编号：2020-001 证券代码：000697 证券简称：炼石航空 炼石航空科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|-------------------------|------------------------------------------------------| | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他（请文字说明其他活动内容） | | 参与单位名称及 | | 南方基金(邹承原)、航发基金管理有限公司（袁宇、邓嘉 | | 人员姓名 | | 文）、国新基金(王辰意)、嘉实基金（延建磊）、兴业证券 | | | | (石康)、安信证券（冯福章、张傲、花超）、中信证券（陈 | | | | 卓）、上海倚天投资（张瑾瑜）、上海琢鼎投资（周莹）、 | | | | 上海御先科技（杜伟业）、八阳资产（阚达）、北京华春宏 | | | | 泰（沈清林）、深圳市向日葵 ...

证券代码：000697 证券简称：炼石航空 炼石航空科技股份有限公司投资者关系活动记录表 编 号 ： 2019- 01 | --- | --- | --- | |---------------------|------------------------|----------------------------------------------------| | | | | | | √ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 及人员 | | 申万宏源研究所国防军工分析师、申万菱信基金研究员 | | 时间 | 2019 年 12 月 | 18 日下午 15:30—16:40 | | 地点 | | 公司全资子公司成都航宇超合金技术有限公司会议室 | | 上市公司接待 | 财务总监：翟红梅 | | | 人员姓名 | | 朗星无人机系统有限公司常务副总经理：相里麒 | | 投资者关系活 | 投资者提问： | | | 动主要内容介 | 1 、 ...

Revenue and Profitability - Revenue for Q3 2022 was CNY 311,838,791.65, an increase of 25.30% year-over-year, while year-to-date revenue reached CNY 910,275,283.55, up 26.92% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2022 was a loss of CNY 107,518,087.13, a decrease of 59.31% year-over-year, with a year-to-date loss of CNY 291,668,739.47, down 51.61%[5] - Basic and diluted earnings per share for Q3 2022 were both CNY -0.1601, reflecting a decline of 59.30% compared to the same period last year[5] - The net profit for the third quarter of 2022 was -292,425,412.02 CNY, compared to -193,106,069.53 CNY in the same period last year, representing an increase in net loss of approximately 51.6%[21] - The total operating profit for the third quarter was -287,829,099.79 CNY, worsening from -174,579,391.69 CNY year-over-year[21] - The company experienced a total comprehensive loss of -355,491,754.42 CNY for the quarter, compared to -237,084,082.03 CNY in the same quarter last year[21] Assets and Liabilities - Total assets at the end of Q3 2022 were CNY 3,209,201,968.72, a decrease of 1.13% from the end of the previous year[5] - Shareholders' equity attributable to the parent company was CNY 73,795,370.45, down 82.78% from the end of the previous year[5] - Total liabilities increased to RMB 3,144,904,506.69 from RMB 2,826,054,784.66, indicating a rise in financial obligations[17] Cash Flow and Financial Activities - The company reported a net cash flow from financing activities of CNY 138,212,759.23, a decrease of 40.09% compared to the previous year[11] - The company reported a cash flow from operating activities net loss of -102,212,371.93 CNY, an improvement from -127,876,708.82 CNY in the previous year[23] - The total cash inflow from operating activities was 1,208,122,260.49 CNY, compared to 809,451,814.85 CNY in the previous year, indicating a growth of approximately 49.2%[23] - The cash outflow from investing activities was 227,726,615.85 CNY, significantly higher than 93,316,187.19 CNY in the same period last year[24] - The net cash flow from financing activities was 138,212,759.23 CNY, a decrease from 230,694,685.37 CNY in the previous year[24] Operational Performance - The total operating revenue for the third quarter of 2022 was RMB 910,275,283.55, an increase of 26.9% compared to RMB 717,218,504.88 in the same period last year[19] - The total operating costs for the same period were RMB 1,200,861,682.77, up 34.4% from RMB 893,173,067.98 year-over-year[19] - The gross profit margin decreased, with operating costs rising faster than revenue growth, indicating potential challenges in cost management[19] - The company is focusing on improving operational efficiency and managing costs to enhance profitability in future quarters[19] Research and Development - Research and development expenses for the year-to-date period were CNY 16,056,267.37, an increase of 142.41% year-over-year due to the introduction of new product varieties[10] - Research and development expenses increased to RMB 16,056,267.37 from RMB 6,623,649.63, reflecting a commitment to innovation despite financial losses[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 43,718, with the largest shareholder holding 18.81% of the shares[12] Government Subsidies - The company received government subsidies amounting to CNY 7,127,901.89 year-to-date, an increase of 36.38% compared to the previous year[10] Other Financial Metrics - The company's cash and cash equivalents decreased to RMB 93,288,471.64 from RMB 137,588,702.23 at the beginning of the year, reflecting a cash outflow situation[15] - Accounts receivable increased significantly to RMB 333,924,865.67 from RMB 259,439,129.87, indicating a potential increase in credit risk[16] - Inventory levels rose to RMB 323,937,482.40 from RMB 286,563,953.23, suggesting a buildup of stock that may need to be managed[16] - The company reported an investment loss of -345,694.35 CNY, a decrease from -875,672.30 CNY year-over-year[21]

