博深股份有限公司 2022 年第一季度报告全文 证券代码：002282 证券简称：博深股份 公告编号：2022-012 博深股份有限公司 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内容的真实、准确和完整，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 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 344,882,373.10 | 385,660,148.03 | -10.57% | | 归属于上市公司股东的净利润（元） | 20,364,241.49 | 58,083,367.81 ...

博深股份有限公司 2021 年第三季度报告 证券代码：002282 证券简称：博深股份 公告编号：2021-051 博深股份有限公司 2021 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 一、主要财务数据 博深股份有限公司 2021 年第三季度报告 | 加权平均净资产收益率 | 1.52% | -0.49% | 4.91% | 0.67% | | --- | --- | --- | --- | --- | | | 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） | 3,814,114,299.08 | 3,495,822,661.67 | | 9.10% | | 归属于上市公司股东的 ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 803,037,627.15, representing a 49.99% increase compared to CNY 535,389,338.21 in the same period last year[21]. - The net profit attributable to shareholders of the listed company reached CNY 105,243,328.41, a significant increase of 111.91% from CNY 49,663,969.71 year-on-year[21]. - The net profit after deducting non-recurring gains and losses was CNY 98,949,031.42, up 128.90% from CNY 43,228,580.21 in the previous year[21]. - The net cash flow from operating activities was CNY 36,377,586.01, an increase of 142.25% compared to CNY 15,016,425.00 in the same period last year[21]. - Basic earnings per share rose to CNY 0.20, an increase of 81.82% from CNY 0.11 in the previous year[21]. - Total assets at the end of the reporting period were CNY 3,764,147,627.68, reflecting a 7.68% increase from CNY 3,495,822,661.67 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased to CNY 3,258,495,778.46, a growth of 19.99% from CNY 2,715,642,024.27 at the end of the previous year[21]. - The weighted average return on net assets was 3.39%, up from 2.22% in the previous year, indicating improved profitability[21]. - The company reported a total comprehensive income of ¥172,919,225.89 for the first half of 2021, compared to ¥48,078,546.62 in the previous year, showing a substantial increase[186]. Revenue Breakdown - The abrasive tools segment generated operating revenue of CNY 473.34 million, up 57.47% year-on-year, with a net profit of CNY 48.20 million, increasing by 41.26%[42]. - The hardware tools segment reported operating revenue of CNY 272.40 million, a 19.30% increase, and a net profit of CNY 46.67 million, up 124.63%[43]. - The rail transit equipment segment saw a significant revenue increase of 787.02% to CNY 57.30 million, with a net profit of CNY 10.37 million, growing by 298.10%[45]. - The revenue from the coated abrasives industry surged to ¥472,683,369.88, making up 58.86% of total revenue, with a significant year-on-year increase of 57.35%[48]. - The revenue from diamond tools was ¥207,914,624.94, with a year-on-year increase of 21.59%[50]. Investment and R&D - The company’s R&D investment rose to CNY 29.41 million, a 73.08% increase compared to the previous year, reflecting a focus on innovation and product development[47]. - The company aims to increase R&D investment to maintain its technological leadership in the abrasive tools industry and accelerate the industrialization of high-speed railway brake pads[88]. - The total investment amount for the reporting period was 23,488,839.02 yuan, representing an increase of 84.66% compared to the previous year[66]. Market Position and Strategy - The company has expanded its business into three main areas: diamond tools, coated abrasives, and rail transit equipment components[29]. - The diamond tools segment is one of the largest in China, with a global sales network covering North America, Europe, Southeast Asia, the Middle East, and North Africa[30]. - The company is positioned to benefit from increasing industry concentration as regulatory frameworks improve, enhancing the competitive advantage of leading firms[32]. - The company’s products are closely linked to construction investment, real estate investment, and housing transaction trends in China[32]. - The company is focusing on expanding its market presence through strategies such as ODM sales in Europe and North America and regional agency sales in Southeast Asia and South America[89]. Subsidiaries and International Operations - The company completed the acquisition of Haiwei Locomotive in August 2020, enhancing its capabilities in the production and sales of rail transit brake discs[31]. - The company holds 145 valid national patents, including 32 invention patents, and has several key projects recognized at national and provincial levels, showcasing its commitment to innovation[38]. - The company has established a foreign exchange hedging management system to mitigate the adverse effects of exchange rate fluctuations on its operations[73]. - Approximately 30% of the company's sales revenue comes from overseas markets, with the U.S. being a significant market[84]. Financial Health and Liquidity - The company’s cash and cash equivalents increased to ¥361,189,033.88, up from ¥178,204,209.74, reflecting a significant improvement in liquidity[53]. - Accounts receivable rose to ¥428,358,257.95, representing 11.38% of total assets, compared to 9.02% the previous year[53]. - Inventory increased to ¥458,190,429.94, accounting for 12.17% of total assets, up from 11.30% last year[54]. - The company reported a significant reduction in short-term borrowings, decreasing to CNY 115,101,666.58 from CNY 242,249,624.29, a decline of approximately 52.4%[177]. Risks and Challenges - The company faces risks from raw material price fluctuations, with raw materials accounting for over 60% of total product costs, impacting profitability[86]. - The ongoing COVID-19 pandemic presents uncertainties for the company's operations, particularly for its six overseas subsidiaries[93]. - The company is exposed to foreign exchange risks, with approximately 30% of its revenue coming from international markets, primarily settled in USD and EUR[90]. Governance and Compliance - The company has not experienced any significant changes in accounting policies or principles regarding derivatives compared to the previous reporting period[73]. - The company has not conducted any major related party transactions during the reporting period[119]. - The company has established an emergency response plan for environmental incidents, which was completed and accepted by experts in October 2019[102]. Shareholder Information - The company’s stock increased from 490,825,151 shares to 543,944,364 shares due to the issuance of new shares for fundraising purposes[150]. - The largest shareholder, Chen Huairong, holds 9.43% of the shares, totaling 51,316,818 shares[161]. - The company’s actual controller and major shareholders have not changed during the reporting period[165].

