四川双马水泥股份有限公司 投资者关系活动记录表 编号：2021-7 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------- ...

四川和谐双马股份有限公司 投资者关系活动记录表 编号：2022-2 | --- | --- | --- | --- | |--------------------|--------------------------------------------------------------------------------------------------------------------------|------------------|--------| | | | | | | 投资者关系活动类别 | √特定对象调研 | □分析师会议 | | | | □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） | | | | 活动参与人员 | | | | | | 嘉实基金管理有限公司 李欣 华夏基金管理有限公司 季新星 兴证全球基金 邹欣 | | | | | 和聚投资 邱颖 | | | | | 创金合信基金 胡致柏 | | | | | 中银基金 刘腾 华夏基金管理有限公司 朱熠 | | | | | 太平资 ...

Financial Performance - The company's revenue for Q3 2022 was ¥269,689,326.72, a decrease of 11.32% compared to the same period last year[7]. - Net profit attributable to shareholders for Q3 2022 was ¥243,346,410.68, an increase of 27.40% year-on-year[7]. - The basic earnings per share for Q3 2022 was ¥0.32, reflecting a growth of 28.00% compared to the previous year[7]. - Total operating revenue for the third quarter reached ¥891,175,429.50, an increase of 5.5% compared to ¥846,406,447.31 in the same period last year[37]. - The net profit for the current period is CNY 763,033,656.36, an increase of 17.7% compared to CNY 648,167,032.42 in the previous period[41]. - The total profit for the current period is CNY 887,375,179.58, up from CNY 748,488,979.23, reflecting a growth of 17.6%[41]. - The basic and diluted earnings per share are both CNY 1.00, compared to CNY 0.85 in the previous period, representing a 17.6% increase[41]. - The total comprehensive income attributable to the parent company's owners is CNY 766,653,109.46, compared to CNY 649,589,224.41, an increase of 18%[41]. Assets and Liabilities - Total assets as of the end of Q3 2022 reached ¥7,044,925,686.88, representing an increase of 8.54% from the end of the previous year[7]. - The company's total equity attributable to shareholders was ¥6,436,294,390.41, an increase of 8.78% from the previous year[7]. - The total liabilities increased to ¥588,648,371.11 from ¥553,389,988.34, representing a rise of 6.4%[36]. - The company’s non-current liabilities totaled ¥242,171,961.97, up from ¥153,469,099.30, indicating a significant increase of 57.7%[36]. - Long-term equity investments increased to ¥4,006,975,653.93 from ¥3,274,116,605.83[31]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥204,219,836.07, showing a decrease of 22.05% year-on-year[7]. - Cash flow from operating activities for the current period is CNY 204,219,836.07, down from CNY 261,981,625.86, a decrease of 22%[44]. - Cash inflow from investment activities is CNY 1,103,487,762.53, significantly higher than CNY 537,757,560.81 in the previous period, indicating a growth of 105.5%[44]. - Cash outflow from investment activities is CNY 1,241,467,834.60, compared to CNY 1,558,051,943.62 in the previous period, showing a decrease of 20.3%[44]. - The net cash flow from financing activities is CNY -184,014,238.87, worsening from CNY -154,309,322.79 in the previous period[47]. - The cash and cash equivalents at the end of the period amount to CNY 536,988,671.87, compared to CNY 455,483,051.93 in the previous period, an increase of 17.9%[47]. - The cash and cash equivalents decreased to ¥554,644,338.81 from ¥690,349,962.05[31]. Research and Development - The company's R&D expenses for Q3 2022 amounted to ¥21,927,478.26, a significant increase of 140.48% year-on-year[15]. - Research and development expenses rose significantly to ¥21,927,478.26, compared to ¥9,118,278.24 in the previous year, marking an increase of 141.5%[37]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,166[21]. - Beijing Harmony Hengyuan Technology Co., Ltd. holds 26.52% of shares, totaling 202,446,032 shares[21]. - Tianjin Saikehuan Enterprise Management Center (Limited Partnership) holds 25.00% of shares, totaling 190,877,024 shares[21]. - Lafarge China Offshore Holding Company (LCOHC) holds 17.55% of shares, totaling 133,952,761 shares[21]. - The company has a total of 527,275,817 voting rights controlled, accounting for 69.07% of the total share capital[25]. - The company has 33,928,755 shares held through margin trading accounts[27]. Investment Income - Investment income for Q3 2022 was ¥935,863,088.35, a substantial increase of 305.30% compared to the same period last year[15]. - Investment income surged to ¥935,863,088.35, a substantial increase from ¥230,906,443.37 in the prior year, reflecting a growth of 304.5%[37]. Other Financial Metrics - The weighted average return on equity increased to 3.85%, up by 0.36 percentage points compared to the previous year[7]. - The company reported a significant decrease in trading financial assets from ¥451,454,990.87 to ¥100,096,666.67[31]. - The total current assets as of September 30, 2022, amount to ¥818,796,219.73, a decrease from ¥1,324,083,660.83 at the beginning of the year[31]. - Deferred income tax assets increased to ¥1,187,827.60 from ¥962,760.75, showing a rise of 23.4%[36]. - The company reported an unallocated profit of ¥4,373,758,726.95, up from ¥3,791,595,168.84, reflecting a growth of 15.4%[36].