编号：20210429 证券代码：002274 证券简称：华昌化工 江苏华昌化工股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | ■特定对象调研 □分析师会议 | | | 类别 | □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 人员姓名 | 壹诺投资 - 李凌云、徐晶 | | | 时间 2021 | 年 4 月 29 日 | 15:00-16:00 | | 地点 公司会议室 | | | | 上市公司接待 人员姓名 | 卢龙（董秘、董事） | | | | 来访人员： | | | | | | | | | 我们已从公开资料及前几次披露的调研记录，对公司情况有所 | | | | | | | | ...

Group 1: Financial Performance and Plans - The company currently has no plans for additional financing through private placements, as it has reported good profits and strong cash flow this year [2] - Product prices have decreased from peak levels, influenced by market conditions and national policies [2] - The company has several upcoming projects, including a self-owned power plant renovation, new production of neopentyl glycol and polyester resin, and the twelfth alcohol project in Lianshui expected to reach production next year [2] Group 2: Raw Material and Energy Strategy - The company sources coal externally, and rising coal prices have a certain impact on its costs; however, it prefers coal prices to remain at a reasonable level for the overall health of the industry [4] - The company is focusing on hydrogen energy through its subsidiary, with plans for fuel cell stacks and engines, and aims to demonstrate applications in public buses by December [4] Group 3: Product Composition and Future Expansion - The company's polyol capacity is approximately 322,400 tons, accounting for about one-third of its revenue, with 60% being butanol and 40% being octanol [4] - An expansion project for an additional 300,000 tons of polyol and supporting facilities has been announced, with a construction period of around 18 months [4] Group 4: Shareholder Engagement and Incentives - The company views share buybacks and employee incentive plans as long-term, ongoing efforts, aiming for multiple buybacks and incentive plans to align the interests of investors, the company, and employees [4]

编号：20220601 证券代码：002274 证券简称：华昌化工 江苏华昌化工股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|----------------------------------|----------------------------|------------------------------------------------------------| | | | | | | 投资者关系活 | ■特定对象调研 □分析师会议 | | | | 动类别 | □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） | | | 活动参与单位 | | | 分次进行调研的单位及人员：民生证券-刘海荣，中庆基金-刘晟； | | 名称及人员 | 华创证券 - 杨晖；国盛证券 | - | 孙琦祥、杨义韬，上投摩根基金-冯 | | | | | 自力，国泰基金-钱晓杰；融通基金-李文海；申万化工 - 任杰； | | ...

江苏华昌化工股份有限公司 2022 年第三季度报告 证券代码：002274 证券简称：华昌化工 公告编号：2022-035 江苏华昌化工股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 江苏华昌化工股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|--------- ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 5,098,615,421.20, representing a 6.26% increase compared to CNY 4,798,148,635.30 in the same period last year[25]. - Net profit attributable to shareholders decreased by 19.82% to CNY 702,274,689.04 from CNY 875,905,760.95 year-on-year[25]. - Basic earnings per share fell by 20.24% to CNY 0.7374 from CNY 0.9245 in the same period last year[25]. - The net cash flow from operating activities dropped significantly by 49.69%, amounting to CNY 573,385,787.65 compared to CNY 1,139,720,611.94 in the previous year[25]. - The company achieved operating revenue of 509,861.54 million yuan, an increase of 30,046.68 million yuan or 6.26% compared to the same period last year[49]. - The net profit attributable to shareholders was 70,227.47 million yuan, a decrease of 17,363.11 million yuan or 19.82% year-on-year[49]. - Gross profit decreased to 111,279.59 million yuan, down 26,362.12 million yuan, primarily due to industry fluctuations and maintenance of new materials equipment[52]. - The net profit for the first half of 2022 was CNY 695,371,768.73, a decrease of 20.03% compared to CNY 869,692,299.31 in the first half of 2021[183]. Assets and Liabilities - Total assets increased by 7.50% to CNY 8,736,083,794.39 from CNY 8,126,804,355.91 at the end of the previous year[25]. - The company's total equity increased to CNY 4,895,363,459.67 from CNY 4,367,714,496.28, reflecting