山西永东化工股份有限公司 2016 年第三季度报告正文 证券代码：002753 证券简称：永东股份 公告编号：2016-083 山西永东化工股份有限公司 2016 年第三季度报告正文 1 山西永东化工股份有限公司 2016 年第三季度报告正文 公司负责人刘东良、主管会计工作负责人陈梦喜及会计机构负责人(会计主 管人员)蔡靖泽声明：保证季度报告中财务报表的真实、准确、完整。 2 山西永东化工股份有限公司 2016 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,005,605,381.91 | 994,526,541.69 | | 1.11% | | 归属于上市公司股东的净资产 | 888,397,494.21 | 855,209,611.74 | | 3.88% | | （元） | | | | | | | 本报告期 | 本报告期比上年 ...

Financial Performance - The company's operating revenue for the first half of 2016 was ¥463,597,615.79, representing a 13.15% increase compared to ¥409,730,985.55 in the same period last year[21]. - The net profit attributable to shareholders was ¥22,118,211.28, a decrease of 26.76% from ¥30,200,426.44 year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥24,574,527.50, down 18.00% from ¥29,967,759.77 in the previous year[21]. - Basic earnings per share decreased by 42.03% to ¥0.1494 from ¥0.2577 in the previous year[21]. - The total profit amounted to 2,602.14 CNY, reflecting a year-on-year decrease of 26.73%[30]. - The comprehensive gross margin for main business products was 22.18%, a decrease of 0.16 percentage points year-on-year[30]. - The total cash inflow from operating activities is CNY 262,911,220.61, up from CNY 160,062,083.69, indicating a growth of 64.4%[160]. - The total comprehensive income attributable to the parent company for the current period is CNY 22,118,211.28, compared to CNY 30,200,426.44 in the previous period, reflecting a decrease of approximately 26.7%[158]. Cash Flow - The net cash flow from operating activities increased significantly by 171.64%, reaching ¥61,494,138.38 compared to ¥22,638,490.53 in the same period last year[21]. - The net cash flow from operating activities for the current period is CNY 61,494,138.38, an increase of 172.5% from CNY 22,638,490.53 in the previous period[160]. - The cash outflow from operating activities increased to CNY 201,417,082.23 from CNY 137,423,593.16, which is a rise of 46.5%[160]. - The net cash flow from investing activities is negative at CNY -17,858,242.09, compared to CNY -12,310,434.19 in the previous period, indicating a worsening of 45.2%[161]. - The net cash flow from financing activities is CNY -42,028,043.59, a significant decrease from CNY 309,477,980.80 in the previous period[161]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,022,163,287.68, an increase of 2.78% from ¥994,526,541.69 at the end of the previous year[21]. - The company's total liabilities were CNY 161,680,962.67, up from CNY 139,316,929.95, reflecting a rise of 16.06%[153]. - The equity attributable to shareholders of the parent company was CNY 860,482,325.01, slightly up from CNY 855,209,611.74, showing a marginal increase of 0.27%[154]. - The company's asset and liability structure remained stable during the reporting period[131]. Investment and R&D - The company invested 16,196,348.14 CNY in R&D, showing a slight increase of 0.21% year-on-year[31]. - The company plans to invest CNY 364.37 million in a project to produce 300,000 tons of coal tar deep processing and 80,000 tons of carbon black annually, which has already received necessary approvals[125]. - The company has committed to using the funds raised from its public offering strictly for the construction of a 120,000 tons/year carbon black and 18,000 KW waste gas power generation project[114]. Shareholder and Stock Information - The company plans to achieve a net profit attributable to shareholders of the listed company between 34.00 million RMB and 44.00 million RMB for the first three quarters of 2016, reflecting a year-on-year change of -19.97% to 3.56%[67]. - The company distributed a cash dividend of 1.8 yuan per 10 shares, totaling 17,766,000 yuan, based on a total share capital of 98,700,000 shares as of December 31, 2015[68]. - The total number of shares increased from 98,700,000 to 148,050,000 due to the 2015 annual profit distribution plan, which diluted earnings per share[131]. - The company’s major shareholders include Tianjin Dongfang Fuhai and Jiaxing Jiahe Jiuding, with significant changes in their shareholdings due to profit distribution[133]. Corporate Governance - The company has established a sound corporate governance structure with three independent directors to enhance board independence and governance mechanisms[116]. - The company has committed to protecting the interests of minority shareholders through its independent directors[116]. - The commitments made by major shareholders are being fulfilled as per the stipulated timelines[95][96]. Market Strategy - The company is focusing on enhancing product quality and transitioning towards high-end products[30]. - The company is actively improving sales channels and emphasizing brand building to strengthen its market position[30]. - The company benefits from a strategic location in southern Shanxi, with excellent transportation and infrastructure, ensuring reliable raw material supply from the region's abundant coal tar resources[44]. Financial Strategy - The company has not engaged in derivative investments or entrusted loans during the reporting period[55][56]. - The company did not hold any financial enterprise equity during the reporting period, reflecting a conservative investment strategy[47]. - The company has committed to reducing related party transactions and ensuring compliance with market principles, promising to take effective measures to minimize such transactions[117].

