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：2020-005 | --- | --- | --- | |-------------------|---------------------|-------------------------------------------------------------------------------------------------------| | | | | | 投 资 者 关 系 活 | R | 特定对象调研 £分析师会议 | | 动类别 | | □媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | □现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参 与 单 位 名 称 | 国泰君安：赵新裕 | | | 及人员姓名 | 财通证券：路辛之 | | | 时间 | 2020 年 12 月 | 14 日 | | 地点 | 公司会议室 | | | 上 市 公 司 接 待 | 董事会秘书李毅 | | | 人员姓名 | | | | | 1 | 在本次调研活动中 ...

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：2021-003 | --- | --- | --- | |-----------------------|--------------------------------|----------------------------------------------------------| | | | | | 投资者关系活 | 特定对象调研 | 分析师会议 | | 动类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | 其他 | （请文字说明其他活动内容） | | 参与单位名称 | | 东北证券：张津圣；赤钥投资：向逸飞；博道基金：王伟淼； | | 及人员姓名 | | 景林资管：蒋文超；国泰基金：钱晓杰；和谐汇一：王成强； | | | 证券：孙维荣；国泰基金：钱晓杰 | 东方证券：林煜；中泰证券：李博；财通证券：路辛之；海通 | | | | | | 时间 | 2021 年 12 月 17 日 | | | 地点 | 公司会议室 | | | | | ...

Group 1: Company Development and Production Capacity - The company began its layout in the specialty carbon black sector in 2017, with a 20,000 tons/year specialty carbon black project launched in Inner Mongolia in 2018 [2] - As of now, the company has a specialty carbon black production capacity of 85,000 tons, including approximately 10,000 tons of conductive carbon black [2] - The main applications for the conductive carbon black products are in cable shielding materials and conductive masterbatches [2] Group 2: Research and Development - The company is focusing on high-end conductive carbon black research through two main approaches: one is the Qingdao Research Institute, which aims to produce high-end specialty carbon black through post-processing, and the other is a new oil furnace process developed by the company's expert committee [3] - The company collaborates with institutions such as Beijing University of Chemical Technology and Qingdao University of Science and Technology for long-term research and development partnerships [3] Group 3: Market Demand and Future Prospects - The downstream market demand for conductive carbon black is primarily from cable shielding materials, conductive masterbatches, and the lithium battery sector, with the latter experiencing rapid growth in recent years [3] - Conductive carbon black is used as an additive in lithium batteries to enhance conductivity, and with the expected increase in shipments of power batteries, consumer batteries, and energy storage batteries, the demand for conductive carbon black in the lithium sector is anticipated to grow correspondingly [3] Group 4: Carbon-Based Composite Development - The company’s Qingdao Research Institute has developed a "carbon black/rubber nano-composite masterbatch technology," which has begun sending samples to downstream tire customers [3] - The project aims to produce high-wear, low-heat generation filler/rubber composite materials, enhancing tire rolling resistance and wear resistance, thereby improving the company's low hysteresis carbon black product promotion and overall utilization [3]

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：2022-001 | --- | --- | --- | |-----------------------|---------------------------------------|------------------------------------------------------| | | | | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | | 开源证券：张晓峰；汇添富基金：高田昊；太平资管：赵新 | | 人员姓名 | 裕；国华人寿：鞠龙；国泰基金：钱晓杰 | | | | | | | 时间 | 2022 年 2 月 10 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 员姓名 | 董事会秘书李毅 | | | | | 在本次调研活动中，主要沟通内容简述如下： | | | 1 、公 ...

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]