a rise of 12.0%[173]. - Total liabilities amounted to CNY 3,840,720,334.72, up from CNY 3,759,089,859.63, indicating a growth of 2.2%[173]. - The company's total assets as of June 30, 2022, amounted to CNY 7,084,087,045.20, compared to CNY 6,655,119,535.74 at the beginning of the year, representing an increase of 6.44%[179]. - The total liabilities increased to CNY 3,229,552,191.08 as of June 30, 2022, from CNY 2,925,839,254.60 at the beginning of the year, marking an increase of 10.39%[179]. Research and Development - The management highlights ongoing research and development efforts in new products and technologies, although specific details are not provided in the report[5]. - Research and development expenses rose by 34.91% to ¥24,283,067.02, up from ¥18,000,014.41, indicating increased investment in innovation[58]. - Research and development expenses for the first half of 2022 were CNY 24,283,067.02, compared to CNY 18,000,014.41 in the same period of 2021, indicating a year-on-year increase of 35.00%[183]. Government Support and Subsidies - The company received government subsidies amounting to CNY 32,932,425.69, which are closely related to its normal business operations[28]. - The company received government development grants amounting to ¥26,865,692.54, contributing to non-operating income[63]. Environmental and Safety Measures - The company emphasizes the importance of environmental protection and safety production, acknowledging the risks associated with compliance with increasing regulatory requirements[93]. - The company has implemented various environmental protection measures, including a project for wastewater treatment and a clean energy technology transformation project[109]. - The company has received environmental impact approval for several projects, including the isooctanoic acid pilot research and development project[110]. - The company has conducted environmental monitoring according to its established self-monitoring plan[113]. Strategic Initiatives - The company is focusing on extending its industrial chain and enhancing product structure to foster new economic growth points in the hydrogen energy sector[48]. - The company is expanding its hydrogen energy sector, which includes hydrogen production, storage, transportation, and refueling stations[42]. - The company is committed to clean production technologies and optimizing its industrial structure to achieve energy conservation and emission reduction[37]. Financial Management and Risks - The company faces financial risks due to the need for cash flow support as development plans are implemented, amidst uncertainties in the overall economic and financial environment[91]. - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[5]. - The company will continue to monitor raw material price fluctuations and implement internal management measures to mitigate risks[94]. Shareholder Information - The total number of shares is 952,364,646, with 1.51% being limited shares and 98.49% being unrestricted shares[151]. - The largest shareholder, Suzhou Warner Investment Co., Ltd., holds 275,059,519 shares, accounting for 28.88% of total shares[155]. - The total number of shareholders at the end of the reporting period is 77,600, with significant shareholders holding over 5% of shares[155]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[159]. Corporate Governance - The company has undergone changes in its board of directors, with new appointments aimed at strengthening governance and management[101]. - The company has established a comprehensive internal control system to protect the rights of shareholders and creditors[114]. - The employee stock ownership plan includes 58 core management and technical personnel holding a total of 990.49 million shares, representing 1.04% of the company's total equity[105].

江苏华昌化工股份有限公司 2022 年第一季度报告全文 证券代码：002274 证券简称：华昌化工 公告编号：2022-024 江苏华昌化工股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------|------------------|------------------|---------------------------| | □ ...

