证券代码：002149 证券简称：西部材料 西部金属材料股份有限公司投资者关系活动记录表 编号：2021-003 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|-------------------------------------------|----------------------------|-------|-------|-------|-------------------------------------------------------|-------| | | | | | | | | | | 投资者关系活动 类别 | √特定对象调研 □分析师会议 □媒体采访 | □业绩说明会 | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | | √现场参观 | | | | | | | | | □其他 | （请文字说明其他活动内容） | | | | | | | 参与单位名称及 | 中航证券研究所 梁晨 | | | | | | | | 人员姓名 | 中航证券研究所 ...

Revenue and Profit - Revenue for Q3 2022 reached ¥694,754,670.63, an increase of 15.27% year-on-year, while year-to-date revenue totaled ¥2,162,069,483.82, up 22.86% compared to the same period last year[7] - Net profit attributable to shareholders for Q3 2022 was ¥41,858,406.14, reflecting a 33.28% increase year-on-year, with a year-to-date net profit of ¥135,055,698.34, up 30.71%[7] - The net profit after deducting non-recurring gains and losses for Q3 2022 was ¥37,603,391.94, a 51.24% increase year-on-year, while year-to-date it was ¥102,306,742.56, up 13.43%[7] - Total operating revenue for the third quarter reached ¥2,162,069,483.82, an increase of 22.8% compared to ¥1,759,812,103.27 in the same period last year[30] - Net profit for the quarter was ¥187,203,490.08, representing a 46.5% increase from ¥127,861,420.68 in the previous year[32] - Earnings per share (EPS) for the quarter was ¥0.2766, compared to ¥0.2116 in the same quarter last year, reflecting a 30.7% increase[32] Assets and Liabilities - The company's total assets as of the end of Q3 2022 were ¥6,252,717,433.89, representing an 8.46% increase from the end of the previous year[7] - Total current assets as of September 30, 2022, amount to 3,979,979,968.64 CNY, an increase from 3,660,325,990.47 CNY at the beginning of the year[23] - Total non-current assets as of September 30, 2022, amount to 2,272,737,465.25 CNY, up from 2,104,429,597.26 CNY at the beginning of the year[23] - The company reported a total liability of ¥3,121,464,635.78, an increase from ¥2,749,465,822.63 year-over-year[30] - The total equity attributable to shareholders of the parent company was ¥2,745,782,538.17, up from ¥2,629,450,286.56 in the previous year[30] Cash Flow - Cash flow from operating activities showed a net outflow of ¥209,638,084.73 year-to-date, a decrease of 30.87% compared to the same period last year[7] - The cash flow from operating activities for the period showed a positive trend, indicating improved liquidity[35] - Operating cash inflow for the period was CNY 1,314,351,057.52, up from CNY 979,512,389.92 in the previous period, representing a 34.2% increase[36] - Net cash outflow from operating activities was CNY -209,638,084.73, compared to CNY -160,186,070.79 in the previous period, indicating a worsening cash flow situation[36] - Cash inflow from financing activities was CNY 1,277,696,340.30, compared to CNY 1,204,743,600.00 in the previous period, showing a 6.05% increase[39] - Net cash flow from financing activities was CNY 147,565,267.93, a significant improvement from CNY -206,607,353.32 in the previous period[39] Shareholder Information - Total number of common shareholders at the end of the reporting period is 41,955[15] - The largest shareholder, Northwest Nonferrous Metal Research Institute, holds 25.18% of shares, totaling 122,909,988 shares[15] - The second-largest shareholder, Xi'an Aerospace Technology Industrial Co., holds 10.54% of shares, totaling 51,450,104 shares[15] - The company has a total of 10 major shareholders, with the top three holding a combined 38.49% of shares[15] Research and Development - The company has increased its R&D investment in aerospace, naval, and nuclear power sectors, with development expenses rising by 88.82% to ¥27,416,190.05[11] - Research and development expenses totaled ¥83,596,471.59, which is a 17.4% increase from ¥71,321,902.65 in the previous year[30] Accounts Receivable and Payable - The company reported a significant increase in accounts receivable, which rose by 52.52% to ¥1,177,998,196.49 due to an increase in military contracts with longer payment cycles[11] - Accounts receivable as of September 30, 2022, is 1,177,998,196.49 CNY, an increase from 772,340,835.84 CNY at the beginning of the year[23] - The increase in accounts payable to ¥442,425,696.73 from ¥348,957,183.57 indicates a strategic move to manage supplier relationships effectively[30]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,467,314,813.19, representing a 26.81% increase compared to ¥1,157,080,337.76 in the same period last year[29]. - The net profit attributable to shareholders of the listed company was ¥93,197,292.20, up 29.58% from ¥71,921,066.20 year-on-year[29]. - The basic earnings per share increased to ¥0.1909, reflecting a growth of 29.60% compared to ¥0.1473 in the previous year[29]. - The total assets at the end of the reporting period were ¥5,953,143,201.50, a 3.27% increase from ¥5,764,755,587.73 at the end of the previous year[29]. - The net cash flow from operating activities improved to -¥110,161,045.04, a 