2021 年第三季度报告 债券代码：163483 债券简称：20 锦港 01 证券代码：600190/900952 证券简称：锦州港/锦港 B 股 锦州港股份有限公司 2021 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 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。 第三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 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 比上年同 | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | | 年初至报告期末 | | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 ...

Financial Performance - The company's operating revenue for the first half of 2021 was approximately CNY 3.72 billion, representing a year-on-year increase of 17.21% compared to CNY 3.17 billion in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2021 was approximately CNY 99.46 million, a decrease of 5.74% from CNY 105.52 million in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 30.24 million, down 18.62% from CNY 37.16 million in the same period last year[20]. - The net cash flow from operating activities for the first half of 2021 was approximately CNY 116.32 million, a significant decrease of 72.90% compared to CNY 429.22 million in the previous year[20]. - The total assets at the end of the reporting period were approximately CNY 17.87 billion, a decrease of 2.26% from CNY 18.28 billion at the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were approximately CNY 6.54 billion, an increase of 0.96% from CNY 6.48 billion at the end of the previous year[20]. - Basic earnings per share for the first half of 2021 were CNY 0.0497, down 5.74% from CNY 0.0527 in the same period last year[20]. - Diluted earnings per share for the first half of 2021 were also CNY 0.0497, reflecting the same decrease of 5.74% compared to the previous year[20]. - The weighted average return on net assets for the first half of 2021 was 1.52%, a decrease of 0.13 percentage points from 1.65% in the previous year[20]. Revenue Sources - The port service revenue decreased by 0.81% year-on-year to 80,403.43 million yuan, while trade business revenue increased by 24.98% year-on-year to 276,027.94 million yuan[33]. - The company's performance is driven by port throughput, pricing of handling and storage fees, and cost management, with fixed asset depreciation and labor costs being significant components of overall costs[25]. - The company maintained a market share of nearly one-third of the Northeast's bulk corn transshipment, remaining the top port for domestic grain transshipment in China[34]. - Container throughput increased by 21.1% year-on-year, supported by the successful launch of the "Jinzhou-Moscow" cross-border direct train and the new "Jinzhou-Ningbo" direct shipping route[34]. Strategic Initiatives - The company aims to enhance its core competitiveness by leveraging its geographical advantages and improving service quality, while actively participating in national strategies such as the "Belt and Road" initiative[29]. - The company has initiated five major projects focusing on enhancing port capabilities, integrating land and sea operations, and promoting green and safe port development[28]. - The company is positioned as a key regional port operator in Liaoning, benefiting from the construction of the Northeast Land-Sea New Corridor and the development of regional strong ports[27]. - The company is committed to fostering upstream and downstream integration in the supply chain to increase dependency on port services and drive revenue growth[24]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, with major water pollutants including COD, ammonia nitrogen, total phosphorus, and total nitrogen, and air pollutants including smoke, SO2, NOX, and VOCs[68]. - The company has implemented a dust control strategy, achieving a 100% coverage rate for dust suppression measures on all bulk cargo and exposed areas[78]. - The company has invested over 6 million CNY in environmental dust reduction efforts during the reporting period[78]. - The company actively participates in rural revitalization initiatives, contributing to poverty alleviation and community support[79]. Financial Position and Investments - The total amount of external equity investments at the end of the reporting period was CNY 331,986.35 million, with long-term equity investments increasing by 1.34% to CNY 314,332.49 million[46]. - The company plans to invest in two major port-related industrial projects: a propane dehydrogenation project and an alumina project, with the latter already partially under construction[37]. - The company reported a total of 69,223,469.57 in non-operating income, with various adjustments impacting the overall financial results[21]. - The company is actively exploring diversified financing channels, having approved the issuance of 15 billion yuan in corporate bonds and 10 billion yuan in medium-term notes[36]. Risk Management - The company faces risks from macroeconomic fluctuations, which could impact port throughput and profitability due to its reliance on bulk cargo trade[54]. - The company is enhancing its market adaptability and risk control capabilities to address potential economic changes and competition in the port industry[56]. Corporate Governance - The company held its 2020 annual general meeting on May 19, 2021, where all 19 proposals, including the 2020 annual report and the 2021 financial budget, were approved without any rejections[60]. - The company proposed a profit distribution plan for the first half of 2021, indicating no dividends or stock bonuses, with a plan to distribute 0 shares for every 10 shares held[62]. - The company has not engaged in direct port operations in the Jinzhou area, thus avoiding substantial competition with Jinzhou Port[89]. - The company will ensure that all related transactions are conducted in a fair and transparent manner, complying with relevant laws and regulations[88]. Accounting and Financial Reporting - The company’s financial statements are prepared based on the assumption of continuous operation, following the relevant accounting standards[155]. - The company employs an expected credit loss model for assessing impairment of financial instruments, which requires significant judgment and estimation[160]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[167]. - The company recognizes income, expenses, and cash flows from subsidiaries or businesses disposed of from the beginning of the reporting period to the disposal date in the consolidated financial statements[176].

