Financial Performance - The company's operating revenue for the first half of 2014 was CNY 17,923,337,872.57, a decrease of 16.02% compared to CNY 21,343,118,886.85 in the same period last year[22]. - The net profit attributable to shareholders was a loss of CNY 763,274,371.70, worsening by 134.16% from a loss of CNY 325,422,280.75 in the previous year[22]. - The net cash flow from operating activities was negative CNY 1,064,944,594.20, a decline of 478.31% compared to a positive cash flow of CNY 281,499,704.11 in the same period last year[22]. - The net asset attributable to shareholders decreased by 10.50% to CNY 6,418,667,700.47 from CNY 7,171,993,889.95 at the end of the previous year[22]. - The company reported a significant increase in prepayments to ¥1,075,534,127.67 from ¥336,957,254.58, a growth of 219.5%[95]. - The company reported a total profit loss of ¥750.78 million, worsening from a loss of ¥280.03 million in the previous period[103]. - The company reported a net loss of ¥763.27 million, impacting the total equity attributable to shareholders[113]. - Total equity attributable to shareholders decreased to ¥6.48 billion from ¥7.39 billion, reflecting a decline of approximately 12.3%[115]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 29,833,537,582.65, an increase of 4.89% from CNY 28,444,026,904.20 at the end of the previous year[22]. - Total current assets increased to ¥9,786,288,996.75 from ¥7,971,042,864.00, representing a growth of approximately 22.7%[95]. - Total non-current assets decreased to ¥20,047,248,585.90 from ¥20,472,984,040.20, a decline of about 2.1%[96]. - Total liabilities rose to ¥23,356,746,688.60 from ¥21,212,780,036.20, indicating an increase of approximately 10.1%[97]. - Total equity decreased to ¥6,476,790,894.05 from ¥7,231,246,868.00, a decline of about 10.4%[97]. Revenue and Costs - The company's revenue from fertilizer products was approximately ¥1.02 billion, with a year-on-year decrease of 4.02%[32]. - The revenue from petrochemical products reached approximately ¥15.70 billion, showing a year-on-year increase of 7.14%[32]. - Total operating revenue decreased to ¥17.92 billion from ¥21.34 billion, a decline of approximately 16.5% year-over-year[102]. - Total operating costs decreased to ¥18.68 billion from ¥21.63 billion, a decline of about 13.6% year-over-year[102]. - Operating profit showed a loss of ¥752.95 million compared to a loss of ¥281.99 million in the previous period, indicating a worsening performance[102]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥1.06 billion, contrasting with a net inflow of ¥281.50 million in the prior period[108]. - Cash inflow from financing activities increased to ¥11.92 billion from ¥9.41 billion, a growth of 26.5%[111]. - Net cash flow from financing activities improved to ¥1.22 billion from -¥529.45 million, marking a significant turnaround[111]. - The ending cash and cash equivalents balance decreased to ¥2.34 billion from ¥3.01 billion, a drop of 22.2%[111]. Governance and Compliance - The governance structure of the company is in compliance with relevant regulations, ensuring effective checks and balances among its various bodies[45]. - The company has established a clear division of responsibilities among senior management to enhance operational control[48]. - There were no major lawsuits, media controversies, or bankruptcy restructuring matters during the reporting period[49][50][51]. - The company has improved its governance system and continues to enhance the implementation of governance measures[45]. Research and Development - Research and development expenses amounted to CNY 22,146,257.22, a decrease of 25.10% from CNY 29,568,865.14 in the previous year[28]. Safety and Environmental Performance - The company reported zero major safety and environmental incidents during the first half of 2014[26]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 56,802[82]. - The largest shareholder, Northern Huajin Chemical Group Co., Ltd., holds 51.14% of the shares, totaling 613,930,000 shares[82]. - The total number of shares is 1,200,506,367, with 100% being unrestricted shares[80]. - There were no changes in the controlling shareholder or actual controller during the reporting period[84]. Future Plans and Strategies - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[7]. - The company plans to focus on cost reduction strategies and improving operational efficiency to address the declining revenue and increasing losses[102]. - The company aims to increase nitrogen fertilizer demand to 43.5 million tons by 2015, reflecting a 6.46% increase from 2010 levels[34]. Investments and Transactions - The company has not engaged in any asset acquisitions or sales during the reporting period[52][53]. - The company has not conducted any external investment-related transactions during the reporting period[59]. - The company reported a significant related party transaction amounting to 3,754 million yuan, which accounted for 109% of similar transaction amounts[57]. Financial Reporting - The financial report for the half-year period has not been audited[73]. - The half-year financial report was not audited[93]. - The company reported no penalties or rectifications during the reporting period[74].

