Financial Performance - Operating revenue for the period was ¥1,233,395,493.65, reflecting a decline of 8.85% year-on-year[8]. - Net profit attributable to shareholders reached ¥61,358,876.70, an increase of 1,265.72% compared to the same period last year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥52,169,945.77, up 1,957.51% year-on-year[8]. - Basic earnings per share were ¥0.051, representing a growth of 1,265.72% compared to the same period last year[8]. - The company reported a 66.87% increase in income tax expenses, amounting to CNY -19,976,373.12, reflecting a rise in taxable income[17]. - The company reported a derivative investment amount of 72,569.4 thousand, which accounts for 17.04% of the net assets at the end of the reporting period[24]. - The company’s cash flow from financing activities showed a net outflow of CNY 517,979,241.46, a decrease of 22.74% compared to the previous period, mainly due to net cash payments for debt repayment[20]. - The company reported an investment income of ¥13,544,727.45, down from ¥35,444,544.37, a decline of 61.9%[56]. - The company reported an investment income of ¥28,691,739.78, down from ¥107,315,794.53, a decline of approximately 73.3%[84]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥7,120,185,745.90, a decrease of 4.35% compared to the previous year[8]. - Total current assets decreased to ¥1,296,424,832.03 from ¥1,480,864,079.53, a decline of approximately 12.4%[49]. - Total non-current assets decreased to ¥5,828,704,126.20 from ¥5,964,159,966.69, a decline of about 2.3%[49]. - Total liabilities decreased to ¥2,862,583,874.91 from ¥3,218,972,978.25, a decline of approximately 11.1%[42]. - Total current liabilities decreased to ¥2,326,680,324.05 from ¥2,673,269,261.54, a reduction of about 13.0%[42]. - Short-term borrowings decreased significantly to ¥1,009,000,000.00 from ¥1,795,500,000.00, a reduction of approximately 43.9%[49]. - Accounts payable decreased to ¥161,151,573.12 from ¥212,111,985.40, a decline of about 24.0%[42]. - The company's total liabilities included accounts payable which surged by 437.33% to CNY 644,800,000, driven by increased issuance of notes payable for raw material purchases[17]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥554,333,632.55, down 27.59% compared to the previous year[8]. - The company's cash flow from operating activities generated a net inflow of ¥554,333,632.55, down from ¥765,520,911.51 in the previous period[90]. - Total cash inflow from operating activities was 4,075,209,040.33 CNY, down from 4,128,324,932.51 CNY, reflecting a decline of approximately 1.3%[98]. - Cash outflow for purchasing goods and services was 3,213,882,699.34 CNY, an increase of 6.6% from 3,013,751,185.38 CNY in the previous period[98]. - The net cash flow from investing activities was -73,046,489.01 CNY, compared to -90,684,433.51 CNY in the previous period, indicating an improvement[98]. - Cash inflow from financing activities totaled 611,205,250.00 CNY, significantly lower than 1,428,000,000.00 CNY in the previous period, a decrease of 57.3%[101]. - The ending balance of cash and cash equivalents was 373,985,324.04 CNY, down from 527,345,779.01 CNY, a decrease of 29.1%[101]. Shareholder Information - The top ten shareholders held a total of 60,277 shares, with the largest shareholder owning 17.30% of the company[12]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[32]. - The company did not have any violations regarding external guarantees during the reporting period[31]. Research and Development - Research and development expenses were significantly reduced to ¥5,506.56 from ¥19,063.20, indicating a decrease of 71.1%[56]. - Research and development expenses decreased to ¥13,249.10 from ¥66,839.88, indicating a reduction of approximately 80.2%[84]. Comprehensive Income - The company’s other comprehensive income increased by 142.32% to CNY 2,531,797.85, attributed to higher other comprehensive income from joint ventures[17]. - The company’s other comprehensive income for the current period was ¥2,531,797.85, compared to a loss of ¥5,982,607.15 in the previous period[55]. - The total comprehensive income for the current period is ¥39,241,654.35, compared to a loss of ¥148,257,178.80 in the previous period[87].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥2,322,000,800.66, representing a 6.79% increase compared to ¥2,174,433,624.84 in the same period last year[21]. - The net profit attributable to shareholders was -¥34,318,941.13, an improvement of 75.14% from -¥138,067,094.14 year-on-year[21]. - The net cash flow from operating activities decreased by 92.76% to ¥27,861,134.94, down from ¥384,699,095.67 in the previous year[21]. - The total assets at the end of the reporting period were ¥7,136,459,334.62, a decrease of 4.13% from ¥7,444,129,605.03 at the end of the previous year[21]. - The net assets attributable to shareholders were ¥4,203,827,572.22, down 0.50% from ¥4,225,156,626.78 at the end of the previous year[21]. - The basic earnings per share for the period was -¥0.0290, improving by 75.00% from -¥0.116 in the same period last year[21]. - The diluted earnings per share also stood at -¥0.0290, reflecting the same percentage improvement as basic earnings per share[21]. - The weighted average return on equity was -0.82%, an improvement of 2.16% from -2.98% in the previous year[21]. - The company reported non-recurring losses totaling -¥1,398,760.35 for the period[26]. - The company achieved operating revenue of RMB 2,322,000,800.66, representing a year-on-year increase of 6.79%[45]. - The company's total profit was -RMB 6,032,000, a year-on-year improvement of 67.46% in loss reduction[44]. - The net profit for the period was -RMB 3,432,000, reflecting a year-on-year reduction in loss of 75.14%[44]. Assets and Liabilities - The company's cash and cash equivalents at the end of the reporting period amounted to 595,076,595.62 RMB, accounting for 8.34% of total assets, up from 6.82% in the previous year[53]. - Short-term borrowings increased by 18.66% to 1,332,000,000.00 RMB, reflecting a rise in bank short-term