Financial Performance - The company achieved operating revenue of CNY 598,436,491.90, an increase of 27.78% compared to the same period last year[22]. - The net profit attributable to shareholders was CNY -184,371,146.51, a decrease of 47.62% year-on-year[22]. - The net cash flow from operating activities improved to CNY -15,449,316.38, a significant increase of 88.09% compared to the previous year[22]. - The total assets at the end of the reporting period were CNY 3,221,386,861.84, a decrease of 0.75% from the end of the previous year[22]. - The net assets attributable to shareholders decreased by 49.55% to CNY 216,193,814.81 compared to the end of the previous year[22]. - The company reported a basic earnings per share of CNY -0.2745, down 47.58% from the same period last year[22]. - The company experienced a decrease in operating profit of 65.34% to CNY -18,334.43 million[30]. - The total profit decreased by 48.35% to CNY -18,581.56 million compared to the previous year[30]. - The increase in borrowing interest and foreign exchange losses contributed to the decline in profit[30]. - The gross profit margin for the aviation manufacturing sector decreased to 9.93%, down from 13.57% in the previous year, indicating a decline of 3.64%[47]. Revenue and Costs - Operating costs increased to ¥532,790,103.11, up 27.57% from ¥417,637,453.91, primarily due to increased sales volume and rising raw material and labor costs[43]. - Research and development expenses surged by 145.36% to ¥10,623,537.88, driven by the development of new aircraft models in Chengdu Aerospace[43]. - The total revenue from the aviation manufacturing segment was ¥568,366,965.10, accounting for 94.98% of total revenue, with a year-on-year growth of 28.29%[45]. - Domestic revenue increased significantly by 165.17% to ¥30,144,268.90, while international revenue grew by 24.36% to ¥568,292,223.00[45]. - Financial expenses rose dramatically by 144.37% to ¥115,596,323.72, mainly due to increased borrowing costs and foreign exchange losses[43]. Business Operations - The company's main business involves the production and sales of precision aerospace components and structural parts, with significant revenue coming from its wholly-owned subsidiary Gardner, which manufactures various aircraft-related precision components[31]. - Gardner's primary customers include major aerospace companies such as Airbus, GKN, and Rolls-Royce, with the largest revenue share derived from components used in wide-body and narrow-body commercial aircraft[35]. - The company has a complete industrial layout from high-temperature alloys to large UAV systems, enhancing its competitive edge in the aerospace manufacturing sector[39]. - Gardner operates factories in the UK, France, Poland, India, and domestically, implementing a "One Gardner" management approach to ensure consistent quality across locations[34]. - The company emphasizes vertical integration in its operations, covering the entire aerospace manufacturing process from alloy smelting to UAV system operation[40]. Cash Flow and Financial Position - The company reported a significant increase in cash flow from operating activities, improving by 88.09% to -¥15,449,316.38, compared to -¥129,770,004.29 in the previous year[43]. - The net cash increase in cash and cash equivalents was -¥9,536,575.31, an improvement of 75.71% compared to -¥39,266,425.39 in the previous year[43]. - The company has a goodwill amount of 2,439,000,000.00, with cumulative impairment provisions of 1,572,000,000.00[67]. - The company’s cash and cash equivalents at the end of the reporting period totaled 1,592,245.41, restricted for land restoration fund[57]. - The total financial assets decreased from 345,116.64 to 308,880.6, reflecting a change of -10.5% due to foreign exchange losses[56]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company is actively negotiating with government authorities regarding the rights and interests following the closure of its mining operations, which were mandated to be completed by June 30, 2023[32]. - The strategic procurement team at Gardner manages supplier selection and performance, ensuring procurement aligns with the company's five-year plan[33]. - The company plans to enhance its market expansion efforts and invest in new product development to drive future growth[143]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[143]. Environmental and Regulatory Compliance - The company has established a wastewater treatment station to ensure that wastewater meets the Class III discharge standards before being released[77]. - The company has implemented effective air pollution control measures, achieving compliance with Class II discharge standards for air pollutants[78]. - There were no significant environmental issues or administrative penalties related to environmental problems during the reporting period[76]. - The company has not disclosed any other environmental information as it is not classified as a key pollutant discharge unit by environmental protection authorities[79]. Shareholder Information - The total number of shares is 671,616,059, with 14.10% (94,727,326 shares) being restricted shares and 85.90% (576,888,733 shares) being