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 621,486,102.78, representing a 14.60% increase compared to CNY 542,307,521.52 in the same period last year[25]. - Net profit attributable to shareholders was CNY 522,042,827.35, up 13.79% from CNY 458,764,230.37 year-on-year[25]. - The net profit after deducting non-recurring gains and losses was CNY 509,836,932.62, reflecting a 13.13% increase compared to CNY 450,668,366.55 in the previous year[25]. - Basic and diluted earnings per share increased to CNY 0.68, a rise of 13.33% from CNY 0.60[25]. - The net cash flow from operating activities decreased by 40.41% to CNY 107,784,486.51 from CNY 180,883,414.82 in the same period last year[25]. - Operating costs increased by 31.78% to CNY 359,796,776.04, primarily due to a significant rise in coal prices affecting cement product costs[77]. - Investment income rose dramatically by 638.60% to CNY 562,132,833.68, driven by increased profits from joint funds and a change in accounting treatment for certain equity investments[80]. - The company reported a gross margin of 24.76% in the building materials segment, a decrease of 6.72 percentage points compared to the previous year[83]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,821,670,505.17, up 5.10% from CNY 6,490,394,829.20 at the end of the previous year[25]. - Net assets attributable to shareholders increased by 4.67% to CNY 6,193,059,672.02 from CNY 5,916,633,601.21[25]. - Cash and cash equivalents decreased to CNY 485,421,002.94, accounting for 7.12% of total assets, down 3.52 percentage points from the previous year[89]. - Long-term equity investments increased to CNY 3,633,274,834.32, representing 53.26% of total assets, up 2.81 percentage points year-over-year[89]. - Trade receivables rose to CNY 11,299,572.40, making up 0.17% of total assets, an increase of 0.12 percentage points compared to last year[89]. - Other non-current financial assets increased to CNY 1,508,200,403.88, which is 22.11% of total assets, up 6.41 percentage points from the previous year[89]. - Inventory decreased to CNY 58,252,620.36, accounting for 0.85% of total assets, down 0.14 percentage points year-over-year[89]. - Short-term borrowings increased to CNY 26,938,132.72, representing 0.39% of total assets, up 0.01 percentage points from last year[89]. - Contract liabilities decreased to CNY 88,201,476.44, making up 1.29% of total assets, down 0.50 percentage points year-over-year[89]. Market and Industry Conditions - In the first half of 2022, the national cement production decreased by nearly 15% year-on-year, totaling 977 million tons, indicating a significant market contraction[40]. - The company’s main business areas faced significant pressure due to tight funding in real estate development and major engineering projects, impacting downstream demand for building materials[41]. - The overall GDP of China in the first half of 2022 was 56,264.2 billion yuan, with a year-on-year growth of 2.5%, indicating a stable economic recovery[52]. - The company is actively responding to government policies aimed at stabilizing the economy and promoting growth, optimizing its marketing strategies to strengthen core markets and customers[56]. - The company plans to diversify its market presence to reduce reliance on a single market, particularly focusing on expanding its sales radius beyond the Yibin area[110]. Environmental and Social Responsibility - The company emphasizes a dual-carbon goal and green enterprise development, aiming to create value while protecting the environment[34]. - The company is committed to reducing carbon emissions through equipment upgrades and the use of alternative raw materials, aligning with national environmental standards[56]. - The company invested CNY 1.97 million in environmental protection during the first half of the year[131]. - The total nitrogen oxide emissions from the company's cement kilns decreased by over 30% due to ultra-low emission technology upgrades[130]. - The company reported a total of 191.78 tons of nitrogen oxides emitted in the first half of the year, well within the permitted limits[127]. - The company has implemented continuous automatic monitoring for various pollutants, ensuring compliance with national emission standards[131]. - The company has taken measures to reduce carbon emissions, including replacing equipment with high-efficiency fans and motors, and using alternative raw materials like industrial waste[134]. - The company donated 12 tons of cement to support rural revitalization projects and another 12 tons for repairing houses for impoverished households[136]. Investment and Development Strategies - The company manages a private equity fund with a scale of nearly CNY 18 billion, focusing on sectors such as internet, health, advanced manufacturing, and cross-border e-commerce[34]. - The private equity fund investment management business maintained a good development momentum, emphasizing value investment and focusing on advanced manufacturing and consumer sectors[61]. - The company has established a mature investment management mechanism, including a comprehensive due diligence system and a dedicated post-investment management team[75]. - The company has developed an intelligent investment management platform to enhance its ability to monitor policy and industry trends, improving management efficiency and investment effectiveness[75]. - The company is committed to technological innovation, establishing a dedicated R&D center and collaborating with well-known universities to advance smart cement production technology[71]. Risk Management - The company faces risks from changes in domestic macroeconomic conditions, which could impact the cement and aggregate industry, leading to potential reductions in fixed asset investments and real estate development[108]. - The company is implementing strategies to mitigate risks from regional COVID-19 outbreaks by innovating marketing approaches while ensuring effective pandemic control measures[109]. - The company is addressing market risks related to slower-than-expected recovery in demand and potential price fluctuations due to excess capacity in the cement industry[109]. - The private equity investment management business is facing risks from international market fluctuations and ongoing pandemic impacts, which may affect fundraising and investment activities[114]. - The company emphasizes enhancing the professional management of its partnerships and maintaining strict investment standards to mitigate risks in the private equity sector[115]. Shareholder Information - The company has a total of 763,440,333 shares outstanding, all of which are unrestricted shares[171]. - The largest shareholder, Beijing Harmony Hengyuan Technology Co., holds 26.52% of the shares, amounting to 202,446,032 shares, which are currently pledged[175]. - The second-largest shareholder, Tianjin Saike Enterprise Management Center, holds 25.00% of the shares, totaling 190,877,024 shares[175]. - The third-largest shareholder, Lafarge China Offshore, owns 17.55% of the shares, equating to 133,952,761 shares[175]. - The company has not reported any changes in share capital or significant share repurchase activities during the reporting period[174].

