台海玛努尔核电设备股份有限公司 2019 年第三季度报告全文 台海玛努尔核电设备股份有限公司 2019 年第三季度报告 2019 年 10 月 1 台海玛努尔核电设备股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王雪欣、主管会计工作负责人孙军及会计机构负责人(会计主管 人员)曹文涛声明：保证季度报告中财务报表的真实、准确、完整。 2 台海玛努尔核电设备股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|------------------|--- ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥564,734,650.53, a decrease of 41.92% compared to ¥972,395,341.41 in the same period last year[23]. - The net profit attributable to shareholders was ¥122,064,603.02, down 72.06% from ¥436,871,850.65 in the previous year[23]. - Basic earnings per share decreased to ¥0.14, down 72.00% from ¥0.50 in the previous year[23]. - Total operating revenue for the reporting period was RMB 564,734,650.53, a decrease of 41.92% compared to RMB 972,395,341.41 in the same period last year[54]. - Revenue from the nuclear power industry was RMB 401,889,895.99, accounting for 71.16% of total revenue, down 47.52% from RMB 765,788,706.99 in the previous year[54]. - Revenue from specialized equipment was RMB 162,844,754.54, representing 28.84% of total revenue, with a decrease of 7.29% from RMB 175,646,368.91 year-on-year[54]. - The gross profit margin for the nuclear power industry was 74.11%, down 8.17% from the previous year[54]. - The company achieved operating revenue of RMB 56,473,470.53, a decrease of 41.92% year-on-year, primarily due to the slowdown in domestic nuclear power construction and delays in new project bidding[51]. Cash Flow and Assets - The net cash flow from operating activities was ¥166,701,456.23, a significant increase of 400.37% compared to -¥55,498,558.05 in the same period last year[23]. - Total assets at the end of the reporting period were ¥7,288,012,520.10, an increase of 2.13% from ¥7,135,767,947.43 at the end of the previous year[23]. - The company's current assets totaled RMB 4,160,904,187.25, compared to RMB 4,025,887,907.63 at the end of 2018, indicating an increase of about 3.35%[168]. - The company's cash and cash equivalents decreased to RMB 116,679,671.24 from RMB 185,231,486.06, reflecting a decline of approximately 37.00%[165]. - Accounts receivable stood at RMB 1,046,674,178.71, down from RMB 1,221,628,017.51, which is a decrease of about 14.34%[165]. - Inventory increased to RMB 2,502,723,341.05 from RMB 2,204,711,932.89, marking an increase of approximately 13.54%[168]. - Total liabilities reached RMB 3,977,632,009.94, up from RMB 3,917,088,865.42, representing an increase of about 1.54%[177]. Shareholder and Dividend Information - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company has not distributed cash dividends or bonus shares for the reporting period[96]. - The actual controller and shareholders have committed to not transferring certain shares for 36 months from the listing date, which is currently being fulfilled[90]. - The total number of shares before the change was 867,057,350, with a decrease of 418,790 shares, resulting in a total of 867,057,350 shares after the change[134]. - The proportion of limited sale shares decreased from 43.61% to 43.56%, while the proportion of unrestricted shares increased from 56.39% to 56.44%[134]. - The number of shareholders holding more than 5% of ordinary shares at the end of the reporting period was 45,622[138]. - Yantai Taihai Group Co., Ltd. holds 365,766,462 shares, accounting for 42.18% of the total shares, with 342,140,000 shares pledged[138]. Operational Risks and Challenges - The company faced various operational risks as detailed in the report, which investors should be aware of[7]. - The company faced a delay in new nuclear power project tenders, resulting in lower-than-expected new orders[36]. - The company experienced a significant decline in new orders due to delays in domestic nuclear power project tenders and construction slowdowns[57]. - The company is facing intensified market competition, leading to survival risks, and plans to enhance internal capabilities and cost management to improve market competitiveness[80]. - The company has identified risks related to investment policy changes that could impact market demand for nuclear equipment, and it aims to diversify its product offerings to mitigate these risks[80]. Research and Development - The company has established a research and development