Financial Performance - The company's operating revenue for Q1 2016 was ¥196,831,169.81, representing a 19.41% increase compared to ¥164,834,202.28 in the same period last year[8] - Net profit attributable to shareholders for Q1 2016 was ¥10,467,138.08, up 15.76% from ¥9,041,846.37 in the previous year[8] - The net cash flow from operating activities surged to ¥27,591,949.17, a significant increase of 1,171.04% compared to ¥2,170,813.15 in the same period last year[8] - Basic and diluted earnings per share decreased by 13.18% to ¥0.1061 from ¥0.1222 in the previous year[8] - Total assets at the end of the reporting period were ¥1,032,265,511.94, reflecting a 3.79% increase from ¥994,526,541.69 at the end of the previous year[8] - The net assets attributable to shareholders increased by 1.32% to ¥866,478,789.99 from ¥855,209,611.74 at the end of the previous year[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,270[11] - The top shareholder, Liu Dongliang, holds 29.13% of the shares, totaling 28,750,000 shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Cash Flow and Working Capital - Cash and cash equivalents increased by 53.58% to 114.17 million due to higher cash receipts from sales and the redemption of financial products exceeding purchases[15] - Prepayments rose by 143.23% to 23.77 million, primarily due to increased advance payments for materials and projects[15] - Accounts payable increased by 55.61% to 53.99 million, attributed to the rise in bank acceptance bills issued[15] - Net cash flow from operating activities surged by 1171.04% to 27.59 million, driven by increased cash receipts from sales[15] - The company reported a net cash flow from investing activities of 12.24 million, a significant improvement from a negative 9.16 million in the previous year[15] - The company’s accounts receivable increased by 56.54% to 6.73 million, primarily due to an increase in value-added tax payable[15] Investment and Projects - The company plans to invest 364.37 million in a project to produce 300,000 tons of coal tar deep processing and 80,000 tons of carbon black annually, which has received project filing approval[16] - The company is progressing with the issuance of convertible bonds, with the proposal approved by the board and submitted for shareholder approval[16] Stock Price Stabilization Measures - The company plans to implement stock repurchase measures to stabilize the stock price, which may include repurchasing shares and increasing holdings by major shareholders and management[24] - The total number of shares repurchased and the shares held by major shareholders and management combined will not exceed 2% of the latest audited net equity attributable to the parent company[25] - The company will announce the implementation of stock repurchase plans within two trading days after completion and will cancel the repurchased shares[27] - The company’s major shareholders and management are allowed to increase their holdings through public offerings or centralized bidding, in accordance with relevant laws and regulations[26] - If the stock price remains below the issue price for 20 consecutive trading days after the IPO, the lock-up period for shares will automatically extend by six months[22] - The company will hold investor meetings to communicate its operational status, financial indicators, and development strategies if the stock price falls below the net asset value[23] - The board of directors will announce the repurchase plan, including the number of shares to be repurchased, price range, and completion timeline within two trading days of the decision[26] - The company’s stock price stabilization measures will be disclosed in accordance with listing company information disclosure requirements[24] - The company plans to implement stock repurchase measures to stabilize stock prices, with the total amount not exceeding 2% of the latest audited net assets attributable to shareholders[28] - The controlling shareholders and management are required to use funds for stock purchases not exceeding 50% of their total annual salary from the previous year[29] - The total number of shares repurchased or held by controlling shareholders must not be less than 3% of the total share capital before the implementation of the stabilization plan[30] - If the company's stock price remains below 120% of the net asset value per share for five consecutive trading days, an investor meeting will be held to discuss the company's operational status and financial indicators[33] - The company’s actual controllers have committed to not transferring or entrusting their shares for 36 months from the date of listing[30] - The stock lock-up period will automatically extend for an additional six months if the stock price remains below the issue price for 20 consecutive trading days within six months post-listing[31] - The company will require new directors and senior management to sign commitment letters to ensure compliance with previous commitments made during the IPO[29] - The stock repurchase plan will be terminated if the stock price exceeds the latest audited net asset value for ten consecutive trading days[30] - The company aims to maintain a stable stock price through specific measures and will announce any changes in the plan as required by regulations[32] - The company will communicate with investors regarding its development strategy and financial performance if stock prices fall below certain thresholds[33] - The