江西海源复合材料科技股份有限公司 2022 年第三季度报告 证券代码：002529 证券简称：海源复材 公告编号：2022-072 江西海源复合材料科技股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 江西海源复合材料科技股份有限公司 2022 年第三季度报告 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 33,384,750.80 | 10.91% | ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥213,666,089.46, representing a 54.46% increase compared to ¥138,330,023.38 in the same period last year[16]. - The net profit attributable to shareholders was ¥1,411,904.73, a significant turnaround from a loss of ¥16,065,224.96 in the previous year, marking an increase of 108.79%[16]. - The net cash flow from operating activities improved to ¥10,430,858.52, compared to a negative cash flow of ¥22,337,230.88 in the same period last year, reflecting a 146.70% increase[16]. - Basic and diluted earnings per share were both ¥0.0054, recovering from a loss of ¥0.0618 per share in the previous year, an increase of 108.74%[16]. - Total assets at the end of the reporting period were ¥1,114,117,123.26, up 5.34% from ¥1,057,620,700.48 at the end of the previous year[16]. - The company reported a net increase in cash and cash equivalents of ¥7,640,587.17, a 111.64% increase compared to a net decrease of ¥65,657,079.34 in the previous year[42]. - The company reported a net loss of CNY 718,057,795.43, slightly improved from a loss of CNY 719,469,700.16 in the previous period[137]. Revenue Breakdown - Revenue from the lightweight composite materials business reached ¥89,007,750.12, up 27.65% year-on-year[30]. - The mechanical equipment business generated revenue of ¥50,369,914.53, reflecting a 26.84% increase compared to the previous year[32]. - The photovoltaic module business saw revenue of ¥70,138,218.47, a significant rise of 305.05% year-on-year[34]. - Domestic sales accounted for 97.11% of total revenue, increasing by 75.19% year-on-year, while international sales dropped by 68.95%[45]. Costs and Expenses - The cost of goods sold increased by 58.93% to ¥193,786,242.20 from ¥121,932,823.05, reflecting higher operational costs[42]. - Research and development expenses increased by 3.07% to ¥8,013,781.76, indicating continued investment in innovation[42]. - The gross profit margin for the industrial sector was 9.30%, down 2.55% from the previous year, reflecting increased costs[46]. Strategic Initiatives - The company has established partnerships with major clients such as CATL and XPeng Motors for battery cover projects, enhancing its market position in the automotive sector[29]. - The company is actively expanding into the photovoltaic industry, having acquired Saiwei Power in September 2020, and is now preparing to enter the N-type battery technology market[33]. - The company has developed a complete industrial chain from composite material equipment to product design and production, leveraging its leading position in the composite materials sector[35]. - The company is focusing on expanding its product offerings and enhancing its technological capabilities in the photovoltaic sector, supported by a skilled workforce[38]. Risks and Challenges - The company is facing various risks as detailed in the report, which should be considered by investors[4]. - The company is facing challenges such as high raw material costs and international order reductions due to global economic conditions, impacting its mechanical equipment business[32]. - Supply chain and raw material price volatility pose risks to production costs and profitability, particularly with ongoing tight supply and price fluctuations in steel and silicon materials[69]. - Customer concentration risk is significant, with major clients accounting for a high percentage of sales, including partnerships with well-known manufacturers[71]. Corporate Governance and Compliance - The company has not faced any significant legal disputes or arbitration matters during the reporting period[94]. - The company has not received any administrative penalties related to environmental issues during the reporting period[85]. - There were no related party transactions during the reporting period, including asset or equity acquisitions or sales[96][97][98][99][100][101][102]. Future Outlook - The company plans to enhance market research and adjust strategies to adapt to macroeconomic changes[68]. - The company aims to strengthen collaboration with upstream and downstream suppliers to mitigate raw material cost impacts[69]. - The company is committed to accelerating the development of new products and exploring new customer opportunities[68]. - The company did not provide specific future guidance or outlook during the earnings call[165].