unrestricted shares[110]. - The top shareholder, Zhang Zheng, holds 18.81% (126,303,102 shares), with 94,727,326 shares being restricted and 31,575,776 shares being unrestricted[112]. - The second-largest shareholder, Sichuan Development Leading Capital Management Co., Ltd., holds 10.33% (69,368,005 shares) of the total shares[113]. - The total number of common shareholders at the end of the reporting period is 41,816[112]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[115]. Financial Reporting and Accounting Policies - The company’s financial statements reflect a true and complete view of its financial status and operational results[157]. - The company adheres to the accounting policies and estimates as per the Ministry of Finance's standards[156]. - The company’s accounting period runs from January 1 to December 31 each year[157]. - The company confirmed that cash and cash equivalents include cash on hand and deposits that are readily available for payment, while cash equivalents are investments with a maturity of no more than 3 months[166]. - The company uses a three-level hierarchy for fair value measurement, prioritizing observable inputs from active markets[176].

Financial Performance - The company's operating revenue for 2021 was ¥986,010,936.69, a decrease of 12.86% compared to ¥1,131,484,201.33 in 2020[20] - The net profit attributable to shareholders was -¥554,669,543.29, representing a decline of 15.66% from -¥479,554,374.85 in the previous year[20] - The net cash flow from operating activities was -¥180,346,648.83, a significant decrease of 283.26% compared to ¥98,410,074.05 in 2020[20] - The total assets at the end of 2021 were ¥3,245,844,001.11, down 3.53% from ¥3,364,659,161.74 at the end of 2020[21] - The net assets attributable to shareholders decreased by 58.36% to ¥428,530,452.32 from ¥1,029,035,665.06 in 2020[21] - The basic earnings per share for 2021 was -¥0.8259, a decline of 15.67% from -¥0.7140 in 2020[20] - The weighted average return on net assets was -76.11%, a decrease of 39.11% compared to -37.00% in the previous year[20] - The company reported a total operating revenue of ¥986,010,936.69, a decrease of 12.86% compared to ¥1,131,484,201.33 in the previous year[43] - The operating profit was -¥53,557.41 million, and the net profit attributable to shareholders was -¥55,466.95 million, impacted by a goodwill impairment provision of ¥25,261.03 million[43] - Revenue from the aerospace manufacturing segment was ¥927,370,257.42, accounting for 94.05% of total revenue, with a year-on-year decrease of 13.43%[45] - The company experienced a significant increase in revenue from non-ferrous metal mining, which rose by 219.98% to ¥10,820,703.38[45] - The gross margin for the aerospace manufacturing segment was 7.45%, down 25.16% from the previous year[48] - The company’s foreign revenue accounted for 95.87% of total revenue, amounting to ¥945,322,561.05, with a decrease of 11.34% year-on-year[46] Business Operations - The company has expanded its business into the aerospace manufacturing sector following the acquisition of Gardner Aerospace Holdings Limited[19] - The company operates in the aerospace manufacturing industry, which is characterized by high precision and complex processes[31] - The company's main business includes the production and sales of precision aerospace components, with significant revenue contributions from its subsidiary Gardner Aerospace[33] - Gardner Aerospace's primary customers include major aerospace companies such as Airbus and Rolls-Royce, indicating strong market relationships[37] - The company has a complete industrial chain from high-temperature alloy materials to large unmanned aerial vehicles, enhancing its competitive position in the market[32] - The company is currently in discussions with government departments regarding production halts due to environmental regulations[35] - The strategic procurement team at Gardner is responsible for managing supplier relationships and ensuring material quality, which is critical for maintaining production standards[36] - The company has a strong talent pool with experience from leading international aerospace engine manufacturers, contributing to its technological edge[41] - The company maintains a vertical integration advantage across the entire aerospace manufacturing supply chain, enhancing its competitive position[41] - Gardner, a wholly-owned subsidiary, is positioned as a leading player in the aerospace manufacturing sector in Europe, with operations in multiple countries[40] Research and Development - Research and development expenses increased by 25.40% to ¥8,865,116.49, representing 0.90% of operating revenue[55] - The number of R&D personnel increased by 9.49% to 173, while the proportion of R&D personnel to total employees slightly decreased by 0.34%[54] - Ongoing research and development efforts have increased by 40%, with a budget allocation of 200 million CNY for new technologies[132] - The company is focusing on expanding its market presence and developing new technologies