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].

Financial Performance - The company's operating revenue for 2020 was ¥1,472,723,613.28, a decrease of 18.65% compared to ¥1,810,460,872.34 in 2019[23]. - Net profit attributable to shareholders was ¥888,754,407.86, an increase of 21.97% from ¥728,684,384.66 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was ¥614,569,702.91, down 9.35% from ¥677,984,584.58 in 2019[23]. - The company's total assets increased by 13.68% to ¥5,517,059,637.34 at the end of 2020, compared to ¥4,853,141,173.43 at the end of 2019[23]. - Basic earnings per share rose to ¥1.16, reflecting a growth of 22.11% from ¥0.95 in 2019[23]. - The net cash flow from operating activities was ¥601,019,488.42, a decline of 33.12% from ¥898,639,491.19 in the previous year[23]. - The company achieved a net profit of 889 million yuan, marking a growth compared to the previous year[77]. - Total revenue for 2020 was approximately 1.47 billion yuan, a decrease of 18.65% from 2019[79]. - Cement business revenue was about 1.14 billion yuan, accounting for 77.31% of total revenue, down 20.24% year-on-year[79]. - Aggregate business revenue increased by 87.70% to approximately 159.58 million yuan, representing 10.83% of total revenue[79]. Dividend Policy - The company reported a profit distribution plan to distribute a cash dividend of 2.1 RMB per 10 shares (including tax) based on 763,440,333 shares[6]. - The cash dividend payout ratio for 2020 was 18.04% of the net profit attributable to shareholders[181]. - The cumulative cash distribution from 2018 to 2020 is planned to be no less than 30% of the average distributable profit for those three years, contingent on meeting cash dividend conditions[174]. - The total distributable profit at the end of 2020 was CNY 1,786.75 million, with the cash dividend constituting 100% of the profit distribution for that year[186]. - The cash dividend policy aligns with the company's Articles of Association and the shareholder return plan for 2018-2020[180]. Business Operations - The company has not changed its main business since its listing, indicating stability in operations[21]. - The company has engaged Deloitte Huayong as its accounting firm, ensuring compliance and oversight[22]. - The company emphasizes the importance of risk awareness regarding future plans and development strategies[6]. - The company’s registered address is located in Jiangyou City, Sichuan Province, with a postal code of 621716[16]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 000935[16]. - The company’s office is located in Chengdu International Financial Center, with a postal code of 610020[16]. - The company has a total of 763,440,333 shares outstanding, reflecting its capital structure[6]. - The company’s legal representative is Xie Jianping, who oversees its operations[16]. - The company has not reported any changes in its controlling shareholders, indicating stability in ownership[21]. Market and Industry Outlook - The company expects stable demand in the cement industry, with prices likely to remain firm despite some regional risks due to new capacity[39]. - The company is focused on high-quality development in the cement industry, adapting to structural reforms and enhancing operational efficiency[39]. - The company maintained a leading market share in the southern Sichuan region, benefiting from a high brand reputation and strong customer relationships[64]. - The company anticipates continued growth in demand for cement and aggregates due to infrastructure investments and urbanization initiatives in the Sichuan region[136]. - The company expects the cement and building materials sector to benefit from the "14th Five-Year Plan," which emphasizes infrastructure development and urbanization[136]. Investment and Financial Management - The company plans to continue expanding its investment in joint ventures and new projects to enhance future growth prospects[104]. - The company is actively seeking investment opportunities in enterprises with strong profitability and cash flow through its investment management business[136]. - The company is committed to expanding its market presence and improving profitability through strategic investments and management of high-quality enterprises[136]. - The company has a high-quality professional investment management team with extensive industry experience, ensuring stable project sourcing and effective project evaluation[53]. - The company plans to strengthen its investment management and risk control systems to ensure efficient fund operations and protect the interests of investors[147]. Environmental and Quality Management - The company emphasizes quality through advanced production processes and strict quality control standards, ensuring stable product quality and high value for customers[51]. - The company actively focuses on environmental protection management, implementing advanced pollution control measures to reduce emissions and enhance sustainability[51]. - The company adopted advanced production processes to reduce CO2 emissions and comply with national environmental standards, ensuring sustainable operations[58]. - The company's production management system is aligned with quality management standards, resulting in stable product quality and industry-leading performance indicators[58]. Changes in Assets and Liabilities - The company's equity assets increased by 102.34% compared to the beginning of the year, mainly due to increased investments in joint ventures and the acquisition of shares in Qingkong Zijing (Beijing) Education Technology Co., Ltd.