山东鲁阳节能材料股份有限公司 2022 年第三季度报告 证券代码：002088 证券简称：鲁阳节能 公告编号：2022-050 山东鲁阳节能材料股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------|-------------------------|------------------|--------------- ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,593,236,278.82, representing a 10.04% increase compared to CNY 1,447,895,555.32 in the same period last year[28]. - The net profit attributable to shareholders of the listed company was CNY 318,301,652.11, up 23.27% from CNY 258,204,951.09 in the previous year[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 315,078,543.57, reflecting a 26.51% increase from CNY 249,056,558.27 year-on-year[28]. - The basic earnings per share increased to CNY 0.6324, a rise of 22.53% compared to CNY 0.5161 in the previous year[28]. - The diluted earnings per share was CNY 0.6298, which is a 22.46% increase from CNY 0.5143 in the same period last year[28]. - The total assets at the end of the reporting period were CNY 3,936,963,154.93, marking a 3.02% increase from CNY 3,821,719,370.06 at the end of the previous year[28]. - The net assets attributable to shareholders of the listed company decreased by 1.18% to CNY 2,603,413,036.49 from CNY 2,634,605,019.76 at the end of the previous year[28]. - The net cash flow from operating activities was CNY 256,691,742.17, down 3.77% from CNY 266,750,133.35 in the previous year[28]. - The weighted average return on equity was 11.63%, an increase of 0.92% compared to 10.71% in the previous year[28]. Operational Highlights - The company has an annual production capacity of 500,000 tons of ceramic fiber products and 180,000 tons of basalt fiber products, with a growing market share in building fireproof insulation[48]. - The company has established a strong competitive position in the domestic ceramic fiber industry, supported by advanced manufacturing equipment and a comprehensive sales network[44]. - The company’s ceramic fiber products are widely used in industries such as petrochemicals, metallurgy, and construction, with applications expanding into transportation and renewable energy sectors[39]. - The company has a robust R&D capability, with national-level research platforms and a professional team, positioning it among the leaders in the industry[48]. - The company’s product offerings include over a hundred types of refractory insulation products, catering to various industry needs for fireproofing and energy saving[48]. - The company benefits from a strong management and technical team with deep industry experience, enhancing its market foresight and strategic direction[45]. - The company’s manufacturing equipment is world-class, featuring high automation levels and production efficiency, particularly in ceramic fiber blanket production[48]. Investment and Expansion - The company is actively constructing a 120,000-ton ceramic fiber needle-punched blanket project in Inner Mongolia, with the first phase of 40,000 tons underway[52]. - The company is expanding into new industries such as renewable energy and environmental dust removal, showing positive results in market share growth[52]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[61]. Environmental Responsibility - The company invested over 8.3 million RMB in environmental governance and upgrades of environmental protection equipment in the first half of 2022[117]. - The company achieved a reduction of over 0.5% in energy consumption per unit of product compared to the first half of 2021, meeting the energy consumption limit level 1 for aluminum silicate fiber products[120]. - All monitored pollutants, including COD and ammonia nitrogen, met the discharge standards, with no exceedances reported[116]. - The company has implemented a plan to eliminate high-energy-consuming outdated equipment and has initiated energy-saving technical transformation projects[117]. - The company has established an emergency response plan for environmental incidents, which has been registered with local environmental protection authorities[116]. - The company has not faced any administrative penalties from environmental protection departments[120]. - The company’s online monitoring equipment has been accepted by environmental authorities, ensuring real-time data transmission to the local environmental monitoring system[116]. - The company’s environmental monitoring is conducted by third-party organizations, adhering to relevant national standards[116]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[8]. - The company’s controlling shareholder, Qina Asia Pacific, increased its stake to 53% by acquiring 125,863,248 shares at ¥21.73 per share[52]. - The company has committed to avoiding competition with its main business in China, ensuring that UFX HOLDING II CORPORATION and its affiliates will not operate or establish any competing businesses in the region[126]. - The company has established itself as the exclusive distributor for UFX HOLDING II CORPORATION's products that may compete with its main business in China[129]. - The company has reported normal fulfillment of commitments by all parties involved as of the reporting period[126]. - The company has committed to maintaining its independence post-acquisition, ensuring no harm to its status as a listed company[131]. - The company has established a commitment to fair and transparent related party transactions[134]. - The company has fulfilled its performance commitments for the restricted stock incentive plan[134]. Risks and Challenges - The company faces risks including the impact of COVID-19 on performance, rising raw material and energy prices, and the need for improved accounts receivable management[83]. - The company plans to enhance sales transformation and production assurance systems to adapt to increasing production standards and automation levels[83]. - The company will continue to strengthen internal management and talent acquisition to support strategic transformation[84].

