Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,652,622,388.45, representing a 5.65% increase compared to CNY 1,564,288,782.77 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was CNY 213,501,612.04, a slight increase of 0.45% from CNY 212,540,145.82 year-on-year[10]. - The net profit after deducting non-recurring gains and losses was CNY 211,466,472.26, showing a decrease of 1.11% compared to CNY 213,837,752.72 in the previous year[10]. - The net cash flow from operating activities was CNY 279,321,290.81, which is a decrease of 0.13% from CNY 279,684,553.35 in the same period last year[10]. - The total profit amounted to RMB 261 million, reflecting a growth of 10.05% year-on-year[25]. - The company’s main product, titanium dioxide, generated RMB 1.62 billion in revenue, accounting for 97.88% of total operating revenue, with a year-on-year increase of 2.43%[28]. - The company reported a total comprehensive income attributable to the parent company for the first half of 2019 was CNY 213,501,612.04, compared to CNY 202,488,328.69 in the same period last year[106]. - The total comprehensive income for the current period shows a total loss of CNY 5,432,672.83, contributing to a decrease in total equity[123]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,818,518,808.17, reflecting a 6.37% increase from CNY 5,470,200,830.75 at the end of the previous year[10]. - Total liabilities amounted to CNY 2,419,813,181.81, up from CNY 2,258,199,474.75, which is an increase of approximately 7.15%[99]. - The company's equity attributable to shareholders reached CNY 3,398,705,626.36, compared to CNY 3,212,001,356.00 at the end of 2018, representing an increase of about 5.81%[99]. - The company's total equity as of the end of the first half of 2019 was CNY 2,836,275,104.54, a slight decrease from CNY 2,869,554,247.02 at the end of 2018[103]. - The total amount of shares held by the employee stock ownership plan is 47,839,206, which is 3.01% of the total shares[86]. Research and Development - The company has a strong focus on R&D, with numerous patents emerging annually to meet diverse customer needs and improve product quality[21]. - The company’s research and development investment was RMB 40.43 million, showing a marginal increase of 0.24% compared to the previous year[27]. - Research and development expenses for the first half of 2019 were CNY 40,427,921.98, which is comparable to CNY 40,331,211.25 in the same period last year[104]. Market Position and Industry Insights - The company ranks second in China's titanium dioxide industry by production capacity, with over 95% of its revenue coming from rutile titanium dioxide sales[16]. - The stable demand for titanium dioxide is supported by the growth of the middle-class population in China, which is expected to drive consumption in various sectors[18]. - The titanium dioxide industry is expected to experience a gradual increase in concentration due to the elimination of small enterprises and the promotion of advanced production technologies[17]. Environmental Management - The company has invested in upgrading environmental protection facilities, ensuring stable operation and compliance with pollutant discharge standards[72]. - The company reported a total pollutant discharge of 74.267 tons of COD and 78.099 tons of suspended solids, both meeting the standards set by GB26132-2010[71]. - The company has established an emergency response plan for environmental incidents, conducting drills to improve response capabilities[74]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The actual controllers and related parties of the company have committed to maintaining the company's independence and have fulfilled their commitments without any violations[41]. - The company held four temporary shareholder meetings and one annual shareholder meeting during the reporting period, with investor participation rates ranging from 6.24% to 37.54%[40]. Financial Instruments and Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[149]. - The company has adopted new financial instrument standards starting January 1, 2019, with no impact on total equity, total profit, or net profit[148]. - Financial assets are measured at amortized cost or fair value, with gains or losses recognized in profit or loss or other comprehensive income depending on the classification[161]. Risks and Challenges - The company faces risks from increased market competition and fluctuating prices of key raw materials, which account for approximately 50% of production costs[39]. - The sales price of titanium dioxide, which constitutes over 90% of the company's revenue, is subject to significant fluctuations due to industry competition[39]. Employee Stock Ownership - The employee stock ownership plan held 26,170,618 shares, accounting for 1.64% of the total share capital as of June 30, 2019[50]. - The 2019 employee stock ownership plan held 47,839,206 shares, representing 3.01% of the total share capital[51].

Financial Performance - The company's revenue for Q1 2019 was ¥818,193,967.23, representing a 6.29% increase compared to ¥769,743,226.47 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2019 was ¥107,927,724.66, a significant increase of 42.81% from ¥75,574,752.98 in the previous year[3]. - The net profit after deducting non-recurring gains and losses was ¥106,837,712.28, up 44.65% from ¥73,861,521.28 year-on-year[3]. - Basic and diluted earnings per share increased by 40.00% to ¥0.07 from ¥0.05 in the previous year[3]. - Total operating revenue for Q1 2019 was CNY 818,193,967.23, an increase of 6.7% compared to CNY 769,743,226.47 in the same period last year[22]. - Net profit for Q1 2019 reached CNY 107,927,724.66, representing a 42.7% increase from CNY 75,574,752.98 in Q1 2018[23]. - Operating profit for the quarter was CNY 129,524,228.93, up from CNY 82,830,307.21 in the previous year, marking a growth of 56.3%[23]. - Total comprehensive income for the quarter was CNY 107,927,724.66, significantly higher than CNY 58,356,635.65 in Q1 2018[25]. Cash Flow - The net cash flow from operating activities decreased by 22.34% to ¥137,806,303.02 from ¥177,448,131.83 in the same period last year[3]. - Cash and cash equivalents increased by 57.68% to ¥767,702,333.45 from ¥486,869,627.53 due to higher net cash inflows from operating and financing activities[9]. - Cash inflow from financing activities was ¥410 million, significantly higher than ¥35 million in the previous period, marking an increase of 1,071.4%[31]. - Cash outflow from investing activities was ¥118.65 million, a decrease from ¥226.46 million in the previous period, indicating a reduction of 47.6%[31]. - The net cash flow from financing activities was 81,760,154.39 CNY, indicating a significant inflow despite cash outflows related to financing activities totaling 18,239,845.61 CNY[34]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,782,849,941.91, reflecting a 5.72% increase from ¥5,470,200,830.75 at the end of the previous year[3]. - Current liabilities rose to CNY 2,089,792,290.98, compared to CNY 1,863,787,162.05, reflecting an increase of about 12.1%[16]. - Total liabilities amounted to CNY 2,481,074,027.08, up from CNY 2,258,199,474.75, reflecting an increase of approximately 9.9%[16]. - Non-current liabilities totaled CNY 391,281,736.10, slightly down from CNY 394,412,312.70, indicating a decrease of approximately 0.3%[16]. - Owner's equity reached CNY 3,301,775,914.83, up from CNY 3,212,001,356.00, marking an increase of around 2.8%[17]. Shareholder Information - The top shareholder, Li Jianfeng, holds 37.05% of the shares, with a total of 589,559,784 shares, which are pledged[6]. - The company repurchased 47,839,206 shares, accounting for 3.006% of total share capital, with a total transaction amount of ¥168,900,364.58[10]. - The second phase of share repurchase aims to buy back shares worth between ¥5 billion and ¥10 billion, with a maximum price of ¥5.00 per share[11]. - The company expects to utilize repurchased shares for the 2019 employee stock ownership plan, which is currently in process[10]. Taxation - The income tax expense increased by 137.15% to ¥22,837,384.13 from ¥9,629,760.51 due to higher profits during the reporting period[9]. - The company reported a 62.14% increase in tax payments to ¥115,495,023.09 from ¥71,231,415.97, primarily due to the payment of taxes owed from the previous year[9]. - The company reported a tax expense of CNY 22,837,384.13, which is an increase from CNY 9,629,760.51 in the previous year[23]. Other Financial Metrics - Research and development expenses decreased to CNY 18,352,809.10 from CNY 22,437,151.89, a reduction of 18.5% year-on-year[22]. - Other income for the quarter was CNY 361,851.00, up from CNY 165,544.80 in the same period last year[22]. - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[35].

