证券代码：002378 证券简称：章源钨业 编号：20221028 | --- | --- | --- | --- | --- | |-------------------------|-------------------------------|-------------------------------------------------------------------------------------------------------------|-------|----------| | | | | | | | | ■ 特定对象调研 | □ 分析师会议 | | | | | □ 媒体采访 | □ 业绩说明会 | | | | 投资者关系活 | □ 新闻发布会 | □ 路演活动 | | | | 动类别 | □ 现场参观 | | | | | | □ 其他 | （请文字说明其他活动内容） | | | | 参与单位名称 及人员姓名 | | 信达证券：黄礼恒、白紫薇；盘京投资：马欣；交银施罗德： 谭星星；淳厚资本：陈印；中融基金：张书玮；安信证券： | | | | 时间 | 2022 年 10 月 28 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥830,573,130.49, representing a 6.18% increase year-over-year, while the year-to-date revenue reached ¥2,506,164,927.68, up 23.04% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2022 was ¥36,153,097.50, a decrease of 35.54% year-over-year, with a year-to-date net profit of ¥177,831,097.07, reflecting a significant increase of 90.55%[4]. - The basic earnings per share for Q3 2022 was ¥0.04, down 34.10% from the previous year, while the year-to-date figure was ¥0.19, an increase of 88.12%[6]. - Operating profit increased by 101.0391 million, a growth of 95.62%, driven by market expansion and increased product sales[23]. - Net profit increased by 83.8919 million, a growth of 89.35%, attributed to higher sales volume and gross margin[23]. - Total operating revenue for the period reached ¥2,506,164,927.68, an increase of 22.98% compared to ¥2,036,839,263.26 in the previous period[50]. - Net profit for the period was ¥177,779,011.37, representing a significant increase of 89.49% compared to ¥93,887,137.88 in the same period last year[53]. - Earnings per share (EPS) for the period was ¥0.19, compared to ¥0.1010 in the previous period[55]. Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥4,801,740,300.22, which is a 4.97% increase from the end of the previous year[6]. - The company's total liabilities were CNY 2.83 billion, an increase from CNY 2.70 billion at the beginning of the year, reflecting a rise of approximately 4.9%[47]. - The company's current assets totaled CNY 2.66 billion, up from CNY 2.43 billion at the beginning of the year, indicating an increase of approximately 9.2%[41]. - The company's total equity increased to ¥1,966,926,251.95, up 4.93% from the end of the previous year[6]. - The company has a total equity of approximately CNY 1.97 billion, up from CNY 1.87 billion at the beginning of the year, indicating a growth of about 4.9%[47]. - The company's long-term borrowings increased to CNY 608.86 million from CNY 274.67 million, representing a significant rise of approximately 121.5%[47]. Cash Flow - The cash flow from operating activities showed a negative net amount of ¥133,149,325.06, indicating a decline of 465.32% year-over-year[4]. - Cash inflow from operating activities totaled 1,967.3407 million, an increase of 15.81% compared to the previous year[24]. - Cash outflow from operating activities increased by 438.2395 million, a growth of 26.36%, primarily due to salary increases and higher tax payments[28]. - The company reported a significant increase in cash flow from financing activities, with a net cash flow of 181.0051 million, a growth of 392.55%[29]. - Cash flow from investment activities showed a net outflow of -$108.58 million, compared to -$72.79 million in the previous period, indicating an increase in investment expenditures[63]. - The net cash flow from financing activities was $181.01 million, a turnaround from a net outflow of -$61.87 million in the previous year, indicating improved financing conditions[63]. - The ending balance of cash and cash equivalents was $368.34 million, up from $289.27 million in the previous period, showing a positive liquidity position[66]. Expenses and Costs - Total operating costs amounted to ¥2,328,141,883.82, up 19.63% from ¥1,946,170,083.07 in the prior period[50]. - R&D expenses increased by 14.9842 million, a growth of 61.94%, reflecting the company's ongoing investment in research and development[22]. - Tax and additional fees increased by 4.8946 million, a growth of 68.28%, due to the increase in VAT and additional taxes from revenue growth[21]. Other Financial Metrics - The company reported a total of ¥13,083,485.90 in non-recurring gains and losses for the current period, with a year-to-date total of ¥29,753,824.95[7]. - The company’s weighted average return on equity decreased to 1.91%, down 1.27 percentage points year-over-year[6]. - The company reported accounts receivable of CNY 588.29 million, significantly higher than CNY 176.13 million at the beginning of the year, reflecting an increase of approximately 233.5%[38]. - The company experienced a foreign exchange impact on cash and cash equivalents of $757,410.04, reflecting currency fluctuations[63].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,675,591,797.19, representing a 33.55% increase compared to ¥1,254,623,033.88 in the same period last year[29]. - The net profit attributable to shareholders of the listed company reached ¥141,677,999.57, a significant increase of 280.48% from ¥37,236,531.48 in the previous year[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥125,007,660.52, up 448.77% from ¥22,779,762.10 in the same period last year[29]. - The basic earnings per share increased to ¥0.15, a rise of 275.00% compared to ¥0.04 in the previous year[29]. - The total assets at the end of the reporting period were ¥4,811,423,584.95, reflecting a 5.18% increase from ¥4,574,576,721.79 at the end of the previous year[29]. - The net assets attributable to shareholders of the listed company were ¥1,929,173,369.40, which is a 2.92% increase from ¥1,874,465,566.85 at the end of the previous year[29]. - The net cash flow from operating activities was -¥122,994,065.26, worsening by 83.46% compared to -¥67,040,106.90 in the same period last year[29]. - The weighted average return on equity increased to 7.27%, up by 5.09 percentage points from 2.18% in the previous