珠海市乐通化工股份有限公司 2015 年第一季度报告正文 证券代码：002319 证券简称：乐通股份 公告编号：2015-028 1 珠海市乐通化工股份有限公司 2015 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 珠海市乐通化工股份有限公司 2015 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人张彬贤、主管会计工作负责人黄秋英及会计机构负责人(会计主 管人员)任秀莉声明：保证季度报告中财务报表的真实、准确、完整。 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 89,535,738.08 | 117,931,235.87 | -24.08% | | 归属于上市公司股东的净利润 ...

Financial Performance - The company's operating revenue for 2014 was CNY 597,579,907.49, representing a 5.91% increase compared to CNY 564,232,216.75 in 2013[21]. - The net profit attributable to shareholders decreased by 73.84% to CNY 5,464,589.23 from CNY 20,888,527.76 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 75.71% to CNY 5,111,329.36[21]. - Basic earnings per share decreased by 70.00% to CNY 0.03 from CNY 0.1 in 2013[21]. - The net profit attributable to shareholders decreased by 73.84% to CNY 5,464,589.23, primarily due to a 4.27% decline in gross margin[31]. - The company reported a net profit of CNY 281.80 million from its subsidiary Shanghai Letong Packaging Materials Co., with a profit margin of approximately 9.2%[66]. - The net profit for the current period was CNY 8,909,346.31, a decrease of 64.4% from CNY 25,037,198.25 in the previous period[183]. - The net profit attributable to the parent company was CNY 5,464,589.23, down 73.8% from CNY 20,888,527.76[183]. Cash Flow and Assets - The net cash flow from operating activities significantly increased by 495.01% to CNY 29,047,262.54 compared to CNY 4,881,811.94 in 2013[21]. - Net cash flow from operating activities surged by 495.01% to CNY 29,047,262.54, driven by improved collection of receivables[35]. - The net cash flow from operating activities was 4,032,155.00 RMB, a significant improvement compared to a net outflow of 4,251,082.01 RMB in the previous period[191]. - The company's cash and cash equivalents were CNY 26,557,989.33, compared to CNY 107,607,130.29 at the beginning of the year, a decline of about 75.4%[174]. - The company experienced a net decrease in cash and cash equivalents of 78,185,692.45 RMB during the period, compared to an increase of 50,745,497.81 RMB in the previous year[189]. - The total assets at the end of 2014 were CNY 954,589,771.87, down 8.19% from CNY 1,039,726,728.37 at the end of 2013[21]. - Total assets decreased to CNY 681,141,482.93 from CNY 786,751,706.41, indicating a reduction of 13.4%[181]. - The company's total liabilities decreased from CNY 451,091,724.79 to CNY 363,626,880.12, representing a reduction of about 19.4%[177]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.10 per 10 shares to all shareholders[5]. - The cash dividend payout ratio for 2014 is 36.60% of the net profit attributable to shareholders[77]. - The company has maintained a consistent cash dividend policy over the past three years, with dividends of RMB 10,000,000 in 2012, RMB 6,000,000 in 2013, and RMB 2,000,000 in 2014[77]. - The company plans to distribute profits at least once a year from 2014 to 2016, with cash distributions not less than 10% of the distributable profits for the year when conditions are met[108]. - The company commits to cumulative cash distributions over any three consecutive fiscal years not less than 30% of the average annual distributable profits during that period[108]. Risks and Challenges - The company faces risks from concentrated product lines, increased market competition, and safety production issues[12][13]. - The company did not meet its revenue target of CNY 684 million for the year due to a decline in market demand, particularly in high-end packaging inks[36]. - The company emphasizes that its future development plans are subject to various uncertainties, including macroeconomic conditions and market situations[70]. Research and Development - R&D expenditure decreased by 31.90% to CNY 18,990,528.52, attributed to fewer new project initiations compared to the previous year[35]. - The total R&D expenditure for 2014 was ¥18,990,500, accounting for 3.45% of the company's audited net assets and 3.18% of total revenue[45]. - The company aims to enhance R&D efforts to develop high-end products and improve production efficiency through technological upgrades[70]. - The company is focusing on research and development of new products to drive future growth and market expansion[198]. Operational Efficiency - The company implemented ERP systems to improve internal management and operational efficiency, with the first phase going live by the end of 2014[33]. - The company has established a comprehensive training development system, resulting in significant training effectiveness in 2014[136]. - The company has established a fair and effective performance evaluation and incentive mechanism for senior management, aiming to attract and retain talent[143]. Governance and Compliance - The company strictly adheres to governance regulations, ensuring compliance with the requirements of the China Securities Regulatory Commission[140]. - The company has independent directors with significant experience in finance and management, enhancing corporate governance[130]. - The audit report issued by Da Hua Accounting Firm provided a standard unqualified opinion on the financial statements[169]. - The company has established a complete internal control system to ensure effective risk management and compliance with regulations[161]. Shareholder Structure - The company has a total of 20,189 shareholders at the end of the reporting period[117]. - The controlling shareholder, Xinjiang Zhiming Equity Investment Co., Ltd., holds 26,000,000 shares, accounting for 23.33% of the total shares[120]. - The top ten unrestricted shareholders include Beijing Huixin Zhuoyue Financial Consulting Co., Ltd. with 2,893,306 shares and Shenzhen Zhongrun Huaxin Investment Partnership with 2,752,348 shares[119].