Financial Performance - The company's revenue for Q1 2022 was ¥91,648,450.23, representing a 41.80% increase compared to ¥64,633,134.00 in the same period last year[4] - Net profit attributable to shareholders was ¥1,531,172.67, a significant improvement of 150.43% from a loss of ¥3,036,367.06 in the previous year[4] - Basic and diluted earnings per share were both ¥0.0059, marking a 150.43% increase from a loss of ¥0.0117 per share in the previous year[4] - Total operating revenue for Q1 2022 was CNY 91,648,450.23, an increase from CNY 64,633,134.00 in the previous period[17] - Net profit for Q1 2022 was CNY 1,531,172.67, a significant recovery from a net loss of CNY 3,036,367.06 in the previous period[19] - The company achieved a gross profit margin of approximately 0.24% in Q1 2022, compared to a negative margin in the previous period[19] Cash Flow and Liquidity - The net cash flow from operating activities increased by 132.83%, reaching ¥5,503,880.03, compared to a negative cash flow of ¥16,764,317.56 in the same period last year[4] - The company reported a cash flow from operating activities of CNY 5,503,880.03, compared to a negative cash flow of CNY -16,764,317.56 in the previous period[23] - Cash inflow from operating activities totaled CNY 99,012,129.91, up from CNY 63,915,197.13 in the previous period[22] - Cash outflow from operating activities was CNY 93,508,249.88, compared to CNY 80,679,514.69 in the previous period[23] - The net cash flow from financing activities was -3,137,381.18, a decrease from -68,895,163.89 in the previous year[24] - The total cash and cash equivalents at the end of the period were 19,258,851.03, down from 69,503,972.90 year-over-year[24] - The cash and cash equivalents net increase was -5,895,131.46, compared to -61,771,656.99 in the same period last year[24] - The cash outflow from financing activities totaled 18,316,645.06, significantly lower than 98,911,563.89 in the previous year[24] - The impact of exchange rate changes on cash and cash equivalents was -1,832.83, contrasting with a positive impact of 32,017.65 in the previous year[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,072,491,025.40, reflecting a 1.41% increase from ¥1,057,620,700.48 at the end of the previous year[4] - The company's current assets decreased to CNY 437,111,968.74 from CNY 457,028,590.91 at the beginning of the year, reflecting a decline of approximately 4.5%[15] - The total liabilities increased to CNY 322,281,155.54 from CNY 309,100,155.74, representing a rise of about 4.0%[16] - The company’s non-current assets increased to CNY 635,379,056.66 from CNY 600,592,109.57, marking an increase of about 5.8%[15] - The company’s total equity remained stable at CNY 750,209,869.86, unchanged from the previous reporting period[16] Shareholder Information - The company had a total of 24,061 common shareholders at the end of the reporting period[9] - The largest shareholder, Jiangxi Saiwei Electric Power Group Co., Ltd., held 22.00% of the shares, amounting to 57,200,000 shares, with some shares frozen[10] Non-Recurring Items - Non-recurring gains and losses totaled ¥2,155,874.48, with significant contributions from non-current asset disposal gains and government subsidies[6] Research and Development - Research and development expenses amounted to CNY 3,147,742.50, slightly increasing from CNY 3,120,803.87 in the previous period[17] Audit Information - The company did not conduct an audit for the first quarter report[25]

Business Focus and Strategy - The company reported a significant shift in its main business focus from hydraulic forming equipment to the research, production, and sales of lightweight composite materials and new intelligent machinery[19]. - The company is focusing on expanding into the photovoltaic component sector, which aligns with national policies promoting the development of new energy vehicles[30]. - The company is focusing on expanding its composite materials business amid challenges such as chip shortages and rising raw material prices[95]. - The company aims to enhance its core competitiveness by focusing on lightweight automotive components and expanding applications in the new energy vehicle sector[102]. - The company is strategically expanding into the photovoltaic industry while managing risks associated with different business models and operational management[109]. Financial Performance - The company's operating revenue for 2021 was ¥253,937,977.12, a decrease of 15.44% compared to ¥300,313,663.58 in 2020[21]. - The net profit attributable to shareholders was -¥109,459,741.98, representing a decline of 433.04% from a profit of ¥32,866,859.13 in 2020[21]. - The total assets at the end of 2021 were ¥1,057,620,700.48, down 14.31% from ¥1,234,298,860.43 at the end of 2020[21]. - The company's total revenue for 2021 was approximately ¥253.94 million, a decrease of 15.44% compared to ¥300.31 million in 2020[54]. - The revenue from composite materials business increased by 21.33% to ¥143.45 