Financial Performance - The company's operating revenue for Q3 2022 was ¥560,791,884.37, a decrease of 35.15% compared to the same period last year[4]. - Total operating revenue for the current period is CNY 1,891,952,827.48, a decrease of 27.3% compared to CNY 2,602,078,488.23 in the previous period[18]. - Total operating costs for the current period amount to CNY 1,923,378,869.36, down from CNY 2,604,966,687.48, reflecting a reduction of 26.1%[19]. - The operating profit for the current period is CNY -24,346,511.60, compared to CNY 43,014,941.37 in the previous period, indicating a significant decline[19]. - Net profit for the current period is CNY -3,204,728.92, a sharp drop from CNY 42,612,804.20 in the previous period[19]. - The total profit for the period was -¥24,569,100, a decline of 153.66% year-on-year, attributed to decreased market demand and production losses[9]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥479,231,453.45, reflecting a significant increase of 318.95%[4]. - The net cash flow from operating activities for Q3 2022 was ¥479,231,453.45, a significant increase from ¥114,389,534.33 in Q3 2021, representing a year-over-year growth of approximately 318%[23]. - The total cash inflow from financing activities was ¥1,701,517,157.78, compared to ¥2,048,039,961.47 in the same period last year, indicating a decrease of about 17%[23]. - The net cash flow from financing activities was ¥44,923,340, a decrease of 42.67% compared to the previous year[9]. - The net cash flow from investment activities was -¥320,643,049.99, worsening from -¥93,743,893.55 in Q3 2021, reflecting increased cash outflows for investments[23]. - The cash outflow for purchasing goods and services was ¥1,435,839,611.44, down from ¥2,061,837,952.99 in Q3 2021, showing a reduction of about 30%[23]. - The cash paid for employee compensation was ¥135,089,722.15, slightly up from ¥133,605,219.89 in Q3 2021, reflecting a marginal increase of about 1.1%[23]. - The net increase in cash and cash equivalents for Q3 2022 was ¥610,627,173.10, compared to ¥802,277,985.67 in Q3 2021, representing a decrease of approximately 23.9%[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,581,216,662.49, representing a 2.55% increase from the end of the previous year[4]. - Total liabilities amount to CNY 3,467,138,765.60, an increase from CNY 3,305,402,915.23 in the previous period[19]. - Total equity attributable to shareholders of the parent company is CNY 2,109,939,114.02, slightly down from CNY 2,132,833,741.80[19]. - The company's inventory decreased by 38.53% to ¥312,707,700, primarily due to reduced production and lower raw material prices[7]. - Accounts receivable decreased to ¥315,245,710.38 from ¥438,183,705.31, a decline of about 28.1%[16]. - Inventory decreased to ¥312,707,667.25 from ¥508,750,765.07, a reduction of approximately 38.5%[16]. - Short-term borrowings increased by 51.69% to ¥1,766,731,300, driven by the need for funding for ongoing projects[7]. - Short-term borrowings rose to ¥1,766,731,281.30 from ¥1,164,736,722.19, an increase of approximately 51.8%[16]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 72,662[11]. - Jiangsu Baoyuan Investment Management Co., Ltd. holds 19.66% of shares, making it the largest shareholder with 144,584,000 shares[12]. - The first major shareholder, Jiangsu Baoyuan Investment Management Co., Ltd., is also linked to the actual controller, Mr. Rui Jinggong, who is the chairman of the company[12]. - The company has established an employee stock ownership platform through Nanjing Baocheng Enterprise Management Center (Limited Partnership)[12]. Investment and Development - The company reported a significant increase in investment income to ¥10,609,400, mainly from cash management of idle funds[8]. - The company plans to expand its epoxy propylene production capacity from 100,000 tons to 250,000 tons through a technical upgrade[13]. - The company is actively exploring the domestic and international markets for isopropanol amine to enhance product profitability[9]. Research and Development - The company reported a decrease in research and development expenses to CNY 77,008,821.94 from CNY 84,205,704.30, a reduction of 8.5%[19]. Earnings Per Share - Basic and diluted earnings per share for the current period are both CNY -0.0042, compared to CNY 0.07 in the previous period[20]. - Other comprehensive income after tax for the current period is CNY 1,399,498.31, compared to a loss of CNY 2,028,624.52 in the previous period[20].