证券代码：002068 证券简称：黑猫股份 江西黑猫炭黑股份有限公司 投资者关系活动记录表 编号：2022-004 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Revenue and Profitability - The company's revenue for Q3 2022 reached ¥2,648,857,990.25, an increase of 42.73% compared to the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥30,937,841.86, a decrease of 410.36% year-on-year[7]. - Total revenue for the first nine months of 2022 was ¥7,304,211,416.94, reflecting a 25.62% increase year-on-year, primarily due to rising product prices[11]. - Total operating revenue for the third quarter reached ¥7,304,211,416.94, an increase of 25.5% compared to ¥5,814,510,728.33 in the same period last year[26]. - Net profit attributable to shareholders increased to ¥934,287,360.50, compared to ¥897,009,405.36 in the previous year, reflecting a growth of 4.1%[25]. - The net profit for the current period is 39,326,171.18, a significant decrease from 501,143,952.37 in the previous period, representing a decline of approximately 92.2%[29]. - Operating profit for the current period is 78,236,701.84, down from 554,209,222.92 in the previous period, indicating a decrease of about 85.9%[29]. - The total comprehensive income for the current period is 38,183,379.84, compared to 501,081,567.35 in the previous period, marking a decline of about 92.4%[29]. - The basic earnings per share for the current period is 0.0513, down from 0.6283 in the previous period, a decrease of approximately 91.8%[29]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥-145,489,277.32, representing a decline of 151.83% compared to the previous year[7]. - Cash flow from financing activities showed a net increase of ¥436,949,333.00, mainly due to increased bank borrowings[11]. - The cash and cash equivalents at the end of the period amount to 396,797,331.03, a decrease from 411,427,898.58 in the previous period[36]. - The net increase in cash and cash equivalents for the current period is 158,635,991.56, compared to an increase of 142,583,330.81 in the previous period[36]. Assets and Investments - Total assets increased to ¥8,631,335,067.53, up 21.52% from the end of the previous year[7]. - Long-term equity investments increased by 66.26% to ¥154,604,532.36, attributed to additional investments in joint ventures[11]. - Non-current assets totaled ¥3,537,844,705.04, a rise from ¥3,487,624,526.41, indicating a growth of 1.4%[25]. - Total current assets increased to ¥5,093,490,362.49 as of October 28, 2022, compared to ¥3,615,135,107.71 on September 30, 2022, reflecting a significant growth[19]. Operating Costs and Expenses - The company experienced a 40.71% increase in operating costs, totaling ¥6,954,824,844.33, driven by higher raw material costs[11]. - Total operating costs amounted to ¥7,209,504,805.62, up 37.1% from ¥5,256,946,907.54 year-over-year[26]. - Research and development expenses for the quarter were ¥3,348,292.50, up from ¥2,860,054.28, reflecting a growth of 17.1%[26]. - The company reported a credit impairment loss of 9,969,530.11 for the current period, contrasting with a gain of 4,449,161.75 in the previous period[29]. - The company has incurred a total of 2,491,338.98 in non-operating expenses, slightly down from 2,966,410.37 in the previous period[29]. Shareholder Information - The top ten shareholders hold a combined 34.05% of shares, with the largest shareholder owning 254,743,820 shares[18]. - The company has no known related party relationships among the top ten shareholders[18]. - The total number of common stock shareholders at the end of the reporting period was 37,682[18]. - The company reported no participation in margin trading by the top ten shareholders[18]. Inventory and Receivables - Accounts receivable increased to ¥2,294,795,786.41 from ¥1,739,661,210.19, suggesting higher sales volume or extended credit terms[19]. - Inventory levels grew to ¥1,195,750,702.38 from ¥963,504,452.33, which may indicate increased production or stockpiling[19]. New Projects - The company established "Inner Mongolia Black Cat Carbon Materials Technology Co., Ltd." for an integrated project with an annual capacity of 80,000 tons of carbon-based materials[19]. - The company also set up "Inner Mongolia Black Cat Nano Materials Technology Co., Ltd." for a project with an annual capacity of 50,000 tons of superconducting carbon black[19].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 4,655,353,426.69, representing a 17.60% increase compared to CNY 3,958,657,844.11 in the same period last year[26]. - The net profit attributable to shareholders of the listed company decreased by 85.17% to CNY 68,215,797.00 from CNY 460,091,034.46 year-on-year[26]. - The basic earnings per share dropped by 84.81% to CNY 0.0938, down from CNY 0.6177 in the previous year[26]. - The total assets at the end of the reporting period increased by 16.15% to CNY 8,250,005,969.31 from CNY 7,102,759,634.12 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company rose by 2.60% to CNY 3,338,816,495.50 compared to CNY 3,254,220,137.44 at the end of the previous year[26]. - The net cash flow from operating activities was negative at CNY -176,078,495.96, a decline of 191.56% from CNY 192,315,389.20 in the same period last year[26]. - The cost of sales increased by 36.14% to ¥4,354,637,423.36, primarily due to the rise in raw oil prices[62]. - The net cash flow from operating activities decreased by 191.56% to -¥176,078,495.96, attributed to a decline in profits and an increase in operating receivables[62]. - The company reported a significant increase in financing activities, with net cash flow from financing activities rising by 766.53% to ¥456,896,332.26, mainly due to increased bank borrowings[62]. Operational Challenges - The company reported a significant decrease in net profit due to market environment and safety production risks[7]. - The company has faced challenges from changes in environmental protection policies impacting operations[7]. - The company is facing risks related to international operations due to geopolitical uncertainties and the ongoing impact of the COVID-19 pandemic[86]. - The company has faced challenges from raw material price fluctuations, leading to the closure of many small enterprises, while it capitalizes on its scale advantages[52]. - The company is actively seeking to mitigate risks associated with raw material price fluctuations by maintaining long-term relationships