Financial Performance - Operating revenue for the reporting period was CNY 164,259,757.59, an increase of 22.93% year-on-year [5]. - Net profit attributable to shareholders was CNY 2,110,138.15, a decrease of 60.67% compared to the same period last year [5]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,112,390.98, down 64.03% year-on-year [5]. - Basic earnings per share were CNY 0.011, a decrease of 59.26% compared to the same period last year [5]. - The weighted average return on net assets was 0.38%, down 1.68% from the previous year [5]. - Operating profit decreased by 49.56%, and net profit attributable to shareholders decreased by 55.68%, mainly due to a 3.83% reduction in gross profit margin compared to the same period last year [13]. - The company expects a net profit attributable to shareholders to decrease by 69.83% to 410-630 million yuan for the year 2014, compared to 2,088 million yuan in 2013 [17]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,008,596,148.85, a decrease of 2.99% compared to the end of the previous year [5]. - Cash and cash equivalents decreased by 77.33%, primarily due to the repayment of short-term loans during the reporting period [13]. - Accounts receivable decreased by 41.58%, mainly due to the discounting of bank acceptance bills [13]. - Inventory increased by 36.33%, attributed to the subsidiary preparing for production and increasing inventory [13]. - Fixed assets rose by 86.06%, as a result of the completion of construction and installation projects being transferred to fixed assets [13]. - Long-term borrowings increased by 56.7%, due to the full subsidiary Huzhou Letong's new project increasing long-term loans [13]. - Asset impairment losses increased by 440.64%, primarily due to an increase in accounts receivable and corresponding provisions for bad debts [13]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,655 [9]. - The largest shareholder, Xinjiang Zhiming Equity Investment Co., Ltd., held 13.00% of the shares, totaling 26,000,000 shares [9]. - The company did not engage in any repurchase transactions among the top ten shareholders during the reporting period [10]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 31,612,892.79, an increase of 214.66% [5]. - Net cash flow from operating activities increased by 214.66%, primarily due to the discounting of bank acceptance bills and payment of major material costs [14]. Financial Expenses - Financial expenses increased by 264.68%, mainly due to project loan interest expenses being recognized in the current period [13].

Financial Performance - The company achieved operating revenue of CNY 297,308,156.20, an increase of 11.64% compared to the same period last year[29]. - The net profit attributable to shareholders decreased by 53.22% to CNY 5,075,235.90, primarily due to a decline in gross margin and increased costs related to trial production at a subsidiary[29]. - The sales revenue from gravure ink reached CNY 277,834,782.72, up 17.22% year-on-year[30]. - Special ink sales revenue fell by 51.83% to CNY 11,748,194.85, while flexo ink sales dropped by 64.15% to CNY 2,583,476.60[30]. - The gross margin declined by 3.34 percentage points compared to the same period last year, impacting profitability[29]. - Operating costs rose to CNY 232,645,648.21, reflecting a 16.62% increase year-over-year[33]. - Research and development expenses increased by 2.92% to CNY 10,713,604.77[33]. - The company reported a significant increase in financial expenses by 176.37% due to increased bank loan interest payments[33]. - The company reported a net profit of 5,075,230.00 CNY, compared to a loss in the previous period, marking a significant turnaround[119]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of CNY 1,936,793.71, a significant improvement of 130.97% compared to the previous year[21]. - The cash and cash equivalents decreased by 292.25% to CNY -26,232,632.82, primarily due to repayment of bank loans[33]. - The company's cash and cash equivalents decreased from 107,607,130.29 RMB to 84,271,039.57 RMB, a decline of approximately 21.6%[100]. - The ending balance of cash and cash equivalents was 33,875,863.58 CNY, down from 96,493,720.62 CNY, reflecting a decrease of 64.9%[118]. - Cash inflows from financing activities were 99,743,125.34 CNY, up from 57,999,320.17 CNY, representing an increase of 71.8%[117]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this period[6]. - The company distributed a cash dividend of 0.30 RMB per 10 shares, totaling 6 million RMB, which was implemented on June 20, 2014[50]. - The company reported a cash dividend distribution policy, committing to distribute at least 10% of the distributable profits in cash annually, with a cumulative distribution of no less than 30% of the average annual distributable profits over any three consecutive years[78]. - The total number of common shareholders at the end of the reporting