Financial Performance - The company's revenue for Q1 2022 was CNY 653,187,687.51, representing a 6.73% increase compared to CNY 611,983,601.81 in the same period last year[5] - Net profit attributable to shareholders was CNY 121,634,787.70, up 6.95% from CNY 113,731,017.46 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 121,811,072.23, reflecting a 12.50% increase from CNY 108,275,773.03 in the previous year[5] - Total operating revenue for the current period reached ¥653,187,687.51, an increase of 6.5% compared to ¥611,983,601.81 in the previous period[55] - Net profit for the current period was ¥121,634,787.70, representing a growth of 6.5% from ¥113,731,017.46 in the previous period[66] - The total comprehensive income for the current period was ¥122,892,155.35, compared to ¥115,331,672.48 in the previous period, reflecting a growth of 6.5%[68] - Earnings per share (EPS) for the current period was ¥0.24, compared to ¥0.23 in the previous period, indicating a 4.3% increase[69] Cash Flow - The net cash flow from operating activities decreased by 109.04%, amounting to -CNY 6,499,503.42 compared to CNY 71,895,449.44 in the same period last year[5] - Cash flow from operating activities totaled ¥657,397,490.48, slightly up from ¥637,336,027.16, showing a growth of 3.5%[71] - The net cash flow from operating activities was -$6,499,503.42, a significant decrease compared to $71,895,449.44 in the previous period[74] - Total cash outflow from operating activities amounted to $663,896,993.90, up from $565,440,577.72[74] - The net increase in cash and cash equivalents decreased by 215.97%, totaling -CNY 49,508,140.14, mainly due to increased payments for materials and energy[15] - The cash and cash equivalents at the end of the period were $663,231,172.61, down from $689,815,828.64 at the beginning of the period[77] - The net increase in cash and cash equivalents was -$26,584,656.03, contrasting with an increase of $22,923,484.11 in the prior period[77] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,717,889,938.65, a decrease of 2.72% from CNY 3,821,719,370.06 at the end of the previous year[7] - The company's current assets totaled CNY 2,621,189,367.13, down from CNY 2,715,727,145.91, indicating a decrease of about 3.5%[26] - Total liabilities were reported at CNY 959,412,035.57, down from CNY 1,187,114,350.30, reflecting a decrease of about 19.2%[37] - Current liabilities decreased to CNY 842,439,533.46 from CNY 1,067,597,387.77, indicating a reduction of approximately 21.1%[29] - The total liabilities and equity amounted to ¥3,717,889,938.65, down from ¥3,821,719,370.06, indicating a decrease of 2.7%[53] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 4.70% to CNY 2,758,477,903.08 from CNY 2,634,605,019.76 at the end of the previous year[7] - The total equity attributable to the parent company increased to ¥2,758,477,903.08 from ¥2,634,605,019.76, marking a rise of 4.7%[50] - The company's equity totaled CNY 2,758,477,903.08, down from CNY 2,634,605,019.76, reflecting a decrease of about 4.7%[37] Other Financial Metrics - Other receivables increased by 61.20% year-on-year, totaling CNY 10,053,492.79, primarily due to an increase in employee loans and receivable tax refunds[10] - The company experienced a 169.40% increase in financial expenses, amounting to CNY 2,484,102.30, mainly due to exchange losses and increased financing costs from leasing[12] - Other income rose by 385.45% to CNY 3,260,942.69, primarily due to increased VAT refund income during the reporting period[12] - The company reported a decrease in research and development expenses to ¥29,746,370.35 from ¥32,896,718.08, a reduction of 9.8%[61] - The company’s other income increased significantly to ¥4,106,959.11 from ¥846,016.42, a substantial rise of 384.5%[64] Operational Insights - The company has not disclosed any new product developments or market expansion strategies in the current report[25] - The company reported a significant reduction in accounts payable, which decreased to CNY 221,050,337.28 from CNY 344,316,711.47, a decline of approximately 35.8%[29]