Financial Performance - The company's operating revenue for the first half of 2014 was ¥17,923,337,872.57, a decrease of 16.02% compared to ¥21,343,118,886.85 in the same period last year[21]. - The net profit attributable to shareholders was -¥763,274,371.70, representing a 134.16% increase in losses compared to -¥325,422,280.75 in the previous year[21]. - The net cash flow from operating activities was -¥1,064,944,594.20, a decline of 478.31% from ¥281,499,704.11 in the previous year[21]. - The weighted average return on net assets was -11.21%, a decrease of 6.65% compared to -4.55% in the previous year[21]. - The company reported a significant increase in financing activities, with net cash flow from financing activities reaching ¥1,354,306,026.84, compared to -¥235,841,464.12 in the previous year, marking a 674.24% increase[28]. - The company reported a cumulative net profit forecast for the year from the beginning to the next reporting period, indicating potential losses or significant changes compared to the same period last year[39]. - The company reported a significant increase in prepayments to ¥1,075,534,127.67 from ¥336,957,254.58, a growth of approximately 219.5%[95]. - The company reported a total profit loss of ¥750.78 million, worsening from a loss of ¥280.03 million in the previous period[103]. - The company reported a net loss of ¥763.27 million, impacting the total equity attributable to shareholders[113]. - Total equity attributable to shareholders decreased to ¥6.48 billion from ¥7.39 billion, reflecting a decline of approximately 12.3%[115]. Assets and Liabilities - The total assets at the end of the reporting period were ¥29,833,537,582.65, an increase of 4.89% from ¥28,444,026,904.20 at the end of the previous year[21]. - Total current assets increased to ¥9,786,288,996.75 from ¥7,971,042,864.00, representing a growth of approximately 22.7%[95]. - Total non-current assets decreased to ¥20,047,248,585.90 from ¥20,472,984,040.20, a decline of approximately 2.1%[96]. - Total liabilities increased to ¥23,356,746,688.60 from ¥21,212,780,036.20, representing a rise of about 10.1%[97]. - Total equity decreased to ¥6,476,790,894.05 from ¥7,231,246,868.00, a decline of about 10.4%[97]. Revenue Breakdown - The company's revenue from fertilizer products was approximately ¥1.02 billion, with a year-on-year decrease of 4.02%[32]. - The revenue from petrochemical products reached approximately ¥15.70 billion, showing a year-on-year increase of 7.14%[32]. - The gross profit margin for fertilizer products decreased by 12.44% year-on-year, while the gross profit margin for petrochemical products decreased by 12.08%[32]. - The sales volume of oil products via road transport increased by 49,000 tons year-on-year, and the sales volume of high-value-added polymer products increased by 58,000 tons year-on-year[30]. Operational Highlights - The company produced 651,400 tons of urea and processed 2,731,400 tons of crude oil in the first half of 2014[26]. - There were zero major safety and environmental incidents reported during the first half of 2014[26]. - The company has initiated a joint venture with CNOOC Sales Company to address pricing issues for refined oil products[30]. - The company has strengthened safety management and conducted regular safety inspections, achieving zero major safety incidents[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 56,802[82]. - The largest shareholder, Northern Huajin Chemical Group Co., Ltd., holds 51.14% of the shares, totaling 613,930,000 shares[83]. - The total number of shares outstanding is 1,200,506,367, with 100% being unrestricted shares[80]. - The company did not distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the half-year period[41]. Financial Management and Accounting - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission, ensuring accurate financial reporting[128]. - The financial statements are prepared based on the going concern assumption and historical cost measurement, with impairment provisions made as necessary[127]. - The company recognizes minority interests and losses in consolidated financial statements separately under minority shareholders' equity and minority shareholders' profit[137]. - The company conducts impairment testing on financial assets, recognizing impairment losses when objective evidence indicates a decline in value[153]. Future Outlook and Strategies - The company plans to focus on cost reduction strategies to improve profitability in the upcoming quarters[102]. - The company plans to focus on reducing operational costs and enhancing cash flow management in the upcoming periods[110]. - The company aims to achieve a nitrogen fertilizer demand of 43.5 million tons by 2015, reflecting a 6.46% increase from 2010 levels[34]. - The company has established a comprehensive reform leadership group to address existing issues and implement a reform plan in the second half of the year[31].