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,331,160,943.11, a decrease of 23.38% compared to ¥1,737,265,731.98 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was a loss of ¥4,052,239.32, representing a decline of 112.69% from a profit of ¥31,927,915.31 in the previous year[22]. - The basic earnings per share were -¥0.0055, down 110.38% from ¥0.053 in the previous year[22]. - The company's revenue for the reporting period was CNY 1,331,160,943.11, a decrease of 23.38% compared to CNY 1,737,265,731.98 in the same period last year[64]. - The sales volume of the company's products declined, with the revenue from rigid polyurethane foam dropping by 37.50% to CNY 60,499.57 million, and isopropanolamine revenue decreasing by 4.04% to CNY 54,246.48 million[66]. - The company reported a net profit of 1,835,764.19 RMB after tax impacts and minority interests[29]. - The company reported a total revenue of approximately 1.4 billion CNY, with a net profit of -16.47 million CNY, indicating a challenging financial period[97]. Cash Flow and Assets - The net cash flow from operating activities was ¥248,906,048.74, a significant increase of 366.10% compared to a negative cash flow of ¥93,538,868.19 in the same period last year[22]. - The net increase in cash and cash equivalents was CNY 594,870,076.33, reflecting a 177.96% increase compared to the previous year[65]. - The company's cash and cash equivalents increased to ¥1,449,900,404.45, a 42.61% rise compared to ¥1,016,690,606.87 from the previous year, primarily to address operational uncertainties and fund expansion projects[72]. - Total assets at the end of the reporting period were ¥5,867,192,859.55, an increase of 7.80% from ¥5,442,459,571.84 at the end of the previous year[22]. - The company reported a significant decrease in accounts payable by 35.94% to ¥260,649,348.05 from ¥406,861,297.74, influenced by reduced procurement and lower prices of propylene oxide[78]. Production and Capacity Expansion - The company aims to increase the production capacity of the epoxy propylene facility to 250,000 tons, enhancing efficiency and overall value[40]. - The company plans to accelerate the construction of a project with an annual output of 120,000 tons of polyether polyol[41]. - The company plans to expand its epoxy propylene production capacity from 100,000 tons to 250,000 tons, enhancing its competitive advantage in the industry[45]. - The company has approved the expansion project for the epoxy propylene facility at the Taixing base, which is currently undergoing technical upgrades[30]. - The company has established a production capacity of 120,000 tons per year for the epoxy propylene project in Taixing, which is currently under construction and operating normally[135]. Market and Product Development - The company is actively expanding the market for polyurethane insulation boards, focusing on building insulation and new application markets[38]. - The company has established long-term cooperative relationships with major global refrigerator manufacturers, enhancing its market position in the rigid foam composite polyether sector[50]. - The company is committed to improving safety production and environmental management to ensure stable product supply and control operating costs[40]. - The company is investing in new product development, with a budget allocation of 625 million for R&D in 2022[169]. - The company has identified potential acquisition targets to enhance its market position and expand its product portfolio[169]. Environmental Management - The company has implemented strict environmental and safety measures to mitigate risks associated with hazardous chemical production[98]. - The company is focused on enhancing its wastewater treatment processes to further reduce environmental impact[116]. - The company has established a comprehensive emissions management strategy to ensure compliance with both local and national environmental regulations[117]. - The company has achieved a compliance rate of ≤80 mg/m³ for various organic pollutants, showcasing its environmental responsibility[122]. - The company has implemented a noise reduction strategy by selecting low-noise equipment and employing sound insulation measures[133]. Research and Development - The company has established a comprehensive R&D system, with partnerships with institutions like the Chinese Academy of Sciences, focusing on innovation and technology transfer[58]. - The company has received 5 authorized invention patents and 2 utility model patents in the first half of 2022, with a total of 64 valid invention patents and 18 valid utility model patents as of June 30, 2022[59]. - The company’s research and development expenses increased by 11.56% to CNY 55,454,396.57, attributed to higher personnel costs[65]. - The company’s polyurethane insulation materials currently account for less than 15% of the domestic market, indicating significant growth potential as the government promotes green building initiatives[53]. Corporate Governance and Compliance - The company has committed to maintaining independence and will not affect the independence of the listed company after equity changes, ensuring independent operations in procurement, production, sales, and intellectual property[147]. - The company has not engaged in any violations regarding external guarantees during the reporting period[150]. - The company has not reported any issues or other circumstances regarding the use and disclosure of fundraising funds[92]. - The company has not conducted any repurchase transactions among the top ten shareholders during the reporting period[189]. - The company has no significant litigation or arbitration matters during the reporting period[154].