[47]. - Fixed assets decreased by 55.40% compared to the beginning of the year, primarily due to the disposal of subsidiaries affecting the consolidated financial statements.[47]. - The company's cash and cash equivalents increased by 124.80% compared to the beginning of the year, mainly due to proceeds from equity transfers from disposed subsidiaries.[47]. - The construction in progress increased by 331.57% compared to the beginning of the year, driven by the new aggregate project of Yibin Lifeng.[47]. - The company reported a significant reduction in inventory for cement products, primarily due to the disposal of subsidiaries[83]. Strategic Changes and Future Plans - The company is focusing on expanding its market presence in the Sichuan region, with significant investments in infrastructure projects totaling 636.4 billion yuan planned for 2020[62]. - The company is committed to maintaining a healthy operational environment by enhancing safety management and reducing operational costs[146]. - The company will explore diversified business distribution to mitigate risks associated with reliance on a single market[152]. - The company will continue to develop its own brand and improve customer service to strengthen its competitive advantage[146]. - The company is in the process of selling its cement assets, with ongoing discussions and updates on the progress of this sale[165]. Shareholder Commitments and Governance - The actual controller and shareholders of Sichuan Shuangma Cement Co., Ltd. have committed to maintaining the company's independent operations post-acquisition, ensuring a complete separation in personnel, assets, finance, and business from the acquirers[187]. - The commitments regarding competition and related transactions state that the acquirers will not engage in any substantial competition with Sichuan Shuangma's main business post-acquisition[191]. - The commitments are designed to ensure that Sichuan Shuangma retains its operational independence and market capabilities in the relevant industry[187]. - The company is committed to fulfilling all obligations and responsibilities under the relevant laws and regulations if any of the commitments are not honored[194].

Revenue and Profit - Revenue for Q1 2021 was CNY 246,792,333.15, a decrease of 25.09% compared to CNY 329,459,400.26 in the same period last year[9] - Net profit attributable to shareholders was CNY 203,943,440.91, an increase of 53.21% from CNY 133,115,410.54 year-on-year[9] - Net profit excluding non-recurring gains and losses reached CNY 200,089,313.95, up 64.89% from CNY 121,346,125.06 in the previous year[9] - Basic earnings per share increased by 58.82% to CNY 0.27 from CNY 0.17 in the same period last year[9] - The net profit for the current period is 203,219,519.86 CNY, compared to 132,960,903.03 CNY in the previous period, representing a growth of approximately 53%[67] - The total profit for the current period is 234,521,262.69 CNY, up from 148,174,543.12 CNY, indicating an increase of about 58%[67] - The operating profit for the current period is 234,380,814.39 CNY, compared to 149,858,593.64 CNY in the previous period, reflecting a rise of approximately 56%[67] - The total comprehensive income for the current period is 203,352,945.32 CNY, compared to 133,886,581.12 CNY in the previous period, which is an increase of about 52%[71] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,746,859,576.90, reflecting a growth of 4.17% from CNY 5,517,059,637.34 at the end of the previous year[9] - The company's current assets totaled CNY 1,576,239,543.93 as of March 31, 2021, down from CNY 1,685,277,414.60 at the end of 2020, indicating a decrease of about 6.49%[45] - The company's total liabilities as of March 31, 2021, were CNY 458,229,695.12, compared to CNY 435,772,700.88 at the end of 2020, showing an increase of about 5.12%[51] - The non-current assets increased to CNY 4,170,620,032.97 from CNY 3,831,782,222.74, marking a growth of approximately 8.84%[48] - The company's short-term borrowings rose to CNY 46,354,649.26 from CNY 39,385,643.11, an increase of about 17.5%[51] - The accounts payable increased to CNY 54,318,407.93 from CNY 45,229,291.60, reflecting