company plans to stabilize its stock price through a share buyback program, with a total amount not exceeding 2% of the latest audited net assets attributable to shareholders[36] - The total number of shares to be repurchased will not exceed 3% of the total share capital before the implementation of the stabilization plan[36] - The company will announce the details of the buyback plan, including the number of shares to be repurchased, price range, and completion timeline within two trading days after the board resolution[36] - The buyback measures will be implemented within six months from the announcement date, and the company will disclose the changes in shareholding within two trading days after completion[37] - The controlling shareholders and senior management will use funds not exceeding 50% of their total annual salary for share purchases, ensuring compliance with relevant laws and regulations[39] - The company aims to ensure that the total number of shares repurchased and those held by controlling shareholders and senior management does not fall below 3% of the total share capital before the stabilization plan[39] - The buyback program will be terminated if the stock price exceeds the latest audited net asset value per share for 10 consecutive trading days[40] - The company has signed an agreement with major shareholders to ensure the stability of control rights and compliance with relevant regulations[40] - The company will conduct independent financial and legal assessments regarding the share buyback[35] - The buyback will be conducted through public offerings or centralized bidding in accordance with legal requirements[35] Dividend Policy - The net profit attributable to shareholders for the first half of 2016 is expected to range from 21 million to 31 million CNY, representing a decrease of 30.46% to an increase of 2.65% compared to the same period in 2015[52] - The net profit for the first half of 2015 was 30.20 million CNY, indicating a potential decline in profitability due to lower product sales prices compared to the previous year[52] - The company plans to distribute cash dividends of no less than 15% of the distributable profits for the year, provided there are no major investment plans or significant cash expenditures[49] - In cases where the company is in a mature development stage without major capital expenditure plans, cash dividends should constitute at least 80% of the profit distribution[50] - The company has committed to using retained earnings primarily for normal operations, research and development, and to reduce financing costs[51] - The company is focused on expanding its operational scale using retained earnings and cash reserves to provide long-term returns to shareholders[49] - The company has committed to maintaining stable dividend returns to shareholders while considering its operational needs and business development goals[49] Corporate Governance - The company has established a sound corporate governance structure, including three independent directors to enhance board independence and governance[44] - The company will take legal and effective measures to minimize related party transactions and ensure compliance with market principles[46] - There are no reported instances of non-compliance with external guarantees during the reporting period[53] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[54]

Raw Materials and Production Costs - The main raw materials, coal tar and anthracene oil, account for over 80% of total production costs, exposing the company to significant risks from price fluctuations [6]. - The procurement of coke oven gas has shown an upward trend, with the company relying entirely on Yongxiang Coal and its subsidiary for supply, which may impact production costs and profit margins if prices rise [7]. - Raw material costs account for approximately 80% of carbon black production costs, with the company benefiting from low transportation costs due to its proximity to coal tar resources [63]. - The company utilizes surplus coke oven gas from nearby coking enterprises, significantly reducing fuel costs [64]. Financial Performance - The company's operating revenue for 2015 was ¥865,344,077.83, representing a 2.00% increase compared to ¥848,356,946.93 in 2014 [34]. - The net profit attributable to shareholders for 2015 was ¥52,530,392.54, a decrease of 11.88% from ¥59,611,232.13 in 2014 [34]. - The net cash flow from operating activities increased significantly by 172.18% to ¥49,324,051.36 from ¥18,121,880.69 in 2014 [34]. - The basic earnings per share for 2015 was ¥0.5942, down 26.24% from ¥0.8056 in 2014 [34]. - Total assets at the end of 2015 reached ¥994,526,541.69, a 21.37% increase from ¥819,412,598.85 at the end of 2014 [34]. - The net assets attributable to shareholders increased by 67.35% to ¥855,209,611.74 from ¥511,036,349.05 in 2014 [34]. - The weighted average return on equity for 2015 was 7.43%, down from 12.42% in 2014 [34]. - Operating profit decreased to RMB 65,755,223.82, down 4.75% compared to the previous year [72]. - The gross profit margin for the chemical raw materials and chemical products manufacturing industry was 20.87%, a decrease of 0.36% from the previous year [78]. Market and Industry Dynamics - Approximately 67% of carbon black usage is in tire production, linking the company's performance closely to the automotive and tire industries, which are experiencing rapid growth [11]. - The carbon black