Financial Performance - The company’s operating revenue for 2021 was ¥9,413,327,788.57, representing a 54.33% increase compared to ¥6,099,322,689.21 in 2020[29]. - The net profit attributable to shareholders for 2021 was ¥1,633,401,018.24, a significant increase of 794.37% from ¥182,630,882.91 in 2020[29]. - The net cash flow from operating activities reached ¥1,795,885,110.41, up 233.27% from ¥538,874,605.15 in the previous year[29]. - Basic earnings per share for 2021 were ¥1.7151, reflecting a 794.21% increase from ¥0.1918 in 2020[29]. - The total assets at the end of 2021 amounted to ¥8,126,804,355.91, a 9.63% increase from ¥7,413,031,263.05 at the end of 2020[29]. - The net assets attributable to shareholders increased by 52.07% to ¥4,312,943,886.46 from ¥2,836,206,190.15 in 2020[29]. - The company reported a weighted average return on equity of 45.90% for 2021, compared to 6.58% in 2020[29]. - The company achieved operating revenue of 941,332.78 million yuan, an increase of 331,400.51 million yuan or 54.33% compared to the same period last year[93]. - Net profit attributable to shareholders reached 163,340.10 million yuan, up 145,077.01 million yuan or 794.37% year-on-year[93]. - Gross profit increased to 257,144.80 million yuan, with a year-on-year increase of 197,238.74 million yuan, driven by product price increases and effective release of operational performance[93]. Dividend and Shareholder Value - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares to all shareholders, based on a total of 952,364,646 shares[6]. - The management team is focused on enhancing shareholder value through strategic initiatives and operational efficiencies[22]. Research and Development - The company reported a significant focus on research and development in new products and technologies, aiming to enhance its competitive edge in the chemical industry[22]. - Research and development expenses rose by 72.45% to ¥63,446,405.49 in 2021, compared to ¥36,791,970.89 in 2020[17]. - The company is focusing on technological innovation in chemical materials and high-end specialty chemicals to support future growth[146]. Market and Industry Outlook - Future outlook includes strategic market expansion and potential mergers and acquisitions to strengthen market position and increase revenue streams[22]. - The company plans to continue expanding its market presence and developing new products in response to industry trends and challenges[39]. - The company is adapting to industry policies aimed at stabilizing fertilizer prices and ensuring supply, as outlined by government directives[63]. - The demand for chemical products is expected to increase significantly due to the explosive growth of the new energy industry, including photovoltaic and wind power[146]. Operational Efficiency and Cost Management - The company is committed to enhancing its production capacity and efficiency, with a focus on meeting domestic market demands for chemical fertilizers[68]. - The company’s energy procurement costs account for over 30% of total production costs, with fuel coal and electricity being the primary energy types[76]. - The total operating costs increased by 24.39% to ¥6,841,879,813.61 in 2021 from ¥5,500,262,138.14 in 2020[5]. - Raw materials accounted for 63.84% of total operating costs in 2021, up from 55.54% in 2020, with a total cost of ¥793,515,756.53[5]. Environmental and Regulatory Compliance - The company is aware of environmental protection risks and is committed to enhancing its environmental protection efforts while adapting to stricter regional requirements[158]. - The company has obtained environmental impact approvals for several projects, including a safety technical transformation project for the liquid ammonia tank area and a hydrogen station[81]. - The company has been recognized as a "benchmark enterprise" for energy efficiency in the petrochemical industry, achieving significant energy savings[88]. Strategic Initiatives and Collaborations - The company is expanding its hydrogen energy sector, aligning with national energy security goals and the push for carbon neutrality[69]. - The company delivered 25 hydrogen fuel cell buses in collaboration with Jinlong United Automotive Industry and Zhangjiagang Port City Public Transport, featuring the HCEA70 hydrogen fuel cell engine[74]. - A joint venture for hydrogen fuel cell catalyst has been established with Nanjing University, with a registered capital of 30 million yuan[103]. Corporate Governance and Leadership - The company has a strong commitment to corporate governance with independent directors and a diverse board composition[183]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management during the reporting period amounted to CNY 1,110.53 million[192]. - The company has maintained a consistent board attendance record, with no directors missing consecutive meetings[197]. - The leadership team is committed to enhancing operational efficiency and exploring new business opportunities[186]. Risk Management - The company acknowledges potential operational risks due to economic uncertainties and has implemented measures to mitigate these risks, including technology upgrades and exploring new growth points[154]. - The company is monitoring raw material price fluctuations and plans to strengthen internal management and budget control to mitigate risks[159]. - The company faces financial risks related to cash flow support for development plans, influenced by overall economic and financial uncertainties[157].