四川泸天化股份有限公司 2015 年第一季度报告正文 证券代码：000912 证券简称：﹡ST 天化 公告编号：2015-039 四川泸天化股份有限公司 2015 年第一季度报告正文 1 四川泸天化股份有限公司 2015 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，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。 公司负责人宁忠培、主管会计工作负责人张斌及会计机构负责人(会计主管 人员)王斌声明：保证季度报告中财务报表的真实、准确、完整。 2 四川泸天化股份有限公司 2015 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 1,268,021,460.92 | 819,069,890.31 | 54.81% | | ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2014, representing a year-on-year increase of 15%[23] - Net profit attributable to shareholders was 150 million RMB, an increase of 10% compared to the previous year[23] - The company reported a revenue of CNY 4,003,543,247.90 in 2014, a decrease of 1.70% compared to 2013[24] - The net profit attributable to shareholders was CNY -1,140,808,694.58, representing a decline of 242.41% year-on-year[24] - Operating profit decreased by 221.49% to CNY -140,383.54 million, primarily due to falling prices of urea products and reduced sales volume[28] - The company reported a total revenue of CNY 1,627.12 million with a net loss of CNY 528.47 million for the year 2014[62] - In 2014, the company reported a net loss attributable to shareholders of approximately ¥1.14 billion, marking a significant decline in profitability compared to previous years[82] Investment and Development - The company plans to invest 200 million RMB in new product development and technology upgrades in 2015[23] - The company launched six new products, including new types of urea and compound fertilizers, to enhance market competitiveness[28] - The company invested CNY 76.05 million in the He Ning Chemical Large Fertilizer Project, with a total planned investment of CNY 451.35 million, achieving 98% project completion[63] - The company is focusing on research and development of new products, particularly new types of fertilizers, to enhance its product offerings[70] - The company is actively pursuing a "6+2" strategic theme to improve production management and promote industrial structure upgrades[70] Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 30% increase in market share by 2016[23] - The company aims to transition from single nutrient fertilizers to diversified, compound, and high-end fertilizers, aligning with market trends[70] - The company is adapting to changes in the fertilizer industry, including the rise of e-commerce in agricultural inputs[69] Financial Management and Risks - The company has not declared any cash dividends for the year 2014, opting to reinvest profits into business growth[7] - Future guidance suggests a revenue target of 1.5 billion RMB for 2015, reflecting a growth rate of 25%[23] - The board has acknowledged potential risks in the upcoming year, including market volatility and regulatory changes[15] - The company faces risks from excess fertilizer production capacity and rising costs of raw materials, which could impact profitability[74] Operational Efficiency - The company is focusing on enhancing its supply chain efficiency, with a projected cost reduction of 5% in operational expenses[23] - The company plans to enhance operational efficiency through lean production and improve safety and environmental management systems[72] - The company is committed to strengthening internal controls and management reforms to improve operational performance[74] Cash Flow and Assets - The company’s cash flow from operating activities decreased by 4.14%, attributed to delayed collection of some receivables[29] - The total assets at the end of 2014 were CNY 12,643,409,611.23, a decrease of 8.39% from the previous year[24] - Cash and cash equivalents decreased by 304.10% to CNY -475,634,231.35, influenced by rising raw material prices and increased debt repayments[41] - The company's current assets decreased from CNY 3,190,450,374.41 to CNY 2,188,546,511.50, reflecting a decline of approximately 31.4%[196] Shareholder and Governance - The company will not distribute dividends or increase capital reserves for the fiscal year 2014 due to significant losses[82] - The company has established a comprehensive governance structure to protect the rights of minority shareholders and ensure fair practices[145] - The company has engaged Sichuan Huaxin (Group) CPA for internal control audits, with an audit fee of 680,000 yuan[107] - The company has committed to resolving the industry competition issue with the controlling shareholder within one year following the transfer of shares[172] Employee and Training - The company employed a total of 5,109 staff members, with 2,964 (58.02%) being production personnel[139] - The training program in 2014 included 1,010 projects, with a total of 31,784 participants and a completion rate of 94.2%[142] - The company completed 81 training plans in 2014, focusing on enhancing the skills of technical and operational staff[142] Related Party Transactions - The total amount of related party transactions for the year was CNY 342.29 million, significantly lower than the approved amount of CNY 1.852 billion due to the acquisition of Green Source Alcohol Co., Ltd.