Financial Performance - The company's operating revenue for Q1 2022 was ¥283,244,011.97, representing a 14.77% increase compared to ¥246,792,333.15 in the same period last year[4] - Net profit attributable to shareholders was ¥265,833,051.05, up 30.35% from ¥203,943,440.91 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥257,636,176.87, reflecting a 28.76% increase from ¥200,089,313.95 in the previous year[4] - Basic earnings per share increased to ¥0.35, a rise of 29.63% compared to ¥0.27 in the same period last year[4] - The total revenue for the current period is 314,501,080.68, compared to 234,521,262.69 in the previous period, representing an increase of approximately 34.1%[22] - The net profit for the current period is 265,161,856.18, up from 203,219,519.86 in the previous period, indicating a growth of about 30.5%[22] - The basic earnings per share for the current period is 0.35, compared to 0.27 in the previous period, reflecting a rise of approximately 29.6%[23] - The total comprehensive income for the current period is 266,158,773.57, compared to 203,352,945.32 in the previous period, which is an increase of about 30.8%[23] - The operating profit for the current period is 314,525,652.09, compared to 234,380,814.39 in the previous period, which is an increase of approximately 34.2%[22] Assets and Liabilities - Total assets as of March 31, 2022, were ¥6,663,696,240.94, a 2.67% increase from ¥6,490,394,829.20 at the end of the previous year[5] - The total liabilities decreased to CNY 524,299,266.84 from CNY 553,389,988.34, a reduction of about 5.26%[20] - The total equity attributable to the parent company increased to CNY 6,119,696,929.31 from CNY 5,916,633,601.21, representing an increase of approximately 3.43%[21] - Cash and cash equivalents decreased to CNY 575,626,676.11 from CNY 690,349,962.05, a decline of about 16.59%[19] - The cash and cash equivalents at the end of the period amount to 558,320,381.77, down from 1,256,205,573.79 in the previous period, reflecting a decrease of approximately 55.6%[28] Cash Flow - The company reported a net cash flow from operating activities of ¥40,565,030.67, down 26.03% from ¥54,839,827.01 in the same period last year[4] - Cash flow from operating activities for the current period is 40,565,030.67, down from 54,839,827.01 in the previous period, showing a decrease of about 26.0%[26] - Net cash flow from investing activities improved to -111,499,770.06 from -195,244,078.67, mainly due to more structured deposits maturing this period[10] - Cash inflow from investment activities is 555,536,815.18, compared to 105,370,310.00 in the previous period, marking a significant increase of approximately 426.0%[26] - The net cash flow from financing activities decreased to -25,507,979.74 from 28,503,503.65, primarily due to repayment of bank loans by subsidiaries this period[10] - The net cash flow from financing activities for the current period is -25,507,979.74, compared to 28,503,503.65 in the previous period, indicating a decline[28] Expenses and Income - The total operating costs for the current period amount to CNY 204,159,261.73, up from CNY 149,635,276.63 in the previous period, indicating an increase of about 36.51%[21] - The company reported non-recurring gains of ¥8,196,874.18, with government subsidies contributing ¥4,215,815.09 to this total[6] - Financial expenses decreased to -678,576.93 from -10,707,513.22, primarily due to reduced interest income from time deposits[10] - Investment income increased significantly to 415,629,155.71 from -4,986,221.72, mainly due to increased profits from associates and a change in accounting treatment for a subsidiary's equity investment[10] - Other income decreased by 86.40% to 42,588.49 from 313,088.39, primarily due to increased penalty income in the previous period[10] - Income tax expenses rose by 57.62% to 49,339,224.50 from 31,301,742.83, attributed to higher investment income compared to the same period last year[10] Shareholder Information - The total number of common shareholders at the end of the reporting period was 33,564, with no preferred shareholders[11] - The top shareholder, Beijing Harmony Hengyuan Technology Co., Ltd., holds 202,446,032 shares, representing 26.52% of total shares[13] - Tianjin Saike Environmental Management Center holds 190,877,024 shares, accounting for 25.00% of total shares[13] - Lafarge China Offshore Holding Company holds 133,952,761 shares, representing 17.55% of total shares[13] Accounts Receivable and R&D - The company experienced a significant increase in accounts receivable, which rose by 179.64% to ¥9,471,920.26 due to increased credit limits for customers[8] - Accounts receivable increased to CNY 9,471,920.26 from CNY 3,387,149.22, a rise of approximately 179.73%[19] - The company's research and development expenses for the current period are CNY 239,611.47, slightly up from CNY 220,390.77 in the previous period[21]