44.42% reduction in losses compared to -¥198,199,189.11 in the same period last year[29]. - The weighted average return on net assets was 3.47%, an increase of 0.71% from 2.76% in the previous year[29]. - The net assets attributable to shareholders of the listed company rose to ¥2,743,982,665.39, marking a 4.36% increase from ¥2,629,450,286.56 at the end of the previous year[29]. - The operating costs increased by 28.03%, amounting to ¥1,166,139,520.47, up from ¥910,803,322.75 in the same period last year[56]. - The total amount of non-recurring gains and losses for the company was 28.49 million yuan after tax and minority interest adjustments[32]. - The company reported a net increase in cash and cash equivalents of ¥87,685,534.00, a significant improvement of 87.03% compared to the previous year[59]. Research and Development - The company invested 46.53 million yuan in R&D during the first half of 2022, with 23 projects supported by national and local government funding amounting to 34.58 million yuan[41]. - Research and development investment rose by 9.15%, totaling ¥46,532,839.09, compared to ¥42,632,405.36 in the previous year[56]. - The company has undertaken over 400 national, provincial, and municipal high-tech innovation and industrialization projects, receiving more than ¥1 billion in national science and technology funding support[51]. - The company holds 513 authorized patents and has established 25 technology innovation platforms, including national and provincial engineering research centers[51]. - The company is focused on enhancing its core competitiveness through technological innovation, with a commitment to developing new products and optimizing processes[51]. Operational Developments - The company successfully completed the construction and production of a high-performance low-cost titanium alloy production line, which took 16 months to finish[40]. - The company has developed and industrialized several new products, including TA12A thin plates and Ti80 plates, which have been successfully delivered to users[42]. - The company has made progress in talent acquisition, with over 70 master's and doctoral graduates recruited from top universities[49]. - The company has implemented energy-saving measures, achieving a 3% reduction in energy consumption per unit of output in the first half of 2022[48]. - The company has established a digital management system, enhancing data management capabilities and improving user experience through various system upgrades[50]. - The company completed the first phase of its digital platform construction, significantly improving data integration and analysis capabilities[54]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The management has indicated that future development plans are subject to market conditions and do not constitute a commitment to investors[5]. - The company has initiated the listing process for its subsidiary Tianli Company on the Beijing Stock Exchange, which has been accepted by the Shaanxi Securities Regulatory Bureau[44]. - The company aims to build a globally leading rare metal materials processing base, emphasizing shareholder satisfaction and employee well-being[55]. - The company has implemented a stock incentive mechanism and performance assessment system to enhance management efficiency and promote technological innovation[54]. Risk Management - The company has acknowledged potential risks related to raw material price fluctuations and market risks[5]. - The company is actively identifying, assessing, and managing risks related to market fluctuations and raw material prices[92]. Subsidiary Performance - The company’s subsidiary, Xibu Titanium Industry, reported a net profit of 61.62 million RMB, contributing significantly to the overall performance[87]. - The company’s subsidiary, Tianli Company, generated a net profit of 44.34 million RMB, indicating strong operational performance[87]. - The company’s subsidiary, Xinuo Company, achieved a net profit of 17.53 million RMB, reflecting its successful operations in precious metal products[87]. Environmental and Social Responsibility - The company has completed the replacement of wastewater station stirring machines and anticorrosion treatment of comprehensive pools, expected to reduce wastewater discharge by 20,000 tons annually[103]. - The company participated in targeted poverty alleviation efforts, purchasing relief materials worth 270,000 RMB during the reporting period[111]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[107]. Corporate Governance - The company held its annual general meeting with a participation rate of 38.20% on May 18, 2022[96]. - The company has no plans for stock incentive programs or employee stock ownership plans during the reporting period[99]. - The company has adhered to its commitments regarding competition and related transactions, with ongoing compliance[116]. - The company has not reported any violations regarding external guarantees during the reporting period[121]. - The semi-annual financial report has not been audited[122].