year[29]. - The company achieved operating revenue of CNY 1,675.59 million, a year-on-year increase of 33.55%[45]. - Operating profit reached CNY 167.88 million, up 373.36% compared to the same period last year[45]. - The company reported a significant increase in other income, which rose by 73.82% to ¥23,140,380.42, primarily due to government subsidies[81]. - The cash flow from operating activities showed a net outflow of ¥122,994,065.26, a decline of 83.46% compared to the previous year, mainly due to increased employee compensation and tax payments[81]. - The revenue from the tungsten powder segment was ¥437,852,804.04, with a year-on-year growth of 11.09%[81]. - The company achieved a total revenue from domestic operations of ¥1,361,160,621.93, which accounted for 81.23% of total revenue, reflecting a 35.16% increase year-on-year[84]. - The company reported a total chemical oxygen demand (COD) discharge of 4,867 kg, which is significantly below the approved limit of 22,300 kg[133]. Production and Sales - The company reported a total production of tungsten, tin, and copper concentrates of 2,489.81 tons during the reporting period[46]. - Sales volume of tungsten carbide powder increased by 17.24% to 2,561.90 tons[51]. - Sales revenue from coated blades reached CNY 99.33 million, a year-on-year increase of 8.81%[54]. - The average price of tungsten concentrate (WO3≥65%) was CNY 114,700 per ton, an increase of 21.25% compared to the same period last year[38]. - The company’s products are primarily exported to Asia, Europe, and South America, with a focus on replacing imports in the domestic market[68]. - The total operating revenue for the reporting period was ¥1,675,591,797.19, representing a year-on-year increase of 33.55% due to increased sales volume and prices of major products[77]. - The net profit for the period reached ¥141,551,404.68, a significant increase of 276.62% compared to the previous year[81]. - Domestic and international sales both experienced substantial growth, with international sales accounting for a smaller proportion of total sales, decreasing by 0.96 percentage points[90]. Research and Development - The company's R&D investment amounted to ¥80,284,785.66, reflecting a year-on-year growth of 37.51% as part of ongoing technological innovation efforts[81]. - The company added 39 authorized patents during the reporting period, including 5 invention patents and 33 utility model patents[74]. - The company has invested in an "ultra-high-performance tungsten powder intelligent manufacturing project" to enhance product technology and stabilize product quality[67]. - Ganzhou Aoketai completed the development and design of 373 new products, including 1,233 new blade models and 18 new cutter heads during the reporting period[57]. - The company upgraded its product brands comprehensively, with some new products outperforming international brands in terms of performance[57]. Environmental Management - The company has passed the ISO 14001 environmental management system certification, ensuring compliance with environmental regulations[140]. - The company has implemented a wastewater online monitoring system, ensuring data validity through third-party maintenance[147]. - The company has established an emergency response plan for environmental incidents, which has been filed with local environmental authorities[141]. - The company has implemented a boiler dust removal system with a capacity of 35,000 m³/h, operational since 2018, and is functioning normally[136]. - The company has a wastewater treatment capacity of 3,000 m³/d, operational since 2015, and is currently running normally[136]. - The company has initiated a low-carbon enterprise pilot project in Ganzhou City, focusing on reducing carbon emissions through various measures[146]. - The company has established a self-monitoring plan for environmental protection in accordance with relevant guidelines and has adjusted monitoring frequencies for 2022[142]. - The company has received multiple ISO certifications, including ISO 9001:2015 and ISO 14001:2015, demonstrating its commitment to environmental management[146]. Corporate Governance and Social Responsibility - The company has established a robust investor relations management system, conducting one online performance briefing and participating in investor reception activities during the reporting period[153]. - The company actively promotes employee welfare, implementing salary adjustments and providing training opportunities to enhance employee satisfaction and retention[158]. - The company donated a total of 2.612 million yuan for rural revitalization projects in various villages during the reporting period[159]. - The company actively participated in social welfare initiatives, encouraging employees to give back to society and support vulnerable groups[159]. - The company has strictly fulfilled its commitments regarding avoiding competition and ensuring the interests of shareholders[163]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[170]. - The company reported no violations regarding external guarantees during the reporting period[171]. - The half-year financial report was not audited[172]. - There were no significant litigation or arbitration matters during the reporting period[174]. - The company and its controlling shareholders maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[178]. Risks and Challenges - The company faced risks from macroeconomic fluctuations, raw material price volatility, and exchange rate fluctuations, with 18.77% of total revenue derived from exports[117][121]. - The company has outlined potential risks and corresponding countermeasures in its management discussion section[7]. Dividends and Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[126]. - The company distributed cash dividends totaling ¥92,416,743.60 for the 2021 fiscal year, reflecting its commitment to shareholder returns[152].