Financial Performance - The company reported a total revenue of 1,543,406,370 RMB for the year 2018, with a cash dividend of 0.20 RMB per 10 shares distributed to shareholders[3]. - The company's operating revenue for 2018 was ¥3,088,882,586.74, a decrease of 5.14% compared to ¥3,256,404,916.64 in 2017[12]. - Net profit attributable to shareholders was ¥403,043,511.64, representing a 3.73% increase from ¥388,549,022.05 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥415,368,230.51, an increase of 8.23% from ¥383,784,453.78 in 2017[12]. - The net cash flow from operating activities increased by 32.30% to ¥605,602,399.15 from ¥457,762,397.13 in 2017[12]. - The total assets at the end of 2018 were ¥5,470,200,830.75, a decrease of 4.02% from ¥5,699,088,868.70 at the end of 2017[12]. - The net assets attributable to shareholders increased by 7.18% to ¥3,212,001,356.00 from ¥2,996,828,195.10 in 2017[12]. - The company's operating profit for the period was 460 million yuan, an increase of 0.24% compared to the previous year, while net profit attributable to shareholders was 403 million yuan, up 3.73% year-on-year[26]. - The total operating revenue for 2018 was approximately 3.09 billion yuan, a decrease of 5.14% from 2017[31]. Business Operations - The company has maintained its main business operations without any changes since its listing[10]. - The company has not engaged in any mergers or acquisitions during the reporting period[10]. - The company has no new strategies or significant changes in its business model reported for the year[10]. - The company has established a new project for the comprehensive utilization of resources with an annual production capacity of 100,000 tons of rutile titanium dioxide, with an investment of 428 million RMB[22]. - The company has developed a strong technical foundation and innovation capability, being recognized as a "Huangpu Military Academy" in the titanium dioxide industry[22]. - The company has formed long-term technical cooperation with several prestigious institutions, enhancing its research and development capabilities[23]. - The company has a multi-regional industrial layout, optimizing production bases in Gansu, Anhui, and Jiangsu to enhance product output and quality[24]. - The company has established a stable strategic partnership with major clients, ensuring long-term credibility and market presence[24]. Market and Industry Insights - The company ranked second in the domestic titanium dioxide industry by production capacity, focusing on the research, production, and sales of rutile titanium dioxide and iron oxide pigments[18]. - The sales revenue from rutile titanium dioxide accounted for over 95% of the company's total sales revenue in 2018[18]. - The titanium dioxide industry in China has a total production capacity of 2.95 million tons in 2018, with a year-on-year increase of 8,400 tons, representing a growth rate of 2.94%[18]. - In 2018, China exported approximately 908,000 tons of titanium dioxide, marking a year-on-year growth of nearly 9.4%[18]. - The overall economic scale of the titanium dioxide industry was less than 50 billion RMB in 2018, indicating its niche market status[20]. - The company anticipates that industry consolidation will accelerate over the next 3-5 years, leading to a more concentrated market with fewer but larger players[18]. - The company faces intensified market competition due to increased demand and potential overcapacity in the titanium dioxide industry[60]. Research and Development - Research and development investment reached approximately 82.68 million yuan, accounting for 2.68% of operating revenue[27]. - The company's R&D personnel increased by 11.03% to 161 in 2018 from 145 in 2017[39]. - The company plans to increase R&D investment and introduce new technologies to expand product applications and find new profit growth points[56]. - The company will focus on talent development and management system improvements to enhance overall operational efficiency[60]. - The company will strengthen research on industry trends and competition, increasing R&D investment to improve competitiveness[62]. Financial Management and Governance - The financial report has been confirmed as true, accurate, and complete by the company's management, including the responsible accounting personnel[3]. - The company has strengthened its financial management, implementing comprehensive budget management to improve financial oversight and reduce operational costs[29]. - The company has a structured performance assessment system for determining the remuneration of directors and senior management[131]. - The company has appointed independent directors with diverse professional backgrounds, including finance and law, to enhance governance[129]. - The company has established independent financial management and accounting systems, ensuring no financial resources are misappropriated by related parties[145]. - The audit opinion issued by the accounting firm was a standard unqualified opinion, confirming that the financial statements fairly reflect the company's financial position and results of operations for the year ended December 31, 2018[163]. Environmental and Social Responsibility - The company has made substantial investments in safety and environmental protection measures, ensuring compliance with stringent regulations[27]. - The company is committed to green development and environmental protection, investing in advanced technologies and processes to minimize waste[57]. - The company has implemented environmental protection measures, including the upgrade of pollution control facilities and regular monitoring of emissions[106]. - The company’s subsidiaries conducted emergency drills for environmental incidents to enhance their response capabilities[107]. - The company has committed to maintaining compliance with environmental regulations and has established dedicated personnel for pollution control management[106]. Shareholder and Equity Information - A cash dividend of 0.2 yuan per share (including tax) is proposed for 2018, totaling approximately 30.87 million yuan, which is 7.66% of the net profit attributable to ordinary shareholders[66]. - The company has a policy to distribute at least 10% of the annual distributable profit as cash dividends, ensuring stability and protection for minority shareholders[64]. - The total amount of cash dividends distributed over the past three years is 31.82 million yuan in 2017 and 30.87 million yuan in 2018, with no dividends in 2016[67]. - The company has repurchased 47.84 million shares, accounting for 3.006% of the total share capital, with a total transaction amount of approximately 168.90 million yuan[65]. - The company has a policy that cash dividends should account for at least 80% of the profit distribution in mature stages without significant capital expenditure plans[68]. Employee and Management Structure - The total number of employees in the company is 2,307, with 1,647 in production, 47 in sales, and 112 in technical roles[135]. - The average education level of employees shows that there are 12 with postgraduate degrees, 275 with bachelor's degrees, and 1,255 with education below college level[135]. - The company has established a compensation policy linking employee income to the company's economic performance to enhance motivation and cohesion[136]. - The training plan focuses on improving employee skills and management levels, with specific training for different departments and new employees[138]. - The company has a diverse board composition, with members holding various qualifications, including CPA and financial management certifications[129]. Compliance and Risk Management - The company has no significant litigation or arbitration matters during the reporting period[80]. - The company has no non-operating fund occupation by controlling shareholders or related parties[74]. - The company has fully complied with its commitments regarding asset injection and has not encountered any breaches[74]. - The company has established a structured approach to guarantee approvals and actual occurrences to enhance transparency[94]. - The company continues to monitor and adjust its guarantee strategies in response to market conditions[94].