period is 36,308[88]. - The largest shareholder, Xinjiang Zhiming Equity Investment Co., Ltd., holds 13.00% of shares, totaling 26,000,000 shares[89]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,047,418,407.56, reflecting a 0.74% increase from the end of the previous year[21]. - Current liabilities totaled CNY 358,928,272.99, down 7.2% from CNY 386,691,724.79 in the previous period[102]. - Long-term borrowings increased to CNY 101,625,000.00, up 57.9% from CNY 64,400,000.00 in the previous period[102]. - The total equity attributable to shareholders was CNY 555,072,882.04, a marginal increase from CNY 552,892,469.27[102]. Operational Developments - The company completed the first phase of its ink coating project with an annual production capacity of 10,000 tons, which is now in trial production[33]. - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[106]. Compliance and Governance - There were no penalties or corrective actions reported during the reporting period, reflecting compliance with regulatory requirements[80]. - The company has committed to increasing cash dividend ratios if net profits continue to grow steadily over the next three years[78]. - The company maintains a strict policy against illegal occupation of funds and assets, ensuring protection of minority shareholders' rights[78]. - The company has established a management framework including a shareholders' meeting, board of directors, and supervisory board[136]. Financial Reporting and Standards - The financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring accuracy and completeness[138]. - The company has undergone several capital increases, with the latest being an increase to 200 million RMB in registered capital[132]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 002319, with a focus on the chemical manufacturing sector[132].

Financial Performance - Revenue for Q1 2014 was CNY 117,931,235.87, a decrease of 12.74% compared to CNY 135,147,270.45 in the same period last year[6] - Net profit attributable to shareholders was CNY 1,498,738.95, down 64.41% from CNY 4,210,683.99 year-on-year[6] - Basic earnings per share decreased by 66.67% to CNY 0.007 from CNY 0.021 in the previous year[6] - Net cash flow from operating activities was negative CNY 25,175,036.39, a decline of 189.43% compared to negative CNY 8,698,093.93 last year[6] - Total assets at the end of the reporting period were CNY 947,740,318.41, down 8.85% from CNY 1,039,726,728.37 at the end of the previous year[6] - The net profit attributable to shareholders for the first half of 2014 is expected to range from 2 million to 7.5 million CNY, representing a decrease of 81% to 31% compared to the same period in 2013, which was 10.85 million CNY[19] Cash Flow and Financial Position - The company experienced an 83.62% decrease in cash and cash equivalents due to equipment purchases and construction costs[12] - Prepaid expenses decreased by 59.64%, primarily due to reduced advance payments for materials and equipment[15] - Financial expenses increased by 143.6%, attributed to higher average loan amounts and decreased interest income[15] - The company reported a 100% decrease in non-operating income, mainly due to reduced government subsidies compared to the previous year[15] - The net cash flow from financing activities decreased by 638.52%, primarily due to the repayment of bank loans during the reporting period[15] Investment and Cost Management - The decline in net profit is primarily due to increased R&D investment, nearing completion of subsidiary infrastructure projects leading to higher fixed asset depreciation, and rising labor and management costs[19] - The company has been actively involved in R&D, which has contributed to the increased costs impacting profitability[19] Shareholder Returns and Dividends - The company has committed to a minimum cash dividend of 10% of the distributable profit for each year, with a cumulative cash distribution of at least 30% of the average distributable profit over any three consecutive years from 2012 to 2014[18] - The company plans to enhance shareholder returns by potentially increasing the cash dividend ratio or implementing stock dividends if net profit continues to grow steadily over the next three years[18] - The company is focused on maintaining a continuous and stable profit distribution policy while ensuring sufficient cash flow for normal operations and long-term development[18] - The company’s board of directors can propose annual or interim distributions based on profitability and capital needs[18] Corporate Governance and Commitments - The company has made commitments to avoid engaging in similar or competing businesses and to not require any form of guarantees from the company[16] - The company has a long-term commitment to strictly adhere to shareholder rights and avoid illegal occupation of company assets[16] - The company’s actual controller has made commitments to avoid direct or indirect competition with the company’s business[16]