with suppliers and improving procurement strategies[86]. Production and Product Development - The company primarily engages in the production and sales of carbon black, coal tar refining, and white carbon black, with carbon black products accounting for over 80% of its main business[37]. - The company employs an "order-based production" model, determining production plans based on customer demand and market conditions[41]. - The company utilizes a distributed control system (DCS) for its production processes, ensuring stable product quality through standardized management systems[41]. - The company’s main products include various types of carbon black, which are essential in the rubber industry, significantly improving tire performance[37]. - The company has developed a new production process for carbon black with a capacity of 40,000 tons per year, utilizing a high-temperature air preheater and advanced reaction technology[54]. - The company is expanding its product line by entering the specialty carbon black market, with a new project in Wuhai aiming for an annual production capacity of 20,000 tons[86]. - The company has introduced new products such as low-dispersion carbon black and specialty conductive carbon black, continuously pushing innovation in the market[54]. Environmental Compliance and Sustainability - The company has implemented various environmental protection measures, including wastewater treatment and resource recycling, to enhance sustainable development[57]. - The company is committed to maintaining compliance with environmental regulations and has not reported any violations[99]. - The company has implemented organized emissions for volatile organic compounds (VOCs) with a total emission of 0.9 tons, adhering to the standard of 120 mg/m³[99]. - The company has established a waste heat utilization system and an industrial wastewater recycling system across its production lines[113]. - The company has invested in SCR denitrification devices in its power workshop to further reduce emissions[113]. - The company has implemented environmental impact assessments for all construction projects, ensuring compliance with environmental regulations[114]. - The company has committed to a long-term strategy of environmental protection and energy conservation as part of its corporate social responsibility[123]. Shareholder and Corporate Governance - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[95]. - The company had no significant litigation or arbitration matters during the reporting period[134]. - The company had no overdue commitments as of the end of the reporting period[131]. - The company had no bankruptcy reorganization matters during the reporting period[133]. - The company confirmed the integrity status of itself and its controlling shareholders[136]. - The company reported a total of 32,228.93 thousand CNY in related party transactions during the reporting period, which is within the expected range of 95,804.50 thousand CNY[141]. Financial Position and Investments - Cash and cash equivalents at the end of the reporting period amounted to ¥448,291,841.72, representing 5.43% of total assets, an increase of 1.03% from the previous year[66]. - Accounts receivable reached ¥2,349,865,036.02, accounting for 28.48% of total assets, up by 3.99% compared to the previous year[66]. - The total investment during the reporting period was ¥112,300,618.76, a significant increase of 331.66% from ¥26,015,698.05 in the same period last year[72]. - The company made a significant equity investment of ¥14,814,800.00 in Wuhai Shilian Environmental Technology Co., holding a 34.84% stake[72]. - The company established Jiangxi Black Cat High Performance Materials Co., with an investment of ¥3,000,000.00, fully owned by the company[75].

Financial Performance - The company's operating revenue for 2021 was CNY 7,930,397,691.95, representing a 42.64% increase compared to CNY 5,559,775,957.99 in 2020[19] - The net profit attributable to shareholders in 2021 was CNY 431,401,715.34, a significant increase of 344.71% from CNY 97,008,347.18 in 2020[19] - The net cash flow from operating activities improved to CNY 196,091,921.50, a 543.00% increase from a negative CNY 44,264,771.78 in 2020[19] - Basic earnings per share rose to CNY 0.5866, up 339.73% from CNY 0.1334 in the previous year[19] - The total assets at the end of 2021 were CNY 7,102,759,634.12, reflecting a 2.45% increase from CNY 6,932,715,344.44 at the end of 2020[19] - The net assets attributable to shareholders increased by 8.70% to CNY 3,254,220,137.44 from CNY 2,993,735,494.57 in 2020[19] - The weighted average return on net assets for 2021 was 13.69%, an increase of 10.38 percentage points from 3.31% in 2020[19] Market and Industry Trends - The carbon black industry is transitioning from a phase of rapid growth to a focus on high-quality development, with increasing regulatory pressures on energy consumption[32] - The company anticipates that the market share of large-scale enterprises will stabilize or increase due to supply-side reforms and energy consumption regulations[32] - The company is focusing on developing differentiated products to effectively respond to market competition and enhance its competitive edge[31] - The company is diversifying its product structure to reduce reliance on carbon black, including entering the non-rubber specialty carbon black market and developing lithium battery conductive carbon black[99] Production and Operations - The company primarily engages in the production and sales of carbon black, which constitutes over 80% of its main business[33] - The company has implemented measures to enhance cost control and optimize product structure, which contributed to improved profitability in the first half of 2021[31] - The company utilizes a "sales-driven production" model, adjusting production plans based on customer demand and market conditions, with a focus on maintaining product quality[38] - The company has established production bases in multiple locations, including Jingdezhen, Hancheng, and Chaoyang, enhancing its capacity layout[44] - The company has an annual carbon black production capacity of 1.1 million tons, making it a leading player in the domestic carbon black industry[48] Research and Development - Research and development expenses for 2021 totaled ¥408,916,425.74, a 36.10% increase from ¥300,457,397.63 in 2020[72] - The company plans to enhance its research and development efforts to improve product structure and technology levels, particularly in specialty carbon blacks and low hysteresis carbon blacks for green tires[93] - The company has 19 invention patents and 308 utility model patents, showcasing its R&D advantages and breaking foreign technology monopolies[45] Environmental Compliance and Sustainability - The company emphasizes environmental protection and energy conservation, utilizing waste heat and wastewater recycling in its production processes[52] - The company has implemented advanced emission control technologies, resulting in a significant reduction in overall emissions across its production facilities[163] - The company has developed 13 environmental management systems to promote green and low-carbon development[172] - The company aims to further implement green development concepts and actively participate in ecological civilization construction, contributing more to society through public welfare initiatives[177] Governance and Management - The company maintains a complete and independent operational structure, ensuring no interference from its controlling shareholder in decision-making processes[115] - The company has established a robust internal control system to ensure compliance with laws and regulations, enhancing overall governance[109] - The management team includes experienced professionals with backgrounds in engineering, finance, and management, ensuring strong leadership[127] - The company has a governance structure that complies with legal requirements, ensuring transparency and protection of shareholder rights[108] Shareholder Relations and Dividends - The company plans not to distribute cash dividends or issue bonus shares[5] - The company has committed to a profit distribution plan, ensuring that the total cash dividends over the last three years are not less than 30% of the average annual distributable profits achieved in the last three years[181] - The annual shareholders' meeting had a participation rate of 51.47% on May 21, 2021, while the first temporary shareholders' meeting had a participation rate of 47.11% on September 29, 2021[120] Financial Management - The company has established an independent financial department and internal audit system, ensuring no non-operational occupation of funds or assets by shareholders[119] - The total amount of cash inflow from financing activities decreased by 30.59% to ¥2,729,271,840.00 in 2021 compared to ¥3,932,125,000.00 in 2020[74] - The company has maintained a continuous relationship with its auditing firm for 9 years, with an audit fee of ¥850,000 for the current period[189] Social Responsibility - The company has actively engaged in social responsibility initiatives, including hiring disabled employees and contributing to local economies through its subsidiaries[176] - In 2021, the company raised funds amounting to CNY 170,296.80 for flood relief efforts in Henan province and CNY 72,252 for disaster relief in Shanxi province[176]

Key Financial Data The company's Q1 2022 performance shows a slight revenue decline but a significant drop in profitability and operating cash flow [Key Accounting Data and Financial Indicators](index=2&type=section&id=%28%E4%B8%80%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's Q1 2022 revenue slightly decreased, while profitability shifted from a profit to a significant loss Key Financial Indicators for Q1 2022 | Indicator | Current Period | Prior-Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,848,673,646.92 | 1,858,172,333.27 | -0.51% | | Net Profit Attributable to Shareholders (RMB) | -10,426,208.53 | 275,103,193.19 | -103.79% | | Net Profit Attributable to Shareholders (Non-recurring items deducted) (RMB) | -18,270,459.05 | 272,091,200.83 | -106.71% | | Net Cash Flow from Operating Activities (RMB) | -165,563,132.11 | 10,624,280.88 | -1,658.35% | | Basic Earnings Per Share (RMB/Share) | -0.0139 | 0.3694 | -103.76% | | Weighted Average Return on Equity | -0.35% | 8.79% | -9.14% | | **Indicator** | **End of Current Period** | **End of Prior Year** | **Period-over-Period Change** | | Total Assets (RMB) | 7,783,067,599.95 | 7,102,759,634.12 | 9.58% | | Equity Attributable to Shareholders (RMB) | 3,251,601,700.81 | 3,254,220,137.44 | -0.08% | [Non-recurring Profit and Loss Items and Amounts](index=3&type=section&id=%28%E4%BA%8C%29%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains totaled RMB 7.84 million, mainly from government subsidies, partially offsetting the net loss Details of Non-recurring Profit and Loss for Q1 2022 | Item | Amount for Current Period (RMB) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -144,381.68 | | Government Subsidies Included in Current Profit/Loss | 7,615,329.89 | | Other Non-operating Income and Expenses | 2,007,991.38 | | Less: Income Tax Effect | 1,471,387.48 | | Less: Effect on Minority Interests (After Tax) | 163,301.59 | | **Total** | **7,844,250.52** | [Analysis of Changes in Key Financial Indicators](index=3&type=section&id=%28%E4%B8%89%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant indicator changes include a sharp profit decline due to lower gross margins and a major drop in operating cash flow - Total profit and net profit decreased by **99.20%** and **103.64%** YoY, respectively, primarily due to a decline in gross profit margin during the reporting period[10](index=10&type=chunk) - Net cash flow from operating activities plummeted by **1658.35%** YoY, mainly attributable to a decrease in net profit and an increase in inventory[14](index=14&type=chunk) - Net cash flow from financing activities surged by **5862.50%** YoY, largely because repayments of bank loans were lower than in the same period last year[14](index=14&type=chunk) Key Item Variations and Reasons | Item | Change | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | +67.30% | Increase in bank deposits | | Other Receivables | +239.13% | Welfare tax refund from tax authorities not yet received | | Short-term Borrowings | +36.66% | Increase in bank loans | | Investment Income | -922.76% | Increase in interest expense from bill discounting | | Credit Impairment Loss | +310.66% | Reversal of bad debt provisions | Shareholder Information The company's shareholder base consists of over 25,000 common shareholders, with significant