Financial Performance - The company's operating revenue for 2018 was CNY 231,109,272.85, representing a 4.63% increase compared to CNY 220,881,635.31 in 2017[18]. - The net profit attributable to shareholders for 2018 was a loss of CNY 273,793,686.63, a decrease of 1,029.30% from a profit of CNY 29,462,410.92 in 2017[18]. - The net cash flow from operating activities improved by 84.25%, reaching a negative CNY 52,463,485.11 in 2018 compared to a negative CNY 333,003,552.25 in 2017[18]. - The total assets at the end of 2018 were CNY 387,181,828.94, a decrease of 52.66% from CNY 817,878,116.61 at the end of 2017[18]. - The net assets attributable to shareholders were negative CNY 249,803,735.89 at the end of 2018, a decline of 1,172.05% from CNY 23,301,439.92 at the end of 2017[18]. - The basic earnings per share for 2018 was negative CNY 0.9311, compared to positive CNY 0.1002 in 2017, reflecting a decrease of 1,029.24%[18]. - The company reported a significant loss in each quarter of 2018, with the fourth quarter loss reaching CNY 176,199,579.08[22]. - The company achieved operating revenue of CNY 231.11 million in 2018, with a net profit of -CNY 273.79 million, indicating a significant decline in profitability compared to the previous year[36]. Business Operations - The company has not made any changes to its main business since its listing[17]. - Urea products accounted for over 90% of the company's total operating revenue, while liquid carbon dioxide, liquid ammonia, and methanol contributed approximately 10%[27]. - The company reported a loss of CNY 135.42 million in fixed asset impairment due to long-term production stoppages[31]. - The company plans to acquire a controlling stake in Chongqing Nansong Pharmaceutical Technology Co., Ltd. and restructure its existing urea production-related business[36]. - The company faced challenges due to high production costs and low product prices, leading to ongoing operational losses[35]. - The company’s production model relies on coal as the primary raw material, with a focus on maintaining stable long-term operations[28]. - The company’s management is implementing detailed management strategies to reduce costs and improve operational efficiency amid a competitive market[35]. Financial Position - The company reported a significant decrease in cash and cash equivalents, with a net decrease of CNY 179,684,860.07, reflecting a 199.67% decline compared to the previous year[55]. - The total cash inflow from operating activities decreased by 6.28% to CNY 252,556,005.56, while cash outflow decreased by 49.37% to CNY 305,019,490.67[55]. - The company’s short-term borrowings increased by CNY 5,000,000.00, indicating a 1.29% rise from the beginning of the period[57]. - The company recorded a loss of CNY 698,810.00 from fair value changes in financial assets, which accounted for 0.26% of total profit[55]. - The company faced a liquidity issue, with current liabilities exceeding current assets by CNY 58.12 million as of December 31, 2018[188]. Market and Industry Context - The fertilizer industry is experiencing a recovery due to supply-side reforms, with the company expecting to benefit from improved market conditions in the future[70]. - The company faced challenges in 2018, including high raw material prices and increased production costs, leading to a decline in production output[70]. - The company is actively seeking new project opportunities and profit growth points to ensure long-term sustainable development[70]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, with no unresolved governance issues[162]. - The company operates independently from its controlling shareholder in terms of business, personnel, assets, organization, and finance, ensuring complete operational autonomy[167]. - The company has established a complete independent management system for labor and salary, with senior management exclusively working for the company and not holding any positions in the controlling shareholder or related enterprises[167]. - The audit report issued by Zhongxing Caiguanghua reflects the company's financial status and operational results accurately[84]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, with emissions of nitrogen oxides at 1,008.6 tons per year, which is within the regulatory limits[113]. - The company has implemented clean production practices to support national energy conservation and emission reduction efforts[112]. - The company has established an emergency response plan for environmental incidents, which has been reviewed and filed with the environmental protection bureau[117]. Future Outlook and Strategy - The company plans to undergo a transformation by divesting its urea production business and focusing on commissioned processing and sales of urea, alongside pharmaceutical intermediates as dual main business drivers[71]. - The company aims to enhance its operational efficiency and profitability through mergers and acquisitions, while also optimizing its asset structure and business model[71]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[150].