financing[53]. - The total liabilities decreased to RMB 2,932,631,762.40 from RMB 3,218,972,978.25, showing a decline of approximately 8.91%[195]. - The company's non-current assets totaled RMB 5,882,516,709.23, down from RMB 5,963,159,966.69, indicating a decrease of about 1.36%[194]. - The total equity remained stable at RMB 1,192,199,394.00, unchanged from the previous period[197]. - Accounts receivable increased to RMB 28,341,660.99 from RMB 17,815,246.81, representing a growth of approximately 58.38%[185]. - Other receivables significantly decreased to RMB 6,828,176.17 from RMB 217,050,420.44, a decline of about 96.85%[185]. - The company reported a decrease in cash and cash equivalents to RMB 595,076,595.62 from RMB 710,741,664.85, a drop of approximately 16.22%[185]. Environmental and Social Responsibility - The company emphasizes environmental protection, maintaining emissions below industry standards[41]. - The company plans to maintain a focus on environmental management, having obtained ISO 14001:2004 certification, and aims to meet stricter environmental standards[74]. - The company has established six dry purification facilities and six limestone-gypsum wet desulfurization facilities for environmental protection[124]. - The company has implemented ultra-low emission requirements for its electrolytic and coal-fired power plants, with major emission indicators at the industry-leading level[132]. - The company has established an emergency response plan for sudden environmental incidents and has filed it with the local environmental protection bureau[129]. - The company has been actively involved in poverty alleviation efforts, helping the Qin Zhuang Village achieve the status of a non-poor village by the end of 2016[133]. - In the first half of 2019, the company coordinated 500,000 yuan in poverty alleviation funds to build a cultural stage and improve local infrastructure[133]. - The company has helped 32 households benefit from photovoltaic power generation and provided financial assistance to 32 households through poverty alleviation projects in the first half of 2019[133]. Corporate Governance and Compliance - The company emphasizes the importance of adhering to national laws and regulations to mitigate legal risks during business operations[67]. - The actual controller of the company, Huo Bin, committed to reducing competition with the listed company in the electrolytic aluminum business and will inject competitive businesses into the listed company within three years after becoming the largest shareholder[85]. - The commitment to minimize related transactions between the actual controller and the listed company is being fulfilled, ensuring fair pricing and compliance with legal regulations[85]. - The company is actively managing its commitments to avoid conflicts of interest and protect shareholder rights[85]. - The company is focused on compliance with legal and regulatory requirements in its operations and commitments[85]. - The company has not experienced any bankruptcy restructuring during the reporting period, maintaining operational stability[94]. - The company has not experienced any significant changes in its accounting policies regarding derivative investments compared to the previous reporting period[69]. - The company has not implemented any stock incentive plans or employee shareholding plans during the reporting period[103]. - The company has no major penalties or rectification situations during the reporting period[99]. - The company has no non-operating related party debts during the reporting period[114]. Shareholder Information - The total number of shares before the change was 1,192,199,394, with a total of 407,714 shares added, resulting in a new total of 1,192,199,394 shares after the change[143]. - The number of restricted shares held by domestic natural persons increased from 2,590,953 (0.22%) to 2,998,667 (0.25%) after the addition of 407,714 shares[146]. - The unrestricted shares decreased from 1,189,608,441 (99.78%) to 1,189,200,727 (99.75%) due to a reduction of 407,714 shares[146]. - The total number of shareholders at the end of the reporting period was 67,041[147]. - The top ten shareholders include Changsha Tai'an Investment Management Center with 206,278,976 shares (17.30%), Hangzhou Jintou Jinzong with 195,582,591 shares (16.41%), and Jiayi (Tianjin) Investment Management Co., Ltd. with 186,510,161 shares (15.64%)[151]. - The total number of unrestricted shares held by the top ten shareholders is 1,000,000,000, with no strategic investors or general corporations becoming top shareholders through new share placements[152]. - The company reported that there are no known relationships or concerted actions among the top ten shareholders[149]. - The company has not implemented any share repurchase plans during the reporting period[143]. - The number of shares held by the top shareholder, Changsha Tai'an, is subject to pledges totaling 205,919,800 shares[151]. - The company has not disclosed any other necessary information as required by securities regulatory authorities[143]. - The top 10 shareholders of the company did not engage in repurchase transactions during the reporting period[158]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[159]. - There are no preferred shares issued by the company during the reporting period[163]. Operational Efficiency - The average operational efficiency of the waste gas treatment facilities at the thermal power plant in the first half of 2019 was 95.591% for SCR denitrification, 99.9% for electrostatic precipitators, and 99.26% for limestone gypsum wet desulfurization[127]. - The company completed the environmental impact assessment report for the 35.2 million tons of electrolytic aluminum and supporting projects by the end of December 2016[126]. - The company has developed a self-monitoring plan for environmental monitoring, strictly adhering to the requirements of the pollutant discharge permit[131]. Investment and Development - The company reduced its construction in progress by 74.06% due to the transfer of projects to fixed assets[37]. - Research and development investment decreased by 83.79% to RMB 7,742.54, indicating a significant reduction in R&D spending[45]. - The total investment amount for the reporting period was 21,623,973.30 RMB, a decrease of 72.40% compared to the previous year[57]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[112].