Financial Performance - The company's operating revenue for the first half of 2022 was ¥2,060,223,072.20, representing a 3.01% increase compared to ¥2,000,074,161.31 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was ¥107,821,285.94, a 32.42% increase from ¥81,424,971.73 in the previous year[21]. - The basic earnings per share increased to ¥0.18, up 12.50% from ¥0.16 in the same period last year[21]. - The total assets at the end of the reporting period were ¥9,145,365,797.66, reflecting a 27.07% increase from ¥7,199,963,652.87 at the end of the previous year[21]. - The company's total revenue for the first half of 2022 was approximately ¥2.06 billion, representing a year-on-year increase of 3.01% compared to ¥2.00 billion in the same period last year[50]. - The revenue from the new materials segment surged by 283.38%, reaching approximately ¥394 million, up from ¥102 million in the previous year, indicating significant growth in this area[53]. - The company's operating costs increased slightly by 0.60% to approximately ¥1.81 billion, compared to ¥1.79 billion in the previous year[50]. - The net profit after deducting non-recurring gains and losses was ¥80,282,901.87, a 1.79% increase from ¥78,872,110.46 in the same period last year[21]. - The net profit for the first half of 2022 reached CNY 191,971,036.52, a significant increase of 49.2% compared to CNY 128,718,240.62 in the same period of 2021[192]. - Operating profit for the first half of 2022 was CNY 189,290,259.37, up from CNY 128,319,329.20 in the first half of 2021, reflecting a growth of 47.5%[192]. Cash Flow and Investments - The company reported a significant decline in cash flow from operating activities, with a net cash outflow of ¥121,959,634.02, compared to a cash outflow of ¥13,251,046.97 in the same period last year, marking an 820.38% increase in cash outflow[21]. - The net cash flow from operating activities showed a significant decline of 820.38%, amounting to approximately -¥122 million, primarily due to increased working capital expenditures[50]. - The net cash flow from financing activities increased by 89.62% to approximately ¥1.29 billion, driven by higher cash received from borrowings[50]. - The company reported a total cash outflow from investment activities of 394,824,514.92 CNY, indicating significant investment activity[197]. - The company raised CNY 2,480,312,000.00 through financing activities, a substantial increase from CNY 1,563,996,000.00 in the first half of 2021[195]. Business Segments and Operations - The company operates in three main business segments: fine chemicals, new materials, and new energy, with a strong market presence in both domestic and international markets[28]. - The fine chemicals segment includes products such as environmentally friendly organic solvents and high-temperature resistant plasticizers, with leading production capacity and quality in the industry[29]. - The new materials segment focuses on needle coke and lithium battery materials, catering to the steelmaking and new energy sectors[29]. - The new energy segment offers various lithium-ion batteries and energy storage systems, targeting applications in large-scale storage and commercial energy solutions[29]. - The company has established long-term partnerships with several Fortune 500 chemical and coating companies, indicating strong market trust and collaboration[29]. Research and Development - The company is actively involved in the research and development of new products and technologies to enhance its market offerings[29]. - Research and development expenses rose by 14.60% to approximately ¥52 million, reflecting the company's commitment to innovation[50]. - The company has developed a technology innovation system focused on market needs, with subsidiaries recognized as high-tech enterprises by Jiangsu Province[38]. - The company has established multiple high-level R&D platforms and has been involved in the formulation of several national and industry standards, enhancing its product quality and performance[39]. Market and Competitive Position - The company aims to expand its market presence through strategic initiatives and potential mergers and acquisitions in the future[29]. - The company is positioned to benefit from the growing demand for graphite electrodes due to the increasing focus on electric arc furnace steel production, which currently represents only 10% of total steel production in China[46]. - The company has established a leading production scale in the domestic lithium battery materials sector, with significant advantages in cost control, technology R&D, and market adaptability[37]. - The company aims to leverage the growth in the new energy sector, with strategic collaborations with energy storage integrators like Kelu Electronics and Sunshine Power[42]. Environmental and Safety Management - The company will continue to focus on environmental protection and has met national standards for pollutant emissions during the reporting period[82]. - The company has implemented environmental impact assessments and adhered to legal requirements for construction projects, with no violations reported[96]. - The company has established a comprehensive environmental monitoring plan, ensuring ongoing compliance with environmental regulations[97]. - The company has maintained a zero exceedance rate for major pollutants in emissions, demonstrating effective pollution control measures[95]. - The company has established a robust safety management system, including various safety protocols and regular training to enhance employee safety awareness[103]. Risks and Challenges - The company faces risks including overall economic conditions, safety production, environmental protection, raw material price fluctuations, and market competition[4]. - The company is facing risks related to the stability and price trends of raw material supplies, which could adversely affect production stability and profitability if prices rise significantly or supply shortages occur[84]. - The company plans to strengthen internal management and budget control to mitigate the impact of raw material price fluctuations[83]. Shareholder and Capital Structure - The registered capital of Haiji New Energy increased from 950 million to 1.215 billion RMB, representing a 28.42% increase[123]. - The total number of ordinary shares held by major shareholders includes Zheng Tiejian with 111,690,000 shares (18.83%) and Zheng Jiang with 15,498,303 shares (2.61%) as of the reporting period[159]. - The total number of restricted shares at the end of the reporting period was 95,391,227, down from 115,284,977 at the beginning[157]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[162].