[Important Notice](index=2&type=section&id=Section%20I.%20Important%20Notice) This section confirms the accuracy and completeness of the quarterly report, with all directors attending the review meeting and management guaranteeing the financial statements [Statement on Report Authenticity](index=2&type=section&id=Section%20I.%20Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness and completeness of this quarterly report, assuming legal responsibility - Company management guarantees the truthfulness, accuracy, and completeness of the quarterly report and assumes corresponding legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department all declare the truthfulness, accuracy, and completeness of the financial statements[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Section%20II.%20Company%20Profile) This section provides key financial data, including a decrease in total assets but an increase in net profit, alongside details of the company's shareholder structure [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Total assets decreased by 4.10% year-over-year, while YTD revenue declined 6.93%, but net profit attributable to shareholders increased 2.63%, with Q3 showing strong 43.18% growth Key Financial Indicators for Q3 2018 | Indicator | Current Quarter (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 769,318,851.62 | 2,333,607,634.39 | -6.93% | | Net Profit Attributable to Shareholders (CNY) | 101,214,557.33 | 313,754,703.15 | 2.63% | | Net Profit Attributable to Shareholders, Excl. Non-recurring (CNY) | 108,849,555.72 | 322,687,308.44 | 3.28% | | Net Cash Flow from Operating Activities (CNY) | 78,652,751.53 | 358,337,304.88 | 10.31% | | Basic EPS (CNY/share) | 0.0637 | 0.1974 | 2.87% | | Weighted Average ROE | 3.14% | 10.02% | -1.07% | | Total Assets (CNY) | 5,465,251,843.72 | 5,465,251,843.72 | -4.10% (vs. End of Prior Year) | | Net Assets Attributable to Shareholders (CNY) | 3,205,537,163.23 | 3,205,537,163.23 | 6.96% (vs. End of Prior Year) | Year-to-Date Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 11,454,831.33 | | Government Grants | 22,603,605.66 | | Gains/Losses from Trading Financial Assets/Liabilities | -36,044,654.34 | | Other Non-operating Income/Expenses | -121,610.31 | | Less: Income Tax Impact | 6,824,777.63 | [Shareholder Information](index=4&type=section&id=II.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) The company has 86,670 common shareholders, with the largest shareholder, Li Jianfeng, holding 37.05% of shares, 94% of which are pledged - At the end of the reporting period, the company had **86,670** common shareholders[13](index=13&type=chunk) - The largest shareholder, Li Jianfeng, holds **37.05%** of the company's shares (**589,559,784 shares**), of which **554,267,195 shares** (approximately **94%** of his holdings) are pledged[13](index=13&type=chunk) - Among the top ten shareholders, in addition to individual shareholders, there are multiple institutional investors including Huaxin Trust, Chang'an Trust, and Everbright Securities Asset Management[13](index=13&type=chunk)[14](index=14&type=chunk) [Significant Events](index=7&type=section&id=Section%20III.%20Significant%20Events) This section details significant changes in financial data, share repurchase progress, and the company's 2018 annual performance forecast, along with other key corporate actions [Analysis of Major Financial Data Changes](index=7&type=section&id=I.%20Changes%20and%20Reasons%20for%20Major%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) Significant financial changes include increased construction in progress, decreased available-for-sale financial assets, lower financial expenses due to exchange gains, and increased cash outflows from investing and financing activities Major Balance Sheet Item Changes | Item | Change Rate | Reason for Change | | :--- | :--- | :--- | | Construction in Progress | +50.06% | Increased investment in subsidiary Oriental Titanium project | | Available-for-Sale Financial Assets | -86.37% | Disposal of "Jinxing No. 1" asset management plan | | Treasury Shares | +252.90% | Company share repurchase | | Retained Earnings | +60.79% | Increased profit realized in the reporting period | Major Income Statement Item Changes | Item | Change Rate | Reason for Change | | :--- | :--- | :--- | | Financial Expenses | -79.22% | Increased exchange gains | | Other Income | +801.35% | Increased government grants received | | Investment Income | -252.33% | Loss incurred from disposal of "Jinxing No. 1" asset management plan | Major Cash Flow Statement Item Changes | Item | Change Rate | Reason for Change | | :--- | :--- | :--- | | Cash Paid for Acquisition of Long-term Assets | +102.45% | Increased investment in subsidiary Oriental Titanium | | Cash Paid for Investments | +78.09% | Increased purchase of wealth management products | | Cash Paid for Other Financing Activities | +291.25% | Company share repurchase | [Share Repurchase Progress](index=8&type=section&id=II.%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Events) The company initiated a share repurchase plan in May 2018, cumulatively repurchasing 23.48 million shares, or 1.48% of total capital, for CNY 86.71 million by September end - The company's share repurchase proposal was approved by the Board of Directors on May 31, 2018, with the first repurchase implemented on July 6[20](index=20&type=chunk) Share Repurchase Status (As of End of September 2018) | Indicator | Value | | :--- | :--- | | Accumulated Shares Repurchased | 23,476,003 shares | | Percentage of Total Share Capital | 1.48% | | Highest Transaction Price | 3.94 CNY/share | | Lowest Transaction Price | 3.48 CNY/share | | Total Amount Paid | 86,712,288.15 CNY | [2018 Annual Operating Performance Forecast](index=9&type=section&id=IV.%20Forecast%20for%202018%20Annual%20Operating%20Performance) The company forecasts 2018 net profit attributable to shareholders to grow 2.95% to 28.68% (CNY 400-500 million), driven by increased titanium dioxide sales prices and cost control 2018 Annual Net Profit Forecast | Item | Value | | :--- | :--- | | 2017 Net Profit Attributable to Shareholders | 388.55 million CNY | | 2018 Net Profit Attributable to Shareholders Forecast Range | 400 to 500 million CNY | | Expected Change Range | 2.95% to 28.68% | - The primary drivers for performance growth are the year-over-year increase in sales prices of the main product, **titanium dioxide**, and the company's continuous potential tapping and strengthened cost and expense control[24](index=24&type=chunk) [Other Significant Matters](index=9&type=section&id=Other%20Significant%20Matters) The company had no overdue commitments, irregular guarantees, or controlling shareholder fund appropriation, while engaging in CNY 300 million in wealth management and hosting one institutional research visit - The company utilized idle self-owned funds for wealth management products, with a total transaction amount of **CNY 300 million** during the reporting period and an outstanding balance of **CNY 30 million** at period-end[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - During the reporting period, the company had no overdue unfulfilled commitments, no irregular external guarantees, and no appropriation of funds by the controlling shareholder[23](index=23&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - The company hosted an on-site research visit from institutional investors on July 3, 2018, primarily discussing industry and company fundamentals[30](index=30&type=chunk)