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,189,665,778.59, representing a 17.81% increase compared to ¥1,009,829,980.50 in the same period last year[8]. - The net profit attributable to shareholders was -¥69,686,048.99, an improvement of 23.85% from -¥91,512,366.92 year-on-year[8]. - The basic and diluted earnings per share were both -¥0.0585, showing a 23.38% improvement from -¥0.077 in the same period last year[8]. - The total comprehensive income for the period was approximately -¥69.69 million, compared to -¥91.51 million in the previous year[70]. - The net profit for the current period was reported at -¥69,686,048.99, an improvement compared to -¥91,512,366.92 in the previous period, indicating a reduction in losses[64]. Cash Flow - The net cash flow from operating activities decreased by 78.11% to ¥22,382,479.17, down from ¥102,270,227.54 in the previous year[8]. - The cash flow from operating activities generated a net inflow of approximately ¥22.38 million, a significant decrease from ¥102.27 million in the same period last year[75]. - The net cash flow from operating activities for the current period is CNY 24,296,028.33, a decrease of 76.3% compared to CNY 102,270,227.54 in the previous period[81]. - The net cash flow from investing activities is CNY 39,624,199.95, a significant improvement from a negative cash flow of CNY -681,411.36 in the previous period[81]. - The company received cash inflows from investment activities totaling approximately ¥70 million, compared to ¥61.19 million in the previous year[75]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,282,839,942.42, a decrease of 2.17% from ¥7,444,129,605.03 at the end of the previous year[8]. - The total liabilities decreased to ¥3,127,401,512.11 from ¥3,218,635,466.21, showing a reduction of about 2.8%[60]. - The company's equity totaled ¥4,158,229,308.66, down from ¥4,226,388,580.01, reflecting a decrease of about 1.6%[60]. - The company's current assets totaled CNY 1,343,608,140.75, down from CNY 1,480,969,638.34, indicating a decrease of about 9.26%[42]. - The total non-current assets amounted to CNY 5,939,231,801.67, a slight decrease from CNY 5,963,159,966.69, representing a decline of about 0.4%[45]. Shareholder Information - The top ten shareholders held significant stakes, with the largest shareholder holding 17.30% of the shares[12]. - The company did not engage in any repurchase agreements among the top ten shareholders during the reporting period[16]. - There were no violations of external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[38]. Operational Metrics - Accounts receivable increased by 57.02% to ¥35,352,904.53 compared to the beginning of the period, attributed to an increase in sales receivables[20]. - The company reported a weighted average return on equity of -1.66%, an improvement of 0.30% from -1.96% in the previous year[8]. - The company reported a decrease in research and development expenses to ¥2,235.98 from ¥28,061.19, a significant reduction of approximately 92%[61]. - The company incurred financial expenses of approximately ¥24.56 million, slightly down from ¥26.95 million in the previous year[67]. Investment and Income - Investment income decreased by 41.85% to ¥15,774,672.99, reflecting a reduction in investment income from joint ventures[20]. - The company received dividends of ¥60 million from Zhao Gu, contributing to a net cash flow from investing activities of ¥41,624,199.95, a significant increase of 6208.53%[20]. - The company reported other receivables amounting to ¥217,014,814.44, which may indicate liquidity management strategies[90].

Financial Performance - The company's operating revenue for 2018 was CNY 4,908,824,941.55, a decrease of 2.15% compared to CNY 5,016,764,070.05 in 2017[23] - The net profit attributable to shareholders of the listed company was a loss of CNY 442,105,544.66, representing a decline of 351.58% from a profit of CNY 175,731,126.68 in 2017[23] - The basic earnings per share for 2018 was -CNY 0.371, a decrease of 350.68% compared to CNY 0.148 in 2017[23] - The net profit attributable to shareholders for the year was a loss of approximately CNY 298.77 million, with quarterly losses of CNY 91.51 million, CNY 46.55 million, CNY 5.26 million, and CNY 298.77 million[28] - The company reported a total operating revenue of CNY 4,908.82 million, a decrease of 2.15% compared to the previous year[51] - The net profit attributable to shareholders was a loss of CNY 442.11 million, representing a decline of 351.58% year-on-year[51] Cash Flow and Assets - The net cash flow from operating activities increased significantly to CNY 838,830,749.92, up 463.27% from CNY 148,922,727.78 in the previous year[23] - The company reported a significant increase in cash flow from operating activities, totaling approximately CNY 838.83 million for the year, with the highest quarterly cash flow of CNY 380.82 million in Q3[28] - Total assets at the end of 2018 were CNY 7,444,129,605.03, a slight decrease of 0.28% from CNY 7,464,775,416.69 at the end of 2017[23] - The net assets attributable to shareholders of the listed company decreased by 10.30% to CNY 4,225,156,626.78 from CNY 4,710,100,042.75 in 2017[23] Dividends and Shareholder Returns - The company plans not to distribute cash dividends or bonus shares for the year[4] - In 2018, the company reported a net loss of RMB 442,105,544.66, resulting in no cash dividends being distributed[117] - The cash dividend for 2017 was RMB 59,609,969.70, which accounted for 33.92% of the net profit attributable to ordinary shareholders[117] - The company plans to not distribute cash dividends or increase share capital from capital reserves for the 2018 fiscal year due to operating losses[121] Operational Challenges and Industry Context - The company has faced significant risks and challenges, which are discussed in the management analysis section of the report[4] - The company faced challenges in the aluminum industry due to supply-side structural reforms and rising costs, leading to a slowdown in industry expansion[37] - The company faced significant cost increases due to high prices of raw materials such as alumina and prebaked anodes, leading to a substantial rise in production costs[50] - The production volume of aluminum products decreased year-on-year, influenced by policies limiting production during the heating season[50] Environmental and Social Responsibility - The company is committed to green development and has achieved leading levels in major emission indicators through clean production efforts[104] - The company has actively participated in social responsibility initiatives, including environmental protection and community development, implementing ultra-low emissions for electrolytic smoke[163] - In 2018, the company supported poverty alleviation efforts in Qinzhuang Village, completing infrastructure projects totaling 18.52 million yuan for road hardening and 58.3 million yuan for sewage systems[167] - The company has established 6 sets of dry purification facilities and 6 sets of limestone-gypsum wet desulfurization facilities, achieving an operational efficiency of over 95% for pollution control facilities[172] Research and Development - The company has diversified its investment strategy by combining industrial and equity investments, enhancing its financing channels and supporting sustainable development[44] - The company is advancing new product and energy-saving technology research, focusing on aluminum alloy products and electrolytic energy-saving technologies[68] - The company has reclassified R&D expenses from management expenses, with the current period amounting to 92,810.20, compared to 75,279.36 in the previous period[135] - The number of R&D personnel decreased by 22.40% to 97 from 125 in 2017[71] Corporate Governance and Shareholder Relations - The actual controller and major shareholder of the company, Huo Bin, has committed to resolving competition issues with the company within three years of becoming the largest shareholder, ensuring that competitive businesses will either be injected into the company or transferred to unrelated third parties[125] - The company has committed to maintaining independence in personnel, assets, business, organization, and finance during the period when the actual controller is the largest shareholder, ensuring no actions that could harm the company's interests[125] - The company has successfully completed commitments regarding shareholding lock-up periods, with no reductions in shareholdings by involved parties within the stipulated timeframe[128] - The company has committed to minimizing related party transactions and ensuring fair pricing in unavoidable transactions[125] Financial Management and Reporting - The company has adjusted its financial reporting format in accordance with new regulations issued by the Ministry of Finance, impacting the presentation of various financial items[131] - The company has not reported any significant accounting errors requiring retrospective restatement during the reporting period[136] - The company reported a total of 90,551.5 million yuan in related party transactions, accounting for 21% of similar transaction amounts, primarily from sales of liquid aluminum and aluminum alloy rods[148] - The current domestic accounting firm, Asia Pacific (Group) CPA, has been engaged for 5 consecutive years, with an audit fee of 700,000 yuan[138]

Financial Performance - Net profit attributable to shareholders decreased by 103.19% to a loss of CNY 5,263,609.41 for the current period[7] - Operating revenue decreased by 9.12% to CNY 1,353,117,435.35 for the current period[7] - Basic earnings per share decreased by 102.90% to CNY -0.004 for the current period[7] - The weighted average return on equity was -0.12%, down from -3.61% in the previous year[7] - The company reported non-operating income of CNY 17,014,213.18 year-to-date[7] Assets and Liabilities - Total assets increased by 3.57% to CNY 7,731,536,344.19 compared to the end of the previous year[7] - The net asset attributable to shareholders decreased by 4.41% to CNY 4,502,364,128.49 compared to the end of the previous year[7] - Cash and cash equivalents increased by 157.06% to ¥830,345,779.01 due to a decrease in inventory and an increase in letters of credit and margin deposits[14] - Prepaid accounts increased by 45.65% to ¥137,162,517.11, reflecting an increase in advance payments for raw materials[14] - Short-term borrowings increased by 89.37% to ¥1,585,000,000.00, indicating a rise in short-term financing[14] - The company’s long-term borrowings increased by 337.77% to ¥608,500,000.00, resulting from a net increase in bank long-term loans[14] - The company’s inventory decreased by 42.79% to ¥460,957,109.75, due to the utilization of last year's ending inventory of raw materials and products[14] Cash Flow - Net cash flow from operating activities increased by 422.77% to CNY 765,520,911.51 year-to-date[7] - The company’s net cash flow from financing activities decreased by 111.34% to -¥422,003,170.63, due to cash dividends and payments for letters of credit[15] Tax and Fees - The company reported a 132.06% increase in tax and additional fees to ¥41,084,303.01, primarily due to the imposition of environmental protection and water resource taxes[14] Shareholder Information - The top shareholder, Zhangshu City Hetai Ancheng Investment Management Center, holds 17.30% of shares[10] - The total number of ordinary shareholders at the end of the reporting period was 55,362[10] Corporate Governance - The company is committed to minimizing related party transactions and ensuring independence in operations, assets, and finances during the period of being controlled by the largest shareholder[19] - The company has made promises regarding the management of competitive businesses and will either integrate them into the