Financial Performance - The company reported a total revenue of 488,214,274 RMB for the year 2021, with a cash dividend of 1.00 RMB per 10 shares distributed to all shareholders [8]. - The company's operating revenue for 2021 was ¥2,394,570,076.87, representing an 18.00% increase compared to ¥2,029,344,039.81 in 2020 [28]. - The net profit attributable to shareholders for 2021 was ¥133,051,503.11, a significant increase of 67.55% from ¥79,408,077.48 in 2020 [28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥104,650,716.31, up 141.21% from ¥43,385,888.97 in 2020 [28]. - The company's total assets at the end of 2021 were ¥5,764,755,587.73, a 3.14% increase from ¥5,589,338,784.49 at the end of 2020 [28]. - The basic earnings per share for 2021 was ¥0.2725, reflecting a 45.96% increase from ¥0.1867 in 2020 [28]. - The company reported a net cash flow from operating activities of -¥4,447,002.01, an improvement of 98.34% compared to -¥267,307,534.13 in 2020 [28]. - The total operating revenue for the company in 2021 was ¥2,394,570,076.87, representing an 18.00% increase from ¥2,029,344,039.81 in 2020 [66]. - The total revenue from the top five customers was ¥438,651,646.13, accounting for 18.32% of the annual sales [75]. - The total procurement amount from the top five suppliers was ¥525,271,112.41, representing 23.63% of the annual procurement [78]. Subsidiaries and Corporate Structure - The company has a total of 15 subsidiaries, including Western Titanium Industry Co., Ltd. and Xi'an Tianli Metal Composite Materials Co., Ltd. [17]. - The company is under the control of Shaanxi Provincial Finance Department, with Northwest Institute of Nonferrous Metal Research as the controlling shareholder [17]. - The company successfully listed its subsidiaries on the New Third Board, enhancing corporate governance and shareholder returns [54]. - The company acquired a 20% stake in Taijin Company for 19.2 million yuan and participated in its capital increase [54]. Research and Development - Research and development expenses totaled 120 million yuan, accounting for 5.03% of the total revenue [53]. - The company has been awarded 513 patents and has established 25 technology innovation platforms, enhancing its core competitiveness [59]. - The company aims to enhance its core competitiveness by focusing on high-end, differentiated development in various sectors, including aerospace and nuclear power [45]. - The company is enhancing its R&D capabilities by accelerating the manufacturing, installation, and debugging of key laboratory equipment such as vacuum shell furnaces and ultrasonic precision spraying machines [130]. - The company plans to optimize its R&D system and increase investment in R&D, addressing disparities in R&D capabilities across units [123]. Market and Industry Trends - The rare metals industry is experiencing new demand and market opportunities due to the transition to high-quality economic development and carbon neutrality goals [43]. - The company aims to enhance its market presence in the environmental protection sector, leveraging the growing demand for metal filter bags and advanced technologies for dust removal [120]. - The company has achieved stable mass production of multi-specification titanium alloy plates for aerospace applications, expanding its market share in the military sector [44]. - Sales revenue in the aerospace sector amounted to 730 million yuan, reflecting a year-on-year increase of 35% [51]. - The company reported a significant increase in military product orders, with a notable rise in market share and profits in the military sector [119]. Financial Management and Investments - The company has committed to a high-performance metal composite material production line project with a total investment of ¥28,000 million, achieving 100% investment progress [102]. - The company reported a total investment of 168,599.38 million yuan in committed projects, with an actual investment of 141,099.38 million yuan, achieving a progress rate of 83.67% [105]. - The company plans to use 4 billion yuan of idle raised funds to temporarily supplement working capital, with 1.9 billion yuan already returned by the end of 2021 [108]. - The company has adjusted the scale of some fundraising projects and will permanently supplement working capital with the remaining raised funds [106]. - The company confirmed that the investment income from equity method accounting for affiliated companies is sustainable [88]. Management and Governance - The company has a diverse board with members holding various professional backgrounds and experiences [154]. - The company has maintained a stable management team with no new appointments or dismissals reported [152]. - The total remuneration for directors, supervisors, and senior management in 2021 amounted to 5.54 million yuan, including independent directors' allowances of 60,000 yuan per person per year [174]. - The company’s financial officer, Liu Yong, received a total remuneration of 737,000 yuan in 2021 [175]. - The company’s vice general manager, Zheng Xuejun, received a total remuneration of 821,000 yuan in 2021 [175]. Employee and Training Initiatives - The total number of employees at the end of the reporting period was 1,688, with 1,016 in production, 77 in sales, 460 in technology, 47 in finance, and 88 in administration [193]. - The company conducted training programs in 2021 to enhance employee skills and business capabilities, expanding partnerships with various universities [195]. - The company has established a talent selection and retention mechanism to attract and retain high-end R&D talent [194]. - The company has a total of 637 employees with a bachelor's degree or above, and 677 with a college diploma [193]. Future Outlook - The company expects a revenue growth of 20% for the next fiscal year, projecting revenues to reach approximately 1.44 billion RMB [162]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years [162]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30% [162]. - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain [162]. - The company plans to reduce the investment amount for the domestic nuclear power core material project from 35,000 million to 13,814.94 million, reallocating the remaining funds to supplement working capital [113].

Financial Performance - The company's operating revenue for Q1 2022 was ¥486,250,875.72, an increase of 5.82% compared to ¥459,527,702.74 in the same period last year[3] - The net profit attributable to shareholders for Q1 2022 was ¥21,036,407.76, a decrease of 31.56% from ¥30,737,290.24 in the previous year[3] - The weighted average return on net assets decreased to 0.80%, down from 1.19% in the same period last year[3] - The company experienced a 66.66% drop in investment income, amounting to ¥1,221,669.32, compared to ¥3,664,325.93 in the previous year[6] - Net profit for the current period was ¥26,100,612.10, a decrease of 28.1% from ¥36,239,305.11 in the previous period[27] - Earnings attributable to the parent company's shareholders were ¥21,036,407.76, down 31.8% from ¥30,737,290.24 in the previous period[27] - Other comprehensive income after tax was -¥844,805.11, an improvement from -¥1,633,537.61 in the previous period[27] - Basic and diluted earnings per share were both ¥0.0431, down from ¥0.0630 in the previous period[29] Cash Flow - The net cash flow from operating activities was -¥70,041,094.63, representing a decline of 87.56% compared to -¥37,343,327.66 in the same period last year[9] - Cash flow from operating activities totaled ¥321,424,557.34, compared to ¥294,572,767.05 in the previous period, reflecting a growth of 9.1%[31] - The net cash flow from operating activities was -70,041,094.63, compared to -37,343,327.66 in the previous period, indicating a decline in operational performance[34] - Cash outflow from operating activities totaled 391,465,651.97, up from 331,916,094.71, reflecting