concentration among the top two holders [Common Shareholder Holdings](index=4&type=section&id=%28%E4%B8%80%29%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had 25,707 common shareholders, with the top two entities holding nearly 47% of total shares - At the end of the reporting period, the total number of common shareholders was **25,707**[15](index=15&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | Jingdezhen Black Cat Group Co., Ltd. | State-owned legal entity | 34.05% | 254,743,820 | | Jingdezhen Jinggangshan BAIC Innovation Development Investment Center (Limited Partnership) | Domestic non-state-owned legal entity | 12.84% | 96,068,417 | | Guotai Smart Car Equity Securities Investment Fund | Other | 4.46% | 33,372,145 | | Guotai Intelligent Equipment Equity Securities Investment Fund | Other | 2.51% | 18,756,134 | | Taiping Asset Management - CMB - Taiping Asset Quant 17 Asset Management Product | Other | 1.49% | 11,160,400 | Other Important Matters The company established a joint venture to enter the new energy materials sector [Establishment of a Joint Venture](index=5&type=section&id=%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E6%88%90%E7%AB%8B%E5%90%88%E8%B5%84%E5%85%AC%E5%8F%B8) A joint venture was established with a RMB 500 million investment to enter the new energy materials sector - A joint venture, "Inner Mongolia Lianhe Fluorocarbon New Materials Co., Ltd.," was formed with Shandong Linkcreate Co., Ltd., with a total investment of **RMB 500 million**; the company contributed **RMB 100 million** for a **20% stake**[19](index=19&type=chunk) - This investment aims to promote industrial optimization, enrich the product structure, rapidly enter the new energy materials industry, and create a new profit growth driver[19](index=19&type=chunk) - As of the end of the reporting period, the joint venture had completed its business registration[19](index=19&type=chunk) Quarterly Financial Statements The Q1 2022 financial statements detail the company's balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=6&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Total assets grew to RMB 7.78 billion, while liabilities increased more significantly, driven by short-term debt Key Items of the Consolidated Balance Sheet | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | **Assets** | | | | Cash and Cash Equivalents | 522,887,843.86 | 312,545,475.38 | | Accounts Receivable | 1,655,008,467.19 | 1,739,661,210.19 | | Inventories | 1,190,995,841.55 | 963,504,452.33 | | Fixed Assets | 2,802,366,527.46 | 2,872,807,139.08 | | **Total Assets** | **7,783,067,599.95** | **7,102,759,634.12** | | **Liabilities** | | | | Short-term Borrowings | 1,688,007,755.89 | 1,235,589,881.67 | | Notes Payable | 944,261,201.39 | 654,416,344.18 | | **Total Liabilities** | **4,387,588,538.36** | **3,704,961,192.12** | | **Equity** | | | | Total Equity Attributable to Parent Company | 3,251,601,700.81 | 3,254,220,137.44 | | **Total Equity** | **3,395,479,061.59** | **3,397,798,442.00** | [Consolidated Income Statement](index=8&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) Revenue remained stable at RMB 1.85 billion, but a surge in costs led to a net loss of RMB 10.43 million Key Items of the Consolidated Income Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,848,673,646.92 | 1,858,172,333.27 | | Total Operating Costs | 1,886,027,019.84 | 1,540,872,868.52 | | Including: Cost of Goods Sold | 1,792,708,849.71 | 1,430,113,068.55 | | Total Profit | 2,506,953.81 | 311,726,239.62 | | Net Profit | -10,629,548.95 | 292,111,993.98 | | Net Profit Attributable to Parent Company Owners | -10,426,208.53 | 275,103,193.19 | | Basic Earnings Per Share | -0.0139 | 0.3694 | [Consolidated Cash Flow Statement](index=10&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Operating cash flow turned negative, while financing activities generated a significant inflow, resulting in a net cash increase Key Items of the Consolidated Cash Flow Statement | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -165,563,132.11 | 10,624,280.88 | | Net Cash Flow from Investing Activities | -42,397,717.44 | -3,334,978.62 | | Net Cash Flow from Financing Activities | 440,066,347.16 | 7,380,572.95 | | Net Increase in Cash and Cash Equivalents | 230,331,181.30 | 12,998,324.35 | | Closing Balance of Cash and Cash Equivalents | 468,492,520.77 | 281,842,892.12 | [Audit Opinion](index=11&type=section&id=%28%E4%BA%8C%29%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's first-quarter 2022 financial report is unaudited - The company's first-quarter report has not been audited[40](index=40&type=chunk)

Financial Performance - The company's revenue for Q3 2021 reached ¥1,855,852,884.22, an increase of 33.82% year-over-year, while the year-to-date revenue was ¥5,814,510,728.33, up 61.91% compared to the same period last year[6] - Net profit attributable to shareholders for Q3 2021 was ¥9,968,267.54, a decrease of 86.36% year-over-year, while the year-to-date net profit was ¥470,059,302.00, an increase of 11,631.25% compared to the same period last year[6] - The basic earnings per share for Q3 2021 was ¥0.0106, down 89.45% year-over-year, while the year-to-date figure was ¥0.6283, up 11,323.64% compared to the same period last year[6] - Total operating revenue for the third quarter reached ¥5,814,510,728.33, a significant increase from ¥3,591,120,487.00 in the same period last year, representing a growth of approximately 62.0%[29] - The company's operating profit is reported at 554,209,222.92, a significant increase from 10,476,742.25 in the previous period[32] - The total comprehensive income attributable to the parent company is 469,996,916.98, compared to 3,711,415.04 in the previous period, marking a notable improvement[35] Assets and Liabilities - The company's total assets at the end of Q3 2021 were ¥7,120,895,203.36, representing a 2.71% increase from the end of the previous year[6] - Current assets totaled ¥3,816,560,753.09 as of September 30, 2021, up from ¥3,485,627,136.87 at the end of 2020, reflecting a growth of approximately 9.5%[24] - Total liabilities decreased to ¥3,599,555,120.47 from ¥3,849,343,170.34, representing a reduction of about 6.5%[27] - Shareholders' equity increased to ¥3,521,340,082.89 from ¥3,083,372,174.10, showing a growth of approximately 14.2%[27] - The company reported a decrease in short-term