[92] - The company has engaged in various related party transactions, including purchasing goods and services, with a total transaction amount of CNY 274.10 million[92] Acquisitions - The company has acquired a 98.46% stake in Sichuan Lutianhua Green Source Alcohol Industry Co., Ltd., with a transaction value of approximately ¥61.55 million[78] - The company acquired a 49.23% stake in Sichuan Lvtianhua Green Source Alcohol Co., Ltd. for a total price of CNY 61,547,090.59, with the acquisition completed in December 2014[90] Compliance and Audit - The audit committee of the board has been overseeing financial reports and internal control systems, ensuring compliance with relevant regulations[164] - The company has not encountered any violations related to insider trading or misuse of insider information during the reporting period, ensuring investor protection[155]

Financial Performance - Operating revenue for the reporting period was CNY 1,133,511,266.75, a decrease of 13.58% year-on-year[8] - Net profit attributable to shareholders was a loss of CNY 135,707,508.28, representing a decline of 286.19% year-on-year[8] - Basic earnings per share were CNY -0.232, down 286.23% compared to the same period last year[8] - Cash flow from operating activities increased by 223.79% to CNY 720,905,842.08 year-to-date[8] - Income tax expenses decreased year-over-year due to a reduction in total profit[25] Assets and Liabilities - Total assets at the end of the reporting period decreased by 3.08% to CNY 13,383,050,137.84 compared to the end of the previous year[8] - Net assets attributable to shareholders decreased by 22.10% to CNY 1,555,886,078.57 compared to the end of the previous year[8] - Accounts receivable increased by 89.61% to CNY 96,387,884.35 compared to the beginning of the year[15] - Other receivables increased by 130.31% to CNY 166,911,072.28 compared to the beginning of the year[15] - Long-term payables increased year-over-year primarily due to the company's financing lease activities during the year[23] - Other non-current liabilities increased year-over-year mainly due to government subsidies received[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,578[11] - The largest shareholder, Sichuan Chemical Holding Group Co., Ltd., holds 54.38% of the shares[11] - Sichuan Chemical Holdings currently holds 54.38% of the company's shares[28] Expenses and Financial Management - Employee compensation payable decreased year-over-year due to the utilization of prior year's salary surplus[21] - Interest payable decreased year-over-year as the company paid off the interest on borrowings at the beginning of the year[22] - Financial expenses increased compared to the same period last year due to the capitalization of borrowing interest not being applicable for construction projects[24] - Non-operating income increased year-over-year due to gains from fixed asset disposals and increased government subsidies[24] - Non-operating expenses increased year-over-year primarily due to increased losses from fixed asset disposals[25] Strategic Initiatives and Market Position - The company plans to address the competition issue between Sichuan Chemical Holdings and Luzhou Chemical through reasonable and effective means[28] - The company is inquiring about the performance impact of the Ningxia Dahua fertilizer project on this year's results[31] - The company is discussing the investment status of its subsidiary Tianhua Fubon Chemical's PTMEG project with investors[31] - The company is addressing inquiries regarding the sales performance of automotive urea products[31] - The company is evaluating the competitive situation in the market, particularly concerning its peers[31] - The company is engaged in discussions about its market strategies and potential expansions[31] Accounting and Reporting Changes - The company reclassified long-term equity investments valued at CNY 17,332,400 to available-for-sale financial assets as per the revised accounting standards[32] - The company has implemented new accounting standards effective July 1, 2014, affecting its consolidated financial statements[32] - The company is assessing the impact of the new accounting policies on its financial reporting[32] - The company is actively communicating with investors regarding its stock ownership by executives[30]