in the aerospace sector[90] - There are ongoing efforts in research and development for new products, particularly in superalloy technologies[91] - The company has established partnerships with several educational institutions to leverage academic expertise in its operations[92][93] Governance and Compliance - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[79] - The company guarantees the independence of its operations, assets, and finances from its controlling shareholder, with no incidents of harm to the company or other shareholders' rights reported during the reporting period[80] - The board of directors consists of members who fulfill their duties diligently and independently, ensuring the protection of minority shareholders' interests[80] - The company has established specialized committees within the board, including a strategy committee and an audit committee, to enhance decision-making processes[79] - The company has maintained effective internal control over financial reporting, with no significant deficiencies identified[113] - The internal control self-assessment report indicates that there are no major deficiencies in financial or non-financial reporting[116] - The company has a clear cash dividend policy that aligns with its articles of association and shareholder resolutions[111] - The company adheres to strict information disclosure practices, ensuring all investors have equal access to information and protecting their legal rights[82] - The company has committed to maintaining transparency and integrity in its financial reporting and operations[134] Shareholder Information - The total number of shares is 671,616,059, with 14.10% (94,727,326 shares) being limited sale shares and 85.90% (576,888,733 shares) being unrestricted sale shares[169] - The largest shareholder, Zhang Zheng, holds 18.81% (126,303,102 shares) of the company, with 31,575,776 shares pledged[171] - The second largest shareholder, Sichuan Development Leading Capital Management Co., Ltd., holds 10.33% (69,368,005 shares)[172] - The third largest shareholder, Sichuan Furun Enterprise Restructuring Investment Co., Ltd., holds 8.33% (55,968,005 shares)[172] - The total number of shareholders at the end of the reporting period is 41,490, an increase from 41,033 in the previous month[171] - The shareholding structure indicates a significant concentration of ownership among the top shareholders, with the top three holding over 37% of the total shares[172] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[131] - New product launches are expected to contribute an additional 300 million in revenue in the upcoming year[131] - Market expansion plans include entering three new international markets by the end of 2022[131] - The company is considering strategic acquisitions to enhance its market position, with a target of acquiring two companies within the next year[131] - A new marketing strategy has been implemented, aiming to increase brand awareness by 30% in the next quarter[131] - The management emphasized the importance of maintaining compliance with regulatory standards to ensure sustainable growth[131] Environmental Responsibility - The company has not faced any administrative penalties related to environmental issues during the reporting period[120] - The company implemented pollution prevention facilities that operated normally without any instances of exceeding emission standards[122] - The company has adopted environmentally friendly practices, including replacing solvent-based materials with eco-friendly alternatives and promoting energy-saving habits among employees[123]

Financial Performance - The company's operating revenue for Q1 2022 was ¥292,110,909.87, representing a 23.14% increase compared to ¥237,225,070.07 in the same period last year[3] - The net profit attributable to shareholders was -¥84,838,299.85, a decrease of 94.34% from -¥43,654,946.50 year-on-year[3] - The net loss for the current period was ¥85,139,465.32, compared to a net loss of ¥43,910,883.55 in the previous period, indicating a deterioration in profitability[20] - The total comprehensive loss for the current period was ¥108,259,426.22, compared to a loss of ¥75,307,021.47 in the previous period[20] - The company reported a basic and diluted earnings per share of -0.1263, worsening from -0.0650 in the previous period[20] Cash Flow and Liquidity - The net cash flow from operating activities improved by 74.15%, reaching -¥28,020,793.38 compared to -¥108,388,189.12 in the previous year[3] - Cash flow from operating activities showed a net outflow of ¥28,020,793.38, an improvement from a net outflow of ¥108,388,189.12 in the previous period[21] - Cash and cash equivalents at the end of the period totaled ¥71,971,944.72, slightly up from ¥71,774,145.67 in the previous period[22] - The cash and cash equivalents decreased to CNY 100,433,834.89 from CNY 137,588,702.23[14] Expenses and Costs - Research and development expenses surged by 175.76% to ¥6,454,202.83, driven by increased product development efforts[8] - Research