Financial Performance - The company's revenue for Q1 2022 was ¥653,187,687.51, representing a 6.73% increase compared to ¥611,983,601.81 in the same period last year[5] - Net profit attributable to shareholders was ¥121,634,787.70, up 6.95% from ¥113,731,017.46 year-on-year[5] - The company reported a 12.50% increase in net profit after deducting non-recurring gains and losses, reaching ¥121,811,072.23 compared to ¥108,275,773.03 last year[5] - The basic earnings per share for the quarter was ¥0.24, a 4.35% increase from ¥0.23 in the same period last year[5] - Total operating revenue for the current period reached ¥653,187,687.51, an increase of 6.5% compared to ¥611,983,601.81 in the previous period[55] - Net profit for the current period was ¥121,634,787.70, representing a growth of 6.5% from ¥113,731,017.46 in the previous period[65] - Earnings per share (basic and diluted) increased to ¥0.24, compared to ¥0.23 in the previous period[67] - The total comprehensive income for the current period was ¥122,892,155.35, up from ¥115,331,672.48, indicating a growth of 6.5%[66] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 109.04%, amounting to -¥6,499,503.42 compared to ¥71,895,449.44 in the previous year[5] - The company reported a significant decrease in cash and cash equivalents, with a net decrease of 215.97% to -¥49,508,140.14 compared to the previous year[15] - Cash flow from operating activities was ¥643,475,025.08, an increase from ¥600,299,854.07, showing a growth of 7.2%[68] - Total cash inflow from operating activities amounted to 657,397,490.48, while cash outflow was 663,896,993.90, resulting in a net cash flow deficit[71] - The cash and cash equivalents at the end of the period were 663,231,172.61, down from 689,815,828.64 at the beginning of the period, indicating a decrease in liquidity[74] - Cash paid for employee compensation was 79,489,551.08, slightly lower than 84,569,968.16 in the previous period, suggesting cost management efforts[71] - The company experienced a foreign exchange loss of -541,039.44, contrasting with a gain of 586,269.96 in the previous period, impacting overall cash flow[74] - Cash paid for taxes decreased significantly to 37,543,244.69 from 81,644,535.79, indicating potential tax strategy adjustments[71] - The company received tax refunds totaling 2,003,796.22, an increase from 1,354,720.69, which may provide some relief to cash flow[71] Assets and Liabilities - Total assets increased by 8.69% to ¥3,717,889,938.65 from ¥3,420,690,150.44 at the end of the previous year[7] - Shareholders' equity attributable to the parent company rose by 10.55% to ¥2,758,477,903.08 from ¥2,495,236,292.05[7] - Accounts receivable decreased to ¥611,806,744.49 from ¥624,871,816.76[25] - Inventory increased to ¥471,536,555.71 from ¥426,618,800.22[25] - Total liabilities decreased to ¥959,412,035.57 from ¥1,187,114,350.30[37] - The company's non-current assets totaled ¥1,096,700,571.52, down from ¥1,105,992,224.15[28] - The total equity remained stable at ¥506,332,586.00[39] - The company reported a significant decrease in short-term borrowings, reflecting improved liquidity management[28] Expenses and Costs - Total operating costs amounted to ¥519,854,831.33, up from ¥489,804,012.52, reflecting a rise of 6.7%[62] - The company experienced a 169.40% increase in financial expenses, totaling an increase of ¥2,484,102.30, primarily due to foreign exchange losses and increased financing costs[12] - Research and development expenses decreased to ¥29,746,370.35 from ¥32,896,718.08, a reduction of 9.8%[62] - Cash paid for purchasing goods and services increased to 480,344,779.76 from 348,659,071.77, reflecting higher operational costs[71] - The total cash outflow from financing activities was 3,476,800.00, compared to 43,099.35 in the previous period, reflecting a reduction in financing costs[74] Shareholder Information - Total number of common shareholders at the end of the reporting period was 17,789[18] - The largest shareholder, Qinaijun Fiber Asia, holds 28.14% of shares, totaling 142,493,022 shares[18]

Financial Performance - The company's operating revenue for 2021 was CNY 3,163,810,057, representing a 36.04% increase compared to CNY 2,325,686,118 in 2020[29]. - The net profit attributable to shareholders for 2021 was CNY 534,178,668.95, up 44.27% from CNY 370,273,210.68 in 2020[29]. - The net profit after deducting non-recurring gains and losses was CNY 521,668,174.91, reflecting a 48.55% increase from CNY 351,180,237.40 in the previous year[29]. - The net cash flow from operating activities was CNY 525,521,668.44, which is a 17.44% increase compared to CNY 447,466,279.04 in 2020[29]. - Basic earnings per share for 2021 were CNY 1.06, a 43.24% increase from CNY 0.74 in 2020[29]. - The weighted average return on net assets was 21.73%, up from 16.00% in 2020, indicating a 5.73% increase[29]. - Total assets at the end of 2021 reached ¥3,821,719,370.06, an increase of 15.66% compared to the end of 2020[32]. - Net assets attributable to shareholders at the end of 2021 were ¥2,634,605,019.76, reflecting a growth of 10.81% from the end of 2020[32]. - The company reported a significant increase in sales costs, with raw material costs for ceramic fiber products rising to ¥820.49 million, up 44.56% year-on-year[78]. - The company’s