industry is experiencing increased competition, with larger firms expanding capacity, which may threaten the company's market position if it cannot keep pace with technological advancements [10]. - The carbon black market is currently facing challenges, with prices hitting record lows and many companies experiencing significant profit declines [56]. - The company is expected to maintain a competitive advantage in the carbon black market due to its scale and technological capabilities, while smaller firms may be eliminated [57]. Research and Development - The company has successfully developed high-value products such as conductive carbon black, aiming to extend its product line through continued R&D efforts [17]. - The company is focused on research and development of high-quality specialty carbon black to meet diverse market needs [51]. - Future R&D plans include increasing investment in core technology and establishing a strategic project decision advisory group [109]. - The company has established a comprehensive internal control system to mitigate risks associated with the influence of actual controllers on corporate governance [15]. Environmental and Regulatory Factors - Environmental regulations are becoming stricter, potentially increasing the company's compliance costs and impacting profitability [16]. - The company has been recognized as a high-tech enterprise, benefiting from a reduced corporate income tax rate of 15%, but future policy changes could adversely affect its operations [13]. Shareholder and Capital Management - The company plans to distribute cash dividends of 1.8 RMB per 10 shares and issue 5 bonus shares for every 10 shares held, based on a total of 98,700,000 shares [21]. - The cash dividend represents 33.82% of the net profit attributable to shareholders for 2015 [118]. - The company is committed to balancing long-term development with immediate shareholder returns in its financing strategy [112]. - The company has committed to avoid any form of related party transactions with real estate businesses or other related enterprises using the raised funds [134]. Governance and Management - The board of directors includes 3 independent directors, enhancing the company's governance structure and independence [136]. - The company has independent directors with significant experience in various sectors, contributing to strategic decision-making [192]. - The management team includes a financial director with a background in accounting and previous experience in construction and resource development [192]. - The company is committed to transparency in its governance structure, as evidenced by the detailed reporting of board member changes and shareholdings [188]. Employee and Human Resource Management - The total number of employees in the company is 453, with 293 in production, 24 in sales, 80 in technology, 9 in finance, 40 in administration, and 7 in other roles [198]. - The company has a competitive salary policy, combining position-based pay with performance assessments to enhance employee motivation and satisfaction [199]. - The educational background of employees shows that 52 hold a bachelor's degree or higher, 162 have an associate degree, and 239 have a secondary or high school education [198].

Financial Performance - Total assets increased by 15.91% to CNY 949,756,882.68 compared to the end of the previous year[7] - Net assets attributable to shareholders increased by 65.46% to CNY 845,568,016.82[7] - Operating revenue for the reporting period was CNY 224,546,397.71, a slight increase of 1.04% year-on-year[7] - Net profit attributable to shareholders decreased by 13.75% to CNY 12,284,933.04 for the reporting period[7] - Basic earnings per share decreased by 35.42% to CNY 0.124[7] - The company reported a weighted average return on equity of 1.46%, down by 1.43% compared to the previous year[7] Cash Flow and Assets - Cash flow from operating activities increased significantly by 98.41% to CNY 38,732,234.10 year-to-date[7] - Cash and cash equivalents increased by 35.78% to ¥56,960,769.01 due to an increase in bank deposits[14] - Accounts receivable decreased by 35.89% to ¥67,470,274.14 primarily due to the use of bank acceptance bills for payments[14] - Prepayments surged by 496.67% to ¥28,794,684.65 as a result of increased payments for raw materials and project costs[14] - Other current assets rose significantly by 2470.43% to ¥130,000,000.00 due to investments in principal-protected bank wealth management products[14] - Short-term borrowings decreased by 100% to ¥0.00 as the company repaid its short-term loans[14] - Operating cash flow increased by ¥19,211,309.09 to ¥38,732,234.10, mainly due to higher cash receipts from sales[14] - Investment cash flow decreased by ¥132,130,487.18 to -¥154,227,387.92, primarily due to fixed asset purchases and wealth management investments[14] - Financing cash flow improved by ¥188,214,243.39 to ¥158,353,845.12, mainly from funds raised through the initial public offering[14] - The company's capital reserve increased by 215.62% to ¥389,480,768.33 due to funds raised from the IPO[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,813[10] - The largest shareholder, Liu Dongliang, holds 29.13% of the shares, totaling 28,750,000 shares[10] Stock Repurchase Plan - The company plans to implement a stock repurchase program to stabilize its stock price, with the total amount used for repurchase not exceeding 2% of the latest audited net assets