company or transfer them to unrelated third parties within three years following the acquisition[20] Derivative Investments - The company reported a total derivative investment amount of 57,368,000 CNY at the beginning of the period, with a net investment value of 72,521,000 CNY at the end of the period, reflecting a change of 26.4%[24] - The company utilized its own funds for derivative investments, with no legal disputes reported during the period[24] - The company has implemented strict internal controls to mitigate operational risks associated with derivative trading, adhering to established management procedures[25] - The company has classified its hedging activities into fair value hedges and cash flow hedges, continuously evaluating the effectiveness of these hedges[25] - The company has a risk management strategy in place to address market, liquidity, credit, operational, and legal risks associated with derivative investments[24] - The company aims to limit its positions to no more than 5% of the current month's production/demand and 10% for the following month to manage liquidity risk effectively[24] - The company reported no significant changes in accounting policies or principles regarding derivative investments compared to the previous reporting period[25] Miscellaneous - There are no securities investments or entrusted financial management activities reported during the reporting period[22][23] - The company has not indicated any significant changes in net profit compared to the previous year, and there are no warnings of potential losses[21] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[28] - The company did not conduct any research, communication, or interview activities during the reporting period[26]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥2,174,433,624.84, a decrease of 4.82% compared to ¥2,284,661,466.92 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was -¥138,067,094.14, representing a decline of 228.13% from ¥107,752,269.02 in the previous year[16]. - The total profit for the period was -CNY 18,537,000, representing a decline of 255.38% compared to the previous year[30]. - The company reported a total comprehensive income of CNY -143,381,189.14 for the current period, down from CNY 91,127,281.52 in the previous period[117]. - The basic earnings per share were -¥0.116, down 227.47% from ¥0.091 in the same period last year[16]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥384,699,095.67, a 412.43% increase from -¥123,130,959.84 in the same period last year[16]. - The net cash flow from operating activities was CNY 384,699,095.67, a recovery from a negative cash flow of CNY -123,130,959.84 in the previous period[120]. - The total cash inflow from financing activities was 510,000,000.00 CNY, while cash outflow for financing activities totaled 912,719,912.05 CNY, resulting in a net cash flow of -402,719,912.05 CNY[121]. - The ending balance of cash and cash equivalents was 234,271,632.08 CNY, compared to 303,304,343.67 CNY at the end of the previous period[121]. - Cash and cash equivalents increased to ¥507,771,632.08 from ¥323,012,471.64, representing a growth of approximately 57.3%[110]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,447,689,020.31, a slight decrease of 0.23% from ¥7,464,775,416.69 at the end of the previous year[16]. - Total liabilities increased to ¥2,940,753,806.57 from ¥2,754,675,373.94, marking an increase of about 6.7%[112]. - The total current assets at the end of the period amounted to ¥1,316,030,353.32, a decrease from ¥1,397,367,809.99 at the beginning of the period, reflecting a decline of approximately 5.8%[110]. - Non-current assets totaled ¥6,131,658,666.99, up from ¥6,067,407,606.70, representing a growth of about 1.1%[111]. Investments and R&D - Research and development expenses increased by 38.69% to CNY 47,776.68, reflecting the company's commitment to technology improvement[32]. - The long-term equity investment increased by 1.83% to CNY 2,637,091,789.85, attributed to the profitability of joint ventures[39]. - The company utilized aluminum futures as a hedging tool to mitigate risks associated with product sales and raw material procurement[46]. Environmental and Social Responsibility - The company plans to enhance environmental protection investments and complete the ultra-low emission transformation of its electrolysis smoke gas facilities[30]. - The company has invested 13 million yuan in pollution control facilities, achieving a running effect of ≥95% for various pollutants and a facility availability rate of ≥98%[79]. - The company is actively participating in poverty alleviation efforts, with a total investment of over 86.5 million yuan planned for infrastructure projects in the Qin Zhuang village[85]. Shareholder and Governance Matters - The company plans not to distribute cash dividends or issue bonus shares[4]. - The actual controller and major shareholder have committed to reducing related party transactions and ensuring independence in operations and finances[59]. - The company has not experienced any major litigation or arbitration matters during the reporting period[64]. - The company has committed to maintaining operational independence from its major shareholder during the reporting period[59]. Risk Management - The company has established a risk management framework to address various risks, including market, liquidity, credit, operational, and legal risks associated with its derivative investments[45]. - The company is facing market risks due to excess capacity in the aluminum electrolysis industry, leading to prolonged low prices for aluminum products[52]. Accounting Policies and Financial Reporting - The company has not made any significant changes to its accounting policies or estimates during the reporting period[195]. - The company's financial statements were prepared based on the accrual basis of accounting, in accordance with the relevant accounting standards[132]. - The company consolidates financial statements based on control, including all subsidiaries in the consolidated financial statements[139].