financial assets increased to ¥638,885,874.81, reflecting a 43.00% rise due to increased bank acceptance notes received[102]. Production and Capacity - The company has an annual production capacity of 480,000 tons for ceramic fiber products and 180,000 tons for basalt fiber products, with a continuous increase in market share in the building fireproof insulation market[61]. - In 2021, the production volume of ceramic fiber cotton, blankets, and components reached 382,000 tons, a year-on-year increase of 57.41%[51]. - The comprehensive capacity utilization rate for ceramic fiber cotton, blankets, and components products exceeded 95% in 2021[51]. - The company’s production capacity for ceramic fiber wet products increased by 10,000 tons in 2021, with a comprehensive capacity utilization rate also exceeding 95%[52]. - The sales volume of ceramic fiber wet products reached 41,800 tons in 2021, reflecting a year-on-year increase of 57.76%[51]. - The company aims to enhance product competitiveness by optimizing pricing strategies and expanding the application range of ceramic fiber products in the refractory and fireproof markets in 2022[55]. Research and Development - The company has a strong R&D capability, supported by national-level research platforms and advanced testing equipment, positioning it among the leaders in the industry[64]. - The company completed the R&D of high-performance ceramic fibers, which is expected to enhance market competitiveness and profitability[85]. - The company completed the R&D of a new high-performance ceramic fiber wet product aimed at enhancing market competitiveness[88]. - The R&D of a new type of environmentally friendly fiber is currently underway, targeting a broad market space due to its energy-saving and biodegradable properties[88]. - The company reported that its R&D investment increased by 10% year-on-year, focusing on innovative product development and technology advancement[131]. - The number of R&D personnel rose to 305 in 2021, a 9.32% increase from 279 in 2020[91]. Market Position and Strategy - The company is positioned in the refractory materials industry, which is experiencing growth due to policies promoting energy conservation and carbon reduction[43]. - The company aims to leverage the growing market demand for energy-saving and environmentally friendly products, driven by policies related to carbon neutrality and emissions trading[115]. - The company is transitioning from selling products to providing comprehensive solutions in refractory materials, aiming to enhance its market competitiveness[134]. - The company has identified a 25% increase in orders from the steel industry, indicating strong demand for its products[133]. - Future market demand for ceramic fiber products is projected to grow by 30% over the next 3-5 years, driven by new applications in the petrochemical sector[135]. Governance and Compliance - The company has established a robust governance structure, ensuring compliance with regulatory requirements and protecting shareholder interests[138]. - The company respects and protects the legitimate rights and interests of stakeholders, promoting balanced development among shareholders, employees, and society[142]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication of company information to shareholders[142]. - The company held 5 meetings of the supervisory board during the reporting period, complying with relevant laws and regulations[141]. - The company has a structured approach to assess the annual profit targets for its executives[176]. Employee and Management - The total number of employees at the end of the reporting period was 2,726, with 1,643 in the parent company and 1,083 in major subsidiaries[197]. - The professional composition includes 1,737 production personnel, 504 sales personnel, 305 technical personnel, 73 financial personnel, and 107 administrative personnel[197]. - The educational background of employees shows 1 with a doctorate, 23 with a master's degree, 293 with a bachelor's degree, 829 with an associate degree, and 1,580 with a high school diploma or below[200]. - The management team has extensive experience in finance and operations, contributing to the company's strategic direction and growth[162]. Risks and Challenges - The company continues to face operational difficulties and risks, which are outlined in the management discussion and analysis section[6]. - The company faces risks including the impact of COVID-19 on economic performance and rising raw material and energy prices[118]. - The company will continue to strengthen its credit management and contract compliance to improve cash flow and reduce risks associated with high-risk contracts[121].