increased operational expenses[34] - The net cash flow from investing activities was -53,670,982.02, compared to -27,550,673.41 in the previous period, showing a higher investment outflow[34] - Cash inflow from financing activities was 505,655,000.00, an increase from 435,000,000.00, indicating stronger financing efforts[34] - Cash outflow for debt repayment was 490,000,000.00, down from 898,180,000.00, suggesting a reduction in debt servicing[34] - The net increase in cash and cash equivalents was -123,283,318.31, compared to -586,817,166.29 in the previous period, indicating an improvement in cash management[37] - The ending balance of cash and cash equivalents was 391,960,490.80, slightly down from 393,525,522.27, reflecting stable liquidity[37] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,837,264,622.73, reflecting a growth of 1.26% from ¥5,764,755,587.73 at the end of the previous year[3] - Current assets totaled CNY 3,711,253,642.48, compared to CNY 3,660,325,990.47 at the start of the year, reflecting an increase of approximately 1.4%[17] - Total liabilities amounted to CNY 2,792,483,300.43, up from CNY 2,749,465,822.63, indicating a rise of about 1.6%[20] - The company's equity remained stable with total equity reported at CNY 488,214,274.00, unchanged from the previous period[20] - The company reported a total of CNY 1,239,193,261.11 in fixed assets, a slight decrease from CNY 1,259,722,073.86[17] - The company’s long-term investments increased to CNY 98,147,023.92 from CNY 92,942,677.43, showing a growth of approximately 5.5%[17] Expenses - Research and development expenses increased by 40.82% to ¥20,391,198.63, driven by enhanced investment in nuclear power, aviation, and environmental protection sectors[6] - Total operating costs increased to ¥463,300,963.59, up 10.2% from ¥420,485,921.86 in the previous period[24] - Cash paid to employees increased to 85,192,865.89 from 70,362,173.01, indicating higher labor costs[34] Government Support - The company reported a significant increase in government subsidies, with other income rising by 126.15% to ¥14,661,030.97 compared to ¥6,482,878.21 in the previous year[6] Audit and Reliability - The company did not conduct an audit for the first quarter report, which may affect the reliability of the financial data presented[38]

Financial Performance - The company reported a total revenue of 488,214,274 RMB for the year, with a cash dividend of 1.00 RMB per 10 shares distributed to all shareholders[8]. - The company's operating revenue for 2021 was ¥2,394,570,076.87, representing an 18.00% increase compared to ¥2,029,344,039.81 in 2020[28]. - The net profit attributable to shareholders for 2021 was ¥133,051,503.11, a significant increase of 67.55% from ¥79,408,077.48 in 2020[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥104,650,716.31, up 141.21% from ¥43,385,888.97 in 2020[28]. - The company's basic earnings per share for 2021 was ¥0.2725, a 45.96% increase from ¥0.1867 in 2020[28]. - The total operating revenue for the year 2021 reached ¥2,394,570,076.87, representing an 18.00% increase compared to ¥2,029,344,039.81 in 2020[66]. - The company achieved a revenue of 2.395 billion yuan in 2021, representing an 18.00% year-on-year growth[47]. - The net profit attributable to shareholders reached 133 million yuan, a significant increase of 67.55% compared to the previous year[47]. Operational Stability - The company has not experienced any changes in its main business since its listing, indicating stability in operations[26]. - The company has not changed its registered address during the reporting period, maintaining its operations in Xi'an Economic and Technological Development Zone[26]. - The company is under the control of Shaanxi Provincial Finance Department, with Northwest Institute of Nonferrous Metal Research as the controlling shareholder[17]. - The company has engaged Sigma Accounting Firm for auditing services, ensuring the accuracy and completeness of financial reports[27]. - The company has a total of 15 subsidiaries, contributing to its diversified operations in the metal materials sector[17]. Research and Development - Research and development expenses totaled 120 million yuan, accounting for 5.03% of the total revenue[53]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency[162]. - The company aims to optimize its R&D system and increase investment in R&D, focusing on key breakthroughs and establishing an incentive mechanism for R&D spending[123]. - The company has been awarded 513 patents and has established 25 technology innovation platforms, enhancing its core competitiveness[59]. - The company is enhancing its R&D capabilities by accelerating the manufacturing, installation, and commissioning of key laboratory equipment such as vacuum shell furnaces and ultrasonic precision spraying machines[130]. Market Expansion and Strategy - The company aims to enhance its core competitiveness by focusing on high-end, differentiated development in various sectors, including aerospace and nuclear power[45]. - The company has achieved stable mass production of various specifications of titanium alloy plates for aerospace applications, further expanding its market share in the military sector[44]. - The company plans to reduce the investment amount for the domestic nuclear power core material project from 35,000 million to 13,814.94 million, reallocating the remaining funds to supplement working capital[113]. - The company aims to enhance its market presence in the environmental protection sector, leveraging the growing demand for metal filter bags and advanced technologies for dust removal[120]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB allocated for potential deals[162]. Corporate Governance - The company has maintained a stable board of directors with no changes in shareholding for all members during the reporting period[149]. - The company has a diverse management team with backgrounds in engineering, finance, and academia[154]. - The company has not experienced any resignations or dismissals of board members or senior management during the reporting period[152]. - The company continues to focus on stability in its leadership structure to support future growth initiatives[154]. - The company has a structured decision-making process for determining the remuneration of senior management[174]. Investment and Financial Management - The total amount spent on research and development in 2021 was approximately 120.38 million yuan, a 29.67% increase from 2020[83]. - The total cash inflow from investment activities increased by 31.99% to approximately 5.96 million yuan, while cash outflow surged by 129.46% to approximately 298 million yuan[84]. - The company reported a total investment of 168,599.38 million yuan in committed projects, with an actual investment of 141,099.38 million yuan, achieving a progress rate of 83.67%[105]. - The company has achieved a significant investment progress in various projects, with some projects reaching their intended usable status ahead of schedule[109]. - The company has not encountered any issues or other situations regarding the use and disclosure of raised funds[108]. Employee and Management Structure - The total number of employees at the end of the reporting period was 1,688, with 1,016 in production, 77 in sales, 460 in technology, 47 in finance, and 88 in administration[193]. - The company has established a high-end talent team of over 200 members, including PhDs and Masters, to support sustainable development[60]. - The company conducted training programs in 2021 to improve employee skills and business capabilities, expanding partnerships with various universities[195]. - The average age of the current board members is 56 years, indicating a mature leadership team[154]. - The company has implemented a salary policy based on fairness and performance evaluation to enhance employee motivation[194].