Financial Performance - The company's operating revenue for Q1 2022 was ¥872,897,895.21, representing a 51.59% increase compared to ¥575,834,543.68 in the same period last year[4] - Net profit attributable to shareholders was ¥65,695,230.60, a significant increase of 876.86% from ¥6,725,174.50 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥56,306,100.25, compared to a loss of ¥1,370,636.68 in the same period last year, marking a 4,208.03% increase[4] - The company’s operating profit for the period was ¥7,780.66 million, reflecting a 1,097.01% increase from ¥650.01 million in the previous year[16] - Operating profit increased by 71.31 million yuan, a growth of 1,097.01%, while net profit attributable to the parent company rose by 58.97 million yuan, an increase of 876.85%[21] - Net profit for the quarter was ¥65,671,692.38, up from ¥7,110,090.03, reflecting a substantial increase of approximately 824.5%[83] - The company reported a total profit of ¥77,331,000.25, compared to ¥6,390,601.41 in the previous year, indicating an increase of approximately 1,113.5%[83] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥4,625,098,973.20, a 1.10% increase from ¥4,574,576,721.79 at the end of the previous year[6] - The total liabilities decreased slightly to RMB 2,677,104,454.03 from RMB 2,695,728,207.33[55] - The company's equity attributable to shareholders increased by 3.69% to ¥1,943,635,109.78 from ¥1,874,465,566.85 at the end of the previous year[6] - The company's equity attributable to shareholders increased to RMB 1,943,635,109.78 from RMB 1,874,465,566.85, reflecting retained earnings growth[68] Cash Flow - The company’s cash flow from operating activities showed a net outflow of ¥181,981,993.34, a 5.73% increase in outflow compared to ¥172,124,621.08 in the previous year[4] - Cash inflow from operating activities totaled 614.69 million yuan, up 41.14% year-on-year, driven by increased revenue and improved collection of receivables[22] - Cash outflow from operating activities increased by 189.04 million yuan, a rise of 31.11%, primarily due to higher payments for goods purchased[24] - Cash flow from financing activities showed a net inflow of 180.53 million yuan, an increase of 518.73%, mainly due to increased bank borrowings and reduced loan repayments[27] - The net increase in cash and cash equivalents was -38,381,088.33, an improvement from -160,354,772.32 in the previous period, indicating better cash management[93] - The ending balance of cash and cash equivalents was 389,925,255.91, up from 227,007,409.13, representing a 71.7% increase[93] Expenses - Operating costs increased by 206.90 million yuan, a growth of 40.15%, mainly due to the increase in sales volume of key products[17] - Financial expenses decreased by 8.38 million yuan, a decline of 40.67%, attributed to lower bank loan interest rates and reduced discount interest on notes payable[17] - Tax expenses surged by 11.91 million yuan, a staggering increase of 1,655.64%, due to a significant rise in the company's total profit[20] - Cash dividends and interest payments totaled 15,241,614.68, a decrease from 19,585,685.79, indicating a reduction in shareholder payouts[93] Research and Development - Research and development expenses increased by 36.75% to ¥971.05 million from ¥710.08 million in the previous year[16] - R&D expenses rose by 2.61 million yuan, an increase of 36.75%, reflecting the company's continued investment in research and development[17] - Research and development expenses increased to ¥9,710,504.80 from ¥7,100,793.22, representing a growth of about 36.7%[80] Other Information - The company plans to invest $1 million to establish Achtech America, Inc. in the United States, focusing on the sale of hard alloy products and tools[35] - The company expects a loss of approximately RMB 2.84 million due to the bankruptcy liquidation of ELBASA[37] - The estimated ore reserves at the Dongfeng tungsten-tin mine are 583,000 tons, with tungsten metal content of 14,300 tons[38] - The first quarter report was not audited, which may affect the reliability of the financial data presented[94]

Financial Performance - The company reported a total revenue of RMB 924,167,436 for the year 2021, with a cash dividend of RMB 1.00 per 10 shares to all shareholders[7]. - The company's operating revenue for 2021 was ¥2,664,432,290.41, representing a 37.97% increase compared to ¥1,931,225,157.35 in 2020[30]. - The net profit attributable to shareholders in 2021 was ¥165,000,766.10, a significant increase of 343.84% from ¥37,175,924.88 in 2020[30]. - The net profit after deducting non-recurring gains and losses was ¥131,267,027.06, a remarkable increase of 703.90% compared to -¥21,736,691.37 in 2020[30]. - The company's total assets at the end of 2021 were ¥4,574,576,721.79, up 17.17% from ¥3,904,307,172.62 at the end of 2020[30]. - The net assets attributable to shareholders increased by 11.22% to ¥1,874,465,566.85 at the end of 2021 from ¥1,685,408,179.24 at the end of 2020[30]. - The weighted average return on equity for 2021 was 9.31%, an increase of 7.11 percentage points from 2.20% in 2020[30]. - The company reported a diluted earnings per share of ¥0.18 in 2021, a 350.00% increase from ¥0.04 in 2020[30]. - The company achieved operating revenue of 2.664 billion CNY in 2021, a year-on-year increase of 37.97%[87]. - The net profit attributable to shareholders reached 165 million CNY, up 343.84% compared to the previous year[87]. Business Operations - The company has not changed its main business since its listing, indicating stability in operations[28]. - The company has no changes in its controlling shareholders, reflecting consistent ownership structure[28]. - The company has not engaged in any mergers or acquisitions during the reporting period, maintaining its current operational focus[28]. - The company operates a complete integrated production system from tungsten mining to deep processing, making it one of the few manufacturers with a complete tungsten industry chain in China[2]. - The company has subsidiaries including Ganzhou Aoketai Tool Technology Co., Ltd. and Dream Plus