million, accounting for 56.49% of total revenue[54]. Cash Flow and Investments - The net cash flow from operating activities was -¥5,825,021.19, a significant drop of 103.77% from ¥154,357,216.73 in 2020[21]. - The net cash flow from investing activities decreased by 99.74%, as there were no cash inflows from the disposal of properties and land assets this year[71]. - The net cash flow from financing activities increased by 84.23%, mainly due to a decrease in cash used for repaying bank loans and other debts[71]. - The company's cash and cash equivalents decreased by 175.28%, indicating significant cash outflows during the reporting period[70]. Research and Development - Research and development expenses amounted to ¥19,052,677.91, a decrease of 8.06% from ¥20,722,617.18 in 2020, representing 7.50% of total revenue[67]. - The company plans to invest in research and development to strengthen its technological capabilities and improve product efficiency and adaptability[104]. - The number of R&D personnel increased by 10% to 55, while the proportion of R&D personnel to total employees decreased to 8.38%[67]. Market and Industry Trends - The automotive industry in China saw a slight growth in production and sales, with a 3.4% increase in production and a 3.8% increase in sales in 2021[31]. - In 2021, the Chinese automotive market saw over 3.5 million sales of new energy vehicles, with a market share increase to 13.4%[95]. - The market size of China's new energy vehicle sector reached 600 billion yuan in 2021, reflecting a year-on-year growth of 76.5%[95]. Corporate Governance and Compliance - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[127]. - The company has established a comprehensive performance evaluation mechanism linking senior management compensation to operational performance indicators[122]. - The company has independent procurement, production, and sales systems, ensuring no significant reliance on any single or few entities[132]. - The company adheres to strict information disclosure obligations, ensuring timely and accurate reporting to shareholders[124]. Risk Management - The company has established a comprehensive risk disclosure in its annual report, detailing potential risks faced in future operations[4]. - The company is closely monitoring policy changes related to clean energy and will adjust its business development plans accordingly to mitigate potential impacts[110]. - The company recognizes the ongoing risk of COVID-19 and is taking measures to strengthen its domestic market presence to counteract potential overseas demand fluctuations[111]. Future Outlook and Plans - The company plans to enhance product competitiveness through the development of new products in the press and complete line equipment sector[65]. - The company has set a revenue guidance for 2022, projecting an increase of 25% to 1.875 billion RMB[136]. - The company plans to change its name and registered address to better align with strategic development needs and utilize local resources[164]. Shareholder Relations and Dividends - The company plans to enhance market research and adjust operational strategies to adapt to macroeconomic changes and uncertainties caused by the COVID-19 pandemic[106]. - The company plans to communicate with shareholders, especially minority shareholders, regarding cash dividend proposals[195]. - The company is committed to distributing profits in a manner that aligns with shareholder interests and company performance[195].

Financial Performance - Revenue for Q3 2021 was ¥30,101,438.40, a decrease of 33.06% compared to the same period last year[2] - Net profit attributable to shareholders was -¥33,954,615.59, representing a decline of 129.23% year-over-year[2] - Net profit after deducting non-recurring gains and losses was -¥32,360,219.39, down 94.41% from the previous year[2] - The net profit for Q3 2021 was -50,019,840.55 CNY, compared to a net profit of 2,577,629.62 CNY in Q3 2020, indicating a significant decline[19] - The operating profit for Q3 2021 was -51,163,671.28 CNY, a decrease from 2,949,274.66 CNY in the same period last year[19] - The total revenue from operating activities was 275,879,609.49 CNY, down from 367,010,172.66 CNY in Q3 2020[23] - The company reported a basic and diluted earnings per share of -0.1924 CNY, compared to 0.0099 CNY in the same quarter last year[20] Cash Flow and Assets - Cash flow from operating activities was -¥27,386,543.94, a decline of 116.99% year-to-date[2] - The company's cash and cash equivalents decreased to CNY 24,096,802.29 from CNY 99,699,025.43 at the end of 2020, representing a decline of 75.8%[14] - The total cash and cash equivalents at the end of the period were 23,917,537.81 CNY, down from 11,421,206.71 CNY in Q3 2020[24] - The investment activities generated a net cash flow of 11,136,445.22 CNY, compared to 13,416,556.20 CNY in Q3 2020[24] Assets and Liabilities - The company's total assets decreased by 7.71% to ¥1,139,148,745.54 compared to the end of the previous