江西世龙实业股份有限公司 2021 年第一季度报告全文 江西世龙实业股份有限公司 Jiangxi Selon Industrial Co., Ltd 2021 年第一季度报告 2021 年 04 月 1 江西世龙实业股份有限公司 2021 年第一季度报告全文 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。 公司负责人张海清、主管会计工作负责人胡敦国及会计机构负责人（会计 主管人员）胡敦国声明：保证季度报告中财务报表的真实、准确、完整。 2 江西世龙实业股份有限公司 2021 年第一季度报告全文 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 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | 营业收入（元） | 407,234,523.76 | 301,996,184.62 | | 34.85% | ...

Financial Performance - Operating revenue for the period was CNY 544,704,734.83, representing a 5.89% increase year-on-year[8] - Net profit attributable to shareholders was CNY 5,296,537.37, a significant increase of 131.31% compared to the same period last year[8] - The company reported a net profit of CNY -23,494,799.13 for the year-to-date, a decline of 96.37% compared to the same period last year[8] - The company's total operating revenue for the year-to-date period was CNY 1,264,606,142.93, down from CNY 1,639,508,108.19 in the previous year[50] - Total operating costs for the year-to-date period were CNY 1,292,629,075.12, a decrease from CNY 1,655,841,334.07 in the previous year[50] - The total operating revenue for the third quarter of 2020 was CNY 544,704,734.83, an increase from CNY 514,394,083.64 in the previous period[42] - Total operating revenue for the third quarter was CNY 368,604,685.93, an increase from CNY 291,858,115.06 in the same period last year, representing a growth of approximately 26.3%[47] - Operating profit for the third quarter was CNY 7,427,678.65, a significant recovery from a loss of CNY 19,581,144.00 in the previous year[44] - Net profit for the third quarter reached CNY 5,182,154.19, compared to a net loss of CNY 17,028,559.22 in the same quarter last year[44] Assets and Liabilities - Total assets increased by 11.49% to CNY 2,018,565,239.63 compared to the end of the previous year[8] - The total liabilities increased to CNY 898,840,775.73 from CNY 657,088,136.49, representing a rise of about 36.8%[36] - The total current liabilities reached CNY 602,945,408.59, compared to CNY 547,787,654.11, which is an increase of approximately 10.1%[36] - The total non-current assets amounted to CNY 1,402,011,545.16, up from CNY 1,229,188,148.59, indicating an increase of about 14.0%[36] - The total equity attributable to shareholders decreased by 2.97% to CNY 1,088,452,689.28 compared to the end of the previous year[8] - Total equity amounted to CNY 1,108,001,345.60 as of Q3 2020[75] - Total liabilities and equity reached CNY 1,666,422,190.94[75] Cash Flow - The net cash flow from operating activities surged by 275.98% to CNY 26,616,827.69[8] - Net cash flow from operating activities improved by 159.72% to ¥9,190,839.34 due to increased tax refunds and reduced tax payments[21] - Cash inflow from financing activities was ¥515,662,751.00, with a net cash flow of ¥167,022,312.66, up from ¥47,916,553.53 in the same quarter last year[61] - Total cash inflow from operating activities was ¥878,531,529.11, while cash outflow was ¥869,340,689.77, resulting in a slight positive cash flow[60] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,295[12] - Basic earnings per share rose to CNY 0.0221, an increase of 131.13% year-on-year[8] - Earnings per share for the third quarter were CNY 0.0221, recovering from a loss of CNY 0.0710 in the same period last year[45] Expenses - Research and development expenses increased by 111.37% to ¥6,876,324.63 as a result of more R&D projects and higher personnel costs[18] - Financial expenses increased by 52.59% to ¥15,061,981.86 mainly due to higher interest expenses and exchange losses from bank loans[18] - The company reported a financial expense of CNY 5,711,587.53 for the third quarter, which increased from CNY 3,733,194.99 in the previous year[47] Government Support - The company received government subsidies amounting to CNY 6,191,475.61 during the reporting period[9] Other Financial Metrics - The weighted average return on net assets was 0.21%, a decrease of 1.74% compared to the same period last year[8] - The company incurred interest expenses of ¥12,104,856.09, up from ¥10,024,851.08 in the previous period[52] - The company reported a credit impairment loss of -¥3,360,919.80, compared to -¥144,140.53 in the previous period, indicating increased credit risk[55]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥719,901,408.10, a decrease of 36.02% compared