borrowings to ¥1,257,353,674.97 from ¥1,485,657,027.26, a decline of about 15.3%[24] - Long-term borrowings increased to ¥700,694,444.44 from ¥400,415,555.56, reflecting a growth of approximately 74.8%[27] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥280,696,047.76, a significant increase of 1,834.70% compared to the same period last year[6] - Cash inflow from operating activities was 3,336,283,715.50, compared to 2,220,178,067.14 in the previous period, representing a growth of approximately 50.3%[36] - Total cash outflow from operating activities reached $3,055,587,667.74, compared to $2,205,669,581.83 previously, reflecting increased operational expenditures[39] - Cash inflow from financing activities totaled $2,136,271,840.00, down from $3,689,299,150.00, indicating reduced capital raising efforts[39] - The net increase in cash and cash equivalents was $142,583,330.81, a recovery from a net decrease of $468,012,682.28 in the prior period[39] - The ending balance of cash and cash equivalents stood at $411,427,898.58, up from $242,477,720.37 previously, indicating improved liquidity[39] Operational Efficiency - The company's gross profit margin improved significantly, leading to an operating profit of ¥554,209,222.92 for the year-to-date period, a staggering increase of 5189.90% year-over-year[13] - The company experienced a 33.80% increase in inventory, attributed to rising prices of products and raw materials[10] - Research and development expenses decreased to 2,860,054.28 from 4,480,234.02, indicating a reduction of approximately 36.2%[32] - The company reported a significant increase in sales expenses, which amounted to 55,791,581.26 compared to 197,215,261.46 in the previous period[32] Shareholder Information - The total number of common shareholders at the end of the reporting period was 48,265[14] - The largest shareholder, Jingdezhen Black Cat Group Co., Ltd., holds 34.05% of shares, totaling 254,743,820 shares[14] - The total share capital increased from 744,793,596 shares to 748,119,596 shares following the completion of the 2020 restricted stock incentive plan[17] - The company will distribute a cash dividend of RMB 1.493331 per 10 shares to all shareholders, based on the new total share capital[17] - The company’s controlling shareholder completed the exchange of bonds, reducing its shareholding from 36.66% to 34.05%[17] Strategic Initiatives - The company is investing a total of RMB 180.13 million in a new carbon black production line with a capacity of 2×60,000 tons[17] - The company is merging its wholly-owned subsidiary, Inner Mongolia Coal Chemical New Materials Research Institute Co., Ltd., to optimize resource allocation and improve operational efficiency[17] - The company plans to establish "Heikou New Materials (Hefei) Co., Ltd." in collaboration with Anhui Heiyu Pigment New Materials Co., Ltd. to expand its specialty carbon black market[17] - The company’s board of directors and supervisory board underwent a re-election process, with new candidates nominated for the seventh board[19] Investment Performance - The investment loss was recorded at -15,869,038.43, contrasting with a gain of 12,065,822.15 in the previous period, indicating a decline in investment performance[32]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 3,958,657,844.11, representing a 79.59% increase compared to CNY 2,204,320,944.59 in the same period last year[22]. - The net profit attributable to shareholders of the listed company reached CNY 460,091,034.46, a significant increase of 766.25% from a loss of CNY 69,056,558.15 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 454,399,029.66, up 647.40% from a loss of CNY 83,009,823.49 in the same period last year[22]. - The net cash flow from operating activities was CNY 192,315,389.20, a turnaround from a negative cash flow of CNY 45,932,301.29, marking an increase of 518.69%[22]. - Basic earnings per share were CNY 0.6177, compared to a loss of CNY 0.095 per share in the same period last year, reflecting a growth of 750.21%[22]. - The gross profit margin for carbon black products improved to 20.92%, with revenue from carbon black amounting to ¥3,475,003,288.08, a 94.44% increase year-on-year[45]. - The company reported a net profit for the first half of 2021 of ¥489,178,093.86, recovering from a net loss of ¥84,295,230.67 in the first half of 2020[169]. - The company's total liabilities increased to ¥5,036,542,158.79, up from ¥4,620,635,345.31 in the previous year, reflecting a growth of 9%[166]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,361,271,942.80, an increase of 6.18% from CNY 6,932,715,344.44 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company were CNY 3,389,802,979.11, up 13.23% from CNY 2,993,735,494.57 at the end of the previous year[22]. - Cash and cash equivalents increased to ¥458,554,504.50, representing 6.23% of total assets, up from 4.41% last year, a change of 1.82%[47]. - Accounts receivable rose to ¥1,672,641,337.80, accounting for 22.72% of total assets, an increase of 2.78% from 19.94% last year[47]. - Inventory increased to ¥832,610,031.96, making up 11.31% of total assets, up from 9.13%, a change of 2.18%[47]. - Total liabilities slightly increased to CNY 3,852,019,444.88 from CNY 3,849,343,170.34, showing a marginal growth of about 0.07%[159]. - Owner's equity increased to CNY 3,509,252,497.92 from CNY 3,083,372,174.10, representing a growth of about 13.8%[159]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares to all shareholders, with no capital reserve conversion into share capital[6]. - The total distributable profit for the period is reported at 556,931,078.60 RMB, which includes a net profit attributable to shareholders of 103,492,643.65 RMB for the first half of 2021[74]. - The cash dividend distribution plan is in compliance with relevant laws and regulations, and requires approval from the company's first extraordinary general meeting of 2021[74]. - The company has committed to distributing cash dividends amounting to no less than 30% of the average distributable profit over the last three years, contingent on profitability and cash flow[104]. Environmental Compliance and Initiatives - The company has invested in waste heat utilization and industrial wastewater recycling systems across its production lines, enhancing resource efficiency[89]. - The company has implemented advanced