所有董事均已出席了审议本次季报的董事会会议。 北方华锦化学工业股份有限公司 2014 年第一季度报告正文 证券代码：000059 证券简称：华锦股份 公告编号：2014-042 北方华锦化学工业股份有限公司 2014 年第一季度报告正文 第一节 重要提示 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 公司负责人李金泉、主管会计工作负责人王维良及会计机构负责人(会计主管人员)孙伟 声明：保证季度报告中财务报表的真实、准确、完整。 1 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。 北方华锦化学工业股份有限公司 2014 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业收入（元） | 8,294,109,901.20 | 10,606,708,220.72 | -21.8% | | 归属于上 ...

Financial Performance - In 2013, the company achieved operating revenue of CNY 41.56 billion, an increase of 15.41% compared to CNY 36.01 billion in 2012[23] - The net profit attributable to shareholders was a loss of CNY 155.18 million, a decrease of 890.66% from a profit of CNY 19.63 million in 2012[23] - The total revenue for 2013 was approximately CNY 37.33 billion, representing a year-on-year increase of 17.85% compared to CNY 31.68 billion in 2012[53] - The company reported a significant increase in financial expenses, which decreased by 33.79% to CNY 650.91 million due to increased exchange gains[54] - The company experienced a net loss of CNY 1.55 billion, despite a positive operating cash flow of CNY 1.82 billion, indicating significant depreciation and changes in working capital[59] - The company reported a net loss of CNY 161.99 million, compared to a net profit of CNY 19.93 million in the previous year[184] - The total comprehensive income for the year was a loss of CNY 161.99 million, compared to a gain of CNY 19.93 million in the previous year[184] Production and Operations - The company produced 138,000 tons of urea and processed 6.08 million tons of crude oil during the year[29] - The two ethylene units produced a total of 67,500 tons of ethylene, with the large ethylene unit contributing 52,900 tons[29] - Sales volume of petrochemical products reached 4,573,898.19 tons, up 23.98% from 3,689,241.72 tons in 2012, while production volume increased by 23.12% to 4,596,062.67 tons[45] - The company successfully upgraded diesel quality from National III to National IV standards, starting external supply in July 2013[36] - The company has a urea production capacity of nearly 2 million tons, maintaining a dominant position in the Northeast region of China[67] - The company has a refining capacity of 4 million tons per year and an ethylene capacity of 450,000 tons per year, with plans to optimize resource allocation and enhance product competitiveness[76] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1.82 billion, a significant improvement from a negative cash flow of CNY 2.10 billion in 2012[23] - Cash inflow from operating activities increased by 28.23% to CNY 48.91 billion, while cash outflow rose by 17% to CNY 47.09 billion, resulting in a net cash flow of CNY 1.82 billion[58] - The company incurred a net cash outflow of CNY 1.88 billion from financing activities, compared to a net inflow of CNY 5.36 billion in the previous year[189] - The ending balance of cash and cash equivalents decreased to ¥2,390,222,353.37 from ¥3,751,874,769.76 in the previous year, reflecting a decline of approximately 36.3%[192] Assets and Liabilities - The total assets at the end of 2013 were CNY 28.44 billion, a decrease of 13.16% from CNY 32.75 billion at the end of 2012[23] - The total actual guarantees accounted for 14.63% of the company's net assets[94] - Total liabilities decreased from CNY 25.36 billion to CNY 21.21 billion, a decrease of around 16.3%[173] - Owner's equity decreased from CNY 7.39 billion to CNY 7.23 billion, a decline of about 2.2%[173] Research and Development - Research and development expenses decreased by 27.90% to CNY 61.63 million compared to the previous year[56] - The company developed new high-end products, including PPR-200 hot water pipe materials and F302 lithium battery film materials, filling gaps in the domestic market[32] Corporate Governance - The company has established a sound corporate governance structure, ensuring clear responsibilities among the shareholders' meeting, board of directors, supervisory board, and management[83] - The company has committed to fulfilling its social responsibilities while focusing on its own development and stakeholder interests[83] - The company has implemented measures to minimize related party transactions and ensure fair treatment of minority shareholders[137] - The company maintains independence from its controlling shareholder in terms of operations, personnel, assets, institutions, and finance, ensuring complete autonomy in business operations[140] Market Position and Strategy - The company aims to build a world-class petrochemical enterprise and has initiated the "5+1" project to enhance its operational capabilities[29] - The petrochemical industry aims to build a leading domestic and world-class petrochemical and fine chemical industrial park, with a focus on market demand and resource allocation[75] - The company is focusing on energy diversification and sustainable development by exploring coal-to-olefins projects[76] Employee and Management - The company has a total of 10,463 employees, including 1,140 management personnel and 1,751 professional technical personnel[134] - The current board members and senior management have extensive experience in the chemical industry, with key positions held in various related companies over the past five years[122] - The company has maintained a stable management team, with most members serving since December 2011, indicating continuity in leadership[124] Safety and Environmental Responsibility - The company reported zero major safety and environmental incidents during the year[29]