中核华原钛白股份有限公司 2018 年半年度报告 2018-051 2018 年 08 月 中核华原钛白股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人李建锋、主管会计工作负责人周荣及会计机构负责人(会计主管 人员)周荣声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本半年度报告涉及公司未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，请投资者注意投资风险。 1、上市公司能否实现持续、稳定盈利仍存在一定的不确定性，请广大投资 者注意投资风险。 2、《证券时报》、《中国证券报》和巨潮资讯网（http//www.cninfo.com.cn） 为公司的指定信息披露媒体，公司所有信息均以在上述指定媒体刊登的公告为 准，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 目录 | | --- | | 2018 | 年半年度报告 1 | | -- ...

[Important Notice](index=2&type=section&id=第一节%20重要提示) The company's management confirms the truthfulness and completeness of the quarterly report and assumes legal responsibility [Statement and Guarantee](index=2&type=section&id=1.1%20声明与保证) The board, supervisory board, and senior management guarantee the report's truthfulness and completeness, with all directors attending the review and key officers confirming financial statement accuracy - Management confirms the report's truthfulness, accuracy, and completeness, assuming legal responsibility[4](index=4&type=chunk) - Company principal Li Jianfeng, head of accounting Zhou Rong, and accounting department head Zhou Rong declare the financial statements in the quarterly report are true, accurate, and complete[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=第二节%20公司基本情况) This section details the company's key financial performance for Q1 2018, including revenue, net profit, cash flow, and shareholder structure [Key Accounting Data and Financial Indicators](index=3&type=section&id=2.1%20主要会计数据和财务指标) Q1 2018 saw operating revenue of **770 million yuan** and net profit of **75.57 million yuan**, down **3.41%** and **36.14%** respectively, while operating cash flow significantly improved to **177 million yuan**, up **3,371.95%** Key Financial Indicators for Q1 2018 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 769,743,226.47 | 796,904,477.78 | -3.41% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 75,574,752.98 | 118,345,957.90 | -36.14% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Items (RMB) | 73,861,521.28 | 115,901,790.38 | -36.27% | | Net Cash Flow from Operating Activities (RMB) | 177,448,131.83 | -5,423,316.02 | 3,371.95% | | Basic Earnings Per Share (RMB/share) | 0.05 | 0.07 | -28.57% | | Weighted Average Return on Net Assets | 2.50% | 4.42% | -1.92% | | Total Assets (RMB) | 5,659,244,014.48 | 5,699,088,868.70 | -0.70% (vs. end of prior year) | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 3,057,051,383.02 | 2,996,828,195.10 | 2.01% (vs. end of prior year) | Details of Non-recurring Gains and Losses | Item | Amount from Year-Start to End of Reporting Period (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -418,982.91 | | Government Grants Included in Current Profit/Loss | 2,620,423.65 | | Other Non-operating Income and Expenses | -76,542.52 | | Less: Income Tax Impact | 411,666.52 | | **Total** | **1,713,231.70** | [Shareholder Information](index=4&type=section&id=2.2%20报告期末股东总数及前十名股东持股情况表) As of the reporting period, the company had **93,487** common shareholders, with the largest shareholder, Li Jianfeng, holding **37.04%**, of which **517 million shares** were pledged - As of the end of the reporting period, the company had **93,487** common shareholders[11](index=11&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Li Jianfeng | Domestic Natural Person | 37.04% | 589,559,784 | Pledged 517,267,395 | | Huaxin Trust · Yingtai No. 66 | Other | 2.51% | 39,967,500 | - | | Chang'an Trust · Chang'an Investment No. 904 | Other | 2.46% | 39,228,403 | - | | Guangzheng Asset Management Zhongxiang Tianli | Other | 1.64% | 26,170,618 | - | | Everbright Securities Co., Ltd. | Other | 1.59% | 25,232,355 | - | | Hu Jianlong | Domestic Natural Person | 1.32% | 20,992,801 | Pledged 19,390,000 | | Zhang Ben | Domestic Natural Person | 1.25% | 19,961,000 | - | | Bohai Fuying No. 42 | Other | 1.18% | 18,835,413 | - | | Bohai Fuying No. 41 | Other | 1.17% | 18,699,151 | - | | Bohai Fuying No. 40 | Other | 1.09% | 17,400,000 | - | [Significant Matters](index=6&type=section&id=第三节%20重要事项) This section covers major financial data changes, performance forecasts, fair value financial assets, and other significant corporate events [Analysis of Major Financial Data Changes](index=6&type=section&id=3.1%20报告期主要财务数据、财务指标发生变动的情况及原因) Multiple financial indicators changed significantly, with net profit down **36.14%** due to lower sales and higher raw material costs, financial expenses up **44.87%** from currency fluctuations, and investment income down **815.39%** due to associate losses Changes in Major Financial Indicators and Reasons | Item | Change Rate | Explanation | | :--- | :--- | :--- | | **Income Statement Items** | | | | Financial Expenses | 44.87% | Primarily due to exchange rate fluctuations during the reporting period | | Investment Income | -815.39% | Primarily due to losses from an associate company during the reporting period | | Net Profit | -36.14% | Primarily due to reduced sales volume and increased raw material prices leading to a decline in gross profit margin | | Fair Value Change in Available-for-Sale Financial Assets | -115.43% | Primarily due to fair value changes in the "Jinxing No. 1" asset management plan | | **Balance Sheet Items** | | | | Other Comprehensive Income | -171.29% | Primarily due to fair value changes in the "Jinxing No. 1" asset management plan | | **Cash Flow Statement Items** | | | | Cash Paid for Acquisition of Fixed Assets, etc. | 256.61% | Primarily due to increased investment in the subsidiary Dongfang Titanium Industry project during the reporting period | [2018 Half-Year Performance Forecast](index=7&type=section&id=3.2%20对%202018%20年%201-6%20月经营业绩的预计) The company forecasts H1 2018 net profit attributable to shareholders to range from **176 million** to **247 million yuan**, a **-25.00% to 5.00%** change from the prior year, driven by titanium dioxide price and raw material cost fluctuations 2018 January-June Performance Forecast | Item | Value | | :--- | :--- | | Net Profit Change Range | -25.00% to 5.00% | | Net Profit Range (RMB 10,000) | 17,627 to 24,678 | | Net Profit for Same Period in 2017 (RMB 10,000) | 23,503.41 | | Reasons for Performance Change | Year-on-year increases in both sales prices and raw material prices for the main product, titanium dioxide, and uncertainty in sales volume | [Financial