Financial Performance - The company's operating revenue for 2021 was ¥3,428,598,128.22, representing a 31.32% increase compared to ¥2,610,810,227.92 in 2020[19] - The net profit attributable to shareholders for 2021 was ¥29,736,821.21, a decrease of 75.26% from ¥120,194,011.45 in 2020[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,447,824.56, down 93.22% from ¥124,519,618.58 in 2020[19] - The net cash flow from operating activities improved significantly to ¥326,030,842.39, compared to a negative cash flow of ¥94,913,742.97 in 2020, marking a 443.50% increase[19] - The total assets at the end of 2021 were ¥5,442,459,571.84, a 25.59% increase from ¥4,333,408,323.59 at the end of 2020[19] - The net assets attributable to shareholders increased by 28.28% to ¥2,132,833,741.80 at the end of 2021, up from ¥1,662,637,041.94 at the end of 2020[19] - The basic earnings per share for 2021 were ¥0.045, a decrease of 77.50% from ¥0.20 in 2020[19] - The diluted earnings per share also stood at ¥0.045, reflecting the same 77.50% decline compared to the previous year[19] - The weighted average return on net assets was 1.59%, down from 7.46% in 2020, indicating a significant decline in profitability[19] - The company reported a total profit for the period of 877.75 million yuan, a significant decline of 93.67% compared to the previous year[85] Revenue and Sales - The company achieved a total revenue of 342,859.82 million yuan, representing a year-on-year growth of 31.32%[85] - The revenue from polyurethane polyether reached 188,517.01 million yuan, an increase of 21.38% compared to the previous year[85] - The revenue from isopropanol amine amounted to 113,096.95 million yuan, reflecting a growth of 34.72% year-on-year[85] - The company’s overseas business generated revenue of 798,662,876.44 CNY, accounting for 29.67% of total revenue, reflecting a year-on-year increase of 12.55%[96] - The company’s export revenue accounted for 23.29% of total operating income, indicating a focus on domestic market expansion due to the pandemic[163] Production Capacity and Operations - The company has an annual production capacity of 150,000 tons for rigid polyurethane composite polyether, ranking among the top in the industry[76] - The company has established a production capacity of 10 million square meters for high flame-retardant polyurethane insulation boards, utilizing structural flame-retardant technology[48] - The company has an annual production capacity of 100,000 tons for isopropanolamine, with a competitive advantage due to its scale and technology[46] - The company’s epoxy propylene production facility has a capacity of 24,000 tons, which has received production licensing and is now operational[51] - The company has developed a high flame-retardant polyurethane insulation board with an annual production capacity of 10 million square meters, recognized by government and fire safety authorities[149] Market Trends and Challenges - The company faced challenges due to global pandemic impacts and supply chain disruptions, affecting overall economic recovery[30] - The global demand for DCP is rapidly increasing, with a sales growth rate of approximately 5% in China's DCP industry from 2016 to 2020, and stable growth expected in downstream industries such as automotive and shipbuilding[33] - The company is positioned to benefit from China's push towards carbon neutrality and green development, aligning with national policies[30] - The company anticipates that the market price of epoxy propane in 2022 will be lower than the previous year, which may impact total operating revenue[158] - The company faces risks related to raw material price fluctuations, with epoxy propane prices fluctuating around 11,000 yuan per ton due to geopolitical factors[162] Research and Development - Research and development investment increased by 69.66% to 11,890.96 million yuan, driven by the production ramp-up at the Taixing Chemical Company[88] - The company has established a national-level postdoctoral research station and provincial engineering technology centers to enhance R&D capabilities[67] - The company is actively developing new technologies and applications for polyether and isopropanolamine products to enhance brand value and profitability[50] - The company has developed multiple core technologies and holds various intellectual properties, including production processes for high flame-retardant polyether polyols and epoxy propane, which are crucial for maintaining industry leadership[164] Governance and Management - The company has established a robust governance structure, ensuring compliance with legal regulations and protecting shareholder interests[172] - The company emphasizes transparency in information disclosure, adhering to principles of authenticity, accuracy, completeness, and timeliness[178] - The company has implemented strict internal controls and reporting systems for insider information to ensure compliance with disclosure regulations[178] - The company’s board of directors and supervisory board operate in accordance with relevant laws and regulations, ensuring efficient decision-making and governance[175] - The company has a clear and complete asset structure, with ownership and operational control over its main operating assets, including land use rights and intellectual property[181] Strategic Partnerships - The company has established long-term strategic partnerships with major refrigerator manufacturers such as Bosch, Electrolux, and Whirlpool, enhancing its market position[43] - The company has established long-term partnerships with major appliance manufacturers, enhancing its market recognition and customer satisfaction[145] - The company has established a comprehensive global sales service network for isopropanol amine, which is widely used in various industries[59] Environmental and Safety Management - The company emphasizes the importance of safety and environmental management, having established comprehensive systems to comply with regulations and mitigate risks[161] - The company is committed to high-quality development, focusing on safety production and environmental management to ensure stable product supply[50] Employee and Shareholder Engagement - The company is focused on enhancing management and employee engagement through improved corporate culture and compensation mechanisms to prevent technology loss[166] - The company has a structured approach to remuneration, ensuring that it aligns with performance outcomes and shareholder interests[193] - The company is committed to protecting the legal rights of all shareholders[200]