Financial Performance - The company's operating revenue for Q1 2019 was ¥24,691,165.08, a decrease of 57.87% compared to the same period last year[7]. - Total operating revenue for Q1 2019 was ¥24,691,165.08, a decrease of 57.9% compared to ¥58,610,702.46 in the same period last year[34]. - The net profit attributable to shareholders was -¥16,377,829.62, an improvement of 58.48% year-on-year[7]. - The net loss for Q1 2019 was ¥16,377,829.62, an improvement from a net loss of ¥39,449,836.81 in Q1 2018[36]. - The company's operating revenue for the current period is ¥2,062,695.15, a significant decrease from ¥30,602,865.72 in the previous period, representing a decline of approximately 93.3%[39]. - Operating profit for the current period is reported at -¥16,120,626.81, an improvement compared to -¥40,131,260.26 in the previous period, indicating a reduction in losses by about 59.8%[39]. - The net profit for the current period stands at -¥16,110,626.81, which is also an improvement from -¥40,103,968.20 in the previous period, reflecting a decrease in losses of approximately 59.9%[40]. - Basic and diluted earnings per share for Q1 2019 were both -¥0.0557, compared to -¥0.1342 in the same period last year[37]. - The basic and diluted earnings per share for the current period are both -¥0.0548, an improvement from -¥0.1364 in the previous period, reflecting a reduction in loss per share by about 60%[40]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥4,618,044.93, showing an increase of 87.31% compared to the previous year[7]. - Cash flow from operating activities shows a net outflow of -¥4,618,044.93, which is an improvement from -¥36,385,058.15 in the previous period, indicating a reduction in cash outflow by about 87.3%[43]. - The company's cash and cash equivalents decreased by 46.43% to ¥2,357,700, primarily due to cash outflows from operating activities[14]. - The total cash and cash equivalents at the end of the period is ¥2,719,998.67, down from ¥8,360,357.35 in the previous period, a decrease of approximately 67.5%[44]. - The company received cash from other operating activities amounting to ¥2,271,734.77, a significant increase from ¥236,476.47 in the previous period, representing an increase of about 862.5%[43]. - The company reported cash inflow from financing activities of ¥2,150,000.00, a decrease from ¥28,500,000.00 in the previous period, indicating a decline of approximately 92.5%[44]. - The net increase in cash and cash equivalents was -178,636,046.38 CNY[47]. - The ending balance of cash and cash equivalents was 1,455,896.23 CNY[47]. Assets and Liabilities - The total assets at the end of the reporting period were ¥415,900,080.52, an increase of 7.42% from the end of the previous year[7]. - As of March 31, 2019, the company's total assets amounted to CNY 415.90 million, an increase from CNY 387.18 million as of December 31, 2018, representing a growth of approximately 7.0%[26]. - The company's total liabilities increased to CNY 681.57 million from CNY 636.99 million, marking an increase of approximately 7.0%[28]. - The company's total assets decreased to ¥361,318,385.12 from ¥371,310,273.03 at the end of the previous period[33]. - Total liabilities increased slightly to ¥630,603,443.89 from ¥624,995,959.43[33]. - The owner's equity showed a deficit of ¥269,285,058.77, worsening from a deficit of ¥253,685,686.40[33]. - The company's equity attributable to shareholders was reported at CNY -265.67 million, worsening from CNY -249.80 million at the end of 2018[30]. Inventory and Prepayments - The company reported a significant increase in prepayments, which rose by 1,106.14% to ¥421,310,000, mainly due to payments to suppliers[14]. - The company reported a significant increase in prepayments, which rose to CNY 45.94 million from CNY 3.81 million, a growth of approximately 1,105.0%[26]. - The company’s inventory decreased by 12.62% to ¥238,790,000, attributed to sales of inventory goods[14]. - Inventory decreased to CNY 16.53 million from CNY 18.92 million, a reduction of about 12.6%[26]. Shareholder Information - The company’s major shareholders include Ningbo Yinyi Holdings Co., Ltd. with a 29.59% stake and Guangxi Hechi Chemical Industry Group Co., Ltd. with a 12.75% stake[10]. Corporate Actions - The company plans to acquire control of Chongqing Nansong Pharmaceutical Technology Co., Ltd., which constitutes a major asset restructuring[15]. - The company’s stock was placed under "delisting risk warning" due to negative net assets as of the end of 2018[15]. Expenses and Other Income - Total operating costs for Q1 2019 were ¥41,278,155.43, down 58.0% from ¥98,036,522.48 year-on-year[34]. - The company reported a significant reduction in management expenses, which were ¥10,988,794.25, up from ¥7,702,316.06 in the previous year[34]. - The management expenses for the current period are reported at ¥10,826,927.89, an increase from ¥7,656,212.48 in the previous period, representing an increase of about 41.5%[39]. - Other income for Q1 2019 was ¥199,160.73, unchanged from the previous year[34]. - The company recorded a financial expense of ¥6,082,469.13, slightly down from ¥6,168,084.37 year-on-year[34]. - The company incurred sales expenses of ¥183,600.75, down from ¥41,544.67 in the previous period, indicating a decrease of approximately 56.1%[39]. Investment and Derivatives - The company had no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[22]. - There were no derivative investments reported during the period, indicating a conservative investment strategy[19]. Audit and Standards - The first quarter report was not audited[49]. - The company did not apply new financial instrument standards or new revenue standards[48].