strategy of "manufacturing one generation, reserving one generation, and researching one generation" to enhance its competitive edge in nuclear materials and equipment technology[41]. - The company is involved in a national key research and development project focused on "new generation pressurized water reactor island steel and heavy thick plates for hydrogenation" in collaboration with several prestigious institutions[41]. - The company has formed long-term strategic partnerships with various universities and research institutes to promote innovation in new materials and technologies[41]. - Research and development investment decreased by 35.88% to RMB 44,400,371.13, reflecting a reduction in R&D spending during the reporting period[51]. - The company has implemented advanced manufacturing technologies, transitioning from single material R&D to high-end equipment manufacturing[50]. Legal and Compliance - The company has ongoing litigation involving amounts such as 10,000,000 yuan related to patent infringement disputes, which are still under trial[101]. - The company has ongoing litigation with amounts such as 2,596.06 million yuan related to financing lease disputes, which are currently in execution[101]. - The company has ongoing litigation involving amounts such as 1,374.21 million yuan, with some payments received but others still outstanding[98]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[150]. - The financial report for the first half of 2019 was not audited[164]. Corporate Governance - The company has a commitment to avoid and eliminate potential competition with its controlling shareholders, which is being fulfilled continuously[90]. - The company has a commitment to maintain its independence in personnel, assets, finance, and operations post-major asset restructuring, which is currently being fulfilled[90]. - The company has a commitment to increase its shareholding by at least 200 million yuan within one year, which is currently being fulfilled[92]. - The company has not engaged in any securities or derivative investments during the reporting period[71][72]. - The company has not sold any significant assets during the reporting period[75]. - The company reported no penalties or rectifications during the reporting period[105]. - The company and its controlling shareholders were listed as dishonest executors on March 25, 2019, but this information was removed on April 18, 2019[106].

Financial Performance - The company's operating revenue for Q1 2019 was ¥351,544,070.81, a decrease of 24.34% compared to ¥464,631,849.73 in the same period last year[8] - Net profit attributable to shareholders was ¥102,588,749.89, down 44.18% from ¥183,788,344.25 year-on-year[8] - Basic and diluted earnings per share were both ¥0.12, a decrease of 42.86% from ¥0.21 in the same period last year[8] - Operating revenue declined by 24.34% to ¥351,544,070.81 from ¥464,631,849.73, attributed to slowed production progress[23] - Net profit fell by 44.20% to ¥103,848,301.33 from ¥186,104,736.20, reflecting a decrease in total profit[23] - Operating profit decreased by 32.07% to ¥123,212,501.49 from ¥181,387,325.27, primarily due to the drop in operating revenue[23] - The company reported a total profit of ¥123,256,513.26, down 44.0% from ¥220,754,712.74 in the previous period[56] Cash Flow - The net cash flow from operating activities was ¥38,854,511.09, a significant improvement from a negative cash flow of ¥61,125,502.87 in the previous year, representing a change of 163.57%[8] - Cash flow from operating activities generated a net cash inflow of 38,854,511.09, a significant improvement from -61,125,502.87 in the previous period[69] - Cash inflow from operating activities totaled 142,685,330.69, down from 247,732,396.83 in the previous period[69] - Cash outflow from operating activities was 103,830,819.60, compared to 308,857,899.70 in the previous period[69] - Cash flow from investing activities resulted in a net outflow of -2,144,687.52, compared to -41,618,014.74 in the previous period[73] - Cash flow from financing activities showed a net outflow of -64,572,053.78, compared to a net inflow of 46,680,541.35 in the previous period[73] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,305,259,349.46, an increase of 2.38% from ¥7,135,767,947.43 at the end of the previous year[8] - The total liabilities increased to ¥3,981,759,438.75 from ¥3,917,088,865.42, reflecting a growth of approximately 1.64%[39] - Total current liabilities increased to ¥3,282,104,354.02 from ¥3,183,529,011.63, reflecting an increase of about 3.11%[39] - The long-term borrowings decreased to ¥377,496,058.31 from ¥435,242,637.63, a reduction of approximately 13.27%[39] - The total non-current liabilities decreased to ¥699,655,084.73 from ¥733,559,853.79, indicating a decline of about 4.63%[39] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 41,992[11] - The largest shareholder, Yantai Taihai Group, held 43.71% of the shares, amounting to 379,021,283 shares[12] - The net assets attributable to shareholders increased by 3.44% to ¥3,096,395,890.46 from ¥2,993,496,733.23 at the end of the previous year[8] - The total equity attributable to the parent company rose to ¥3,096,395,890.46, up from ¥2,992,305,295.24, indicating an increase of about 3.47%[42] Research and Development - Research and development expenses decreased by 39.17% to ¥31,096,425.46 from ¥51,119,401.97, due to reduced costs in ongoing projects[23] - Research and development expenses decreased by 39.2% to ¥31,096,425.46 from ¥51,119,401.97 in the previous period[53] Other Financial Metrics - The weighted average return on net assets was 3.37%, down 3.12% from 6.49% in the same period last year[8] - The company received government subsidies amounting to ¥1,865,252.08 during the reporting period[8] - Financial expenses increased to ¥42,548,799.37 from ¥35,715,311.56, with interest expenses at ¥17,534,075.17[53] - Tax expenses for the current period are ¥19,408,211.93, a decrease from ¥34,649,976.54 in the previous period[56] - The total comprehensive income for the period was -4,971,875.93, compared to -10,230,812.94 in the previous period[66] Cash and Cash Equivalents - Cash and cash equivalents decreased by 39.79% to ¥111,526,088.78 from ¥185,231,486.06 due to payments for goods and bank loan repayments[23] - The ending balance of cash and cash equivalents was 6,170,798.03, down from 106,188,938.41 in the previous period[73] - Total cash and cash equivalents at the end of the period decreased to $224,029.67 from $3,209,856.73[79] - Cash and cash equivalents net increase was -$22,342,745.95, compared to -$75,729,867.36 in the previous period[79] Audit Information - The first quarter report was not audited[80]

Financial Performance - The company's operating revenue for 2018 was approximately ¥1.38 billion, a decrease of 44.14% compared to ¥2.47 billion in 2017[25]. - The net profit attributable to shareholders for 2018 was approximately ¥1.38 billion, down 66.90% from ¥335.59 million in 2017[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥299.83 million, a decrease of 70.12% compared to ¥1.00 billion in 2017[25]. - Basic earnings per share decreased by 66.67% to CNY 0.39 from CNY 1.17[28]. - Weighted average return on equity dropped to 11.57%, down 33.07% from 44.64%[28]. - The company achieved a total revenue of CNY 1,379,664,128.93 in 2018, a decrease of 44.14% compared to CNY 2,469,808,306.59 in 2017[62]. - The net profit attributable to shareholders was CNY 33,558,750, reflecting a decline of 66.9% year-on-year[58]. - Revenue from the nuclear power sector was CNY 980,380,846.40, accounting for 71.06% of total revenue, down 47.10% from CNY 1,853,423,945.02 in 2017[62]. Cash Flow and Dividends - The net cash flow from operating activities for 2018 was approximately ¥329.73 million, an increase of 427.15% compared to a negative cash flow of ¥100.79 million in 2017[25]. - The company plans to distribute a cash dividend of ¥0.39 per 10 shares based on a total of 867,057,350 shares[8]. - The company's operating cash inflow increased by 34.03% to ¥1,252,436,258.20, primarily due to a 25.73% increase in sales collections[83]. - The company reported a decrease in financing cash inflow by 40.44% to ¥1,839,265,000.00, attributed to reduced bank loans and leasing receipts[83]. - The cash dividend for 2016 was RMB 0.91 per 10 shares, totaling RMB 39,451,109.42, which was 10.06% of the net profit attributable to ordinary shareholders[133]. Assets and Liabilities - Total assets slightly decreased by 0.19% to CNY 