to ¥1,125,114,024.55 in the same period last year[18]. - The net profit attributable to shareholders was a loss of ¥28,791,336.50, representing a decline of 681.18% from a profit of ¥4,953,905.15 in the previous year[18]. - The company reported a basic earnings per share of -¥0.120, a decline of 682.52% from ¥0.0206 in the same period last year[18]. - The total comprehensive income for the first half of 2020 was -¥29,115,458.35, a stark contrast to ¥4,877,484.80 in the previous year[154]. - The company reported a total comprehensive income of CNY -34,653,755.95 for the current period, indicating a significant decrease in profitability[180]. Cash Flow and Investments - The net cash flow from operating activities was -¥17,425,988.35, an improvement of 22.45% compared to -¥22,469,916.00 in the same period last year[18]. - Cash flow from financing activities increased by 212.27% to CNY 206.49 million due to increased bank loans[47]. - Cash outflow from investing activities totaled CNY 155,383,814.06 in 2020, compared to CNY 114,757,308.12 in 2019, indicating increased investment spending[162]. - The company reported a net increase in cash and cash equivalents of CNY 34,761,831.21 for the first half of 2020, contrasting with a decrease of CNY 70,934,664.24 in the same period of 2019[162]. Assets and Liabilities - Total assets increased by 10.26% to ¥1,996,325,088.73 from ¥1,810,603,956.50 at the end of the previous year[18]. - Total liabilities increased to CNY 882,442,761.71, up from CNY 657,088,136.49, marking a rise of approximately 34.3%[145]. - Owner's equity decreased to CNY 1,113,882,327.02 from CNY 1,153,515,820.01, a decline of about 3.4%[146]. - The company reported a significant increase in accounts receivable, which rose to approximately 248.90 million, representing 12.47% of total assets, up from 9.89% year-over-year[57]. Operational Challenges - The company faced significant operational challenges leading to a substantial decline in both revenue and profit margins compared to the previous year[18]. - The company is focusing on product differentiation and high-end product development to adapt to market changes[44]. - The company's main products, AC blowing agents, caustic soda, and thionyl chloride, are facing price volatility due to market oversupply and intense competition, which could negatively impact financial performance if prices continue to decline[72]. Research and Development - R&D expenditure increased by 303.03% to CNY 176.11 million, enhancing the company's core competitiveness[44]. - The company has obtained 18 authorized national invention patents, including 12 for chlorosulfonic acid and 6 for AC foaming agents, demonstrating its strong focus on technological innovation[30]. Environmental and Social Responsibility - The company has invested 21 million RMB in poverty alleviation efforts, including 19 million RMB for ecological protection and 2 million RMB for other projects, helping 4 registered impoverished individuals[116][117]. - The company has established a comprehensive emergency response plan for environmental incidents, including a dedicated command team and regular training[112]. - The company achieved a 100% operation rate for environmental protection facilities and a 100% treatment rate for waste during the first half of 2020[110]. Shareholder Information - The company maintains a total share count of 240 million shares, with no changes reported during the period[123]. - The largest shareholder, Jiangxi Dalong Industrial Co., Ltd., holds 37.55% of the shares, totaling 90,115,000 ordinary shares[125]. - The company distributed CNY 12,000,000.00 to shareholders during the period, impacting retained earnings[168]. Future Outlook - The company is committed to optimizing existing environmental facilities and increasing investment in environmental protection to meet stricter standards[77]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts[200].

证券代码：002748 证券简称：世龙实业 公告编号：2020-034 江西世龙实业股份有限公司 关于参加 2020 年投资者集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资 计划、股权激励、可持续发展等投资者所关心的问题，江西世龙实业股份有限公 司（以下简称"公司"）定于 2020 年 7 月 17 日下午 15:00—17:00 参加由江 西省上市公司协会联合深圳市全景网络有限公司举办的主题为"以高质量沟通， 促高质量发展"江西上市公司 2020 年投资者集体接待日活动。现将有关事项公 告如下： 本次集体接待日网上交流网址：投资者可以登录 http://rs.p5w.net 进入专区 页面参与交流。 出席本次集体接待日的人员有：公司总经理张海清先生、财务总监胡敦国先 生、董事会秘书章慧琳女士。 欢迎广大投资者积极参与。 特此公告。 | --- | --- | --- | --- | |-------|-------|-------|------------------- ...