Financial Performance - The company's operating revenue for 2018 was CNY 231,109,272.85, an increase of 4.63% compared to CNY 220,881,635.31 in 2017[18]. - The net profit attributable to shareholders for 2018 was a loss of CNY 273,793,686.63, representing a decrease of 1,029.30% from a profit of CNY 29,462,410.92 in 2017[18]. - The net cash flow from operating activities improved by 84.25%, reaching a negative CNY 52,463,485.11 in 2018 compared to a negative CNY 333,003,552.25 in 2017[18]. - The total assets at the end of 2018 were CNY 387,181,828.94, a decrease of 52.66% from CNY 817,878,116.61 at the end of 2017[18]. - The net assets attributable to shareholders were negative CNY 249,803,735.89 at the end of 2018, a decline of 1,172.05% from CNY 23,301,439.92 at the end of 2017[18]. - The basic earnings per share for 2018 was -CNY 0.9311, a decrease of 1,029.24% from CNY 0.1002 in 2017[18]. - The company reported a significant increase in non-operating losses, with a total of CNY 279,868,579.46 in net profit excluding non-recurring gains and losses, a 163.61% increase from the previous year[18]. - The company reported a net loss of CNY 27.38 million in 2018, significantly impacted by increased asset impairment losses and a decline in debt restructuring gains and government subsidies compared to the previous year[34]. Revenue Breakdown - Urea products accounted for over 90% of the company's total operating revenue, while liquid carbon dioxide, liquid ammonia, and methanol contributed approximately 10%[27]. - The company recorded a decrease in urea revenue of 9.61% year-on-year, with urea sales amounting to CNY 196.58 million in 2018[39]. - The chemical industry segment generated CNY 216.48 million in revenue, accounting for 93.67% of total operating revenue, reflecting a 3.39% decrease from the previous year[39]. - The company's revenue for the fertilizer industry was approximately ¥196.58 million, with a year-over-year decrease of 5.99% in revenue and a gross margin decline of 6.01%[42]. Operational Challenges - The company faced continuous operational losses due to a decline in urea prices and rising production costs, leading to a decision to halt production and dispose of production facilities[34]. - Fixed asset impairment amounted to CNY 135.42 million due to long-term production line shutdowns[31]. - The company has a long-term suspension of its urea production line due to low product value and market competitiveness, leading to significant operational challenges[122]. - The company is facing major uncertainties regarding its ability to continue as a going concern due to financial losses and negative net assets[192]. Strategic Initiatives - The company plans to acquire a controlling stake in Chongqing Nansong Pharmaceutical Technology Co., Ltd. as part of its strategy for transformation and upgrading[36]. - The company plans to seek development opportunities and optimize its asset structure to achieve effective industrial transformation and sustainable growth[72]. - The company aims to enhance its operational status through mergers and acquisitions, focusing on dual business drivers: urea processing and pharmaceutical intermediates[72]. - The company is in the process of a major asset restructuring, planning to acquire control of Chongqing Nansong Pharmaceutical Technology Co., Ltd., while divesting its urea production-related assets[123]. Environmental Compliance - The company has established a wastewater treatment plant with a design capacity of 2,880 tons per day, which has been operating normally during the reporting period[116]. - The company has implemented various pollution control facilities, including a desulfurization system with a design capacity of 350,000 m³/h, all of which have been functioning properly[116]. - The company has a valid pollution discharge permit effective from December 2017 to December 2020, ensuring compliance with environmental regulations[117]. - The company has submitted a self-monitoring plan for environmental compliance, which includes regular monitoring of wastewater and air pollutants[119]. Governance and Compliance - The audit report issued by Zhongxing Caiguanghua CPA confirmed the company's financial status without any reservations, reflecting the company's financial condition and operating results accurately[85]. - The company has no current stock incentive plans or employee stock ownership plans in place[97]. - The company has not experienced any leakage of insider information during the reporting period[169]. - The company operates independently from its controlling shareholder in terms of business, personnel, assets, organization, and finance, ensuring complete operational autonomy[172]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,268, an increase from 23,508 at the end of the previous month[129]. - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., holds 29.59% of the shares, totaling 87,000,000 shares, which are pledged[129]. - The company has maintained its shareholding ratio at no less than 29.59% since the acquisition date, ensuring stability in its ownership structure[82]. Future Outlook - The company has not provided specific future outlook or performance guidance in the available documents[136]. - The company is actively conducting market research to adjust its product structure and enhance profitability amid industry challenges[73].

Financial Performance - Operating revenue increased by 20.14% to CNY 58,115,465.97 compared to the same period last year[7] - Net profit attributable to shareholders was CNY -26,832,653.27, a decrease of 10.47% year-on-year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -27,444,026.47, a decrease of 7.56% year-on-year[7] - Basic earnings per share was CNY -0.0913, a decrease of 10.53% year-on-year[7] - Total comprehensive income for the current period was -¥26,832,653.27, compared to -¥24,290,111.11 in the previous period, showing a decline in overall financial performance[43] - The net profit for the current period was a loss of ¥26,832,653.27, compared to a loss of ¥24,290,111.11 in the previous period, indicating a deterioration in profitability[38] - The operating profit for the current period was -¥26,934,807.60, slightly worse than the previous period's loss of -¥25,210,586.01[38] - The net profit for the current period is a loss of CNY 98,537,093.04, compared to a loss of CNY 3,346,579.62 in the previous period[50] Assets and Liabilities - Total assets decreased by 33.34% to CNY 545,164,299.50 compared to the end of the previous year[7] - The company's equity attributable to shareholders shifted from CNY 23,301,439.92 to CNY -74,159,398.11, marking a significant negative change[31] - Total liabilities decreased from CNY 794,576,676.69 to CNY 619,323,697.61, reflecting a decline of around 22.1%[31] - Current assets decreased significantly from CNY 294,983,333.04 to CNY 58,883,329.30, a reduction of about 80.1%[30] - The company's cash and cash equivalents decreased by CNY 190.24 million, a decline of 1863.46%, primarily due to repayment of loans to related parties[16] - The total current liabilities decreased from CNY 791,027,230.16 to CNY 616,546,435.77, a decline of approximately 22.1%[31] Cash Flow - The net cash flow from operating activities was CNY -44,377,787.74, a decrease of 64.49% compared to the same period last year[7] - The net cash flow from operating activities is a negative CNY 44,377,787.74, compared to a negative CNY 124,972,945.39 in the previous period[51] - Cash inflow