Financial Performance - The company's operating revenue for the first half of 2020 was ¥481,716,088.51, a decrease of 23.38% compared to ¥628,726,791.18 in the same period last year[17]. - The net profit attributable to shareholders was ¥23,272,120.62, down 46.85% from ¥43,789,232.30 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was ¥17,395,306.35, a decline of 54.97% compared to ¥38,632,322.79 in the previous year[17]. - The company achieved a revenue of CNY 481.72 million in the reporting period, a decrease of 23.38% compared to CNY 628.73 million in the same period last year, primarily due to the impact of the pandemic and lower production capacity during the initial recovery phase[37]. - The company reported a net profit for the first half of 2020 of CNY 22,513,800.79, a decrease of 50.1% compared to CNY 44,924,527.47 in the same period of 2019[145]. - The company reported a total comprehensive income of CNY 13,710,548.06 for the first half of 2020, down from CNY 52,158,687.51 in the same period of 2019[146]. Cash Flow and Financial Position - The net cash flow from operating activities improved to -¥69,236,806.77, a 60.86% increase from -¥176,885,331.39 in the same period last year[17]. - The company reported a net cash inflow from financing activities of CNY 57,208,040.91, an increase of 40.50% year-on-year, mainly due to increased short-term borrowings[44]. - The company's cash and cash equivalents increased by 71.04% to CNY -35,780,452.77, driven by improved cash flow from operating and financing activities[44]. - The net cash flow from operating activities was -72,241,248.76 CNY, an improvement from -178,828,711.82 CNY in the previous period[153]. - The total cash and cash equivalents at the end of the period decreased to 199,144,497.75 CNY from 244,705,593.40 CNY[153]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,506,632,279.58, reflecting a 3.64% increase from ¥2,418,590,638.12 at the end of the previous year[17]. - The company's total liabilities increased to CNY 1,019,461,955.96 from CNY 945,976,678.89, reflecting an increase of about 7.7%[133]. - The company's short-term borrowings rose to CNY 270,900,000.00, representing 10.81% of total assets, due to the need for working capital[48]. - The company's total liabilities decreased to 672,590,000 CNY from 744,740,000 CNY, reflecting a reduction of approximately 9.7%[164]. Research and Development - The company established a joint research and development center with East China University of Science and Technology, increasing its technology innovation platforms to six[38]. - The company authorized 14 patents during the reporting period, including 2 invention patents, and applied for 38 patents, with 19 being invention patents[38]. - Research and development investment increased by 22.47% to CNY 17,824,041.59, reflecting a significant increase in funding for R&D projects[44]. Operational Challenges - The ongoing COVID-19 pandemic has negatively impacted the industry, leading to production slowdowns and increased competition in the domestic market[25]. - The company faced challenges such as delayed orders and inventory buildup due to the pandemic, affecting overall operational efficiency[25]. - Revenue from nuclear engineering valves dropped by 77.59% year-on-year, primarily due to the impact of the nuclear power project cycle[44]. Shareholder Information - The company reported a total of 383,417,593 shares outstanding, with 100% being unrestricted shares[109]. - The largest shareholder, China Nuclear Suzhou Valve Co., Ltd., holds 17.92% of the shares, totaling 68,715,360 shares[112]. - The second largest shareholder, China National Nuclear Corporation, owns 9.33% of the shares, amounting to 35,753,819 shares[112]. Corporate Governance and Compliance - The company did not distribute cash dividends or issue bonus shares during this reporting period[6]. - The half-year financial report was not audited[70]. - The company reported no significant litigation or arbitration matters during the reporting period[72]. - The company did not engage in any significant equity or non-equity investments during the reporting period[55][56]. Social Responsibility - The company actively participated in poverty alleviation efforts, purchasing local agricultural products worth nearly 260,000 yuan[96]. - The company donated 9,800 masks and 2,000 pairs of gloves to overseas clients during the pandemic[97]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, reflecting the company's financial position as of June 30, 2020[171]. - The company has made no significant changes to its accounting policies during the reporting period[100]. - The company’s accounting currency is Renminbi (RMB)[174].

中核苏阀科技实业股份有限公司 2020 年第一季度报告全文 中核苏阀科技实业股份有限公司 2020 年第一季度报告 2020 年 04 月 1 中核苏阀科技实业股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人彭新英、主管会计工作负责人陆振学及会计机构负责人(会计主 管人员)王静声明：保证季度报告中财务报表的真实、准确、完整。 2 中核苏阀科技实业股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 131,125,342.78 | 305,604,373.91 | -57.09% | | 归属于上市公司股东的净利润（元） | -18,162,885.82 ...