7,135,767,947.43 from CNY 7,149,283,107.08[28]. - Net assets attributable to shareholders increased by 8.56% to CNY 2,993,496,733.23 from CNY 2,757,362,151.98[28]. - Cash and cash equivalents decreased by 55.83% due to the purchase of fixed assets and loan repayments[46]. - Accounts receivable and notes receivable increased by 54.31% due to an increase in receivables settled according to contract agreements[46]. - Inventory decreased by 8.19% due to the transfer of completed but unsettled assets to receivables as per contract agreements[46]. Business Operations and Strategy - The company has undergone a change in its main business focus from refrigeration equipment to energy equipment manufacturing since October 20, 2015[23]. - The company operates in a specialized manufacturing sector, primarily focusing on nuclear power equipment and materials, with a project-based production model[42]. - The company has established a research and development strategy of "manufacturing one generation, reserving one generation, and researching one generation" to enhance its competitive advantage in nuclear materials and equipment technology[50]. - The company aims to enhance its core competitiveness through high-end "advanced materials + high-end equipment + engineering services" development strategy[124]. - The company plans to focus on core products, including large stainless steel forgings and castings, as well as spent fuel treatment equipment[125]. Market and Competition - The company is facing intensified market competition, leading to survival risks due to overcapacity and price competition[128]. - The company aims to diversify its product offerings and expand into markets such as small reactors, nuclear waste treatment, wind power, and petrochemical equipment[128]. - The company emphasizes internal cost management and lean management to enhance market competitiveness[128]. Research and Development - The company has made significant advancements in nuclear material research, developing various high-end materials for equipment manufacturing[58]. - The company is committed to strengthening its research and development capabilities, particularly in super stainless steel and duplex stainless steel products, to enhance market competitiveness[125]. - The number of R&D personnel increased by 2.63% to 195, maintaining a stable proportion of 11.73% of the workforce[82]. Shareholder and Governance - The company’s major shareholder changed from Luo Zhizhong to Yantai Taihai Group Co., Ltd. on July 24, 2015[23]. - The company has established a funding management team to improve capital allocation and risk management[128]. - The controlling shareholder has committed to increase their holdings by at least RMB 200 million within one year, starting from May 30, 2018, and this commitment is currently being fulfilled[148]. - The company has maintained its independence in personnel, assets, finance, and operations from its controlling shareholder, with this commitment ongoing since July 15, 2015[145]. Legal and Compliance - The company is involved in multiple lawsuits related to unpaid payments, with total amounts involved reaching approximately ¥6,000,000 (60 million) across various cases[157]. - The company has ongoing patent infringement litigation with a claim amount of ¥50,000,000 (500 million) currently under review[157]. - There are no bankruptcy reorganization matters reported during the reporting period[156]. - The company has not experienced any penalties or corrective actions during the reporting period[160]. Environmental and Social Responsibility - The company actively engaged in social responsibility initiatives, including employee rights protection and environmental management, ensuring compliance with safety and environmental regulations[185][188]. - As of December 31, 2018, the company was not classified as a key pollutant discharge unit by environmental protection authorities[190].

台海玛努尔核电设备股份有限公司 2018 年第三季度报告正文 证券代码：002366 证券简称：台海核电 公告编号：2018-091 台海玛努尔核电设备股份有限公司 2018 年第三季度报告正文 1 台海玛努尔核电设备股份有限公司 2018 年第三季度报告正文 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。 公司负责人王雪欣、主管会计工作负责人王盛义及会计机构负责人(会计主 管人员)于霞声明：保证季度报告中财务报表的真实、准确、完整。 2 台海玛努尔核电设备股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 8,083,263,473.72 | 7,149,283,107.08 | | 1 ...