Financial Performance - The company's operating revenue for 2013 was ¥564,232,216.75, representing a 16.04% increase compared to ¥486,248,019.24 in 2012[21]. - The net profit attributable to shareholders for 2013 was ¥20,888,527.76, a 4.62% increase from ¥19,965,945.49 in 2012[21]. - The net profit after deducting non-recurring gains and losses was ¥21,041,601.47, up 10.96% from ¥18,962,880.89 in 2012[21]. - The operating profit for 2013 was CNY 32,867,631.64, reflecting a growth of 22.77% compared to 2012[30]. - The total profit amounted to CNY 32,727,733.13, up 22.02% year-on-year[30]. - The gross profit margin for the main business was 25.99%, an increase of 2.20 percentage points from 23.87% in 2012[30]. - The company's gross profit margin improved due to the expansion of high-value-added products like ink for cigarette packaging, contributing to enhanced profitability[37]. - The company reported a total profit of ¥32.73 million, an increase of 21.9% from ¥26.82 million in the previous year[167]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 96.44% to ¥4,881,811.94 from ¥137,169,187.00 in 2012[21]. - Operating cash inflow totaled ¥524,731,687.35, a 13.05% increase from ¥464,141,640.69 in 2012, while net cash flow from operating activities dropped by 96.44% to ¥4,881,811.94[45]. - The company's cash and cash equivalents increased to 107.61 million, representing 10.35% of total assets, up from 8.47% the previous year[49]. - The total current assets rose to ¥556.86 million, up from ¥412.10 million, indicating an increase of approximately 35.1%[158]. - The company's fixed assets increased to ¥220.84 million from ¥189.52 million, showing a growth of approximately 16.5%[158]. - The total assets at the end of 2013 were ¥1,039,726,728.37, a 36.25% increase from ¥763,114,753.56 at the end of 2012[21]. - Cash inflow from operating activities totaled 428,997,683.88, up from 373,320,396.84, reflecting a year-over-year increase of approximately 15%[175]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of ¥0.30 per 10 shares to all shareholders[4]. - The proposed cash dividend for 2013 is RMB 0.30 per 10 shares, totaling RMB 6,000,000, which represents 28.72% of the net profit attributable to shareholders[66][69]. - The company has committed to a minimum cash dividend distribution of 10% of the distributable profit for each year, with a cumulative cash distribution not less than 30% of the average annual distributable profit over three consecutive years[82]. - The company has maintained a continuous and stable profit distribution policy, with plans to increase cash dividends if net profits show stable growth[82]. Research and Development - Research and development expenses rose to CNY 27,885,861.56, an increase of 82.06% year-on-year, due to significant investment in product performance improvements[35]. - R&D expenditure for 2013 totaled ¥27,885,900, accounting for 4.94% of total revenue, with a focus on functional and high-value specialty inks[43]. - The company plans to enhance R&D investment and collaborate with domestic and international research institutions to develop high-tech, high-value-added products[58]. Management and Governance - The company has established a corporate social responsibility management system covering economic, industry, environmental, employee rights, and social welfare responsibilities[70]. - The company has implemented various internal control management systems to enhance governance and compliance[127]. - The board of directors confirmed that there were no major accounting errors or omissions in the financial reporting for the year[147]. - The company maintains complete independence from its controlling shareholder in business, personnel, assets, and financial matters[138]. Risks and Challenges - The company faces various risks including market, operational, policy, and management risks, which investors should be aware of[12]. - The company has not faced any situations that could lead to suspension or termination of listing following the annual report disclosure[84]. Employee Structure and Compensation - The company employed a total of 730 staff as of December 31, 2013, with 47.1% in production roles and 14.1% in sales[111]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 241.16 million[108]. - The company emphasizes a fair and competitive compensation system to attract and retain talent, aligning with national laws and regulations[115]. Strategic Plans and Future Outlook - The company plans to continue focusing on ERP information system implementation to enhance operational efficiency in 2014[33]. - The company aims to achieve an operating revenue exceeding 684 million (including tax 800 million) in 2014[58]. - The company intends to expand its sales network in Central and Southwest China to increase market share[58].