Assets Measured at Fair Value](index=7&type=section&id=3.3%20以公允价值计量的金融资产) The company held a fund-type financial asset with an initial cost of **299 million yuan** and a period-end carrying value of **157 million yuan**, incurring a fair value change loss of **17.22 million yuan** for the period Details of Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gain/Loss for the Period (RMB) | Cumulative Fair Value Change Gain/Loss Recognized in Equity (RMB) | Period-end Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | | Fund | 299,000,000.00 | -17,218,117.33 | -7,166,300.20 | 156,986,904.74 | [Other Significant Matters](index=7&type=section&id=3.4%20其他重要事项) The company reported no significant matter progress, overdue commitments, irregular external guarantees, non-operating fund occupation by the controlling shareholder, or investor relations activities - During the reporting period, the company had no overdue unfulfilled commitments[17](index=17&type=chunk) - The company had no irregular external guarantees during the reporting period[20](index=20&type=chunk) - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or its related parties[21](index=21&type=chunk) - The company did not conduct any investor relations activities such as research visits, communications, or interviews during the reporting period[22](index=22&type=chunk)

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this annual report, with all directors attending the review - The company's management ensures the **truthfulness, accuracy, and completeness** of the annual report, assuming corresponding legal responsibilities[3](index=3&type=chunk) - The 2017 profit distribution plan is to distribute a cash dividend of **0.20 yuan (tax inclusive) per 10 shares**, with no bonus shares or capital reserve conversions[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report comprehensively discloses the company's detailed information for 2017 across twelve chapters, covering business, operations, significant events, and financial reports [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This chapter defines the main company entity abbreviations, professional terms, and regulatory body names used in the report, providing a foundation for understanding its content [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section introduces the company's fundamental information and presents its key financial performance metrics for the reporting period [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) CNNC Huayuan Titanium Dioxide Co., Ltd. (CNNC Titanium Dioxide, stock code 002145) is listed on the Shenzhen Stock Exchange, with no changes in its main business or controlling shareholder since listing Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | CNNC Titanium Dioxide | | Stock Code | 002145 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Jianfeng | | Change in Main Business | No change | | Change in Controlling Shareholder | No change | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%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) In 2017, the company achieved significant performance growth, with operating revenue increasing by **58.99%** to **3.256 billion yuan** and net profit attributable to shareholders surging by **362.06%** to **389 million yuan** Key Financial Indicators | Key Financial Indicators | 2017 | 2016 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 3,256,404,916.64 | 2,048,165,770.67 | 58.99% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 388,549,022.05 | 84,090,715.43 | 362.06% | | Net Cash Flow from Operating Activities (yuan) | 457,762,397.13 | 368,332,004.77 | 24.28% | | Basic Earnings Per Share (yuan/share) | 0.24 | 0.05 | 380.00% | | Weighted Average Return on Net Assets | 13.98% | 3.29% | 10.69% | | Total Assets (yuan) | 5,699,088,868.70 | 5,225,945,943.08 | 9.05% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 2,996,828,195.10 | 2,563,814,436.02 | 16.89% | [Quarterly Key Financial Indicators](index=8&type=section&id=%E5%85%AB%E3%80%81%E5%88%86%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company maintained stable operations in 2017, with operating revenue consistently growing in the first three quarters and net profit attributable to shareholders strong in the first half Quarterly Key Financial Indicators | Indicator (yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 796,904,477.78 | 837,214,474.95 | 873,382,073.50 | 748,903,890.41 | | Net Profit Attributable to Listed Company Shareholders | 118,345,957.90 | 116,688,139.77 | 70,689,196.84 | 82,825,727.54 | [Non-recurring Gains and Losses](index=8&type=section&id=%E4%B9%9D%E3%80%81%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%8F%8A%E9%87%91%E9%A2%9D) In 2017, non-recurring gains and losses totaled **4.76 million yuan**, primarily from investment income from the disposal of available-for-sale financial assets and government subsidies, partially offset by non-current asset disposal losses Non-recurring Gains and Losses | Item | 2017 Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -25,478,226.53 | - | | Government Subsidies Included in Current Profit/Loss | 13,988,669.81 | - | | Investment Income from Disposal of Available-for-Sale Financial Assets | 17,853,945.00 | Investment income from disposal of Huishang Bank equity | | **Total** | **4,764,568.27** | - | [Company Business Overview](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section outlines the company's primary business activities, industry landscape, and core competitive advantages [Main Business and Industry Status](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business is the R&D, production, and sales of rutile titanium dioxide and iron oxide pigments, ranking second in China's titanium dioxide industry - The company's main business is rutile titanium dioxide and iron oxide pigments, positioning it as the **second-largest enterprise** in China's titanium dioxide industry[25](index=25&type=chunk) - In 2017, China's total titanium dioxide output was **2.8695 million tons**, a **10.49% year-on-year increase**, with exports reaching nearly **830,000 tons**, up approximately **15%**[29](index=29&type=chunk) - The titanium dioxide industry is significantly influenced by the real estate (approximately **60%**) and automotive (approximately **20%**) industries, showing a positive correlation with the macroeconomic cycle[30](index=30&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is rooted in its technological prowess, strategic industrial layout, market advantages, and circular economy model - **Technological Advantage**: The company has established long-term technical cooperation with institutions like Germany's Ti-Cons and Tsinghua University, employing international experts and building a comprehensive application R&D system[33](index=33&type=chunk) - **Multi-regional Industrial Layout**: Leveraging three production bases in Gansu, Anhui, and Jiangsu, the company optimizes resource