Financial Performance - The company's operating revenue for Q1 2022 was ¥991,486,767.35, representing an increase of 11.95% compared to the same period last year[3]. - Net profit attributable to shareholders for Q1 2022 was ¥62,759,554.13, a significant increase of 112.66% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥36,331,986.94, up by 27.70% from the previous year[3]. - Revenue for Q1 2022 reached CNY 65,422,961.84, a 77.60% increase compared to CNY 36,837,397.21 in Q1 2021[9]. - Net profit for Q1 2022 was CNY 59,499,751.44, reflecting a 93.00% increase from CNY 30,828,092.14 in Q1 2021[9]. - Operating profit reached CNY 65,422,961.84, up 77.5% from CNY 36,837,397.21 in the same period last year[29]. - The total comprehensive income for Q1 2022 was CNY 59,497,907.63, compared to CNY 30,830,499.33 in Q1 2021[30]. Assets and Liabilities - The company's total assets as of March 31, 2022, were ¥8,503,741,347.08, reflecting an 18.38% increase from the end of the previous year[3]. - The company's short-term borrowings increased by 34.05% to ¥2,199,014,579.23, primarily due to increased raw material procurement needs[8]. - The company's cash and cash equivalents rose by 47.82% to ¥1,280,550,133.06, mainly due to an increase in bill guarantees[8]. - Total assets increased from RMB 7.18 billion at the beginning of the year to RMB 8.50 billion at the end of the period, reflecting a growth of approximately 18.3%[25][26]. - Inventory levels rose from RMB 727.49 million to RMB 885.84 million, reflecting an increase of approximately 21.7%[24]. - The company's equity attributable to shareholders increased from RMB 1.89 billion to RMB 2.06 billion, marking a growth of approximately 8.5%[26]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥43,456,167.73, worsening by 22.06% compared to the previous year[3]. - Operating cash inflow for Q1 2022 totaled CNY 846,640,326.62, up 39.12% from CNY 608,555,662.01 in Q1 2021[9]. - Cash flow from financing activities increased by 101.17% to CNY 1,579,172,000.00, driven by increased borrowings[9]. - Cash flow from operating activities showed a net outflow of CNY 43,456,167.73, worsening from a net outflow of CNY 35,601,799.11 in the previous year[34]. - Cash flow from investing activities resulted in a net outflow of CNY 877,497,226.94, compared to a net outflow of CNY 485,867,048.80 in Q1 2021[34]. - Cash flow from financing activities generated a net inflow of CNY 964,128,107.31, significantly higher than CNY 396,975,287.33 in the same quarter last year[34]. Shareholder Information - The company's basic and diluted earnings per share for Q1 2022 were both ¥0.11, an increase of 83.33% year-on-year[3]. - The company reported a basic earnings per share of CNY 0.11, an increase of 83.33% from CNY 0.06 in the same period last year[9]. - The company's share capital has increased from 516,977,142 shares to 593,165,169 shares due to the conversion of "Baichuan Convertible Bonds," leading to necessary amendments to the company's articles of association[19]. Investments and Projects - The subsidiary Ningxia Baichuan Technology Co., Ltd. has commenced trial production of a project with an annual capacity of 50,000 tons of trimethylolpropane and 2,000 tons of cyclic trimethylolpropane formaldehyde, which is expected to positively impact future operating performance[13]. - The "Annual Production of 5,000 Tons of Graphite Anode Materials (10,000 Tons of Graphitization) Project" has completed acceptance and has officially commenced production, which is expected to create new profit growth points for the company[18]. - The acrylic ester project has completed construction and has officially commenced production, enhancing the company's product variety and market presence[22]. - The company plans to issue convertible bonds to raise up to RMB 978 million, which will be fully invested in a project to produce 30,000 tons of anode materials annually[20]. Expenses - Sales expenses increased by 41.43% to CNY 8,379,729.47 due to expansion and increased employee compensation[9]. - Financial expenses surged by 137.86% to CNY 20,330,986.86, primarily due to increased interest expenses[9]. - Research and development expenses totaled CNY 23,984,717.94, an increase of 24.4% from CNY 19,344,654.23 in Q1 2021[29]. - The total tax expenses for Q1 2022 were CNY 6,411,692.96, slightly down from CNY 6,692,040.43 in Q1 2021[29].

Financial Performance - The company reported a significant increase in revenue, driven by strong demand for its chemical products, with total revenue reaching approximately 1.5 billion RMB, representing a year-on-year growth of 15%[39]. - The company's operating revenue for 2021 was approximately ¥4.02 billion, representing an increase of 83.88% compared to ¥2.19 billion in 2020[19]. - The net profit attributable to shareholders for 2021 was approximately ¥228.33 million, a significant increase of 243.58% from ¥66.46 million in 2020[19]. - The net profit after deducting non-recurring gains and losses for 2021 was approximately ¥219.65 million, up 669.57% from ¥28.54 million in 2020[19]. - The net cash flow from operating activities for 2021 was approximately ¥283.77 million, reflecting a 56.10% increase from ¥181.78 million in 2020[19]. - The total assets at the end of 2021 were approximately ¥7.20 billion, an increase of 43.82% from ¥5.01 billion at the end of 2020[19]. - The gross margin for the year improved to 35%, up from 32% in the previous year, reflecting better cost management and pricing strategies[39]. - The company reported a net profit attributable to shareholders of ¥228,330,061.02 for the fiscal year 2021, with distributable profits amounting to ¥559,051,965.73 after accounting for statutory reserves and previous distributions[169]. Research and Development - The company reported a significant focus on research and development of new materials, although specific financial figures were not disclosed in the provided content[14]. - Research and development expenses surged by 115.10% to ¥103,165,377.53, reflecting increased investment in R&D and expenses from Haiji New Energy[74]. - The company is actively researching next-generation electrochemical storage technologies, including solid-state batteries and sodium-ion batteries, to maintain its market position[130]. - The lithium iron phosphate battery technology has shown a 30-40% improvement in cycle life and energy density, enhancing the company's product competitiveness[92]. - The company has developed low-emission, high-yield products such as sodium formate and high-performance propylene glycol ether acetate, recognized as high-tech products in Jiangsu Province[60]. - The company is exploring partnerships with technology firms to innovate in the field of sustainable materials, aiming to launch eco-friendly products by the end of 2022[39]. - The company has established a research and development center covering over 8,600 square meters with equipment valued at nearly 20 million yuan, indicating a commitment to innovation[61]. Market Expansion and Strategy - The company aims to expand its new materials and new energy businesses to mitigate risks associated with traditional fine chemical operations[30]. - The company is focusing on market expansion in Southeast Asia, targeting a 25% increase in market share in this region over the next two years[39]. - The company has initiated a strategic acquisition of a local competitor to enhance its product portfolio and increase market penetration, expected to be completed