Financial Performance - The company's operating revenue for 2020 was CNY 1,292,337,965.78, representing a 10.62% increase compared to CNY 1,168,217,076.64 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 132,969,017.40, an increase of 84.12% from CNY 72,219,763.79 in 2019[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 104,264,039.99, up 64.68% from CNY 63,313,013.32 in 2019[17]. - The net cash flow from operating activities for 2020 was CNY 209,575,775.14, a 31.60% increase from CNY 159,253,172.76 in 2019[17]. - Basic earnings per share for 2020 were CNY 0.29, an increase of 81.25% compared to CNY 0.16 in 2019[17]. - The weighted average return on net assets for 2020 was 5.58%, up from 3.32% in 2019[17]. - The company’s operating profit was CNY 161.67 million, up 77.32% compared to the previous year[45]. - The company reported a total revenue of ¥1.29 billion, with domestic sales accounting for ¥893.57 million and international sales at ¥398.76 million[57]. - The company reported a total distributable profit of 367,340,354.39 CNY for the 2020 fiscal year[138]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.8 per 10 shares, totaling CNY 43,515,549.12 based on 543,944,364 shares[5]. - The cash dividend for 2020 represents 32.73% of the net profit attributable to the company's shareholders[137]. - The cash dividends for the past three years were 13,132,155.33 CNY in 2018, 26,264,310.66 CNY in 2019, and 43,515,549.12 CNY in 2020[137]. - The company has maintained a cash dividend payout ratio of at least 80% during its mature development stage[138]. Acquisitions and Business Expansion - In August 2020, the company acquired 100% equity of Wenzhou Haiwei Locomotive Parts Co., Ltd., expanding into the high-speed train brake disc business[15]. - The company completed the acquisition of Haiwei Locomotive, enhancing its capabilities in the production and sales of train brake components[26]. - The acquisition of Haiwei Locomotive resulted in an increase of fixed assets by CNY 124.88 million and intangible assets by CNY 36.84 million[35]. - The company has expanded its business into the coated abrasive sector through the acquisition of Jinniu Grinding, positioning itself as a major player in the abrasive tools industry[27]. - The company completed the acquisition of 86.53% of Weishanghai Weijichu Co., which became a wholly-owned subsidiary, impacting financial results from September 2020[62]. Research and Development - The company emphasizes ongoing research and development of new products and technologies to enhance its competitive position in the market[15]. - The company has a total of 145 valid national patents, including 32 invention patents, enhancing its technological advantage[39]. - The company invested CNY 48,356,879.07 in R&D in 2020, representing a 24.71% increase from CNY 38,774,415.94 in 2019, with R&D expenditure accounting for 3.74% of total revenue[72]. - R&D expenses increased by 24.59% to ¥48.36 million, reflecting the company's commitment to innovation[67]. Market Performance and Sales - The company reported a significant increase in user data and market expansion efforts, particularly in the diamond tool product segment[15]. - The diamond tool segment achieved operating revenue of ¥479,865,100, with a year-on-year growth of 8.45%, and net profit attributable to shareholders increased by 346.70% to ¥5,024.18 million[48]. - The coated abrasive segment generated operating revenue of CNY 743.73 million, a year-on-year increase of 4.37%[46]. - The company’s revenue from diamond tools and coated abrasives improved significantly in the second half of 2020, following the initial impact of the COVID-19 pandemic[33]. Financial Management and Risks - The company faced a rise in raw material procurement costs due to increased overall orders in the domestic manufacturing sector and international commodity market fluctuations[47]. - The company’s effective tax rate increased from 15% to 25% due to the failure to pass the high-tech enterprise re-evaluation, impacting overall profitability[47]. - The company’s cash flow from financing activities decreased by 62.01% to CNY 187,324,192.34, influenced by the payment of underwriting fees for stock issuance[74]. - The company faces risks from raw material price fluctuations, which account for over 60% of total product costs, potentially impacting profitability[125]. Compliance and Governance - The company has not reported any significant accounting errors that require retrospective restatement during the reporting period[164]. - The company has established a fundraising management system to ensure the proper and legal use of raised funds, in compliance with relevant laws and regulations[151]. - The company emphasizes the importance of governance to protect the rights of minority shareholders and ensure efficient decision-making processes[151]. - The company will ensure compliance with relevant laws and regulations regarding related party transactions[142]. Future Outlook - The company plans to achieve operating revenue of 1.68 billion yuan and a net profit of 222.56 million yuan in 2021, representing growth of 29.85% and 67.37% respectively compared to 2020[114]. - The company anticipates a revenue growth of 12% for the upcoming fiscal year, driven by new product launches and market expansion strategies[100]. - The company aims to enhance its competitive advantage by increasing R&D investment and expanding its market presence globally[38]. - The company plans to strengthen internal management and operational efficiency, with a target of over 15% revenue growth and over 20% net profit growth for the grinding materials segment in 2021[115].