from operating activities totaled 102,281,257.55 CNY, while cash outflow was 152,438,398.40 CNY[55] - The net cash flow from investment activities was 46,851,150.07 CNY, compared to a negative cash flow of -3,631,028.09 CNY in the previous period[53] - The net cash flow from financing activities was -182,500,000.00 CNY, a decrease from a positive cash flow of 138,812,714.67 CNY in the previous period[53] Shareholder Information - The total number of shareholders at the end of the reporting period was 24,912[11] - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., holds 29.59% of the shares[11] Operational Costs and Expenses - Operating costs increased by CNY 38.88 million, up 18.31% year-on-year, mainly due to rising raw material prices and slow production recovery[16] - Management expenses decreased to ¥20,368,045.76 from ¥22,233,589.30, a reduction of approximately 8.4%[37] - Financial expenses were reported at ¥6,099,039.40, down from ¥6,955,915.43, indicating a decrease of about 12.3%[37] Other Financial Metrics - The company reported other income of CNY 724,191.19 for the current period[49] - The company’s investment income increased by CNY 4.17 million, up 117.98% year-on-year, primarily from increased gains from stock sales[16] - The company reported other income of ¥325,869.73, which was not present in the previous period[41] - The investment income for the current period is CNY 7,709,886.94, compared to CNY 3,537,049.04 in the previous period[49]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥158,315,553.46, a decrease of 0.73% compared to ¥159,482,675.96 in the same period last year[17]. - The net profit attributable to shareholders was -¥70,761,454.28, representing a decline of 394.94% from ¥23,991,993.91 in the previous year[17]. - The company's revenue for the reporting period was CNY 158.32 million, a decrease of 0.73% compared to the previous year[35]. - Urea revenue was CNY 135,064,678.13, with a year-on-year decrease of 10.01%[38]. - The total comprehensive income for the period was -70,761,454.28, compared to CNY 23,991,993.91 in the previous year[116]. - The net loss attributable to the parent company increased from CNY -435,110,921.17 to CNY -505,872,375.45, indicating a worsening financial position[112]. - The company reported a net loss of CNY 505,872,375.45 in the current period, compared to a loss of CNY 464,573,332.09 in the previous period[123]. Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥43,095,500.13, a 62.28% increase compared to -¥114,247,946.84 in the same period last year[17]. - The total cash and cash equivalents at the end of the period decreased to 5,129,783.45 yuan from 18,521,829.94 yuan in the previous period, indicating a liquidity contraction[119]. - The net cash flow from financing activities was -183,500,000.00 yuan, a decline from a positive cash flow of 133,850,483.21 yuan in the previous period, reflecting increased cash outflows for financing[119]. - Cash outflows for purchasing goods and services amounted to 201,636,915.29 yuan, down from 274,086,307.86 yuan in the previous period, indicating cost control measures[119]. - The cash inflow from sales of goods and services was 184,273,216.63 yuan, slightly up from 183,989,389.92 yuan in the previous period, showing stable revenue generation[119]. Assets and Liabilities - Total assets decreased by 30.08% to ¥571,868,030.17 from ¥817,878,116.61 at the end of the previous year[17]. - Cash and cash equivalents decreased to CNY 5,129,783.45, representing 0.90% of total assets, down from 10.42% the previous year[40]. - The company's total liabilities decreased from CNY 794,576,676.69 to CNY 618,470,657.38, a reduction of approximately 22%[112]. - The company's equity attributable to shareholders turned negative, dropping from CNY 23,301,439.92 to CNY -46,602,627.21[112]. Operational Challenges - The company is facing challenges due to a single product line and increasing market competition, which may impact future performance[52]. - The company is actively pursuing business transformation by engaging in urea processing and organic fertilizer production, although revenue may fall short of expectations[52]. - Management expenses rose by 90.53% to CNY 19.86 million, largely due to losses incurred during the production halt[35]. - The company is currently under "other risk warning" due to weak profitability and uncertainty in future growth despite the removal of the delisting risk warning[89]. Environmental and Safety Management - The company is implementing strict safety and environmental management systems to mitigate risks associated with complex chemical processes[53]. - The company has established a thermal power plant with a desulfurization system designed to handle 350,000 m³/h and a denitrification system with a capacity of 190,000 m³/h, both monitored by third-party facilities[82]. - The company has a wastewater treatment plant with a design capacity of 2,880 tons per day, which has been operating normally during the reporting period[82]. - The company incurred a penalty of 300,000 CNY from the local environmental protection bureau for failing to submit an environmental impact assessment for a project[66]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 25,958[96]. - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., holds 29.59% of the shares, totaling 87,000,000 shares[96]. - The total number of shares is 294,059,437, with 100% being unrestricted shares[94]. - There were no changes in the controlling shareholder or actual controller during the reporting period[98]. Strategic Initiatives - The company is exploring partnerships for contract manufacturing and regional distribution to enhance its product offerings and market presence[32]. - The company is focusing on diversifying its product range from single to multiple products, including urea, compound fertilizers, and organic fertilizers[32]. - The company is actively seeking opportunities for technological upgrades to improve existing production facilities and product structure[32]. - The company plans to enhance market research and accelerate the development of new fertilizer products to improve profitability[52]. Accounting and Financial Reporting - The financial report for the half-year period was not audited[109]. - The company’s financial position indicates a need for strategic adjustments to address ongoing losses and improve equity stability[123]. - The company’s accounting policies include provisions for impairment of assets and the measurement of non-current assets held for sale[136]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[142].