by Q3 2022[39]. - The company is committed to developing environmentally friendly products to replace traditional toxic and harmful products in the market[30]. - The company plans to leverage its core technology to enhance production of low-toxicity and environmentally friendly products[30]. - The company is actively monitoring national policies related to technological innovation and resource adjustment to seize future development opportunities[30]. Production and Operations - The company operates three major production bases located in Jiangsu, Ningxia, and Jiangyin, enhancing its competitive edge through regional advantages[34]. - The company has ongoing construction projects for an additional 20,000 tons of phthalic anhydride and 30,000 tons of new pentanediol, expected to enhance production capacity[62]. - The production capacity utilization rates for major products are as follows: Acetate esters at 54.35%, Polyols at 101.87%, and Phthalic anhydride and esters at 72.42%[62]. - The company has launched a 50,000-ton needle coke project, which will supply materials for lithium battery anodes and ultra-high power graphite electrodes, catering to the new energy vehicle and energy storage sectors[54]. - The company has developed long-term stable partnerships with multiple integrators in the energy storage industry, with its energy storage cell products applied in various projects[31]. Environmental and Safety Compliance - The company has maintained compliance with environmental regulations, ensuring that emissions meet national standards[127]. - The company has established a self-monitoring scheme for environmental compliance, which is actively implemented[182]. - The company has received environmental impact assessment approvals for projects including 100,000 tons of needle coke and 60,000 tons of graphite materials, reflecting regulatory compliance[63]. - The company emphasizes safety production, having established a complete set of safety management regulations and conducted regular employee training to enhance safety awareness[188]. - The company has not experienced any safety production accidents and has passed all local safety inspections during the reporting period[191]. - The company has implemented environmental monitoring plans and has registered emergency response plans for environmental incidents[182]. Governance and Management - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and maintaining a strong internal control system[137]. - The company has established specialized committees within its board to enhance operational governance and decision-making processes[137]. - The company has a commitment to respect and protect the legitimate rights and interests of stakeholders, promoting balanced interests among shareholders, employees, and society[141]. - The company has established a remuneration system approved by the board, linking pay to performance evaluations conducted by the remuneration and assessment committee[151]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, ensuring complete business autonomy[140]. Financial Management - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares (including tax) to all shareholders[4]. - The cash dividend distribution accounted for 100% of the total profit distribution amount, adhering to the minimum requirement of 20% for cash dividends in significant capital expenditure scenarios[169]. - The company has not engaged in any securities or derivative investments during the reporting period[106][107]. - The company has a total of 26.17 million in unused raised funds, which is 62.74% of the total amount raised in 2017[109]. - The company has committed to using the raised funds for specific projects, with no changes in purpose reported[110]. Employee Management - The total number of employees at the end of the reporting period is 2,113, with 1,627 in production, 38 in sales, 227 in technical roles, 37 in finance, and 184 in administration[164]. - The company emphasizes a competitive, fair, and performance-oriented salary policy, aligning with its development strategy[165]. - Employee training programs are established to enhance skills and management quality, combining internal and external training methods[167]. - The company has no retired employees requiring financial support, indicating a fully active workforce[164]. Future Outlook - The company projects a revenue growth of 10-15% for the next fiscal year, supported by expanding production capacity and new product launches[39]. - The management has set ambitious performance guidance for the upcoming year, targeting a revenue growth of over 20%[148]. - The company aims to strengthen its existing main business while expanding into new materials and renewable energy sectors[122]. - The company is actively pursuing mergers and acquisitions to strengthen its competitive position in the industry[149].

Financial Performance - The company's revenue for Q3 2021 reached ¥1,035,145,276.75, representing an increase of 83.11% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥42,949,632.01, up 90.64% year-on-year, while the net profit excluding non-recurring items surged by 166.20% to ¥38,915,070.72[3]. - Total operating revenue for the first nine months of 2021 reached CNY 3,035,219,438.06, a 97.31% increase compared to CNY 1,538,287,952.29 in the same period of 2020[9]. - Net profit for the first nine months of 2021 was CNY 130,363,363.88, representing a 293.86% increase from CNY 33,098,873.27 in the previous year[9]. - Net profit for Q3 2021 reached CNY 130,363,363.88, compared to CNY 33,098,873.27 in Q3 2020, marking a growth of 294.5%[27]. - The company’s total profit for Q3 2021 was CNY 138,872,491.95, significantly higher than CNY 42,634,577.67 in Q3 2020, indicating an increase of 225.5%[26]. Assets and Liabilities - The total assets of the company as of the end of Q3 2021 amounted to ¥6,683,456,371.67, reflecting a growth of 33.50% from the end of the previous year[3]. - The company's total liabilities increased by 41.07% to ¥4,399,813,807.06, primarily due to the rise in current liabilities[8]. - The total liabilities and equity increased by 33.50% to CNY 6,683,456,371.67, mainly due to an increase in current liabilities[9]. - The company's total current assets amounted to CNY 2.41 billion, up from CNY 1.83 billion at the end of 2020, indicating a growth of about 31.5%[21]. - The total liabilities increased to CNY 4.40 billion from CNY 3.12 billion, reflecting a rise of approximately 41.1%[23]. Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net amount of ¥16,073,328.34, down 84.06% year-to-date[3]. - Cash inflow from operating activities totaled CNY 2,582,721,714.42, an 82.56% increase from CNY 1,414,705,576.89 in the previous year[10]. - Cash outflow from operating activities was CNY 2,566,648,386.08, a 95.35% increase compared to CNY 1,313,891,337.93 in the same period of 2020[10]. - Cash flow from operating activities generated a net amount of CNY 16,073,328.34 in Q3 2021, down from CNY 100,814,238.96 in Q3 2020[29]. - Cash flow from investing activities showed a net outflow of CNY 1,172,917,039.11 in Q3 2021, compared to a net outflow of CNY 873,892,618.09 in Q3 2020[30]. - Cash flow from financing activities resulted in a net inflow of CNY 1,076,580,397.70 in Q3 2021, up from CNY 542,821,663.52 in Q3 2020[30]. Earnings Per Share - The basic earnings per share increased to ¥0.08, a 100.00% rise compared to the same period last year, while diluted earnings per share reached ¥0.07, up 75.00%[3]. - The basic earnings per share for the first nine months of 2021 was CNY 0.24, a 300.00% increase from CNY 0.06 in the same period of 2020[9]. - The company reported basic earnings per share of CNY 0.24 for Q3 2021, compared to CNY 0.06 in Q3 2020[27]. Inventory and Receivables - Inventory levels rose by 74.71% to ¥750,139,299.83, attributed to increased production for the Ningxia project and rising raw material prices[8]. - The company reported a significant increase in other receivables, which rose by 478.50% to ¥7,299,593.95, mainly due to an increase in export tax rebates[8]. Research and Development - Research and development expenses increased by 72.35% to CNY 67,245,122.26, primarily due to the consolidation of Haiji New Energy's R&D expenses[9]. - Research and development expenses increased to CNY 67,245,122.26 in Q3 2021 from CNY 39,016,256.10 in Q3 2020, reflecting a rise of 72.3%[26]. Investment and Projects - The company plans to invest in a project with an annual production capacity of 20,000 tons of iron phosphate and 6,000 tons of lithium iron phosphate, which is expected to enhance market competitiveness and risk resistance[14]. - The new project for 30,000 tons of neopentyl glycol and 50,000 tons of trimethylolpropane is currently in the equipment installation phase, indicating progress in expanding production capacity[15]. - The company has initiated trial production for a project with an annual capacity of 5,000 tons of graphite anode materials, which is part of its diversification strategy in the chemical and new materials sectors[15]. - The company has established an investment fund with the Ningxia Industrial Guidance Fund to support project construction and enhance capital strength, with a total investment of 4 billion RMB planned for the subsidiary[16][17]. - Following a capital increase, the registered capital of Ningxia Baichuan New Materials will rise from 300 million RMB to 1.29 billion RMB, with the company holding a 68.99% stake[17]. - The company has extended the investment period with the Ningxia Industrial Guidance Fund from 3 years to 5 years to better support project development[18].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 2,000,074,161.31, representing a 105.56% increase compared to CNY 972,967,530.48 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 81,424,971.73, a significant increase of 670.40% from CNY 10,569,131.97 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 78,872,110.46, compared to a loss of CNY 3,373,510.10 in the same period last year, marking a 2,437.98% increase[18]. - The basic earnings per share increased to CNY 0.16, up 700.00% from CNY 0.02 in the previous year[18]. - The total operating income for the reporting period was 2,552,861.27 thousand yuan[25]. - The company reported a significant increase in the sales of acetic acid esters, which generated ¥894,383,014.04, a 65.45% increase year-on-year[54]. - The total profit for the first half of 2021 was CNY 128.40 million, compared to CNY 67.45 million in the first half of 2020, representing an increase of 90.5%[174]. - The company's operating profit for the first half of 2021 was CNY 128.32 million, compared to CNY 67.41 million in the same period of 2020, indicating a growth of 90.3%[174]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,062,423,493.24, reflecting a 21.10% increase from CNY 5,006,304,155.88 at the end of the previous year[18]. - The total liabilities as of June 30, 2021, amounted to ¥4,013,872,355.15, up from ¥3,118,951,621.38 at the end of 2020, reflecting an increase of approximately 28.7%[163]. - The company's short-term borrowings increased to ¥1,517,926,550.00 from ¥1,101,756,750.00[161]. - The debt-to-asset ratio increased to 66.21%, up by 6.22% from 59.99% at the end of the previous year[155]. - The total equity attributable to the parent company increased to ¥1,587,797,562.81 from ¥1,434,731,892.77, reflecting a growth of about 10.6%[163]. Cash Flow - The net cash flow from operating activities was negative at CNY -13,251,046.97, a decline of 111.38% compared to CNY 116,407,342.90 in the same period last year[18]. - The total cash inflow from investment activities was 381,746,900.63 CNY, while cash outflow was 1,107,831,470.52 CNY, resulting in a net cash flow of -726,084,569.89 CNY[179]. - The company raised 1,557,996,000.00 CNY through borrowings, contributing to a net cash flow from financing activities of 682,511,427.63 CNY[179]. Business Segments - The company operates in three main business segments: fine chemicals, new materials, and new energy, with a strong market presence in both domestic and international markets[26]. - The fine chemicals segment includes products such as environmentally friendly organic solvents and high-temperature resistant plasticizers, with leading production capacity and quality in the industry[26]. - New materials include needle coke and lithium battery materials, which are primarily used in steelmaking and new energy applications[26]. - The new energy segment offers lithium iron phosphate batteries and energy storage systems, targeting various applications including large-scale energy storage and commercial energy solutions[26]. Research and Development - The company has invested heavily in technology R&D, resulting in several high-tech products recognized as Jiangsu Province's high-tech products, enhancing its technological edge[42]. - Research and development expenses increased by 59.78% to ¥45,452,532.39, attributed to enhanced R&D efforts in Haiji New Energy and other projects[51]. - The company is actively researching next-generation electrochemical storage technologies, including solid-state batteries and sodium-ion batteries, to maintain its market position and profitability[77]. Market Strategy and Expansion - Future outlook includes continued expansion in the new energy sector, focusing on energy storage solutions and enhancing product offerings in fine chemicals and new materials[26]. - The company plans to continue expanding its R&D efforts and market presence, particularly in the new energy sector, to enhance competitive advantages[50]. - The company aims to capture opportunities in the rapidly developing new energy and new materials sectors through strategic investments and partnerships[123]. Environmental and Safety Management - The company has achieved compliance with national pollution discharge standards, indicating effective environmental management practices[75]. - The company is committed to strengthening safety production management and employee training to address safety production risks[75]. - The company has established emergency response plans for environmental incidents and registered them with the relevant authorities[89]. Shareholder Information - Major shareholder Zheng Tiejiang holds 23.22% of the shares, with a reduction of 10,340,000 shares during the reporting period[137]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[140]. - The total number of ordinary shareholders at the end of the reporting period was 36,542[136]. Corporate Governance - The company plans to enhance internal governance and operational efficiency to mitigate risks associated with the overall economic situation[74]. - The company has not experienced any changes in its board of directors or senior management during the reporting period, ensuring stability in leadership[82]. - The company has not engaged in any securities or derivative investments during the reporting period[69][70].