Financial Performance - The company's operating revenue for Q1 2021 was ¥385,660,148.03, representing a 72.65% increase compared to ¥223,374,757.15 in the same period last year[9] - Net profit attributable to shareholders for Q1 2021 was ¥58,083,367.81, a significant increase of 133.26% from ¥24,901,159.38 in the previous year[9] - The net profit after deducting non-recurring gains and losses was ¥55,284,185.12, up 144.97% from ¥22,567,926.76 year-on-year[9] - The net cash flow from operating activities reached ¥28,000,118.02, a remarkable turnaround from a negative cash flow of -¥15,623,194.51 in the same period last year, marking a 279.22% improvement[9] - Basic earnings per share increased to ¥0.11, an 83.33% rise from ¥0.06 in the previous year[9] - Operating revenue reached ¥385,660,148.03, reflecting a 72.65% year-over-year growth driven by the increase in sales of coated abrasives and the consolidation of Haiwei Locomotive[16] - Net profit for the period was ¥58,639,439.12, marking a 136.96% increase compared to the same period last year[16] - The total profit for the period was ¥73,263,050.68, reflecting a 134.00% increase year-over-year, influenced by the growth in coated abrasives profit and the consolidation of Haiwei Locomotive[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,917,033,269.30, reflecting a 12.05% increase from ¥3,495,822,661.67 at the end of the previous year[9] - Net assets attributable to shareholders rose to ¥3,273,968,795.10, a 20.56% increase from ¥2,715,642,024.27 at the end of the previous year[9] - The company's total assets increased significantly, with cash and cash equivalents up by 194.28% primarily from fundraising activities[16] - The total assets increased to CNY 3,258,881,034.68 from CNY 2,870,507,719.99, reflecting a growth of about 13.5%[42] - The total liabilities decreased to CNY 357,436,833.25 from CNY 475,737,149.97, showing a reduction of approximately 25%[42] - The company's equity totaled 2,743,479,426.50 CNY, with a slight adjustment of -57,352.63 CNY in retained earnings[62] Cash Flow - The company's cash and cash equivalents increased to ¥518,573,820.25, a 270.65% rise due to funds raised from issuing shares[17] - Cash flow from operating activities generated a net amount of ¥28,000,118.02, a recovery from a negative cash flow of -¥15,623,194.51 in the previous period[54] - The net cash flow from investment activities was -5,010,715.97 CNY, compared to a positive cash flow of 5,502,118.16 CNY in the previous year[58] - The net cash flow from financing activities was 293,261,971.83 CNY, a significant increase from -41,398,955.53 CNY in the same period last year[58] Shareholder Information - The total number of shareholders at the end of the reporting period was 14,996, with the top ten shareholders holding significant stakes[12] - The company did not engage in any repurchase transactions during the reporting period[13] Research and Development - Research and development expenses rose to ¥14,575,608.10, a 56.44% increase due to higher investment in R&D and changes in the scope of consolidation[16] - Research and development expenses for the quarter were CNY 14,575,608.10, compared to CNY 9,317,179.04 in the previous year, indicating an increase of approximately 56.5%[45] Future Projections - The company expects a significant increase in net profit attributable to shareholders, projecting RMB 9,436.15 million for the first half of 2021, representing a growth of 90.00% compared to the previous year[26] - The basic earnings per share are anticipated to rise to between RMB 0.18 and RMB 0.11, reflecting an increase of 60.32% to 127.82% year-on-year[26] - The company plans to continue strong sales in coated abrasives and diamond tools, contributing to improved profitability in the second quarter[26] Governance and Risk Management - The company plans to improve its governance and management structures in response to operational challenges posed by the COVID-19 pandemic[31] - The company has established strict risk control measures for foreign exchange hedging to mitigate exchange rate fluctuations[22] - The company has no significant risks related to the entrusted wealth management, with no overdue amounts reported[29] - There are no violations regarding external guarantees during the reporting period[30] - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[30] Compliance and Standards - The implementation of the new leasing standards resulted in the recognition of right-of-use assets and lease liabilities, impacting the financial statements[63] - The company adjusted its financial statements to comply with the new leasing standards, affecting both current and non-current asset and liability classifications[62] - The company recognized a right-of-use asset of CNY 6,148,529.67 and a lease liability of CNY 6,107,747.99 as of March 31, 2021, reflecting the impact of the new leasing standard[68] Challenges - The company is currently facing challenges in the industrialization of its high-speed train brake pad project, which has not yet been fully realized[31] - The introduction of Shandong Iron Investment is aimed at enhancing the company's strategic development and potential future shareholding increases[31] - The company is actively pursuing mergers and acquisitions to bolster its rail transit business development[31]