Financial Performance - The company's operating revenue for the first half of 2018 was ¥972,395,341.41, a decrease of 7.57% compared to ¥1,052,031,363.61 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥436,871,850.65, representing an increase of 2.60% from ¥425,819,176.15 in the previous year[17]. - The net cash flow from operating activities was -¥55,498,558.05, a decline of 214.41% compared to ¥48,509,054.37 in the same period last year[17]. - Total assets at the end of the reporting period reached ¥7,935,367,329.73, an increase of 11.00% from ¥7,149,283,107.08 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased by 12.19% to ¥3,093,622,276.51 from ¥2,757,362,151.98 at the end of the previous year[17]. - The basic earnings per share for the first half of 2018 was ¥0.50, up 2.04% from ¥0.49 in the same period last year[17]. - The weighted average return on net assets decreased by 6.68 percentage points to 14.68% from 21.36% in the previous year[17]. Revenue and Costs - Operating costs decreased by 28.59% to ¥292,184,509.39 from ¥409,188,476.65, attributed to the same reasons as the revenue decline[38]. - The revenue from the nuclear power industry was ¥765,788,706.99, accounting for 78.75% of total revenue, but showed a decline of 31.38% compared to the previous year[42]. - Domestic revenue accounted for 99.94% of total revenue, with a decrease of 16.93% compared to the previous year, while international revenue dropped significantly by 99.72%[42]. Investments and R&D - Research and development expenses increased significantly by 167.6% to ¥69,242,818.33 from ¥25,875,793.44, reflecting the company's intensified focus on high-tech research[39]. - The company is actively developing new products and researching new materials to expand into new markets[36]. - The company has established long-term strategic partnerships with several universities and research institutes to enhance its competitive advantage in nuclear power materials and technologies[32]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased by 29.91% due to payments for project construction and equipment procurement[29]. - Cash and cash equivalents decreased to ¥293,915,116.8, representing 3.70% of total assets, down from 5.87% in the previous year, a decrease of 2.17%[48]. - The company reported a significant increase in cash flow from investment activities, which improved by 75.8% to -¥57,900,674.22 from -¥239,237,880.35, due to reduced fixed asset investments[39]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[5]. - The total number of shareholders at the end of the reporting period was 35,857[113]. - The largest shareholder, Yantai Taihai Group, holds 365,766,462 restricted shares, which remain unchanged during the reporting period[111]. Legal and Compliance - The company has no major litigation or arbitration matters during the reporting period, indicating a stable legal environment[84]. - There were no penalties or rectification measures imposed on the company during the reporting period, indicating compliance with regulations[87]. - The company has faced media scrutiny regarding alleged information disclosure violations, but has issued clarifications to mitigate investor concerns[86]. Future Outlook - The expected net profit for the first nine months of 2018 is projected to be between CNY 48 million and CNY 56 million, a decrease of 26.65% to 14.42% compared to CNY 654.39 million in the same period of 2017[69]. - The company faces risks related to investment policies, market competition, and funding shortages, which could impact operational performance[71][72][73]. - The nuclear power market demand is expected to be lower than the same period last year, affecting revenue from nuclear power products[69]. Financial Reporting and Standards - The financial statements were approved by the board of directors on August 28, 2018[166]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the accuracy of its financial reporting[171]. - The company's financial reports include all subsidiaries under its control, reflecting a comprehensive view of its financial status[176].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 972,395,341.41, a decrease of 7.57% compared to CNY 1,052,031,363.61 in the same period last year[17]. - Net profit attributable to shareholders of the listed company was CNY 436,871,850.65, an increase of 2.60% from CNY 425,819,176.15 year-on-year[17]. - The net cash flow from operating activities was negative at CNY -55,498,558.05, a decline of 214.41% compared to CNY 48,509,054.37 in the previous year[17]. - Total assets at the end of the reporting period reached CNY 7,935,367,329.73, an increase of 11.00% from CNY 7,149,283,107.08 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased by 12.19% to CNY 3,093,622,276.51 from CNY 2,757,362,151.98 at the end of the previous year[17]. - Basic earnings per share for the period was CNY 0.50, reflecting a 2.04% increase from CNY 0.49 in the same period last year[17]. - The weighted average return on equity decreased by 6.68 percentage points to 14.68% from 21.36% in the previous year[17]. Revenue and Costs - The company achieved operating revenue of 972.40 million yuan, a