Financial Performance - The company's operating revenue for 2020 was RMB 6,804,217,807.24, a decrease of 3.25% compared to RMB 7,032,618,014.28 in 2019[20] - The net profit attributable to shareholders for 2020 was RMB 186,998,887.83, an increase of 11.55% from RMB 167,638,363.96 in 2019[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 37,602,313.72, a decrease of 64.97% compared to RMB 107,335,151.36 in 2019[20] - The net cash flow from operating activities for 2020 was RMB 769,957,619.48, an increase of 12.86% from RMB 682,201,728.03 in 2019[20] - The total assets at the end of 2020 were RMB 18,280,016,110.65, an increase of 5.34% from RMB 17,352,869,127.10 at the end of 2019[20] - The net assets attributable to shareholders at the end of 2020 were RMB 6,478,198,137.13, an increase of 2.32% from RMB 6,331,014,108.94 at the end of 2019[20] - The basic earnings per share for 2020 were RMB 0.093392, an increase of 11.55% from RMB 0.083723 in 2019[21] - The diluted earnings per share for 2020 were also RMB 0.093392, reflecting the same increase of 11.55% from RMB 0.083723 in 2019[21] - The weighted average return on equity for 2020 was 2.92%, an increase of 0.25 percentage points from 2.67% in 2019[21] Revenue and Profit Distribution - The company proposed a cash dividend of RMB 0.20 per 10 shares for the 2020 profit distribution plan[5] - The company reported operating revenue of CNY 6,804,217,807.24, a decrease of 3.25% compared to the same period last year[46] - The net profit attributable to shareholders increased by 11.55% year-on-year to CNY 18,699.89 million, primarily due to gains from the sale of equity in Baolai Chemical[43] - The profit attributable to ordinary shareholders in 2020 was 186,998,887.83 RMB, with a profit distribution ratio of 21.42%[101] - The profit attributable to ordinary shareholders in 2019 was 167,638,363.96 RMB, with a profit distribution ratio of 23.89%[101] - The company did not propose a cash dividend distribution plan for 2020, despite having a positive profit available for distribution to ordinary shareholders[104] Cash Flow and Investments - The net cash flow from investment activities was CNY 120,428,889.55, a significant improvement from a negative cash flow of CNY 194,591,363.01 in the previous year[46] - The company's cash and cash equivalents increased to CNY 1,334.78 million, a rise of 145.44% compared to the previous period, primarily due to increased cash flow from port operations and receipt of equity transfer payments[32] - The company’s financial expenses rose by 4.01% to CNY 570,275,599.53, mainly due to an increase in average interest-bearing debt[58] - The company successfully issued CNY 6 billion in medium-term notes and CNY 4.2 billion in corporate bonds to optimize its debt structure[42] Operational Highlights - The company maintained its core business in port services and trade, leveraging its geographical advantages to attract logistics and commodity trading clients[30] - The revenue structure is diversified, with key commodities including oil, chemicals, grains, coal, and metals, which are essential for maintaining market competitiveness[30] - The company aims to enhance customer engagement and increase cargo throughput by expanding its trading business, which is crucial for revenue stability[30] - The company completed an investment of CNY 394,508.1 million in various port construction projects during the year[41] - The company achieved a total operating revenue of CNY 680,421.78 million in 2020, a decrease of 3.25% compared to the previous year[43] Market and Competitive Position - The company is strategically positioned in Jinzhou Port, which serves as a critical transportation hub connecting Northeast and North China, enhancing its competitive advantage[35] - The company maintained its position as the largest domestic corn transshipment port for 21 consecutive years, increasing its market share by 3.1 percentage points[39] - The company anticipates a continued recovery in port operations, driven by increased domestic transportation and imports of bulk materials[64] Environmental and Compliance Efforts - The company has been listed as a key pollutant discharge unit by the Jinzhou Ecological Environment Bureau, with major emissions including COD, ammonia nitrogen, total phosphorus, and total nitrogen[133] - The company has installed online monitoring equipment for wastewater discharge, ensuring compliance with the Liaoning Province wastewater discharge standards[133] - The company has upgraded its boiler emission control systems, implementing a bag filter system and enhancing desulfurization and denitrification processes to comply with the latest emission standards[137] Governance and Shareholder Relations - The company has no controlling shareholder, as no single shareholder holds more than 50% of the shares[154] - The total number of ordinary shareholders increased from 93,311 to 94,998 during the reporting period[150] - The company maintains a clear separation between its operations and any shareholder influence, ensuring independent management[155] - The company has established a robust internal control system, maintaining effective financial reporting controls for 10 consecutive years[184] Future Outlook and Strategic Plans - The company plans to achieve operating revenue of 6.717 billion yuan in 2021, with a total investment of 670 million yuan in port construction[89] - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million yuan earmarked for potential deals[170] - The company is investing in new technology development, allocating 50 million yuan for R&D initiatives[170] - The company plans to enhance its logistics capabilities, investing 100 million yuan in infrastructure improvements[170]