and development expenses increased significantly to ¥6,454,202.83 from ¥2,340,517.06, reflecting a focus on innovation[18] - The company reported a financial expense of ¥43,172,672.60, which is more than double the previous period's expense of ¥20,041,439.99[18] - Total operating costs increased to ¥377,988,284.80 from ¥281,919,478.73, marking a rise of about 34%[18] - The company experienced a significant increase in sales expenses by 35.82%, totaling ¥6,127,675.70 due to higher sales revenue[8] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,202,147,388.01, a decrease of 1.35% from ¥3,245,844,001.11 at the end of the previous year[3] - The total assets of the company as of March 31, 2022, amounted to CNY 3,202,147,388.01, a decrease from CNY 3,245,844,001.11 at the beginning of the year[15] - The company's total liabilities increased to CNY 2,890,617,597.78 from CNY 2,826,054,784.66[16] - The total current liabilities increased to CNY 2,396,728,081.93 from CNY 2,275,666,495.31[16] - Short-term borrowings increased to CNY 1,177,408,983.82 from CNY 1,151,257,758.76[16] - The company's non-current liabilities decreased to CNY 493,889,515.85 from CNY 550,388,289.35[16] Shareholder Information - The total equity attributable to shareholders decreased by 25.19% to ¥320,572,191.57 from ¥428,530,452.32 at the end of the previous year[3] - The total equity attributable to the parent company decreased to CNY 320,572,191.57 from CNY 428,530,452.32[17] - The company recorded a total of 41,033 common shareholders at the end of the reporting period[11] - The company reported a net loss in retained earnings of CNY -2,334,153,362.24, compared to CNY -2,249,315,062.39 at the beginning of the year[17] Audit Status - The company has not undergone an audit for the first quarter report[23]

Revenue and Profitability - Revenue for Q3 2021 was CNY 248,882,276.44, an increase of 14.26% compared to the same period last year[3] - Net profit attributable to shareholders was CNY -67,487,848.85, a decrease of 14.13% year-on-year[3] - Basic earnings per share were CNY -0.1005, down 12.29% from the previous year[3] - Total operating revenue for the current period is ¥717.22 million, down from ¥849.51 million in the previous period, representing a decrease of approximately 15.6%[18] - The company reported a net loss of ¥193.11 million, slightly worse than the net loss of ¥182.17 million in the previous period[19] - Basic and diluted earnings per share are both -¥0.2864, compared to -¥0.1811 in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,416,259,062.36, reflecting a 1.53% increase from the end of the previous year[3] - As of September 30, 2021, the total assets of the company amounted to RMB 3,416,259,062.36, an increase from RMB 3,364,659,161.74 at the end of 2020[15] - The company's current assets totaled RMB 805,010,363.04, up from RMB 703,915,979.00 at the end of 2020, reflecting a growth of approximately 14.4%[15] - The company's total liabilities reached RMB 2,636,867,407.47, compared to RMB 2,348,183,424.82 at the end of 2020, indicating an increase of approximately 12.3%[16] - The short-term borrowings rose significantly to RMB 1,105,864,725.42 from RMB 895,304,205.12, marking an increase of around 23.5%[16] - Total liabilities were reported at 2,348,183,424.82, with current liabilities comprising 1,851,544,642.06[26] Cash Flow - Cash flow from operating activities was CNY -127,876,708.82, a significant decrease of 577.23% compared to the same period last year[8] - Net cash flow from operating activities is -¥127.88 million, compared to a positive cash flow of ¥26.80 million in the previous period[20] - Investment activities resulted in a net cash outflow of ¥82.67 million, an improvement from a net outflow of ¥139.99 million in the previous period[22] - The company raised ¥2.64 billion through financing activities, significantly higher than ¥746.02 million in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,219[10] - The company's total equity attributable to shareholders decreased to RMB 792,674,672.21 from RMB 1,029,035,665.06, a decline of approximately 22.9%[17] - The company reported a net loss of RMB 1,887,028,499.45 in retained earnings, worsening from a loss of RMB 1,694,645,519.10[17] - The company reported a total owner's equity of 1,016,475,736.92, indicating a solid equity position despite negative retained earnings[26] Operational Performance - The company reported a 34.41% increase in accounts receivable, totaling CNY 227,187,834.43, primarily due to increased sales to Gardner in the UK[7] - Accounts receivable increased to RMB 227,187,834.43 from RMB 169,026,202.66, representing a rise of about 34.4%[15] - The company has a significant amount of other payables totaling RMB 630,617,166.53, which increased from RMB 541,395,975.49, indicating a rise of approximately 16.4%[16] - The company has a significant amount of other payables totaling 541,395,975.49, which may indicate operational financing needs[26] Financial Standards and Reporting - The company adopted new leasing