decrease of 7.57% compared to the same period last year[36]. - Operating costs decreased by 28.59% to ¥292,184,509.39 from ¥409,188,476.65, attributed to the same reasons as the revenue decline[38]. - Sales expenses increased by 40.95% to ¥6,971,749.90, driven by intensified market expansion efforts[38]. - Management expenses surged by 101.50% to ¥102,572,425.69, mainly due to increased R&D investments[38]. - R&D investment rose significantly by 167.60% to ¥69,242,818.33, reflecting a stronger focus on high-tech research[39]. Assets and Liabilities - The company's fixed assets decreased by 1.34% compared to the beginning of the period[29]. - Cash and cash equivalents decreased by 29.91%, primarily due to payments for project construction and equipment procurement[29]. - Inventory increased by 32.69%, attributed to an increase in unsettled assets during the period[29]. - Accounts receivable decreased by 1.26% to ¥767,531,269.9 from ¥781,755,181.13 year-on-year[48]. - Fixed assets decreased by 3.44% to ¥2,183,309,680 from ¥2,212,991,947, mainly due to depreciation[48]. - Short-term borrowings increased by 1.21% to ¥1,096,493,417 from ¥901,500,000[48]. - Long-term borrowings decreased by 6.22% to ¥1,117,417,975 from ¥1,451,271,896, attributed to adjustments in certain long-term borrowings[48]. Strategic Initiatives - The company is actively developing new products and researching new materials to create new growth points for future performance[36]. - The company has established strategic partnerships with several universities and research institutes to enhance its competitive advantage in nuclear power new materials and technologies[32]. - The company is focusing on expanding the market for container equipment and forgings, as well as manufacturing nuclear waste processing systems[36]. - The company plans to implement a diversified industrial development strategy to explore new markets and expand its business[71]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[5]. - The company has committed to achieving a net profit of no less than RMB 138,919.19 million during the profit commitment period[79]. - If the profit commitment is not met, the controlling shareholder will compensate through the shares held in the listed company[79]. - The company has a share buyback commitment to purchase shares at a price not exceeding RMB 55 per share, which was completed as of May 30, 2018[80]. - The total number of shareholders at the end of the reporting period was 35,857[113]. - The largest shareholder, Yantai Taihai Group Co., Ltd., holds 43.71% of the shares, totaling 379,021,283 shares[113]. Compliance and Legal Matters - The company has no major litigation or arbitration matters during the reporting period, indicating a stable legal environment[84]. - The company is currently involved in several minor litigation cases, with amounts ranging from RMB 88.55 thousand to RMB 10 million, but none are expected to create significant liabilities[84]. - The company has not undergone any bankruptcy restructuring during the reporting period, reflecting financial stability[83]. - The half-year financial report has not been audited, which may affect the reliability of the financial data presented[82]. Financial Reporting and Standards - The financial statements were approved by the board of directors on August 28, 2018[166]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial reports reflect its financial status accurately[171]. - The financial statements include the company's individual financial statements for the current and previous periods[183]. Investment and Funding - The total amount of raised funds is 73,613.41 million RMB, with a cumulative investment of 77,756.02 million RMB[58]. - The company transferred the remaining interest of 1.11 million RMB from raised funds to its basic account for working capital, resulting in a zero balance in the raised funds account as of June 30, 2018[61]. - The company utilized the remaining interest of 77.31 million RMB from over-raised funds for working capital, also leading to a zero balance in the over-raised funds account as of June 30, 2018[61].

Financial Performance - The company's operating revenue for 2017 was approximately ¥2.47 billion, representing a 104.10% increase compared to ¥1.21 billion in 2016[16]. - The net profit attributable to shareholders for 2017 was approximately ¥1.01 billion, a significant increase of 158.45% from ¥392.33 million in 2016[16]. - Basic earnings per share for 2017 were ¥1.17, reflecting a 160.00% increase from ¥0.45 in 2016[17]. - The total assets at the end of 2017 were approximately ¥7.15 billion, an increase of 38.88% from ¥5.15 billion at the end of 2016[17]. - The net assets attributable to shareholders at the end of 2017 were approximately ¥2.76 billion, up 54.81% from ¥1.78 billion at the end of 2016[17]. - The net profit after deducting non-recurring gains and losses for 2017 was approximately ¥1.00 billion, a 192.38% increase from ¥343.17 million in 2016[16]. - The company reported a weighted average return on equity of 44.64% for 2017, an increase from 24.61% in 2016[17]. - The company reported a significant increase in user data and operational