Financial Performance - The company's operating revenue for Q1 2018 was ¥1,009,829,980.50, a decrease of 2.85% compared to ¥1,039,466,332.18 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥91,512,366.92, representing a decline of 392.90% from a profit of ¥31,243,815.08 in the previous year[8] - The basic earnings per share were reported at -¥0.077, down 385.19% from ¥0.027 in the previous year[8] - The weighted average return on net assets was -1.96%, down 2.65% from 0.69% in the previous year[8] - The company expects a significant change in net profit compared to the same period last year, indicating potential losses[20] Cash Flow and Assets - The net cash flow from operating activities improved to ¥102,270,227.54, a significant increase of 179.43% compared to a negative cash flow of ¥128,749,229.04 in the same period last year[8] - Cash flow from operating activities decreased by 46.64% to ¥4,381,161.56 due to a reduction in received deposits[18] - The company reported a 442.36% increase in cash used for debt repayment, totaling ¥182,585,000.00[18] - Total assets at the end of the reporting period were ¥7,352,648,063.13, a decrease of 1.50% from ¥7,464,775,416.69 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 1.94% to ¥4,618,525,175.88 from ¥4,710,100,042.75 at the end of the previous year[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 54,621[12] - The top ten shareholders held a combined 58.88% of the company's shares, with the largest shareholder holding 17.30%[12] Receivables and Liabilities - Accounts receivable increased by 68.67% to ¥38,716,032.33 due to an increase in customer debts[16] - Long-term borrowings rose by 104.32% to ¥284,000,000.00, reflecting an increase in bank loans[16] - Other receivables decreased by 41.23% to ¥45,411,688.08, primarily due to a reduction in futures margin deposits[16] Expenses and Gains - Sales expenses increased by 48.90% to ¥3,343,699.26, attributed to higher freight costs from increased aluminum ingot exports[17] - Fair value changes resulted in a gain of ¥17,579,525.00, a significant improvement compared to a loss of ¥3,830,325.00 in the previous year[17] - The company reported non-recurring gains and losses totaling ¥20,578,831.12 for the reporting period[9] Derivative Investments - The company reported a derivative investment amount of 45,626,000 CNY as of March 31, 2018, with a net investment value of 11,841,200 CNY[21] - The derivative investment during the reporting period was 6,388,800 CNY, with a realized loss of 165,500 CNY, representing 0.04% of the total investment[21] - The company strictly adheres to its hedging plan, limiting positions to 5% of monthly production/demand for the current month and 10% for the next month[21] - There were no significant changes in the accounting policies and principles for derivative investments compared to the previous reporting period[22] Compliance and Governance - The company did not engage in any securities investments during the reporting period[20] - The company has not reported any overdue commitments from shareholders or related parties during the reporting period[19] - There were no instances of non-compliance with external guarantees during the reporting period[24] - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[25] - The company did not engage in any research, communication, or interview activities during the reporting period[23]

Financial Performance - The company's operating revenue for 2017 was CNY 5,016,764,070.05, representing a 27.78% increase compared to CNY 3,926,000,567.30 in 2016[16]. - The net profit attributable to shareholders for 2017 was CNY 175,731,126.68, a significant increase of 77.11% from CNY 99,223,616.85 in 2016[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 45.03% to CNY 87,197,234.59 in 2017 from CNY 158,640,619.44 in 2016[16]. - The net cash flow from operating activities for 2017 was CNY 148,922,727.78, a decrease of 35.24% compared to CNY 229,946,233.34 in 2016[16]. - The basic earnings per share for 2017 was CNY 0.148, up 76.19% from CNY 0.084 in 2016[16]. - Total assets at the end of 2017 were CNY 7,464,775,416.69, reflecting a 2.50% increase from CNY 7,280,940,446.58 at the end of 2016[16]. - The net assets attributable to shareholders increased by 4.13% to CNY 4,710,100,042.75 at the end of 2017 from CNY 4,526,036,618.47 at the end of 2016[16]. - The company achieved operating revenue of CNY 5,016,764,070.05, a year-on-year increase of 27.78%[30]. - The net profit attributable to shareholders reached CNY 17,573.11 million, up 77.10% year-on-year, primarily due to increased investment income from joint ventures and insurance compensation of CNY 10,700 million[30]. - The gross profit margin for the main products decreased due to the rise in raw material prices exceeding the increase in aluminum product prices[30]. Dividend Distribution - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares to all shareholders, based on a total of 1,192,199,394 shares[4]. - The company plans to distribute cash dividends of 0.50 RMB per 10 shares, totaling 59,609,969.7 RMB for the year 2017[69]. - Cash dividend total amount is ¥59,609,969.7, accounting for 37.69% of the total profit distribution[71]. - Each 10 shares will receive a cash dividend of ¥0.50, with a total of 1,192,199,394 shares as the basis for distribution[70]. - The distributable profit amounts to ¥158,158,014.01, indicating a healthy profit margin for the company[70]. Shareholder Information - The company has undergone several changes in its major shareholders, with the latest change occurring on November 16, 2017, when the largest shareholder changed to He Tai An Cheng[14]. - The largest shareholder, Zhangshu City He Tai An Cheng Investment Management Center, holds 17.11% of shares, totaling 203,986,570 shares, with 121,150,000 shares frozen[128]. - The second-largest shareholder, Hangzhou Jintou Jinzong Investment Partnership, holds 16.41% of shares, totaling 195,582,591 shares, with 5,366,353 shares frozen[128]. - The third-largest shareholder, Jiayi (Tianjin) Investment Management Co., Ltd., holds 15.64% of shares, totaling 186,510,161 shares, with 162,220,087 shares frozen[128]. - The state-owned shareholder, Jiaozuo Wanfang Group, holds 7.42% of shares, totaling 88,481,331 shares, with 27,100,000 shares frozen[128]. - The company maintains a diverse shareholder base with no significant shareholder holding more than 17.11%[132]. Operational Focus - The company reported that its main business remains aluminum smelting and processing, with no changes since its listing[14]. - The company has maintained a consistent operational focus on aluminum production, indicating stability in its business model[14]. - The company has maintained a competitive edge in the aluminum industry through a comprehensive coal-electricity-aluminum processing integration model[25]. - The company is actively researching and developing low-energy consumption electrolytic cell technology, which is among the best in the industry[26]. - The company aims to enhance its comprehensive competitiveness by integrating coal, electricity, aluminum, and aluminum processing industries[61]. - The company will focus on developing high-tech, high-value-added aluminum