Financial Performance - Operating revenue for the reporting period was CNY 1,517,278,990.36, an increase of 24.80% year-on-year[5] - Net profit attributable to shareholders was CNY 16,756,852.18, a decrease of 66.27% compared to the same period last year[5] - Basic earnings per share for the reporting period were CNY 0.0257198, an increase of 8.04% compared to the previous year[5] - The company reported a net profit of CNY 51,498,444.51, an increase of 8.04% year-on-year[5] - The total comprehensive income attributable to the parent company was CNY 47,968,803.78, compared to CNY 43,967,909.95 in Q1 2020, reflecting an increase of 9.1%[30] - Net profit for Q1 2021 was ¥50,053,320.84, compared to ¥48,773,410.28 in Q1 2020, indicating a growth of 2.6%[26] - The total profit for the quarter was CNY 56,315,229.30, compared to CNY 40,092,051.26 in the same period last year, marking a growth of 40.4%[29] Cash Flow - Cash flow from operating activities was CNY 29,756,618.99, down 84.35% year-on-year[5] - The cash flow from operating activities was CNY 29,756,618.99, a significant decrease from CNY 190,156,665.82 in Q1 2020[33] - The total cash outflow for operating activities was CNY 1,726,057,714.52, compared to CNY 1,341,513,322.85 in the previous year, indicating a significant increase in operational expenses[35] - Cash inflow from financing activities amounted to CNY 1,617,360,000.00, with cash outflow totaling CNY 2,249,570,271.07, leading to a net cash flow of -CNY 632,210,271.07[34] - The cash inflow from investment activities decreased to CNY 28,978,899.54 in Q1 2021 from CNY 54,425,315.73 in Q1 2020[35] Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,074,190,160.63, a decrease of 1.13% compared to the end of the previous year[5] - The company's total liabilities as of March 31, 2021, were RMB 11.44 billion, down from RMB 11.69 billion at the end of 2020[19] - Total liabilities reached ¥11,693,155,820.86, reflecting an increase of ¥72,171,981.19 from the last reporting period[39] - The company's equity attributable to shareholders increased to RMB 6.53 billion from RMB 6.48 billion, reflecting a growth of approximately 0.3%[19] - The company's total assets as of March 31, 2021, amounted to ¥17,472,811,989.89, slightly down from ¥17,548,748,896.07 at the end of 2020[23] Shareholder Information - The number of shareholders at the end of the reporting period was 93,311[7] - The top shareholder, Dalian Port Investment Holding Group Co., Ltd., held 382,110,546 shares, accounting for 19.08% of total shares[8] Investment Plans - The company plans to transfer 30.77% equity in Baolai Chemical for ¥206,806.61 million, with ¥76,806.61 million received to date[11] - The company intends to non-publicly issue up to 500,000,000 A-shares, aiming to raise no more than ¥162,000 million, pending shareholder and regulatory approvals[12] - The company will increase its investment in Zhongsi Jinguang by converting ¥29,400,000 of debt into equity, maintaining a 49% stake post-transaction[12] - The company plans to increase its investment in Jin Guo Tou (Jinzhou) Petrochemical Co., Ltd. by contributing RMB 500 million, resulting in a 25% equity stake after the capital increase, raising the registered capital to RMB 2 billion[13] - The company intends to invest RMB 500 million in Chifeng Qihui Aluminum Industry Development Co., Ltd., which will increase its registered capital to RMB 2.5 billion, giving the company a 20% equity stake[14] Inventory and Receivables - Accounts receivable decreased by 51.25% to ¥299,754,505.02 from ¥614,887,855.52 primarily due to the collection of trade receivables[9] - Inventory increased significantly by 4,273.16% to ¥407,915,195.65 from ¥9,327,694.58, indicating unsold trade inventory[9] Financial Ratios - The weighted average return on equity increased by 0.04 percentage points to 0.79%[5] - The company reported a gross profit margin of approximately 2.4% for Q1 2021, compared to 5.3% in Q1 2020[26] Financial Stability - The company has maintained a stable financial position with no significant changes in equity components[43] - The implementation of new leasing standards starting in 2021 has been noted, which may affect future financial reporting and cash flow[36]

Financial Performance - Net profit attributable to shareholders increased by 3.94% to CNY 154,286,300.01 for the first nine months of the year[6]. - Operating revenue decreased by 10.09% to CNY 5,142,682,384.23 for the first nine months compared to the same period last year[6]. - The company reported a significant decrease of 57.75% in net profit after deducting non-recurring gains and losses[6]. - Basic earnings per share rose by 3.80% to CNY 0.0770549[6]. - The company reported a total profit of ¥52,057,136.53 for Q3 2020, compared to ¥44,150,783.50 in Q3 2019, marking an increase of 17.3%[31]. - Net profit for Q3 2020 was ¥49,354,607.81, representing an increase of 3.2% from ¥47,832,610.89 in Q3 2019[27]. - The company’s total comprehensive income showed a negative other comprehensive income of approximately $22.77 million, impacting overall equity[45]. Assets and Liabilities - Total assets increased by 5.08% to CNY 18,233,974,996.22 compared to the end of the previous year[6]. - Current assets totaled ¥3,404,776,050.18, significantly up from ¥1,476,356,167.75, indicating a growth of about 130.5%[19]. - Total liabilities reached ¥11,667,630,211.16, up from ¥10,910,273,784.59, which is an increase of about 6.96%[21]. - The total current liabilities include contract liabilities of CNY 100.09 million[40]. - The company reported a total liability of CNY 10.91 billion, with current liabilities at CNY 6.57 billion and non-current liabilities at CNY 4.34 billion[41]. - The total assets of the company reached approximately $16.83 billion, reflecting a balanced financial position[45]. Cash Flow - Net cash flow from operating activities increased by 14.10% to CNY 494,319,135.93 for the first nine months[6]. - The net cash flow from operating activities for the first three quarters of 2020 was RMB 494,319,135.93, an increase of 14.1% compared to RMB 433,223,001.19 in the same period of 2019[35]. - The net cash flow from financing activities was negative at RMB -82,081,722.90, compared to RMB -445,711,816.73 in the same period of 2019, indicating a significant improvement[36]. - Cash inflow from investment activities totaled RMB 70,619,378.41, significantly lower than RMB 862,752,473.36 in 2019[36]. Shareholder Information - The total number of shareholders reached 95,583 by the end of the reporting period[9]. - The largest shareholder, Dalian Port Investment Holdings Group, holds 19.08% of the shares[9]. Investments - Long-term equity investments decreased by 38.92% to RMB 3,084,719,858.17 due to the transfer of Baolai Chemical equity[13]. - Investment income increased by 223.14% to RMB 100,380,873.98, resulting from the transfer of Baolai Chemical equity[14]. - The company executed a new revenue recognition standard, resulting in the establishment of contract liabilities amounting to RMB 189,521,510.41[13]. Other Financial Metrics - The weighted average return on equity increased by 0.05 percentage points to 2.41%[6]. - The company’s gross profit margin for Q3 2020 was approximately 2.68%, compared to 2.14% in Q3 2019, showing an improvement in profitability[26]. - The company incurred a credit impairment loss of ¥19,610,843.70 in Q3 2020, compared to no such loss reported in Q3 2019[31].