Financial Performance - The company's operating revenue for 2019 was CNY 1,265,879,384.10, representing a 3.23% increase compared to CNY 1,226,310,462.97 in 2018[18]. - The net profit attributable to shareholders for 2019 was CNY 135,758,936.11, a 31.82% increase from CNY 102,986,326.82 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 123,899,240.38, up 41.39% from CNY 87,626,646.13 in 2018[18]. - The basic earnings per share for 2019 was CNY 0.3541, an increase of 31.83% compared to CNY 0.2686 in 2018[18]. - The total assets at the end of 2019 were CNY 2,418,590,638.12, reflecting a 7.23% increase from CNY 2,255,604,717.35 at the end of 2018[18]. - The net assets attributable to shareholders at the end of 2019 were CNY 1,472,613,959.23, an 8.50% increase from CNY 1,357,228,037.09 at the end of 2018[18]. - The company's total operating revenue for 2019 was ¥1,265,879,384.10, representing a 3.23% increase from ¥1,226,310,462.97 in 2018[45]. - The revenue from valve manufacturing accounted for 98.53% of total operating revenue, amounting to ¥1,247,283,604.09, which is a 4.37% increase from the previous year[45]. - The company reported a total revenue of 1,200 million CNY for the fiscal year 2019, reflecting a year-on-year growth of 15%[105]. - The net profit attributable to shareholders was 150 million CNY, representing an increase of 10% compared to the previous year[105]. - The company reported a total revenue of 3,895.7 million for the year 2019, with a growth rate of 3.08% compared to the previous year[120]. - The company reported a total revenue of 15,056 million yuan for the year 2019, with a 1.00% increase in sales price[122]. Cash Dividends - The company plans to distribute a cash dividend of 1.07 RMB per 10 shares to all shareholders, based on a total of 383,417,593 shares[5]. - The company maintains a stable cash dividend policy, distributing a cash dividend of 0.90 yuan per 10 shares to all shareholders based on the total share capital of 383,417,593 shares as of the end of 2018[93]. - The company distributed cash dividends of 0.40 CNY per 10 shares in 2017, totaling 15,336,703.72 CNY[94]. - In 2018, the cash dividend increased to 0.90 CNY per 10 shares, amounting to 34,507,583.37 CNY[95]. - For 2019, the cash dividend was further raised to 1.07 CNY per 10 shares, totaling 41,025,682.45 CNY[96]. - The cash dividends for 2019 represented 30.22% of the net profit attributable to the company's shareholders[96]. - The total distributable profit for 2019 was 653,669,831.37 CNY, with cash dividends constituting 100% of the profit distribution[97]. - The company has a cash dividend policy that ensures at least 20% of profit distribution is allocated to cash dividends during growth phases[97]. Corporate Governance - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the annual report[4]. - The company’s legal representative is Peng Xinying, who oversees the overall operations and governance[13]. - The company operates under the regulatory framework of the Company Law and Securities Law of the People's Republic of China[10]. - The company has committed to avoiding any competition with its controlling shareholder, China Nuclear Industry Group, in its main business activities[99]. - The company has ongoing commitments to fulfill promises made regarding non-competitive practices and related party transactions[100]. - The company’s board of directors was re-elected, with new candidates nominated for both independent and non-independent director positions[154]. - The company elected Chen Guang and Chen Gang as candidates for the seventh supervisory board, approved on February 14, 2019[155]. - The seventh board of directors elected a new chairman and appointed senior management on February 19, 2019[156]. - The company approved several related party transactions throughout 2019, including a significant transaction on December 30, 2019[165]. Research and Development - The company achieved significant progress in R&D, particularly in the development of steam isolation valves and addressing critical technology challenges[28]. - The company has focused on developing high-end special valves, completing several key technology projects during the reporting period[58]. - The company is actively pursuing the localization of key nuclear power valve technologies, achieving notable progress in the development of the main steam isolation valve drive device[41]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency[195]. Market Expansion - The company expanded its market presence, particularly in nuclear engineering and petrochemical sectors, with increased order intake[29]. - The company achieved a 24.58% year-on-year growth in foreign trade order intake, driven by international market expansion efforts[40]. - The company has established a new office in Xiong'an New Area to capitalize on significant project opportunities, aiming to secure more orders[39]. - The company plans to strengthen domestic and international market development, targeting new orders and expanding into emerging markets, particularly in the Middle East, the US, Europe, and Southeast Asia[83]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence[195]. Financial Position - The company reported a negative net cash flow from operating activities of CNY -78,968,083.69 in 2019, a decrease of 237.21% compared to CNY 57,553,529.58 in 2018[18]. - The weighted average return on equity for 2019 was 9.53%, up from 7.75% in 2018[18]. - The