allocation and reduces production costs[34](index=34&type=chunk) - **Circular Economy Advantage**: The company utilizes waste heat from sulfuric acid production and converts ferrous sulfate by-product into iron oxide, achieving comprehensive resource utilization and energy conservation[37](index=37&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operating performance, financial position, and future outlook [Overview of Operating Performance](index=13&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In 2017, the company achieved its best operating performance since listing, with total revenue reaching **3.256 billion yuan** and net profit attributable to shareholders surging to **389 million yuan** Core Performance Indicators | Core Performance Indicators | 2017 | Year-on-year Growth | | :--- | :--- | :--- | | Total Operating Revenue | 3.256 billion yuan | 58.99% | | Operating Profit | 459 million yuan | 274.98% | | Net Profit Attributable to Parent Company | 389 million yuan | 362.06% | Main Product Production and Sales | Main Product Production and Sales | 2017 Production | Year-on-year Growth | 2017 Sales | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Titanium Dioxide Finished Products | 221,200 tons | 16.23% | 223,000 tons | 7.77% | | Iron Oxide Finished Products | 22,400 tons | 13.69% | 22,400 tons | 12.41% | - The company's R&D investment significantly increased, with approximately **92.67 million yuan** invested in 2017, a **107.85% year-on-year increase**, accounting for **2.85%** of operating revenue[48](index=48&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business is fine chemicals, with titanium dioxide products being the core source of revenue and profit, showing strong growth in both domestic and international markets [Revenue and Costs](index=14&type=section&id=2.1%20%E6%94%B6%E5%85%A5%E4%B8%8E%E6%88%90%E6%9C%AC) In 2017, titanium dioxide products accounted for **95.58%** of the company's operating revenue, with foreign market revenue growth significantly outpacing domestic, and raw materials being the largest component of titanium dioxide operating costs 2017 Operating Revenue Composition | Category | Revenue Amount (yuan) | Proportion of Total Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | | **By Product** | | | | | Titanium Dioxide | 3,112,398,257.81 | 95.58% | 60.52% | | Iron Oxide | 112,939,133.13 | 3.47% | 18.09% | | **By Region** | | | | | Domestic | 2,134,287,802.12 | 65.54% | 51.92% | | International | 1,122,117,114.52 | 34.46% | 74.42% | 2017 Titanium Dioxide Operating Cost Composition | Item | Amount (yuan) | Proportion of Operating Cost | | :--- | :--- | :--- | | Raw Materials | 1,301,121,111.00 | 59.59% | | Energy | 431,703,144.20 | 19.77% | | Labor | 63,386,932.80 | 2.90% | | Manufacturing Expenses, Depreciation, and Others | 270,114,332.25 | 12.37% | [Expense Analysis](index=17&type=section&id=2.2%20%E8%B4%B9%E7%94%A8) In 2017, the company's management expenses saw the largest increase, primarily due to higher R&D, equity incentive, and repair costs, while sales expenses increased moderately and financial expenses remained stable Expense Items | Expense Item | 2017 (yuan) | 2016 (yuan) | Year-on-year Change | Main Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 99,524,441.93 | 88,541,476.15 | 12.40% | - | | Administrative Expenses | 294,645,933.50 | 204,157,157.10 | 44.32% | Increase in R&D expenses, equity incentive expenses, and repair expenses | | Financial Expenses | 57,022,384.70 | 56,519,996.77 | 0.89% | - | [R&D Investment](index=17&type=section&id=2.3%20%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5) The company significantly increased R&D investment in 2017 to maintain its technological advantage, with spending reaching **92.67 million yuan**, a **107.85%** increase, and R&D personnel growing by **19.83%** R&D Investment | R&D Investment | 2017 | 2016 | Change Percentage | | :--- | :--- | :--- | :--- | | R&D Investment Amount (yuan) | 92,670,655.39 | 44,586,234.56 | 107.85% | | R&D Investment as % of Operating Revenue | 2.85% | 2.18% | 0.67% | | Number of R&D Personnel (people) | 145 | 121 | 19.83% | [Cash Flow Analysis](index=18&type=section&id=2.4%20%E7%8E%B0%E9%87%91%E6%B5%81) In 2017, the company's net cash flow from operating activities was **458 million yuan**, a **24.28%** increase, while investment cash outflow significantly narrowed, and financing cash outflow expanded due to loan repayments Cash Flow Items | Cash Flow Item (yuan) | 2017 | 2016 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 457,762,397.13 | 368,332,004.77 | 24.28% | | Net Cash Flow from Investing Activities | -108,699,718.54 | -395,364,531.69 | 72.51% | | Net Cash Flow from Financing Activities | -332,455,955.17 | -20,350,733.67 | -1,533.63% | [Analysis of Assets and Liabilities](index=19&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of year-end 2017, total assets grew by **9.05%** to **5.699 billion yuan**, with significant increases in construction in progress and receivables, while short-term borrowings decreased and notes payable increased Major Asset and Liability Items | Major Asset and Liability Items | 2017 Year-end (yuan) | 2016 Year-end (yuan) | Explanation of Change | | :--- | :--- | :--- | :--- | | Construction in Progress | 754,483,826.94 | 352,348,248.01 | Increased investment in subsidiary Oriental Titanium Industry project | | Notes Receivable | 529,920,491.69 | 305,224,161.72 | Increased pledged notes in the bill pool | | Short-term Borrowings | 546,100,000.00 | 861,010,000.00 | Repayment of bank loans | | Notes Payable | 908,515,038.97 | 488,486,784.77 | Increased purchases settled by notes | [Analysis of Investment Status](index=21&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company made two significant non-core equity investments totaling **51.92 million yuan**, acquiring stakes in Jiangsu Hezhe New Energy Materials Technology Co., Ltd. and Yixing Huayi Pigment Technology Co., Ltd. to seek new profit growth Invested Companies | Invested Company | Main Business | Investment Amount (yuan) | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Jiangsu Hezhe New Energy Materials Technology Co., Ltd. | R&D, purchase, and sale of battery materials | 26,923,077.00 | 35.00% | | Yixing Huayi Pigment Technology Co., Ltd. | Manufacturing and sales of new iron oxide coloring materials | 25,000,000.00 | 33.30% | [Analysis of Major Holding and Participating Companies](index=23&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Anhui Jinxing Titanium Dioxide (Group) Co., Ltd., a core subsidiary, significantly contributed to the company's 2017 performance, generating **3.222 billion yuan** in revenue and **420 million yuan** in net profit Subsidiary Performance | Subsidiary Name | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Anhui Jinxing Titanium Dioxide (Group) Co., Ltd. | 3,222,118,229.72 | 488,935,827.49 | 419,579,148.06 | [Company's Future Development