Dividend Distribution - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders, based on a total of 1,192,199,394 shares[6]. - The company distributed cash dividends of 0.50 CNY per share for the year 2020, totaling 59,609,969.70 CNY, which represents 10.50% of the net profit attributable to shareholders[125][129]. - In 2019, the company distributed cash dividends of 0.1 CNY per share, totaling 11,921,993.94 CNY, which accounted for 11.18% of the net profit attributable to shareholders[125][129]. - The company’s total distributable profit for the year was 510,666,574.38 yuan[132]. - The cash dividend amount is compliant with the regulations, as it exceeds the minimum requirement of 10% of the distributable profit[132]. - The company is in a mature development stage and aims to maintain a minimum cash dividend ratio of 80% during profit distribution[132]. - No bonus shares or capital reserve transfers to increase share capital are planned for the year[132]. Business Operations - The company has maintained its main business in aluminum smelting and processing since its listing, with no changes in its core operations[21]. - The company is currently a publicly listed entity without a controlling shareholder or actual controller, with plans for a non-public stock issuance approved by the CSRC in November 2020[21]. - The company’s registered address is located in the southern side of Jiaoxin Road, Daiming Town, Ma Village District, Jiaozuo City, Henan Province, with a postal code of 454005[16]. - The company’s legal representative is Huo Bin, and the company is listed on the Shenzhen Stock Exchange under the stock code 000612[16]. - The company has appointed Asia Pacific (Group) CPA Firm as its accounting firm[22]. - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the annual report[4]. - The company has outlined potential risks in its future development in the annual report, urging investors to pay attention to investment risks[5]. - The company’s website is http://www.jzwfal.com, providing additional information and updates[16]. - The company’s financial report is disclosed through designated media such as China Securities Journal and Securities Times[20]. Financial Performance - The company's operating revenue for 2020 was ¥4,744,064,718.26, a decrease of 0.36% compared to ¥4,761,183,623.18 in 2019[25]. - Net profit attributable to shareholders for 2020 was ¥567,900,048.71, a significant increase of 432.52% from a loss of ¥442,105,544.66 in 2018[25]. - The net profit after deducting non-recurring gains and losses was ¥572,700,295.82, up 440.77% from ¥-373,251,087.42 in 2018[25]. - Basic earnings per share for 2020 was ¥0.476, representing a 434.83% increase from ¥-0.371 in 2018[25]. - The weighted average return on equity increased to 12.41%, up 9.91 percentage points from 2.50% in 2019[25]. - Total assets at the end of 2020 were ¥7,136,977,155.72, an increase of 1.76% from ¥7,013,209,895.49 at the end of 2019[25]. - The net assets attributable to shareholders at the end of 2020 were ¥4,825,525,232.35, an increase of 11.86% from ¥4,313,985,023.65 at the end of 2019[25]. - The company reported a net cash flow from operating activities of ¥828,427,755.59, a 13.93% increase from ¥727,165,738.46 in 2019[25]. Environmental Initiatives - The company has implemented environmental upgrades to achieve ultra-low emissions, significantly reducing total pollutant emissions[38]. - The company was recognized as a "B-class enterprise" for heavy pollution weather performance by the Ministry of Ecology and Environment, highlighting its commitment to environmental standards[48]. - The company has established an emergency response plan for environmental incidents, which was filed with the local environmental protection bureau in August 2020[197]. - The company adheres to ultra-low emission requirements for smoke emissions from its electrolytic and coal-fired power plants, maintaining leading indicators in the industry[198]. - The company has completed various environmental impact assessments and received approvals for multiple projects, including a 280KA aluminum electrolytic cell technology demonstration project[193]. - The company has a valid pollution discharge permit until December 19, 2025, ensuring compliance with environmental regulations[196]. - The company emphasizes clean and green production, continuously improving its environmental protection standards[198]. Strategic Initiatives - The company has established a comprehensive coal-electricity-aluminum integrated operation model to ensure stable supply and reduce production costs[38]. - The company maintains a coal-electric-aluminum integrated operation strategy, which helps mitigate price fluctuations in coal and prebaked anodes[44]. - The company plans to optimize its coal-electricity-aluminum processing integration strategy to enhance overall competitiveness[109]. - The company aims to complete the non-public stock issuance to transition into a listed enterprise with a controlling shareholder[114]. - The company will focus on improving internal management levels and enhancing energy-saving measures to ensure efficient operation of power generation units[114]. - The company intends to accelerate the construction of its information management platform to improve intelligent production levels[111]. - The company will actively cultivate new profit growth points along the aluminum industry chain[112]. Challenges and Risks - The company has faced challenges due to macroeconomic factors affecting the aluminum industry, which may impact product sales and pricing[118]. - The company is closely monitoring policies related to carbon neutrality and peak carbon emissions, which may present both opportunities and challenges for its operations[119]. - The company has implemented an