Financial Performance - The company's revenue for Q1 2022 was ¥713,741,155.35, a decrease of 14.48% compared to ¥834,591,265.17 in the same period last year[2] - The net profit attributable to shareholders was a loss of ¥30,706,716.86, representing a decline of 213.46% from a profit of ¥27,064,505.30 in the previous year[2] - Total operating revenue for Q1 2022 was CNY 713,741,155.35, a decrease of 14.5% compared to CNY 834,591,265.17 in the same period last year[18] - Net profit for Q1 2022 was a loss of CNY 30,749,315.61, compared to a profit of CNY 27,136,176.62 in Q1 2021[19] - The company reported a basic and diluted earnings per share of -0.04 for Q1 2022, compared to 0.04 in Q1 2021[19] Cash Flow - The net cash flow from operating activities increased by 115.86% to ¥32,760,581.50, compared to a negative cash flow of ¥206,547,903.20 in the same period last year[2] - Operating cash flow for Q1 2022 was CNY 32,760,581.50, a significant improvement from a negative cash flow of CNY 206,547,903.20 in the same quarter last year[21] - The net cash flow from investing activities was -38,353,389.32 CNY, compared to -46,919,418.17 CNY in the previous period, indicating a decrease in cash outflow[22] - The net cash flow from financing activities was 655,588,284.38 CNY, up from 370,769,676.06 CNY in the previous period, showing an increase of approximately 77%[22] - The company reported a net increase in cash and cash equivalents of 648,330,120.18 CNY, compared to 117,131,472.27 CNY in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,027,694,256.21, an increase of 10.75% from ¥5,442,459,571.84 at the end of the previous year[2] - The total liabilities as of Q1 2022 amounted to CNY 3,921,377,011.23, an increase of 18.6% from CNY 3,305,402,915.23 year-on-year[18] - The total equity attributable to shareholders decreased by 1.44% to ¥2,102,136,928.92 compared to ¥2,132,833,741.80 at the end of the previous year[2] - Current assets total 3,553,316,860.66 yuan, up from 2,996,107,063.39 yuan at the start of the year[14] - The company's total assets amount to 6,027,694,256.21 yuan, an increase from 5,442,459,571.84 yuan at the beginning of the year[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 62,303[10] - Jiangsu Baoyuan Investment Management Co., Ltd. holds 20.42% of shares, totaling 150,115,500 shares, with 64,940,000 shares pledged[10] - The number of unrestricted shares is 727,301,446, accounting for 98.92% of the total share capital[11] Production and Cost Management - The company reported a significant decrease in profit due to a 34.68% drop in the price of propylene oxide, with prices fluctuating between ¥10,000 and ¥12,000 per ton[7] - The company plans to expand its propylene oxide production capacity from 100,000 tons to 250,000 tons to reduce costs and improve economic efficiency[7] - The company has initiated measures to optimize production processes and control costs to return to profitability[7] Research and Development - Research and development expenses increased to CNY 28,292,273.78, up 44.4% from CNY 19,587,818.98 in the previous year[18] Audit and Reliability - The first quarter report was not audited, which may affect the reliability of the financial data presented[23] - The company’s financial performance indicates a strong liquidity position with a substantial increase in cash reserves[22]

Financial Performance - The company's operating revenue for Q3 2021 was ¥864,812,756.25, representing a 32.90% increase year-over-year, while the year-to-date revenue reached ¥2,602,078,488.23, up 60.61% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2021 was ¥10,764,079.10, a decrease of 48.73% year-over-year, and the year-to-date net profit was ¥42,691,994.41, down 41.37%[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥19,451,522.23 for Q3 2021, a decline of 204.77%, with a year-to-date figure of ¥5,028,990.85, down 92.56%[3]. - Total operating revenue for the third quarter reached ¥2,602,078,488.23, a significant increase from ¥1,620,072,988.14 in the same period last year, representing a growth of approximately 60.5%[21]. - Net profit for the quarter was ¥42,612,804.20, down from ¥72,356,430.83, reflecting a decline of approximately 41.1% compared to the previous year[22]. - The company reported a total comprehensive income of ¥40,584,179.68, down from ¥72,217,153.24, indicating a decrease of about 43.8% year-over-year[23]. Assets and Liabilities - The company's total assets at the end of Q3 2021 were ¥5,407,161,966.13, an increase of 24.78% from the end of the previous year[3]. - The company's total assets increased to ¥5,407,161,966.13 from ¥4,333,408,323.59, marking a growth of about 24.8%[19]. - Total liabilities rose to ¥3,198,296,422.73, compared to ¥2,664,315,265.34, which is an increase of approximately 20.0%[19]. - Total liabilities amounted to CNY 2,664,315,265.34, with current liabilities at CNY 2,007,056,496.86 and non-current liabilities at CNY 657,258,768.48[31]. - The company has long-term borrowings of CNY 482,967,186.31 and lease liabilities of CNY 117,386,915.28[31]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥114,389,534.33, reflecting a significant decrease of 248.85% compared to the previous year[3]. - Cash generated from operating activities was ¥2,410,659,827.55, significantly higher than ¥1,159,429,409.64 in the same quarter last year, indicating a growth of about 107.5%[25]. - The net cash inflow from operating activities was CNY 114,389,534.33, compared to a net outflow of CNY 76,849,628.04 in the same period last year[26]. - Total cash inflow from financing activities reached CNY 2,048,039,961.47, an increase from CNY 1,072,346,003.18 year-over-year[27]. - The net cash flow from investing activities was -CNY 93,743,893.55, improving from -CNY 178,498,560.05 in the previous year[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,904[11]. - Jiangsu Baoyuan Investment