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 3,173,499,159.67, a decrease of 8.80% compared to CNY 3,479,690,581.02 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 105,515,773.87, an increase of 3.92% from CNY 101,532,938.79 in the previous year[25]. - The net cash flow from operating activities reached CNY 429,218,468.74, a significant increase of 1,746.89% compared to CNY 23,240,048.95 in the same period last year[25]. - Basic earnings per share for the first half of 2020 were CNY 0.052698, a 3.80% increase from CNY 0.050770 in the same period last year[26]. - The weighted average return on net assets was 1.65%, an increase of 0.03 percentage points compared to 1.62% in the previous year[26]. - The company achieved a revenue of CNY 317,349.92 million, a decrease of 8.8% year-on-year, with port services revenue down by 21.46% to CNY 81,062.15 million[41]. - The net profit attributable to shareholders increased by 3.92% to CNY 10,551.58 million, primarily due to a gain of CNY 6,272.49 million from the transfer of a 30.77% stake in Baolai Chemical[41]. - The company reported a net profit for the first half of 2020 of RMB 106,313,282.49, an increase of 1.7% from RMB 104,637,031.52 in the same period of 2019[147]. - The company reported a significant decrease in fair value changes, with a loss of RMB 2,527,200.00 compared to a gain of RMB 21,276,000.00 in the previous year[146]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 17,770,156,609.54, reflecting a 2.40% increase from CNY 17,352,869,127.10 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company increased to CNY 6,405,595,722.28, up by 1.18% from CNY 6,331,014,108.94 at the end of the previous year[25]. - The company's total liabilities decreased by 32.53% to RMB 1,438.98 million, primarily due to a reduction in payable bonds[64]. - The company's total liabilities reached CNY 10,867,872,942.50, compared to CNY 10,593,826,358.43 at the end of 2019, reflecting a growth in liabilities[144]. - The company's total equity stood at CNY 6,276,026,842.14, slightly up from CNY 6,239,630,432.47 at the end of 2019[144]. - The total liabilities to equity ratio is approximately 1.73, indicating a higher leverage compared to the previous period[144]. Cash Flow and Financing - The company issued corporate bonds worth CNY 420 million and medium-term notes of CNY 600 million to ensure liquidity for port operations and investments[48]. - The company received CNY 5,128,477,506.50 in cash from borrowings, an increase from CNY 4,237,790,000.00 in the same period last year, indicating a growth of about 21%[154]. - Cash outflow from financing activities totaled CNY 5,633,240,872.59, compared to CNY 3,947,783,327.90 in the same period last year, marking an increase of approximately 42.7%[154]. - The company issued 600 million RMB in medium-term notes in March 2020, with all funds received[113]. - The company maintained a loan repayment rate of 100% during the reporting period[133]. Operational Efficiency and Cost Control - The company is actively pursuing market development and optimizing port services to stabilize transit volumes during the pandemic[42]. - The company is enhancing its production operation mechanisms and cost control measures to improve efficiency and reduce operational downtime[45]. - The company's management indicated a focus on cost control and efficiency improvements to navigate the challenging market environment[149]. - Operating costs decreased by 9.89% to CNY 2,752,325,654.82, attributed to reduced trade costs and container throughput[51]. Environmental Responsibility - The company is listed as a key pollutant discharge unit by the Jinzhou Ecological Environment Bureau, primarily discharging COD, ammonia nitrogen, total phosphorus, and total nitrogen as water pollutants, and smoke, SO2, NOX, VOCs, and coal dust as air pollutants[97]. - The company has invested CNY 29.6 million in pollution control facilities, including a comprehensive wastewater treatment plant with a total storage capacity of 8,000 m³ and a daily treatment capacity of 6,000 m³[100]. - The company has established an environmental monitoring station with 13 types of monitoring instruments to oversee the discharge of pollutants[101]. - The company has developed emergency response plans for environmental incidents, which have been filed with the Jinzhou Economic and Technological Development Zone Environmental Protection Bureau[104]. Shareholder and Corporate Governance - The company has committed to maintaining independence from its controlling shareholder in terms of operations and finances, ensuring no harm to the interests of minority shareholders[76]. - The company will ensure compliance with the decision-making procedures for related transactions to maintain transparency and fairness[78]. - The company appointed Da Hua Accounting Firm as the financial audit and internal control audit institution for the year 2020, with a total audit service fee of 860,000 RMB, including 680,000 RMB for financial report audit and 180,000 RMB for internal control audit[81]. - The company has no changes in controlling shareholders or actual controllers during the reporting period[120]. Market and Economic Conditions - The port industry is closely tied to macroeconomic cycles, with a predicted global economic contraction of 4.9% in 2020 due to the COVID-19 pandemic[32]. - In the first half of 2020, China's total import and export value decreased by 3.2% year-on-year[32]. - The company faces market risks due to the volatility of the BDI index and the dependence on the economic development level of its hinterland, which directly affects cargo throughput and operational performance[70]. Investments and Future Plans - The company plans to enhance operational efficiency and service levels by optimizing workflows and implementing standardized operating procedures to increase customer loyalty[71]. - The company will invest in modernizing port facilities and infrastructure to align with the trend of larger and deeper vessels, which is essential for maintaining competitiveness in the industry[69]. - The company is focusing on deepening joint ventures and collaborations to build a sustainable development ecosystem in the port industry[49].