Co., Ltd., indicating a diversified business structure[19]. - The company has established a procurement model with approximately 25% self-sufficiency in raw materials, ensuring stable supply through long-term partnerships with quality suppliers[4]. - The company has six mining rights, with three mines recognized as national "green mines," emphasizing its commitment to sustainable mining practices[5]. - The company has achieved international advanced levels in hard alloy tool manufacturing and coating equipment, enhancing its competitive edge in the market[6]. - The company’s deep processing products are sold through a combination of direct sales and distribution, with some industries utilizing customized services[7]. Research and Development - The company applied for 50 patents during the reporting period, with 31 patents granted, including 7 invention patents[82]. - The company’s R&D team consists of over 400 personnel, focusing on technological innovation and collaboration with universities to enhance research capabilities[81]. - A total of 37 R&D projects were conducted, with 30 being self-initiated, leading to the development of 330 new products, including 5 smelting products and 13 powder products[95]. - The company has completed several key R&D projects focused on improving production processes and enhancing environmental protection[131]. - The company has developed a new type of nano hard alloy bar with a cobalt content of 9% and a hardness of 93.5-94.5 HRA, achieving a TRS of ≥ 3800 MPa[140]. - The company has developed tungsten-based shielding materials, completing small batch experiments and designing over three promising types of tungsten-based shielding materials, which will enrich the product line and increase market share[143]. Market and Sales - The average price of tungsten concentrate (WO3≥65%) in 2021 was ¥102,000 per ton, a 22.16% increase from the previous year's average[44]. - The sales revenue from coated blades was 195.91 million CNY, a 44.37% increase year-on-year, while bar sales revenue reached 195.83 million CNY, growing by 107.69%[87]. - The company ranked second in domestic tungsten powder production and second in carbide tungsten powder production according to the 2021 statistics from the China Tungsten Industry Association[67]. - Domestic sales accounted for 78.16% of total revenue, while international sales increased to 21.84%, marking a growth of 47.52% year-on-year[114]. - The sales volume of tungsten products rose by 45.31%, with production volume increasing by 40.87%[115]. - The company is actively expanding its market presence in high-end materials and advanced manufacturing sectors, aligning with national strategic initiatives[10]. Financial Management - The company’s financial statements are audited by Tianjian Accounting Firm, ensuring compliance and reliability in financial reporting[29]. - The company is focused on risk management, particularly regarding macroeconomic fluctuations and market demand uncertainties, to mitigate potential impacts on performance[197]. - The company faces risks from fluctuations in raw material prices, which could impact production costs and overall business performance[198]. - The company conducts regular research and analysis on tungsten product market prices and cost structures to mitigate risks associated with raw material price volatility[198]. - The company actively adjusts raw material inventory based on market changes to ensure normal production needs are met[198]. Sustainability and Environmental Practices - The company is advancing green smelting processes and developing high-value-added tungsten products to meet diverse customer needs[184]. - The implementation of a new green smelting technology is expected to reduce wastewater discharge by 80% and increase tungsten recovery rates to over 98.5%[95]. - The company has achieved a tungsten recovery rate of over 95% from grinding waste in the alloy grinding material recycling process[132]. - The project for researching the mechanism of ion-type rare earth ore bed rock mechanics has been completed, providing theoretical references for ecological protection and restoration[134].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥782,216,229.38, representing a 43.95% increase compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2021 was ¥56,086,484.70, a decrease of 4.27% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥47,924,057.12, an increase of 4.35% compared to the same period last year[5] - The company's basic earnings per share for Q3 2021 were ¥0.0607, a decrease of 4.26% year-on-year[5] - The net profit attributable to the parent company increased by 9,332.30 million yuan, a staggering growth of 2,093.57%, reflecting the overall improvement in the tungsten market and increased sales volume[22] - Net profit for the quarter was ¥93,887,137.88, a turnaround from a net loss of ¥2,129,635.60 in the previous year[59] - The total comprehensive income attributable to the parent company was CNY 93,522,093.11, a decrease of CNY 2,935,351.00 compared to the previous period[65] - Basic and diluted earnings per share were both CNY 0.1010, compared to a loss of CNY 0.0033 in the previous period[65] Cash Flow - The cash flow from operating activities showed a significant decline, with a net amount of ¥36,447,014.51, down 89.89% year-on-year[5] - The cash inflow from operating activities totaled 169,869.75 million yuan, up 21.93% year-on-year, indicating improved cash generation from core operations[33] - The cash outflow from operating activities increased by 62,952.87 million yuan, a rise of 60.96%, mainly due to higher procurement costs to meet increased sales orders[33] - Cash inflow from operating activities totaled CNY 1,698,697,489.88, an increase from CNY 1,393,158,326.33 in the previous period[66] - Cash outflow from operating activities was CNY 1,662,250,475.37, compared to CNY 1,032,721,838.65 in the previous period[66] - Net cash flow from operating activities was CNY 36,447,014.51, down from CNY 360,436,487.68 in the previous period[66] - The ending cash and cash equivalents balance was CNY 289,270,337.62, down