Financial Performance - The company's operating revenue for the first half of 2014 was CNY 2,205,432,536.50, a decrease of 9.88% compared to the same period last year[19]. - The net profit attributable to shareholders was a loss of CNY 213,824,222.48, representing a significant decline of 1,833.32% year-on-year[19]. - The net cash flow from operating activities was CNY 77,186,167.98, down 61.48% from the previous year[19]. - The company's total assets at the end of the reporting period were CNY 13,247,322,565.16, a decrease of 4.06% compared to the end of the previous year[19]. - The net assets attributable to shareholders decreased by 15.16% to CNY 1,718,513,360.48[19]. - The company reported a significant operating loss of CNY 28,975,000, a decrease of 13,969.95% year-on-year[28]. - Operating costs amounted to CNY 2,082,491,033.57, down 0.81% year-on-year, mainly due to reduced sales volume[31]. - The company reported a net loss of CNY -257,969,764.35, compared to a net loss of CNY -7,324,972.53 in the previous year[100]. - The company's total equity decreased from CNY 2,730,953,496.45 to CNY 2,306,925,430.82, a decrease of approximately 15.51%[94]. Investment and Projects - The company completed the ammonium nitrate granulation tower project, which will support the development of diversified products[28]. - The total investment in the Ningxia Dihua Fertilizer Project is planned at CNY 451,349,000, with CNY 46,232,240 invested during the reporting period and a cumulative investment of CNY 406,852,800, achieving 90.14% project progress[49]. - The company has invested 145 million CNY in the gasification project, which is currently under construction[77]. - The company is in the process of transferring costs related to the gasification project, with plans to settle payments by the end of August[77]. Market and Product Development - The company plans to continue promoting new products, although market introduction will take time due to ongoing price declines in major products[28]. - The company has established a strong brand reputation with its "Gongnong" urea product, recognized multiple times for quality[36]. - The company plans to launch three new products in the next quarter, aiming to capture a larger market share[5]. - The company is considering strategic acquisitions to enhance its product offerings and market reach[9]. - New product launches are expected to contribute an additional 500 million in revenue[114]. Financial Management and Strategy - Financial expenses increased by 47.42% to CNY 204,124,952.20, as interest on loans could not be capitalized following the completion of the PTMEG project[32]. - The company’s investment in external equity decreased by 18.40% compared to the previous year, totaling CNY 51,244,379.94[39]. - The company’s financial management strategy includes cash investments in various banks, with returns ranging from CNY 0.04 to CNY 2.14 million per transaction[44]. - The company has allocated 1.3 billion yuan for special reserves, ensuring financial stability for future investments[112]. Corporate Governance and Compliance - The company has established a governance structure that complies with the Company Law and relevant regulations, ensuring the protection of minority shareholders' rights[55]. - The company has implemented a strict information disclosure policy, ensuring timely and accurate reporting in accordance with legal requirements[61]. - The company has committed to continuous improvement in corporate governance and internal control systems[62]. - The financial report was approved by the board of directors on August 22, 2014, reflecting the company's commitment to transparency[135]. Shareholder Information - The controlling shareholder, Sichuan Chemical Holdings Group, holds 54.38% of the company's shares as of the reporting period[76]. - The total number of common shareholders at the end of the reporting period was 48,071, with the largest shareholder, Sichuan Chemical Holding Group, holding 54.38% of the shares[85]. - The company did not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital in the last fiscal year[50]. Cash Flow and Liquidity - The total cash and cash equivalents at the end of the period were ¥200,893,447.60, down from ¥729,121,982.66, a decrease of approximately 72.5%[106]. - The cash inflow from operating activities decreased to ¥2,087,052,782.99 from ¥2,579,277,496.02, representing a decline of approximately 19.1%[104]. - The net cash flow from financing activities was -¥432,985,754.27, compared to ¥674,445,237.47 in the previous period, indicating a significant decrease of about 164.2%[106]. Risk Management - The company is focusing on improving its risk management strategies to mitigate potential financial impacts[122]. - The company has implemented corrective measures, including enhancing the awareness of compliance with securities laws and regulations among its board members and management[80]. Operational Efficiency - The company will focus on optimizing production and sales coordination to maximize efficiency[28]. - The overall operating expenses were reduced by 3% compared to the previous year, improving operational efficiency[10]. - Operating expenses increased by 8%, primarily due to higher marketing costs[114]. User Engagement and Market Trends - User data showed an increase in active users by 9.2% year-over-year, reaching 1,400,000,000[4]. - User data indicates a 20% increase in active users, suggesting strong customer engagement[112]. - User data indicated an increase in customer base by 12% over the last year, reaching a total of 1.2 million active users[118].