pollution control technologies, including flue gas desulfurization and denitrification systems, to effectively reduce emissions of sulfur dioxide and nitrogen oxides[91]. - The company has established a comprehensive environmental monitoring system, including online monitoring facilities, to ensure compliance with environmental regulations[93]. - The company has not faced any administrative penalties related to environmental issues during the reporting period, indicating strong compliance with environmental standards[91]. - The company has conducted environmental impact assessments for all construction projects, ensuring that environmental measures are integrated into project designs[91]. Strategic Initiatives and Market Position - The company primarily engages in the production and sales of carbon black, with carbon black products accounting for over 80% of its main business[29]. - The company has established a new subsidiary in Singapore to expand its overseas market presence, laying the groundwork for capturing global carbon black market trends[40]. - The company is expanding its business by investing in Jiangxi Yongyuan Energy Conservation and Environmental Protection Technology Co., Ltd. and entering the specialty carbon black market with a new project in Ulaanbaatar, aiming to diversify its product offerings[61]. - The company has a robust competitive edge due to its scale, technology, resource utilization, and strategic capacity layout, enabling it to capitalize on market opportunities[36]. Risk Management - The company faces risks from fluctuations in raw material prices, particularly for raw oil used in carbon black production, which can significantly impact production costs[60]. - The company is exposed to international market risks, particularly in Southeast Asia, where political and economic instability could affect export revenues[62]. - The company is closely monitoring changes in industrial policies that could impact its profitability, particularly those affecting the coal tar and tire industries[65]. - The company is proactively addressing potential production limitations due to environmental regulations in the Beijing-Tianjin-Hebei region by optimizing its industrial layout and enhancing energy efficiency[64]. Shareholder Engagement and Governance - The company held its 2020 annual general meeting with a participation rate of 51.47% on May 21, 2021, indicating shareholder engagement[70]. - The company’s independent directors have expressed clear agreement on the proposed profit distribution plan[74]. - The total number of ordinary shareholders at the end of the reporting period was 40,091[135]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[142].

Financial Performance - The company's operating revenue for 2020 was CNY 5,559,775,957.99, a decrease of 15.04% compared to CNY 6,544,208,710.51 in 2019[37]. - The net profit attributable to shareholders for 2020 was CNY 97,008,347.18, a significant increase of 135.10% from a loss of CNY 276,366,595.52 in 2019[37]. - The net cash flow from operating activities was negative at CNY -44,264,771.78, a decline of 108.81% compared to CNY 502,483,709.97 in 2019[37]. - Basic earnings per share for 2020 were CNY 0.1334, compared to a loss of CNY -0.3801 in 2019, reflecting a 135.10% improvement[37]. - Total assets at the end of 2020 were CNY 6,932,715,344.44, a decrease of 3.53% from CNY 7,186,307,826.41 at the end of 2019[37]. - The net assets attributable to shareholders increased by 4.09% to CNY 2,993,735,494.57 from CNY 2,876,221,655.22 in 2019[37]. - The company reported a quarterly revenue of CNY 1,968,655,470.99 in Q4 2020, the highest among the four quarters[42]. - The net profit attributable to shareholders in Q4 2020 was CNY 93,001,448.71, marking a recovery from losses in the previous quarters[42]. - The company received government subsidies amounting to CNY 15,950,125.67 in 2020, an increase from CNY 9,836,338.46 in 2019[43]. - The weighted average return on equity for 2020 was 3.31%, recovering from -8.92% in 2019[37]. Production and Sales - The company has an annual carbon black production capacity of 1.1 million tons, making it a leading player in the domestic carbon black industry[60]. - Carbon black products account for over 80% of the company's main business, primarily used in the rubber industry[50]. - The production volume of carbon black was 928,138.25 tons, while sales volume was 931,097.71 tons, reflecting a decrease of 3.33% in sales volume compared to 2019[85]. - The revenue from carbon black was approximately ¥4.63 billion, accounting for 83.20% of total revenue, with a year-on-year decline of 17.09%[81]. - Domestic sales contributed approximately ¥4.74 billion, representing 85.29% of total revenue, down 8.44% from the previous year[81]. - The revenue from overseas sales was approximately ¥817.67 million, a significant decline of 40.10% compared to ¥1.37 billion in 2019[81]. - The average selling price of carbon black in the second half of 2020 was ¥5,189.16, up from ¥4,545.19 in the first half[84]. - The sales volume of refined tar products increased by 36.25% year-on-year, primarily due to increased production during the reporting period[88]. Raw Material and Production Costs - The main raw materials for the company's carbon black production, including coal tar and carbon black oil, accounted for nearly 80% of production costs during the reporting period[9]. - The company's production costs are significantly affected by the volatility of raw material prices, particularly due to changes in the international oil market[9]. - The average price of raw material A increased from CNY 1,900.33 in the first half to CNY 2,101.77 in the second half, while raw material B rose from CNY 2,074.79 to CNY 2,238.08[71]. - The cost of raw materials for carbon black decreased by 26.27% to 3,050,067,783.58 CNY, representing 74.95% of the total cost[90]. Environmental and Regulatory Compliance - The company has been proactive in environmental protection, but potential production restrictions due to air quality regulations in the Beijing-Tianjin-Hebei region could impact its operational capacity[11]. - The company has obtained new pollution discharge permits for various facilities, ensuring compliance with environmental regulations[74]. - The company has implemented measures for environmental protection and resource recycling, enhancing