Management Co., Ltd. is the largest shareholder, holding 21.16% of shares, equivalent to 155,584,000 shares[12]. - The company raised a net amount of RMB 499.19 million from a non-public offering of 133,211,727 shares at a price of RMB 3.82 per share[13]. - A mid-term profit distribution plan was approved, proposing a cash dividend of RMB 0.80 per 10 shares, totaling RMB 58,821,586.96[15]. Research and Development - The company's research and development expenses for the year-to-date period amounted to ¥84,205,700, an increase of 68.37% year-over-year, primarily due to increased R&D activities at the subsidiary Tai Xing Chemical[9]. - Research and development expenses for the quarter were ¥84,205,704.30, compared to ¥50,013,675.04 in the previous year, reflecting a year-over-year increase of approximately 68.2%[22]. Inventory and Production - The company experienced a significant increase in inventory, which rose by 37.51% year-to-date, attributed to increased production in response to sales growth[8]. - The company’s inventory increased to RMB 406,081,835.06 from RMB 295,317,256.93 at the end of 2020[17]. - The company’s fixed assets decreased to RMB 1,389,571,459.66 from RMB 1,750,390,248.13 at the end of 2020[17]. Other Information - The company did not undergo an audit for the third quarter report[32]. - The report indicates that the new leasing standards were not applicable for retrospective adjustments[32].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,737,265,731.98, representing a 79.22% increase compared to CNY 969,365,653.08 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 38.39% to CNY 31,927,915.31 from CNY 51,824,147.32 year-on-year[18]. - The net profit after deducting non-recurring gains and losses fell by 50.10% to CNY 24,480,513.08 compared to CNY 49,063,086.73 in the previous year[18]. - The net cash flow from operating activities was negative at CNY -93,538,868.19, a decline of 836.50% from CNY 12,700,429.75 in the same period last year[18]. - The basic earnings per share decreased by 44.44% to CNY 0.05 from CNY 0.09 in the same period last year[18]. - The diluted earnings per share also fell by 44.44% to CNY 0.05 from CNY 0.09 year-on-year[18]. - The weighted average return on net assets decreased to 1.90% from 3.27% in the previous year, a decline of 1.37%[18]. - The company's overall gross profit margin decreased by 9.4 percentage points to 14.03%, leading to a total profit decline of 40.48% year-on-year[69]. Assets and Liabilities - Total assets at the end of the reporting period increased by 13.39% to CNY 4,913,556,450.26 from CNY 4,333,408,323.59 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company rose by 1.84% to CNY 1,693,188,615.27 from CNY 1,662,637,041.94 at the end of the previous year[18]. - Total liabilities increased to CNY 3,213,891,945.37 from CNY 2,664,315,265.34, marking a rise of approximately 20.6%[197]. - Short-term borrowings rose to CNY 1,351,832,357.25 from CNY 1,094,669,701.25, an increase of about 23.5%[197]. - The total equity attributable to the parent company reached CNY 1,693,188,615.27 as of June 30, 2021, an increase from CNY 1,662,637,041.94 at the end of 2020, reflecting a growth of approximately 1.84%[198]. Production and Market Position - The company's main business involves the production and sales of epoxy propylene derivatives, with sales revenue from polyether and isopropanol amine series products accounting for 88% of total revenue[26]. - The annual production capacity of the epoxy propylene production facility is 100,000 tons, utilizing an advanced co-oxidation process, which is the first industrialized facility of its kind in China[35]. - The company has initiated production of a 24,000-ton DCP project, which has received production approval and is now operational[26]. - The company has established long-term strategic partnerships with major refrigerator manufacturers, including Bosch, Electrolux, Whirlpool, Samsung, and LG[46]. - The company has maintained the number one market share in the polyurethane rigid foam composite ether products for refrigerators for three consecutive years, according to the China Polyurethane Industry Association[54]. Research and Development - The company holds 50 valid invention patents and 15 valid utility model patents as of June 30, 2021[64]. - The company has established a comprehensive R&D system and increased annual R&D investment, resulting in the launch of high-value new products[63]. - Research and development expenses rose by 63.23% to ¥49,709,662.41, primarily due to increased R&D costs at Taixing Chemical[74]. Environmental Compliance - The company has implemented measures to ensure compliance with environmental discharge standards, including regular monitoring and reporting[120]. - The company has achieved zero environmental pollution incidents and all pollutants are discharged within legal limits[126]. - The company has installed online monitoring systems for wastewater and air emissions, ensuring compliance with environmental regulations[127][129]. - The company has implemented advanced catalytic combustion technology to manage emissions, achieving a reduction in various pollutants[123]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.80 per 10 shares (including tax) based on a total of 735,269,837 shares[5]. - The company has committed to a cash dividend policy, distributing at least 30% of the distributable profits over the last three years, with a minimum of 10% of the current year's profits allocated for cash dividends[145]. - The company maintained a stable profit distribution policy, ensuring cash dividends are prioritized based on the company's development stage and capital expenditure needs[145]. Risks and Challenges - The company faces operational management risks due to the increasing complexity of its business environment and the need for effective resource integration and market expansion strategies[97]. - The company is facing potential risks from raw material price volatility and increased regulatory scrutiny on environmental standards, which could impact supply chains[99]. - The company has a risk assessment for environmental incidents, with the risk level determined as general environmental risk for its new material company[137].