Financial Performance - The company's operating revenue for 2021 was ¥1,223,803,218.22, a decrease of 16.90% compared to ¥1,472,723,613.28 in 2020[6]. - Net profit attributable to shareholders was ¥988,734,250.75, representing an increase of 11.25% from ¥888,754,407.86 in the previous year[6]. - The net profit after deducting non-recurring gains and losses was ¥975,167,596.11, which is a significant increase of 58.67% compared to ¥614,569,702.91 in 2020[6]. - Basic earnings per share increased by 12.07% to ¥1.30 from ¥1.16 in 2020[6]. - Total revenue for 2021 was approximately ¥1.22 billion, a decrease of 16.90% compared to ¥1.47 billion in 2020[101]. - The cement business segment generated ¥930.40 million, accounting for 76.03% of total revenue, down 18.28% from ¥1.14 billion in 2020[101]. - The private equity investment management segment contributed ¥293.41 million, representing 23.97% of total revenue, a decline of 11.93% from ¥333.15 million in 2020[101]. - The gross margin for the cement business segment was 32.71%, an increase of 1.61 percentage points from the previous year[104]. - The company achieved a net profit of 989 million yuan, indicating growth during the reporting period[87]. Market and Industry Context - In 2021, the national cement production was 2.363 billion tons, a slight decrease of 1.2% year-on-year, indicating a high plateau phase in the industry[45]. - The real estate market showed a significant decline in new construction area and land acquisition, impacting cement demand negatively in the latter half of 2021[46]. - The cement industry is characterized by seasonal demand fluctuations, with a notable slowdown in demand during the rainy season and high temperatures[45]. - The company is exposed to fluctuations in raw material and energy costs, particularly coal and electricity, which significantly impact production costs[174]. - The ongoing COVID-19 pandemic may adversely affect fundraising, investment, management, and exit processes in the private equity sector, prompting the company to focus on value and long-term investments[176]. Operational Strategy and Business Segments - The company operates in two main business segments: building materials production and private equity investment management[70]. - The company aims to enhance its competitive advantage in the building materials sector through quality products and strong brand recognition[72]. - The private equity investment management business involves managing funds and providing management services, generating revenue through management fees and performance sharing[73]. - The company has a commitment to environmental, social, and governance (ESG) principles as part of its operational strategy[16]. - The company aims to achieve carbon peak and carbon neutrality through measures like developing alternative raw materials and researching new cement technologies[45]. Investment and Growth Initiatives - The company plans to invest 100 million in research and development to innovate and improve existing products over the next two years[189]. - The company is focused on investing in high-quality enterprises with strong profitability and cash flow, aligning with national policies to support the development of the real economy[152]. - The company aims to enhance its limestone resource reserves by integrating its existing two mines to support long-term production and operational development[164]. - The company plans to continue expanding its market presence and improving its customer structure, leveraging its established railway transportation resources[53]. - The company is committed to building an intelligent investment management platform, integrating advanced technology to enhance investment operations and support digital transformation in the financial sector[167]. Risk Management and Challenges - The company recognizes risks from macroeconomic fluctuations, including potential impacts on the cement and aggregate industries due to changes in fixed asset investments and real estate development[170]. - The company faces market risks related to supply-demand imbalances, particularly in the cement and aggregate sectors, which could affect pricing and competition[170]. - The company is implementing strategies to reduce carbon emissions and energy consumption in response to stricter environmental regulations and policies[175]. - The overall risk in the private equity investment industry has intensified due to changes in domestic and international economic conditions and related policies[176]. Research and Development - Research and development expenses increased by 265.62% to ¥33,755,499.13, primarily due to increased R&D activities[118]. - R&D investment for 2021 was ¥34,969,599.56, a 233.11% increase compared to 2020, representing 2.86% of operating revenue[122]. - The number of R&D personnel rose to 32, a 166.67% increase from 12 in 2020[122]. - The company has completed research on environmentally friendly cement production processes, which is expected to enhance product quality and market competitiveness[119]. Corporate Governance and Compliance - The company emphasizes a strong governance structure with a focus on decision-making, execution, and supervision to ensure long-term stability[42]. - The company adheres to safety and environmental management principles, achieving recognition as a "provincial safety culture construction demonstration enterprise" and a "first-level environmental integrity enterprise"[79]. - The company has received multiple certifications for quality and environmental management, reinforcing its commitment to high standards[89]. Customer and Supplier Relations - Total sales from the top five customers amounted to ¥546,585,573.07, accounting for 44.66% of the annual total sales[113]. - Total purchases from the top five suppliers reached ¥410,433,861.02, which is 72.74% of the annual total purchases[114].