its sustainable development capabilities[66]. - The company reported a total sulfur dioxide emission of 153.26 mg/m³, which is below the regulatory limit of 550 mg/m³, with an annual total of 115.457 tons[200]. - Nitrogen oxides emissions were recorded at 205.11 mg/m³, also compliant with the limit of 240 mg/m³, totaling 147.491 tons annually[200]. - Particulate matter emissions were recorded at 16.2 mg/m³, significantly below the limit of 120 mg/m³, with a total of 5.16 tons[200]. - The company has initiated the application of desulfurization and denitrification devices in carbon black waste heat power generation, leading the industry in environmental protection[192]. Strategic Initiatives and Future Plans - The company plans to accelerate its internationalization strategy by establishing overseas production capacity through new construction and acquisitions, aiming to become a leading international carbon black enterprise[129]. - The company aims to become an "international first-class specialized chemical manufacturing leader" by focusing on technological innovation and expanding its industrial chain[71]. - The company will continue to increase R&D investment to improve product structure and technology levels, focusing on developing low hysteresis carbon black and specialty carbon black to meet changing market demands[125]. - The company plans to leverage the current favorable window for structural adjustment in the carbon black industry to expand its global market share and consolidate its leading position in the domestic market[131]. - The company aims to optimize its industrial layout and expand its industrial chain by cooperating with quality enterprises in the industry chain, extending into fine chemicals[130]. Social Responsibility and Community Engagement - The company has actively fulfilled its social responsibilities, focusing on welfare and environmental protection, and has been recognized as an excellent enterprise for several consecutive years[189]. - The company has invested a total of 19.22 million yuan in poverty alleviation efforts, helping 6 registered impoverished individuals to escape poverty[197]. - The company provided 10.52 million yuan in product purchases from poverty alleviation bases in Han City, contributing to local economic development[194]. - The company has established a social welfare enterprise by employing a significant number of disabled workers, enhancing its corporate image[192]. Dividend Distribution - The company reported a profit distribution plan based on a total of 744,793,596 shares, proposing a cash dividend of 1 RMB per 10 shares (including tax) with no bonus shares[6]. - The total distributable profit for 2020 was 527,917,794.55 yuan, with cash dividends accounting for 100% of the profit distribution[143]. - The company plans to distribute a cash dividend of 1.00 yuan per share for the year 2020, totaling 74,479,359.60 yuan, which represents 76.78% of the net profit attributable to ordinary shareholders[138]. - The company has committed to distributing cash dividends when profitable, ensuring that the total cash dividends over three years are not less than 30% of the average annual distributable profit[144].

Financial Performance - The company's operating revenue for Q1 2021 was ¥1,858,172,333.27, representing a 69.29% increase compared to ¥1,097,648,777.01 in the same period last year[9]. - Net profit attributable to shareholders was ¥275,103,193.19, a significant increase of 7,035.28% from a loss of ¥3,966,721.55 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥272,091,200.83, up 3,956.15% from a loss of ¥7,056,023.49 in the same period last year[9]. - The total profit for Q1 2021 reached CNY 311,726,239.62, a significant increase of 22,403.98% from CNY 1,385,204.78 in the same period last year[21]. - Net profit for the first quarter was ¥292,111,993.98, a turnaround from a net loss of ¥9,270,981.96 in the same period last year[60]. - The company reported a net profit of CNY 943,922,031.12, up from CNY 668,818,837.93, representing a growth of approximately 41.0%[46]. Cash Flow - The net cash flow from operating activities was ¥10,624,280.88, a turnaround from a negative cash flow of ¥334,616,260.85, marking a 103.18% improvement[9]. - The cash flow from operating activities generated a net amount of ¥10,624,280.88, a recovery from a negative cash flow of ¥334,616,260.85 in the previous period[70]. - Operating cash inflow decreased to CNY 443,878,076.35 from CNY 489,943,643.43, a decline of approximately 9.4% year-over-year[74]. - Net cash flow from operating activities was negative at CNY -114,020,850.79, improving from CNY -166,181,783.72 in the previous period[74]. - Cash inflow from financing activities was CNY 752,000,000.00, down from CNY 1,141,000,000.00[77]. - The ending balance of cash and cash equivalents was CNY 207,485,075.40, down from CNY 589,536,994.17[77]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,272,156,811.43, a 4.90% increase from ¥6,932,715,344.44 at the end of the previous year[9]. - Total liabilities increased to ¥4,779,151,153.08 from ¥4,620,635,345.31, reflecting a rise of approximately 3.4%[52]. - Total liabilities amounted to CNY 3,889,457,203.28, up from CNY 3,849,343,170.34, showing a growth of around 1.0%[43]. - The total liabilities decreased by 55.46% in other current liabilities, dropping to CNY 3,367,769.31 from CNY 7,560,749.57, attributed to a reduction in expected sales tax payable[21]. - Owner's equity increased to CNY 3,382,699,608.15, compared to CNY 3,083,372,174.10, marking a rise of approximately 9.7%[46]. Shareholder Information - The top shareholder, Jingdezhen Black Cat Group Co., Ltd., held 38.75% of the shares, with a total of 288,576,686 shares[12]. Research and Development - The company established a wholly-owned subsidiary, Qingdao Heimao New Materials Research Institute Co., Ltd., to invest CNY 154.35 million in a new materials R&D and production pilot base, enhancing its technological innovation capabilities[24]. - Research and development expenses for the quarter were ¥1,055,797.29, compared to ¥922,971.00 in the previous year, showing an increase of about 14.4%[57]. - Research and development expenses were recorded at ¥145,969.44, marking the first instance of R&D expenditure in the current reporting period[63]. Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[60].