Outlook](index=23&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company plans to strengthen its titanium dioxide core business, increase R&D, expand product applications, and enhance talent development, while addressing risks such as economic cycles and market competition - **Development Strategy**: - Strengthen and expand the titanium dioxide core business, consolidating industry position[79](index=79&type=chunk) - Increase R&D investment, broaden product application areas, and seek new profit growth points[80](index=80&type=chunk) - Enhance talent development and build an international talent team[81](index=81&type=chunk) - **2018 Operating Plan**: - Prioritize safety production and environmental management[82](index=82&type=chunk) - Advance staffing and compensation system reforms[83](index=83&type=chunk) - Accelerate the construction of the Oriental Titanium Industry new project, ensuring successful trial operation in 2018[84](index=84&type=chunk) - Optimize customer structure and improve international sales channels[85](index=85&type=chunk) - **Facing Risks**: - Economic cycle fluctuation risk (influenced by real estate and automotive industries)[87](index=87&type=chunk) - Increased market competition risk[88](index=88&type=chunk) - Price fluctuation risk of major raw materials (titanium concentrate, sulfuric acid)[89](index=89&type=chunk) - Price fluctuation risk of titanium dioxide products[90](index=90&type=chunk) [Significant Events](index=26&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the company's key activities and developments during the reporting period, including profit distribution, commitment fulfillment, and major contracts [Profit Distribution](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company adhered to its shareholder return plan, proposing a 2017 cash dividend of **0.2 yuan (tax inclusive) per 10 shares**, totaling **31.84 million yuan**, marking its first cash dividend since listing Dividend Distribution | Dividend Year | Cash Dividend Amount (tax inclusive, yuan) | Proportion of Net Profit Attributable to Parent Company | | :--- | :--- | :--- | | 2017 | 31,836,431.52 | 8.19% | | 2016 | 0.00 | 0.00% | | 2015 | 0.00 | 0.00% | [Fulfillment of Commitments](index=27&type=section&id=%E4%B8%89%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controller and related parties consistently fulfilled commitments regarding independence, avoiding horizontal competition, and standardizing related-party transactions - The company's actual controller and related parties are normally fulfilling their commitments to maintain the **independence of the listed company's personnel, assets, finance, organization, and business**[99](index=99&type=chunk)[100](index=100&type=chunk) - Commitments regarding **avoiding horizontal competition** and **standardizing related-party transactions** have also been observed[101](index=101&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=32&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented multiple employee incentive measures, including repurchasing and canceling restricted shares, unlocking the second tranche of the 2015 restricted stock incentive plan, and launching the 2017 employee stock ownership plan - A total of **1.746 million restricted shares** that did not meet incentive conditions due to reasons such as resignation were repurchased and canceled[112](index=112&type=chunk) - The second unlocking period of the 2015 restricted stock incentive plan saw **7.623 million shares** unlocked and listed for trading[114](index=114&type=chunk) - The 2017 employee stock ownership plan completed the purchase of **26,170,618 shares**, accounting for **1.64%** of the total share capital, at an average transaction price of approximately **6.04 yuan/share**, with a 12-month lock-up period[115](index=115&type=chunk) [Significant Contracts: Finance Leases](index=34&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) To support operations, the company's subsidiaries entered into three sale-and-leaseback finance lease transactions totaling up to **440 million yuan**, aiming to revitalize fixed assets and optimize debt structure - Subsidiary Anhui Jinxing Titanium Dioxide engaged in finance lease transactions of up to **220 million yuan** with Haitong UniTrust International Leasing and **110 million yuan** with Ping An International Financial Leasing[123](index=123&type=chunk)[124](index=124&type=chunk) - Subsidiary Gansu Hecheng Titanium Industry engaged in a finance lease transaction of up to **110 million yuan** with Far East Horizon Limited[123](index=123&type=chunk) [Social Responsibility and Environmental Protection](index=42&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company and its subsidiaries are designated key polluting units, but have implemented environmental control facilities, achieved compliant emissions, and publicly disclosed environmental information in 2017 - The company and its subsidiaries, Jinxing Titanium Dioxide and Hecheng Titanium Industry, are classified as key polluting units, with main pollutants being wastewater (PH, COD) and exhaust gas (SO2)[139](index=139&type=chunk)[140](index=140&type=chunk) - The company has installed various environmental control facilities and developed an Emergency Plan for Environmental Incidents; in 2017, all environmental facilities operated stably, achieving compliant pollutant emissions[140](index=140&type=chunk)[141](index=141&type=chunk) [Share Changes and Shareholder Information](index=44&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=44&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased to **1,591,821,576 shares** due to the repurchase and cancellation of **1.746 million restricted shares**, while restricted shares decreased and unrestricted shares increased due to unlocking - Total share capital decreased from **1,593,567,576 shares** to **1,591,821,576 shares** due to the repurchase and cancellation of **1.746 million restricted shares**[145](index=145&type=chunk) - The second unlocking period of the 2015 restricted stock incentive plan resulted in **7.623 million restricted shares** being unrestricted and listed for trading, leading to a decrease in restricted shares[146](index=146&type=chunk) [Shareholders and Actual Controller Information](index=46&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of year-end 2017, the company had **96,455** common shareholders, with controlling shareholder Li Jianfeng holding **37.04%** of shares, of which approximately **87.7%** were pledged, and institutional investors appearing among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **96,455**[150](index=150&type=chunk) - The company's controlling shareholder and actual controller is Mr. Li Jianfeng, with no changes during the reporting period[153](index=153&type=chunk)[155](index=155&type=chunk) Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | | Li Jianfeng | 37.04% | 589,559,784 | Pledged 517,267,395 | | Chang'an Trust - Chang'an