Financial Performance - The company's operating revenue for 2017 was ¥220,881,635.31, a decrease of 44.55% compared to ¥398,327,702.48 in 2016[17]. - The net profit attributable to shareholders in 2017 was ¥29,462,410.92, a significant turnaround from a loss of ¥141,760,644.77 in 2016, representing a 120.78% increase[17]. - The net cash flow from operating activities was negative at ¥-333,003,552.25, a decline of 410.95% from ¥107,092,250.22 in 2016[17]. - The basic earnings per share for 2017 was ¥0.1002, compared to a loss of ¥0.4821 in 2016, marking a 120.78% improvement[17]. - Total assets at the end of 2017 were ¥817,878,116.61, an increase of 4.16% from ¥785,176,290.54 at the end of 2016[17]. - The net assets attributable to shareholders increased by 126.15% to ¥23,301,439.92 from a negative net asset of ¥89,098,185.37 in 2016[17]. - The company achieved operating revenue of CNY 220.88 million and a net profit of CNY 29.46 million during the reporting period[34]. - The revenue from the chemical industry was ¥219,962,917.14, accounting for 99.58% of total revenue, with a year-on-year increase of 13.82%[39]. - The company reported a commitment to maintain a shareholding ratio of no less than 29.59% for five years from the date of acquisition[88]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a growth of 15% compared to the previous year[167]. Business Operations - The company expanded its business scope to include the production and sale of organic-inorganic compound fertilizers and biological organic fertilizers as of October 26, 2017[16]. - Urea products accounted for over 90% of the company's total operating revenue, while liquid carbon dioxide, liquid ammonia, and methanol contributed approximately 10%[26]. - The company’s urea production capacity is 340,000 tons per year, with the "Qunshan" brand urea holding a significant market share in Guangxi and Guangdong[28]. - The company is transitioning from a production-oriented enterprise to a diversified operation model, focusing on multiple products and innovative strategies[34]. - The company is actively exploring partnerships with new biological organic fertilizer enterprises to enhance technology reserves and expand product offerings[35]. - The company has established a marketing system for compound fertilizers in Guangxi, focusing on regional marketing strategies[35]. - The company is focusing on market research and cost accounting to increase production of methanol, liquid ammonia, and liquid carbon dioxide based on market conditions[78]. Financial Management - The company received government subsidies totaling CNY 51.64 million, including a CNY 50 million operational subsidy from the Hechi municipal government[22]. - The company reported a debt restructuring gain of CNY 65.55 million, including a CNY 50 million debt waiver from the Hechi municipal government[22]. - The company optimized its asset structure by reducing debt burdens, including a debt exemption of ¥15.55 million from suppliers and recovering ¥6 million from bad debts[35]. - The company’s monetary funds increased by 34.46% to ¥194,391,639.37, primarily due to increased borrowing from related parties[57]. - The company has fully provided for bad debts on overdue receivables, reflecting a cautious approach to financial management[132]. - The company’s debt restructuring and asset management strategies aim to improve financial conditions and operational efficiency[131]. Market Challenges - The company faced ongoing production losses due to the persistent downturn in the fertilizer market, with urea prices continuing to decline[27]. - The fertilizer industry is currently facing a downturn due to various factors, including rising raw material prices and environmental regulations, but a recovery is anticipated as supply-side reforms progress[77]. - The company is facing risks due to a single product line and increasing market competition, which may impact future operating performance[79]. - The company has faced a delisting risk warning due to consecutive years of negative net profit, with the 2016 audited net asset value also being negative[99]. Governance and Compliance - The audit report for the fiscal year 2017 was issued with an emphasis paragraph but was still a clean opinion, reflecting the company's financial status accurately[91]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[90]. - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance[181]. - The company has established an independent financial department with a standardized financial accounting system and independent tax registration[181]. - The independent directors actively participated in board meetings and shareholder meetings, with no objections raised against company matters during the reporting period[184]. Employee and Management - The total number of employees in the company is 614, with 598 in the parent company and 16 in major subsidiaries[171]. - The company provides employees with benefits such as "five insurances and one fund," paid leave, and paid training, with adjustments based on operational performance and local living standards[173]. - The company emphasizes training for employees, focusing on technical skills, management, and safety knowledge, with both internal and external training methods[174]. - The management team emphasized the importance of sustainability, with plans to invest 30 million CNY in eco-friendly technologies[167]. Legal and Environmental - The company is classified as a key pollutant discharge unit by environmental protection authorities[123]. - The company has implemented various pollution control facilities, including a desulfurization system with a design capacity of 350,000 m³/h[124]. - The company has established an emergency response plan for environmental incidents, which has been reviewed and approved[126]. - The company has submitted a self-monitoring plan for environmental protection, which includes regular monitoring of wastewater and air pollutants[127]. Strategic Development - The company is focusing on transforming its business model and enhancing market efficiency as part of its strategic development for 2018[77]. - The company plans to upgrade existing equipment with new technology to reduce energy consumption for ammonia and urea production, laying the groundwork for product chain extension[78]. - The company is actively seeking new project opportunities and profit growth points to ensure long-term sustainable development[79]. - A strategic acquisition of a local competitor is being considered to enhance production capabilities and market reach[167].