山东鲁阳节能材料股份有限公司 2021 年第三季度报告 □ 是 √ 否 证券代码：002088 证券简称：鲁阳节能 公告编号：2021-038 山东鲁阳节能材料股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度 报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------|-------------------------|------------------|----- ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,447,895,555.32, representing a 63.21% increase compared to CNY 887,126,201.85 in the same period last year[28]. - The net profit attributable to shareholders of the listed company reached CNY 258,204,951.09, a significant increase of 117.28% from CNY 118,834,108.02 year-on-year[28]. - The net profit after deducting non-recurring gains and losses was CNY 249,056,558.27, up 110.96% from CNY 118,060,651.84 in the previous year[28]. - The net cash flow from operating activities was CNY 266,750,133.35, an increase of 78.88% compared to CNY 149,123,039.11 in the same period last year[28]. - Basic earnings per share were CNY 0.72, reflecting an increase of 118.18% from CNY 0.33 in the previous year[28]. - Total assets at the end of the reporting period were CNY 3,451,438,787.03, a 4.45% increase from CNY 3,304,349,944.17 at the end of the previous year[28]. - The net assets attributable to shareholders of the listed company decreased by 1.46% to CNY 2,342,775,340.76 from CNY 2,377,586,185.08 at the end of the previous year[28]. - The company reported a significant increase in net profit for its subsidiary, Inner Mongolia Luyang Energy Saving Materials Co., Ltd., with a year-on-year growth of 257.72%[86]. - The company reported a net profit of CNY 271,250,595.80 for the first half of 2021, with a total distributable profit of CNY 1,025,208,393.91 after deducting cash dividends[98]. Production Capacity and Market Position - The company has an annual production capacity of 390,000 tons of ceramic fiber products, accounting for approximately 40% of the national sales volume in this category[42]. - The company has an annual production capacity of 180,000 tons of basalt fiber products, with a continuous increase in market share in the building fireproof insulation sector[45]. - The production capacity of ceramic fiber products increased by approximately 30,000 tons during the reporting period[51]. - The company has established a stable leading position in the domestic ceramic fiber industry, with significant advantages in production scale, product variety, and application technology[45]. - The company’s ceramic fiber products are widely used in industries such as petrochemical, metallurgy, and construction, with applications expanding into new fields like shipbuilding and environmental protection[42]. Research and Development - Research and development investment rose to CNY 69,839,568.55, a significant increase of 106.64% compared to the previous year[51]. - The company has a robust R&D capability, supported by national-level research platforms and advanced testing equipment[46]. - The company has invested in improving production and application technologies in the ceramic fiber industry[124]. Environmental Responsibility - The company invested over 3.4 million RMB in environmental management and upgrades to pollution control equipment in the first half of 2021[121]. - The company reported no exceedances in pollutant emissions, with sulfur dioxide at 6.71 mg/m³ and nitrogen oxides at 6.68 mg/m³, both compliant with the Shandong Province air pollution discharge standards[113]. - The company has established an emergency response plan for environmental incidents, which has been registered with local environmental protection authorities[121]. - The company emphasizes its commitment to developing energy-saving materials, aiming to benefit society and promote sustainable industry growth[124]. - The company maintains a focus on environmental responsibility, ensuring compliance with emission standards and optimizing processes to reduce energy and resource consumption[124]. Corporate Governance and Shareholder Information - The company plans to distribute 0 cash dividends and 0 bonus shares, while increasing capital reserves by 4 shares for every 10 shares held[7]. - The independent director, Jiang Liyong, completed his term and was replaced by Li Jun on April 23, 2021[94]. - The total number of shares outstanding is 361,684,133, with 88.22% being unrestricted shares[170]. - The total number of common shareholders at the end of the reporting period was 11,232, with the largest shareholder, Asia Pacific Holdings Limited, holding 28.14% of shares, totaling 101,780,730 shares[176]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[191]. Risk Management - The company faced risks related to the ongoing impact of COVID-19 on economic performance and the need for enhanced talent management during strategic transitions[86]. - The company will continue to closely monitor the COVID-19 situation and adjust its response strategies to minimize adverse impacts on operations[91]. - The company aims to strengthen internal management and confidentiality measures to mitigate the risk of technology leaks[91]. Audit and Compliance - The audit of the semi-annual financial report was conducted by Ernst & Young Huaming, with an audit fee of 1.6 million RMB[137]. - The semi-annual report has been audited with a standard unqualified opinion by Ernst & Young Huaming[200]. - There were no significant litigation or arbitration matters during the reporting period[138]. - The company maintained a good integrity status, with no unfulfilled legal obligations or significant overdue debts[141].