Financial Performance - The company's revenue for Q3 2021 reached ¥602,731,765.51, an increase of 11.69% year-over-year[3] - Net profit attributable to shareholders was ¥31,406,881.98, representing a 45.00% increase compared to the same period last year[3] - The net profit excluding non-recurring gains and losses was ¥24,862,875.18, up 46.36% year-over-year[3] - The company reported a basic earnings per share of ¥0.0643, which is a 26.39% increase compared to the same period last year[3] - Net profit for Q3 2021 reached CNY 127,861,420.68, a significant increase from CNY 57,530,399.32 in Q3 2020, representing a growth of 121.5%[28] - The company reported a total profit of CNY 146,159,644.12, compared to CNY 69,712,198.62 in the previous year, marking a rise of 109.5%[28] - Total comprehensive income for Q3 2021 was CNY 124,823,072.97, significantly higher than CNY 55,313,224.22 in Q3 2020, indicating an increase of 126.1%[35] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥5,733,242,257.55, reflecting a 2.57% increase from the end of the previous year[3] - The company's current assets as of September 30, 2021, totaled CNY 3,688,183,165.88, slightly down from CNY 3,730,512,023.65 at the end of 2020[17] - The total assets of the company reached CNY 5,733,242,257.55 as of September 30, 2021, compared to CNY 5,589,338,784.49 at the end of 2020, indicating a growth of 2.6%[22] - The total liabilities as of September 30, 2021, were CNY 2,765,663,618.60, an increase from CNY 2,646,300,788.54 at the end of 2020[23] - Total liabilities were CNY 2,646,300,788.54, slightly up from CNY 2,654,998,216.76[52] - The company's equity attributable to shareholders was CNY 2,581,954,514.93, unchanged from the previous period[52] - Total equity attributable to shareholders is approximately CNY 2.94 billion[55] - Total liabilities and equity amount to approximately CNY 5.59 billion[55] Cash Flow - Cash flow from operating activities showed a net outflow of ¥160,186,070.79, a decrease of 26.30% year-over-year[3] - Operating cash flow showed a net outflow of CNY -160,186,070.79, an improvement from CNY -217,351,154.80 in the same quarter last year[41] - Cash inflow from financing activities totaled CNY 1,204,743,600, an increase of 30.7% compared to CNY 921,840,000 in the previous period[45] - Cash outflow from financing activities amounted to CNY 1,411,350,953.32, up 91.2% from CNY 737,461,683.77 in the prior period[45] - Net cash flow from financing activities was negative at CNY -206,607,353.32, a decline from CNY 184,378,316.23 in the previous period[45] - The ending balance of cash and cash equivalents was CNY 391,277,803.68, compared to CNY 126,507,050.21 at the end of the previous period[45] - The company reported a cash decrease of CNY -589,064,884.88, compared to a decrease of CNY -66,424,293.01 in the prior period[45] Research and Development - The company increased its research and development expenditure by 177.61% to ¥39,684,631.56, focusing on aerospace and nuclear power sectors[6] - Research and development expenses increased to CNY 71,321,902.65, up from CNY 63,213,564.79, reflecting a growth of 12.5%[28] Investments - The company reported a significant increase in investment income of 148.27%, amounting to ¥3,664,325.93, attributed to equity method accounting for joint ventures[9] - The company’s investment income from joint ventures and associates was CNY 11,546,603.22, a substantial increase from CNY 4,740,637.20 in the previous year, representing a growth of 143.5%[28] - The company has ongoing investments in long-term equity, which amounted to CNY 80,681,322.27 as of September 30, 2021, up from CNY 75,342,637.31 at the end of 2020[17] Shareholder Information - The company issued 62,800,000 shares in a non-public offering, which accounted for 12.8632% of the total share capital, with the shares becoming tradable on August 3, 2021[16] Other Information - The third quarter report has not been audited[56] - The company adjusted the right-of-use assets and lease liabilities by CNY 8.7 million due to the implementation of the new leasing standard[55]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,157,080,337.76, representing a 27.35% increase compared to ¥908,584,159.64 in the same period last year[26]. - The net profit attributable to shareholders of the listed company reached ¥71,921,066.20, a significant increase of 387.09% from ¥14,765,495.79 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥65,328,845.84, up 2,844.33% from ¥2,218,799.09 in the same period last year[26]. - The basic earnings per share increased to ¥0.1473, a rise of 324.50% compared to ¥0.0347 in the previous year[26]. - The diluted earnings per share also stood at ¥0.1473, reflecting the same 324.50% increase from the previous year[26]. - The weighted average return on net assets was 2.76%, an increase of 1.94% from 0.82% in the previous year[26]. - The total assets at the end of the reporting period were ¥5,528,963,260.64, a slight decrease of 1.08% from ¥5,589,338,784.49 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company were ¥2,563,556,595.24, down 0.71% from ¥2,581,954,514.93 at the end of the previous year[26]. - The net cash flow from operating activities was -¥198,199,189.11, which is a 51.60% decline compared to -¥130,738,896.36 in the previous year[26]. Market and Product Development - The company signed new contracts worth approximately 100 million yuan in the flue gas dust removal sector, setting a historical high[45]. - The company is the sole supplier of silver alloy control rods for nuclear power in China, with plans to expand into comprehensive support for key materials in nuclear reactors[39]. - The