Financial Performance - The company's operating revenue for Q1 2020 was ¥301,996,184.62, a decrease of 40.17% compared to ¥504,738,606.44 in the same period last year[7] - The net profit attributable to shareholders was a loss of ¥22,226,615.51, representing a decline of 785.00% from a profit of ¥3,244,779.11 in the previous year[7] - Operating revenue decreased by 40.17% to ¥301,996,184.62 from ¥504,738,606.44, attributed to a decline in product sales volume[18] - Operating profit turned negative at -¥26,196,918.13 compared to a profit of ¥4,169,406.68 in the previous year, reflecting a significant drop in sales volume and gross margin[19] - Net profit decreased by 792.33% to -¥22,464,467.70 from ¥3,244,779.11, primarily due to the decline in operating profit[19] - The company reported a net loss of CNY 26,406,930.63 for Q1 2020, compared to a profit of CNY 4,006,706.68 in Q1 2019[42] - The net profit for the first quarter of 2020 was -22,603,792.71 CNY, compared to a profit of 2,037,867.30 CNY in the same period last year, representing a significant decline[45] - The operating profit for the quarter was -26,382,684.81 CNY, compared to a profit of 2,560,190.94 CNY in the same period last year[45] Cash Flow - The net cash flow from operating activities was -¥35,723,233.63, an improvement of 52.62% compared to -¥75,401,254.83 in the same period last year[7] - Cash flow from operating activities improved by 52.62%, with a net outflow of -¥35,723,233.63 compared to -¥75,401,254.83 in the previous year[21] - The company reported a net cash outflow from operating activities of -35,723,233.63 CNY, an improvement from -75,401,254.83 CNY in the previous year[49] - The net cash flow from operating activities was -47,360,915.90 CNY, compared to -32,166,557.85 CNY in the previous period, indicating a decline of approximately 47.2%[52] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,900,716,694.52, an increase of 4.98% from ¥1,810,603,956.50 at the end of the previous year[7] - Total liabilities increased to CNY 768,389,886.78 as of March 31, 2020, compared to CNY 657,088,136.49 at the end of 2019[35] - The company's total assets reached CNY 1,900,716,694.52, up from CNY 1,810,603,956.50 at the end of 2019[35] - Long-term borrowings increased to CNY 210,686,630.56 from CNY 101,958,004.82, reflecting higher financing needs[35] - Total liabilities amount to ¥558,420,845.34, with current liabilities at ¥449,120,362.96 and non-current liabilities at ¥109,300,482.38[60] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,612[10] - The largest shareholder, Jiangxi Dalong Industrial Co., Ltd., held 37.55% of the shares[10] - The company’s total equity decreased to CNY 1,132,326,807.74 from CNY 1,153,515,820.01, indicating a decline in shareholder value[35] - Total equity stands at ¥1,108,001,345.60, comprising share capital of ¥240,000,000.00 and undistributed profits of ¥456,733,265.61[60] Research and Development - Research and development expenses rose by 76.63% to ¥1,848,172.40 from ¥1,046,330.60, reflecting increased investment in R&D projects and personnel[18] - Research and development expenses for Q1 2020 were CNY 1,848,172.40, an increase from CNY 1,046,330.60 in Q1 2019, highlighting a focus on innovation[42] - Research and development expenses increased to 1,848,172.40 CNY, up from 1,046,330.60 CNY in the previous year, indicating a focus on innovation[45] Financing Activities - Cash flow from financing activities increased by 216.44% to ¥165,969,837.89 from ¥52,448,487.49, driven by increased short-term and long-term bank loans[21] - The company raised 247,059,000.00 CNY through borrowings, significantly higher than 60,000,000.00 CNY in the previous year, indicating increased financing activities[50] - Total cash inflow from financing activities increased to 179,059,000.00 CNY, up from 60,000,000.00 CNY, representing a growth of 198.4%[53] Other Financial Metrics - Basic and diluted earnings per share were both -¥0.09, a decrease of 1,000.00% from ¥0.01 in the previous year[7] - The basic and diluted earnings per share were both -0.0942 CNY, compared to 0.0085 CNY in the same period last year[46] - The company incurred interest expenses of 3,043,107.85 CNY, an increase from 2,418,535.00 CNY in the previous year[45] - Total comprehensive income for the quarter was -22,603,792.71 CNY, compared to 2,037,867.30 CNY in the same period last year[46] Changes in Accounting Standards - The company began implementing new revenue and leasing standards from January 1, 2020, adjusting the presentation of contract liabilities[57] - The company has implemented the new revenue recognition standard starting January 1, 2020, adjusting the pre-receipt items to contract liabilities[61]