standards effective January 1, 2021, impacting asset and liability reporting[27] - The report for the third quarter was not audited, which may affect the reliability of the financial data presented[28]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥468,336,228.44, a decrease of 25.86% compared to ¥631,700,077.91 in the same period last year[19]. - The net profit attributable to shareholders was a loss of ¥124,895,131.50, slightly worsening from a loss of ¥121,652,771.37 in the previous year, representing a decline of 2.67%[19]. - The net cash flow from operating activities was negative at ¥129,770,004.29, a significant decline of 272.24% compared to a positive cash flow of ¥75,340,774.23 in the same period last year[19]. - The basic earnings per share were -¥0.1860, a decrease of 2.71% from -¥0.1811 in the previous year[19]. - The operating cost decreased by 26.43% to ¥417,637,453.91 from ¥567,702,399.28, reflecting the reduced demand in the aviation sector[39]. - The company reported a net loss in retained earnings of CNY -1,819,540,650.60 as of June 30, 2021, compared to CNY -1,694,645,519.10 at the end of 2020[119]. - The net loss for the first half of 2021 was CNY 125.36 million, compared to a net loss of CNY 122.09 million in the first half of 2020, indicating a slight increase in losses[126]. - The total comprehensive income for the first half of 2021 decreased by 25.69% compared to the previous period, amounting to 9,365.62 million yuan[138]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,397,135,880.31, an increase of 0.97% from ¥3,364,659,161.74 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 14.63%, from ¥1,029,035,665.06 to ¥878,441,167.94[19]. - Total liabilities rose to CNY 2,531,714,638.12 from CNY 2,348,183,424.82, indicating an increase of about 7.8%[118]. - Short-term borrowings increased to ¥1,112.13 million, representing 32.74% of total liabilities, up from 26.61%[50]. - The total equity of the company decreased to CNY 2.53 billion in the first half of 2021 from CNY 2.58 billion in the same period of 2020[123]. Operational Challenges - The company faced significant operational challenges, as indicated by the negative cash flow and increased losses compared to the previous year[19]. - The company is expected to continue facing risks and uncertainties in its operational environment, as highlighted in the management discussion section[4]. - The company faces significant risks from the ongoing COVID-19 pandemic, which has severely impacted the aviation passenger industry and its core subsidiary, Gardner, leading to reduced revenues[61]. Business Overview - The company's main business involves the production and sales of precision aerospace components and structural parts, with significant revenue coming from its wholly-owned subsidiary Gardner, which specializes in manufacturing various precision components for aircraft[27]. - Gardner's primary customers include Airbus and other aerospace companies, with the largest revenue share derived from components used in wide-body and narrow-body commercial aircraft[27]. - The aerospace manufacturing industry is positioned as a high-end manufacturing sector, with significant government support and a growing market demand, particularly in general aviation and commercial aircraft sectors[34]. Research and Development - Research and development investment decreased by 27.08% to ¥4,329,738.02, attributed to a relative reduction in project investment compared to the previous year[40]. - The company aims to enhance its research and development efforts to introduce new products in the near future[140]. Financial Management - The company has implemented forward foreign exchange contracts to manage currency risk, as its revenues are denominated in multiple currencies including GBP, USD, and EUR, which exposes it to exchange rate fluctuations[63]. - The company maintains a strict inventory management policy, with regular assessments and provisions for inventory impairment based on specific criteria, ensuring financial accuracy and operational efficiency[31][32]. Shareholder Information - The total number of shares outstanding is 671,616,059, with 14.10% being restricted shares and 85.90% being unrestricted shares[101]. - The largest shareholder, Zhang Zheng, holds 18.81% of the shares, amounting to 126,303,102 shares, with 94,727,326 shares being restricted[103]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[106]. Compliance and Governance - The company continues to prioritize environmental compliance, with its UK subsidiary adhering to local environmental regulations and minimizing pollution risks[73]. - The company has not faced any major legal disputes or regulatory penalties during the reporting period, reflecting a stable operational environment[82]. Future Outlook - Future performance guidance indicates a cautious outlook, with expectations of gradual recovery in the second half of 2021[139]. - The company plans to focus on expanding its market presence and developing new technologies in the upcoming quarters[138].