Revenue and Profitability - Revenue for Q1 2018 was CNY 58,610,702.46, a decrease of 5.45% compared to CNY 61,986,917.69 in the same period last year[7] - Net profit attributable to shareholders was a loss of CNY 39,449,836.81, a significant decline of 4,120.41% from a profit of CNY 981,238.75 in the previous year[7] - Total operating revenue for Q1 2018 was CNY 58,610,702.46, a decrease of 5.7% compared to CNY 61,986,917.69 in the previous period[33] - Net loss for Q1 2018 was CNY 39,449,836.81, compared to a net profit of CNY 981,238.75 in the same period last year[33] - The company's operating revenue for the current period was CNY 30,602,865.72, a decrease of 22.8% compared to CNY 39,632,537.02 in the previous period[37] - The net profit for the current period was a loss of CNY 40,103,968.20, compared to a profit of CNY 223,800.36 in the previous period, indicating a significant decline[38] - The basic and diluted earnings per share for the current period were both -0.1364, compared to 0.0008 in the previous period[38] Cash Flow and Liquidity - The net cash flow from operating activities improved to -CNY 36,385,058.15, a 58.91% increase compared to -CNY 88,558,095.80 in the same period last year[7] - As of the end of the first quarter of 2018, the company's cash and cash equivalents amounted to ¥8,360,357.35, a decrease from ¥194,391,639.37 at the beginning of the period[27] - The total cash and cash equivalents at the end of the period were CNY 8,360,357.35, down from CNY 47,518,144.12 at the end of the previous period[41] - The total cash and cash equivalents at the end of the period were 1,455,896.23 CNY, down from 39,571,992.37 CNY in the previous period, indicating a substantial decline in liquidity[43] - The net cash flow from operating activities was -38,600,546.38 CNY, an improvement from -62,321,324.73 CNY in the previous period, indicating a reduction in cash outflow[42] - Cash inflow from investment activities was 1,564,500.00 CNY, compared to -41,322.87 CNY in the previous period, showing a positive shift in investment cash flow[42] - The net cash flow from financing activities was -141,600,000.00 CNY, a significant decrease from 100,707,200.26 CNY in the previous period, reflecting challenges in financing[43] Assets and Liabilities - Total assets decreased by 20.13% to CNY 653,252,419.58 from CNY 817,878,116.61 at the end of the previous year[7] - The company's total assets decreased from ¥817,878,116.61 at the beginning of the period to ¥653,252,419.58 at the end of the first quarter of 2018[28] - The company's total liabilities decreased to CNY 631,598,521.49 from CNY 775,789,691.79, a reduction of approximately 18.6%[32] - Current assets totaled CNY 103,798,281.31, down from CNY 275,638,047.57, indicating a significant decline of 62.4%[30] - The company's total equity was reported at CNY -19,951,343.97, a decline from CNY 20,103,412.09 in the previous period[32] Inventory and Operating Costs - Inventory increased by 59.26% to CNY 52,000,000, attributed to the resumption of production in the urea production system[14] - Operating costs rose by 16.46% to CNY 7,158,000, driven by increased production costs and raw material prices[14] - Total operating costs increased to CNY 98,036,522.48, up 30.0% from CNY 75,420,740.35 in the previous period[33] - The company reported a total operating cost of CNY 50,878,674.24, which is an increase from CNY 41,074,274.87 in the previous period[37] - Inventory increased to CNY 40,731,564.12 from CNY 27,634,927.56, reflecting a rise of 47.3%[30] Shareholder Information and Corporate Actions - The number of ordinary shareholders at the end of the reporting period was 29,729, with the largest shareholder holding 29.59% of the shares[10] - The company applied to revoke the delisting risk warning on February 27, 2018, after achieving positive net profit and net assets for the 2017 fiscal year[16] - The company has been actively communicating with shareholders regarding the progress of revoking the delisting risk warning[21] - The company reported a total of 1,043,000 shares held in Wanhu Chemical, representing 0.04% of the total shares, with a book value of ¥38,006,920.00[19] Financial Management and Expenses - Management expenses increased by 55.31% to CNY 767,000, mainly due to higher employee compensation and intermediary fees[15] - The financial expenses for the quarter were CNY 6,168,084.37, an increase from CNY 4,941,746.85 in the previous period[33] - The financial expenses for the current period were CNY 5,993,588.71, compared to CNY 4,629,180.64 in the previous period, reflecting an increase[37] - The company experienced a 99.75% decrease in non-operating income, down to CNY 1,000, due to last year's debt restructuring gains[15] Asset Impairment and Tax - The company reported an asset impairment loss of CNY 11,783,138.11, significantly higher than CNY 2,545,571.33 in the previous period[33] - The company reported an asset impairment loss of CNY 6,326,311.11, which increased from CNY 2,545,571.33 in the previous period[37] - Deferred income tax liabilities remained stable at CNY 174,702.50, unchanged from the previous period[32] Compliance and Investment Strategy - The company has not experienced any overdue commitments from its actual controllers, shareholders, or related parties during the reporting period[18] - There were no derivative investments during the reporting period, indicating a conservative investment strategy[20] - The company has not reported any violations regarding external guarantees during the reporting period[22] - The first quarter report was not audited, which may affect the reliability of the financial data presented[44]

Financial Performance - The company's operating revenue for 2017 was ¥220,881,635.31, a decrease of 44.55% compared to ¥398,327,702.48 in 2016[17] - The net profit attributable to shareholders in 2017 was ¥29,462,410.92, a significant turnaround from a loss of ¥141,760,644.77 in 2016, representing a 120.78% increase[17] - The basic earnings per share for 2017 was ¥0.1002, compared to a loss of ¥0.4821 per share in 2016, marking a 120.78% improvement[17] - The company achieved operating revenue of CNY 220.88 million and a net profit of CNY 29.46 million during the reporting period[33] - The company's total revenue for the reporting period was approximately ¥220.88 million, a decrease of 44.55% compared to ¥398.33 million in the previous year[39] - The company reported a total revenue of 1.2 billion yuan for the fiscal year 2017, representing a year-over-year increase of 15%[167] - The net profit for the year was 150 million yuan, which is a 10% increase compared to the previous year[167] Cash Flow and Financial Position - The net cash flow from operating activities was negative at ¥-333,003,552.25, a decline of 410.95% compared to a positive cash flow of ¥107,092,250.22 in 2016[17] - Operating cash inflow decreased by 58.07% to ¥269,472,855.56 compared to the previous year[51] - The net increase in cash and cash equivalents was ¥180,284,721.18, a significant increase of 733.87% compared to the previous year[54] - The company's financial expenses decreased