Financial Performance - Net profit attributable to shareholders increased by 117.27% to CNY 45,635,916.81 for the reporting period[8] - The company’s net profit for the year-to-date reached CNY 95,299,886.52, a 47.03% increase compared to the same period last year[8] - The company reported a total profit of CNY 11,069,020.00 for the third quarter, a 31.54% increase year-on-year[16] - Net profit for the period increased by 47% to CNY 95.58 million, driven by improved management and changes in consolidation scope[20] - The company reported a net profit increase, with undistributed profits reaching CNY 334,274,913.76 compared to CNY 265,239,337.90 in the previous year[39] - The net profit attributable to the parent company for the third quarter was CNY 95,299,886.52, compared to CNY 64,814,533.04 in the previous year, reflecting a year-over-year increase of about 47.0%[55] - The company's total profit for the third quarter was CNY 110,690,156.66, up from CNY 84,148,507.56 in the same quarter last year, indicating a growth of approximately 31.5%[54] Revenue and Income - Operating income for the third quarter reached CNY 358,844,226.34, a year-on-year increase of 21.70%[8] - Total operating revenue for Q3 2020 was CNY 358,844,226.34, an increase from CNY 294,868,233.95 in the previous period[44] - The total operating revenue for the third quarter was CNY 72,763,819.13, compared to CNY 61,877,516.30 in the previous period, indicating a growth of approximately 17.5%[49] - The company's operating revenue for the third quarter of 2020 was CNY 202,045,444.35, an increase from CNY 197,288,346.12 in the same period last year, representing a growth of approximately 3.9%[57] Assets and Liabilities - Total assets increased by 23.96% to CNY 3,396,670,834.70 compared to the end of the previous year[8] - The balance of accounts receivable increased by 42% to CNY 418.03 million due to changes in credit policy and consolidation scope[18] - The total liabilities stood at CNY 1,167,072,480.76, compared to CNY 1,007,538,926.65 at the end of 2019, indicating an increase of approximately 16%[36] - Total liabilities increased to CNY 681,961,894.22 from CNY 499,603,634.64 year-over-year[39] - The total current liabilities amounted to CNY 638,120,989.80, an increase from CNY 483,318,523.27 year-over-year[39] Cash Flow - The company achieved a net cash flow from operating activities of CNY 70,630,697.63, up 298.49% compared to the same period last year[8] - The net cash flow from operating activities was CNY 85.65 million, a slight decrease of 1% compared to the previous period[20] - Operating cash inflow for Q3 2020 was CNY 744,349,872.66, an increase from CNY 733,123,456.11 in Q3 2019, representing a growth of approximately 1.6%[62] - Cash inflow from investment activities totaled CNY 563,099,010.59, significantly higher than CNY 42,104,927.87 in Q3 2019[63] - The total cash and cash equivalents at the end of Q3 2020 stood at CNY 172,810,935.29, up from CNY 133,669,203.24 in Q3 2019[63] Earnings Per Share - Basic earnings per share doubled to CNY 0.10, reflecting a 100% increase[8] - The basic and diluted earnings per share for the third quarter were both CNY 0.10, up from CNY 0.05 in the previous year, showing a 100% increase[47] - The basic and diluted earnings per share for the third quarter were both CNY 0.21, up from CNY 0.15 in the previous year, representing a growth of 40.0%[55] Research and Development - Research and development expenses increased to CNY 15,650,665.87 from CNY 8,514,255.39 year-over-year[45] - Research and development expenses for the third quarter amounted to CNY 14,464,911.82, compared to CNY 10,165,167.36 in the same period last year, marking an increase of approximately 42.5%[57] Goodwill and Impairment - The company recognized an asset impairment provision of CNY 21.14 million in Q3 2020, which will reduce the net profit attributable to shareholders by CNY 20.08 million[17] - The company's goodwill increased by 55% to CNY 1.25 billion, influenced by changes in consolidation scope[18] - The company's goodwill increased to CNY 1,246,149,696.14 from CNY 805,656,248.47, representing a growth of approximately 55%[37] Compliance and Regulations - The company has established a management system for foreign exchange hedging, ensuring compliance with relevant laws and regulations[24] - The company reported no violations regarding external guarantees during the reporting period[28] - The company’s financial report reflects compliance with the new accounting standards as mandated by the Ministry of Finance[75] Strategic Initiatives - The company has implemented measures to streamline branches, optimize product and customer structure, and integrate production resources, leading to improved operational efficiency[25] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[32] - The company started consolidating the financial statements of Haiwei Locomotive from September, which is expected to significantly boost annual performance[25]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 535,389,338.21, a decrease of 0.97% compared to the same period last year[16]. - The net profit attributable to shareholders of the listed company increased by 13.36% to CNY 49,663,969.71 compared to the previous