浙江江山化工股份有限公司 2015 年第一季度报告正文 证券代码：002061 证券简称：江山化工 公告编号：2015-023 浙江江山化工股份有限公司 2015 年第一季度报告正文 1 浙江江山化工股份有限公司 2015 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人董星明、主管会计工作负责人雷逢辰及会计机构负责人(会计主 管人员)管丽霞声明：保证季度报告中财务报表的真实、准确、完整。 2 浙江江山化工股份有限公司 2015 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 483,840,926.88 | 443,955,507.41 ...

Financial Performance - The company reported a significant loss in 2014, with a decline in profitability due to low demand in downstream markets for DMF, DMAC, and maleic anhydride products [14]. - The company's operating revenue for 2014 was ¥2,378,538,787.64, an increase of 56.28% compared to ¥1,521,988,774.22 in 2013 [25]. - The net profit attributable to shareholders was a loss of ¥158,331,437.51, representing a decrease of 642.04% from a profit of ¥29,210,207.40 in 2013 [25]. - The net cash flow from operating activities increased by 229.45% to ¥163,353,291.51 from ¥49,582,950.04 in 2013 [25]. - The company's main business revenue for 2014 reached CNY 2.38 billion, an increase of 56.28% compared to the previous year [39]. - The net profit for 2014 was a loss of CNY 1.58 billion, a decline of 645.04% year-on-year, primarily due to intense competition and falling prices in the organic amine market [39]. - The total operating revenue for 2014 was CNY 2,230,862,990.13, representing a year-on-year increase of 49.34% [55]. - The total operating cost for 2014 was CNY 2,100,844,900.22, with a year-on-year increase of 60.37% [55]. - The gross profit margin decreased by 6.48% compared to the previous year, resulting in a gross profit of CNY 130,018,089.91 [55]. Investment and Capital Structure - The company will not distribute cash dividends or issue bonus shares for the year [6]. - The company distributed a cash dividend of 0.50 RMB per 10 shares and increased total share capital to 453,259,717 shares following a capital reserve conversion [96]. - The company raised a total of RMB 632,082,532.55 from a private placement of 92,460,881 shares at a price of RMB 7.03 per share [151]. - The company’s total number of shares after the capital increase is 453,259,717, with no changes in asset and liability structure [153]. - The company reported a net profit of approximately -158.33 million RMB in 2014, resulting in a 0.00% cash dividend payout [99]. Operational Adjustments - The company has paused production of BDO series products since late June 2014 to restructure its product offerings [14]. - The company adjusted its product structure in response to market conditions, halting production of less profitable products and focusing on more economically viable products [32]. - The company plans to continue producing phthalic anhydride while suspending the production of BDO and other products, focusing on flexible technology innovation for product upgrade [78]. - The company is in discussions regarding the relocation of its operations, aiming to complete the move by mid-2016, although uncertainties remain [41]. Environmental Compliance - The company plans to increase investment in environmental protection in response to new national emission standards and pollution discharge fees implemented on July 1, 2014 [14]. - The company has invested in upgrading its flue gas desulfurization and denitrification systems to comply with stricter environmental regulations [14]. - The company has invested in flue gas desulfurization and denitrification projects, which began operation on February 10, 2015, to meet new environmental standards [87]. Market and Competitive Landscape - The competitive landscape in the chemical industry remains challenging, with significant price declines and supply-demand imbalances expected to persist into 2015 [84]. - The market share of DMF was 25% in 2014, down from 27% in 2013, while DMAC's market share increased to 65% from 55% [61]. - The company intends to consolidate its leading position in DMF and DMAC while enhancing the profitability of its phthalic anhydride business [84]. Research and Development - The company successfully completed the re-certification as a national high-tech enterprise and established a provincial-level "low-carbon hydrocarbon engineering laboratory" [35]. - The company has obtained 22 national patents, including 3 invention patents, demonstrating its commitment to R&D and innovation [62]. - Research and development expenses increased by 89.71% to CNY 73,457,623.29, accounting for 6.90% of net assets and 3.09% of operating income [51]. Financial Risks and Governance - The company is facing a risk of being flagged for delisting if it cannot halt losses in 2015, as per the Shenzhen Stock Exchange regulations [14]. - The company has established a governance structure to protect the rights of all shareholders, particularly minority shareholders [101]. - The company has maintained independence from its controlling shareholder in business, personnel, assets, and finance, with no instances of fund occupation or guarantees provided to the controlling shareholder [198]. Employee and Management Structure - As of December 31, 2014, the company had a total of 777 employees in the parent company, with no retired employees requiring financial support [181]. - The total compensation for the company's directors, supervisors, and senior management during the reporting period amounted to 222.39 million RMB [178]. - The management team includes experienced professionals with backgrounds in finance and engineering, enhancing operational efficiency [173]. Strategic Focus and Future Plans - The company aims to enhance project management and optimize raw material supply structure to improve the economic benefits of investment projects [78]. - The operational strategy for 2015 emphasizes maximizing production potential, reducing costs, and improving product quality to combat losses [85]. - The company plans to enhance R&D efforts and optimize product structure to improve core competitiveness and reduce costs [87].

Financial Performance - Operating revenue for the reporting period was ¥728,177,219.73, representing a significant increase of 73.61% year-on-year[7]. - Net profit attributable to shareholders was a loss of ¥39,933,435.55, a decline of 508.45% compared to the same period last year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥41,423,371.08, down 556.74% year-on-year[7]. - Basic earnings per share were -¥0.088, a decrease of 403.45% compared to the same period last year[7]. - The weighted average return on net assets was -3.47%, a decline of 84.47% year-on-year[7]. - The net cash flow from operating activities for the year-to-date was ¥39,982,568.16, down 57.35% compared to the previous year[7]. - The company expects a net loss for the year 2014, with estimated losses ranging from 15 million to 16 million yuan, compared to a net profit of 29.21 million yuan in 2013[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,923[11]. - The largest shareholder, Zhejiang Railway Investment Group Co., Ltd., held 30.22% of the shares, totaling 136,958,410 shares[11]. Operational Insights - The company's operating revenue increased compared to the same period last year, primarily due to higher sales volume of parent company products and the commencement of sales from the wholly-owned subsidiary Zhejiang Railway Jiangning[15]. - The net profit attributable to shareholders of the listed company significantly decreased compared to the same period last year, mainly due to macroeconomic and industry cycle impacts, with product prices at relatively low levels leading to substantial losses[15]. - The net cash flow from operating activities decreased compared to the same period last year, primarily due to negative cash flow from the wholly-owned subsidiary Zhejiang Railway Jiangning and increased settlement requirements from suppliers[15]. - The company has adjusted its production process since June to optimize management and reduce costs, resulting in a significant reduction in losses from the production of maleic anhydride products[16]. - The company has faced challenges in the market for BDO and related products due to intensified competition and changes in market supply and demand structures, maintaining relatively low market prices[21]. - The company is focusing on optimizing raw material procurement and expanding steam sales from by-products to improve the economic benefits of its investment projects and reduce losses[16]. Corporate Governance - The company is committed to avoiding competition with its major shareholder, Zhejiang Railway Investment Group, as part of its ongoing commitments[19]. - The company has not engaged in any securities investments during the reporting period[22]. - The new accounting standards issued by the Ministry of Finance have not impacted the company's consolidated financial statements[23]. Non-Recurring Gains and Losses - The company reported no significant non-recurring gains or losses during the reporting period[9].