Financial Performance - The company's operating revenue for Q1 2021 was ¥834,591,265.17, representing a 76.31% increase compared to ¥473,369,397.61 in the same period last year[7]. - The net profit attributable to shareholders was ¥27,064,505.30, an increase of 8.89% from ¥24,855,499.28 year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥21,980,092.96, a decrease of 7.21% compared to ¥23,687,086.23 in the previous year[7]. - The total profit for the period was 33.63 million yuan, a year-on-year increase of 4.91%, influenced by high domestic epoxy propane prices and increased shipping costs affecting the profitability of polyether products[15]. - The net profit for Q1 2021 was CNY 27,136,176.62, compared to CNY 24,814,995.96 in Q1 2020, representing an increase of approximately 9.3%[41]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥206,547,903.20, worsening by 301.73% from -¥51,414,430.41 in the same period last year[7]. - The ending balance of cash and cash equivalents was 467.44 million yuan, an increase of 31.79% compared to the beginning of the year, with a net increase of 112.75 million yuan, mainly due to increased working capital needs[15]. - Operating cash inflow for the current period was CNY 735,885,541.13, compared to CNY 396,356,441.50 in the previous period, representing an increase of approximately 85.5%[49]. - The net cash flow from operating activities was -CNY 206,547,903.20, worsening from -CNY 51,414,430.41 in the previous period[49]. - The ending cash and cash equivalents balance was CNY 402,042,105.59, an increase from CNY 348,577,459.81 in the previous period[50]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,692,624,119.61, an increase of 8.29% from ¥4,333,408,323.59 at the end of the previous year[7]. - Total liabilities increased to CNY 2,997,771,226.72 from CNY 2,664,315,265.34, reflecting a growth in financial obligations[33]. - Current liabilities totaled CNY 2,244,214,721.64, compared to CNY 2,007,056,496.86 in the previous period[33]. - Non-current liabilities rose to CNY 753,556,505.08 from CNY 657,258,768.48, indicating an increase in long-term financial commitments[33]. - Total current assets reached ¥2.25 billion, compared to ¥1.91 billion at the end of 2020, reflecting a growth of about 17.7%[31]. Shareholder Information - The net assets attributable to shareholders at the end of the reporting period were ¥1,688,325,205.26, up 1.55% from ¥1,662,637,041.94 at the end of the previous year[7]. - The company had a total of 36,305 common shareholders at the end of the reporting period[11]. - The largest shareholder, Jiangsu Baoyuan Investment Management Co., Ltd., held 27.00% of the shares, amounting to 162,558,291 shares, with 80,157,517 shares pledged[11]. - The company has committed to a cash dividend policy, aiming to distribute at least 10% of the distributable profits in cash when profitable[20]. Operational Highlights - The company achieved operating revenue of 834.59 million yuan, an increase of 76.31% year-on-year, driven by a 32.85% growth in total product sales and an increase in sales prices[15]. - Operating costs for the period were 710.93 million yuan, an increase of 94.97% year-on-year, attributed to a 32.85% increase in total product sales and rising sales costs, along with increased export shipping costs[15]. - Research and development expenses increased by 44.75% year-on-year to 19.59 million yuan, reflecting increased spending on R&D projects and materials[15]. - Financial expenses rose by 72.68% year-on-year to 20.79 million yuan, primarily due to interest expenses related to the operation of Taixing Chemical Company[15]. Investment and Financing Activities - The company initiated a non-public offering of shares to raise funds for a project with an investment total of 508.87 million yuan, which was approved by the China Securities Regulatory Commission[17]. - Cash inflow from financing activities was CNY 816,209,725.71, up from CNY 443,206,993.18 in the previous period, reflecting improved financing conditions[50]. - The net cash flow from financing activities was CNY 370,769,676.06, compared to CNY 210,042,778.93 in the previous period, indicating stronger financing performance[50]. Compliance and Governance - The company has no reported securities or derivative investments during the reporting period[21][22]. - There are no reported violations regarding external guarantees during the reporting period[26]. - The company has maintained a commitment to not engage in competitive businesses with its subsidiaries[20]. - The company has conducted investor relations activities to discuss its operational status and future development plans[27].