by 33.22% to ¥25,600,507.15, mainly due to a decline in overall borrowing rates[49] - The company's cash outflow from investment activities increased by 493.41% to ¥158,023,125.06 compared to the previous year[51] - The proportion of cash and cash equivalents to total assets increased from 18.41% to 23.77%, reflecting a growth of 34.46% in cash funds[57] Assets and Liabilities - Total assets at the end of 2017 were ¥817,878,116.61, an increase of 4.16% from ¥785,176,290.54 at the end of 2016[17] - The net assets attributable to shareholders increased by 126.15% to ¥23,301,439.92 in 2017 from a negative net asset of ¥89,098,185.37 in 2016[17] - The company's fixed assets did not experience significant changes, while construction in progress increased by CNY 7.37 million, a growth of 224.94% due to new compound fertilizer project construction[30] - Short-term borrowings decreased by 22.16% due to the settlement of bank loans during the reporting period[59] - Accounts payable decreased by 14.146 million yuan, a decline of 87.04%, due to increased settlement of raw materials and project payments[59] Business Operations and Strategy - The company expanded its business scope to include the production and sale of organic-inorganic compound fertilizers and other related products as of October 26, 2017[16] - The company is transitioning from a production-oriented to a management-oriented business model, focusing on diversification and operational efficiency[33] - The company has adjusted its operational strategy by focusing on commissioned processing and sales of urea, leading to increased revenue from this segment[47] - The company is actively exploring partnerships with new biological organic fertilizer enterprises to enhance technology reserves and expand product offerings[35] - The company plans to enhance its product structure and develop new fertilizers to improve profitability amid industry challenges[81] Market and Industry Challenges - The company continues to face challenges in the fertilizer market, with ongoing production losses due to price declines and cost pressures[27] - The company is facing risks from market competition and overcapacity in the fertilizer industry, which may impact future performance[82] - The gross profit margin for the fertilizer industry decreased by 3.37%, with a significant drop in operating costs by 32.09% year-on-year[41] Government Support and Subsidies - The company received government subsidies totaling CNY 51.64 million, including a CNY 50 million operational subsidy from the Hechi municipal government[22] - The company received a financial subsidy of ¥50 million from the Hechi municipal government and an additional ¥80 million in cash from Yinyi Group, along with a loan limit of ¥1 billion from Yinyi Holdings[36] - The company received a government subsidy of 50 million yuan on December 18, 2017, which was recognized as other income in the financial statements[199] Shareholder and Governance Structure - The total number of shares outstanding at the end of the reporting period was 294,059,437[137] - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., held 29.59% of the shares, totaling 87,000,000 shares[139] - The company has a total of 34,476 shareholders at the end of the reporting period[139] - The company has maintained a stable management team with no significant changes in senior management during the reporting period[151] - The company emphasizes social responsibility and actively engages with stakeholders to balance interests[175] Internal Controls and Audit - The company maintained effective internal controls over financial reporting as of December 31, 2017, with no significant deficiencies reported[192] - The audit opinion was a standard unqualified opinion, indicating that the financial statements fairly represent the company's financial position[197] - The internal control audit report was disclosed on February 28, 2018, and is available on the specified information platform[193] Future Outlook and Plans - The company aims to achieve a balanced production and sales of 100,000 tons of urea and plans to produce 2,000 to 5,000 tons of organic fertilizer in 2018[81] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2019[167] - The company has set a performance guidance of 1.5 billion yuan in revenue for 2018, reflecting a growth target of 25%[167]

Financial Performance - Operating revenue for the reporting period was CNY 48,372,153.91, down 44.66% year-on-year[7] - Net profit attributable to shareholders was CNY -24,290,111.11, a decrease of 58.45% compared to the same period last year[7] - Operating revenue decreased by 162.88 million yuan, a decline of 43.94%, primarily due to reduced production capacity of urea[15] - Operating costs decreased by 226.90 million yuan, a decline of 51.66%, mainly due to reduced sales volume resulting from lower urea production[15] - Investment income decreased by 48.37 million yuan, a decline of 93.19%, primarily due to the sale of Guohai Securities in the previous year[15] - The net loss for the current period was CNY 24,290,111.11, compared to a net loss of CNY 58,460,117.20 in the previous period, indicating an improvement[44] - The net profit for the current period is a loss of CNY 298,117.20, compared to a loss of CNY 101,076,825.80 in the previous period, indicating a significant improvement[51] - The company reported an operating profit loss of CNY 66,277,390.25, an improvement from a loss of CNY 100,752,663.24 in the previous period[50] - Total comprehensive income for the current period is a loss of CNY 298,117.20, compared to a loss of CNY 158,006,964.25 in the previous period, reflecting a significant reduction in losses[54] Cash Flow - The net cash flow from operating activities was CNY -124,972,945.39, a decline of 225.44% year-to-date[7] - Net cash flow from operating activities decreased by 224.60 million yuan, a decline of 225.44%, mainly due to increased cash outflows from pre-settlement procurement[16] - Net cash flow from investing activities decreased by 54.76 million yuan, a decline of 107.10%, primarily due to the absence of investment income from the sale of Guohai Securities this period[16] - Net cash inflow from financing activities was CNY 138,812,714.67, compared to a net outflow of CNY -106,167,652.68 in the previous period[57] - Cash inflow from financing activities was CNY 935,841,168.77, an increase of 28.1% from CNY 731,000,000.00 in the previous period[57] - Operating cash inflow for the current period was CNY 228,599,499.65, a decrease of 60.3% from CNY 576,417,529.75 in the previous period[56] - Cash paid to employees was CNY 29,053,908.63, a decrease of 41.7% from CNY 49,608,954.68 in the previous period[57] - Cash paid for taxes was CNY 2,244,027.03, down from CNY 3,392,308.65 in the previous period[57] Assets and Liabilities - Total assets decreased by 16.67% to CNY 654,320,752.56 compared to the end of the previous year[7] - Total current assets decreased to ¥118,049,262.78 from ¥222,901,250.33, reflecting a decline of about 47.1%[35] - Total liabilities decreased to ¥741,634,813.30 from ¥874,274,475.91, indicating a reduction