from CNY 160,812,920.72 in the previous period[69] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,503,074,089.98, reflecting a 15.34% increase from the end of the previous year[7] - The company's total assets increased to ¥4,503,074,089.98, up from ¥3,904,307,172.62, indicating a growth of approximately 15.4%[51] - Total liabilities rose to ¥2,704,266,908.95, compared to ¥2,212,479,940.42 in the previous year, marking an increase of about 22.2%[51] - The company's long-term borrowings decreased by 11,930.73 million yuan, a decline of 39.59%, as a result of repayments and reclassification of certain borrowings[21] - Total assets amounted to $3,904,307,172.62, a slight decrease from $3,905,931,793.66[75] - Total liabilities reached $2,212,479,940.42, compared to $2,214,142,856.37 previously[79] Shareholder Information - The total number of common shareholders at the end of the reporting period is 72,640[38] - The largest shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., holds 64.22% of shares, totaling 593,527,697 shares[38] - The top 10 shareholders include individuals with significant stakes, such as Chai Changmao with 12,080,000 shares[41] Operational Highlights - The company reported a significant increase in accounts receivable, which rose by 225.12% to ¥50,723.41 million compared to the beginning of the year[13] - The company recorded non-recurring gains of ¥8,162,427.58 for the reporting period, down from ¥22,619,196.96 in the previous year[11] - The company's investment expenditure decreased by 6,144.38 million yuan, a decline of 40.68%, attributed to reduced cash payments for fixed asset acquisitions[34] - The deferred income increased by 38,008.70 million yuan, a growth of 42.53%, due to government subsidies received for technology improvement projects[22] - The company's credit impairment loss increased by 715.61 million yuan, a rise of 55.75%, primarily due to the increase in accounts receivable and aging of certain receivables[29] - Research and development expenses for the quarter were ¥24,191,582.90, slightly down from ¥26,138,569.99 in the previous year[56] Future Outlook - Future outlook includes plans for market expansion and potential new product developments to sustain growth momentum[51]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,254,623,033.88, representing a 55.25% increase compared to CNY 808,127,489.95 in the same period last year[26]. - The net profit attributable to shareholders of the listed company reached CNY 37,236,531.48, a significant turnaround from a loss of CNY 61,609,598.98 in the previous year, marking a 160.44% improvement[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22,779,762.10, compared to a loss of CNY 84,567,019.85 in the same period last year, reflecting a 126.94% increase[26]. - The basic earnings per share improved to CNY 0.04 from a loss of CNY 0.07, representing a 157.14% increase[26]. - The weighted average return on net assets increased by 5.87 percentage points to 2.18% from -3.69% in the previous year[26]. - The company's total revenue increased by 55.25% year-on-year, driven by improved tungsten market conditions and rising product prices[65]. - The net profit for the reporting period was ¥37,584,947.54, a significant increase of 161.59% from a net loss of ¥61,024,059.17 in the previous year[60]. - The total comprehensive income for the first half of 2021 was CNY 57,875,482.11[197]. Assets and Liabilities - The company's total assets increased by 12.30% to CNY 4,384,408,018.73 from CNY 3,904,307,172.62 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company rose by 2.81% to CNY 1,732,699,376.36 from CNY 1,685,408,179.24 at the end of the previous year[26]. - Accounts receivable increased to CNY 382.33 million, representing 8.72% of total assets, up from 4.00% the previous year[71]. - Inventory rose to CNY 1.09 billion, accounting for 24.91% of total assets, due to increased tungsten raw material stock to meet sales orders[71]. - The total liabilities of the company were CNY 2,644,281,173.35, up from CNY 2,212,479,940.42, which is an increase of about 19.5%[165]. - The company's total liabilities at the end of the reporting period were CNY 1,607,180,306.00[198]. Operational Highlights - The production of tungsten concentrate reached 1,933.91 tons, an increase of 23.05% year-on-year[35]. - The average price of tungsten concentrate (WO3≥65%) was 94,600 yuan per ton in the first half of 2021, up 14.11% from the same period last year[33]. - The company ranked first in domestic tungsten powder production and second in tungsten carbide powder production in the first half of 2021[37]. - The subsidiary, Ganzhou Aoketai, reported operating revenue of 180.02 million yuan, a growth of 56.12% year-on-year, with coated blade sales increasing by 101.55%[38]. - The company maintained a complete integrated production system from upstream mining to downstream processing, with no major changes in its main business during the reporting period[35]. - The company has 6 mining rights and 8 exploration rights, continuing geological exploration work in existing mining areas[35]. Research and Development - Research and development expenses rose by 38.93% to ¥58,385,336.74, attributed to increased investment in industrialization and research activities[60]. - The company introduced 9 new patents during the reporting period, including 4 invention patents, contributing to its innovation capabilities[52]. - The company has invested in new product development and technology, as indicated by the R&D expenses of CNY 15,490,100.02 for the first half of 2021, down from CNY 18,069,098.67 in the same period of 2020[173]. Market and Sales - Domestic sales accounted for 80.27% of total revenue, with a year-on-year growth of 62.88%[63]. - The sales of tungsten powder increased by 82.64% to ¥394,143,652.59, contributing significantly to revenue growth[63]. - The company’s sales model combines direct sales and distribution, maintaining long-term relationships with major clients through stable product quality and rapid delivery[47]. Environmental and Social Responsibility - The company has achieved