company's monetary funds at the end of 2019 amounted to ¥263,468,694.80, accounting for 10.89% of total assets, a decrease of 1.12% compared to the beginning of the year[65]. - Accounts receivable increased to ¥751,372,096.60, representing 31.07% of total assets, an increase of 0.43% year-on-year due to delayed payments from some customers[65]. - The total cash and cash equivalents decreased by 155.10% year-on-year, attributed to the decline in net cash flow from operating and investment activities[62]. - The company reported a significant increase in financial expenses by 202.27% to CNY 7,525,817.55 due to increased financing costs[57]. - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[103]. Social Responsibility - The company emphasizes its corporate social responsibility, focusing on resource conservation and environmental friendliness[139]. - The company invested approximately 260,000 CNY in purchasing local agricultural products to support poverty alleviation efforts in Shizhu County[150]. - The company organized blood donation activities, achieving a total donation volume of nearly 50,000 milliliters, exceeding the set target by 10 times[150]. - The company upgraded pollution control facilities and ensured compliance with environmental standards, with total COD emissions recorded at 5.575 tons against a limit of 8.896 tons[152]. - The company received ISO certifications including ISO9001, ISO14001, and OHSAS18001 to ensure compliance with quality and environmental management standards[147]. - The company is actively involved in community outreach, including nuclear knowledge education programs for local students[150]. Employee and Management Compensation - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 5.22383 million CNY[197]. - The annual allowance for independent directors is set at 80,000 CNY (including tax)[197]. - The decision-making process for senior management remuneration is based on industry averages and company performance goals, with the general manager's base salary serving as a benchmark[196]. - The base salary for senior management is determined to be 60%-90% of the general manager's base salary, while performance-based annual salary is set at 75%-90%[196]. - The current chairman and party secretary, Peng Xinying, received a total pre-tax remuneration of 792,600 CNY[198]. - The company does not have any stock incentive plans for directors and senior management during the reporting period[199]. Industry Context - The company operates in a competitive valve manufacturing industry, which has become a global leader in production capacity and market demand[80]. - The industry is characterized by low concentration, with significant gaps in high-end valve R&D and manufacturing technology compared to foreign counterparts[80]. - Future industry trends indicate ongoing structural adjustments and increased capital operations within the sector[80]. - The company specializes in the production and sales of nuclear fuel, nuclear materials, uranium products, and related nuclear technologies[176].

2019 年 10 月 1 中核苏阀科技实业股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 中核苏阀科技实业股份有限公司 2019 年第三季度报告全文 中核苏阀科技实业股份有限公司 2019 年第三季度报告全文 （000777） 公司负责人彭新英、主管会计工作负责人陆振学及会计机构负责人(会计主 管人员)王静声明：保证季度报告中财务报表的真实、准确、完整。 2 中核苏阀科技实业股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,348,224,132.53 | 2,255,604,717.35 | | 4.11% | | 归属于上市公司股东的 ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥628,726,791.18, representing a 15.15% increase compared to ¥546,009,245.15 in the same period last year[17]. - The net profit attributable to shareholders was ¥43,789,232.30, a significant increase of 57.36% from ¥27,826,639.12 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥38,632,322.79, up 69.05% from ¥22,853,258.69 year-on-year[17]. - The company reported a basic earnings per share of ¥0.1142, which is a 57.30% increase compared to ¥0.0726 in the same period last year[17]. - The company's revenue for the reporting period reached RMB 628.73 million, representing a year-on-year increase of 15.15% due to a significant rise in order intake and delivery volume[34]. - The company reported a significant increase in investment income, amounting to RMB 39,741,226.65, which constituted 95.23% of total profit[44]. - The company's sales revenue for the reporting period increased significantly, reaching RMB 620,161,002.69, a year-on-year growth of 20.43%[42]. - The company reported a total comprehensive income of CNY 51,023,392.34 for the first half of 2019, compared to CNY 22,571,325.28 in the same period of 2018, indicating a substantial increase[127]. - The total comprehensive income for the first half of 2019 was 52,158.68 million RMB, showing a decrease of 5.86% compared to the previous period[149]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,333,059,316.73, reflecting a 3.43% increase from ¥2,255,604,717.35 at the end of the previous year[17]. - The company's long-term prepaid expenses increased by 86.9% compared to the beginning of the year, primarily due to the addition of new prepaid projects during the reporting period[27]. - The company's cash and cash equivalents decreased by 45.33% compared to the beginning of the year, mainly due to cash dividend distribution and increased procurement payments and tax payments[27]. - The accounts receivable notes increased by 167% compared to the beginning of the year, primarily due to the collection of accounts receivable that included