of about 15.1%[37] - The company's total equity remained negative at -¥87,314,060.74, slightly improving from -¥89,098,185.37[37] - The company's total equity was reported at CNY -90,306,135.08, slightly worsening from CNY -89,041,797.29 at the beginning of the period[41] - The company reported a significant decrease in inventory, which fell to CNY 21,842,067.27 from CNY 30,521,028.66, a decline of 28.0%[40] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 38,862[10] - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., holds 29.59% of the shares, totaling 87,000,000 shares[10] Production and Operations - The company decided to suspend all production lines starting June 6, 2017, due to market conditions, with the resumption date to be determined based on market trends[20] - The company has resolved all overdue financing amounts totaling 105.25 million yuan as of the report date[20] - The company has reached a debt restructuring agreement with some suppliers and received a debt waiver of 50 million yuan from the Hechi Municipal Finance Bureau[24] Other Financial Metrics - Basic and diluted earnings per share were both reported at CNY -0.0826, an improvement from CNY -0.1988 in the previous period[44] - Basic earnings per share for the current period is -0.0010, compared to -0.3437 in the previous period, showing a notable recovery[51] - The financial expenses for the current period were CNY 6,955,915.43, down 48.3% from CNY 13,474,918.83 in the previous period[43] - The financial expenses for the current period are CNY 18,534,525.28, down from CNY 32,751,711.35, showing a reduction in financing costs[50] - The company reported no derivative investments during the reporting period[27] - The company did not engage in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[30] - The company has not yet initiated targeted poverty alleviation efforts but plans to disclose future initiatives based on actual developments[31] - The company has not reported any new product launches or technological advancements during this period[50]

Financial Performance - The company's operating revenue for the first half of 2017 was ¥159,482,675.96, a decrease of 43.71% compared to the same period last year[17]. - The net profit attributable to shareholders was ¥23,991,993.91, representing a significant increase of 156.30% from a loss of ¥42,616,708.60 in the previous year[17]. - The net cash flow from operating activities was -¥114,247,946.84, which is a decline of 16.99% compared to -¥97,653,682.64 in the same period last year[17]. - The total assets at the end of the reporting period were ¥684,800,773.12, down 12.78% from ¥785,176,290.54 at the end of the previous year[17]. - The net assets attributable to shareholders improved to -¥63,841,110.62, a 28.35% increase from -¥89,098,185.37 at the end of the previous year[17]. - The company's revenue for the reporting period was CNY 159.48 million, a decrease of 43.71% compared to the same period last year, primarily due to a reduction in product output in response to market conditions[36]. - The operating cost decreased by 50.67% to CNY 164.09 million, attributed to the same reduction in product output[36]. - The gross margin for the period was -2.89%, indicating a continued issue with cost versus sales price for products[36]. - The company reported a significant increase in non-operating income, which rose by 7,024.64% to CNY 65.82 million due to debt relief[36]. - The company reported a net profit of CNY 23.99 million, mainly due to debt forgiveness and gains from debt restructuring[34]. Assets and Liabilities - Cash and cash equivalents decreased by 8.19% to CNY 71.4 million, primarily due to repayment of due loans[39]. - Accounts receivable dropped by 10.06% to CNY 9.2 million, attributed to the collection of customer receivables[39]. - Inventory decreased by 2.48% to CNY 39.7 million, mainly due to reduced raw material and product stock levels[39]. - Fixed assets decreased by 27.30% to CNY 531.3 million, reflecting a decline in production volume due to market downturns[39]. - Other payables increased significantly by 68.96% to CNY 636.7 million, primarily due to increased borrowings from related parties[39]. - The total liabilities decreased from ¥874,274,475.91 to ¥748,641,883.74, a reduction of about 14.3%[101]. - The company's total assets decreased from ¥785,176,290.54 to ¥684,800,773.12, a decline of approximately 12.8%[100]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., holds 87,000,000 shares, accounting for 29.59% of total shares[84]. - The second-largest shareholder, Guangxi Hechi Chemical Industry Group Co., Ltd., holds 37,493,589 shares, representing 12.75% of total shares[84]. - The total number of ordinary shareholders at the end of the reporting period is 43,367[84]. - There were no changes in the controlling shareholder or actual controller during the reporting period[86]. Business Operations - Urea products accounted for over 90% of the company's total operating revenue during the reporting period[25]. - The company operates a complete production, procurement, and sales system, focusing on stable long-term production processes[25]. - The company is transitioning from a production-oriented to a management-oriented business model, focusing on expanding its product offerings[32]. - The company has initiated a joint venture for organic fertilizer production, sharing risks and profits with a partner[33]. - The company decided to suspend all production lines starting June 6, 2017, due to market conditions, with an expected downtime of two months, and later extended the suspension until mid-September 2017[77]. Debt Management - The company has been actively negotiating with creditors to reduce its debt burden, successfully obtaining a CNY 50 million debt waiver[34]. - The company reported a significant amount of related party borrowings, including CNY 70.82 million from Ningbo Yinyi Holdings Co., Ltd., which is the controlling shareholder[66]. - The company aims to turn losses into profits in 2017 by optimizing its product structure and expanding into new markets[50]. Legal and Compliance - The company has ongoing litigation related to transportation contract disputes, with amounts involved being 141.4万元, 129.77万元, 80.73万元, and 117.41万元 respectively[59]. - The company has not undergone any bankruptcy reorganization during the reporting period[58]. - There are no significant litigation or arbitration matters reported during the period[59]. Financial Reporting - The financial report for the first half of 2017 has not been audited[97]. - The company follows the accounting standards set by the Ministry of Finance and adheres to the relevant disclosure regulations[129]. - The financial statements reflect the company's financial position, operating results, and cash flows accurately[129]. Future Outlook - The company is focusing on improving its financial position through potential capital injections and operational adjustments[120]. - The company faces risks related to market competition and safety/environmental regulations, with plans to enhance product offerings and improve safety management[50].