year[16]. - The net profit after deducting non-recurring gains and losses was CNY 43,228,580.21, reflecting a growth of 12.45% year-on-year[16]. - The basic earnings per share rose by 10.00% to CNY 0.11 per share[16]. - The diluted earnings per share also increased by 10.00% to CNY 0.11 per share[16]. - The weighted average return on net assets improved to 2.22%, up from 2.03% in the previous year[16]. - The company's diamond tool segment generated operating revenue of CNY 300.59 million, down 8.55% year-on-year, while the operating profit decreased by 35.76% to CNY 39.14 million[38]. - The hardware tools segment saw operating revenue of CNY 228.34 million, an increase of 7.73% year-on-year, with operating profit soaring by 1,324.35% to CNY 22.76 million[38]. - The net profit for the first half of 2020 was CNY 49,712,084.86, an increase of 12.93% compared to CNY 44,086,755.90 in the same period of 2019[170]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 78.20% to CNY 15,016,425.00 compared to the same period last year[16]. - Cash flow from investing activities saw a substantial increase of 392.74%, reaching CNY 57,260,198.91, compared to -CNY 19,560,366.44 in the previous year[43]. - The net cash flow from operating activities decreased to ¥5,894,386.76 from ¥40,124,399.62, representing a decline of approximately 85.3%[182]. - Cash inflow from investment activities increased significantly to ¥171,624,744.38 compared to ¥22,648,832.95, marking a growth of approximately 658.5%[182]. - The company reported a significant increase in cash received from investment recoveries, rising to ¥129,500,000.00 from ¥19,223,982.00, an increase of about 573.5%[182]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,690,988,462.80, down 1.80% from the end of the previous year[16]. - The total liabilities decreased to CNY 226,701,055.10 from CNY 295,393,311.08, reflecting a reduction of 23.27%[171]. - The company's equity attributable to shareholders increased to CNY 2,235,571,444.60 from CNY 2,213,805,323.79, reflecting a growth of approximately 1.0%[163]. - Current assets totaled ¥968,319,300.39, down from ¥1,007,538,926.65, indicating a decrease of about 3.9%[161]. - The company's total liabilities decreased to CNY 631.64 million at the end of the reporting period[194]. Subsidiaries and Market Presence - The company has a global sales network with subsidiaries in the USA, Thailand, Canada, and multiple locations in China, making it one of the few diamond tool enterprises with a worldwide presence[26]. - The company's overseas assets include a subsidiary in the USA with a net asset scale of RMB 75.27 million and a net profit of -RMB 0.92 million[29]. - The company’s subsidiary in Thailand has a net asset scale of RMB 207.38 million, contributing a net profit of RMB 84.74 million[29]. - The subsidiary Korea BST Co., Ltd. was deregistered on June 5, 2020[197]. - The company’s subsidiary, Changzhou Jinniu Grinding Co., Ltd., is involved in the processing of abrasives and related products[195]. Research and Development - The company holds 126 valid national patents, including 31 invention patents, and has several key projects recognized at national and provincial levels[32]. - The company plans to enhance R&D investment to maintain its technological leadership in the abrasive tools industry, focusing on high-end manufacturing and product certification[80]. - Research and development expenses were CNY 16,994,214.76, a slight decrease from CNY 17,565,214.10 in the previous year[168]. Risks and Challenges - The company faces risks from raw material price fluctuations, which account for over 60% of total production costs, potentially impacting profit margins[79]. - The integration of the newly acquired companies, including Jin Niu Grinding and Haiwei Locomotive, poses management and operational challenges that could affect overall performance[78]. - The market expansion risk is heightened due to economic slowdowns and intense competition in the hardware tools industry, necessitating effective sales strategies[82]. - Approximately 34% of the company's sales revenue comes from overseas markets, with significant exposure to U.S. anti-dumping duties affecting diamond saw blade exports[77]. Shareholder and Governance - The company has not engaged in any significant related party transactions during the reporting period[109]. - The company did not experience any changes in its controlling shareholder during the reporting period[144]. - The company’s major shareholder, Chen Huairong, is involved in a civil lawsuit due to providing a guarantee for a loan of 400 million RMB, with a court ruling freezing assets worth 584 million RMB[104]. - The company has fulfilled all commitments made to minority shareholders on time[98]. Future Plans - The company plans to enhance support for Jinniu Grinding and Haiwei Locomotive in terms of funding and talent to maintain good operational status and avoid goodwill impairment[85]. - The company aims to implement a multi-currency settlement strategy to mitigate the impact of exchange rate fluctuations on operations[84]. - The company plans to acquire an 86.53% stake in Wenshang Haiwei Locomotive Parts Co., Ltd. through a share issuance and cash payment, which has been approved by the China Securities Regulatory Commission[114].