Financial Performance - The company's operating revenue for 2020 was approximately ¥2.19 billion, a decrease of 15.07% compared to ¥2.57 billion in 2019[14]. - The net profit attributable to shareholders for 2020 was approximately ¥66.46 million, an increase of 2.68% from ¥64.72 million in 2019[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥28.54 million, a decrease of 45.80% from ¥52.66 million in 2019[14]. - The net cash flow from operating activities for 2020 was approximately ¥181.78 million, down 15.10% from ¥214.13 million in 2019[14]. - The total assets at the end of 2020 were approximately ¥5.01 billion, an increase of 75.01% from ¥2.86 billion at the end of 2019[14]. - The basic earnings per share for 2020 remained at ¥0.13, unchanged from 2019[14]. - The diluted earnings per share for 2020 also remained at ¥0.13, unchanged from 2019[14]. - The weighted average return on net assets for 2020 was 4.67%, a decrease of 0.23% from 4.90% in 2019[14]. - The company reported a total operating income of ¥648,442,222.79 in Q4 2020, with a total annual operating income of ¥2,886,330,174.08[19]. - The net profit attributable to shareholders in Q4 2020 was ¥33,356,463.74, showing a significant recovery from a loss of ¥15,794,601.55 in Q1 2020[19]. Cash Flow and Investments - The net cash flow from operating activities in Q4 2020 was ¥80,970,669.66, indicating a strong cash generation capability[19]. - The company received government subsidies amounting to ¥3,810,123.69 in 2020, compared to ¥3,344,094.64 in 2019[20]. - The total non-recurring gains and losses for 2020 amounted to ¥37,913,922.74, significantly higher than ¥12,059,212.88 in 2019[21]. - The company's fixed assets increased by 46.83% to CNY 1,089,198,058.62 at the end of 2020, compared to CNY 741,787,307.60 at the end of 2019, primarily due to the merger with Haiji New Energy[36]. - The company has invested 200 million yuan in its wholly-owned subsidiary Ningxia Baichuan Technology Co., Ltd., increasing its registered capital from 500 million yuan to 700 million yuan, with a 71.43% ownership stake[50]. - The company reported a significant difference of ¥115,329,571.61 between net cash flow from operating activities and net profit for the year, primarily due to depreciation and amortization expenses included in net profit[83]. Market and Product Development - The company specializes in the production of high-tech fine chemical products, including five main categories: acetate, anhydride, ether, polyol, and insulating resin[24]. - The company plans to expand its market presence in various industries, including coatings, inks, adhesives, and cleaning agents[24]. - The company has developed new products such as butyl acetate and propyl acetate, which are widely used in industrial applications[24]. - The company is focused on developing high value-added products and environmentally friendly production processes to enhance competitiveness and mitigate market risks[48]. - The company is targeting the communication power supply market, capitalizing on the growth of 5G infrastructure, with clients including major telecom operators[119]. Risk Management and Compliance - The company has identified several risk factors, including industry economic risks and raw material price fluctuations, and has outlined corresponding countermeasures[4]. - The company has no significant discrepancies between financial reports prepared under international and Chinese accounting standards[17]. - The company has maintained a good integrity status, with no significant debts or court judgments outstanding[149]. - The company has not faced any major litigation or arbitration matters during the reporting period[147]. - The company adheres to national and local environmental protection laws, viewing environmental investment as essential for long-term sustainable development[173]. Research and Development - The company has established a high-level interactive R&D platform, including the Jiangsu Organic Solvent Engineering Technology Research Center[39]. - The company has 10 invention patents and 9 utility model patents related to its core products, showcasing its R&D capabilities[56]. - The company is actively pursuing research and development initiatives to innovate its product offerings[60]. - The company plans to increase R&D investment in new products, processes, and energy-saving technologies, particularly in high value-added and environmentally friendly production processes, to improve competitiveness and reduce costs[117]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥1 per 10 shares to all shareholders[4]. - The cash dividend distribution plan for 2021 proposes a payout of CNY 1.00 per 10 shares, based on a total share capital of 517,013,060 shares[125]. - The company has committed to a minimum cash dividend distribution ratio of 20% during profit allocation, especially in significant capital expenditure phases[131]. - The company reported a capital increase for its associate Jiangsu Haiji New Energy Co., Ltd., raising its registered capital from 430 million to 600 million CNY, with the company contributing 40.44 million CNY in cash[156]. Safety and Environmental Management - The company has established a comprehensive safety production management system, including 14 dedicated safety management personnel, exceeding 2% of total employees, all with relevant qualifications and experience[177]. - No safety production accidents occurred during the reporting period, and the company passed all local safety inspections without penalties[178]. - The company has implemented a "four no push" principle to ensure accountability in addressing safety hazards at various organizational levels[176]. - The company is classified as a key pollutant discharge unit, with continuous monitoring of emissions to comply with environmental standards[183]. Strategic Goals and Future Plans - The company aims to enhance its market share and product quality while expanding production capacity to address increasing competition in the chemical industry[115]. - The company has set strategic goals for harmonious, scientific, innovative, and sustainable development in line with the national "14th Five-Year Plan"[115]. - The company plans to focus on the construction management of key projects, particularly in Ningxia Baichuan New Materials and Ningxia Baichuan Technology, to ensure timely completion and production ramp-up, aiming to create new profit growth points[116].