Financial Performance - The company's operating revenue for 2019 was ¥1,849,512,179.25, representing a 24.56% increase compared to ¥1,484,846,983.24 in 2018[16] - The net profit attributable to shareholders was a loss of ¥18,240,404.85, a decrease of 132.05% from a profit of ¥56,907,783.46 in the previous year[16] - The net cash flow from operating activities increased by 153.17% to ¥17,585,513.13, up from ¥6,946,131.99 in 2018[16] - The total assets at the end of 2019 were ¥1,810,603,956.50, a 19.73% increase from ¥1,512,291,718.09 at the end of 2018[16] - The net assets attributable to shareholders decreased by 3.81% to ¥1,121,805,540.36 from ¥1,166,223,781.98 in 2018[16] - The basic earnings per share for 2019 was -¥0.076, down 131.67% from ¥0.240 in 2018[16] - The weighted average return on equity was -1.59%, a decline of 6.48% from 4.89% in the previous year[16] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.5 per 10 shares, totaling ¥12,000,000 based on a base of 240,000,000 shares[5] - In 2019, the company distributed cash dividends of RMB 12 million, which is 65.79% of the available profit for distribution, reflecting a decrease from previous years[122] - The cash dividend for 2019 was set at RMB 0.50 per 10 shares, with no stock dividends or capital reserve transfers planned[124] Operational Challenges - The company reported a significant decline in net profit due to market fluctuations and operational challenges, highlighting the need for strategic adjustments[5] - The company acknowledged a decline in performance in 2019 due to falling product prices and rising raw material costs, impacting its ability to meet initial operational targets[110] - The company's main products, AC blowing agent, caustic soda, and thionyl chloride, are facing price declines due to severe market competition, which could negatively impact operating performance if prices continue to drop[112] Production Capacity and Expansion - The company has a production capacity of 80,000 tons for AC blowing agents, 50,000 tons for thionyl chloride, and 300,000 tons for caustic soda annually, enhancing its economies of scale[36] - AC blowing agent production capacity has increased to 80,000 tons/year, and thionyl chloride capacity has reached 50,000 tons/year, enhancing the company's market position[115] - The company plans to complete a 200,000-ton/year hydrogen peroxide production facility by May 2020, utilizing advanced production technology[45] - The company is strategically expanding its product line to include high-value-added chemical products, enhancing its market competitiveness[45] Research and Development - Research and development expenses increased by 142.56% to ¥142,372,723.19, which is 7.70% of the operating revenue[65] - The number of R&D personnel increased by 47.83% to 68, indicating a focus on innovation and product development[65] - The company has obtained 16 invention patents and established a comprehensive technology innovation system, significantly improving production efficiency and reducing energy consumption[37] - The company has successfully trial-produced six new fine chemical products, including 40% hydrazine hydrate and 2,2-dihydroxymethylpropionic acid[46] Financial Position and Investments - The company reported a significant increase in financial expenses by 292.33% to ¥16,719,903.29, mainly due to increased bank borrowings[63] - The total assets at the end of 2019 included ¥838,199,080.20 in fixed assets, which accounted for 46.29% of total assets[73] - The company invested a total of CNY 37,050,000 in various projects, with a cumulative actual investment of CNY 320,087,100, resulting in a current investment loss of CNY -556,550[78] - The company has reported a cumulative actual investment of CNY 293,444,262.00 across multiple projects, with some projects experiencing delays[82] Market and Customer Insights - The chemical industry contributed ¥1,245,772,298.13, accounting for 67.36% of total revenue, showing a decline of 3.12% from the previous year[52] - The supply chain business saw significant growth, with revenue increasing by 216.63% to ¥582,234,849.50, up from ¥183,882,261.42 in 2018[53] - The company's top five customers accounted for 27.89% of total sales, indicating a moderate customer concentration risk[60] - The total sales revenue from the top five customers amounted to ¥515,781,386.99, accounting for 27.89% of the annual total sales[61] Environmental and Social Responsibility - The company is committed to safety and environmental management, improving its safety standards and environmental performance[48] - The company has a 100% operational rate for environmental protection facilities and a 100% waste treatment rate in 2019[176] - The company invested 22.56 million in social responsibility initiatives, including poverty alleviation efforts[172] - The company actively participated in local government poverty alleviation initiatives, receiving positive feedback from various levels of government[169] Shareholder and Governance Matters - The company has no actual controller, and its indirect controlling shareholder, Jiangxi Electric