year[3] - Total assets decreased to CNY 1,139,148,745.54 from CNY 1,234,298,860.43, reflecting a decline of 7.7%[16] - Total liabilities decreased to CNY 331,461,446.26 from CNY 377,365,359.53, a reduction of 12.2%[16] - The company's total equity attributable to shareholders decreased to CNY 807,687,299.28 from CNY 856,933,500.90, a decline of 5.7%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,789[9] - The largest shareholder, Jiangxi Saiwei Electric Power Group, held 22.00% of the shares, totaling 57,200,000 shares[9] Operational Challenges - The company faced significant revenue decline due to rising raw material prices and optimization of product lines[6] - Non-recurring losses totaled -¥1,594,396.20 for the quarter, with government subsidies contributing ¥1,044,984.17[4] - The company is under administrative supervision measures due to short-term trading violations by its executives[12] Expenses - Total operating costs for the third quarter of 2021 were CNY 214,433,342.07, down 4.1% from CNY 223,676,168.76 year-on-year[18] - Research and development expenses amounted to 10,532,402.91 CNY, compared to 13,792,032.87 CNY in the previous year, reflecting a decrease of approximately 23.5%[19] - The company incurred financial expenses of 2,921,544.46 CNY, a significant decrease from 14,756,292.03 CNY in the previous year[19] Future Plans - The company plans to issue new shares as part of a private placement, with the application submitted to the China Securities Regulatory Commission[12]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥138,330,023.38, representing a 7.47% increase compared to ¥128,715,774.15 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥16,065,224.96, a decrease of 192.38% from ¥17,389,991.00 in the previous year[19]. - The net cash flow from operating activities was -¥22,337,230.88, a decline of 113.25% compared to ¥168,588,914.01 in the same period last year[19]. - The total assets at the end of the reporting period were ¥1,096,643,945.30, down 11.15% from ¥1,234,298,860.43 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 1.81%, amounting to ¥841,397,224.10 compared to ¥856,933,500.90 at the end of the previous year[19]. - The basic earnings per share were -¥0.0618, a decrease of 192.38% from ¥0.0669 in the same period last year[19]. - The weighted average return on net assets was -1.89%, down 3.98% from 2.09% in the previous year[19]. - The company's gross profit margin improved slightly to 11.85%, an increase of 0.46% compared to the previous year[47]. - The total comprehensive income for the first half of 2021 was -50,119,344.61 CNY, compared to 27,151,689.88 CNY in the same period of 2020, indicating a significant decline[149]. Revenue Breakdown - Revenue from the lightweight automotive composite materials business reached ¥69,729,406.15, a significant increase of 231.17% compared to the previous year[31]. - The revenue from the composite building template business was ¥8,636,587.72, reflecting a decline of 75.53% year-on-year due to rising raw material prices and negative impacts on the real estate sector[32]. - The mechanical equipment business generated revenue of ¥39,710,381.44, down 40.37% year-on-year, impacted by rising raw material costs and delays in project implementation[34]. - The photovoltaic module business reported revenue of ¥17,315,822.13, marking the company's entry into the solar energy sector following the acquisition of Saiwei Power[36]. - The composite materials business saw a significant growth of 39.08%, with revenue reaching ¥78,365,993.87, up from ¥56,346,049.94 in the previous year[45]. - The photovoltaic business generated revenue of ¥17,315,822.13, marking a 100% increase as it had no revenue in the same period last year[45]. Cash Flow and Expenses - Research and development expenses decreased by 21.23% to ¥7,775,072.83 from ¥9,870,696.86 in the previous year[43]. - The company reduced its financial expenses by 82.68% to ¥1,876,087.04 due to a decrease in bank loans[43]. - Cash inflow from operating activities in the first half of 2021 was 150,217,216.02 CNY, a decrease of 48.7% from 292,548,394.00 CNY in the first half of 2020[152]. - Cash outflow from operating activities totaled 172,554,446.90 CNY in the first half of 2021, compared to 123,959,479.99 CNY in the same period of 2020, representing a 39.1% increase[152]. - The net cash flow from operating activities was -22,337,230.88 CNY in the first half of 2021, contrasting with a positive 168,588,914.01 CNY in the first half of 2020[152]. Strategic Initiatives - The company has established a complete industrial chain from material development to production, enhancing its competitive edge in the composite materials market[27]. - The company is focusing on expanding its lightweight technology applications in the new energy vehicle sector, capitalizing on the growth opportunities presented by the industry[31]. - The company has formed strategic partnerships with major clients such as CATL and XPeng Motors for battery cover