Financial Performance - The company's revenue for Q1 2021 reached ¥838,158,085.64, representing a 135.21% increase compared to ¥356,350,995.08 in the same period last year[8]. - Net profit attributable to shareholders was ¥36,659,743.60, a significant turnaround from a loss of ¥15,794,601.55, marking a 332.10% increase[8]. - The net profit after deducting non-recurring gains and losses was ¥35,598,815.47, compared to a loss of ¥18,285,337.89, reflecting a 294.69% improvement[8]. - Operating revenue for Q1 2021 reached ¥838,158,085.64, a 135.21% increase compared to ¥356,350,995.08 in Q1 2020, primarily due to a recovery in sales volume and price increases after the pandemic[16]. - Net profit for Q1 2021 was ¥37,975,902.14, a 340.44% increase from a net loss of ¥15,794,601.55 in Q1 2020, driven by increased operating revenue[16]. - The total comprehensive income for Q1 2021 was ¥37,978,309.33, a 341.02% increase compared to a loss of ¥15,757,155.58 in the same period last year[16]. - The basic earnings per share increased to ¥0.07 from a loss of ¥0.03, representing a 333.33% improvement[8]. - The basic earnings per share improved to ¥0.07 from a loss of ¥0.03, reflecting the overall positive performance in Q1 2021[16]. Assets and Liabilities - The company's total assets increased by 10.76% to ¥5,545,029,337.49 from ¥5,006,304,155.88 at the end of the previous year[8]. - The company's total assets as of March 31, 2021, amounted to ¥2,150,059,506.09, compared to ¥2,044,507,953.15 at the end of 2020[39]. - The company's current assets totaled CNY 1.99 billion as of March 31, 2021, compared to CNY 1.83 billion at the end of 2020, reflecting a growth of approximately 9.4%[33]. - The company's short-term borrowings increased to CNY 1.39 billion as of March 31, 2021, up from CNY 1.10 billion at the end of 2020, representing a rise of about 26.0%[35]. - The company's non-current liabilities totaled CNY 1.06 billion as of March 31, 2021, compared to CNY 929.16 million at the end of 2020, indicating an increase of approximately 14.0%[35]. - The total liabilities as of March 31, 2021, were ¥996,367,892.18, compared to ¥890,934,644.64 at the end of 2020[39]. Cash Flow - The net cash flow from operating activities was negative at -¥35,601,799.11, a decline of 146.22% compared to ¥77,029,718.58 in the previous year[8]. - Cash flow from operating activities showed a net outflow of ¥35,601,799.11, a significant decline from a net inflow of ¥77,029,718.58 in the same period last year, primarily due to increased cash payments for raw materials[17]. - The total cash inflow from operating activities was ¥608,555,662.01, up from ¥408,548,392.63 in the previous period[51]. - The total cash outflow from operating activities was ¥301,956,753.91, compared to ¥61,840,226.26 in the previous period, indicating a rise of 387.5%[53]. - The net cash flow from investment activities was -¥92,916,568.72, an improvement from -¥568,263,925.03 in the previous period[55]. - The ending balance of cash and cash equivalents is ¥5,509,393.31, down from ¥12,999,396.25 in the previous period, representing a decrease of 57.5%[55]. Shareholder Information - The total number of shareholders at the end of the reporting period was 27,925[11]. - The largest shareholder, Zheng Tiejiang, holds 23.79% of the shares, with 99,997,500 shares pledged[11]. Research and Development - Research and development expenses increased by 36.11% to ¥19,344,654.23, reflecting the company's commitment to enhancing its R&D capabilities[16]. - Research and development expenses for Q1 2021 were ¥19,344,654.23, compared to ¥14,212,509.14 in the same period last year, showing an increase in investment in innovation[42]. - The research and development expenses for the current period were ¥75,191.09, compared to ¥60,572.13 in the previous period, reflecting an increase in R&D investment[46]. Government Support - The company received government subsidies amounting to ¥613,000 during the reporting period[9]. Inventory and Accounts Receivable - The company reported a significant increase in inventory, which reached CNY 512.44 million as of March 31, 2021, compared to CNY 429.36 million at the end of 2020, marking a growth of about 19.4%[33]. - The company reported a significant increase in accounts receivable, which rose to ¥12,239,302.79 from ¥9,579,895.41[38]. Other Financial Activities - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[27]. - The company has not engaged in any significant external guarantees during the reporting period[26]. - The company has not reported any major contracts or significant financial management activities during the reporting period[24].