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 2,377,690,340.47, representing a 54.80% increase year-over-year[5] - The net profit attributable to shareholders for the same period was CNY 563,396,210.91, a staggering increase of 4,796.16% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses reached CNY 529,650,111.93, marking an increase of 11,200.33% year-over-year[5] - Total operating revenue for the period reached ¥7,175,838,975.77, a significant increase of 67.9% compared to ¥4,290,723,300.61 in the previous period[30] - Operating profit for the period was ¥1,905,751,385.09, compared to only ¥19,317,208.48 in the same period last year, indicating a substantial improvement[30] - Net profit attributable to the parent company was ¥1,439,301,971.86, a dramatic increase from ¥25,264,992.33 in the previous year[30] - The company's basic earnings per share for the quarter was CNY 0.5978, an increase of 4,840.50% year-over-year[5] - The company reported a basic earnings per share of 1.5218, a significant increase from 0.0265 in the previous period[32] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 1,535,919,739.82, reflecting a 623.37% increase compared to the same period last year[5] - Operating cash inflow for the current period reached ¥5,146,993,524.94, a significant increase from ¥2,902,195,169.87 in the previous period, reflecting a growth of approximately 77.3%[37] - Net cash flow from operating activities amounted to ¥1,535,919,739.82, compared to ¥212,328,610.75 in the prior period, indicating a substantial increase of around 620.5%[37] - Cash inflow from investment activities totaled ¥245,836,500.30, up from ¥64,806,241.17, marking an increase of approximately 278.5%[37] - The net cash flow from investing activities for the reporting period was -137.03 million RMB, a decrease of 51.92% compared to the same period last year, primarily due to increased investment expenditures and cash changes from investment income[16] - Cash inflow from financing activities was ¥1,160,777,387.44, down from ¥2,161,275,592.83, representing a decrease of about 46.2%[37] - Net cash flow from financing activities showed a significant decline to -¥1,140,117,760.48 from -¥142,626,921.89, indicating a deterioration in financing conditions[40] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 8,344,532,477.65, which is a 12.57% increase from the end of the previous year[5] - The total liabilities decreased to ¥4,171,440,977.10 from ¥4,511,572,307.48, a reduction of 7.5%[26] - The equity attributable to shareholders increased to CNY 4,117,483,188.64, up 45.18% from the previous year-end[5] - The total equity attributable to shareholders reached ¥4,117,483,188.64, up from ¥2,836,206,190.15, representing a growth of 45.2%[26] - As of September 30, 2021, total current assets amounted to 3,344.79 million RMB, an increase from 2,463.90 million RMB at the end of 2020[22] Inventory and Receivables - The company's inventory at the end of the reporting period was CNY 712,725,000, an increase of 39.07% compared to the beginning of the year[9] - Accounts receivable increased to 1,059.28 million RMB from 798.86 million RMB year-on-year[22] - Inventory rose to 712.73 million RMB, compared to 512.49 million RMB at the end of 2020[22] Shareholder Information - The company reported a total of 63,676 common shareholders at the end of the reporting period[20] - The largest shareholder, Suzhou Warner Investment Co., Ltd., holds 28.88% of the shares, amounting to 275,059,519 shares[20] Research and Development - Research and development expenses increased to ¥34,137,224.20 from ¥24,814,067.15, marking a growth of 37.4%[30] - The company has no significant new product launches or technological developments reported during this period[23] Tax and Employee Expenses - The company paid ¥559,721,719.72 in taxes during the current period, a substantial increase from ¥52,395,558.23 in the previous period, representing a growth of around 974.5%[37] - Cash paid to employees rose to ¥359,036,784.28 from ¥310,950,464.16, indicating an increase of approximately 15.5%[37] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30]