projects, receiving positive feedback[32]. - The company is committed to innovation and product upgrades in its mechanical equipment sector to maintain market competitiveness amid rising demand for automation and intelligence[35]. - The company is actively pursuing market expansion in the photovoltaic sector, aligning with national carbon neutrality goals and the global shift towards renewable energy[36]. Risk Management - The company faced significant risks and has detailed its risk management strategies in the report[5]. - The company is facing risks from macroeconomic fluctuations, supply chain disruptions, and raw material price volatility, which could impact production and project costs[67][68]. - The company is actively enhancing its market research and adjusting its operational strategies to mitigate risks associated with macroeconomic conditions[67]. - The company is implementing measures to strengthen communication with clients in the automotive lightweight business to address potential order delays and sales uncertainties[69]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company has experienced changes in its management team, with two vice presidents resigning due to personal reasons and work adjustments[78]. - The company reported a related party transaction involving the sale of composite materials to a subsidiary, amounting to 6.89 million yuan, which accounted for 79.78% of similar transactions[96]. - The company received notifications regarding the pledge and freeze of shares from major shareholders[111]. - A major shareholder reduced their holdings by 12,989,259 shares, accounting for 5% of the total share capital[111]. Compliance and Audit - The half-year financial report has not been audited[90]. - The financial statements comply with the accounting standards and accurately reflect the company's financial status and cash flows[188]. - The company follows a 12-month operating cycle and uses RMB as its accounting currency[191]. Subsidiaries and Acquisitions - The company has 100% ownership in several subsidiaries, including Fujian Haiyuan New Materials Technology Co., Ltd. and Fujian Haiyuan Intelligent Equipment Co., Ltd.[184]. - The company increased subsidiaries and businesses through mergers under common control, adjusting the consolidated balance sheet's beginning balance accordingly[198].

Financial Performance - The company's operating revenue for 2020 was ¥300,313,663.58, representing a 37.98% increase compared to ¥217,657,512.98 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥32,866,859.13, a significant turnaround from a loss of ¥535,487,515.81 in 2019, marking a 106.14% improvement[17]. - The company's operating revenue for 2020 was CNY 300,313,663.58, an increase of 37.88% compared to CNY 217,657,512.98 in 2019[18]. - The net profit attributable to shareholders for 2020 was CNY -109,980,549.39, showing an improvement of 79.49% from CNY -536,294,803.48 in 2019[18]. - The basic earnings per share for 2020 was CNY 0.1264, a significant increase of 106.14% compared to CNY -2.0596 in 2019[18]. - The net cash flow from operating activities for 2020 was CNY 154,357,216.73, a turnaround of 229.03% from CNY -119,629,944.55 in 2019[18]. - The total operating revenue for 2020 was CNY 300,313,663.58, representing a year-on-year increase of 37.98% from CNY 217,657,512.98 in 2019[47]. - The total operating cost for 2020 was CNY 264,929,940.52, reflecting a year-on-year increase of 16.21% from CNY 227,976,602.98 in 2019[54]. Business Strategy and Operations - The main business has shifted from hydraulic forming equipment to the research, production, and sales of lightweight composite materials and new intelligent machinery[16]. - The company operates a business model that emphasizes "sales-driven production" to enhance efficiency and reduce costs[27]. - The company has begun to expand its business into the photovoltaic module sector during the reporting period[25]. - The company is recognized as one of the largest and most technologically advanced suppliers in the wall material press machine sector in China[30]. - The company aims to leverage its technological advancements to enhance its market position in the context of the energy revolution[94]. - The company plans to focus on high-end, intelligent, and green technologies in response to the global energy transition towards carbon neutrality[94]. - The future development of the mechanical equipment business will emphasize automation, intelligence, and green technology, aligning with national strategies[105]. Shareholder and Corporate Governance - The company has undergone significant changes in its shareholding structure, with the current controlling shareholder being Jiangxi Saiwei Electric Power Group Co., Ltd., which holds 22% of the shares[16]. - The company has not distributed cash dividends in the past three years, with a consistent policy of not issuing cash dividends or stock bonuses during this period[120][125]. - The controlling shareholder has pledged