Financial Performance - In 2013, the company achieved operating revenue of CNY 41.56 billion, a year-on-year increase of 15.41% compared to CNY 36.01 billion in 2012[21]. - The net profit attributable to shareholders was a loss of CNY 155.18 million, a significant decline of 890.66% from a profit of CNY 19.63 million in 2012[21]. - The net cash flow from operating activities was CNY 1.82 billion, a decrease of 186.55% compared to a negative cash flow of CNY 2.10 billion in 2012[21]. - The total revenue for 2013 was approximately CNY 37.33 billion, representing a year-on-year increase of 17.85% compared to CNY 31.68 billion in 2012[44]. - The company reported a net loss of CNY 1.55 billion for the year, despite a positive operating cash flow, indicating significant discrepancies between cash flow and net profit[49]. - The company reported a total sales revenue of ¥45,926,178,665.62, an increase from ¥35,855,329,689.00 in the previous year, marking a growth of approximately 28.5%[160]. - The company reported a net profit for the year as a loss of ¥161,986,533.15, compared to a profit of ¥19,933,416.17 in the previous year, indicating a significant decline in profitability[167]. Production and Operations - The company produced 138,000 tons of urea and processed 6.08 million tons of crude oil during the year[25]. - The sales volume of petrochemical products reached 4,573,898.19 tons, a 23.98% increase compared to 3,689,241.72 tons in 2012, while production volume increased by 23.12% to 4,596,062.67 tons[39]. - The company successfully upgraded diesel quality from National III to National IV standards, starting external supply in July 2013[31]. - The company implemented a raw material structure adjustment, increasing the proportion of heavy oil from 58% to 72% and introducing four types of crude oil for blending[30]. - The company has a urea production capacity of nearly 2 million tons, maintaining a dominant position in the Northeast region of China[56]. Financial Position - The company’s total assets at the end of 2013 were CNY 28.44 billion, down 13.16% from CNY 32.75 billion at the end of 2012[21]. - The company’s net assets attributable to shareholders decreased by 2.06% to CNY 7.17 billion at the end of 2013[21]. - Cash and cash equivalents decreased by 165.97% to a net decrease of CNY 1.37 billion, mainly due to increased loan repayments and capital expenditures[48]. - The total amount of guarantees approved for subsidiaries during the reporting period was CNY 70,000,000, with actual guarantees amounting to CNY 28,000,000[78]. - The total approved guarantee amount at the end of the reporting period was CNY 162,035,000, with actual guarantee balances of CNY 104,900,000[78]. Research and Development - Research and development expenses decreased by 27.90% to CNY 61.63 million compared to the previous year[46]. - The company developed new high-end products, including PPR-200 hot water pipe materials and F302 lithium battery film materials, filling gaps in the domestic market[28]. - The company aims to enhance technological innovation and structural adjustment in response to market challenges[25]. Corporate Governance - The company has established a sound corporate governance structure, ensuring clear responsibilities and powers among the shareholders' meeting, board of directors, supervisory board, and management[69]. - The company has implemented measures to reduce related party transactions and ensure fair treatment of minority shareholders[113]. - The board of directors consists of 9 members, including 3 independent directors, and has established four specialized committees to enhance decision-making efficiency[116]. - The company has actively improved its governance system and continues to enhance the implementation of governance policies[113]. Employee and Management - The workforce has grown from a few hundred to over 10,000, with a significant increase in high-quality technical and management talent[57]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 1,017.29 million[108]. - The company has a diverse workforce with 59 master's degree holders and 1,037 bachelor's degree holders[110]. Safety and Environmental Performance - The company reported zero major safety and environmental accidents during the year[25]. - The company reduced waste liquid production by 53.8% year-on-year, achieving a total of 8,456 tons through lean management practices[34]. Debt and Financing - Short-term loans increased to approximately ¥10.12 billion, representing 35.59% of total assets, up from 30.84% in the previous year, a change of 4.75%[55]. - Long-term loans rose to about ¥4.95 billion, accounting for 17.41% of total assets, compared to 14.57% last year, an increase of 2.84%[55]. - The company has issued corporate bonds totaling RMB 27 billion, with a fixed interest rate of 5.60% for a 5-year term[85]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards and regulations[180]. - The audit report issued by Ruihua Certified Public Accountants confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2013[140]. - The company has maintained its accounting policies and estimates without changes compared to the previous year's financial report[64].