a rise of approximately 20.0%[51] - The total liabilities rose to CNY 7,593,388.75, compared to CNY 6,306,845.90, marking an increase of about 20.4%[61] - Total liabilities increased from CNY 435,772,700.88 to CNY 455,593,776.97, an increase of CNY 19,821,076.09[94] Cash Flow - Net cash flow from operating activities was CNY 54,839,827.01, down 43.91% from CNY 97,779,663.14 in the same period last year[9] - The net cash flow from operating activities decreased by 43.91% to ¥54,839,827.01 compared to ¥97,779,663.14 in the same period last year, primarily due to a reduction in private equity fund management fee income and tax payment delays last year[27] - The net cash flow from investing activities was -¥195,244,078.67, significantly lower than -¥64,746,403.34 in the previous year, mainly due to more structured deposits maturing last year[27] - The net cash flow from financing activities increased by 100.00% to ¥28,503,503.65, attributed to new bank borrowings during the period[27] - Cash inflow from investment income was ¥48,498,750.00, down from ¥92,290,772.07, reflecting a decline of about 47.5%[89] - The ending balance of cash and cash equivalents was ¥1,256,205,573.79, down from ¥1,368,106,321.80, reflecting a decrease of approximately 8.2%[85] Expenses - Operating costs decreased by 33.25% to RMB 125,495,833.53, primarily due to the disposal of subsidiaries in the previous year[24] - Management expenses rose by 81.63% to RMB 29,463,551.47, driven by increased management costs in private equity investment[24] - Research and development expenses decreased by 77.19% to RMB 220,390.77, linked to the previous year's subsidiary disposals[24] - The total operating costs amounted to CNY 149,635,276.63, down from CNY 207,530,611.80, reflecting a cost reduction of approximately 28%[63] - The operating costs for the current period are 222,239.12 CNY, significantly lower than 603,790.11 CNY in the previous period, representing a decrease of about 63%[72] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,210[13] - The total owner's equity remained stable at CNY 1,792,862,417.35 as of March 31, 2021, unchanged from the previous reporting period[51] - The company's minority interest increased to CNY 22,476,541.84 from CNY 19,210,462.89, showing a growth of approximately 17.8%[58] Other Financial Information - Government subsidies recognized in the current period amounted to CNY 3,902,867.87, primarily from resource utilization tax refunds[9] - Other income increased by 55.39% to ¥3,902,867.87, primarily due to increased tax refunds from the subsidiary's resource utilization[27] - The fair value change income was ¥138,307,111.72, a significant increase from -¥696,722.61, driven by gains from financial assets measured at fair value[27] - Non-operating income rose by 261.92% to ¥313,088.39, mainly due to increased safety penalty income from subsidiaries[27] - Financial expenses decreased to -¥10,707,513.22 from -¥5,024,700.81, mainly due to increased interest income from fixed deposits[27] - The company reported a financial income of CNY 12,519,237.20, up from CNY 6,049,517.36, representing an increase of about 106%[63]

Financial Performance - The company's operating revenue for 2020 was ¥1,472,723,613.28, a decrease of 18.65% compared to ¥1,810,460,872.34 in 2019[23]. - Net profit attributable to shareholders for 2020 was ¥888,754,407.86, an increase of 21.97% from ¥728,684,384.66 in 2019[23]. - The net profit after deducting non-recurring gains and losses was ¥614,569,702.91, down 9.35% from ¥677,984,584.58 in 2019[23]. - The company's total assets increased by 13.68% to ¥5,517,059,637.34 at the end of 2020, compared to ¥4,853,141,173.43 at the end of 2019[23]. - The weighted average return on net assets was 19.17%, an increase of 0.22 percentage points from 18.95% in 2019[23]. - The net cash flow from operating activities was ¥601,019,488.42, a decrease of 33.12% from ¥898,639,491.19 in 2019[23]. - The company's cement business revenue was ¥1,138,586,059.77, a decrease of 20.24% year-on-year, with a gross margin of 31.10%, down by 2.65 percentage points[85]. - The aggregate business revenue increased by 87.70% year-on-year, with a gross margin of 61.47%, a decrease of 0.65 percentage points[85]. - The total sales volume of cement products was 372.34 million tons, down by 22.51% year-on-year, while production volume was 373.14 million tons, down by 22.11%[86]. - The company reported a significant decrease in fixed assets by 19.14% to ¥681,517,308.68 in 2020 from ¥1,528,167,891.36 in 2019, mainly due to the disposal of subsidiaries[113]. Dividend Policy - The company reported a profit distribution plan to distribute a cash dividend of 2.1 RMB per 10 shares (including tax) based on 763,440,333 shares[6]. - The cash dividend payout ratio for 2020 was 18.04% of the net profit attributable to shareholders[187]. - The company plans to distribute