Financial Performance - Revenue for the first quarter was ¥789,820,299.33, a decrease of 3.41% compared to ¥817,670,776.18 in the same period last year[8] - Net profit attributable to shareholders was a loss of ¥76,244,205.07, representing a decline of 1,483.33% from a profit of ¥5,511,626.05 in the previous year[8] - Basic and diluted earnings per share were both -¥0.13, down 1,544.44% from ¥0.009 in the same period last year[8] - Net cash flow from operating activities was -¥124,916,568.19, a decrease of 40.78% compared to -¥88,733,020.16 in the previous year[8] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,573,105,236.88, an increase of 1.62% from ¥13,356,840,579.24 at the end of the previous year[8] - Net assets attributable to shareholders decreased by 4.09% to ¥1,870,310,901.75 from ¥1,950,101,866.08 at the end of the previous year[8] - Other receivables increased by 96.47% compared to the beginning of the year, mainly due to an increase in financing lease deposits[15] - Prepayments increased by 22.43% compared to the beginning of the year, primarily due to an increase in material procurement prepayments[16] Expenses - Management expenses decreased by 30.06% year-on-year, attributed to improved internal management and reduced expenditures[20] - Financial expenses increased by 64.71% year-on-year, mainly due to interest on engineering projects that could not be capitalized[20] Shareholder Information - The company’s controlling shareholder, Sichuan Chemical Holdings Group, holds 54.38% of the company's shares as of the reporting period[25] - The company has committed to maintaining a cash dividend ratio of no less than 50% of the distributable profits for three consecutive years starting from 2005[23] - The cash dividend proposed for the 2005 fiscal year was CNY 0.3 per share, representing 52.10% of the distributable profits[23] - For the 2006 fiscal year, the proposed cash dividend was CNY 0.6 per share, which accounted for 90.10% of the distributable profits[23] - The proposed cash dividend for the 2007 fiscal year was CNY 0.36 per share, representing 50% of the distributable profits[23] Projects and Audits - The company is currently undergoing a project audit for the gasification project with an investment amount of CNY 145 million[27] - The company is in the process of transferring the gasification project to its subsidiary, Sichuan Coal Gasification, pending audit confirmation[27] - The company has been actively engaging with investors regarding project updates, including the PTMEG project and Ningxia fertilizer project[28] Competition and Control - The company has committed to resolving competition issues between Sichuan Chemical and Luzhou Tianhua in a reasonable and effective manner[25] - The company’s actual controller remains unchanged despite the transfer of shares to Sichuan Chemical Holdings Group[25]

Financial Performance - The company's operating revenue for 2013 was CNY 4,070,809,046.64, a decrease of 2.33% compared to CNY 4,167,930,031.63 in 2012[21]. - The net profit attributable to shareholders for 2013 was a loss of CNY 297,512,362.76, representing a significant decline of 1,977.08% from a profit of CNY 15,849,779.68 in 2012[21]. - The basic earnings per share for 2013 were CNY -0.5086, a decline of 1,976.75% from CNY 0.0271 in 2012[21]. - The weighted average return on equity was -14.13% in 2013, a decrease of 14.82 percentage points from 0.69% in 2012[21]. - The company reported a net loss of CNY 366,516,938.90, compared to a net profit of CNY 79,476,280.70 in the previous year[200]. - The gross profit margin decreased significantly, leading to an operating profit of CNY -401,987,661.33, down from CNY 108,122,737.55 in the previous year[200]. Cash Flow and Assets - The net cash flow from operating activities improved to CNY 245,045,798.13 in 2013, compared to a negative cash flow of CNY -556,460,404.15 in 2012, marking a 144.04% change[21]. - The total assets at the end of 2013 were CNY 13,356,840,579.24, an increase of 1.90% from CNY 13,107,819,317.72 at the end of 2012[21]. - The net increase in cash and cash equivalents was CNY 223,365,964.15, a significant improvement of 388.73% compared to the previous year[41]. - The company's cash and cash equivalents decreased to CNY 1,512,382,199.64 from CNY 1,769,724,511.45, reflecting a decline of approximately 14.5%[191]. - The company's total liabilities amounted to CNY 10,703,803,006.08, up from CNY 10,050,244,559.57 at the start of the year, indicating a growth in financial obligations[193]. Operational Highlights - Operating costs increased to CNY 3,548.08 million, up 3.38% from the previous year, primarily due to rising raw material prices and increased production volume[28]. - The sales volume of fertilizer products increased by 10.78% to 1,438,189.29 tons, while the sales volume of chemical products decreased by 13.19% to 536,470.63 tons[31]. - The company’s major project, the PTMEG project, was successfully completed and put into production during the reporting period[27]. - The total revenue from chemical products reached CNY 608,917,187.75, representing a year-on-year increase of 8.95%[36]. Challenges and Future Outlook - The company anticipates facing challenges in 2014, as outlined in the future development strategy section of the board report[12]. - The company faces challenges such as rising raw material prices, a sluggish product market, and overcapacity in 2014[72]. - The company aims to achieve "turning losses into profits" through strategies focused on "production refinement, service integration, market-oriented operations, and standardized governance" in 2014[71]. Governance and Compliance - The company has committed to improving internal controls and governance structures to ensure compliance with relevant laws and regulations following the reprimand[104]. - The company has established a comprehensive internal control system, with all major units and businesses included in the evaluation, representing 100% of total assets and revenue in the consolidated financial statements[172]. - The company has maintained compliance with the insider information registration system, preventing any insider trading violations during the reporting period[144]. Shareholder and Investment Information - The company did not distribute any cash dividends or bonus shares for the year 2013[5]. - The company has not distributed any cash dividends in the last three years due to financial pressures and previous losses, with the last reported profit distribution being in 2011[86]. - The company has a total share capital of 585,000,000 shares, with 54.33% being restricted shares and 45.67% being unrestricted shares[108].