Financial Performance - The company's operating revenue for Q1 2020 was ¥223,374,757.15, a decrease of 7.77% compared to ¥242,182,426.08 in the same period last year[9] - Net profit attributable to shareholders increased by 41.84% to ¥24,901,159.38 from ¥17,556,353.00 year-on-year[9] - The net profit after deducting non-recurring gains and losses rose by 81.17% to ¥22,567,926.76 compared to ¥12,456,527.79 in the previous year[9] - Basic and diluted earnings per share increased by 50.00% to ¥0.06 from ¥0.04 year-on-year[9] - Net profit for the quarter increased by 40.96% to ¥24,747,014.57 compared to ¥17,556,353.00 in the same period last year[16] - Operating profit rose by 55.08% to ¥31,772,368.96 from ¥20,488,262.97 year-on-year[16] - The total comprehensive income for Q1 2020 was ¥11.78 million, down from ¥14.81 million in the previous year, indicating a decrease of 20.4%[39] - The company's operating profit for Q1 2020 was approximately ¥31.77 million, an increase from ¥20.49 million in the same period last year, representing a growth of 55.7%[38] - Net profit for Q1 2020 reached ¥24.75 million, compared to ¥17.56 million in Q1 2019, marking a year-over-year increase of 41.1%[38] Cash Flow - The net cash flow from operating activities was negative at -¥15,623,194.51, a decline of 150.93% from ¥30,678,144.63 in the same period last year[9] - Cash inflow from operating activities for Q1 2020 was ¥177.41 million, compared to ¥214.26 million in the same period last year, a decrease of 17.2%[45] - The net cash flow from investment activities was 46,188,884.08 yuan, a recovery from -8,580,266.13 yuan in the previous period, reflecting improved investment performance[46] - Cash inflow from investment activities totaled 174,788,575.16 yuan, compared to 19,534,228.26 yuan in the previous period, showing a substantial increase in investment returns[46] - The net cash flow from financing activities was -42,336,924.21 yuan, compared to -7,802,177.85 yuan in the previous period, highlighting increased financial strain[47] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,713,431,395.76, a decrease of 0.98% from ¥2,740,242,046.23 at the end of the previous year[9] - The company's total assets decreased to ¥2,713,431,395.76 from ¥2,740,242,046.23, reflecting a decline of 0.97%[29] - Total liabilities decreased to CNY 245,108,678.59 from CNY 295,393,311.08, indicating a reduction of approximately 17%[34] - Total liabilities amounted to CNY 499,603,634.64, with non-current liabilities totaling CNY 16,285,111.37[54] - The total equity attributable to shareholders reached CNY 2,213,805,323.79, while total equity was CNY 2,240,638,411.59[54] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,325[12] - The top ten shareholders held a combined 54.14% of the company's shares, with the largest shareholder holding 11.72%[12] Government Subsidies - The company received government subsidies amounting to ¥3,108,602.11 during the reporting period[10] - The company received government subsidies amounting to ¥627.26 million, with ¥164.84 million recognized as income in the current quarter[16] - The company reported an increase in deferred income by 41.79% to ¥10,939,237.40 due to higher government grants[16] Operational Challenges - The company's total revenue decreased by 7.77% year-on-year due to delays in operations caused by the COVID-19 pandemic[16] - Cash outflow for purchasing goods and services was 31,272,762.37 yuan, an increase from 21,222,657.82 yuan in the previous period, reflecting higher operational costs[49] Research and Development - Research and development expenses increased to ¥2.70 million in Q1 2020 from ¥2.22 million in Q1 2019, showing a growth of 21.8%[41]

Financial Performance - The company's operating revenue for 2019 was ¥1,168,217,076.64, representing a 10.83% increase compared to ¥1,054,038,647.69 in 2018[18] - The net profit attributable to shareholders for 2019 was ¥72,219,763.79, a decrease of 16.19% from ¥86,172,167.50 in 2018[18] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥63,313,013.32, down 19.74% from ¥78,882,109.99 in 2018[18] - Basic earnings per share for 2019 were ¥0.16, a decrease of 20.00% compared to ¥0.20 in 2018[18] - The diluted earnings per share for 2019 was CNY 0.16, a decrease of 20.00% compared to CNY 0.20 in 2018[19] - The weighted average return on equity was 3.32%, down from 4.16% in the previous year, reflecting a decline of 0.84%[19] - The company's net profit attributable to shareholders was CNY 7,221.98 million, a decrease of 16.19% compared to the previous year[42] - The grinding tools segment saw a revenue increase of 22.15%, reaching CNY 71,261.74 million, with a net profit growth of 29.49%[43] - The hardware tools segment reported a revenue decline of 5.17%, totaling CNY 44,249.31 million[43] - The company aims to achieve a total revenue of 1,107.92 million yuan in 2020, representing a decrease of 5.16% compared to 2019[108] - The net profit attributable to shareholders is projected to be 65.29 million yuan in 2020, a decline of 9.59% from the previous year[108] Cash Flow and Investments - The net cash flow from operating activities increased by 126.51% to ¥159,253,172.76 from ¥70,307,141.77 in 2018[18] - Operating cash inflow increased by 7.31% to ¥1,051,664,021.07 in 2019, while cash outflow decreased by 1.90% to ¥892,410,848.31, resulting in a net cash flow from operating activities of ¥159,253,172.76, a 126.51% increase[65] - The net increase in cash and cash equivalents was ¥30,043,954.51, a 173.84% increase compared to the previous year, driven by improved cash flow from operating activities[65] - The company’s investment activities saw a substantial decrease in cash inflow by 82.39% to ¥64,309,854.65, while cash outflow decreased by 76.90% to ¥194,893,224.92, resulting in a net cash flow from investing activities of -¥130,583,370.27[65] - The company reported a total investment of RMB 29,000 million for the annual production of 30 million square meters of coated abrasives project, with a revised total investment of RMB 22,000 million[91] - The company has invested RMB 2,850 million from the raised funds for the coated abrasives project, with the remaining funding sourced from bank loans[91] Business Operations and Strategy - The company continues to focus on the production and sales of synthetic diamonds and related products, as well as electric tools and accessories[16] - The company has expanded its business scope to include rail transit equipment and related technical services[16] - The company operates in the diamond tool and abrasive materials industry, with a significant market presence in both domestic and international markets[28] - The company has established a global marketing network, covering markets in the Americas, Europe, Southeast Asia, the Middle East, and North Africa[38] - The company plans to enhance the diamond tool business by integrating resources and focusing on customer needs, despite challenges posed by the COVID-19 pandemic[109] - The company will continue to develop the rail transit equipment sector, with specific goals for product certification and market expansion in 2020[111] - The company is focusing on three main business segments: hard materials, friction materials, and grinding materials, to drive future growth[108] Research and Development - Research and development expenses increased by 16.01% to 38,814,038.58 CNY, reflecting the company's commitment to innovation[60] - The company holds 124 valid national patents, including 28 invention patents, and is recognized as a high-tech enterprise[61] - The company has significantly increased its investment in the research and development of diamond tools and abrasive products, as well as high-speed train brake pads, achieving notable breakthroughs in key technology projects[62] - The number of R&D personnel decreased by 19.77% from 172 in 2018 to 138 in 2019, while R&D investment increased by 15.89% from ¥33,458,530.34 in 2018 to ¥38,774,415.94 in 2019, representing 3.32% of operating revenue[63] Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥0.6 per 10 shares, totaling approximately ¥26,263,031.06 based on 437,738,511 shares[6] - The cash dividend amount for 2019 was CNY 26,264,310.66, representing 36.37% of the net profit attributable to ordinary shareholders[130] - The total cash dividend (including other methods) for 2019 was CNY 26,264,310.66, which accounted for 100% of the total profit distribution[131] - The company reported a net profit available for distribution of CNY 265,239,337.90 for 2019[131] - The cumulative net profit achieved from 2017 to 2019 was CNY 29,513.87 million, exceeding the performance commitment of CNY 29,100 million[133] Market and Competitive Environment - The company faces risks related to raw material price fluctuations, which account for over 60% of total product costs[117] - The overall performance of the abrasive tools industry was challenging in 2019, but Jin Niu Grinding managed to achieve revenue growth through effective strategies[103] - The company recognizes the challenges in market expansion due to economic slowdowns and competitive pressures in the hardware tools industry[119] Regulatory and Compliance - The company is currently undergoing a review by the China Securities Regulatory Commission for the aforementioned acquisition transaction[163] - The company has not faced any major litigation or arbitration matters during the reporting period[155] - The company is subject to regulatory adjustments based on the latest opinions from securities regulatory agencies regarding share lock-up periods[136] Acquisitions and Investments - The company completed the acquisition of Changzhou Jinniu Grinding Co., Ltd. for a transaction price of 1.2 billion CNY, resulting in goodwill of 799 million CNY, with a goodwill balance of 810 million CNY at the end of the reporting period[121] - The company plans to acquire an 86.53% stake in Wenshang Haiwei Locomotive Parts Co., Ltd. through a combination of issuing shares and cash payment, which constitutes a related party transaction[163] - The company made a significant equity investment of CNY 28,977,272.50 in Jiangsu Qihang Grinding Technology Co., holding a 51% stake[79] Human Resources and Management - The company is addressing human resource risks by improving recruitment, training, and incentive systems to enhance overall employee quality and stability[122] - The company aims to enhance financial management capabilities by transforming the finance team and localizing financial personnel across subsidiaries[113] - The company is implementing a balanced scorecard approach to enhance performance management and align strategic goals across subsidiaries[112]