Financial Performance - Net profit attributable to shareholders rose by 6.20% to CNY 47,667,266.63 year-on-year[7] - The company reported a net profit of CNY 49,682,389.03 after deducting non-recurring gains and losses, marking a 63.04% increase year-on-year[7] - Basic earnings per share increased by 6.20% to CNY 0.0238064[7] - Net profit for Q1 2020 reached CNY 48,773,410.28, an increase of 6.5% from CNY 45,720,073.63 in Q1 2019[23] - Operating profit for Q1 2020 was CNY 64,565,128.28, up 12.5% from CNY 57,606,761.96 in Q1 2019[22] - Earnings per share for Q1 2020 were CNY 0.024, compared to CNY 0.022 in Q1 2019, reflecting a 9.1% increase[23] - The net profit for Q1 2020 was CNY 31,267,523.15, a decrease of 11.5% compared to CNY 35,085,011.07 in Q1 2019[27] - The total comprehensive income for Q1 2020 was CNY 27,568,166.47, down from CNY 35,085,011.07 in the same period last year[27] Revenue and Costs - Operating revenue decreased by 12.29% to CNY 1,215,737,506.37 compared to the same period last year[7] - Total operating revenue for Q1 2020 was CNY 1,215,737,506.37, a decrease of 12.3% compared to CNY 1,386,100,676.04 in Q1 2019[22] - Total operating costs for Q1 2020 were CNY 1,151,305,314.71, down 14.5% from CNY 1,347,190,820.53 in Q1 2019[22] - The company reported a decrease in sales expenses to CNY 4,056,035.33 in Q1 2020 from CNY 4,909,435.78 in Q1 2019, a reduction of 17.3%[22] Cash Flow - Net cash flow from operating activities surged by 619.78% to CNY 190,156,665.82 compared to the previous year[7] - The net cash flow from operating activities increased significantly to CNY 190,156,665.82, compared to CNY 26,418,772.96 in Q1 2019[28] - The total cash outflow from operating activities was CNY 1,189,616,595.48, compared to CNY 1,416,041,768.58 in the same period last year[28] - The net cash flow from investing activities was CNY 17,355,825.03, a recovery from a negative CNY 81,712,240.70 in Q1 2019[29] - The net cash flow from financing activities was CNY 369,547,503.29, down from CNY 467,897,567.31 in the previous year[29] Assets and Liabilities - Total assets increased by 4.48% to CNY 18,130,796,603.77 compared to the end of the previous year[7] - Total liabilities increased by 36.30% to CNY 1,936,117,419.72 from CNY 1,420,432,944.65 at the beginning of the year[12] - Current assets totaled CNY 2,346,183,686.53, up from CNY 1,476,356,167.75, indicating an increase of about 58.66%[16] - Total liabilities as of Q1 2020 amounted to CNY 11,556,896,553.01, an increase from CNY 10,593,826,358.43 in the previous year[22] - The company's short-term borrowings stood at CNY 3,136,845,274.05, slightly up from CNY 3,105,713,007.08, showing an increase of approximately 1.00%[17] Shareholder Information - The number of shareholders reached 101,788 by the end of the reporting period[10] - The largest shareholder, Dalian Port Investment Holding Group, holds 19.08% of shares[10] Other Financial Metrics - The weighted average return on equity increased by 0.03 percentage points to 0.75%[7] - Other income increased by 83.08% to CNY 5,938,122.44 compared to CNY 3,243,453.38 in the previous year[12] - Financial expenses for Q1 2020 were CNY 131,111,230.67, compared to CNY 126,435,362.73 in Q1 2019, indicating a rise of 3.3%[22] - The company reported a decrease in other comprehensive income by CNY 3,699,356.68, primarily due to a reduction in equity instrument investments[12] Inventory and Receivables - Inventory rose significantly by 3,696.68% to CNY 297,501,204.27 from CNY 7,835,833.37, primarily due to increased trade inventory[12] - The accounts receivable decreased to CNY 329,751,504.93 from CNY 392,637,332.48, indicating a decline of about 16.01%[16] Corporate Actions - The company issued CNY 6 billion in medium-term notes, with the funds fully received[13] - The company received approval to issue corporate bonds totaling up to CNY 1.5 billion[12] - The company provided a guarantee of CNY 65.88 million for its wholly-owned subsidiary's financing lease[13] Changes in Accounting Standards - The company implemented new revenue and lease standards for the first time in 2020, affecting the financial statements from the beginning of the year[31] - There were no applicable adjustments for prior comparative data under the new revenue and lease standards[31] - The audit report is not applicable for this quarter[31]

Financial Performance - The company's operating revenue for 2019 was RMB 7,032,618,014.28, representing an increase of 18.76% compared to RMB 5,921,650,579.62 in 2018[20]. - The net profit attributable to shareholders for 2019 was RMB 167,638,363.96, a decrease of 30.69% from RMB 241,881,889.31 in 2018[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 107,335,151.36, which is an increase of 102.75% compared to RMB 52,939,689.51 in 2018[20]. - The net cash flow from operating activities for 2019 was RMB 682,201,728.03, up 27.20% from RMB 536,342,646.47 in 2018[20]. - The total assets at the end of 2019 were RMB 17,352,869,127.10, reflecting a growth of 5.22% from RMB 16,492,146,654.83 at the end of 2018[20]. - The net assets attributable to shareholders at the end of 2019 were RMB 6,331,014,108.94, an increase of 1.68% from RMB 6,226,518,984.68 at the end of 2018[20]. - The basic earnings per share for 2019 were RMB 0.083723, down 30.69% from RMB 0.120803 in 2018[20]. - The diluted earnings per share for 2019 were also RMB 0.083723, reflecting the same decrease of 30.69% compared to 2018[20]. - The weighted average return on equity for 2019 was 2.67%, a decrease of 1.28 percentage points from 3.95% in 2018[20]. Revenue and Profit Trends - The company achieved an