Chemical High-tech Co., Ltd., has a dispersed shareholding structure[194] - The company has committed to reducing shareholdings by no more than 10% within 24 months after the lock-up period ends[126] - The company will compensate for any losses incurred by investors due to non-fulfillment of commitments[130] - The company has fulfilled its commitments to minority shareholders on time[136] Compliance and Regulatory Matters - The company has adopted new accounting standards effective from January 1, 2019, including the revised Financial Instruments Recognition and Measurement and others[141] - There were no significant accounting errors that required retrospective restatement during the reporting period[139] - The company has not reported any non-compliance issues regarding its commitments during the reporting period[137]

Financial Performance - Operating revenue for the reporting period was ¥514,394,083.64, representing a 45.87% increase year-on-year, while year-to-date revenue was ¥1,639,508,108.19, up 68.60%[7] - The net profit attributable to shareholders was a loss of ¥16,918,718.64, a decrease of 322.71% compared to the same period last year[7] - The basic earnings per share for the reporting period was -¥0.0710, a decline of 323.97% compared to the same period last year[7] - The weighted average return on net assets was -1.53%, a decrease of 2.20% compared to the previous year[7] - Net profit for the third quarter was -¥12,151,074.42, a decrease of 136.22% from ¥33,548,817.52 in the previous year, primarily due to a significant drop in the sales price of the main product, AC foaming agent[19] - Operating profit for the third quarter was -¥12,904,560.60, reflecting a decline of 133.17% compared to ¥38,898,905.25 in the same period last year[19] - The company expects a net profit for the year to be in the range of -¥2,000 to -¥500 million, significantly lower than the previous year's profit of ¥56.91 million, due to continued price declines in the main product[25] Cash Flow - The net cash flow from operating activities was ¥7,079,291.68, an increase of 143.05% year-on-year[7] - Cash flow from operating activities showed a net outflow of -¥15,390,624.32, an improvement of 53.21% from -¥32,895,978.00 in the previous year[21] - The net cash flow from operating activities for Q3 2019 was ¥21,929,967.32, a significant improvement compared to a net outflow of ¥9,140,141.81 in Q3 2018[64] - The company reported a total cash inflow from operating activities of ¥1,120,326,742.52, compared to ¥573,567,676.97 in the previous period, indicating a significant increase[60] - Total cash outflow from operating activities was ¥1,135,717,366.84, up from ¥606,463,654.97, showing a rise of approximately 87.0%[60] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,595,169,446.77, an increase of 5.48% compared to the previous year[7] - Total current assets decreased to CNY 536,151,371.75 from CNY 645,988,957.47, a decline of approximately 16.9%[34] - Total non-current assets increased to CNY 1,059,018,075.02 from CNY 866,302,760.62, reflecting a growth of about 22.2%[34] - Total liabilities rose to CNY 446,112,313.46 from CNY 346,067,936.11, an increase of approximately 28.9%[35] - Short-term borrowings rose by 39.81% to ¥257,697,860.00, attributed to increased operational turnover[19] - The company reported a significant increase in prepayments to CNY 132,790,763.29 from CNY 37,873,771.69, a growth of about 250.5%[33] Shareholder Information - The total number of shareholders at the end of the reporting period was 19,122[11] - The largest shareholder, Jiangxi Dalong Industrial Co., Ltd., held 37.55% of the shares, amounting to 90,115,000 shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Research and Development - Research and development expenses for the quarter were ¥1,234,770.23, which is an increase from ¥741,397.74, reflecting a rise of approximately 66.5%[43] - Research and development expenses rose to ¥3,253,191.56 from ¥2,831,411.14, marking an increase of approximately 14.9%[56] Comprehensive Income - The total comprehensive loss for the period was ¥17,028,559.22, contrasting with a comprehensive income of ¥7,596,835.07 in the same quarter last year[45] - The total comprehensive income for Q3 2019 was -¥19,235,336.95, compared to ¥6,894,098.00 in the same period last year[49]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,125,114,024.55, representing an increase of 81.54% compared to CNY 619,775,693.73 in the same period last year[17]. - The net profit attributable to shareholders of the listed company decreased by 80.91% to CNY 4,953,905.15 from CNY 25,951,982.45 year-on-year[17]. - The net profit after deducting non-recurring gains and losses fell by 85.96% to CNY 3,019,663.20 compared to CNY 21,512,327.41 in the previous year[17]. - The basic earnings per share dropped by 80.94% to CNY 0.0206 from CNY 0.1081 in the same period last year[17]. - The company