undated acceptance bills[27]. - The company's total assets included RMB 148,252,318.90 in cash, which accounted for 6.35% of total assets, an increase from 4.92% in the previous year[46]. - Accounts receivable increased to RMB 866,265,628.60, representing 37.13% of total assets, up from 34.70% year-on-year[46]. - The company's total liabilities rose to CNY 956,932,471.58 from CNY 898,376,680.26, indicating an increase of approximately 6.5%[118]. - The company's equity attributable to shareholders increased from CNY 1,357,228,037.09 to CNY 1,376,126,845.15, reflecting a growth of about 1.4%[118]. - The total liabilities at the end of the reporting period were 568,230.00 million RMB, compared to 557,930.00 million RMB at the beginning of the period[150]. Research and Development - The company has established 31 technology advancement projects for 2019, with key projects such as the development of a fast isolation valve for demonstration fast reactors and a sodium valve standard library being actively promoted[35]. - The company obtained 5 authorized patents during the reporting period, all of which are utility model patents, and filed 26 patent applications, including 13 invention patents[35]. - Research and development investment rose to RMB 14,553,904.76, marking a 35.28% increase compared to the previous year[39]. - Research and development expenses for the first half of 2019 were CNY 14,553,904.76, compared to CNY 10,758,675.61 in the same period of 2018, marking an increase of 35.0%[126]. Operational Strategy - The company continues to focus on the research, production, and sales of industrial valves, with key products including gate valves, globe valves, check valves, ball valves, butterfly valves, and control valves[25]. - The company has implemented a production organization model combining "sales-driven production" and "production-driven sales" to optimize its manufacturing process[25]. - The company emphasizes innovation by achieving localization of key valves such as main steam isolation valves and rupture valves, which has led to successful order fulfillment and subsequent project orders[25]. - The company has optimized production resource allocation and implemented a daily planning management model to enhance production efficiency[26]. - The company is focusing on expanding its market presence and enhancing product development strategies[70]. - The company is engaged in ongoing research and development of new technologies to improve operational efficiency[70]. - The company plans to explore potential mergers and acquisitions to strengthen its market position[70]. - The company aims to enhance user data analytics to better understand market trends and customer needs[70]. - The company is actively pursuing strategic partnerships to leverage synergies and drive growth[70]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[6]. - The company reported a 12.98% increase in operating costs, which was primarily due to the substantial increase in sales revenue during the reporting period[38]. - Financial expenses surged by 140.88% to RMB 4,682,832.03, primarily due to increased interest expenses from short-term borrowings[39]. - The net cash flow from operating activities was -RMB 176,885,331.39, reflecting a 117.20% decline year-on-year[39]. - The cash flow from financing activities resulted in a net inflow of CNY 40.72 million in the first half of 2019, significantly improving from CNY 2.52 million in the first half of 2018[136]. - The cash flow from investment activities showed a net inflow of 13,224,124.33, a recovery from a net outflow of -50,909,068.41 in the previous year[139]. Market and Competition - The valve industry is highly competitive, with increased domestic competition following the escalation of US-China trade tensions[59]. - The company is facing strategic risks due to uncertainties in national policies and industry environment, which may delay capital operation projects[59]. - The company has identified high levels of accounts receivable and slow inventory clearance as potential funding risks[59]. - Environmental regulations are becoming stricter, impacting certain production processes and increasing internal management pressure[59]. Governance and Compliance - The company held its first extraordinary general meeting on February 14, 2019, with an investor participation rate of 0.18%[62]. - The annual general meeting on April 26, 2019, had an investor participation rate of 0.06%[62]. - There were no major litigation or arbitration matters during the reporting period[67]. - The company did not implement any employee stock ownership plans or other incentive measures during the reporting period[68]. - The company did not experience any penalties or rectification issues during the reporting period[67]. - The company has passed the ISO 14001:2004 environmental management system certification, indicating a commitment to environmental protection and compliance with relevant laws[86]. Social Responsibility - In the first half of 2019, the company invested over 250,000 CNY in purchasing local agricultural products to support poverty alleviation efforts in Shizhu County[88]. - The company donated 40,000 CNY to the Hainan Tibetan Autonomous Prefecture Trade Union as part of its targeted poverty alleviation initiatives[88]. - The company plans to continue its charitable activities in the second half of 2019, including blood donation drives and educational outreach programs[90].