products to upgrade its product offerings[61]. - The company intends to optimize its power supply structure to reduce electricity costs and improve operational efficiency[62]. Environmental Responsibility - The company is committed to environmental responsibilities, adhering to regulations and increasing investments in environmental technology[30]. - The company has established an environmental management system compliant with ISO14001:2004 standards to mitigate policy risks related to environmental regulations[63]. - The company has achieved a significant reduction in pollutant emissions, with sulfur dioxide emissions recorded at 3,529.18 tons, well below the regulatory limit of 3,650 tons[109]. - The company has implemented clean production initiatives and energy-saving technology upgrades, leading to improved environmental compliance[105]. - The company has committed to ongoing environmental protection measures, ensuring compliance with pollution discharge standards[109]. - The company has invested CNY 130 million in pollution control facilities, achieving an operational efficiency of over 95% for various pollutants and a facility integrity rate of over 98%[111]. Risk Management - The company has implemented measures to stabilize operational performance, including market analysis and risk management strategies[30]. - The company has implemented a risk management strategy for derivative investments, limiting positions to no more than 5% of monthly production/demand for the current month and 10% for the next month[54]. - The company’s derivative trading operations are primarily focused on hedging purposes, with strict adherence to established risk management protocols[54]. - The company anticipates facing market risks due to overcapacity in the aluminum electrolysis industry, leading to prolonged low product prices[65]. Governance and Compliance - The company has a strong governance structure, with independent directors like Liu Libin and Wang Cunsheng providing oversight and expertise[144][145]. - The company has established a remuneration assessment committee to oversee the compensation of senior management[150]. - The company has a commitment to transparency, as evidenced by its detailed disclosures regarding board member appointments and resignations[141][147]. - The company operates independently from its shareholders in all aspects, ensuring complete operational autonomy[162]. - The company has not encountered any litigation issues related to its derivative investments during the reporting period[54]. - The company has not faced any bankruptcy reorganization matters during the reporting period[83]. Employee Information - The total number of employees in the parent company is 3,886, with 3,289 receiving compensation during the reporting period[155]. - The professional composition includes 3,541 production personnel, 9 sales personnel, 89 technical personnel, 28 financial personnel, and 219 administrative personnel[155]. - The educational background of employees shows that there are 20 with a master's degree or above, 304 with a bachelor's degree, 815 with a college degree, and 2,747 with a secondary vocational education or above[155]. - The company emphasizes a performance-based salary system, linking management compensation closely to the achievement of business goals[156]. - Training programs are tailored to the company's operational needs, focusing on practical effectiveness and diverse employee training requirements[157].

Financial Performance - The company's operating revenue for 2017 was CNY 5,016,764,070.05, representing a 27.78% increase compared to CNY 3,926,000,567.30 in 2016[17]. - The net profit attributable to shareholders for 2017 was CNY 175,731,126.68, a significant increase of 77.11% from CNY 99,223,616.85 in 2016[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 45.03% to CNY 87,197,234.59 from CNY 158,640,619.44 in 2016[17]. - The company's cash flow from operating activities for 2017 was CNY 148,922,727.78, a decrease of 35.24% compared to CNY 229,946,233.34 in 2016[17]. - The basic earnings per share for 2017 was CNY 0.148, up 76.19% from CNY 0.084 in 2016[17]. - The company reported a significant increase of 61.4% in inventory, primarily due to an increase in raw materials and aluminum product stock[27]. - The company achieved operating revenue of CNY 5,016,764,070.05, a year-on-year increase of 27.78%[31]. - The net profit attributable to shareholders was CNY 17,573.11 million, up 77.10% year-on-year, primarily due to increased investment income and insurance compensation of CNY 10,700 million from flood damage[31]. - The gross profit margin for the main products decreased due to the rise in raw material prices exceeding the increase in aluminum product prices[31]. Dividend Distribution - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares to all shareholders, based on a total of 1,192,199,394 shares[4]. - A cash dividend of 0.50 RMB per share is proposed for 2017, totaling 59,609,969.7 RMB, representing 33.92% of the net profit attributable to shareholders[72]. - The company plans to distribute a cash dividend of CNY 0.50 for every 10 shares, totaling CNY 59,609,969.7, which represents 37.69% of the total profit distribution[73][74]. - The total distributable profit for the period is CNY 158,158,014.01[73]. Business Operations - The company has maintained its main business in aluminum smelting and processing since its listing, with no changes in its core operations[15]. - The company has maintained a competitive edge in the aluminum industry through a comprehensive coal-electricity-aluminum processing integration model[26]. - The company is focused on the research and development of low-energy consumption electrolytic cell technology, which is among the best in the industry[27]. - The company is focusing on developing high-tech, high-value-added aluminum products to upgrade its product offerings[65]. - The company aims to optimize its electrolytic process technology and reduce electricity costs to enhance operational efficiency[66]. - The company anticipates complex market conditions due to supply-side reforms and fluctuating electricity policies impacting the aluminum industry[65]. Inventory and Supply Chain - The company reported a significant increase in inventory, primarily due to an increase in raw materials and aluminum product stock[27]. - The company’s inventory increased significantly by 626.68% to 12,517.13 tons, attributed to adjustments in marketing strategies[38]. - The sales volume of aluminum products increased by 9.53% to 395,442.15 tons, while production volume rose by 12.60% to 406,513.36 tons[37]. - The top five customers accounted for 53.74% of total sales, with the largest customer contributing 20.90%[42]. - The top five suppliers represented 85.12% of total purchases, with the largest supplier providing 32.85%[43]. Research and Development - Research and development investment decreased by 81.42% to ¥75,280 from ¥405,268 in 2016, representing 0.00% of operating revenue[44]. - Focus on research and development of new aluminum products, with an investment of 182.25 million allocated for innovation initiatives[145]. Environmental Responsibility - The company has established an