to avoid and minimize related party transactions with the listed company and its subsidiaries[127]. - The company guarantees that its mechanical business segment will not incur losses in 2020, with a net profit for the consolidated financial statements expected to be positive[127]. - The company has established a commitment to manage any related business and assets until conditions are favorable for transfer[126]. - The company will ensure compliance with relevant laws and regulations to maintain the independence of its operations[127]. Investments and Acquisitions - The company acquired Saiwei Power in September 2020, marking its entry into the photovoltaic industry, with a trial production of a 375MW high-efficiency photovoltaic component line starting in December 2020[33][42]. - The company made a major equity investment of ¥23,800,000 in Fujian Huachuang New Materials Co., Ltd., acquiring a 100% stake[79]. - The company also established a wholly-owned subsidiary, Fujian Huabo Equipment Technology Co., Ltd., with an investment of ¥194,250,000, also acquiring a 100% stake[79]. - The company transferred 100% equity of its wholly-owned subsidiary Fujian Haiyuan Huachuang Material Co., Ltd. for 54 million yuan, which is expected to positively impact its 2020 annual performance[92]. - The company acquired 100% of Xinyu Saiwei Power Technology Co., Ltd. at a price of 0 yuan on September 4, 2020, and included it in the consolidated financial statements[135]. Market and Industry Trends - The photovoltaic industry is expected to see significant demand growth, driven by China's carbon neutrality goals and the increasing adoption of new technologies[34]. - The photovoltaic industry is projected to become the fastest-growing renewable energy sector globally, with solar power expected to account for 25% of global electricity generation by 2050[102]. - In 2020, China's newly installed photovoltaic capacity reached 48.2 GW, a 60% increase year-on-year, with cumulative installed capacity reaching 253 GW, up 23.5%[102]. - The hydraulic forming equipment manufacturing industry is a key focus for national development, with significant growth opportunities due to the shift towards intensive and sustainable economic growth in China[95]. Risks and Compliance - The company faces risks from macroeconomic fluctuations, supply chain and raw material price volatility, and rapid technological changes in the photovoltaic industry, necessitating close monitoring and strategic adjustments[111][112][113]. - The company emphasizes the importance of aligning with national industrial policies and may face risks from potential changes in these policies that could impact business development[114][115]. - The company has committed to ensuring that any public disclosures do not mislead investors significantly[128]. Research and Development - The company holds 308 effective patent applications, with 233 granted, including 141 invention patents, showcasing its innovation capabilities in composite materials and equipment[38]. - The proportion of R&D investment to operating income dropped to 6.90% from 12.32% due to cost control measures[62]. - Research and development expenses decreased by 22.74% to ¥20,722,617.18, with a reduction in R&D personnel by 45.65% to 50[61]. Cash Flow and Financial Management - The company’s cash and cash equivalents increased by CNY 47.13 million, a growth rate of 89.65%, primarily due to the termination of certain procurement contracts and the recovery of advance payments[35]. - The company reported a net increase in cash and cash equivalents of ¥58,914,715.12, reversing a previous decline[64]. - Operating cash inflow increased by 189.49% to ¥605,842,229.60, driven by the recovery of prepayments and other receivables[64]. - The company has restricted cash balances totaling ¥30,195,052.53 at the end of the reporting period, down from ¥41,980,881.23 at the end of the previous year[75]. Corporate Social Responsibility - The company has not conducted any precision poverty alleviation work during the reporting year[161]. - The company is not classified as a key pollutant discharge unit by environmental protection authorities[162].

Revenue and Profit - Revenue for Q1 2021 was CNY 64,633,134, an increase of 14.71% compared to CNY 56,344,311.34 in the same period last year[8] - Net profit attributable to shareholders was a loss of CNY 3,036,367.06, a decrease of 110.55% from a profit of CNY 28,786,292.96 in the previous year[8] - The company reported a net loss of CNY 3,036,367.06 for Q1 2021, compared to a net profit of CNY 28,786,292.96 in the same period last year[43] - Basic and diluted earnings per share for Q1 2021 were both CNY -0.0117, down from CNY 0.1107 in the previous year[44] - The total comprehensive income for the first quarter was -24,483,972.29 CNY, compared to 32,232,176.04 CNY in the previous year[48] - Basic and diluted earnings per share were both -0.0942 CNY, down from 0.1240 CNY in the same period last year[48] Cash Flow - Operating