Financial Performance - The company's operating revenue for Q1 2019 was ¥305,604,373.91, representing an increase of 89.86% compared to ¥160,959,828.32 in the same period last year[9]. - The net profit attributable to shareholders was ¥12,255,851.56, a significant turnaround from a loss of ¥15,695,141.10 in the previous year, marking an increase of 178.09%[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥9,772,081.22, compared to a loss of ¥18,246,039.14 last year, reflecting a 153.56% improvement[9]. - The basic earnings per share increased to ¥0.0320 from a loss of ¥0.0409, showing a growth of 178.24%[9]. - The weighted average return on equity improved to 0.90% from -1.24%[9]. - The company reported a net cash flow from operating activities of -¥124,503,471.26, which is a 13.95% decline compared to -¥109,263,149.80 in the same period last year[9]. - The company reported a comprehensive income total of ¥21.79 million, compared to a comprehensive loss of ¥11.28 million in the previous period, reflecting a positive shift[46]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,213,258,929.83, a decrease of 1.88% from ¥2,255,604,717.35 at the end of the previous year[9]. - The total liabilities decreased to CNY 802,932,949.80 from CNY 862,912,915.83, a reduction of approximately 6.9%[38]. - The total equity attributable to shareholders increased to CNY 1,376,216,630.10 from CNY 1,357,228,037.09, reflecting a growth of 1.4%[33]. - The company's total current assets were 1,489,382,523.95 CNY, while total non-current assets were 766,222,193.40 CNY[57]. - The company's inventory stood at 463,626,503.79 CNY, indicating a stable level of stock[57]. Cash Flow - Cash and cash equivalents decreased by 45.62% to ¥147,478,405.23 due to increased cash payments for raw materials and taxes resulting from a significant rise in orders[16]. - The company's cash and cash equivalents decreased to CNY 147,478,405.23 from CNY 271,176,964.50, representing a decline of 45.4%[30]. - The net cash flow from operating activities was -122,128,092.40 CNY, compared to -108,903,354.74 CNY in the previous year, indicating a decline in cash generation from operations[53]. - Total cash inflow from operating activities was 171,676,199.47 CNY, while cash outflow was 293,804,291.87 CNY, resulting in a cash outflow of 122,128,092.40 CNY[53]. Expenses - Operating costs rose by 76.94% to ¥239,046,599.29, primarily due to the increase in operating revenue[16]. - Sales expenses increased by 81.61% to ¥29,959,447.36, attributed to higher performance rewards for sales personnel and increased logistics costs[16]. - Tax expenses surged by 317.74% to ¥16,601,114.24, mainly due to a significant increase in value-added tax and other related taxes[17]. - Research and development expenses were CNY 8,708,360.72, slightly up from CNY 8,576,345.75, indicating a focus on innovation[39]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 80,357[12]. - The company's legal representative is Peng Xinying[62]. Government Support - The company received government subsidies amounting to ¥2,913,662.86 during the reporting period[10].

Financial Performance - The company's operating revenue for 2018 was CNY 1,226,310,462.97, representing a 40.33% increase compared to CNY 873,853,363.76 in 2017[18]. - The net profit attributable to shareholders for 2018 was CNY 102,986,326.82, a significant increase of 131.11% from CNY 44,560,926.65 in 2017[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 87,626,646.13, up 175.90% from CNY 31,760,174.56 in 2017[18]. - The net cash flow from operating activities for 2018 was CNY 57,553,529.58, a turnaround from a negative cash flow of CNY -76,598,034.53 in 2017, marking a 175.14% improvement[18]. - The basic earnings per share for 2018 was CNY 0.2686, an increase of 131.15% compared to CNY 0.1162 in 2017[18]. - The total assets at the end of 2018 were CNY 2,255,604,717.35, reflecting a 9.17% increase from CNY 2,066,228,575.32 at the end of 2017[18]. - The net assets attributable to shareholders at the end of 2018 were CNY 1,357,228,037.09, a 6.22% increase from CNY 1,277,777,648.59 at the end of 2017[18]. - The company reported a weighted average return on equity of 7.75% for 2018, up from 3.43% in 2017[18]. - The quarterly operating revenue for Q4 2018 was CNY 394,543,329.41, contributing to the overall annual growth[22]. - The company experienced a net profit of CNY 49,204,059.00 in Q4 2018, indicating strong performance in the last quarter[22]. Dividend Policy - The company reported a cash dividend of 0.90 RMB per 10 shares, based on a total of 383,417,593 shares, with no bonus shares issued[4]. - The cash dividend for 2018 is set at CNY 0.90 per 10 shares, based on a total share capital of 383,417,593 shares[98]. - The total distributable profit at the end of 2018 was CNY 563,362,440.46 after accounting for the dividends paid[99]. - The company has maintained a consistent cash dividend policy, with no capital reserve fund conversion to share capital in the past three years[94]. - The cash dividends distributed in 2018 accounted for 100% of the total profit distribution[99]. - The company has adhered to the regulations set by the China Securities Regulatory Commission regarding cash dividends[94]. - The company plans to continue its cash dividend policy to protect shareholder rights and promote long-term development[99]. - The company has not proposed any stock bonus issues in the recent years, focusing solely on cash dividends[98]. Corporate Governance - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the annual report[4]. - The board of directors and management have committed to ensuring the accuracy of the financial report, taking legal responsibility for its content[4]. - The company has established a comprehensive labor contract system, improving the labor contract rate and compliance rate[137]. - The governance structure includes a board of directors and a supervisory board with a high degree of independence, ensuring effective checks and balances[192]. - The company has implemented a diverse and dynamic salary assessment system based on market research and job roles[188]. - The company operates independently from its controlling