annual revenue of CNY 703,261.80 million, representing an 18.76% year-on-year growth[37]. - The net profit attributable to shareholders decreased by 30.69% to CNY 16,763.84 million, primarily due to significant asset disposal gains in the previous year[37]. - The company’s port service revenue, including loading, storage, and auxiliary services, grew by 11.55%, with a gross margin increase of 4.36%[37]. - Trade business revenue reached CNY 4,613.87 million, up 20.64% year-on-year, primarily due to increased trade volume[49]. - The company’s gross profit margin for port services increased by 4.36 percentage points, while the gross profit margin for trade business decreased by 1.67 percentage points[44]. Operational Efficiency - The average time for railcars to stay in port decreased by 1.6% to 7.8 hours, while the average ship operating efficiency improved by 12.8% to 822 tons/hour[40]. - The overall berth utilization rate reached 55.3%, an increase of 2 percentage points compared to the previous year[40]. - The company successfully completed eight infrastructure projects, significantly improving port loading and unloading efficiency[40]. - The company invested CNY 656 million to enhance equipment and facilities, including the transformation of berth 301 to accommodate 300,000-ton oil tankers, reducing logistics costs by nearly CNY 30/ton for large oil clients[40]. Strategic Initiatives - The company aims to enhance its logistics services by optimizing its operational efficiency and expanding its customer base, particularly in the agricultural sector[29]. - The company is focusing on improving its internal management and information systems to support steady growth in performance[29]. - The company will enhance market development efforts to consolidate existing cargo sources and develop new ones, particularly in grain and oil products[81]. - The company plans to invest a total of 5.8 billion CNY in port construction projects for 2020, focusing on key projects such as grain logistics and specialized railway engineering[80]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.20 per 10 shares for the 2019 fiscal year, pending approval at the shareholders' meeting[5]. - For the 2019 fiscal year, the proposed cash dividend is also RMB 0.20 per 10 shares, amounting to RMB 40,045,830 (including tax), which represents 46.04% of the net profit attributable to ordinary shareholders[93]. - The cash dividend distribution for 2019 includes RMB 37,130,110.57 from share repurchases, accounting for 22.15% of the total cash dividend[92]. - The company has maintained a consistent cash dividend policy since its establishment in 2014, focusing on sustainable development and shareholder returns[88]. Related Party Transactions - The company committed to minimizing and regulating related transactions with Jinzhou Port, ensuring fair pricing and compliance with legal obligations[96]. - The company guarantees the independence of its operations from Jinzhou Port, maintaining separate assets, personnel, and financials[96]. - The company will avoid related transactions with Jinzhou Port unless absolutely necessary, adhering to market principles and fair pricing[97]. - The company will ensure that any unavoidable related transactions are conducted transparently and in accordance with relevant regulations[97]. Environmental Compliance - The company is listed as a key pollutant discharge unit and has established measures for environmental compliance[131]. - The company has established an environmental monitoring station responsible for monitoring wastewater pollutants, including oil, COD, total phosphorus, total nitrogen, and ammonia nitrogen[132]. - The company has implemented a dual-alkali desulfurization method for flue gas treatment, with SO2 emissions recorded at 123 mg/l, below the standard limit of 400 mg/l[136]. - The company has developed emergency response plans for environmental incidents, which have been filed with the local environmental protection bureau[139]. Corporate Governance - The company has a well-established corporate governance structure, ensuring decisions are made through proper procedures[153]. - The board of directors consists of 11 members, including 1 employee representative, ensuring a balanced structure[151]. - The company has a strong governance structure with multiple independent directors, enhancing oversight and accountability[163]. - The management team is appointed by the board, with no influence from major shareholders on operational decisions[151]. Employee Engagement and Development - The company has established a comprehensive salary incentive policy linking employee compensation to work performance and responsibilities[171]. - A new training model has been implemented, focusing on enhancing employees' comprehensive business skills and technical capabilities[172]. - The company employed a total of 1,510 staff, with 1,201 in the parent company and 309 in major subsidiaries[170]. - The workforce included 936 production personnel, 127 sales personnel, 213 technical personnel, 68 financial personnel, and 166 administrative personnel[170]. Audit and Compliance - The internal control audit conducted by Dahua Accounting Firm provided a standard unqualified opinion on the effectiveness of the internal controls as of December 31, 2019[191]. - The financial statements reflect the company's financial position and operating results fairly in all material respects according to accounting standards[196]. - The audit identified significant related party transactions, emphasizing the importance of complete disclosure of these transactions in the financial statements[198].