Financial Performance - The company reported a significant impact on performance due to the macroeconomic downturn, with overall demand in the chemical industry not recovering, affecting profitability [8]. - The company's operating revenue for the reporting period was ¥1,084,535,297.09, representing a year-on-year increase of 55.35% compared to ¥698,141,356.64 in the same period last year [27]. - The net profit attributable to shareholders was -¥72,211,318.34, a decline of 417.35% from a profit of ¥22,754,621.61 in the previous year [27]. - The net cash flow from operating activities decreased by 15.74%, amounting to ¥56,594,666.73 compared to ¥67,164,687.72 in the previous year [27]. - The total assets at the end of the reporting period were ¥2,925,484,409.79, an increase of 7.89% from ¥2,711,593,511.17 at the end of the previous year [27]. - The company reported a significant increase in operating costs, which rose by 72.03% to ¥1,029,304,445.59 due to increased production volume and the commencement of a new project [38]. - The company faced challenges in the market, with the main product DMF prices hitting historical lows, impacting profitability [36]. - The company reported a significant loss in the second quarter due to intensified market competition and lower product prices, particularly for BDO [66]. Product and Market Strategy - The main products DMF and DMAC faced intensified competition due to rapid domestic capacity growth, leading to a decline in prices and gross margins [8]. - The company plans to adjust its product mix, continuing production of succinic anhydride while suspending BDO production to improve economic efficiency [11]. - The company has adjusted its production strategy by halting BDO production to focus on succinic anhydride due to severe price competition and cost issues [41]. - The company established Jianghua Trading Company, focusing on expanding the market for maleic anhydride and its derivatives, achieving stable sales of liquid maleic anhydride in the unsaturated resin industry [42]. - The company plans to optimize resource allocation and enhance collaboration through the establishment of six major platforms to improve operational efficiency [41]. - The company plans to adjust its product mix, continuing the production of maleic anhydride while suspending the production of BDO and other products due to market conditions [58]. Investment and Financial Management - The company’s investment projects have not met expected economic benefits, with BDO and related products experiencing low market prices since reaching operational status in March 2014 [11]. - The company is actively managing its investment projects to optimize raw material supply and enhance by-product utilization to reduce costs [11]. - The company invested 3,000,000 RMB in the reporting period, a decrease of 99.53% compared to the previous year [48]. - The total amount of raised funds was 63,208.25 million RMB, with 2,349.4 million RMB invested during the reporting period [56]. - The company completed the replacement of 320 million yuan of self-raised funds with raised funds within six months after the funds were received [64]. - The company has no major non-raised fund investment projects during the reporting period [65]. - The company has not made any asset acquisitions or sales during the reporting period [78][79]. Regulatory and Compliance Issues - Environmental protection costs have increased due to new national emission standards, prompting the company to enhance its environmental investments [10]. - The company is undergoing a re-evaluation of its high-tech enterprise status, which could affect its corporate income tax rate from 15% to 25% if not re-certified [12]. - The company’s governance structure complies with legal requirements and ensures transparency and accountability [74]. - The company has not faced any major litigation or arbitration issues during the reporting period [75]. - The company has not encountered any penalties or rectification issues during the reporting period [102]. Research and Development - Research and development expenses were slightly up by 0.15%, totaling ¥17,458,645.17 compared to ¥17,432,798.48 in the previous year [39]. - The company has obtained one exclusive global patent and has four additional patents under substantive review, enhancing its technological innovation capabilities [42]. - Research and development investment has increased by 10% compared to the previous year, focusing on sustainable chemical technologies [94]. Future Outlook - The company expects a net loss of between 120 million and 110 million yuan for the first three quarters of 2014, compared to a net profit of 32.53 million yuan in the same period of 2013 [66]. - Future outlook suggests a projected revenue growth of 20% year-over-year for the next fiscal year [94]. - Market expansion plans include entering two new international markets by the end of 2014, targeting a 15% market share in those regions [94]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio, with a budget of 3,000 million allocated for this purpose [95]. Shareholder and Equity Information - The company has not declared cash dividends or bonus shares for the reporting period [6]. - In the first half of the year, the company completed a profit distribution for 2013, distributing 0.5 RMB per 10 shares and increasing total shares from 348,661,321 to 453,259,717 [43]. - The basic earnings per share for the first half of 2014 remained at -0.159 after adjustments, while the diluted earnings per share also stayed at -0.159 [112]. - The net asset value per share attributable to ordinary shareholders was CNY 2.54 for the first half of 2014, unchanged after adjustments [112]. - The company’s shareholding structure remained unchanged following the rights distribution [113]. Asset and Liability Management - The total liabilities increased to ¥1,775,974,907.76 from ¥1,472,439,624.75, reflecting a rise of approximately 20.6% [135]. - The company's total assets were reported at ¥2,925,484,409.79, compared to ¥2,711,593,511.17, marking an increase of approximately 7.9% [134]. - The company's equity attributable to shareholders decreased to ¥1,149,509,502.03 from ¥1,239,153,886.42, a decline of approximately 7.2% [134]. - The company reported a total of 30,000,000 yuan in external guarantees, with actual guarantees amounting to 6,120,000 yuan and 1,785,000 yuan for different periods [93].