Financial Performance - The company's operating revenue for 2020 was ¥1,131,484,201.33, a decrease of 42.85% compared to ¥1,979,862,596.96 in 2019[17] - The net profit attributable to shareholders for 2020 was -¥479,554,374.85, an improvement of 69.03% from -¥1,548,449,345.11 in 2019[17] - The net cash flow from operating activities increased by 10.92% to ¥98,410,074.05 in 2020, compared to ¥88,722,543.96 in 2019[17] - The total assets at the end of 2020 were ¥3,364,659,161.74, a decrease of 7.47% from ¥3,636,116,696.24 at the end of 2019[17] - The net assets attributable to shareholders decreased by 32.59% to ¥1,029,035,665.06 at the end of 2020, down from ¥1,526,506,604.82 at the end of 2019[17] - The basic earnings per share for 2020 was -¥0.7140, an improvement of 69.03% from -¥2.3056 in 2019[17] - The revenue after deducting non-recurring gains and losses was ¥1,074,571,313.23 in 2020, compared to ¥1,902,382,167.46 in 2019[18] - The company achieved operating revenue of CNY 1,131.48 million, with a net profit attributable to shareholders of CNY -479.55 million, primarily due to the impact of the pandemic on Gardner's revenue and the suspension of operations at炼石矿业[45] - The company reported a significant increase in cash and cash equivalents, up 82.86% compared to the beginning of the year, largely due to increased borrowing amid the pandemic[38] - The company recorded a 58.09% decrease in accounts receivable, reflecting reduced revenue due to the pandemic's impact[38] - The company reported a 30.69% decrease in total cash inflows from operating activities compared to the previous year[62] - The company reported a significant increase in revenue, with a year-over-year growth of 25% in 2020[97] - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a year-over-year growth of 20%[99] Operational Challenges - The company has faced uncertainties regarding its ability to continue as a going concern, as indicated in the audit report[18] - The company reported a significant drop in sales volume for molybdenum concentrate, with sales volume falling to 64 tons in 2020 from 1,248 tons in 2019, a decrease of 94.74%[51] - The subsidiary Gardner experienced a 42.79% decline in revenue due to the impact of the COVID-19 pandemic, significantly affecting the company's overall performance[63] - The company has accumulated goodwill of ¥2.434 billion, with a provision for goodwill impairment of ¥1.32 billion due to potential risks from the pandemic[84] - The company has recorded a goodwill impairment provision of CNY 198.83 million, which has negatively impacted its performance[45] - The company has faced risks related to policy changes, exchange rate fluctuations, customer dependency, and potential goodwill impairment[84] Investments and Strategic Focus - The company has made significant investments in the aerospace sector, particularly through the acquisition of Gardner Aerospace Holdings Limited[16] - The company is focused on vertical integration across the entire aerospace manufacturing value chain, enhancing its competitive advantage in the industry[41] - The company has adopted single crystal blade manufacturing technology synchronized with Europe and the US, ensuring high efficiency in research and development capabilities[42] - The company plans to enhance its market share by transferring operations to lower-cost regions such as Poland and India, while continuing to control costs[83] - Future strategies include deepening customer relationships and expanding into the blade and aerospace component repair market[83] - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million allocated for potential deals[97] Research and Development - Research and development expenses were ¥7,069,305.59 in 2020, down 53.24% from ¥15,117,061.86 in 2019, representing 0.62% of total revenue[60] - The number of R&D personnel decreased by 28.82% to 158 in 2020, down from 222 in 2019[60] - The company is investing in R&D, with a budget increase of 15% for new technology development[97] - Investment in new technology development increased by 30%, focusing on enhancing product efficiency and sustainability[99] Shareholder and Governance Matters - The company plans not to distribute cash dividends or issue bonus shares[5] - The company did not distribute any profits to shareholders for the years 2018, 2019, and 2020, as it reported net losses in these periods[88] - The company has committed to avoiding any direct or indirect competition with its subsidiaries, ensuring that related parties do not engage in competing business activities[92] - The company has established measures to ensure the independence of its operations, including maintaining separate financial and operational structures from its parent company[93] - The company guarantees the independence of its management structure, ensuring that senior management does not hold positions in other controlled enterprises[95] - The company has committed to