Financial Performance - The company's operating revenue for Q1 2021 was CNY 611,983,601.81, representing an increase of 82.10% compared to CNY 336,066,234.75 in the same period last year[8]. - The net profit attributable to shareholders was CNY 113,731,017.46, a significant increase of 178.89% from CNY 40,779,551.82 year-on-year[8]. - Basic earnings per share rose to CNY 0.32, reflecting a growth of 166.67% compared to CNY 0.12 in the same quarter last year[8]. - Net profit increased by CNY 72,951,465.64, a year-on-year growth of 178.89%, primarily due to increased product sales and revenue growth[19]. - Total comprehensive income increased by CNY 74,552,120.66, a year-on-year growth of 182.82%, mainly due to revenue and net profit growth[19]. - The company forecasts a net profit of CNY 20,201.80 million for the first half of 2021, representing a 70% increase compared to the previous year[27]. - Basic earnings per share are expected to be CNY 0.56, a 69.70% increase compared to the previous year[27]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 71,895,449.44, up 1,389.54% from CNY 4,826,687.03 in the previous year[8]. - Operating cash flow net increased by CNY 67,068,762.41, a year-on-year increase of 1389.54%, driven by higher product sales and collection of receivables[21]. - Cash and cash equivalents net increase amounted to CNY 39,991,989.62, a year-on-year increase of 234.30%, driven by higher sales and collections[22]. - Cash inflow from operating activities amounted to ¥637,336,027.16, compared to ¥378,932,351.42 in the same period last year, reflecting a growth of approximately 68.3%[51]. - The company reported a net cash increase of ¥22,923,484.11, contrasting with a decrease of ¥17,068,505.51 in the prior year[53]. - The ending balance of cash and cash equivalents was ¥584,992,404.88, compared to ¥363,687,959.71 at the end of the previous year[53]. Assets and Liabilities - The company's total assets increased by 3.52% to CNY 3,420,690,150.44 from CNY 3,304,349,944.17 at the end of the previous year[8]. - Total current assets increased to CNY 2,366,614,708.72 as of March 31, 2021, up from CNY 2,319,589,192.13 at the end of 2020, representing a growth of approximately 2.02%[34]. - Total non-current assets reached CNY 1,054,075,441.72, compared to CNY 984,760,752.04 at the end of 2020, marking a rise of 7.05%[35]. - Total current liabilities decreased to CNY 836,028,671.77 from CNY 907,287,559.09, a reduction of approximately 7.85%[36]. - Total liabilities remained stable at CNY 925,453,858.39, slightly down from CNY 926,763,759.09[36]. - The company's equity attributable to shareholders increased to CNY 2,495,236,292.05, up from CNY 2,377,586,185.08, reflecting a growth of 4.95%[37]. Research and Development - Research and development expenses surged by 124.24% to CNY 32,925,000.00, driven by increased investment in R&D projects[17]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[39]. - Research and development expenses rose to ¥32,896,718.08, up 124.5% from ¥14,670,551.44 in the same quarter last year, indicating a strong focus on innovation[43]. Government Support and Other Income - The company received government subsidies totaling CNY 5,780,332.50, primarily related to high-tech enterprise support and energy-saving project funding[9]. - Other income increased by CNY 739,881.60, a year-on-year growth of 697.11%, primarily from increased VAT refund income[21]. Cost Management - Total operating costs amounted to ¥489,804,012.52, up 70.0% from ¥288,391,429.96 year-on-year[43]. - Cash paid for purchasing goods and services increased by CNY 146,719,028.22, a year-on-year growth of 72.65%, due to increased production and procurement costs[19]. - Cash outflow for purchasing goods and services was ¥348,659,071.77, up from ¥201,940,043.55, indicating a rise of about 72.5%[52]. Accounting Changes - The company adopted the new leasing standards effective January 1, 2021, impacting the accounting policies[61]. - The company adopted the new leasing standards effective from January 1, 2021, following the relevant regulations issued by the Ministry of Finance[65]. Audit Status - The first quarter report for 2021 was not audited[66].