Investment No. 904 | 2.46% | 39,228,403 | - | | Hu Jianlong | 1.98% | 31,585,493 | Pledged 31,170,000 | [Directors, Supervisors, Senior Management, and Employees](index=51&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) This section provides information on the company's governance personnel and overall employee structure [Changes in Holdings of Directors, Supervisors, and Senior Management](index=51&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) Chairman Li Jianfeng's shareholding remained unchanged, while some directors, supervisors, and senior management had minor reductions due to equity incentive unlocks or personal reasons, and some restricted shares were repurchased due to personnel changes - Chairman Li Jianfeng held **589,559,784 shares** at the end of the period, with no changes during the reporting period[161](index=161&type=chunk) - Former Vice Chairman and General Manager Li Yufeng resigned due to personal reasons[162](index=162&type=chunk) [Employee Information](index=55&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the reporting period end, the company had **2,251** employees, with production personnel accounting for **64.28%**, and approximately **39%** holding college degrees or higher, supported by a performance-linked compensation system and multi-level training Employee Breakdown | Category | Number of People | Proportion | | :--- | :--- | :--- | | **Professional Composition** | | | | Production Personnel | 1,447 | 64.28% | | Technical Personnel | 126 | 5.60% | | **Education Level** | | | | Postgraduate and above | 11 | 0.49% | | Undergraduate | 238 | 10.57% | | College Diploma | 622 | 27.63% | | **Total** | **2,251** | **100%** | [Corporate Governance](index=58&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section describes the company's corporate governance framework and its internal control systems [Overview of Corporate Governance](index=58&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) The company has established a sound corporate governance structure in strict accordance with laws and regulations, ensuring independence from its controlling shareholder in all key aspects, and its governance practices comply with regulatory requirements - The company's corporate governance structure is **well-established** and complies with legal and regulatory requirements, showing no significant discrepancies with normative documents issued by the China Securities Regulatory Commission[183](index=183&type=chunk)[184](index=184&type=chunk) - The company maintains **independence** from its controlling shareholder in terms of business, assets, organization, personnel, and finance, possessing independent operating capabilities[185](index=185&type=chunk)[186](index=186&type=chunk) [Internal Control Evaluation Report](index=61&type=section&id=%E4%B9%9D%E3%80%81%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E8%AF%84%E4%BB%B7%E6%8A%A5%E5%91%8A) Based on the board's self-assessment and the auditor's assurance report, the company maintained effective internal controls related to financial reporting in all material aspects as of December 31, 2017, with no significant deficiencies found - No significant or material deficiencies were found in financial or non-financial reporting during the reporting period[196](index=196&type=chunk)[197](index=197&type=chunk) - The accounting firm issued a **standard unqualified assurance report** on the company's internal controls, consistent with the board's self-assessment report[198](index=198&type=chunk) [Financial Report](index=64&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's audited financial statements and related notes for the reporting period [Audit Report](index=64&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) ShineWing Certified Public Accountants issued a standard unqualified audit opinion on the company's 2017 financial statements, highlighting "impairment of fixed assets" as a key audit matter due to its significant impact - The audit opinion type is a **"standard unqualified opinion"**[202](index=202&type=chunk) - The key audit matter identified was **"fixed asset impairment"**; the company recognized a fixed asset impairment provision of **117 million yuan** for the current period, and auditors performed procedures including internal control testing, asset physical counts, and reasonableness analysis of key assumptions[205](index=205&type=chunk) [Financial Statements](index=66&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's audited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for 2017 [Notes to Consolidated Financial Statements](index=103&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed explanations of the composition and changes of major accounts in the consolidated financial statements - Total restricted assets at year-end amounted to **1.60 billion yuan**, primarily including pledged notes receivable (**407 million yuan**), construction in progress pledged for borrowings (**697 million yuan**), fixed assets (**105 million yuan**), and intangible assets (**82 million yuan**)[451](index=451&type=chunk) - Due to the shutdown requirement for its grandchild company Yancheng Baoju, the company fully recognized a goodwill impairment provision of **1,386,291.95 yuan** related to the original acquisition of Nantong Baoju[380](index=380&type=chunk) - The company's total internal R&D expenditure in 2017 was **92.72 million yuan**, of which only **15,700 yuan** was capitalized as intangible assets, with the remaining **92.67 million yuan** expensed in the current period[378](index=378&type=chunk) [Reference Documents](index=184&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the documents available for investor review [Reference Documents](index=184&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) This section lists the reference documents available for investor review, including the original annual report signed by the legal representative, financial statements, audit report, and all publicly disclosed documents and announcements from the reporting period

证券代码：002145 证券简称：中核钛白 公告编号：2017-071 中核华原钛白股份有限公司 2017 年第三季度报告正文 1 中核华原钛白股份有限公司 2017 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李建锋、主管会计工作负责人周荣及会计机构负责人(会计主管 人员)周荣声明：保证季度报告中财务报表的真实、准确、完整。 2 中核华原钛白股份有限公司 2017 年第三季度报告正文 中核华原钛白股份有限公司 2017 年第三季度报告正文 第二节 公司基本情况 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 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 5,791,112,622.65 | | 5,225,945,943.08 | 10.81% | | 归属于 ...

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中核华原钛白股份有限公司 2016 年年度报告全文 中核华原钛白股份有限公司 2016 年年度报告 2017-015 2017 年 03 月 1 中核华原钛白股份有限公司 2016 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人李建锋、主管会计工作负责人范喜成及会计机构负责人(会计主 管人员)周荣声明：保证年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 徐阳光 | 独立董事 | 出差 | 谢青 | | 李阅婷 | 董事 | 出差 | 李建锋 | 本年度报告涉及公司未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。 1、上市公司能否实现持续、稳定盈利仍存在一定的不确定性，请广大投资 者注意投资风险。 2、《证券时报》、《中国证券 ...