ISO 14001 environmental management system certification and has established various environmental protection systems[99]. - The company has been recognized as a national "green factory" and has three mines designated as national-level green mine pilot units[103]. - The company contributed a total of 591,000 yuan to various social welfare initiatives during the reporting period, supporting vulnerable groups and poverty alleviation efforts[111]. Risks and Challenges - The company is exposed to risks from fluctuations in raw material prices and exchange rates, with 19.73% of its revenue coming from exports primarily settled in USD[8][7]. - The company faces risks from macroeconomic fluctuations, with tungsten products widely used across various industries, and plans to develop high-value-added products to mitigate these risks[86]. - The company relies heavily on external procurement for tungsten concentrate, which poses a risk if raw material prices fluctuate significantly[87]. Shareholder and Corporate Governance - The company held one shareholders' meeting during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[105]. - The company has not declared cash dividends or bonus shares for the half-year period[92]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[117]. - The company has a good integrity status, with no unfulfilled court judgments or significant overdue debts[123].

Financial Performance - The company's revenue for Q1 2021 was ¥575,834,543.68, representing a 65.76% increase compared to ¥347,393,366.70 in the same period last year[10]. - Net profit attributable to shareholders was ¥6,725,174.50, a significant turnaround from a loss of ¥48,892,729.17, marking a 113.75% improvement[10]. - Basic earnings per share increased to ¥0.0073 from -¥0.05, reflecting a 114.60% improvement[10]. - The company's operating revenue for the current period increased by 228.44 million yuan, a growth of 65.76% compared to the same period last year, driven by favorable tungsten market conditions and significant sales volume growth[31]. - Net profit for the current period reached 71.10 million yuan, an increase of 557.44% compared to the same period last year, primarily due to rising tungsten product prices and increased sales volume[31][33]. - The total profit for the current period increased by 56.20 million yuan, a growth of 112.83%, reflecting improved market conditions and operational efficiency[31][33]. - The company's net profit attributable to shareholders increased to CNY 11,182,798.26 from CNY 4,495,918.67, reflecting a growth of about 148%[70]. - The total comprehensive income for the current period was ¥7,110,090.03, compared to a loss of ¥48,634,000.54 in the previous period[86]. Cash Flow and Investments - The net cash flow from operating activities was -¥172,124,621.08, a drastic decline of 52,449.12% compared to ¥328,801.35 in the previous year[10]. - The company's cash outflow from operating activities increased by 178.52 million yuan, a rise of 41.60%, mainly due to increased payments for raw materials to meet sales order demands[39]. - The company's cash flow from investment activities saw a net inflow of 1.51 million yuan, a significant increase of 535.63% compared to the previous year[40]. - The net cash flow from investment activities was -8,911,509.13 CNY, a significant decrease compared to -57,690,037.90 CNY in the previous period[104]. - The cash flow from financing activities resulted in a net inflow of 29,177,213.71, compared to a net outflow of -64,815,615.34 in the previous period[100]. - The net cash flow from financing activities was 15,049,619.76 CNY, a recovery from -85,001,598.28 CNY in the previous period[104]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,212,324,240.81, up 7.89% from ¥3,904,307,172.62 at the end of the previous year[10]. - The company's total liabilities increased by 195.79 million yuan, a rise of 75.06%, due to optimized financing structure and increased purchases of tungsten raw materials[26]. - Total current assets reached ¥2,079,711,282.22, compared to ¥1,760,519,910.97 at the end of 2020, reflecting a growth of approximately 18.1%[61]. - The total liabilities reached CNY 2,507,949,349.89, compared to CNY 2,212,479,940.42, indicating an increase of approximately 13.3%[67]. - The company's total assets increased to ¥5,113,941,418.09 from ¥4,864,823,508.63, indicating a growth of approximately 5.1%[77]. - The total liabilities increased to ¥2,328,422,591.43 from ¥2,100,822,154.65, reflecting a rise of approximately 10.8%[77]. Shareholder Information - The company reported a total of 71,848 common shareholders at the end of the reporting period[15]. - The largest shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., held 64.22% of the shares, amounting to 593,527,697 shares[15]. - The company has committed to a three-year shareholder return plan (2020-2022) approved on June 19, 2020, ensuring consistent returns to shareholders[47]. Compliance and Governance - The company has adhered to commitments regarding employee housing fund contributions since August 1, 2009, with no penalties or losses incurred as of the first quarter of 2021[47]. - The company has maintained compliance with commitments to avoid competition and related transactions, ensuring no conflicts of interest as of the first quarter of 2021[47]. - There were no significant non-operating fund occupations by controlling shareholders or related parties during the reporting period[56]. - The company has not engaged in any major contracts or entrusted financial management during the reporting period[52][57]. Other Financial Metrics - The weighted average return on equity rose to 0.40%, an increase of 3.34 percentage points from -2.94%[10]. - The company's investment income increased by 6.01 million yuan, a growth of 152.49%, due to higher returns from joint ventures[33]. - Research and development expenses for the current period were ¥7,100,793.22, down from ¥9,207,915.83, a decrease of approximately 22.8%[80]. - The company reported an investment income of ¥2,070,390.52, recovering from a loss of ¥3,944,518.02 in the prior period[80].