environmental management system that complies with ISO14001:2004 standards, ensuring adherence to government regulations and reducing policy-related risks[117]. Related Party Transactions - The total expected related party transactions for 2020 is estimated at 1,251.72 million CNY (including tax) with actual transactions amounting to 887.13 million CNY, representing 70.87% of the expected amount[166]. - The actual related party transactions with WanFang Group for the year were impacted by COVID-19 and environmental production restrictions, leading to a decrease in demand[167]. - The company sold aluminum liquid and aluminum alloy rods to WanFang Group, with the aluminum liquid transaction amounting to 850.95 million CNY, accounting for 25.52% of similar transactions[166]. - The aluminum alloy rod sales amounted to 36.17 million CNY, representing 17.40% of similar transactions[166]. - The pricing for aluminum liquid was based on the "Yangtze River average weekly price" minus 170 CNY/ton[166]. - The pricing for aluminum alloy rods was based on the arithmetic average price of AL99.70 aluminum ingots on the order date's working week, plus a processing fee of 340 CNY/ton[166]. Social Responsibility - The company has actively participated in social responsibility initiatives, including poverty alleviation efforts in Qinzhuang Village, resulting in the elimination of poverty for 32 households by the end of 2020[186]. - The company invested 1.03 million CNY in infrastructure improvements in Qinzhuang Village, including sewage systems and clean energy projects[187].

Financial Performance - Net profit attributable to shareholders increased by 254.63% to ¥217,594,969.92 for the current period[9] - Basic earnings per share rose by 258.82% to ¥0.183[9] - Net profit after deducting non-recurring gains and losses increased by 328.69% to ¥223,646,485.57[9] - The company reported a significant increase in net investment income from joint ventures and associates, rising to CNY 31,265,408.05 from CNY 12,832,663.50, which is an increase of approximately 143.5%[78] - The company has shown a strong recovery in profitability, with a profit margin improvement reflected in the net profit margin increasing from 5.1% to 17.7%[78] - The net profit attributable to the parent company was approximately ¥368.83 million, compared to ¥27.04 million in the previous period, indicating a significant increase[86] - The total comprehensive income attributable to the parent company reached approximately ¥369.30 million, up from ¥35.55 million year-over-year[86] Revenue and Costs - Operating revenue for the current period was ¥1,235,220,075.23, a slight increase of 0.15%[9] - Total operating costs decreased to ¥1,010,346,657.29 from ¥1,192,196,644.53, with operating costs specifically dropping from ¥1,133,470,547.30 to ¥967,137,857.53[69] - The operating cost decreased significantly to CNY 967,137,857.53 from CNY 1,133,470,547.30, representing a reduction of about 14.7%[75] - The company reported a 68.32% increase in sales expenses to CNY 7,890,812.45, mainly due to higher product shipping costs[27] Assets and Liabilities - Total assets increased by 2.51% to ¥7,188,959,271.24 compared to the end of the previous year[9] - Total liabilities were CNY 2,514,810,078.45, down from CNY 2,699,224,871.84, indicating a decrease of approximately 6.8%[56] - The company's equity attributable to shareholders rose to CNY 4,674,149,192.79 from CNY 4,313,985,023.65, an increase of about 8.4%[58] - Total liabilities decreased to ¥2,514,645,693.85 from ¥2,698,950,758.47[64] - The total assets and owner's equity combined reached approximately CNY 7.02 billion[123] Cash Flow - Cash flow from operating activities decreased by 70.68% to ¥154,382,324.22[9] - Operating cash flow net amount rose by 63.97% to CNY 908,925,874.06 from CNY 554,333,632.55, primarily due to increased bank acceptance bill payments[28] - The net cash flow from operating activities was 907,807,448.39, an increase from 558,339,575.80 in the previous period, reflecting a growth of approximately 62.5%[103] - The total cash inflow from operating activities was 4,035,321,370.25, slightly down from 4,075,209,040.33 in the previous period, reflecting a decrease of about 1.0%[103] Shareholder Information - The company reported a total of 85,404 shareholders at the end of the reporting period[12] - The top ten shareholders held a combined 56.30% of the company's shares[12] Government Support and Subsidies - The company received government subsidies amounting to ¥919,296.87 during the reporting period[11] Investment Activities - Investment income surged by 224.28% to CNY 93,040,446.16 from CNY 28,691,739.78, driven by higher profits from joint ventures and futures hedging[27] - The company reported a derivative investment amount of 62,789,000 CNY, with a total realized profit of 4,462,340 CNY during the reporting period[37] Risk Management - The company has implemented risk control measures for market, liquidity, credit, operational, and legal risks associated with derivative investments[40] Future Outlook - The company plans to change to a controlled enterprise and is considering a non-public stock issuance to support future business development[29] - The company anticipates no significant changes in net profit compared to the previous year[43] Research and Development - Research and development expenses were CNY 113.66, a notable decrease from CNY 5,506.56 in the previous period, showing a reduction of approximately 98%[75]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,283,541,672.75, representing a decrease of 1.66% compared to the same period last year[23]. - The net profit attributable to shareholders of the listed company was CNY 151,235,534.19, a decline from a loss of CNY 34,318,941.13 in the previous