Financial Performance - The company's operating revenue for 2020 was ¥2,610,810,227.92, representing a 9.57% increase compared to ¥2,382,800,057.56 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥120,194,011.45, a 34.63% increase from ¥89,276,972.00 in 2019[16] - The net profit after deducting non-recurring gains and losses was ¥124,519,618.58, up 30.30% from ¥95,560,476.22 in 2019[16] - The basic earnings per share for 2020 was ¥0.20, an increase of 33.33% from ¥0.15 in 2019[16] - The total assets at the end of 2020 were ¥4,333,408,323.59, a 13.50% increase from ¥3,818,099,295.13 at the end of 2019[16] - The net assets attributable to shareholders at the end of 2020 were ¥1,662,637,041.94, a 6.18% increase from ¥1,565,864,135.16 at the end of 2019[16] - The total profit for the year reached ¥13,864.99 million, marking a significant increase of 34.93% year-on-year, primarily driven by the performance of the propylene oxide project[75] - The company's gross profit margin was reported at 19.83%, influenced by rising production costs in the fourth quarter due to high propylene oxide prices[74] - The company's cash flow from operating activities showed a net outflow of ¥9,491.37 million, a decline of 137.04% compared to the previous year, mainly due to an increase in accounts receivable[76] Revenue and Sales - The company achieved a production license for its epoxy propylene project in 2020, indicating the establishment of an integrated industrial chain[28] - The sales revenue from polyether series products and isopropanol amine series products accounted for over 93% of the main business revenue[25] - In Q1 2020, the company's operating revenue was approximately CNY 473.37 million, increasing to CNY 990.74 million in Q4 2020, representing a growth of 109%[20] - The net profit attributable to shareholders in Q4 2020 was CNY 47.38 million, a significant increase compared to CNY 24.86 million in Q1 2020, marking an increase of 90%[20] - The company’s overseas business contributed CNY 61,590.63 million in revenue, accounting for 23.59% of total revenue, a decrease of 9.34 percentage points year-on-year[82] Market Position and Strategy - The company expanded its market presence by targeting new sectors such as cold chain high-speed rail and refrigerated vehicles, responding to changing market demands[31] - The company is actively pursuing international expansion to mitigate the impacts of the pandemic and has established long-term partnerships with global refrigerator manufacturers[31] - The company has formed long-term partnerships with major refrigerator manufacturers, enhancing its market position in the polyurethane rigid foam sector[40] - The company has established a global sales service network, enhancing its market presence and competitiveness in the isopropanol amine sector[33] - The company has maintained the highest global market share in rigid polyurethane foam for refrigerators for three consecutive years, according to the China Polyurethane Industry Association[55] Research and Development - The company’s research institute has established a comprehensive R&D system, continuously increasing R&D investment and focusing on technology innovation[51] - The company has developed 16 proprietary technologies related to propylene oxide production[62] - The company has established a comprehensive R&D system with a team of 51 core technical personnel[62] - The company plans to develop over 15 key new products and technologies in 2021, focusing on enhancing product performance and meeting customer needs[152] - The company is focused on continuous R&D investment to enhance product innovation and meet personalized customer demands in the refrigerator sector[120] Production Capacity and Technology - The company has a production capacity of 40,000 tons for isopropanol amine and 50,000 tons for diethanol mono-isopropanol amine, totaling 90,000 tons per year[41] - The epoxy propylene project with an annual capacity of 120,000 tons was completed and put into production in September 2020[34] - The company has established a propylene oxide production base with an annual output of 120,000 tons, utilizing a new co-oxidation process, which is the first of its kind in the country[49] - The company has a production capacity of 150,000 tons for rigid polyurethane foam, ranking among the top in the industry[48] - The company’s isopropanolamine production facility has an annual capacity of 50,000 tons, with strong demand and established partnerships with major cement companies[148] Environmental and Regulatory Compliance - The company is focusing on environmentally friendly production methods, with a shift away from the chlorine alcohol method due to increased regulatory scrutiny[116] - The company’s propylene oxide project employs an environmentally friendly process with minimal waste, aligning with national green development initiatives[134] - The company has received environmental impact approval for a project producing 120,000 tons of polyether polyol series products[66] - The company has been recognized as a "National Industrial Brand Cultivation Demonstration Enterprise" and has received various honors for its brand value and quality[54] Cash Dividends and Shareholder Returns - The company did not distribute cash dividends or bonus shares for the year 2020[4] - The company has established a cash dividend policy, emphasizing reasonable returns to shareholders while ensuring sustainable development[168] - The company plans to distribute cash dividends amounting to at least 10% of the distributable profits for the year when conditions are met[169] - The cash dividend distribution policy requires a minimum cash distribution of 30% of the average distributable profits over the last three years[169] - The board of directors decided to retain undistributed profits for future project funding, particularly for the ongoing DCP project and overall industrial development planning[180] Operational Challenges and Risks - The company faces operational management risks due to its expanding scale and increasing internationalization, necessitating improved management practices[159] - The company faces risks related to raw material price volatility, particularly due to potential international oil price rebounds in 2021[161] - The company is facing potential risks from the loss of core technical personnel, which could impact its market competitiveness[163] - The company is enhancing its management level through improved employee recognition and performance management to mitigate risks of talent loss[164] Compliance and Governance - The company implemented changes in accounting policies effective from January 1, 2020, due to the revised "Accounting Standard No. 14 - Revenue" issued by the Ministry of Finance[188] - There were no significant accounting errors that required retrospective restatement during the reporting period[189] - The domestic accounting firm Tianheng has been engaged for 20 years, with an audit fee of 800,000 RMB[191] - There were no major lawsuits or arbitration matters during the reporting period[193] - The company faced minor penalties totaling 0.05 million RMB and 3 million RMB for various compliance issues, which have been rectified[194][196]