Financial Performance - The company's revenue for Q3 2021 was ¥304,098,925.79, representing a decrease of 8.70% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2021 was ¥191,004,890.83, down 38.90% year-on-year[4]. - The basic earnings per share for Q3 2021 was ¥0.25, a decrease of 39.02% year-on-year[4]. - Total operating revenue for the third quarter was CNY 846,406,447.31, down 27.2% from CNY 1,163,024,223.56 in the previous year[29]. - Net profit for the quarter was CNY 648,167,032.42, representing a decrease of 6.8% from CNY 695,830,270.94 in the previous year[32]. - The total comprehensive income attributable to the parent company was CNY 649,589,224.41, compared to CNY 698,120,159.61 in the previous period, reflecting a decrease of approximately 7.0%[35]. - Basic and diluted earnings per share were both CNY 0.85, down from CNY 0.91 in the previous period, indicating a decline of about 6.6%[35]. Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥6,053,080,363.56, reflecting a 9.72% increase from the end of the previous year[4]. - The company's total assets increased to CNY 6,053,080,363.56, up from CNY 5,517,059,637.34 year-over-year[27]. - Total liabilities rose to CNY 456,672,020.52, compared to CNY 435,772,700.88 in the previous year[27]. - The company's long-term borrowings increased to ¥30,394,731.34, reflecting new bank loans taken during the period[10]. - The company's deferred tax liabilities increased by 230.78% to ¥95,302,717.80, driven by increased fair value gains on financial assets and investment income from joint venture funds[10]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥261,981,625.86, down 36.89% compared to the same period last year[4]. - The net cash flow from operating activities decreased by 36.89% to ¥261,981,625.86 from ¥415,131,951.59, mainly due to rising coal prices and a decrease in private equity management fee income[13]. - Cash inflow from operating activities was CNY 837,267,626.78, a decrease of approximately 25.6% from CNY 1,125,846,144.48 in the previous period[37]. - Cash outflow from operating activities totaled CNY 575,286,000.92, down from CNY 710,714,192.89, representing a reduction of about 19.0%[37]. - Net cash flow from investing activities was negative CNY 1,020,294,382.81, compared to a positive CNY 343,303,149.14 in the previous period, indicating a significant shift in investment strategy[43]. - Cash flow from financing activities resulted in a net outflow of CNY 154,309,322.79, compared to a net outflow of CNY 24,083,362.88 in the previous period, reflecting increased financial pressure[43]. Investments and Expenses - Research and development expenses surged by 468.59% to ¥9,118,278.24 from ¥1,603,669.05, reflecting increased investment in R&D by the company's subsidiary[10]. - Research and development expenses for the quarter were CNY 9,118,278.24, significantly higher than CNY 1,603,669.05 in the previous year, indicating increased investment in innovation[32]. - The company reported investment income of CNY 230,906,443.37, an increase from CNY 197,149,621.95 in the previous year[32]. - The company's management expenses increased by 37.19% to ¥92,691,933.64 from ¥67,566,220.52, primarily due to higher management costs in private equity investment management[10]. Shareholder Information - The company has a total of 202,446,032 shares held by Beijing Harmony Hengyuan Technology Co., Ltd., making it the largest shareholder[18]. - Tianjin Saikehuan Enterprise Management Center holds 190,877,024 shares, representing a significant stake in the company[18]. - The company has established a consistent action relationship with its major shareholders, enhancing governance and decision-making processes[18]. Market Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[42].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 542,307,521.52, a decrease of 34.66% compared to CNY 829,945,029.91 in the same period last year[26] - Net profit attributable to shareholders of the listed company reached CNY 458,764,230.37, an increase of 19.58% from CNY 383,636,047.93 year-on-year[26] - The net profit after deducting non-recurring gains and losses was CNY 450,668,366.55, reflecting a growth of 41.10% compared to CNY 319,406,896.94 in the previous year[26] - The net cash flow from operating activities was CNY 180,883,414.82, down 46.87% from CNY 340,449,872.82 in the same period last year[26] - Basic and diluted earnings per share were both CNY 0.60, representing a 20.00% increase from CNY 0.50 in the previous year[26] - Total assets at the end of the reporting period amounted to CNY 5,916,471,696.79, an increase of 7.24% from CNY 5,517,059,637.34 at the end of the previous year[26] - Net assets attributable to shareholders of the listed company were CNY 5,382,103,901.26, up 6.32% from CNY 5,062,076,473.57 at the end of the previous year[26] Dividend and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[7] - The total number of shares after the recent change is 763,440,333, maintaining a 100% ownership ratio[171] - The number of restricted shares held by departing executives decreased by 3,740, resulting in zero remaining restricted shares[171] - Beijing Harmony Hengyuan Technology Co., Ltd. holds 26.52% of the shares, totaling 202,446,032 shares, with 151,834,524 shares pledged[175] - Tianjin Saike Environmental Management Center (Limited Partnership) owns 25.00% of the shares, amounting to 190,877,024 shares[175] - Lafarge China Offshore