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥4,798,148,635.30, representing a 74.18% increase compared to ¥2,754,774,506.39 in the same period last year[25]. - Net profit attributable to shareholders of the listed company surged to ¥875,905,760.95, a remarkable increase of 6,266.47% from ¥13,758,100.00 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was ¥856,481,660.14, up 75,712.00% from ¥1,129,744.24 in the same period last year[25]. - The net cash flow from operating activities was ¥1,139,720,611.94, reflecting a 730.25% increase compared to ¥137,274,758.21 in the previous year[25]. - Basic earnings per share reached ¥0.9245, a significant rise of 6,320.14% from ¥0.0144 in the same period last year[25]. - Gross profit for the period reached CNY 137,641.72 million, an increase of CNY 112,422.20 million, driven by product price increases and the release of benefits from recent technological upgrades[53]. - The company reported a significant increase in investment activities, with cash outflow from investment activities rising by 8,194.79% to -¥96,270,430.76[62]. - The company achieved an investment income of ¥25,336,749.88, up from ¥16,126,347.76 in the previous year, indicating better performance in investments[194]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥7,908,836,162.50, an increase of 6.69% from ¥7,413,031,263.05 at the end of the previous year[25]. - The total liabilities decreased to ¥4,297,185,880.99 from ¥4,511,572,307.48, reflecting a reduction of approximately 4.75%[176]. - Total assets as of June 30, 2021, amounted to ¥6,508,461,853.67, an increase from ¥6,109,231,067.25 at the end of 2020[183]. - Total liabilities increased to ¥3,796,758,819.64 as of June 30, 2021, compared to ¥3,459,308,943.12 at the end of 2020[183]. - The company's current assets reached RMB 2,930,106,537.94, up from RMB 2,463,904,549.34 at the end of 2020, indicating an increase of about 18.93%[174]. - Cash and cash equivalents stood at RMB 569,159,179.26, up from RMB 428,654,335.23, showing a growth of approximately 32.8%[174]. - Accounts receivable increased to RMB 150,929,312.31 from RMB 88,065,164.58, representing a significant rise of about 70.5%[174]. - The company's inventory was valued at RMB 523,074,941.68, slightly up from RMB 512,487,931.71, indicating a growth of approximately 2.3%[174]. Investments and Projects - The company invested CNY 50 million in Aibihai New Materials Co., acquiring a 7.04% stake, aiming to enter the aerogel materials sector[58]. - A project to build a facility with an annual production capacity of 300,000 tons of polyols is underway, expected to generate average annual sales revenue of CNY 232,819 million and operating profit of CNY 23,196 million[59]. - The company is expanding its hydrogen energy initiatives, including the development of fuel cell products and a hydrogen refueling station, with ongoing research and development efforts[46][59]. - The company has completed the construction of a 30,000-ton new pentanediol and 100,000-ton polyester resin project, with progress aligning with expectations[59]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[5]. - The company faces operational risks due to the need for employee training on new technologies, which may impact project operations[92]. - Financial risks are present as the company requires cash flow support for future development plans, influenced by economic and financial uncertainties[91]. - The company acknowledges potential risks from raw material price fluctuations and plans to strengthen internal management to mitigate these risks[96]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, with wastewater emissions of 0.071 tons for ammonia nitrogen and 3.522 tons for COD, both within the regulatory limits[106]. - The company has implemented pollution prevention facilities and is currently upgrading its boiler systems[107]. - The company has established an emergency response plan for environmental incidents and has filed it with the local environmental protection bureau[107]. - The company has committed to avoiding competition with its shareholders and ensuring fair transactions[113]. Shareholder Information - The total number of shares outstanding is 952,364,646, with 98.49% being unrestricted shares[150]. - The company has repurchased a total of 9,904,936 shares, accounting for approximately 1.04% of the total share capital, with a total transaction amount of 62,685,447 RMB[150]. - The largest shareholder, Suzhou Warner Investment Co., Ltd., holds 275,059,519 shares, representing 28.88% of the total shares[155]. - The second-largest shareholder, Jiangsu Huachang Group Co., Ltd., holds 100,293,682 shares, representing 11.99% of the total shares[155]. - The total number of common shareholders at the end of the reporting period was 41,676[155].

