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 ...

中核华原钛白股份有限公司 2017 年第一季度报告正文 证券代码：002145 证券简称：中核钛白 公告编号：2017-024 中核华原钛白股份有限公司 2017 年第一季度报告正文 1 中核华原钛白股份有限公司 2017 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李建锋、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 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 对公司根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义界定的非经常性损益项目，以及把《公 开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应 说明原因 □ 适用 √ 不适用 公司报告期不存在将根据《公开发行证券的公司信息披露解释性公告 ...

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 ...

中核华原钛白股份有限公司 2016 年第三季度报告正文 证券代码：002145 证券简称：中核钛白 公告编号：2016-084 中核华原钛白股份有限公司 2016 年第三季度报告正文 1 中核华原钛白股份有限公司 2016 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范喜成及会计机构负责人(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 2016 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 4,958,659,941.95 | 4,790,826,116.8 ...

中核华原钛白股份有限公司 2016 年半年度报告 2016-059 2016 年 07 月 中核华原钛白股份有限公司 2016 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。 中核华原钛白股份有限公司 2016 年半年度报告全文 所有董事均已出席了审议本报告的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 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)邱北声明：保证本半年度报告中财务报告的真实、准确、完整。 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。《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。 1 | 目录 | | --- | | 2016 | 半年度报告 1 | | --- | --- | | 第一节 | 重 ...

中核华原钛白股份有限公司 2016 年第一季度报告正文 证券代码：002145 证券简称：中核钛白 公告编号：2016-029 中核华原钛白股份有限公司 2016 年第一季度报告正文 1 中核华原钛白股份有限公司 2016 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李建锋、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)邱北声明：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 2016 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 443,227,544.64 | 368,823,654.30 | 20.17% | ...

Financial Performance - The company's operating revenue for 2015 was ¥1,629,403,818.15, representing a decrease of 6.05% compared to ¥1,734,415,091.50 in 2014[17]. - The company experienced significant losses in 2015, with ongoing economic conditions and industry competition posing uncertainties for sustainable profitability[4]. - The net profit attributable to shareholders was -126,366,504.44 CNY, a decrease of 513.23% compared to the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -134,844,411.63 CNY, a decrease of 576.28% year-on-year[18]. - The operating cash flow was -557,755,986.24 CNY, a decline of 406.03% compared to the previous year[18]. - The company's gross profit margin for titanium dioxide was 20.08%, down from the previous year, reflecting increased competition in the market[39]. - The average selling price of rutile titanium dioxide dropped to 9,460 RMB/ton, a decrease of 1,140 RMB/ton or 11% compared to 10,600 RMB/ton in 2014[34]. - The company reported a significant increase in accounts receivable by 131.28%, mainly due to an increase in sales payment settlement[27]. - The company's inventory increased by 96.53% year-on-year, attributed to production growth outpacing sales growth[41]. - The company’s total operating revenue for 2015 was 1,629,403,818.15 RMB, a decrease of 6.05% from 1,734,415,091.50 RMB in 2014[38]. Asset and Liability Management - Total assets increased by 23.31% to 4,790,826,116.82 CNY at the end of 2015[18]. - The net assets attributable to shareholders rose by 48.86% to 2,357,475,337.30 CNY at the end of 2015[18]. - The company's total liabilities increased to CNY 2,433,350,779.52 from CNY 2,301,456,841.16, reflecting a rise of about 5.7%[185][186]. - The total equity attributable to shareholders rose to CNY 2,357,475,337.30, up from CNY 1,583,636,019.06, indicating an increase of approximately 48.8%[186]. - The company's total current liabilities decreased to CNY 2,002,546,532.33 from CNY 2,189,475,265.10, a reduction of about 8.5%[185]. - The company's short-term borrowings increased to 1,323,276,173.20 yuan, representing 27.62% of total liabilities, while long-term borrowings rose to 175,000,000.00 yuan[50]. Investment and Expansion - Following the completion of asset acquisitions, the company's operational footprint expanded to Gansu, Anhui, Jiangsu, and Shanghai, significantly increasing its management radius[4]. - The company invested in a subsidiary in Hong Kong to accelerate its international expansion and enhance its global influence[30]. - The company committed to a project for 100,000 tons/year titanium dioxide processing, with a total investment of CNY 22,069,000, of which CNY 12,619,910 has been invested, achieving 61.28% of the planned progress[57]. - The company also committed to a project for 50,000 tons/year of rutile titanium dioxide processing, with an investment of CNY 14,469,000, achieving 98.94% of the planned progress[57]. - The total investment during the reporting period was 800,985,590.86 yuan, reflecting a 40.12% increase compared to the previous year[53]. Shareholder and Governance Structure - The profit distribution plan approved by the board proposed no cash dividends and a capital reserve conversion of 20 shares for every 10 shares held[4]. - The company’s major shareholder, Li Jianfeng, increased his stake to 36.69% after the non-public issuance completed on September 30, 2015[15]. - The company has established an independent financial department and accounting system to ensure financial independence[75]. - The company has committed to avoiding any direct competition with its existing business by not investing in competing companies or organizations[76]. - The company has a governance structure in place to ensure compliance and oversight during the reporting period[159]. Research and Development - The company has established long-term technical cooperation with several institutions, including Ti-Cons and Tsinghua University, to enhance its R&D capabilities[29]. - The company is focusing on research and development to innovate and find new profit growth points in titanium dioxide production and application[63]. - Total research and development investment amounted to 34,306,322.56 yuan, a decrease of 12.91% from 39,393,946.99 yuan in the previous year, representing 2.11% of operating revenue[48]. - The company aims to enhance production capacity through technological upgrades and improve product quality to strengthen market competitiveness[64]. Market Conditions and Risks - The company reported that the titanium dioxide market remained sluggish in 2015, leading to a significant decline in sales prices, impacting the expected returns from investment projects[57]. - The global demand for titanium dioxide has slowed since 2012, with over 50% of its application in the coatings sector, closely tied to national economic development[62]. - The cost of titanium concentrate and sulfur, which together account for approximately 50% of the main business costs, poses a risk due to potential price fluctuations[65]. - The company recognizes the risk of intensified market competition due to increased domestic demand for titanium dioxide, leading to potential overcapacity[64]. Employee and Management - The total remuneration for the company's directors, supervisors, and senior management during the reporting period amounted to CNY 716.71 million[150]. - The company employed a total of 2,540 staff, with 1,540 in production, 24 in sales, 130 in technical roles, and 51 in finance[153]. - The company has implemented a performance-based compensation system for senior management, with the final results of the 2015 performance assessment reflected in 2016[151]. - A total of 1,200,000 restricted shares were granted to key personnel during the reporting period, with an exercise price of CNY 9.67 per share[152]. Environmental and Compliance - The company maintained a stable operation of environmental protection facilities, with no environmental pollution incidents reported during the period[113]. - The company has implemented a series of environmental protection control measures to meet national standards for pollutant discharge[114]. - The company has established a comprehensive governance structure to protect shareholder rights and ensure compliance with legal regulations[112].