company has applied for over 40 projects and filed 20 patents in the first half of 2021, with 22 patents granted[44]. - The company expects continued growth in military product sales, with aerospace sales exceeding 300 million yuan in the first half of 2021[44]. - The company is developing new products such as high-strength titanium alloy pipes and multi-layer composite plates for the energy sector, with production efficiency significantly improved[44]. - The company is focusing on expanding its market presence in aerospace, nuclear power, and environmental protection sectors, aligning with national strategic needs[44]. - The company plans to enhance its product structure and optimize production processes to meet increasing market demands in traditional industries[45]. - The company aims to transform from selling primary products to offering deep processing and complete equipment solutions, enhancing its core competitiveness[40]. Research and Development - R&D investment increased by 44.64% to ¥42,632,405.36, focusing on nuclear power, aviation, and environmental protection sectors[62]. - The high-performance low-cost titanium alloy material production line technology transformation project is progressing smoothly, with equipment installation expected by the end of October and production aimed for year-end[46]. - The company has undertaken over 390 national and provincial high-tech innovation and industrialization projects, receiving more than ¥900 million in national science and technology funding support[53]. - The company has obtained 480 authorized patents and established 23 technology innovation platforms, enhancing its market competitiveness[53]. - The company is advancing the construction of its digital platform, with the first phase of the MES system expected to be completed by year-end, improving data integration and analysis capabilities[55]. Financial Management - The operating cost for the reporting period was ¥910,803,322.75, which is a 19.77% increase from ¥760,457,316.26 in the previous year[58]. - The gross profit margin for titanium products was 22.00%, a decrease of 4.56% compared to the previous year[64]. - Domestic revenue accounted for 97.22% of total revenue, with a year-on-year growth of 31.29%[62]. - The company's cash and cash equivalents decreased by 857.65% to -¥676,248,575.38, largely due to reduced cash flow from financing activities[62]. - Accounts receivable increased by 3.62% to ¥846,931,709.25, indicating a rise in outstanding payments[67]. - Inventory increased by 4.19% to ¥1,617,403,702.46, reflecting higher stock levels[67]. - The company reported a significant increase in income tax expenses by 163.20% to ¥13,791,550.35, attributed to higher profits compared to the previous year[62]. - The company invested a total of ¥15,228.16 million in key projects during the reporting period, with a cumulative actual investment of ¥26,650.42 million[72]. Corporate Governance and Compliance - The company has not engaged in any securities or derivative investments during the reporting period, indicating a conservative investment strategy[76][77]. - No major asset or equity sales occurred during the reporting period, reflecting stability in the company's asset management[78]. - The company has not reported any non-standard audit reports for the current or previous reporting periods[111]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[93]. - The company has committed to social responsibility, including purchasing poverty alleviation materials worth 623,000 yuan and making charitable donations of 126,000 yuan in the first half of 2021[95]. - The company reported no significant litigation or arbitration matters during the reporting period[112]. - The company engaged in related party transactions, including labor services and procurement, with amounts such as 93.47万元 and 455.9万元, representing 0.74% and 0.48% of similar transactions respectively[116]. - The company has not exceeded the approved transaction limits in its related party transactions[116]. Shareholder Information - The company issued 62,800,000 new shares at a price of 12.50 RMB per share on February 3, 2021, increasing the total shares to 488,214,274[173]. - The total number of restricted shares before the change was 75,000, which increased to 62,875,000 after the issuance, representing 12.88% of total shares[165]. - The total number of unrestricted shares remained at 425,339,274, accounting for 87.12% of total shares[165]. - The largest shareholder, Northwest Nonferrous Metal Research Institute, holds 25.18% of the shares, totaling 122,909,988[174]. - The second-largest shareholder, Xi'an Aerospace Technology Industry Co., Ltd., holds 10.72% of the shares, totaling 52,326,880[174]. - The company has a total of 58,706 shareholders at the end of the reporting period[174]. - The company plans to continue expanding its market presence and product offerings in the upcoming periods[167]. - The issuance of new shares was approved by the China Securities Regulatory Commission, indicating regulatory compliance[166]. Risk Management - The company is facing risks from raw material price fluctuations and is implementing strategies to mitigate these risks, including adjusting inventory levels and enhancing collaboration with upstream and downstream partners[82]. - The ongoing COVID-19 pandemic and global economic uncertainties are impacting market development, prompting the company to focus on transformation and innovation to maintain its competitive edge[82]. - The company plans to accelerate product transformation and upgrade to reduce reliance on raw materials, aiming to enhance product competitiveness and pricing power[82].