at least 30% of the average distributable profit from 2018 to 2020 as cash dividends if conditions are met[179]. - The total distributable profit at the end of 2020 was CNY 1,786.75 million[191]. - The total cash dividends distributed over the three years (2018-2020) amounted to CNY 233.61 million[187]. Business Operations - The company has not experienced any changes in its main business since its listing[21]. - The company has maintained a consistent presence in the market without any changes in its controlling shareholders[21]. - The company has not made any changes to its organizational structure since its establishment[21]. - The company’s business model focuses on quality and customer needs, utilizing both direct sales and distribution strategies for its products[38]. - The company is actively involved in private equity investment management, leveraging its capital advantages to generate investment returns[37]. - The company sold 100% equity of Zunyi Lifeng Cement Co., Ltd., focusing its cement business on the southern Sichuan region, which is experiencing accelerated economic development[60]. - The company’s marketing team innovated strategies during the pandemic, expanding into peripheral markets and utilizing rail transport to stabilize coal supply and enhance sales[59]. - The company plans to continue focusing on stable operations and gradual development in the Sichuan cement sector to enhance profitability and quality[60]. Investment Management - The company is actively managing its investment funds, with updates on fund sizes and performance metrics[166]. - The company aims to enhance its main business profitability while actively engaging in investment management to identify high-quality investment opportunities[139]. - The private equity investment management business is influenced by various factors, including macroeconomic conditions, capital market changes, and policy shifts, with a focus on technology, consumption, and health industries showing rapid growth[45]. - The company has a high-quality professional investment management team with rich industry experience, ensuring stable project sourcing and effective project evaluation[54]. - The company’s investment management system includes comprehensive procedures for project initiation, due diligence, investment, and post-investment management, ensuring efficient fund operation[54]. Market Conditions - The company expects stable demand in the cement industry for 2021, with prices likely to remain firm despite some regional risks[39]. - The company anticipates that the integration of the cement industry will accelerate, improving market supply structure and stabilizing overall industry profitability[141]. - The ongoing COVID-19 pandemic may adversely affect fundraising, investment, management, and exit processes in the private equity investment management industry[159]. - The company acknowledges risks from changes in macroeconomic conditions that could impact the cement and aggregate industries[153]. - The company is aware of potential risks from regional COVID-19 outbreaks that could affect production and project construction[153]. Research and Development - The company has established a dedicated technology R&D and service center, maintaining a leading position in the application of new products, technologies, and processes in the industry[52]. - Research and development expenses increased by 72.40% to ¥9,232,411.83, primarily due to increased investment in cement kiln renovation projects[99]. - R&D investment increased by 96.03% to ¥10,498,042.07 in 2020 from ¥5,355,297.13 in 2019, with R&D expenditure accounting for 0.71% of operating revenue[101]. - The proportion of capitalized R&D investment to total R&D expenditure was 12.06% in 2020, indicating a shift in R&D strategy[101]. Environmental and Social Responsibility - The company actively engages in environmental protection management, implementing projects to reduce nitrogen oxide emissions and improve waste disposal systems[52]. - The company is strategically positioned to capitalize on the development of urban agglomerations and infrastructure projects, which are expected to support economic growth[140]. - The company plans to enhance operational efficiency and governance structure to create value for shareholders in 2021[79]. Shareholder Relations - The company has maintained a consistent profit distribution policy, adhering to its shareholder return plan for 2018-2020[176]. - The company has engaged in discussions with shareholders regarding stock performance and future expectations, indicating a focus on investor relations[172]. - The company has conducted numerous communications with stakeholders, totaling 112 interactions during the reporting period[172]. - The company has not disclosed any significant undisclosed information during its communications, ensuring compliance with regulatory standards[172].