metrics, reflecting growth in demand for nuclear power equipment[89]. Cash Flow and Investments - The net cash flow from operating activities for 2017 was negative at approximately -¥100.79 million, a decrease of 197.12% compared to ¥103.78 million in 2016[16]. - In Q1 2023, the net cash flow from operating activities was negative at -¥12.16 million, but turned positive in Q2 and Q4, reaching ¥64.73 million in Q4 2023[21]. - Cash and cash equivalents decreased by 19.72% compared to the beginning of the period, mainly due to increased project construction investments[43]. - Investment cash outflow increased by 48.67% to ¥499,436,823.86, mainly due to higher cash payments for fixed assets and intangible assets[76]. - The total investment in the nuclear equipment and materials engineering expansion project reached CNY 23,586.2 million, with a cumulative actual investment of CNY 1,667.57 million by the end of the reporting period, achieving 89.58% of the planned investment[88]. Market and Industry Trends - The nuclear power industry in China has seen significant growth, with 38 operational reactors and a generation capacity of 210 TWh in 2016, accounting for 8.45% of global nuclear power generation[32]. - China plans to build 143 new nuclear power plants with a total capacity of 16,400 MW, representing 41% of the global planned capacity[33]. - The annual investment in nuclear power is estimated to be around 100 billion RMB, with approximately 40% allocated to equipment investment, particularly for nuclear island equipment[33]. - The demand for offshore floating nuclear power stations is projected to reach 5,200 MW by 2020, indicating a market potential of 200 billion RMB based on a theoretical requirement of 100 units[36]. - The nuclear waste treatment market is expected to exceed 15 billion RMB annually over the next five years, with operational costs accounting for over 9 billion RMB per year[38]. Research and Development - The company has established multiple research and development platforms, including the Shandong Provincial Nuclear Energy Equipment Metal Materials Engineering Technology Research Center[39]. - The company is involved in a national key research and development project focused on new generation pressurized water reactor steel and heavy plates, indicating a commitment to innovation[46]. - The company has implemented a research and development strategy of "manufacturing one generation, reserving one generation, and researching one generation" to align with market demands[46]. - The company has achieved a project completion rate of 101.99% for the nuclear equipment manufacturing expansion, indicating effective project management[88]. Strategic Partnerships and Market Position - The company has established long-term strategic partnerships with various universities and research institutes to enhance its competitive advantage in new materials and technologies[46]. - The company has established a procurement management system to ensure cost-effective sourcing of materials, enhancing operational efficiency[28]. - The company is positioned in the Shandong New and Old Kinetic Energy Conversion Comprehensive Experimental Zone, which supports its strategic development in the nuclear power industry[52]. - The company has achieved over 50% market share in the third-generation forged main pipeline and 50% market share in the main pump casing in the domestic market[41]. Corporate Governance and Compliance - The company is ensuring the independence of its operations, assets, finances, and business from its controlling shareholder[119]. - The company is currently fulfilling its commitment to reduce related party transactions with its controlling shareholder[119]. - The company has a commitment to maintain the independence of its operations post-major asset restructuring[119]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[123]. Employee and Management Structure - The total number of employees in the company is 1,623, with 1,130 in production, 66 in sales, 258 in technical roles, 21 in finance, and 148 in administration[195]. - The total remuneration for directors and senior management during the reporting period amounts to 522.07 million yuan[194]. - The company has established a compensation policy that emphasizes fairness and competitiveness, linking pay to job performance and capabilities[197]. - The company emphasizes employee training and talent development, integrating lifelong learning and practical application into its training programs[198]. Future Outlook - The company forecasts a global economic growth of 3.7% in 2018, with China's economy expected to grow by 6.6%[102]. - The nuclear power industry is projected to experience a construction boom from 2018 to 2020, with 30 new nuclear power units expected to start construction within three years[103]. - The company aims to enhance its core competitiveness through high-end "materials + high-end equipment + engineering services" strategy and accelerate development in emerging industries such as new energy and clean technology[102]. - The company plans to achieve its operational goals for 2018 through strategic market expansion and effective management[103].