Financial Performance - The company's operating revenue for Q1 2021 was ¥459,527,702.74, representing a 48.53% increase compared to ¥309,375,066.20 in the same period last year[9]. - The net profit attributable to shareholders for Q1 2021 was ¥30,737,290.24, a significant turnaround from a loss of ¥14,231,050.32 in the previous year, marking a 315.99% increase[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥27,009,550.78, compared to a loss of ¥17,811,885.89 last year, reflecting a 251.64% improvement[9]. - The basic earnings per share for Q1 2021 was ¥0.0630, compared to a loss of ¥0.0335 in the same period last year, an increase of 287.94%[9]. - The net profit for the current period was ¥36,239,305.11, reflecting a significant increase of 253.18% from a net loss of ¥23,657,505.07 in the previous period[19]. - The operating profit surged to ¥43,105,624.78, a remarkable increase of 255.54% compared to the previous period's loss of ¥27,714,217.79[19]. - The total profit for the current period is CNY 43,138,324.16, compared to a total loss of CNY 27,732,328.13 in the previous period[55]. - The comprehensive income attributable to the parent company's owners is CNY 28,967,337.44, compared to a loss of CNY -15,789,809.83 in the previous period[57]. - The total comprehensive income for the current period is CNY 34,605,767.50, compared to a loss of CNY -25,371,548.11 in the previous period[57]. Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥37,343,327.66, a 74.64% reduction in losses compared to -¥147,266,967.83 in the previous year[9]. - Cash flow from operating activities improved to -¥37,343,327.66, a 74.64% reduction in outflow from -¥147,266,967.83 in the previous period, mainly due to increased sales collections[19]. - Total cash inflow from operating activities amounted to 294,572,767.05, while cash outflow was 331,916,094.71, resulting in a net cash flow of -37,343,327.66[65]. - Cash and cash equivalents decreased by 54.67% to ¥501,597,698.32, primarily due to the use of raised funds for repaying loans[19]. - Cash and cash equivalents at the end of the period were 393,525,522.27, down from 980,342,688.56 at the beginning of the period, showing a significant decrease in liquidity[66]. - The company reported a cash outflow of 956,922,015.70 from financing activities, compared to 365,882,862.57 in the previous period, indicating increased financing costs[67]. - The total cash inflow from financing activities was 435,000,000.00, while cash outflow was 956,922,015.70, leading to a net cash flow of -521,922,015.70[67]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,231,893,343.81, a decrease of 6.40% from ¥5,589,338,784.49 at the end of the previous year[9]. - The company's total assets increased, with other non-current assets rising by 37.17% to ¥63,555,664.16, driven by prepayments for equipment and project costs[19]. - Current assets total approximately 3.36 billion yuan, down from 3.73 billion yuan in the previous period[40]. - Total liabilities amount to approximately 2.30 billion yuan, down from 2.65 billion yuan, reflecting a reduction in financial obligations[44]. - Total liabilities decreased from CNY 1,332,566,117.31 to CNY 854,975,729.47, reflecting a decrease of approximately 35.7%[50]. - The company's total equity attributable to shareholders is approximately 2.59 billion yuan, slightly up from 2.58 billion yuan[46]. Research and Development - Research and development expenses rose by 78.63% to ¥25,535,897.33, reflecting enhanced investment in aerospace, naval, and nuclear power sectors[19]. - Research and development expenses increased to CNY 1,455,799.51 from CNY 688,601.31, reflecting a growth of 111%[58]. Ownership and Investments - The company received government subsidies amounting to ¥6,482,878.21 during the reporting period[10]. - The ownership stake in Western Titanium Industry has increased from 66% to 88.3%, indicating a strategic move to enhance control over key assets[34]. - The company reported a 148.27% increase in investment income, amounting to ¥3,664,325.93, attributed to new equity method investments in joint ventures[19]. Other Financial Metrics - The weighted average return on net assets for Q1 2021 was 1.19%, compared to -0.80% in the same period last year, an increase of 1.99%[9]. - The company's tax expenses increased by 269.31% to ¥6,899,019.05, correlating with the rise in military product revenues[19]. - The company incurred investment cash outflows of 111,246,682.37, compared to 41,346,903.80 in the previous period, indicating increased capital expenditures[72]. - The company reported a financial asset impairment loss of CNY -2,459,629.53, slightly improved from CNY -2,477,447.71 in the previous period[60]. Audit and Reporting - The first quarter report for 2021 was not audited[85].