Financial Performance - The company's operating revenue for 2020 was ¥2,186,730,175.08, a decrease of 15.07% compared to ¥2,574,641,104.73 in 2019[14]. - The net profit attributable to shareholders was ¥66,455,337.01, representing a 2.68% increase from ¥64,718,353.87 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥28,541,414.27, down 45.80% from ¥52,659,140.99 in 2019[14]. - The net cash flow from operating activities was ¥181,784,908.62, a decrease of 15.10% compared to ¥214,126,973.55 in 2019[14]. - The total assets at the end of 2020 were ¥5,006,304,155.88, an increase of 75.01% from ¥2,860,591,584.85 at the end of 2019[14]. - The basic earnings per share remained at ¥0.13, unchanged from the previous year[14]. - The diluted earnings per share also remained at ¥0.13, consistent with 2019[14]. - The weighted average return on net assets was 4.67%, a slight decrease from 4.90% in 2019[14]. - The total operating income for the fourth quarter was CNY 648,442,222.79, with a total annual operating income of CNY 2,186,730,174.08[19]. - The net profit attributable to shareholders for the fourth quarter was CNY 33,356,463.74, showing a recovery from a loss of CNY 15,794,601.55 in the first quarter[19]. Cash Flow and Investments - The company reported total cash inflow from operating activities in 2020 was approximately ¥1.96 billion, a decrease of 5.19% compared to ¥2.06 billion in 2019[82]. - Net cash flow from operating activities was ¥181.78 million, down 15.10% from ¥214.13 million in the previous year[82]. - Total cash inflow from financing activities increased significantly by 64.12% to ¥1.95 billion, primarily due to the issuance of convertible bonds[83]. - Net cash flow from financing activities surged by 1,832.47% to ¥641.78 million, compared to ¥33.21 million in 2019[83]. - The company invested approximately ¥1.79 billion during the reporting period, representing a 367.54% increase compared to the previous year[91]. - The cash flow from investment activities was negative at approximately -¥938.16 million, worsening by 115.38% from -¥435.59 million in 2019 due to increased cash payments for projects[83]. Research and Development - The company is engaged in the research and development of new chemical products, including various esters and resins, to expand its market presence[24]. - The company has established a high-level interactive R&D platform, including the Jiangsu Province Organic Solvent Engineering Technology Research Center[39]. - The company has 10 invention patents and 9 utility model patents related to its core products, enhancing its R&D capabilities[56]. - The company aims to increase R&D investment in new products and environmentally friendly production processes, particularly high value-added products, to improve competitiveness and reduce costs[117]. Market and Sales - Domestic sales accounted for 81.34% of total revenue, while international sales dropped to 18.66%, a decrease of 48.08% compared to the previous year[64]. - The revenue from acetate esters was ¥1,268,569,199.05, representing 58.01% of total revenue, with a decline of 8.68% from the previous year[64]. - The company’s overseas business contributed more than 10% to the audited operating income, with key markets including South Korea, Vietnam, and Japan[68]. - The company has built a professional sales team and established a matrix marketing model, covering multiple regions in China and exporting to various countries[41]. Risk Management - The company has identified several risk factors, including industry economic risks and raw material price fluctuations, and has outlined corresponding countermeasures[4]. - The company faces risks from macroeconomic conditions, safety production, environmental protection, raw material price fluctuations, and market competition[113][114][115]. Environmental and Safety Management - The company adheres to national and local environmental protection laws, viewing environmental investment as essential for long-term sustainable development[173]. - The company has established a comprehensive safety production management system, including 14 dedicated safety management personnel, exceeding 2% of total employees, all with relevant qualifications and experience[177]. - No safety production accidents occurred during the reporting period, and the company passed all local safety inspections without penalties[178]. - The company is committed to enhancing safety and environmental management, including employee training and emergency response capabilities, to ensure stable production operations[117]. Shareholder Returns - The company plans to distribute a cash dividend of ¥1 per 10 shares to all shareholders[4]. - The cash dividend payout ratio for 2020 is 75.88% of the net profit attributable to ordinary shareholders, reflecting a strong commitment to returning value to shareholders[126]. - The total cash dividend amount is 50,425,261.70 CNY, which accounts for 100% of the distributable profit of 107,819,682.78 CNY[129]. Corporate Governance - The company has committed to not transferring more than 25% of their shares during their tenure and not transferring any shares within six months of resignation[135]. - The company ensures that its major shareholders do not engage in competing businesses that could harm the company's interests[136]. - The company has implemented measures to ensure that the interests of shareholders are protected and that no unfair benefits are provided to other entities[136].

Financial Performance - Operating revenue decreased by 16.75% to CNY 565,320,421.81 for the current period, and by 18.28% to CNY 1,538,287,952.29 year-to-date[8] - Net profit attributable to shareholders decreased by 0.08% to CNY 22,529,741.30 for the current period, and by 49.86% to CNY 33,098,873.27 year-to-date[8] - Basic earnings per share remained at CNY 0.04, while diluted earnings per share also stayed at CNY 0.04, reflecting a decrease of 53.85% year-to-date[8] - The weighted average return on equity was 1.59%, down by 0.12% compared to the previous period[8] - Net profit decreased by 49.86% to approximately ¥33.10 million, attributed to a reduction in total profit[18] - Operating profit fell by 60.80% to approximately ¥30.52 million, mainly due to decreased operating revenue[18] - The company’s net profit for Q3 2020 was CNY 33,098,873.27, a decrease of 49.9% compared to CNY 66,014,976.08 in Q3 2019[57] - The total profit for the quarter was CNY 42,634,577.67, a decrease of 46.9% from CNY 80,183,770.93 in Q3 2019[57] Assets and Liabilities - Total assets increased by 24.14% to CNY 3,551,146,365.31 compared to the end of the previous year[8] - Total liabilities increased by 39.97% to approximately ¥2.14 billion, primarily due to bond issuance during the period[17] - Total assets as of September 30, 2020, reached CNY 1,951,696,260.19, up from CNY 1,214,468,774.55 at the end of 2019[45] - Total liabilities increased to CNY 795,998,571.80 from CNY 222,475,139.53 in the previous period[46] - Owner's equity totaled CNY 1,328,754,018.90, including a capital reserve of CNY 420,253,224.40 and undistributed profits of CNY 408,199,431.56[73] Cash Flow - Net cash flow from