shareholder, with a complete and autonomous business, personnel, asset, institutional, and financial structure[195]. - The company has established independent production and administrative departments, ensuring compliance with its operational characteristics[196]. - The company has conducted multiple shareholder meetings, with participation rates around 0.06% to 0.07%[197]. Market Position and Strategy - The company’s market position remains strong, with a leading role in the domestic valve industry, particularly in high-end valve markets such as nuclear engineering and petrochemicals[29]. - The company is focusing on innovation-driven development, with key research projects advancing in nuclear power safety valves and other critical technologies[39]. - The company plans to accelerate the implementation of its "13th Five-Year Plan" to enhance core competitiveness and ensure stable growth in economic benefits and operational scale[82]. - The company aims to accelerate domestic and international market expansion, focusing on new customer acquisition and strengthening existing strategic customer relationships[83]. - The company is actively pursuing mergers and acquisitions to strengthen its market position amid increasing competition in the valve industry[82]. - The high-end valve market in China still has significant growth potential, particularly in engineering applications[81]. - The company is focusing on high-end valve demand, which is expected to rise due to national policies like "Belt and Road" and "Made in China 2025"[81]. Research and Development - The company achieved substantial progress in key research projects, including the successful application of the main steam isolation valve in the "Hualong One" project[28]. - The company successfully developed new products, including a prototype for a process ball valve used in the hydrocracking unit, filling a domestic gap[39]. - The company applied for 74 patents, including 37 invention patents, and published 25 papers in authoritative journals[39]. - Research and development expenses increased by 7.22% to ¥42,316,562.37, representing 3.45% of operating revenue[59]. - Key technology innovations will be prioritized, including the development of critical valves for LNG and petrochemical applications, as well as the upgrade of existing product lines[85]. Social Responsibility and Community Engagement - The company has been recognized as an advanced unit in creating a civilized organization in Jiangsu Province, reflecting its commitment to social responsibility[136]. - In 2018, the company purchased local agricultural products worth CNY 260,000 to support poverty alleviation efforts in Tongxin County[143]. - The company organized blood donation activities, with a total of over 36,000 milliliters donated, significantly exceeding the target of 5,000 milliliters[143]. - The company sent nearly 270 kilograms of clothing to areas in need, including Yushu in Qinghai and Kashgar in Xinjiang[143]. - The company has committed to ongoing poverty alleviation activities in 2019, including targeted assistance and community support initiatives[145]. Financial Management and Risks - The company has experienced significant revenue growth, but high levels of accounts receivable and inventory pose risks to asset efficiency[87]. - The company faces strategic risks due to potential delays in capital operation projects influenced by national policies and industry changes[87]. - Market competition is intensifying, particularly from private valve enterprises, which may hinder the company's market expansion efforts[87]. - The company reported a related party transaction amounting to 4,430.9 million yuan, representing 3.61% of the same type of transaction amount[115]. - The company has established pricing principles based on market rates for its related party transactions[115]. Employee Management and Development - The company employed a total of 1,126 staff, including 626 production personnel and 123 technical personnel[186]. - The average training hours per employee were 28 hours, with a total of 15,576 training hours completed during the year[189]. - The company conducted 11 training programs with a completion rate of 100%[189]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 3.513 million CNY[185]. - The company has established a performance-based salary system for middle management, linking compensation to departmental performance against annual business goals[188].

中核苏阀科技实业股份有限公司 2018 年第三季度报告正文 证券代码：000777 证券简称：中核科技 公告编号：2018-038 2018 年 10 月 1 中核苏阀科技实业股份有限公司 2018 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 中核苏阀科技实业股份有限公司 2018 年第三季度报告正文 （000777） 公司负责人彭新英、主管会计工作负责人陆振学及会计机构负责人(会计主 管人员)王静声明：保证季度报告中财务报表的真实、准确、完整。 2 中核苏阀科技实业股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,207,147,545.73 | 2,066 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 546,009,245.15, representing a 62.23% increase compared to CNY 336,572,545.87 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 27,826,639.12, a significant increase of 1,107.60% from CNY 2,304,296.86 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 22,853,258.69, compared to a loss of CNY 4,132,490.44 in the same period last year, marking a 653.01% improvement[18]. - The basic earnings per share increased to CNY 0.0726, up 1,110.00% from CNY 0.0060 in the previous year[18]. - The total assets at the end of the reporting period were CNY 2,146,179,152.66, reflecting a 3.87% increase from CNY 2,066,228,575.32 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were CNY 1,283,455,363.32, a slight increase of 0.44% from CNY 1,277,777,648.59 at the end of the previous year[18]. Market and Industry Trends - The valve industry in China is expected to continue developing towards higher internationalization and modernization, with opportunities for high-end valve demand growth[25]. - The company is focusing on the domestic high-end valve market, particularly in nuclear power applications, which are expected to see increased demand[25]. - The company is actively participating in major nuclear power projects and has made progress in developing key valves for LNG and nuclear applications[36]. - The company has been recognized as a leading enterprise