Financial Performance - The company's operating revenue for Q1 2014 was ¥443,955,507.41, representing a 42.28% increase compared to ¥312,020,416.73 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥7,049,448.76, a decrease of 454.93% from a profit of ¥1,986,133.64 in the previous year[8] - The net cash flow from operating activities increased by 19.69% to ¥62,780,554.59, up from ¥52,454,566.34 in the same period last year[8] - The total assets at the end of the reporting period were ¥2,854,164,158.77, reflecting a 5.26% increase from ¥2,711,593,511.17 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 0.57% to ¥1,232,104,437.66 from ¥1,239,153,886.42 at the end of the previous year[8] - The basic earnings per share were -¥0.02, a decline of 300% compared to ¥0.01 in the same period last year[8] - The diluted earnings per share were also -¥0.02, marking a 300% decrease from ¥0.01 in the previous year[8] - The weighted average return on equity was -0.57%, down from 0.19% in the same period last year, a decrease of 0.76%[8] Shareholder Information - The total number of shareholders at the end of the reporting period was 28,679[11] - The largest shareholder, Zhejiang Railway Investment Group Co., Ltd., held 30.22% of the shares, totaling 105,352,623 shares[11] Operational Changes - Accounts receivable increased by 65.38% to ¥115,495,163.20 due to adjustments in sales strategy influenced by macroeconomic conditions[17] - Fixed assets surged by 625.56% to ¥1,692,347,533.62, primarily due to the completion of construction projects[17] - Revenue rose by 42.28% to ¥443,955,507.41, driven by increased sales volume of main products compared to the previous year[17] - Operating costs increased by 51.90% to ¥414,646,552.75, reflecting higher production expenses[17] - Cash received from sales increased by 88.12% to ¥235,300,283.90, due to higher sales volume and improved collection[17] Future Outlook - The company expects a net loss of between ¥-5,000 and ¥-3,000 million for the first half of 2014, attributed to low downstream demand and increased competition[25] - The company plans to distribute cash dividends of ¥0.5 per share, totaling ¥17,433,066.05, and to increase total share capital through a stock bonus[18] - The non-public offering project for 80,000 tons/year of phthalic anhydride and derivatives has commenced normal production as of March 2014[19] - The company is in the process of relocating its Jiangshan base, with plans to complete the move by mid-2016[19] Safety and Compliance - The company faced a fine of ¥215,000 due to a safety incident resulting in three fatalities during a construction project[21]

Financial Performance - The company's operating revenue for 2013 was ¥1,521,988,774.22, a decrease of 13.79% compared to ¥1,765,522,135.75 in 2012[22] - The net profit attributable to shareholders for 2013 was ¥29,210,207.40, down 59.22% from ¥71,634,334.77 in 2012[22] - The net profit after deducting non-recurring gains and losses was ¥25,888,755.48, an increase of 103.56% compared to ¥12,717,840.48 in 2012[22] - Basic earnings per share decreased by 73.53% to ¥0.09 from ¥0.34 in 2012[22] - The weighted average return on net assets was 2.48%, down 10.15% from 12.63% in 2012[22] - Main business revenue for 2013 was CNY 1,493,857,176.77, a decrease of 8.06% compared to the previous year, primarily due to a decline in sales volume and prices of key products DMF and DMAC[39] - The company reported a net profit attributable to shareholders for 2013 of CNY 29,210,207.40, down 59.32% from CNY 71,634,334.77 in 2012[36] - The company reported a net profit of ¥29,049,487 for the current period, reflecting a decrease compared to the previous period's profit[199] Cash Flow and Assets - The net cash flow from operating activities increased by 54.6% to ¥49,582,950.04 from ¥32,070,919.62 in 2012[22] - Total assets at the end of 2013 were ¥2,711,593,511.17, a 26.61% increase from ¥2,141,726,962.16 at