Holding Company possesses 17.55% of the shares, equating to 133,952,761 shares[175] - The total number of shareholders at the end of the reporting period is 42,542, with no significant changes in major shareholders[175] - The voting rights of shares held by Tianjin Saike Environmental Management Center are fully delegated to Beijing Harmony Hengyuan[179] - The combined voting rights controlled by Beijing Harmony Hengyuan and Lafarge China Offshore Holding Company amount to 527,275,817 shares, representing 69.07% of the total share capital[179] - There were no new shares issued or stock dividends declared during the reporting period[171] - The company has not implemented any share buyback programs or significant share transfers during this period[172] Investment and Asset Management - The company manages nearly 18 billion in private equity funds, focusing on sectors such as advanced manufacturing and new energy[36] - The investment team focused on key sectors such as semiconductor manufacturing, new energy vehicles, and healthcare, actively seeking quality investment targets[56] - The company emphasizes value investment and risk control, adhering to strict investment standards to support the development of the real economy[56] - The company plans to expand its fund management business and increase the scale of managed funds in alignment with national industrial policies[61] - The company has established a technical research and service center and has obtained 7 utility model patents and 1 software copyright registration[67] - The company maintains a high-quality investment management team with extensive industry experience, ensuring stable project sourcing[68] - The company has implemented a comprehensive investment management system to ensure efficient fund operation and management[68] Environmental and Safety Compliance - The company is actively responding to safety and environmental policies, ensuring compliance with national standards[50] - The company reported an environmental protection investment of 4.08 million yuan during the reporting period[128] - The total nitrogen oxide emissions were 202.71 tons for the half-year, with a concentration of 78.62 mg/m³, well below the standard of 400 mg/m³[122] - The company achieved a reduction of over 30% in nitrogen oxide emissions due to ultra-low emission modifications implemented in both cement kilns[125] - The company has a valid pollutant discharge permit until December 20, 2025, with the permit number 915115267446802641001P[121] - The company paid 448,500 yuan in environmental protection tax for the first half of 2021[128] - The company has implemented a self-monitoring plan that includes real-time monitoring of key pollutants, ensuring compliance with national standards[126] - The company has established emergency response plans for environmental incidents, which have been filed with local environmental protection authorities[127] - The company has not faced any administrative penalties from environmental protection departments during the reporting period[129] Market and Industry Trends - In the first half of 2021, the national cement production reached a historical high, with a two-year average growth rate of approximately 4.2%[41] - The company's core region, Yibin, achieved a GDP of 1,381.79 billion, growing by 13.3% year-on-year, which supports the demand for cement and aggregates[41] - The company experienced early demand release for cement and aggregates due to early project starts post-Chinese New Year, positively impacting both volume and price[42] - The average cement price increased by 2% year-on-year in the first half of 2021, with expectations for improved demand in the second half[41] - The cement and aggregate sales and prices are expected to maintain a good development momentum in the second half of the year, supported by key projects in the region[44] - In the first half of 2021, China's cement production reached a historical high of 1.147 billion tons, a year-on-year increase of 14.1%[50] - Fixed asset investment in China grew by 12.6% year-on-year in the first half of 2021, with infrastructure investment increasing by 7.8%[50] - The overall economic recovery in China is expected to positively impact the company's annual operating performance[44] Operational Challenges and Risks - The company faces risks from potential regional COVID-19 outbreaks that could affect production and downstream project construction[101] - The company anticipates a stabilization in demand for building materials after years of rapid growth, with supply-demand dynamics remaining a concern[101] - The company plans to diversify its market presence to reduce reliance on a single market, particularly in the Yibin area[106] - The company will continue to adhere to national environmental standards to mitigate risks associated with stricter regulations[107] Other Notable Information - The company reported no significant litigation or arbitration matters during the reporting period[142] - There were no penalties or rectification situations reported for the company during the reporting period[142] - The company and its controlling shareholders have fulfilled all obligations determined by effective legal documents, with no significant debts overdue[143] - No related party transactions occurred in daily operations during the reporting period[144] - The company did not engage in any asset or equity acquisitions or sales during the reporting period[145] - The company has not entered into any significant contracts or guarantees during the reporting period[158] - The company invested 20 million CNY in financial products, with no overdue amounts or impairment provisions[160] - There were no major safety incidents reported during the company's production and operation processes[162] - The company has adhered to the disclosure requirements related to non-metallic building materials business during the reporting period[162] - No other significant contracts were reported during the period[161]