reported a net profit forecast for Q1-Q3 2019 to be between -20 million to -10 million RMB, a significant decline compared to a net profit of 33.55 million RMB in the same period of 2018[79]. - The company reported a total profit of CNY 6.26 million for the first half of 2019, compared to CNY 29.84 million in the same period of 2018, a decrease of approximately 79.0%[158]. - The company’s net profit distribution was CNY -48,000,000.00 to shareholders during the period[194]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -22,469,916.00, worsening by 36.57% from CNY -16,452,747.14 in the same period last year[17]. - The company's cash and cash equivalents decreased to CNY 117,934,084.88 from 188,868,749.12 RMB at the end of 2018, a decline of approximately 37.5%[148]. - The company's cash and cash equivalents at the end of the first half of 2019 were 117,934,084.88 CNY, down from 148,429,146.16 CNY at the end of the first half of 2018, indicating a decrease in liquidity[168]. - The company recorded a cash outflow of 96,470,000.00 CNY for debt repayment in the first half of 2019, significantly higher than 20,000,000.00 CNY in the same period of 2018, reflecting increased debt servicing obligations[168]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,578,703,203.96, an increase of 4.39% from CNY 1,512,291,718.09 at the end of the previous year[17]. - The total liabilities amounted to CNY 427,858,068.53, compared to CNY 346,067,936.11, showing an increase of about 23.6%[151]. - Current liabilities rose to CNY 412,268,143.79, up from CNY 328,740,564.19, indicating an increase of about 25.4%[150]. - The company's inventory increased to CNY 107,998,182.19 from CNY 71,086,754.04, representing a growth of approximately 52.0%[149]. - Short-term borrowings increased significantly to CNY 241,373,500.00 from CNY 184,316,000.00, an increase of about 31.0%[155]. Market and Industry Position - The company is primarily engaged in the production of fine chemical products, including AC foaming agents, chlorosulfonic acid, and caustic soda[25]. - The company exports its AC foaming agents primarily to Southeast Asia, South America, South Africa, the United States, Italy, and Turkey, indicating a strong international market presence[29]. - The company has a 40% export ratio for its caustic soda, which is primarily used in the production of sodium hypochlorite for AC foaming agents[28]. - The company is actively expanding its global market presence despite a decrease in export volume due to the US-China trade war[45]. Production and Capacity - The company has an annual production capacity of 80,000 tons for AC foaming agents, 50,000 tons for chlorosulfonic acid, and 300,000 tons for caustic soda, which enhances its economies of scale and competitive advantage in the industry[35]. - The company is constructing a 20,000-ton/year 80% hydrazine hydrate production facility, expected to be completed by September 2019[48]. - A new 200,000-ton/year hydrogen peroxide production facility is under construction, with completion anticipated by December 2019[48]. - The company has completed fundraising projects that increased production capacity, with AC foaming agent capacity rising to 80,000 tons/year and thionyl chloride capacity increasing to 50,000 tons/year[83]. Research and Development - Research and development expenses increased by 16.97% to RMB 43,697,122.22[51]. - The company holds 16 authorized national invention patents, with 12 related to chlorosulfonic acid and 4 to AC foaming agents, showcasing its commitment to innovation and technology development[31]. Risk Management and Compliance - The company acknowledges risks related to macroeconomic changes, market fluctuations, and environmental regulations that may impact future performance[5]. - The company has implemented strict safety production standards and management systems to mitigate risks associated with hazardous materials and potential accidents[85]. - The company is increasing its environmental protection investments and optimizing existing facilities to ensure compliance with stricter environmental regulations[85]. - The company has established a long-term safety and environmental inspection mechanism to ensure stable safety production[85]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 20,680[133]. - The largest shareholder, Jiangxi Dalong Industrial Co., Ltd., holds 37.55% of the shares, totaling 90,115,000 shares[134]. - The second largest shareholder, New World Fine Chemical Investment Co., Ltd., holds 13.15% of the shares, totaling 31,554,474 shares[134]. Community Engagement - The company has actively engaged in targeted poverty alleviation, contributing a total of 169,600 RMB (approximately 16.96 thousand) for various initiatives[121]. - The company sponsored 120,000 RMB to the local government for poverty alleviation efforts and assisted four impoverished individuals with a total of 9,600 RMB[123].