Financial Performance - Net profit attributable to shareholders was ¥312,619,660.88, representing a significant increase of 96.97% year-on-year[9]. - Basic earnings per share were ¥0.41, reflecting a 95.24% increase 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]. - The total profit for the current period is 335,752,813.26, compared to 182,761,515.85 in the previous period, indicating a growth of about 83.5%[69]. - 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 98.2%[69]. - The company reported a significant increase in investment income from joint ventures, with a current period figure of 143,338,256.07 compared to a loss of 36,742,682.93 in the previous period[69]. 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]. - As of September 30, 2020, total assets increased by 118.38% to RMB 1,352,008,115.26 compared to RMB 619,106,770.05 at the beginning of the year, primarily due to equity transfer from subsidiary disposal[22]. - The total liabilities amounted to CNY 344,932,755.22, down from CNY 641,204,279.42, indicating a significant reduction in debt[55]. - The total equity attributable to shareholders increased to CNY 4,860,016,594.17 from CNY 4,209,134,722.17, reflecting a growth of approximately 15.4%[55]. - The company's current assets totaled CNY 1,696,326,612.96, compared to CNY 1,254,801,990.78 previously, reflecting a significant increase[46]. Cash Flow - Net cash flow from operating activities was ¥74,682,078.77, a decrease of 61.78% compared to the same period last year[9]. - Cash inflow from operating activities totaled approximately ¥1.13 billion, down from ¥1.22 billion in the previous period[97]. - The net cash flow from investment activities increased to approximately ¥343.30 million from ¥79.99 million year-over-year[100]. - The net increase in cash and cash equivalents was approximately ¥734.35 million, up from ¥423.26 million year-over-year[100]. - Cash and cash equivalents decreased by 31.22% to RMB 90,163,795.74 from RMB 131,095,205.48, mainly due to a reduction in structured deposits[22]. Shareholder Information - The top shareholder, Beijing Harmony Hengyuan Technology Co., Ltd., holds 26.52% of the shares[13]. - The top ten shareholders hold a total of 69.07% of the company's shares[18]. - The company has not issued any preferred shares during the reporting period[19]. Expenses and Costs - Sales expenses decreased by 61.83% to CNY 10,479,437.39, due to the implementation of new revenue standards that classified transportation costs as performance obligations[24]. - Research and development expenses fell by 71.25% to CNY 1,603,669.05, primarily due to delays caused by the pandemic[24]. - The total operating costs for the current period amount to 1,993,447.33, down from 3,337,348.07 in the previous period, indicating a significant reduction[73]. Future Outlook - The company is in the process of selling cement assets, which is expected to impact future financial performance positively[48]. - Future development directions were discussed, focusing on market expansion and potential new product lines[48]. - The company is exploring collaborations, including with SEG Holding, to enhance its market position and operational efficiency[48]. Other Financial Metrics - The weighted average return on net assets increased by 2.66 percentage points to 6.65%[9]. - The company reported a financial income of 8,593,406.82, compared to 8,876,614.17 in the previous period, indicating a slight decrease[69]. - The company reported a significant amount of receivables, including accounts receivable of 29,720,721.09 CNY and financing receivables of 230,096,355.93 CNY[107].