operating activities was negative at CNY -15,593,103.94, a decrease of 125.22% compared to the previous period[8] - Cash flow from operating activities increased by 287.97% to approximately ¥100.81 million, mainly due to reduced cash payments for goods and services[18] - The net cash flow from operating activities for Q3 2020 was ¥100,814,238.96, a significant increase from ¥25,984,738.36 in Q3 2019, reflecting improved operational efficiency[64] - The net cash flow from financing activities increased to ¥542,821,663.52 in Q3 2020, compared to ¥146,550,340.45 in Q3 2019, showing stronger financing capabilities[65] Shareholder Information - The total number of shareholders at the end of the reporting period was 26,387[12] - The largest shareholder, Zheng Tiejiang, holds 25.79% of the shares, with 107,745,000 shares pledged[12] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13] Investments and Projects - The company plans to raise up to ¥520 million through the issuance of convertible bonds to support the annual production project of 50,000 tons of needle coke[20] - The company’s subsidiary, Ningxia Baichuan Technology Co., Ltd., received an investment from the Ningxia Industrial Guidance Fund to support the construction of new projects[22] - The company increased its investment in Jiangsu Haiji New Energy Co., Ltd. to enhance its capital strength for lithium battery project capacity expansion[21] Changes in Production Capacity - The company adjusted the production capacity of the acrylic ester project from 40,000 tons to 30,000 tons and the phthalic anhydride project from 40,000 tons to 20,000 tons, reallocating surplus funds to supplement working capital[23] - The company held board meetings to approve the adjustments in production capacity and the use of surplus funds on September 10 and September 28, 2020[23] Revenue Recognition Standards - The company has implemented new revenue recognition standards starting in 2020, affecting the presentation of contract liabilities[77] - The company implemented new revenue and lease standards starting from January 1, 2020, resulting in adjustments to prior period comparative data[78] - Contract liabilities increased to 18,813,369.24 as of January 1, 2020, reflecting the transition to the new revenue standard[78]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥972.97 million, a decrease of 19.14% compared to the same period last year[17]. - The net profit attributable to shareholders was approximately ¥10.57 million, down 75.68% year-on-year[17]. - The net profit after deducting non-recurring gains and losses was approximately -¥3.37 million, a decline of 108.89% compared to the previous year[17]. - The basic earnings per share were ¥0.02, a decrease of 60.00% compared to the same period last year[17]. - The diluted earnings per share were also ¥0.02, reflecting the same percentage decrease[17]. - The weighted average return on net assets was 0.75%, down 2.51% from the previous year[17]. - The company's gross profit margin decreased significantly, leading to an operating profit of ¥7,385,737.85, down 85.22% from the previous year[44]. - The total comprehensive income decreased by 75.54% to ¥10,630,437.60 compared to ¥43,462,737.12 in the previous year[44]. - The company reported a decrease in profit distribution to shareholders amounting to 68.06 million yuan, reflecting a conservative approach to profit allocation[172]. Cash Flow and Investments - The net cash flow from operating activities was approximately ¥116.41 million, an increase of 424.71% compared to the same period last year[17]. - Cash flow from financing activities increased by 536.73% to ¥533,134,449.54, primarily due to the issuance of convertible bonds[43]. - The net cash flow from financing activities improved to ¥533,134,449.54 from ¥83,729,927.59, showing a substantial increase[166]. - The company completed the issuance of convertible bonds, raising a total of ¥520,000,000 for investment in a new materials project[39]. - The total amount of raised funds is 92,550.71 million yuan, with 39,345.54 million yuan invested during the reporting period[64]. - The company has utilized idle fundraising to purchase principal-protected financial products, with remaining funds stored in a dedicated account for investment projects[68]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥3.46 billion, an increase of 21.04% from the end of the previous year[17]. - The total liabilities increased by 198.70% to ¥613,204,967.08, mainly due to the increase in the balance of convertible bonds[43]. - The company's non-current liabilities totaled ¥613,204,967.08, up from ¥205,293,146.36 at the beginning of the period[29]. - The company's cash and cash equivalents decreased by 57.99% to ¥-166,013,030.57, reflecting a net cash outflow[43]. - The company's total liabilities at the end of the current period were 645.93 million yuan, maintaining a healthy leverage ratio[173]. Research and Development - The company has increased its investment in R&D for new products and environmentally friendly production processes to enhance product competitiveness[36]. - Research and development expenses increased by 12.50% to ¥28,446,241.45 from ¥25,285,474.44[42]. - The company aims to enhance its product offerings through ongoing research and development efforts[183]. Market and Sales Strategy - The company maintained a stable supply relationship with major international paint companies, including AkzoNobel and BASF, while expanding its domestic customer base[27]. - The company’s sales strategy includes adjusting monthly sales plans based on market conditions while ensuring full-capacity production[26]. - The company plans to enhance its market development efforts and improve product quality to maintain its competitive edge amid increasing market competition[81]. Environmental Commitment - The company focuses on producing environmentally friendly products to gradually replace traditional toxic products, enhancing safety standards in home environments[28]. - The company emphasizes the importance of environmental protection and has increased investments in environmental facilities to ensure compliance with stricter regulations[80]. - The company has established an emergency response plan for environmental incidents, which has been registered with the environmental authorities[114]. Shareholder Information - The total number of ordinary shareholders was 28,588[125]. - Major shareholders include Zheng Tiejiang with a 25.79% stake, holding 133,330,000 shares, and Hui Ning with a 5.25% stake, holding 27,120,000 shares[125]. - The company has repurchased a total of 12,811,000 shares, accounting for 2.48% of the total share capital, with a total transaction amount of approximately 65 million CNY[120]. Corporate Governance - The semi-annual financial report has not been audited[88]. - There were no major litigation or arbitration matters during the reporting period[90]. - The company did not experience any penalties or rectification situations during the reporting period[91]. - The company has not engaged in targeted poverty alleviation work during the reporting period and has no plans for future initiatives[115].