year[23]. - The net cash flow from operating activities increased significantly to CNY 754,543,549.84, a rise of 2,608.23% compared to the same period last year[23]. - The basic earnings per share for the reporting period was CNY 0.127, compared to a loss of CNY 0.029 in the previous year[23]. - Total assets at the end of the reporting period were CNY 7,241,232,577.14, an increase of 3.25% from the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were CNY 4,461,480,098.02, reflecting a growth of 3.42% compared to the previous year[23]. - The company achieved operating revenue of CNY 2,283,541,672.75, a decrease of 1.66% compared to the previous year[49]. - The net profit attributable to shareholders was CNY 15,124,000, marking a turnaround from a loss in the previous period[47]. - The company’s total profit amounted to CNY 19,548,000 during the reporting period[47]. Cash Flow and Assets - The company’s cash and cash equivalents increased by 58.19% compared to the end of last year, primarily due to profits, reduced inventory, and increased bill payments[39]. - Prepaid accounts increased by 97% compared to the end of last year, mainly due to an increase in prepaid raw material payments[39]. - The company reported a net increase in cash and cash equivalents of ¥169,715,739.35, representing a 345.59% increase from ¥38,088,197.45 in the previous period[51]. - The company's current assets reached CNY 1,597,860,703.87, up from CNY 1,237,406,101.07, indicating a significant increase of about 29.19%[183]. - Cash and cash equivalents were reported at CNY 1,164,712,662.74, compared to CNY 736,289,036.42 in the previous year, reflecting a growth of approximately 58.06%[183]. - Total liabilities increased to CNY 2,779,752,479.12 from CNY 2,699,224,871.84, marking an increase of about 2.97%[190]. - The company's equity attributable to shareholders rose to CNY 4,461,480,098.02, up from CNY 4,313,985,023.65, which is an increase of approximately 3.43%[190]. Production and Operations - The company’s annual electrolytic aluminum production capacity is 420,000 tons, making it a key player in the aluminum industry in Henan Province[35]. - The company has formed a coal-electricity-aluminum integrated operation model, which helps reduce production costs[34]. - The company has established long-term strategic partnerships with suppliers of key raw materials, ensuring stable supply and cost advantages[40]. - The gross profit margin for the electrolytic aluminum industry was 10.49%, a decrease of 10.58% compared to the previous year[54]. - Sales revenue from aluminum ingots increased by 61.54% to ¥487,923,249.67, while sales revenue from aluminum liquid decreased by 16.31% to ¥1,477,528,080.15[54]. Environmental and Social Responsibility - The company emphasizes environmental protection and has been recognized as a benchmark enterprise for environmental governance in the electrolytic aluminum sector[43]. - The company has implemented an environmental management system compliant with ISO standards, demonstrating its commitment to environmental protection[78]. - The company has achieved a pollution control facility operation rate of over 98%[127]. - The company has received multiple environmental impact assessment approvals for its projects from the National Environmental Protection Agency[128]. - The company donated 1 million yuan to the Henan Charity Association for COVID-19 prevention efforts[139]. - The company has established a volunteer service team during the COVID-19 pandemic to assist in community support[135]. Risk Management - The company has identified potential risks in its current and future development, which are discussed in the management analysis section[6]. - The company has established a comprehensive risk management strategy to mitigate market, liquidity, credit, operational, and legal risks associated with derivative investments[70]. - The company is facing policy risks due to new regulations in the aluminum industry, but has upgraded its production technology to comply with government standards[78]. - The company anticipates market risks related to the cyclical nature of the aluminum industry and fluctuating raw material prices, which could impact production costs[79]. - The company has engaged in hedging activities to manage price fluctuations of aluminum ingots and processed products[79]. Shareholder Information - The company plans to change its structure to have a controlling shareholder and is considering a private placement of shares[140]. - The stock was suspended from trading on May 27, 2020, and resumed on June 3, 2020, after the board approved the private placement[140]. - The company received acceptance from the China Securities Regulatory Commission for its application for a private placement of new shares on August 20, 2020[141]. - The total number of shares after the recent changes is 1,192,199,394, with 99.90% being unrestricted shares[149]. - The top shareholder, Zhangshu City Hetai Investment Management Center, holds 17.30% of the shares, which amounts to 206,278,976 shares[152]. - The company is committed to protecting the interests of all shareholders, especially minority shareholders, during the private placement process[140]. Corporate Governance - The actual controller of the company has committed to avoiding competition with the company and ensuring independence in operations, assets, and finances[89]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period, ensuring stability in governance[161]. - The management team, including the chairman and general manager, holds a total of 1,523,000 shares, reflecting their vested interest in the company's performance[172]. - The company has not disclosed any related party transactions among its top shareholders, suggesting a clear separation of interests[159].