the end of 2012[22] - The company reported a significant increase in inventory levels, with a year-end inventory of 11,480 tons, up 105.04% from 5,599 tons in 2012, attributed to poor market conditions[39] - Cash flow from operating activities generated ¥49,582,950.04, an increase from ¥32,070,919.62, indicating a growth of about 54.5%[194] - The ending cash and cash equivalents balance was ¥224,878,314.36, down from ¥251,660,897.89, a decrease of approximately 10.6%[195] - The company reported a significant increase in investment income to ¥1,654,100.01 from a loss of ¥36,214,214.69, marking a substantial recovery[191] Shareholder and Capital Management - The company plans to distribute a cash dividend of ¥0.50 per 10 shares to shareholders[5] - The company completed its first non-public stock issuance post-listing in February 2013, raising approximately CNY 650 million to alleviate funding pressure for the Jiangning Chemical project and improve its asset structure[33] - The company reported a cash dividend payout ratio of 100%[80] - The company will increase its total share capital to 453,259,717.30 shares after a capital reserve conversion of 3 shares for every 10 shares held[80] - The company completed a non-public issuance of 92,460,881 shares, raising approximately RMB 650 million, increasing the total share capital to 232,440,881 shares[113] Risk Management and Challenges - The company faces risks including economic cycle fluctuations, market competition, and raw material price volatility[12] - The company has implemented a comprehensive risk management system to ensure healthy and orderly economic operations[32] - The company faced challenges in production and operations due to a sluggish downstream market and continuous capacity expansion in the industry[75] Operational Developments - The company completed the trial production of its phthalic anhydride integration project, producing qualified products and laying a solid foundation for transformation and upgrading[27] - The company is actively advancing the relocation of its Jiangshan base to expand development space, with plans to complete the relocation by mid-2016[38] - The Ningbo base construction has been prioritized, with the facility nearly completed and producing qualified products during the reporting period[34] - The company has established an engineering technology center to strengthen its competitive edge in the chemical industry and has initiated several key projects for technological innovation[34] Governance and Management - The company has established a governance structure to protect shareholder and creditor rights, adhering to relevant laws and regulations[81] - The company has engaged in various roles across different organizations, with several executives holding positions in other companies[144] - The company has implemented a major information internal reporting system to strengthen internal management and control operational risks[154] - The audit committee held 4 meetings in 2013 to review internal audit reports and significant matters, ensuring timely completion of the annual audit report[160] Employee and Social Responsibility - The total number of employees at the parent company as of December 31, 2013, was 798, with 626 in production, 19 in sales, 41 in technology, 11 in finance, and 101 in administration[148] - The company invested approximately 12 million yuan in various public welfare projects, enhancing its social responsibility image[131] Future Outlook - The company plans to strengthen its leadership in the DMF and DMAC industries while expanding its business scope and developing new products to create new growth points[75] - The company aims to optimize its product structure and improve performance as production capacity from investment projects gradually comes online[75] - Future guidance estimates a revenue growth of 12% for the next fiscal year, driven by new product launches and market expansion[137]