Financial Performance - Operating revenue for the first nine months reached CNY 5,719,988,677.51, a 31.11% increase year-on-year[7] - Net profit attributable to shareholders rose by 29.24% to CNY 148,433,940.29 compared to the same period last year[7] - Basic earnings per share increased by 29.42% to CNY 0.0742331[7] - The weighted average return on equity improved by 0.46 percentage points to 2.36%[7] - Total operating revenue for Q3 2019 reached ¥2,240,298,096.49, a 38.5% increase from ¥1,617,258,204.79 in Q3 2018[27] - Net profit for Q3 2019 was ¥47,832,610.89, representing an 84.3% increase compared to ¥25,984,915.66 in Q3 2018[28] - Total profit for the first three quarters of 2019 was ¥189,678,231.15, a 17.4% increase from ¥161,496,825.42 in the same period of 2018[28] - Operating profit for Q3 2019 was ¥53,840,111.08, up 87.3% from ¥28,762,948.94 in Q3 2018[28] - Total profit for the first three quarters of 2019 was ¥124,367,732.62, down 46% from ¥229,381,491.61 in the same period of 2018[32] Assets and Liabilities - Total assets increased by 4.03% to CNY 17,156,927,646.66 compared to the end of the previous year[7] - The company has seen a 1.66% increase in net assets attributable to shareholders, totaling CNY 6,330,005,114.65[7] - Total liabilities increased to ¥10,715,232,853.38, up from ¥10,158,103,446.02, representing a growth of 5.5% year-over-year[23] - Current assets rose to ¥1,752,590,519.41, compared to ¥1,109,778,878.50, marking an increase of 57.8%[24] - Total assets amounted to approximately ¥16.49 billion, with a slight increase from ¥16.49 billion in the previous period[42] - Total liabilities were approximately ¥10.16 billion, consistent with the previous period[42] - Shareholders' equity totaled approximately ¥6.33 billion, reflecting a decrease of ¥2.94 million compared to the previous period[42] Cash Flow - Net cash flow from operating activities decreased by 13.78% to CNY 433,223,001.19 year-to-date[7] - The company reported a net cash flow from investment activities of -120,763,902.34 RMB, a significant decrease of 89.00% compared to the previous year's -1,101,338,522.42 RMB[17] - The net cash flow from financing activities was -445,711,816.73 RMB, a decline of 186.14% from the previous year's 517,443,533.63 RMB[17] - The company generated cash inflows from operating activities totaling ¥6,036,504,483.63 in the first three quarters of 2019, compared to ¥4,750,749,381.02 in the same period of 2018[34] - The company reported a total cash outflow for operating activities of CNY 5,687,771,422.71, which is 103.5% higher than CNY 2,795,767,692.25 in the same period of 2018[38] Shareholder Information - The total number of shareholders reached 103,183 by the end of the reporting period[11] - The largest shareholder, Dalian Port Investment Holding Group, holds 19.08% of the shares[11] - The company remains without a controlling shareholder, with Dalian Port Investment Holding Group Co., Ltd. as the largest shareholder[18] Investment and Expenses - Financial expenses increased by 32.06% to ¥416,815,074.54 from ¥315,618,697.73, due to higher average borrowing costs and interest rates[16] - The company reported a 66.77% decrease in investment income to ¥31,064,215.06 from ¥93,474,349.58, primarily due to reduced financial returns[16] - The company incurred financial expenses of ¥416,815,074.54 in the first three quarters of 2019, compared to ¥315,618,697.73 in the same period of 2018, reflecting a 32.0% increase[27] Inventory and Receivables - Accounts receivable increased by 98.45% to ¥301,143,717.29 from ¥151,748,039.27, driven by increased sales revenue[14] - Prepayments surged by 342.78% to ¥260,901,845.08 from ¥58,923,819.83, attributed to trade payments not yet settled[14] - Inventory rose by 84.74% to ¥241,388,170.19 from ¥130,666,216.61, mainly due to unsold trade stock[14] - The company's inventory increased to 241,388,170.19 RMB, up from 130,666,216.61 RMB, representing an increase of 84.91%[22] Other Financial Metrics - Non-recurring gains and losses totaled CNY 1,690,041.37 for the current period[10] - The company's deferred tax liabilities increased by 749.72% to ¥5,261,218.94 from ¥619,168.94, due to an increase in taxable temporary differences[16] - The company reported a deferred income tax asset of approximately $28.24 million, indicating a stable position in tax-related assets[46]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥3,479,690,581.02, representing a 26.73% increase compared to ¥2,745,646,877.27 in the same period last year[19]. - The net profit attributable to shareholders for the same period was ¥101,532,938.79, an increase of 11.35% from ¥91,183,829.34 year-on-year[19]. - Basic earnings per share for the first half of 2019 were ¥0.050770, up 11.48% from ¥0.045540 in the same period last year[20]. - The weighted average return on equity increased to 1.62%, up from 