in the valve industry and has received multiple awards for its innovative products[31]. - The company has a strong brand presence with its "SUFA" trademark, recognized as a well-known brand in the domestic valve industry[33]. Financial Position and Cash Flow - Cash and cash equivalents decreased by 55.16% compared to the beginning of the year, mainly due to cash dividend distribution and increased procurement payments[30]. - Inventory increased by 22.95% compared to the beginning of the year, driven by a significant increase in order volume requiring delivery[30]. - The net cash flow from operating activities was -¥81,437,498.01, a decrease of 17.95% compared to the previous year, mainly due to extended payment cycles from customers[41]. - The company reported a 108.05% increase in net cash flow from financing activities, reaching ¥2,524,026.95, primarily due to reduced short-term borrowing and cash dividend distribution[42]. - The company's cash and cash equivalents decreased from ¥235,474,775.86 at the beginning of the period to ¥105,582,512.07 at the end, representing a decline of approximately 55.8%[118]. Investment and Development - The company plans not to distribute cash dividends or issue bonus shares[6]. - Research and development investment decreased by 47.04% to ¥10,758,675.61, attributed to delays in some projects, with funding expected to be allocated in the second half of the year[41]. - The company has filed for 21 patents, including 10 invention patents, and revised 15 national and industry standards, reflecting its commitment to innovation[37]. - The company is focusing on technological innovation, maintaining a leading position in key valve areas, and driving performance in high-end sectors like nuclear power and petrochemicals[28]. - The company plans to invest in advanced technologies to improve production efficiency and product quality[71]. Strategic Initiatives - The company is accelerating mergers and acquisitions to enhance competitive positioning in a highly fragmented market[27]. - The company has established a sales model combining direct sales, distribution, and agency to meet market demand effectively[28]. - The company is exploring strategic acquisitions to bolster its market presence and diversify its product offerings[71]. - Future guidance indicates a continued upward trend in revenue, with expectations of maintaining a growth rate above 15% for the next fiscal year[71]. - The company aims to enhance its competitive edge through strategic partnerships and collaborations[72]. Risk Management - Financial risks are highlighted due to high accounts receivable and inventory levels, which elevate asset impairment risks[59]. - The company is focusing on optimizing internal management responsibilities to strengthen risk management capabilities[60]. - The company faces significant market competition, particularly from private valve manufacturers transitioning to mid-to-high-end products, increasing market entry challenges[59]. Corporate Governance - The board of directors underwent changes, including the resignation of an independent director and subsequent elections[94]. - Several internal regulations, including the company charter and meeting rules, were revised and approved by the board[95]. - The company has not reported any significant events from its subsidiaries during the reporting period[98]. - The company has not experienced any changes in its controlling shareholder or actual controller during the restructuring process with China Nuclear Engineering Corporation[97]. Compliance and Social Responsibility - The company actively participates in social responsibility initiatives, including poverty alleviation efforts amounting to over 200,000 yuan in the reporting period[93]. - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities[91]. - There were no significant legal disputes or penalties reported during the period[67].

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) The board, supervisory board, and management collectively affirm the truthfulness, accuracy, and completeness of this quarterly report and its financial statements - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[4](index=4&type=chunk) - The company's responsible person, chief financial officer, and head of the accounting department all declare the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5](index=5&type=chunk) [Basic Company Information](index=3&type=section&id=Item%202.%20Basic%20Company%20Information) In Q1 2018, operating revenue grew **50.27%** to **161 million yuan** with a net loss of **15.7 million yuan**, and the company had **82,897 shareholders** with concentrated ownership [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2018, operating revenue grew **50.27%** to **161 million yuan**, but net profit attributable to shareholders was **-15.7 million yuan**, and operating cash flow significantly deteriorated to **-109 million yuan** Key Financial Indicators for Q1 2018 | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 160,959,828.32 | 107,110,925.40 | 50.27% | | Net Profit Attributable to Shareholders (Yuan) | -15,695,141.10 | -13,360,706.34 | -17.47% | | Net Cash Flow from Operating Activities (Yuan) | -109,263,149.80 | -32,772,574.69 | -233.40% | | Basic Earnings Per Share (Yuan/Share) | -0.0409 | -0.0348 | -17.53% | | Weighted Average Return on Net Assets | -1.24% | -1.05% | -0.19% | | Total Assets (Yuan) | 2,060,745,394.31 | 2,066,228,575.32 | -0.27% (compared to end of previous year) | | Net Assets Attributable to Shareholders (Yuan) | 1,261,477,007.94 | 1,277,777,648.59 | -1.28% (compared to end of previous year) | Non-Recurring Gains and Losses Items | Item | Amount from Year Start to End of Reporting Period (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 43,049.10 | | Government Grants Included in Current Profit/Loss | 2,865,762.86 | | Other Gains/Losses Meeting Non-Recurring Definition | 92,244.56 | | Less: Income Tax Impact | 450,158.48 | | **Total** | **2,550,898.04** | [Shareholder Information](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) As of Q1 2018, the company had **82,897 common shareholders**, with the top two state-owned entities holding a concentrated **27.25%** of shares - At the end of the reporting period, the total number of common shareholders was **82,897**[11](index=11&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | China National Nuclear Corporation Suzhou Valve Factory | State-owned Legal Entity | 17.92% | 68,715,360 | | China National Nuclear Corporation | State-owned Legal Entity | 9.33% | 35,753,819 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Entity | 2.65% | 10,152,600 | - The company's controlling shareholder, China National Nuclear Corporation, is the actual controller of the largest shareholder, CNNC Suzhou Valve Co., Ltd., establishing an associated relationship[12](index=12&type=chunk) [Significant Events](index=6&type=section&id=Item%203.