红宝丽集团股份有限公司 2020 年第三季度报告全文 红宝丽集团股份有限公司 2020 年第三季度报告 2020 年 10 月 1 红宝丽集团股份有限公司 2020 年第三季度报告全文 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。 公司负责人芮益民、主管会计工作及会计机构负责人(会计主管人员)陈洪明 声明：保证季度报告中财务报表的真实、准确、完整。 2 红宝丽集团股份有限公司 2020 年第三季度报告全文 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） | 4,358,780,051.24 | 3,818,099,295.13 | | 14.16% | | 归属于上市公司股东的净资产（元） | 1,614,460,210.93 | ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥969,365,653.08, a decrease of 20.88% compared to ¥1,225,227,078.37 in the same period last year[17]. - The net profit attributable to shareholders of the listed company increased by 32.86% to ¥51,824,147.32, up from ¥39,006,128.49 in the previous year[17]. - The net profit after deducting non-recurring gains and losses rose by 42.57% to ¥49,063,086.73, compared to ¥34,413,398.01 in the same period last year[17]. - Basic and diluted earnings per share increased by 50.00% to ¥0.09, compared to ¥0.06 in the same period last year[17]. - The weighted average return on net assets increased by 0.69 percentage points to 3.27% from 2.58% in the previous year[17]. - The company's total revenue for the first half of 2020 was CNY 969.37 million, a decrease of 20.88% compared to the same period last year[45]. - The company's net profit for the first half of 2020 reached ¥78,158,963.74, a significant increase from ¥52,573,392.40 in the same period of 2019, representing a growth of approximately 48.8%[180]. - Operating profit for the first half of 2020 was ¥81,727,836.33, compared to ¥52,223,376.64 in the previous year, indicating an increase of about 56.5%[180]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥12,700,429.75, a significant improvement from a negative cash flow of ¥88,815,343.71 in the previous year, marking a 114.30% change[17]. - Cash and cash equivalents increased to ¥424.51 million, representing 10.92% of total assets, up from 6.94% in the same period last year, a 3.98% increase[54]. - The net cash flow from operating activities improved to ¥12,700,429.75, a recovery from a negative cash flow of ¥88,815,343.71 in the same period last year[185]. - The net cash flow from financing activities was positive at ¥18,802,683.85, a decrease from ¥282,020,933.36 in the same period last year[185]. - The cash and cash equivalents at the end of the period totaled ¥270,345,630.79, down from ¥200,138,994.21 at the end of the first half of 2019[186]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,886,248,123.45, an increase of 1.78% from ¥3,818,099,295.13 at the end of the previous year[17]. - Total liabilities amounted to CNY 2,284,626,853.99, a slight increase from CNY 2,244,139,698.59, reflecting a growth of about 1.8%[168]. - The company's equity attributable to shareholders rose to CNY 1,593,710,905.67 from CNY 1,565,864,135.16, marking an increase of approximately 1.8%[170]. - Short-term borrowings increased significantly to CNY 979,544,233.16 from CNY 712,957,804.13, representing a rise of about 37.4%[168]. Market and Sales Performance - The overall sales of the refrigerator industry in China dropped by approximately 20% in Q1 2020 due to the pandemic, but only declined by 6.9% in H1 2020 as the situation improved[28]. - The company’s isopropanol amine sales volume maintained growth year-on-year despite the pandemic, indicating resilience in its market strategy[29]. - The revenue from rigid polyurethane foam products was CNY 564.76 million, down 23.24% year-on-year[43]. - The revenue from isopropanol amine was CNY 391.72 million, a decrease of 11.93% year-on-year[43]. Research and Development - The company invested CNY 30.45 million in R&D, an increase of 9.35% compared to the previous year[45]. - The company has established several provincial and national research centers, enhancing its R&D capabilities and fostering a high-level research team[36]. - The company is committed to ongoing research and development of new products to meet market demands and regulatory standards[115]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, indicating significant environmental responsibilities[112]. - The company has achieved compliance with wastewater discharge standards, with specific pollutants such as COD at 181.31 mg/L and ammonia nitrogen at 22.98 mg/L, both within regulatory limits[112]. - The company has implemented measures to ensure that all emissions meet the required environmental standards, including regular testing and compliance checks[113]. - The company has established a comprehensive environmental management system to monitor and control pollutant emissions effectively[112]. Corporate Governance and Shareholder Relations - The company has maintained a continuous and stable profit distribution policy, ensuring shareholder returns are prioritized[85]. - The company has not faced any penalties or rectification issues during the reporting period, indicating compliance with regulations[91]. - The company has established an employee incentive management system, with an incentive fund of CNY 12.247 million allocated, including CNY 2 million for the first half of 2020[94]. - The company has not engaged in any repurchase transactions during the reporting period[149]. Future Outlook and Strategic Initiatives - The company plans to continue focusing on market expansion and new product development to drive future growth[175]. - Future expansion plans include enhancing production capacity and exploring new market opportunities in the chemical sector[115]. - The company is actively pursuing high-quality development, with a focus on technological innovation and customer service enhancement[40].