1.50% year-on-year, indicating improved profitability[20]. - The net profit after deducting non-recurring gains and losses was ¥56,008,148.68, a decrease of 37.81% compared to ¥90,060,424.12 in the previous year[19]. - The company achieved operating revenue of 3.48 billion RMB in the first half of 2019, completing 55.33% of the annual plan, with a year-on-year growth of 26.73%[33]. - The net profit attributable to shareholders was 102 million RMB, reflecting a year-on-year increase of 11.35%, primarily driven by port services and other main businesses[33]. - Container throughput reached 880,000 TEUs, marking a year-on-year growth of 13.27%[33]. Cash Flow and Financial Position - The net cash flow from operating activities decreased significantly by 82.78%, amounting to ¥23,240,048.95 compared to ¥134,973,994.59 in the previous year[19]. - Operating cash flow decreased by 82.78% to 23.24 million RMB, primarily due to increased payments for goods[39]. - Financial expenses rose by 43.34% to 275.05 million RMB, attributed to higher average borrowing and interest rates[39]. - Cash and cash equivalents increased by 61.15% to RMB 726,740,962.68, attributed to higher sales receipts[41]. - The company's total assets at the end of the reporting period were ¥17,595,946,118.48, reflecting a 6.69% increase from ¥16,492,146,654.83 at the end of the previous year[19]. - Total liabilities stood at CNY 11,227,298,949.91, up from CNY 10,158,103,446.02, indicating an increase of about 10.5%[112]. - Long-term borrowings increased by 49.37% to RMB 2,984,682,000, reflecting additional bank loans[42]. Operational Developments - The company's inventory increased by 282.02% to CNY 49,917.69 million, primarily due to unsold trade stock[28]. - The company's construction in progress rose by 30.35% to CNY 80,543.22 million, driven by the development of the modern logistics project and warehouse upgrades[28]. - The company is positioned as the largest domestic grain transshipment port, controlling nearly one-third of the grain shipping share among northern ports[30]. - The port's operational capacity is supported by 27 berths, including specialized berths for oil, bulk cargo, and containers, ensuring diverse handling capabilities[30]. - The company is focusing on enhancing its logistics and trade integration to stabilize and grow its cargo throughput amid economic challenges[26]. Shareholder and Corporate Governance - The company did not distribute profits or increase capital from reserves during the reporting period[4]. - No profit distribution or capital reserve increase is planned for the first half of the year, with no dividends or stock bonuses proposed[57]. - The company guarantees to maintain independence in assets, personnel, finance, and operations from Jinzhou Port, ensuring no actions harm the legal rights of Jinzhou Port and its shareholders[59]. - The company will adhere to laws and regulations regarding related party transactions, ensuring fair pricing and fulfilling information disclosure obligations[59]. - The company has committed to avoid any non-operational occupation of funds from Jinzhou Port and its subsidiaries by related parties, ensuring compliance with legal and regulatory requirements[61]. Environmental and Social Responsibility - The company is listed as a key pollutant discharge unit by the Jinzhou Environmental Protection Bureau, with 2 waste gas discharge outlets and 1 shared wastewater discharge outlet[84]. - Major pollutants discharged include smoke, SO2, NOX, COD, ammonia nitrogen, VOCs, and coal dust, with wastewater discharge standards following the Liaoning Province Comprehensive Wastewater Discharge Standards[84]. - The company invested 29.6 million yuan in 2009 to build a comprehensive wastewater treatment plant, which operates normally and treats oily wastewater and domestic sewage using physical and biological methods[85]. - The company donated RMB 200,000 for poverty alleviation efforts in Xinlitun Village, including the construction of a well and a cultural square[77]. - A total of RMB 17.6 million was provided through the "Love Fund" to assist 21 employees' families affected by illness[77]. - The company has actively engaged in poverty alleviation by creating job opportunities and providing vocational training[81]. Accounting and Financial Reporting - The company’s financial statements are prepared based on the assumption of continuous operation, following the relevant accounting standards[137]. - The company’s accounting policies include specific methods for estimating bad debts and inventory valuation, which are subject to ongoing evaluation[139]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[164]. - The company applies a perpetual inventory system for inventory management[173]. - The company recognizes employee compensation, including short-term salaries, post-employment benefits, and other long-term employee benefits[200].