Financial Performance - Net profit attributable to shareholders was ¥312,619,660.88, representing a significant increase of 96.97% year-on-year[9]. - Operating revenue for the period was ¥333,079,193.65, down 27.66% compared to the same period last year[9]. - Basic earnings per share were ¥0.41, reflecting a 95.24% increase year-on-year[9]. - The company reported a significant decrease in various liabilities, including accounts payable and contract liabilities, due to the disposal of subsidiaries[26]. - The company reported a comprehensive loss of CNY -644,435.95 compared to a loss of CNY -2,508,886.75 in the previous year[56]. - The net profit for the current period is 312,515,713.21, compared to 157,524,450.95 in the previous period, showing a substantial increase of approximately 98%[69]. - The total profit for the current period is 335,752,813.26, compared to 182,761,515.85 in the previous period, indicating an increase of about 83%[69]. - The company has a net profit attributable to shareholders of approximately ¥696.3 million, compared to ¥560.6 million in the previous period[83]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,224,163,049.49, an increase of 7.64% compared to the end of the previous year[9]. - The total assets of Sichuan Shuima Cement Co., Ltd. as of September 30, 2020, amounted to RMB 1,352,008,115.26, representing a year-on-year increase of 118.38% due to the disposal of subsidiaries and receipt of equity transfer payments[24]. - The total current assets reached ¥1,696,326,612.96, up from ¥1,254,801,990.78 in December 2019, indicating a growth of approximately 35.2%[47]. - The total liabilities included short-term borrowings of ¥30,291,300.15, with accounts payable at ¥54,324,265.49, down from ¥142,291,869.54 in December 2019[50]. - The total liabilities decreased to CNY 5,686,051.49 from CNY 7,577,326.58, indicating a reduction of about 25%[63]. - Current liabilities were recorded at 624,219,136.47 CNY, indicating the company's short-term financial obligations[113]. - Total liabilities amounted to 641,204,279.42 CNY, showcasing the company's overall debt position[116]. Cash Flow - The net cash flow from operating activities was ¥74,682,078.77, a decrease of 61.78% compared to the previous year[9]. - Cash inflow from operating activities totaled ¥1,125,846,144.48, a decrease from ¥1,224,895,764.50 in the previous period[97]. - The net cash flow from operating activities was ¥415,131,951.59, down from ¥543,851,037.33, reflecting a decline in operational efficiency[97]. - Cash inflow from investment activities amounted to ¥1,459,489,535.39, compared to ¥1,388,927,280.14 in the prior period, showing an increase in investment returns[100]. - The net cash flow from investment activities was ¥343,303,149.14, significantly up from ¥79,997,549.60, indicating successful investment strategies[100]. - The total cash and cash equivalents at the end of the period reached ¥1,337,426,974.15, up from ¥824,571,983.27, indicating a stronger liquidity position[100]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,855[13]. - The top shareholder, Beijing Harmony Hengyuan Technology Co., Ltd., held 26.52% of the shares, totaling 202,446,032 shares[13]. - The total equity attributable to shareholders increased to CNY 4,253,923,834.56 from CNY 3,625,730,065.68, representing a growth of approximately 17.3%[63]. - The company has maintained its share capital at CNY 763,440,333.00, unchanged from the previous year[63]. Operational Efficiency - The weighted average return on net assets was 6.65%, an increase of 2.66 percentage points year-on-year[9]. - Sales expenses decreased by 61.83% to CNY 10,479,437.39, mainly due to the implementation of new revenue standards[28]. - Management expenses surged by 188.23% to CNY 67,566,220.52, primarily due to increased management fees from private equity investment management[28]. - R&D expenses fell by 71.25% to CNY 1,603,669.05, largely due to delays caused by the pandemic[28]. - The company reported a significant increase in investment income, totaling approximately ¥197.1 million, compared to ¥21.2 million in the previous period[83]. Future Outlook - Future development directions were discussed, focusing on market expansion and potential new strategies to enhance operational efficiency[43]. - The company is actively pursuing the sale of cement assets, with ongoing discussions and progress updates shared in multiple communications[43]. - The company is monitoring the impact of weather conditions on operations, which has been a recurring topic in recent communications[43].