Financial Performance - The company's operating revenue for 2020 was approximately ¥1.93 billion, representing a 5.66% increase compared to ¥1.83 billion in 2019[20]. - The net profit attributable to shareholders of the listed company was approximately ¥37.18 million, a significant turnaround from a loss of ¥288.42 million in 2019, marking a 112.89% improvement[20]. - The net cash flow from operating activities reached approximately ¥692.88 million, reflecting a substantial increase of 522.61% from ¥111.29 million in the previous year[20]. - Basic earnings per share increased to 0.04 CNY, a 112.82% improvement compared to -0.31 CNY in the previous year[21]. - Total assets reached 3,904,307,172.62 CNY, reflecting a 5.84% increase from 3,688,820,157.31 CNY at the end of 2019[21]. - The net profit attributable to shareholders for Q4 2020 was 40,196,156.71 CNY, following a net profit of 58,589,367.15 CNY in Q3 2020[28]. - Non-operating income for 2020 amounted to 58,912,616.25 CNY, compared to 39,605,262.73 CNY in 2019[30]. - The company reported a significant increase in other business income, which rose by 44.00% year-on-year to CNY 376,243,444.13[79]. - The revenue from the non-ferrous metal mining, smelting, and processing segment decreased by 10.34% to CNY 1.55 billion, accounting for 80.52% of total revenue[74]. - Other business revenue surged by 302.37% to CNY 376.24 million, now representing 19.48% of total revenue[75]. Operational Stability and Business Focus - The company has not reported any changes in its main business since its listing, indicating stability in its operational focus[19]. - The company has not reported any significant changes in its main business during the reporting period[34]. - The company has a complete tungsten industry chain and production technology, which provides a competitive advantage despite market demand fluctuations due to the ongoing COVID-19 pandemic[6]. - The company has established a complete integrated production system from upstream mining to downstream processing in the tungsten industry[34]. - The company operates 6 mining rights mines and 3 tungsten smelting and deep processing plants[34]. - The company has six mining rights mines and eight exploration rights areas, continuously increasing exploration efforts to strengthen tungsten resource advantages[46]. Research and Development - The company has a strong focus on research and development, with subsidiaries dedicated to tool technology and precision manufacturing[13]. - The subsidiary Ganzhou Aoketai focuses on the R&D and production of hard alloy coated blades and tools[35]. - The company developed over 150 proprietary technologies and added 18 new patents during the reporting period[58]. - The company’s technology center has been recognized as a national-level enterprise technology center, focusing on innovation and collaboration with academic institutions[50]. - The company aims to optimize tungsten powder production processes to enhance product quality and profitability, supporting the development of hard alloy products[124]. Market and Sales Performance - The company achieved the highest production volume of tungsten powder in the industry during the reporting period, ranking first, while carbide powder production ranked fourth[45]. - Coated blade sales reached 10.6 million pieces, a year-on-year increase of 64.85%, while bar sales increased by 160.16% to 320 tons[66]. - Domestic revenue increased by 12.22% to CNY 1.54 billion, while international revenue decreased by 13.95% to CNY 394.41 million[75]. - The company has established long-term cooperative relationships with major clients through direct sales, ensuring stable product quality and rapid supply capabilities[44]. - The company’s new product development efforts are focused on creating competitive high-end cutting tools, supported by advanced processing equipment[43]. Risk Management - The company faces risks related to raw material supply and price volatility, as it relies heavily on external procurement of tungsten concentrate[7]. - The company emphasizes the importance of risk awareness regarding future plans and market conditions, urging investors to understand the differences between plans, forecasts, and commitments[5]. - The company recognizes the risk of market demand fluctuations due to the complex global economic situation and plans to develop high-value-added tungsten products to mitigate this risk[133]. - The company exported 20.42% of its total revenue in 2020, making it vulnerable to exchange rate fluctuations, particularly with the USD/CNY rate[135]. Dividend Policy and Shareholder Returns - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[9]. - The company reported a positive profit for 2020 but chose not to propose a cash dividend distribution due to small retained earnings and future funding needs[149]. - The company’s profit distribution policy aims to balance shareholder returns with sustainable development[144]. - The company has committed to a shareholder return plan for 2020-2022, ensuring consistent dividends to shareholders[153]. - The company’s cash dividend distribution is contingent upon having positive distributable profits after covering losses and reserves[142]. Environmental and Social Responsibility - The company has implemented a comprehensive environmental protection strategy, investing in technology upgrades and process innovations to reduce environmental impact[194]. - The company prioritizes employee rights and welfare, providing training and health measures to enhance employee satisfaction and safety[192]. - The company has actively participated in social welfare initiatives, creating more job opportunities and contributing to local economic development[196]. - The company has signed partnership agreements with impoverished villages to support poverty alleviation efforts, focusing on industrial development and employment[198]. - The company aims to help impoverished households achieve a sustainable income level by 2020 through various development models such as cooperative farming and solar power generation[199]. Financial Management and Governance - The company has established clear and transparent procedures for adjusting its cash dividend policy[144]. - The company has maintained its commitment to pay housing provident funds for employees as required by local authorities[152]. - The company has appointed Tianjian Accounting Firm with an audit fee of 700,000 RMB, maintaining a continuous service for 14 years[162]. - The company has not experienced any changes in the scope of consolidated financial statements compared to the previous year[160]. - The integrity status of the company and its major shareholders is reported as good, with no significant debts overdue[166].