cash flow for the period was a negative CNY 16,764,317.56, down 120.42% from CNY 82,103,761.39 in the same period last year[8] - The net cash flow from operating activities decreased by 120.42% compared to the same period last year, primarily due to a reduction in cash received related to operating activities[18] - Cash inflow from operating activities totaled 63,915,197.13 CNY, a decrease of 63.8% from 176,311,783.46 CNY in the previous year[50] - Cash outflow from operating activities was 80,679,514.69 CNY, compared to 94,208,022.07 CNY in the previous year, resulting in a net cash flow from operating activities of -16,764,317.56 CNY[50] - The net cash flow from investing activities decreased by 31.11% year-on-year, mainly due to an increase in cash paid for the purchase of fixed assets, intangible assets, and other long-term assets[18] - Cash inflow from investment activities was 78,511,000.00 CNY, significantly higher than 44,559,990.00 CNY in the previous year[51] - Cash outflow from investment activities was 54,655,193.19 CNY, compared to 9,929,399.30 CNY in the previous year[51] - Net cash flow from investment activities was 23,855,806.81 CNY, down from 34,630,590.70 CNY in the previous year[51] - The net cash flow from financing activities decreased by 332.17% compared to the previous year, primarily due to a decrease in cash received from borrowings[18] - Cash inflow from financing activities was 30,016,400.00 CNY, a decrease from 139,287,708.34 CNY in the previous year[52] - Cash outflow from financing activities totaled 98,911,563.89 CNY, compared to 155,229,463.25 CNY in the previous year[52] - The ending balance of cash and cash equivalents was 7,732,315.91 CNY, down from 111,398,900.50 CNY in the previous year[51] Assets and Liabilities - Total assets decreased by 9.45% to CNY 1,117,601,107.78 from CNY 1,234,298,860.43 at the end of the previous year[8] - Current assets decreased from ¥626,723,417.00 to ¥492,027,790.64, a decline of approximately 21.5%[33] - Total liabilities decreased from ¥377,365,359.53 to ¥263,435,204.02, a decline of about 30.2%[35] - Total assets decreased from ¥1,234,298,860.43 to ¥1,117,601,107.78, a reduction of approximately 9.5%[36] - Cash and cash equivalents decreased significantly from ¥99,699,025.43 to ¥7,927,357.15, a drop of about 92.1%[33] - Long-term equity investments decreased from ¥14,620,794.56 to ¥11,180,094.56, a decline of approximately 23.4%[34] - Short-term borrowings decreased from ¥95,629,307.57 to ¥22,335,341.31, a reduction of about 76.7%[34] - Total liabilities decreased from CNY 286,663,751.67 to CNY 249,508,412.01[42] - Owner's equity decreased from CNY 947,843,168.72 to CNY 923,627,966.35[42] Expenses - Research and development expenses decreased by 33.02% compared to the same period last year, indicating reduced investment in R&D[17] - Research and development expenses decreased to CNY 3,120,803.87 from CNY 4,659,121.88[42] - Financial expenses decreased by 77.65% due to a reduction in bank borrowings, leading to lower interest expenses[17] - Financial expenses decreased significantly from CNY 6,270,794.22 to CNY 1,401,363.53, with interest expenses dropping from CNY 6,096,705.02 to CNY 1,669,487.57[42] - Other income decreased by 65.62% due to a reduction in government subsidies received during the period[17] - Investment income decreased by 101.2% as there were no gains from the transfer of subsidiaries in the current period[17] - The company experienced a significant decline in investment income, reporting a loss of CNY 378,125.00 compared to a gain of CNY 31,523,268.76 in the previous period[42] - The company reported a 100% decrease in asset disposal income compared to the previous year, as no significant asset sales occurred[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,762[12] - Shareholder Li Mingyang reduced his holdings by 12,989,259 shares, accounting for 5% of the company's total share capital[20] - Shareholder Wu Guoqi's management reduced holdings by 2.6 million shares, representing 1% of the company's total share capital[21] Other Information - The company reported no significant changes in its financial commitments or non-operating fund occupation by controlling shareholders during the reporting period[22][28] - There were no securities or derivative investments during the reporting period[23][24] - The company did not engage in any entrusted financial management during the reporting period[26] - The company has not reported any violations regarding external guarantees during the reporting period[27]