Financial Performance - The company's operating revenue for Q1 2020 was ¥1,000,216,690.75, a decrease of 15.92% compared to the same period last year[9]. - Net profit attributable to shareholders was ¥84,041,551.80, a significant increase from a loss of ¥69,686,048.99 in the previous year[9]. - Basic and diluted earnings per share were both ¥0.070, recovering from a loss of ¥0.058 in the same period last year[9]. - The net profit for the first quarter was CNY 84,041,551.80, compared to a net loss of CNY 69,686,048.99 in the previous period[66]. - Operating profit reached CNY 104,165,498.66, a substantial increase from an operating loss of CNY 94,555,244.27 in the previous year[72]. - Total comprehensive income amounted to CNY 83,669,771.12, compared to a total comprehensive loss of CNY 67,921,638.30 in the prior period[75]. Cash Flow - The net cash flow from operating activities reached ¥278,991,896.17, representing a substantial increase of 1,146.47% year-on-year[9]. - Cash flow from operating activities generated a net cash inflow of CNY 278,991,896.17, compared to a net cash inflow of CNY 22,382,479.17 in the same period last year[79]. - Cash inflow from financing activities totaled $51,715,022.42, while cash outflow was $244,157,630.10, resulting in a net cash flow from financing activities of -$192,442,607.68[84]. - The net cash flow from investing activities was $60,202,141.11, an increase of 51.9% compared to the previous period's $39,624,199.95[84]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,318,008,243.44, an increase of 4.35% from the end of the previous year[9]. - The company's total liabilities increased by 34.42% to ¥733,950,000.00 in accounts payable, reflecting an increase in issued payables[22]. - Total liabilities increased to ¥2,916,649,591.12 from ¥2,699,224,871.84, reflecting a growth of about 8.06%[50]. - Total equity rose to CNY 4,407,976,808.53 from CNY 4,319,864,276.16, indicating an increase of about 2%[58]. - The company's total current assets remained stable at $1,237,406,101.07 as of January 1, 2020[87]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 54,892[13]. - The top ten shareholders held a significant portion of shares, with the largest shareholder owning 17.30%[14]. - The company did not conduct any share repurchase transactions during the reporting period, holding 30,880,000 shares, which is 2.59% of total shares[18]. Investment and Income - Investment income increased by 176.66% to ¥43,641,533.18, attributed to gains from futures hedging activities[22]. - The company reported non-recurring gains and losses totaling ¥45,383,331.76 for the period[9]. - The company reported a profit of 5,249.02 million from derivative investments during the reporting period[32]. Tax and Expenses - The company reported a tax expense of ¥18,881,344.54, reflecting an increase in taxable income compared to the previous period[25]. - Financial expenses decreased to CNY 19,653,217.80 from CNY 24,563,798.15, a reduction of approximately 20%[63]. - Research and development expenses were CNY 1,911.31, slightly down from CNY 2,235.98 in the previous period[63]. Inventory and Receivables - Accounts receivable rose by 77.07% to ¥32,003,871.83, indicating an increase in uncollected sales revenue[22]. - Inventory levels rose to 525,864,544.53 from 427,218,315.22, indicating a significant increase in stock[44]. - The accounts receivable increased to 32,003,871.83 from 18,074,406.78, reflecting a rise in credit sales[44]. Accounting and Standards - The company executed a new revenue recognition standard, resulting in a reclassification of prepayments to contract liabilities[22]. - The company adjusted its financial statements for the first quarter of 2020 in accordance with new revenue and leasing standards[89]. - The company has implemented new revenue and leasing standards, affecting the recognition of contract liabilities[97].