Financial Performance - The company's operating revenue for Q1 2021 was ¥2,053,979,356.12, representing a 70.00% increase compared to ¥1,208,197,152.16 in the same period last year [8] - Net profit attributable to shareholders was ¥318,300,443.11, a significant increase of 2,811.43% from ¥10,932,801.08 in the previous year [8] - The net profit after deducting non-recurring gains and losses reached ¥299,154,228.33, up 32,111.30% from ¥928,724.44 year-on-year [8] - Basic earnings per share were ¥0.3342, reflecting a 2,806.09% increase from ¥0.0115 in the previous year [8] - Operating profit for the current period was ¥415,095,648.24, compared to only ¥9,705,379.52 in the previous period, indicating a substantial improvement [53] - The company reported a total profit of ¥417,816,444.32, a significant increase from ¥8,718,873.30 in the previous period [53] - The company achieved a gross profit margin of approximately 13.4%, up from a negative margin in the previous period [60] Cash Flow - The net cash flow from operating activities was ¥446,488,667.66, a remarkable increase of 758.71% compared to a negative cash flow of -¥67,782,143.67 in the same period last year [8] - The company generated a net cash flow from operating activities of 446.49 million yuan, reflecting a strong operational cash generation capability [20] - Cash flow from operating activities generated a net inflow of ¥446,488,667.66, compared to a net outflow of ¥67,782,143.67 in the previous period [63] - Net cash flow from operating activities reached $408.92 million, compared to a negative $105.19 million in the previous period [69] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥7,624,052,184.99, a 2.85% increase from ¥7,413,031,263.05 at the end of the previous year [8] - Current assets totaled ¥2,623,822,229.79, up from ¥2,463,904,549.34, indicating an increase of about 6.49% [40] - Total liabilities decreased slightly to ¥4,468,018,172.38 from ¥4,511,572,307.48, a reduction of approximately 0.97% [42] - The company's total current liabilities remained relatively stable at ¥4,261,634,252.99 compared to ¥4,260,662,183.24, showing a marginal increase of about 0.02% [42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,742, with the largest shareholder holding 30.46% of the shares [12] - The net assets attributable to shareholders increased by 9.01% to ¥3,091,821,185.71 from ¥2,836,206,190.15 at the end of the previous year [8] - The company's equity attributable to shareholders increased to ¥3,091,821,185.71 from ¥2,836,206,190.15, reflecting a growth of about 8.99% [42] Investments and Expenses - Long-term equity investments increased by 38.62% to 226.86 million yuan, driven by additional investments in aerogel material companies [17] - Research and development expenses for the current period were ¥6,958,725.27, slightly down from ¥7,233,695.34 in the previous period [53] - Research and development expenses increased to ¥2,016,129.55 from ¥1,717,391.92, reflecting a commitment to innovation [60] Other Financial Metrics - The weighted average return on net assets was 10.74%, up from 0.40% in the previous year, indicating improved profitability [8] - The company reported government subsidies recognized in the current period amounting to ¥10,563,045.97 [8] - The company reported a decrease in accounts payable to ¥510,228,174.68 from ¥515,265,694.07, a reduction of about 0.72% [42] Share Repurchase and Financing Activities - The company repurchased a total of 9,904,936 shares, accounting for 1.04% of the total share capital, with a total transaction amount of approximately 62.69 million yuan [22] - The company’s cash flow from financing activities was -233.69 million yuan, a decrease of 471.98% year-on-year, mainly due to loan repayments exceeding new borrowings [20] Compliance and Commitments - The company has made commitments to avoid competition and ensure fair transactions with its shareholders [24] - The company has maintained good performance in fulfilling its commitments [24] - There are no violations of external guarantees during the reporting period [31] - The company has no non-operating fund occupation by controlling shareholders or related parties [32] Future Outlook - The company has not forecasted significant changes in net profit for the first half of 2021 [30] - The company has not encountered any situations that may lead to impairment of entrusted financial management principal [30]