Financial Performance - Net profit attributable to shareholders was ¥58,589,367.15, representing a significant increase of 169.52% year-on-year[10]. - Operating revenue for the period was ¥543,404,561.19, reflecting a growth of 3.39% compared to the same period last year[10]. - Basic earnings per share increased to ¥0.0634, up 169.52% from the same period last year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥45,926,590.36, a year-on-year increase of 145.73%[10]. - Total profit decreased by 109.97 million RMB, a decline of 96.06% compared to the previous year[33]. - Net profit attributable to the parent company decreased by 111.10 million RMB, a decline of 97.35% compared to the previous year[33]. - Operating profit decreased by 106.79 million yuan, a decline of 97.01% compared to the same period last year, primarily due to cost reduction and efficiency improvement measures[40]. - The company reported a net loss of CNY 23,177,271.55, compared to a loss of CNY 20,158,693.73 in the previous year, indicating a worsening of approximately 15.0%[79]. - Net profit for the current period was ¥79,209,375.19, compared to a net loss of ¥16,938,977.35 in the previous period, indicating a significant turnaround[105]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,995,260,932.53, an increase of 8.31% compared to the end of the previous year[10]. - The company's total liabilities reached CNY 2,343,356,486.26, up from CNY 1,997,428,014.71, marking an increase of about 17.3%[77]. - Current liabilities rose to CNY 1,509,887,480.54, compared to CNY 1,375,344,861.22, indicating an increase of approximately 9.7%[77]. - The total equity attributable to shareholders decreased to CNY 1,644,419,087.51 from CNY 1,684,806,612.51, reflecting a decline of approximately 2.4%[79]. - Cash and cash equivalents stood at CNY 353,637,226.20, down from CNY 369,615,353.93, indicating a decrease of about 4.5%[81]. - Total liabilities increased to ¥2,220,529,516.94 from ¥1,862,945,403.98, marking an increase of approximately 19.2%[86]. - Total equity rose to ¥2,700,581,563.49 from ¥2,675,704,684.23, reflecting a growth of about 0.9%[86]. Cash Flow - The net cash flow from operating activities was ¥67,454,834.42, a decrease of 57.44% compared to the previous year[10]. - Cash inflow from operating activities totaled 1,393.16 million yuan, an increase of 265.47 million yuan, or 23.54% compared to the previous year[41]. - Cash outflow from operating activities amounted to 1,032.72 million yuan, an increase of 156.68 million yuan, or 17.88% year-on-year[41]. - Cash inflow from financing activities decreased by 520.30 million yuan, a decline of 38.54%, due to adjustments in financing structure and increased use of acceptance bills[42]. - The ending cash and cash equivalents balance was $135,726,939.48, down from $311,592,230.17 in the previous period, reflecting a decrease of 56.5%[133]. Shareholder Information - The total number of shareholders at the end of the reporting period was 50,535, with the largest shareholder holding 64.22% of the shares[15]. - The company has committed to a shareholder return plan for 2020-2022, approved on June 19, 2020[55]. - The company repurchased 8,500,036 shares, accounting for approximately 0.92% of the total share capital, with a total expenditure of 39.92 million yuan[47]. Research and Development - Research and development expenses decreased to ¥8,069,471.32 from ¥14,759,152.98, a reduction of approximately 45%[92]. - Research and development expenses were ¥26,138,569.99, down from ¥40,238,314.54, showing a decrease of approximately 35%[106]. - Development expenditures increased by 16.72 million RMB, an increase of 127.54% as some R&D projects entered the pilot stage[27]. Government and Non-Operating Income - The company reported a government subsidy income of ¥42,587,294.54 during the reporting period[11]. - Non-operating income and expenses amounted to -¥918,674.70, indicating a negative impact on overall profitability[11]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[66].