environmental management system compliant with ISO14001:2004 standards, emphasizing its commitment to environmental responsibility[67]. - The company has invested CNY 130 million in pollution control facilities, achieving an operational efficiency of over 95% for various pollutants[115]. - The company achieved a significant environmental milestone by implementing ultra-low emissions technology for its electrolytic smoke gas, setting a benchmark in the industry[108]. - The company operates 6 sets of dry purification facilities and 7 auxiliary purification facilities for aluminum production, with a purification facility availability rate of over 98%[115]. - The company has completed the first phase of the electrolysis flue gas upgrade project, which can reduce pollutant emissions by over 80%[121]. Corporate Governance - The company has a diverse shareholder structure with no single entity controlling the majority[136]. - The company’s governance structure includes a mix of executive and independent directors, enhancing oversight and accountability[154]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 5.8459 million[158]. - The company has established a remuneration scheme for non-executive directors and independent directors that is not linked to performance[156]. - The independent directors actively participated in board meetings, with no objections raised against company matters during the reporting period[172][173]. Social Responsibility - In 2017, the company actively participated in poverty alleviation efforts, helping 32 households (142 individuals) in Qin Zhuang Village, with 26 households (128 individuals) successfully lifted out of poverty[111]. - The company allocated 200,000 RMB for infrastructure development in the poverty alleviation program, including the establishment of a standardized health clinic and a photovoltaic power generation project[111]. - The company plans to continue its poverty alleviation efforts by focusing on tailored support for impoverished households and enhancing employment opportunities through local industrial clusters[112]. - The company has committed to further advancing the construction of resettlement areas to improve living conditions for 51 households, including 20 identified as impoverished[112]. Audit and Compliance - The financial report for 2017 received a standard unqualified audit opinion from the accounting firm, reflecting a good financial condition[180]. - The internal control evaluation report indicated no significant defects in financial reporting or internal controls during the reporting period[181]. - The audit highlighted the importance of revenue recognition as a key audit matter, emphasizing the significance of sales and collection cycles[198]. - The company is committed to adhering to the relevant accounting standards and internal control guidelines[187].

Financial Performance - Total assets increased by 1.04% to CNY 7,356,931,869.25 compared to the end of the previous year[8] - Net profit attributable to shareholders increased by 435.15% to CNY 164,766,672.30 for the current period[8] - Operating revenue rose by 171.30% to CNY 1,488,958,865.11 for the current period[8] - Basic earnings per share increased by 429.06% to CNY 0.1380[8] - The weighted average return on equity increased by 4.51 percentage points to 3.49%[8] - Cash flow from operating activities increased by 128.70% to CNY 146,434,308.38 year-to-date[8] - Non-recurring gains and losses totaled CNY 91,592,788.63 after tax[8] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 55,525[11] - The top ten shareholders held a combined 55.68% of the shares, with the largest shareholder holding 16.41%[11] - There were no repurchase agreements among the top ten shareholders during the reporting period[12] Cash and Inventory Management - The company's cash and cash equivalents decreased by 37.77% to ¥340,019,132.07 due to payments for due notes, rising raw material prices, increased inventory, and bank loan repayments[15] - The company's inventory rose by 50.10% to ¥749,329,205.80, reflecting an increase in aluminum product stock[15] - Other receivables surged by 558.87% to ¥75,198,696.49, primarily due to an increase in futures margin deposits[15] Operating Costs and Revenue - Operating costs increased by 49.19% to ¥3,541,094,312.10, mainly due to rising raw material and electricity procurement prices[16] - Revenue increased by 39.25% year-on-year to ¥3,773,620,332.03, driven by higher sales prices and volumes of aluminum products[16] - Cash received from sales of goods and services rose by 43.24% to ¥4,427,284,766.70, reflecting increased aluminum product sales prices and volumes[17] - Cash paid for purchasing goods and services increased by 50.52% to ¥3,979,537,240.51, driven by higher procurement costs[17] Investment and Financial Activities - The company reported a 329.34% increase in investment income to ¥121,604,326.42, attributed to higher returns from joint ventures[16] - The company’s long-term borrowings decreased by 54.77% to ¥567,500,000.00, as they were reclassified to current liabilities[15] - The company’s net cash flow from operating activities showed a significant decrease in cash received from investment activities, down 86.12% to ¥450,000,000.00[17] - The company reported a derivative investment amount of 1,747,000 RMB at the end of the reporting period, with a loss of 1,782.6 RMB during the period, representing 0.36% of the total investment[22] - The company engaged in aluminum futures hedging on the Shanghai Futures Exchange, with initial investments starting from January 1, 2017, to September 30, 2017[22] Risk Management and Compliance - The company has implemented strict internal control measures to mitigate operational risks associated with derivative investments[23] - The company has established risk management strategies to address market, liquidity, credit, operational, and legal risks related to its derivative investments[23] - There were no significant changes in the accounting policies and principles for derivative investments compared to the previous reporting period[23] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[26] - The company did not conduct any research, communication, or interview activities during the reporting period[24] - The company has no violations regarding external guarantees during the reporting period[25] Future Outlook and Commitments - The company does not anticipate significant changes in net profit compared to the same period last year[21] - The company has committed to fulfilling all promises made to minority shareholders on time[21] Social Responsibility - The company will continue to enhance the implementation of poverty alleviation policies through various measures such as employment transfer, industry support, and major illness assistance[27] - The goal is to achieve poverty alleviation for 51 relocated households, including 20 impoverished households, involving 98 impoverished individuals[27] - The company aims to expedite the planning and construction of resettlement areas for relocated households, particularly focusing on the Qin Zhuang new residential area[27] - High standards will be maintained in the road construction of the Qin Zhuang new residential area[27]