Financial Performance - The company's operating revenue for Q1 2019 was ¥504,738,606.44, representing a 66.63% increase compared to ¥302,917,328.63 in the same period last year[7]. - Net profit attributable to shareholders decreased by 72.95% to ¥3,244,779.11 from ¥11,996,497.08 year-on-year[7]. - The net profit after deducting non-recurring gains and losses fell by 82.76% to ¥1,947,981.47 compared to ¥11,301,701.84 in the previous year[7]. - Operating profit decreased by 71.22% to ¥4.17 million from ¥14.49 million, attributed to a decline in sales prices of main products and lower gross margins[19]. - Net profit fell by 72.95% to ¥3.24 million from ¥12.00 million, reflecting the same challenges in sales prices and gross margins[19]. - The company expects net profit for the first half of 2019 to decline by over 50% compared to the previous year, with a projected range of ¥25.95 million to ¥12.98 million[24]. Cash Flow - The net cash flow from operating activities was negative at -¥75,401,254.83, worsening by 103.14% from -¥37,117,921.97 in the same period last year[7]. - Cash flow from operating activities showed a net outflow of ¥75.40 million, an increase of 103.14% compared to the previous outflow of ¥37.12 million, due to increased trade procurement payments[21]. - Cash flow from investing activities also saw a net outflow of ¥74.90 million, up 234.75% from ¥22.38 million, driven by higher fixed asset acquisition expenditures[21]. - The total cash outflow from investing activities in Q1 2019 was CNY 74.92 million, compared to CNY 22.54 million in the same period last year[47]. - The net cash flow from financing activities was 52,448,487.49 CNY, a decrease from 5,890,511.86 CNY in the previous period[48]. Assets and Liabilities - Total assets increased by 5.03% to ¥1,588,286,296.19 from ¥1,512,291,718.09 at the end of the previous year[7]. - Total liabilities increased to CNY 415.60 million, compared to CNY 346.07 million at the end of 2018, reflecting a growth of 20.1%[34]. - Total equity attributable to shareholders reached CNY 1.17 billion, slightly up from CNY 1.17 billion at the end of 2018[34]. - The company's total assets amounted to 1,512,291,718.09 CNY, remaining stable compared to the previous period[55]. - Total current liabilities amounted to CNY 324,447,080.94[58]. Inventory and Receivables - Inventory levels increased by 48.58% to ¥105,623,848.60, attributed to higher stock of AC foaming agent products[16]. - Accounts receivable increased to CNY 295.59 million, compared to CNY 303.69 million at the end of 2018, indicating a slight decrease of 2.7%[36]. Earnings Per Share - The company's basic earnings per share decreased by 80.00% to ¥0.01 from ¥0.05 year-on-year[7]. - Basic and diluted earnings per share for Q1 2019 were both CNY 0.01, down from CNY 0.05 in the previous year[41][44]. Research and Development - The company reported a significant increase in research and development expenses, totaling CNY 1.05 million, compared to CNY 1.20 million in the previous year[39]. - Research and development expenses for Q1 2019 were CNY 1.05 million, a decrease of 12.6% from CNY 1.20 million in the previous year[43]. Other Financial Metrics - The weighted average return on net assets dropped to 0.28% from 1.03% in the previous year, a decrease of 0.75%[7]. - The company reported other income of CNY 1.67 million in Q1 2019, compared to CNY 0.98 million in Q1 2018, indicating a 70.1% increase[43]. - The company incurred operating costs of CNY 286.03 million in Q1 2019, up from CNY 248.39 million in Q1 2018, reflecting a 15.1% increase[43]. Financial Reporting - The first quarter report was not audited[59]. - The report was issued by the legal representative Liu Yiyun on April 25, 2019[60].