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 829,945,029.91, a decrease of 5.97% compared to CNY 882,596,792.76 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was CNY 383,636,047.93, down 4.55% from CNY 401,926,538.49 year-on-year[23]. - The net profit after deducting non-recurring gains and losses was CNY 319,406,896.94, a decline of 17.54% compared to CNY 387,352,298.40 in the previous year[23]. - The net cash flow from operating activities was CNY 340,449,872.82, which is a decrease of 2.29% from CNY 348,445,540.88 in the same period last year[23]. - The basic earnings per share were CNY 0.50, down 5.66% from CNY 0.53 in the same period last year[23]. - The diluted earnings per share were also CNY 0.50, reflecting a decrease of 5.66% compared to CNY 0.53 in the previous year[23]. - The weighted average return on equity was 8.72%, a decrease of 2.19 percentage points from 10.91% in the same period last year[23]. - The total revenue for the reporting period was CNY 829,945,029.91, a decrease of 5.97% compared to CNY 882,596,792.76 in the same period last year[76]. - The cement business segment generated CNY 652,325,707.09, accounting for 78.60% of total revenue, down 8.20% from CNY 710,560,439.70[76]. - The gross profit margin for the cement business segment was 28.84%, down 4.89 percentage points from the previous year[81]. Assets and Investments - The total assets at the end of the reporting period were CNY 5,496,411,939.89, an increase of 13.25% from CNY 4,853,141,173.43 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were CNY 4,545,444,392.61, up 7.99% from CNY 4,209,134,722.17 at the end of the previous year[23]. - The company's long-term equity investments increased by 11.08% to CNY 1,827,429,392.15, reflecting strategic acquisitions[86]. - The company's investment amount for the reporting period reached ¥609,592,218.50, a significant increase of 241.62% compared to ¥178,443,290.89 in the same period last year[92]. - The company made a major equity investment of ¥200,000,000.00, acquiring a 1.85% stake in YIWU HARMONY JINHONG Equity Investment Partnership[95]. Operational Efficiency and Management - The company launched a refined management plan to enhance operational efficiency and reduce costs across all business segments[47]. - The company is committed to improving internal controls and management efficiency, including updates to capital expenditure and logistics management systems[66]. - The company has developed a comprehensive investment management and risk control system to effectively manage project investment risks[54]. - The company has increased its investment in brand building, exploring mobile internet and new media channels to enhance brand exposure and competitiveness[48]. Environmental Responsibility - The company has been recognized as a "green factory" by the Ministry of Industry and Information Technology, reflecting its commitment to environmental protection[48]. - The company has installed SNCR denitrification equipment in all new dry-process cement production lines, significantly reducing nitrogen oxide emissions[48]. - The company has actively utilized industrial waste and tailings as alternative raw materials, reducing energy consumption and raw material costs while improving product quality[49]. - The company invested over 12.11 million yuan in environmental protection measures during the reporting period[163]. - The company paid 41.88 thousand yuan in environmental protection tax for the first half of 2020[163]. - The company implemented a low-ammonia project technology transformation to effectively control pollutant emissions[163]. - The company’s environmental monitoring plan includes continuous automatic monitoring of key pollutants, ensuring compliance with national standards[159]. Market Position and Competition - The company emphasized its core competitiveness in health and safety, receiving high recognition from industry peers and regulatory bodies[47]. - The company’s cement products are widely used in infrastructure projects, with a strong market position in the region[34]. - The company faces significant risks from price competition in the cement industry, particularly in the concentrated market of the Sichuan region, which could impact profitability[112]. - The company relies heavily on the Sichuan region, particularly Yibin City, for its cement sales, indicating a high concentration of revenue sources and a need for market diversification to mitigate risks associated with dependence on a single market[111]. Corporate Governance and Shareholder Structure - The company did not distribute cash dividends or issue new shares from capital reserves during the reporting period, indicating a focus on retaining earnings[117]. - The total number of shares after the recent changes is 763,440,333, maintaining a 100% ownership structure[177]. - The shareholder structure remains concentrated, with the top three shareholders controlling a significant portion of the voting rights, which may impact future corporate decisions[190]. - The agreement between Hesheng Hengyuan and LCOHC ensures coordinated voting actions at shareholder meetings, enhancing governance[184]. Risks and Challenges - The company faces risks from macroeconomic fluctuations and potential regional COVID-19 outbreaks, which could adversely affect production and operations[107]. - The procurement costs of coal and electricity constitute a significant portion of total production costs, and any substantial increase in energy prices could adversely affect profitability if costs cannot be fully passed on to product prices[114]. - The company is subject to stricter environmental protection policies, which may lead to increased economic and time costs due to the need for equipment upgrades and production process optimization[115].