Financial Performance - The company's operating revenue for 2020 was CNY 2,325,686,118.59, representing an increase of 8.32% compared to CNY 2,147,040,501.61 in 2019[17] - The net profit attributable to shareholders for 2020 was CNY 370,273,210.68, up by 8.82% from CNY 340,262,932.35 in 2019[17] - The net cash flow from operating activities increased by 67.23% to CNY 447,466,279.04 in 2020, compared to CNY 267,581,712.08 in 2019[17] - Basic earnings per share for 2020 were CNY 1.03, a 7.29% increase from CNY 0.96 in 2019[17] - The total assets at the end of 2020 were CNY 3,304,349,944.17, reflecting a growth of 7.14% from CNY 3,084,140,580.09 at the end of 2019[18] - The company's net assets increased by 7.87% to CNY 2,377,586,185.08 at the end of 2020, compared to CNY 2,204,083,012.20 at the end of 2019[18] - The net profit after deducting non-recurring gains and losses was CNY 351,180,237.40, an increase of 6.05% from CNY 331,145,626.40 in 2019[17] - The company reported a weighted average return on equity of 16.00% for 2020, slightly down from 16.48% in 2019[17] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly from approximately $4.83 million in Q1 2023 to $153.43 million in Q4 2023[21] - The company experienced a 32.31% increase in cash and cash equivalents compared to the beginning of the year, amounting to an increase of approximately $143.89 million[29] - The net cash flow from operating activities for the reporting period was ¥447,466,279.04, an increase of ¥77,193,068.36 compared to the net profit for the year, primarily due to improved accounts receivable management and increased cash collection from sales[69] - The net cash inflow from investment activities decreased by ¥97,405,302.68, or 79.42%, year-on-year, primarily due to a reduction in the redemption amount of bank wealth management products[69] Market and Product Development - The company maintained stable sales prices for its ceramic fiber products while optimizing pricing strategies for low-temperature ceramic fiber blankets, enhancing competitiveness and capacity utilization[25] - The company’s basalt fiber products are gaining traction in the building insulation market, with comprehensive competitiveness ranking among the top in the domestic industry[28] - The company continues to focus on research and development, product upgrades, and management improvements to maintain its leading position in the domestic ceramic fiber industry[30] - The company has an annual production capacity of 360,000 tons of ceramic fiber products, covering approximately 40% of the national sales[36] - The company developed 60+ production technology improvement projects throughout the year, enhancing production efficiency[39] Operational Efficiency - The utilization rate of ceramic fiber cotton, blanket, and components was around 75% in 2020, with a significant increase to over 90% in the second half of the year[47] - The production volume of ceramic fiber wet products was 267,000 tons in 2020, reflecting a year-on-year increase of 25.77%[49] - The company’s inventory of ceramic fiber cotton, blanket, and components decreased by 12.15% in 2020, totaling 158,000 tons[49] - The company has implemented a three-level contract risk warning system to improve contract risk management capabilities[44] Strategic Initiatives - The company plans to enhance product competitiveness through product differentiation, quality improvement, and optimized pricing strategies[49] - The company aims to continue industry consolidation and restructuring to enhance market concentration and competitiveness[44] - The company is focusing on expanding its application fields in energy conservation and environmental protection, driven by new market demands[87] - The company is addressing high accounts receivable from major projects and long-term clients to improve cash flow management[88] Corporate Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights[195] - The company has implemented strict information disclosure and investor relations management systems, ensuring timely and accurate information dissemination to shareholders[198] - The company has maintained a good integrity status, with no significant debts or court judgments unfulfilled during the reporting period[115] - The company has not faced any major litigation or arbitration matters during the reporting period, indicating a stable legal environment[113] Environmental Responsibility - The company has implemented various pollution control technologies, including bag filters and SCR denitrification, ensuring all emissions meet the required standards[143] - The company has been compliant with multiple environmental laws and regulations, including the Environmental Protection Law of the People's Republic of China[139] - The company invested over 8 million RMB in environmental governance and upgrading of environmental protection equipment in 2020[144] - The company has established an emergency response plan for environmental incidents, which is registered with local