Financial Performance - The company's operating revenue for Q1 2018 was ¥464,631,849.73, representing a 7.61% increase compared to ¥431,788,667.17 in the same period last year[8]. - Net profit attributable to shareholders was ¥183,788,344.25, up 13.67% from ¥161,685,631.95 year-on-year[8]. - The net profit after deducting non-recurring gains and losses decreased by 6.05% to ¥151,216,384.91 from ¥160,950,246.40 in the previous year[8]. - Basic and diluted earnings per share increased by 10.53% to ¥0.21 from ¥0.19 year-on-year[8]. - The company expects net profit attributable to shareholders for the first half of 2018 to range from 50,000,000 to 60,000,000, representing a growth of 17.42% to 40.90% compared to 42,581,920 in the same period of 2017[20]. - The increase in orders and production capacity is cited as the reason for the expected profit growth[20]. Cash Flow and Assets - The net cash flow from operating activities was -¥61,125,502.87, a significant decline of 402.61% compared to -¥12,161,599.33 in the same period last year[8]. - The total assets at the end of the reporting period were ¥7,578,458,753.58, a 6.00% increase from ¥7,149,283,107.08 at the end of the previous year[8]. - The net assets attributable to shareholders rose by 6.69% to ¥2,941,966,420.14 from ¥2,757,362,151.98 at the end of the previous year[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,586[11]. - The largest shareholder, Yantai Taihai Group Co., Ltd., holds 43.10% of the shares, totaling 373,669,744 shares, with 365,766,462 shares pledged[11]. Operational Changes - Prepayments increased by 74.82% from 73,016,711.81 to 127,647,960.94 due to increased funding for materials in the housing market[15]. - Other receivables rose by 47.43% from 83,133,049.39 to 122,562,408.81 attributed to the growth in finance leasing business[15]. - Accounts payable increased by 47.20% from 209,355,615.97 to 308,171,208.28 due to increased use of cash for purchasing[15]. - Sales expenses decreased by 72.06% from 3,305,511.56 to 923,490.25 due to enhanced sales management[15]. - Management expenses surged by 311.47% from 16,992,478.23 to 69,919,551.00 primarily due to increased R&D expenses[15]. - Financial expenses rose by 45.75% from 24,504,693.23 to 35,715,311.56 as a result of increased loans[15]. Strategic Initiatives - The company has completed the review and reporting work for military-related matters as part of its non-public stock issuance plan[16]. - The company is actively advancing its major asset restructuring in compliance with regulatory requirements[17]. Government Support - The company received government subsidies amounting to ¥38,972,359.49 during the reporting period[9].

Financial Performance - Total assets increased to ¥6,279,756,753.16, a 21.99% increase compared to the previous year[8] - Net assets attributable to shareholders rose to ¥2,396,750,432.30, reflecting a 34.57% increase year-over-year[8] - Operating revenue for the period reached ¥553,539,790.26, marking a 137.33% increase compared to the same period last year[8] - Net profit attributable to shareholders was ¥228,565,800.57, up 223.73% year-over-year[8] - Basic earnings per share increased to ¥0.26, representing a 225.00% growth compared to the previous year[8] - The weighted average return on equity improved to 10.01%, an increase of 5.87 percentage points from the previous year[8] Cash Flow and Financial Position - The net cash flow from operating activities was -¥214,022,280.55, a 22.88% decrease compared to the previous year[8] - The company reported a net cash flow from operating activities of -CNY 165,513,226.18, a decrease of 104.15% year-on-year, due to increased tax and procurement expenses[16] Shareholder Information - The company reported a total of 18,065 common shareholders at the end of the reporting period[12] - The largest shareholder, Yantai Taihai Group Co., Ltd., holds 42.18% of the shares, with 365,766,462 shares pledged[12] - The company did not engage in any repurchase transactions during the reporting period[13] Revenue and Profit Growth - The company's operating revenue increased by 101.08% to CNY 1,605,571,153.87 compared to the same period last year, driven by increased orders and sales growth[16] - Net profit attributable to shareholders of the parent company rose by 84.99% to CNY 654,384,976.72, attributed to profit increase and changes in the scope of consolidation[16] Accounts and Inventory Management - Accounts receivable increased by 99.64% to CNY 920,981,385.96, primarily due to sales growth during the period[16] - Inventory increased by 39.36% to CNY 1,774,349,546.98, due to increased production and unbilled revenue recognition[16] Borrowings and Financial Expenses - Short-term borrowings rose by 38.44% to CNY 1,369,475,942.55, reflecting new short-term loans taken during the period[16] - The company experienced a significant increase in financial expenses, which rose by 76.39% to CNY 100,768,783.31, due to increased financing leases and working capital loans[16] Taxation and Future Projections - The company reported a 1231.47% increase in business taxes and additional charges to CNY 23,628,531.59, driven by increased VAT and changes in accounting treatment[16] - The expected net profit for 2017 is projected to increase by 154.88% to 167.63%, with an estimated range of CNY 100,000,000 to CNY 105,000,000[21] Share Issuance Plans - The company plans to issue non-public shares, with the review process currently ongoing[17]