福建海源复合材料科技股份有限公司 2020 年第三季度报告全文 福建海源复合材料科技股份有限公司 FUJIAN HAIYUAN COMPOSITES TECHNOLOGY CO.,LTD. （证券简称：*ST 海源 证券代码：002529） 二〇二〇年第三季度报告 二〇二〇年十月三十一日 1 福建海源复合材料科技股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人甘胜泉、主管会计工作负责人张忠及会计机构负责人(会计主管 人员)鄢继光声明：保证季度报告中财务报表的真实、准确、完整。 2 福建海源复合材料科技股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥128,715,774.15, a decrease of 25.03% compared to ¥171,680,664.57 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥17,389,991.00, a significant increase of 155.01% from a loss of ¥31,612,542.66 in the previous year[18]. - The basic earnings per share improved to ¥0.0669, compared to a loss of ¥0.1216 per share in the previous year, marking a 155.02% increase[18]. - The net profit for the first half of 2020 was CNY 17,389,991, compared to a net loss of CNY 31,612,542.66 in the same period of 2019, indicating a significant turnaround[161]. - The total profit for the first half of 2020 was CNY 17,389,991, while the total loss in the first half of 2019 was CNY 35,762,047.61, reflecting improved financial performance[161]. - The company reported a net investment income of CNY 33,124,663.35, significantly higher than CNY 1,046,289.93 in the previous year[160]. - The company achieved a total comprehensive income of CNY 17,389,991 in the first half of 2020, compared to a total comprehensive loss of CNY 31,612,542.66 in the same period of 2019[162]. Cash Flow - The net cash flow from operating activities reached ¥168,588,914.01, representing a substantial increase of 302.02% compared to ¥41,935,128.70 in the same period last year[18]. - The net cash flow from operating activities for the first half of 2020 was CNY 168,588,914.01, a significant increase from CNY 41,935,128.70 in the same period of 2019, representing a growth of approximately 302%[169]. - Total cash inflow from operating activities amounted to CNY 292,548,394.00, compared to CNY 139,930,489.64 in the previous year, indicating a year-over-year increase of about 109%[169]. - The cash outflow from operating activities was CNY 123,959,479.99, up from CNY 97,995,360.94, reflecting a rise of approximately 26%[169]. - The company reported a significant increase in investment income, with a profit of CNY 29,899,792.80 in the first half of 2020, compared to a loss of CNY 23,138.59 in the first half of 2019[165]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,413,096,438.23, a decrease of 3.64% from ¥1,466,530,591.58 at the end of the previous year[18]. - The total liabilities decreased to CNY 572,051,084.85 from CNY 643,384,229.00, reflecting a reduction of 11.0%[153]. - The company's cash and cash equivalents increased to CNY 224,986,533.32 from CNY 52,570,139.01 at the end of 2019, representing a significant growth[150]. - Accounts receivable decreased to CNY 98,341,406.38, representing 6.96% of total assets, down from 10.69%[60]. - Inventory decreased to CNY 238,657,652.98, accounting for 16.89% of total assets, down from 18.25%[60]. Operational Highlights - The company has developed and manufactured composite materials for automotive lightweighting, including LFT-D, SMC, and HP-RTM processes, with mass production capabilities for various automotive components[27]. - The company has received orders from major enterprises such as CATL, Geely, and BMW, and is gradually ramping up bulk supply[27]. - The company’s LFT-D technology is the first fully automated online long-fiber reinforced thermoplastic composite molding production line in China, enhancing production efficiency and material recyclability[28]. - The company’s SMC technology offers lightweight, high-strength, and high-precision components, achieving A-class surface quality in automotive exterior parts[29]. - The HP-RTM process allows for low-cost, high-quality mass production of thermoset composite parts, meeting the automotive industry's demand for rapid production cycles[30]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company is focusing on optimizing customer structure and expanding market share through deepening existing customer relationships[47]. - The company implemented cost control measures and optimized its cost structure to enhance operational efficiency during the reporting period[49]. - The company is focusing on talent development and optimization mechanisms to ensure smooth operations while reducing personnel appropriately[49]. Challenges and Risks - The automotive lightweight business faced challenges due to a 37.4% year-on-year decline in new energy vehicle sales in China, with only 393,000 units sold from January to June 2020[47]. - The company anticipates facing risks similar to those outlined in the 2019 annual report, with no significant changes reported[80]. - The company reported a fair value loss of CNY 1,651,496.00 on financial assets, with a total of CNY 10,609,115.00 remaining at the end of the period[61]. Shareholder Information - The controlling shareholder, Hai Cheng Investment, pledged 8.5 million shares in August 2017 and subsequently supplemented the pledge with an additional 7.7 million shares from June 2018 to June 2020[111]. - As of July 2020, all pledged shares by Hai Cheng Investment have been released[113]. - The company completed the transfer of 100% equity of its wholly-owned subsidiary, Haiyuan Huachuang New Materials Co., Ltd., for a total consideration of RMB 54 million[124]. - The major shareholders include Haicheng Investment with 17.58% and Jiangxi Jiawei with 22% after the transfer[131].