environmental authorities[144] Shareholder and Stock Information - The company plans to distribute a cash dividend of CNY 8.5 per 10 shares, totaling CNY 307,847,000.00 based on 361,684,133 shares[4] - The cash dividend distributed in 2020 is not less than 20% of the distributable profit for the year, with a cumulative distribution of at least 30% over any three consecutive years[95] - The company’s stock incentive plan involved granting 11 million restricted stocks at a price of RMB 8.87 per share, aimed at 197 incentive targets[116] - The company has a total of 48,104,325 shares, with 42,597,360 shares subject to lock-up restrictions[161] Leadership and Management - The company has a strong leadership team with extensive experience in finance and operations, including Scott Dennis Horrigan, who has been with Unifrax I LLC since 2018 and currently serves as COO and CFO[179] - The company has a clear succession plan in place, with new appointments made to ensure continuity in leadership and operational effectiveness[175] - The total number of employees in the company is 2,554, with 1,468 in the parent company and 1,086 in major subsidiaries[189] - The company emphasizes a performance-based compensation policy, ensuring competitive salary levels within the industry[190]

Financial Performance - Operating revenue for the period reached CNY 621,580,709.69, a 37.16% increase year-on-year[7] - Net profit attributable to shareholders rose by 54.55% to CNY 103,306,562.02 compared to the same period last year[7] - Net cash flow from operating activities surged by 359.38% to CNY 144,909,181.09[7] - Total operating revenue for the current period reached CNY 621,580,709.69, a significant increase from CNY 453,178,430.77 in the previous period, representing a growth of approximately 37.1%[56] - Net profit for the current period was CNY 103,306,562.02, compared to CNY 66,845,082.39 in the previous period, reflecting a growth of approximately 54.5%[62] - The total profit for the current period is CNY 254,198,020.17, compared to CNY 272,690,727.78 in the previous period, representing a decline of about 6.8%[76] Assets and Liabilities - Total assets increased by 2.11% to CNY 3,149,124,182.95 compared to the end of the previous year[7] - Total liabilities increased to CNY 988,236,373.25 from CNY 916,742,067.15, marking an increase of about 7.8%[56] - Total equity decreased slightly to CNY 2,086,582,313.45 from CNY 2,095,276,254.04, a decline of approximately 0.4%[56] - Current liabilities rose to ¥897,326,085.75 from ¥860,428,657.75, indicating an increase of approximately 4.4%[46] - Total liabilities increased to ¥917,369,128.39, compared to ¥880,057,567.89, marking a growth of around 4.2%[46] Cash Flow - Net cash flow from operating activities increased by ¥205,662,843.19, a growth of 232.73%, mainly due to an increase in the collection of payments and acceptance bill collections[23] - Cash and cash equivalents increased by ¥283,081,080.97, a growth of 162.76%, primarily due to increased cash receipts from sales and reduced cash outflows for profit distribution[27] - The company's operating cash flow for the current period was ¥294,032,220.20, significantly higher than ¥88,369,377.01 in the previous period[88] - Total cash inflow from operating activities was ¥1,232,993,759.09, compared to ¥1,181,447,639.45 in the previous period[96] - Cash outflow from operating activities decreased to ¥966,147,050.65 from ¥1,078,693,265.44, indicating better cost management[96] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,269[11] - Earnings per share (EPS) for the current period was CNY 0.29, an increase from CNY 0.19 in the previous period[64] - The total comprehensive income for the current period was CNY 103,306,562.02, compared to CNY 66,845,082.39 in the previous period, indicating a growth of approximately 54.5%[64] Expenses - Total operating costs amounted to CNY 501,742,545.02, up from CNY 382,803,826.47, indicating an increase of about 31.1%[59] - Research and development expenses for the current period were CNY 27,175,592.91, compared to CNY 26,761,490.68 in the previous period, showing a slight increase of about 1.5%[59] - The company reported a financial expense of CNY 199,236.79, a change from a financial income of CNY -868,029.40 in the previous period[59] Government Support - The company received government subsidies amounting to CNY 4,256,049.58, mainly for job stabilization and energy-saving projects[7] Changes in Receivables and Payables - Accounts receivable increased by 34.29% to CNY 38,086,685.56 due to an increase in commercial acceptance received[19] - Accounts payable decreased by ¥107,714,014.38, a reduction of 34.07%, mainly due to increased payment for goods during the reporting period[20] - Other receivables rose by 38.81% to CNY 9,693,797.51, primarily due to an increase in employee petty cash[19] - Other payables increased by ¥88,799,515.64, a growth of 77.94%, mainly due to an increase in payable dividend amounts at the end of the reporting period[20]