Financial Performance - Operating revenue for the reporting period was CNY 1,386,799,542.41, down 16.81% year-on-year, and down 25.78% compared to the year-to-date figure of CNY 3,591,120,487.00[9] - Net profit attributable to shareholders was CNY 73,063,456.62, an increase of 795.15% year-on-year, and a 103.16% increase compared to the year-to-date figure of CNY 4,006,898.47[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 66,242,258.43, up 616.12% year-on-year, and an increase of 87.29% compared to the year-to-date figure of CNY -16,767,565.06[9] - Basic earnings per share for the reporting period were CNY 0.1005, reflecting a 793.10% increase year-on-year, and a 103.15% increase compared to the year-to-date figure of CNY 0.0055[9] - Total profit rose by 107.14% to ¥8,896,675.18 from a loss of ¥124,583,522.30, mainly due to an increase in gross profit margin[20] - The net profit for the current period is ¥76,378,700.59, compared to a net loss of ¥15,842,020.72 in the previous period[65] - The total profit for the current period is ¥77,805,416.72, while the previous period recorded a total loss of ¥7,746,843.03[65] - The company reported a net profit of 89,514,934.86, down from 412,074,476.88 year-over-year[80] Cash Flow - The net cash flow from operating activities was CNY 60,440,786.60, down 31.12% year-on-year, and a significant decrease of 89.98% compared to the year-to-date figure of CNY 14,508,485.31[9] - The cash inflow from operating activities was CNY 2,220,178,067.14, a decrease of 17% compared to CNY 2,674,328,313.76 in the previous period[84] - The net cash flow from operating activities was CNY 14,508,485.31, significantly down from CNY 144,864,622.87 in the previous period[88] - The cash inflow from financing activities was CNY 3,689,299,150.00, up from CNY 2,375,908,857.62 in the previous period, representing a growth of approximately 55%[88] - The net cash flow from financing activities was -CNY 328,795,268.36, worsening from -CNY 113,206,040.46 in the previous period[90] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,476,628,381.04, a decrease of 9.88% compared to the end of the previous year[9] - Total current assets decreased to ¥3,000.35 million from ¥3,616.88 million, a decline of about 17.0%[42] - Total assets decreased to ¥6,476.63 million from ¥7,186.31 million, a reduction of approximately 9.8%[48] - Total liabilities decreased to ¥3,495.99 million from ¥4,201.70 million, reflecting a decrease of approximately 16.8%[48] - Current liabilities decreased to ¥3,342,961,290.77 from ¥4,045,610,760.98, showing improved liquidity management[58] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,915, with the largest shareholder, Jingdezhen Black Cat Group Co., Ltd., holding 39.69% of the shares[13] - The company reported no overdue commitments from shareholders or related parties during the reporting period[27] Research and Development - The company established a wholly-owned subsidiary, Qingdao Black Cat New Materials Research Institute, with an investment of ¥15,435,000 for R&D and production[24] - Research and development expenses for the quarter were CNY 1,404,601.06, highlighting ongoing investment in innovation[62] - Research and development expenses were 1,433,206.46, indicating ongoing investment in innovation[80] Financial Expenses - Financial expenses increased by 64.39% to ¥78,297,821.28 from ¥47,629,609.60 due to higher exchange losses[20] - The company reported a financial expense of CNY 28,171,018.41, compared to a financial income of CNY -5,928,473.49 in the previous year, indicating a shift in financial performance[62] - The company reported a decrease in financial expenses, with interest expenses of ¥15,615,192.42 compared to ¥16,199,378.33 in the previous period[68] Inventory and Receivables - Accounts receivable notes decreased by 98.26% to ¥112,979.56 from ¥6,490,844.84 primarily due to a reduction in international letters of credit[20] - Inventory increased by 40.13% to ¥842,155,398.40 from ¥600,991,345.35, attributed to a decline in sales rate and increased stock[20] - Accounts receivable stood at ¥1,118.73 million, down from ¥1,203.14 million, reflecting a decrease of about 7.0% year-over-year[42] Government Subsidies - The company received government subsidies amounting to CNY 11,834,950.49, which are closely related to its business operations[11] - Non-recurring gains and losses included a VAT refund subsidy of CNY 11,510,640.00, benefiting from policies for social welfare enterprises[11]