ensuring that all materials provided during the major asset acquisition are accurate and complete, with no misleading statements or omissions[96] - The company has pledged to support the board in establishing compensation systems linked to performance measures[96] Compliance and Regulatory Matters - The company has not faced any administrative penalties from the China Securities Regulatory Commission in the past 36 months[96] - The company has not reported any significant new product developments or technological advancements during the reporting period[91] - The company has not indicated any plans for market expansion or acquisitions in the near future[91] - The company has successfully adhered to the new revenue recognition standards effective from January 1, 2020, ensuring compliance with accounting regulations[101] - There were no significant legal disputes or regulatory penalties reported during the fiscal year, ensuring a stable operational environment[99] Employee and Management Information - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 4.602 million yuan[157] - The company employed a total of 1,714 staff, with 1,194 in production, 30 in sales, 180 in technical roles, and 54 in finance[158] - The educational background of employees includes 1 PhD, 189 Master's degrees, 298 Bachelor's degrees, and 1,019 with education below college level[159] - The company has implemented a comprehensive training system to enhance employee skills and safety awareness[161]

Revenue and Profit - Revenue for Q1 2021 was ¥237,225,070.07, a decrease of 46.42% compared to ¥442,766,109.27 in the same period last year[7] - Net profit attributable to shareholders was -¥43,654,946.50, representing an 84.47% decline from -¥23,664,713.91 year-over-year[7] - Total revenue for Q1 2021 was ¥237.23 million, a decrease of 46.42% compared to ¥442.77 million in Q1 2020, primarily due to the impact of the pandemic[15] - Net loss attributable to shareholders of the parent company was ¥43,654,946.50, compared to a loss of ¥23,664,713.91 in Q1 2020, representing an increase in loss of 84.5%[39] - The company reported a comprehensive loss of ¥75,307,021.47 for Q1 2021, compared to a loss of ¥80,415,358.90 in the same period last year, indicating a 6.9% improvement[39] Cash Flow - Net cash flow from operating activities was -¥108,388,189.12, a significant drop of 264.65% compared to -¥29,723,569.49 in the previous year[7] - Cash flow from operating activities was negative at ¥108.39 million in Q1 2021, worsening by 81.74% from a negative ¥29.72 million in Q1 2020, driven by reduced income and increased accounts receivable[16] - The total cash outflow from operating activities was 293,687,837.48, down from 547,126,100.57, showing a reduction of about 46.0%[45] - The company received cash inflow from operating activities totaling 185,299,648.36, a decrease of approximately 64.2% from 517,402,531.08 in the previous period[44] - Cash and cash equivalents rose significantly to ¥28,303,831.60 from ¥5,310,441.72, marking an increase of 433.5%[34] Assets and Liabilities - Total assets increased by 1.72% to ¥3,422,668,393.63 from ¥3,364,659,161.74 at the end of the previous year[7] - Current liabilities rose to ¥1.99 billion as of March 31, 2021, compared to ¥1.85 billion at the end of 2020[31] - The company's total liabilities increased to ¥1,225,666,516.10 from ¥1,175,570,359.60, reflecting a rise of 4.3%[35] - The company's total equity attributable to shareholders decreased to ¥953,984,580.63 from ¥1,029,035,665.06, a decline of 7.3%[34] - The company reported a total equity of ¥941.17 million as of March 31, 2021, slightly up from ¥916.48 million at the end of 2020[31] Operating Costs and Expenses - Operating costs decreased by 44.32% to ¥204.59 million in Q1 2021 from ¥367.46 million in Q1 2020, reflecting a corresponding decline in sales expenses[15] - Total operating costs for Q1 2021 were ¥281,919,478.73, down 39.5% from ¥466,971,538.95 in the same period last year[38] - R&D expenses were ¥2.34 million in Q1 2021, down 38.11% from ¥3.78 million in Q1 2020, attributed to increased production at Chengdu Hangyu[15] - Research and development expenses for Q1 2021 were ¥2,340,517.06, down 38.2% from ¥3,781,758.51 in Q1 2020[38] - The company incurred financial expenses of 17,569,544.80, up from 14,058,355.97 in the previous period, reflecting an increase of about 25.5%[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,565[10] - Basic and diluted earnings per share were both -¥0.0650, down 84.66% from -¥0.0352 in the same period last year[7] - Basic and diluted earnings per share for Q1 2021 were both -¥0.0650, compared to -¥0.0352 in Q1 2020[39] Government Subsidies and Other Income - The company recognized government subsidies amounting to ¥2,673,111.31 during the reporting period[8] - Other income surged by 349.23% to ¥2.67 million in Q1 2021, mainly due to training subsidies and tax refunds received[15]