Financial Performance - The company's operating revenue for 2018 was ¥1,484,846,983.24, representing a 23.58% increase compared to ¥1,201,491,857.09 in 2017[18]. - The net profit attributable to shareholders decreased by 62.20% to ¥56,907,783.46 from ¥150,559,842.18 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥49,313,373.96, down 67.51% from ¥151,761,440.41 in 2017[18]. - The net cash flow from operating activities significantly dropped by 94.35% to ¥6,946,131.99 from ¥122,892,978.93 in 2017[18]. - Basic earnings per share fell to ¥0.2371, a decrease of 62.20% compared to ¥0.6273 in the previous year[18]. - The company reported a significant decline in quarterly net profit, with the fourth quarter showing a profit of ¥23,358,965.94, down from previous quarters[22]. - The company achieved total revenue of CNY 1,484.85 million in 2018, representing a year-on-year growth of 23.58%[44]. - The net profit attributable to ordinary shareholders was CNY 56.91 million, a decrease of 62.20% compared to the previous year[44]. Assets and Investments - Total assets increased by 9.95% to ¥1,512,291,718.09 at the end of 2018, up from ¥1,375,484,410.77 in 2017[18]. - The net assets attributable to shareholders slightly increased by 0.54% to ¥1,166,223,781.98 from ¥1,159,923,198.52 in 2017[18]. - Fixed assets increased by 3.74% due to the completion of related engineering projects[32]. - The company invested ¥138,684,767.24 during the reporting period, reflecting a 15.13% increase compared to the previous year[78]. - The company has committed a total investment of CNY 78,817,200 for the annual production of 50,000 tons of thionyl chloride, with a cumulative investment of CNY 49,591,698.61 as of December 31, 2018, indicating a progress of 62.92%[85]. - The company achieved a cumulative investment of CNY 22,268.6 million for the annual production of 50,000 tons of AC foaming agent, reaching 101.47% of the planned investment[84]. Market and Sales - The average selling price of AC foaming agents decreased by 11.38%, while sales volume increased by 7.21%[44]. - The average selling price of chlorosulfonic acid dropped by 24.64%, with a sales volume increase of 4.58%[44]. - The average selling price of caustic soda fell by 5.85%, but the sales volume surged by 63.99%[44]. - The company expanded its market by developing new customers in Dubai, Thailand, India, and Poland, resulting in increased export volume[46]. - The sales volume of caustic soda surged by 63.99% to 98,302 tons, driven by increased downstream demand and new production capacity[57]. - The company reported a 92.79% increase in inventory of AC blowing agents, attributed to increased market capacity and intensified competition[57]. Research and Development - Research and development expenses rose by 46.38% to ¥4,539,940.70, reflecting accelerated investment in new product development[67]. - The company has allocated 100 million RMB for research and development in new technologies over the next year[121]. - The company plans to continue developing new products such as hydrogen peroxide, hydrazine hydrate, and sucralose, while focusing on market-oriented production and technological breakthroughs[93]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, based on a total of 240,000,000 shares[6]. - In 2018, the cash dividend amount was CNY 24,000,000, representing 42.17% of the net profit attributable to ordinary shareholders[116]. - The total cash dividend (including other methods) for 2018 was CNY 24,000,000, which accounted for 100% of the distributable profit of CNY 51,460,877.89[117]. - The company did not propose any cash dividend distribution plan for ordinary shares in the reporting period despite having positive profits available for distribution[116]. Strategic Plans and Future Outlook - The company plans to achieve total operating revenue of CNY 233,966.63 million and a net profit of CNY 6,026.85 million in 2019[104]. - The company aims to enhance its brand recognition and credibility in both domestic and international markets through improved marketing networks[98]. - The company intends to pursue mergers and acquisitions of quality resource-based enterprises nationwide to complement its existing business and achieve synergy effects[92]. - The company has set a performance guidance of 1.5 billion RMB in revenue for 2019, indicating a growth target of 25%[198]. Environmental and Social Responsibility - The company emphasizes safety and environmental protection, committing to a comprehensive management approach to maintain effective safety and environmental management systems[94]. - The company has achieved a 100% operational rate for environmental protection facilities in 2018[168]. - The company has actively engaged in social responsibility initiatives, including targeted poverty alleviation efforts[161][162]. - The company invested a total of 28.78 million yuan in targeted poverty alleviation efforts[164]. Corporate Governance and Compliance - The company emphasizes the protection of shareholder rights, particularly for minority shareholders, ensuring fair access to information[158]. - The company has not engaged in any asset or equity acquisitions or disposals during the reporting period[144]. - There were no major related party transactions or significant contracts that affected the company's profit during the reporting period[142][149].