Financial Performance - The company reported a total revenue of 1,192,199,394 CNY for the year 2019, with a cash dividend of 0.1 CNY per 10 shares distributed to shareholders[7]. - The company's operating revenue for 2019 was ¥4,761,183,623.18, a decrease of 3.01% compared to ¥4,908,824,941.55 in 2018[27]. - Net profit attributable to shareholders for 2019 was ¥106,643,086.76, a significant recovery from a loss of ¥442,105,544.66 in 2018[27]. - The net profit after deducting non-recurring gains and losses was ¥105,905,461.21, compared to a loss of ¥373,251,087.42 in the previous year[27]. - Basic earnings per share for 2019 were ¥0.089, a turnaround from a loss of ¥0.371 per share in 2018[27]. - The total assets at the end of 2019 were ¥7,013,209,895.49, a decrease of 5.79% from ¥7,444,129,605.03 at the end of 2018[27]. - The company's weighted average return on equity was 2.50%, recovering from -9.92% in 2018[27]. - The company reported a gross margin of 5.36% for its main business of electrolytic aluminum and aluminum products, down from the previous year's margin[58]. - The company reported a cash dividend of 0.1 yuan per share for 2019, totaling 11,921,993.94 yuan, which represents 11.18% of the net profit attributable to shareholders[106]. Operational Highlights - The company has maintained its main business in aluminum smelting and processing since its listing, with no changes in its core operations[24]. - The company maintained an annual electrolytic aluminum production capacity of 420,000 tons, positioning itself as a key player in the aluminum industry in Henan Province[41]. - The company has established a coal-electricity-aluminum integrated operation model to reduce production costs and enhance risk resistance[40]. - The company achieved an operating revenue of CNY 4,761,183,623.18, a decrease of 3.01% compared to the previous year[57]. - The company reduced its operating costs significantly, with major raw material prices, such as prebaked anodes and alumina, decreasing year-on-year[52]. Risk Management - The company has faced potential risks in its current and future development, which investors are advised to consider[7]. - The company acknowledges market risks related to macroeconomic conditions and raw material price fluctuations, which could impact production costs[99]. - The company is facing policy risks due to new regulations in the aluminum industry, which may require compliance with stricter environmental standards[97]. - The company plans to enhance its financial management and expand financing channels to mitigate financial risks[95]. Environmental and Social Responsibility - The company is committed to continuous improvement in product quality and operational efficiency to support sustainable development[96]. - The company has implemented advanced pollution control measures, achieving over 95% efficiency in its environmental facilities[101]. - The company actively participates in social responsibility initiatives, including poverty alleviation efforts in Qinzhuang Village, which resulted in the village being removed from the provincial poverty list by the end of 2016[160]. - In 2019, the company invested 33.3 million CNY in building a cultural stage and 27 million CNY in road improvements in Qinzhuang Village[163]. - The company has achieved an advanced level of environmental protection with a pollution discharge rate of 95% for various pollutants from its facilities[170]. Corporate Governance - The company has established a sound corporate governance and internal control system to effectively prevent operational risks[159]. - The company has fulfilled its commitments regarding related party transactions and competition during the reporting period[113]. - The company has no controlling shareholder or actual controller as of 2013, indicating a shift in ownership structure[24]. - The company is committed to maintaining independence in operations, assets, and finances during the period when the actual controller is the largest shareholder[113]. Shareholder Information - The total number of shares for the dividend distribution is based on 1,192,199,394 shares as of December 31, 2019[109]. - The largest shareholder, Zhangshu City Hengtai Investment Management Center, holds 17.30% of the shares, totaling 206,278,976[191]. - The second-largest shareholder, Hangzhou Jintou Jinzong Investment Partnership, holds 16.41% of the shares, totaling 195,582,591[196]. - The company has 58,408 common stock shareholders at the end of the reporting period[191]. - The company has not engaged in any significant asset or equity sales during the reporting period[89]. Accounting and Audit - The company has appointed Asia Pacific (Group) CPA Firm as its accounting firm for the reporting period[25]. - The company has not made any retrospective adjustments or restatements to previous years' accounting data[26]. - There were no significant accounting errors requiring retrospective restatement during the reporting period[127]. - The domestic accounting firm, Asia Pacific (Group) CPA, has been retained for 6 consecutive years, with an audit fee of 700,000 RMB[129].

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]