%20Significant%20Events) The company experienced revenue growth alongside surging financial expenses, with significant events including controlling shareholder reorganization approval and high-tech enterprise re-certification [Analysis of Major Financial Data Changes](index=6&type=section&id=I.%20Changes%20and%20Reasons%20for%20Major%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) The company experienced **50.27%** operating revenue growth, but financial expenses surged **3321.32%** due to exchange losses and borrowings, while monetary funds decreased **50.68%**, increasing cash flow pressure Major Balance Sheet Item Changes | Item | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | | Monetary Funds | -50.68% | Decrease in cash receipts from sales collection and increase in cash payments for purchases | | Other Current Assets | 791.42% | Increase in input VAT credit | | Construction in Progress | 219.54% | Increase in uncompleted construction projects | Major Income Statement Item Changes | Item | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 50.27% | Significant year-on-year increase in sales orders leading to higher delivery volumes | | Financial Expenses | 3321.32% | Significant increase in exchange losses due to USD depreciation and increased interest expenses on bank borrowings | | Investment Income | 34.17% | Increase in investment income from associate companies accounted for using the equity method | Major Cash Flow Statement Item Changes | Item | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | -39.53% | Increase in accounts receivable and higher proportion of bank acceptance bills in cash collection | | Cash Paid for Acquisition of Fixed Assets and Other Assets | 162.14% | Increase in acquisition of fixed assets | | Impact of Exchange Rate Changes on Cash | -2061.75% | Significant increase in exchange losses due to USD depreciation | [Progress of Significant Events](index=8&type=section&id=II.%20Progress%20of%20Significant%20Events%2C%20Their%20Impact%2C%20and%20Analysis%20of%20Solutions) Key developments include the approval of the controlling shareholder's strategic reorganization, successful high-tech enterprise re-certification, and revisions to corporate governance documents - The strategic reorganization between controlling shareholder China National Nuclear Corporation and China Nuclear Engineering & Construction Corporation received approval[20](index=20&type=chunk) - The company successfully passed its high-tech enterprise re-certification and obtained the certificate[20](index=20&type=chunk) - The company revised its Articles of Association, Rules of Procedure for Shareholders' Meetings, Rules of Procedure for Board Meetings, and Rules of Procedure for Supervisory Board Meetings[20](index=20&type=chunk) [Fulfillment of Commitments](index=8&type=section&id=III.%20Unfulfilled%20Commitments%20by%20the%20Company%2C%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Concerned%20Parties%20Beyond%20Due%20Date%20in%20the%20Reporting%20Period) No unfulfilled commitments beyond the due date were reported by the company or related parties during the period, indicating good compliance - The company reported no unfulfilled commitments beyond the due date by relevant parties during the reporting period[21](index=21&type=chunk) [Half-Year Performance Forecast](index=8&type=section&id=IV.%20Forecast%20of%20Operating%20Performance%20for%20January-June%202018) The company did not issue a performance forecast for January-June 2018, nor any warnings regarding potential losses or significant changes - The company did not provide a forecast for its operating performance for January-June 2018[22](index=22&type=chunk) [Securities Investment](index=9&type=section&id=V.%20Securities%20Investment) The company did not engage in any securities investment activities during the reporting period - The company did not engage in securities investment during the reporting period[23](index=23&type=chunk) [Derivative Investment](index=9&type=section&id=VI.%20Derivative%20Investment) The company did not engage in any derivative investment activities during the reporting period - The company did not engage in derivative investment during the reporting period[24](index=24&type=chunk) [Investor Relations Activities](index=9&type=section&id=VII.%20Registration%20Form%20for%20Investor%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20in%20the%20Reporting%20Period) In Q1 2018, the company communicated with individual investors via phone, addressing concerns about controlling shareholder reorganization, performance, and stock price Summary of Investor Communication Activities | Reception Time | Reception Method | Reception Object | Research Topic | | :--- | :--- | :--- | :--- | | January-February 2018 | Telephone Communication | Individual | Controlling shareholder reorganization, company performance, order status, reasons for stock price decline, operating conditions | [Irregular External Guarantees](index=9&type=section&id=VIII.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[26](index=26&type=chunk) [Controlling Shareholder Fund Occupation](index=9&type=section&id=IX.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties) No non-operating fund occupation by the controlling shareholder or related parties was reported during the period - The company reported no non-operating fund occupation by its controlling shareholder or related parties during the reporting period[27](index=27&type=chunk)