Financial Performance - The company's operating revenue for 2020 was ¥2,029,344,039.81, representing a 1.16% increase from ¥2,006,102,610.30 in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥79,408,077.48, a significant increase of 29.19% compared to ¥61,465,474.93 in 2019[24]. - The basic earnings per share for 2020 was ¥0.1867, up 29.20% from ¥0.1445 in 2019[24]. - Total assets at the end of 2020 reached ¥5,589,338,784.49, a 26.29% increase from ¥4,425,801,965.49 at the end of 2019[24]. - The net assets attributable to shareholders increased by 43.53% to ¥2,581,954,514.93 from ¥1,798,939,410.91 in 2019[24]. - The total operating revenue for 2020 was approximately ¥2.03 billion, representing a year-on-year increase of 1.16% from ¥2.01 billion in 2019[59]. - Revenue from titanium products reached approximately ¥1.36 billion, accounting for 66.94% of total revenue, with a year-on-year growth of 5.84%[59]. - Domestic revenue was approximately ¥1.92 billion, making up 94.44% of total revenue, with a year-on-year increase of 3.57%[62]. - The company reported a significant decrease in overseas revenue, which fell by 27.48% to approximately ¥112.90 million[59]. - The company reported a total of ¥336,320,953.86 in restricted assets, primarily due to bank acceptance deposits and collateral for long-term loans[94]. Cash Dividends - The company reported a profit distribution plan based on a total of 488,214,274 shares, proposing a cash dividend of 1.5 RMB per 10 shares (including tax) with no bonus shares issued[7]. - The cash dividend amount for 2020 was 73,232,141.10 RMB, representing 92.22% of the net profit attributable to ordinary shareholders[141]. - The cash dividend payout ratio for 2019 was 69.21%, with a total cash dividend amount of 42,541,427.40 RMB[141]. - The total distributable profit for 2020 was 103,869,854.46 RMB, with the cash dividend accounting for 100% of the profit distribution[144]. - The cash dividend for 2020 was fully paid out without any share buybacks or other forms of distribution[144]. Research and Development - The company invested 92.83 million yuan in R&D throughout 2020, advancing over 70 new products, technologies, and processes[53]. - The company developed over 70 new products and technologies, including high-strength titanium alloy castings and aluminum stainless steel transition connectors for the new energy sector[76]. - Research and development expenses for 2020 totaled ¥92,833,686.23, a decrease of 2.08% from 2019[77]. - The number of R&D personnel increased by 1.04% to 195, while the proportion of R&D personnel to total employees decreased to 12.48%[77]. - The company has obtained 480 authorized patents and established 23 technology innovation platforms, including national and provincial engineering research centers[44]. Strategic Development and Market Expansion - The company plans to enhance its market share in high-end products and expand its sales areas and scale in the titanium processing industry[37]. - The company aims to develop new products for oil and gas pipelines and marine engineering in the rare metal layered composite materials sector[37]. - The company is focused on innovation-driven development strategies to enhance its core competitiveness in various industries, including aerospace and nuclear power[37]. - The company is actively seeking new projects in the environmental protection sector, with new contracts signed in metallurgy, construction materials, and new energy industries[118]. - The company plans to expand its market presence in marine engineering, benefiting from the national strategy to develop a strong marine economy[119]. Corporate Governance and Compliance - The company emphasizes the importance of accurate and complete financial reporting, with key executives affirming the integrity of the annual report[5]. - The company has engaged Sigma Accounting Firm for auditing services, ensuring compliance and oversight[23]. - The company has maintained a continuous relationship with Sigma Accounting Firm for 6 years, with an audit fee of 700,000 RMB for the current period[157]. - There were no significant accounting errors requiring retrospective restatement during the reporting period[155]. - The company did not experience any major litigation or arbitration matters during the reporting period[161]. Shareholder and Stakeholder Relations - The company has established a dedicated investor relations team to facilitate communication and transparency with stakeholders[18]. - The company has not reported any changes in its major shareholders during the reporting period[22]. - The company is under the control of the Shaanxi Provincial Finance Department, with the Northwest Institute of Nonferrous Metal Research as the controlling shareholder[13]. Asset Management and Investments - The company has not sold any major assets during the reporting period, indicating stability in its asset management[110]. - The company did not engage in any asset or equity acquisitions or sales during the reporting period[178]. - The company has not made any capital increases through the conversion of capital reserves or stock dividends in 2020[144]. - The company has invested a total of RMB 168,599.38 million in committed investment projects, with an actual investment of RMB 119,914.32 million, achieving a progress rate of 71.14%[101]. - The company has not encountered any issues or other situations in the use and disclosure of raised funds[106]. Related Party Transactions - The company engaged in related party transactions with Northwest Nonferrous Metal Research Institute, with service acceptance transactions amounting to 155,900 CNY, accounting for 0.07% of similar transaction amounts[164]. - The company also procured goods from Northwest Nonferrous Metal Research Institute, with transaction values of 3,576,200 CNY, representing 0.23% of similar transaction amounts[164]. - The approved transaction amount for related party transactions was 4,000,000 CNY, and none exceeded the approved limit[164]. Future Outlook - The company aims to build a global leading rare metal materials processing base as its corporate vision[199]. - The company plans to optimize product structure and accelerate the construction of key projects, focusing on military, environmental protection, nuclear power, foreign trade, and high-end manufacturing markets[121]. - The company is preparing for the second phase of its special new materials park and expanding its rare metal equipment manufacturing projects[126]. - The company is advancing the construction of its innovation and digital platforms to improve production command and control capabilities[129].