Financial Performance - Operating revenue for the period was CNY 294,868,233.95, representing a year-on-year increase of 10.49%[7] - Net profit attributable to shareholders decreased by 17.26% to CNY 21,004,578.33 compared to the same period last year[7] - Basic earnings per share were CNY 0.05, down 16.67% from the previous year[7] - The weighted average return on equity was 0.97%, a decrease of 0.23% compared to the previous year[7] - The total operating revenue for the third quarter of 2019 was CNY 294,868,233.95, an increase of 10.5% compared to CNY 266,867,398.24 in the same period last year[37] - The total operating costs amounted to CNY 266,638,985.56, up 11.0% from CNY 240,117,377.27 year-over-year[37] - The net profit for the period was CNY -14,399,043.13, a decrease from a profit of CNY 22,376,248.11 in the previous year[35] - The net profit for Q3 2019 was CNY 21,147,345.44, down 16.5% from CNY 25,385,992.34 in Q3 2018[38] - The total profit for Q3 2019 was CNY 28,205,226.89, a decline of 8.5% compared to CNY 30,854,615.91 in the previous year[38] - The company's operating profit for Q3 2019 was CNY 28,628,603.76, down from CNY 30,863,774.84 in Q3 2018[38] - The total comprehensive income for Q3 2019 was CNY 33,363,243.64, a decrease of 24.0% from CNY 43,927,664.55 in Q3 2018[39] Assets and Liabilities - Total assets increased by 4.15% to CNY 2,753,362,521.48 compared to the end of the previous year[7] - The company's total assets increased to ¥2,753,362,521.48 from ¥2,643,568,702.87, reflecting a growth in both current and non-current assets[28] - The total liabilities increased to CNY 518,528,560.86 from CNY 511,570,228.78 year-over-year[30] - Current liabilities totaled CNY 495,232,780.40, including short-term loans of CNY 260,000,000.00 and accounts payable of CNY 111,907,144.67[63] - Total liabilities reached CNY 511,570,228.78, with non-current liabilities at CNY 16,337,448.38[64] - The total liabilities to equity ratio stands at approximately 24% based on total liabilities and shareholders' equity figures[64] Cash Flow - The net cash flow from operating activities was CNY 17,724,528.41, showing a significant decline of 1,537.97%[7] - Cash flow from operating activities surged by 293.32% to ¥86,618,937.68 from ¥22,022,351.91, driven by the recovery of customs deposits and reduced procurement and expense payments[15] - The net cash flow from operating activities for Q3 2019 was ¥86,618,937.68, a significant increase compared to ¥22,022,351.91 in Q3 2018, reflecting improved operational efficiency[54] - The net cash flow from financing activities was -¥36,729,209.76, contrasting with a positive cash flow of ¥374,783,434.32 in Q3 2018, highlighting increased financial pressure[55] - The cash outflow for debt repayment was ¥313,438,869.22, compared to ¥175,298,230.72 in the previous year, indicating increased debt obligations[55] Shareholder Information - The total number of shareholders at the end of the reporting period was 24,907[11] - The largest shareholder, Chen Huairong, holds 11.72% of the shares, with 51,316,818 shares, of which 38,487,613 are pledged[11] - The company did not engage in any repurchase transactions during the reporting period[12] Research and Development - Research and development expenses for the quarter were CNY 8,514,255.39, compared to CNY 7,946,019.29 in the previous year, reflecting a focus on innovation[37] - The company reported a significant increase in research and development expenses, totaling CNY 3,363,820.77, up from CNY 2,270,805.83 in Q3 2018[41] - Research and development expenses increased to ¥26,079,469.49, representing a rise of 6.1% from ¥24,581,577.81 in the same quarter last year[44] Other Financial Metrics - Non-recurring gains and losses totaled CNY 6,786,962.13, primarily from asset disposal gains and government subsidies[8] - The company's investment income increased by 44.94% to ¥5,642,770.42 from ¥3,893,283.25, attributed to higher returns from investments in Wenshang Shanghai Wei locomotive[15] - The company's tax expenses rose by 31.96% to ¥18,914,406.22 from ¥14,333,932.87, influenced by increased profits from subsidiaries[15] - Financial expenses increased by 404.07% to ¥9,868,999.26 from ¥1,957,865.06, primarily due to higher interest expenses and exchange rate fluctuations[15] - The company experienced a credit impairment loss of CNY -1,873,121.23 during the quarter[38] - The investment income from joint ventures and associates was CNY 1,350,764.86, down from CNY 3,004,966.75 in the previous year[41] Audit and Compliance - The third quarter report was not audited[69] - The company is under the new financial instruments and leasing standards effective from 2019, but no retrospective adjustments were made to prior comparative data[69] - The chairman of the company is Chen Huairong, who presented the report on October 25, 2019[70]