gang, remained unchanged at 4,660,050 shares, with a pre-tax compensation of ¥85.35 million[197]. - The total number of shares held by the core technology personnel, Zhou Kan, remained at 452,500 shares, with a pre-tax compensation of ¥68.12 million[197].

Financial Performance - The company has not yet achieved profitability since its listing [4]. - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2021, representing a year-on-year growth of 15% [13]. - The company achieved a sales revenue of RMB 2.54 billion in 2021, an increase of RMB 617 million, representing a growth of 32.08% compared to 2020 [24]. - The net profit attributable to shareholders decreased to RMB 83.08 million, down 47.67% from the previous year, primarily due to significant increases in raw material prices [24]. - The cash flow from operating activities was RMB 42.44 million, a decline of 35.99% compared to 2020, mainly due to tight supply and prepayments for materials [24]. - Basic and diluted earnings per share fell by 59.91% to RMB 0.91, largely due to the substantial drop in net profit and dilution from new shares issued [25]. - The company reported a quarterly revenue of RMB 719.81 million in Q4 2021, with a net profit of RMB 14.56 million for the same period [28]. - The company achieved operating revenue of 2.542 billion yuan, a year-on-year increase of 32.08% [33]. - The net profit attributable to the parent company was 83.08 million yuan, a decline of 47.67% compared to the previous year [33]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year, representing a year-over-year increase of 15% [197]. Research and Development - Research and development expenses increased by 10% to RMB 100 million, emphasizing the company's commitment to innovation [18]. - The research and development expenditure accounted for 3.83% of operating revenue, an increase of 0.74 percentage points from the previous year [25]. - R&D investment increased by 62.96% year-on-year, totaling ¥97,274,036.23, which represents 3.83% of operating revenue [68]. - The company holds a total of 234 authorized patents, including 125 domestic invention patents and 9 overseas invention patents [66]. - The company has established a research platform for high-value new materials, focusing on polyimide raw materials and medical degradable materials [66]. - The R&D department has successfully developed new technologies that improve product efficiency by 10% [197]. - The company has allocated 200 million RMB for research and development in the upcoming year, focusing on sustainable materials [198]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a revenue contribution of 20% from this region by 2023 [16]. - The company is actively expanding its market presence in Africa for hygiene products such as diapers and sanitary napkins through acquisitions [35]. - The company is exploring partnerships with international firms to leverage advanced technologies in production processes [21]. - The company plans to enter three new international markets, projected to increase market share by 10% [194]. - A strategic acquisition of a local competitor is anticipated to enhance market share and operational efficiency, expected to close in Q3 2022 [20]. - The company is considering strategic acquisitions to bolster its product portfolio, with a budget of $30 million allocated for potential targets [194]. Operational Efficiency and Cost Management - The gross profit margin improved to 30%, up from 28% in the previous year, indicating better cost management and pricing strategies [14]. - The company aims to enhance its supply chain control by extending upstream and reducing the impact of raw material price fluctuations on product costs [83]. - The company is focusing on creating a complete industrial chain from upstream chemical raw materials to biodegradable plastic products [174]. - The company plans to actively respond to raw material price fluctuations and enhance cost control through futures derivatives and centralized procurement strategies [177]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity and completeness of the annual report [5]. - There are no non-operating fund occupations by controlling shareholders or related parties [8]. - There are no violations of decision-making procedures regarding external guarantees [9]. - The company maintains independence from its controlling shareholder, ensuring autonomous operational capabilities [183]. - The company prioritizes investor relations through various communication channels to enhance transparency and protect investor rights [184]. Financial Position and Assets - The total assets of the company reached RMB 3.59 billion, reflecting a growth of 113.56% compared to the previous year [24]. - The company's net assets attributable to shareholders increased by 129.14% to RMB 1.50 billion, primarily due to funds raised from the public offering [24]. - The company's total liabilities increased to 173,035,534.06 RMB, a rise of 57.79% compared to the previous year [127]. - The company's overseas assets amounted to 179,234,000.17 RMB, accounting for 5.00% of total assets [128]. Future Outlook - The overall market outlook remains positive, with projected industry growth of 8% annually over the next five years [22]. - The company has set a performance guidance of 10% revenue growth for 2022, aiming for a total revenue of RMB 1.32 billion [19]. - Future outlook includes strategic investments in new product development and technology innovation to drive growth [193]. - The company is focused on enhancing its core technology capabilities to support future growth initiatives [193]. Risk Management - The company faces risks related to raw material price fluctuations, which could significantly impact profit margins due to the high proportion of raw material costs in production [88]. - The company is exposed to foreign exchange risks, with 40.29% of its products sold overseas, primarily priced and settled in USD, making it vulnerable to RMB fluctuations [96]. - The company has identified management risks associated with its expansion, necessitating improvements in management efficiency and systems to cope with increased scale [89].