attributable to shareholders[19] - The total number of shares repurchased will not exceed 3% of the total share capital before the implementation of the stock stabilization plan[20] - The company’s controlling shareholders and senior management will use funds for stock purchases not exceeding 50% of their total annual salary from the previous year[22] - The stock repurchase plan must be completed within six months from the announcement date[20] - If the stock price remains above the latest audited net asset value for 10 consecutive trading days, the stabilization measures will be considered completed[22] - The company will announce the details of the stock repurchase plan, including the number of shares, price range, and completion timeline, within two trading days after the board resolution[20] - The company will ensure compliance with relevant laws and regulations during the stock repurchase and stabilization process[21] - The company’s board of directors, excluding independent directors, has committed to support the stock repurchase plan[20] - The company will require new directors and senior management to sign commitment letters to ensure compliance with previous commitments made during the initial public offering[22] - The company will disclose any changes in shareholding after the completion of the stock repurchase within two trading days[20] Fund Utilization and Governance - The company plans to use the raised funds strictly for the construction of a 120,000 tons/year carbon black and 18,000 KW waste gas power generation project[25] - The company commits that the raised funds will not be used for any related party real estate business or other related enterprises[25] - The company has established a sound independent director system with 3 independent directors to enhance governance and avoid competition[27] - The company aims to distribute cash dividends of no less than 15% of the annual distributable profits, with a minimum of 80% cash distribution in profit allocation during mature development stages without major capital expenditures[30] - The company will take effective measures to reduce and standardize related party transactions, ensuring compliance with market principles[28] - The company emphasizes the importance of independent directors in protecting the interests of the company and minority shareholders[27] - The company will allocate the remaining undistributed profits after cash dividends to further expand production scale, providing long-term returns to shareholders[29] - The company has committed to avoiding any business that competes with its own operations, ensuring no conflicts of interest arise[26] - The company will ensure that any unavoidable related party transactions are conducted fairly and transparently[28] - The company has a commitment to fulfill its promises regarding the use of raised funds and to bear any legal responsibilities arising from violations[25] Future Projections - The estimated net profit attributable to shareholders for 2015 is projected to be between 43 million and 55 million yuan, representing a decrease of 27.87% to 7.74% compared to the previous year[32] - The net profit for 2014 was 59.61 million yuan, indicating a potential decline in performance due to price fluctuations and external market factors[32] - The company plans to allocate at least 20% of its profit distribution to cash dividends, despite significant capital expenditure arrangements[31] - The retained earnings after dividend distribution will primarily be used for regular operations, including R&D, technological upgrades, project construction, and business expansion[31] Compliance and Investments - There were no securities investments during the reporting period[34] - The company did not hold shares in other listed companies during the reporting period[35] - There were no instances of non-compliance with external guarantees during the reporting period[36] - There were no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[37]

Financial Performance - The company reported a total operating revenue of CNY 409,730,985.55, a decrease of 2.08% compared to the same period last year[20]. - Net profit attributable to shareholders was CNY 30,200,426.44, down 9.80% year-on-year[20]. - Basic earnings per share decreased by 14.56% to CNY 0.3866[20]. - Revenue for the reporting period was $409.73 million, a decrease of 2.08% compared to the same period last year[30]. - Operating profit for the current period is $35.28 million, a decline of 9.3% compared to $39.08 million in the previous period[132]. - Net profit for the current period is $30.20 million, down 9.1% from $33.48 million in the previous period[132]. - Cash flow from operating activities generated a net amount of $22.64 million, down 35.6% from $35.16 million in the previous period[136]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 35.61% to CNY 22,638,490.53, primarily due to an increase in the proportion of sales settled by bills[20]. - The net cash flow from financing activities surged by 1,940.35% to $309.48 million, due to the proceeds from the initial public offering[30]. - The net increase in cash and cash equivalents was $319.81 million, reflecting an increase of 11,087.28% from the previous year, also due to the IPO[30]. - Cash and cash equivalents rose significantly to CNY 334,062,207.38 from CNY 41,949,945.22, marking an increase of about 696.5%[127]. Assets and Liabilities - The company's total assets increased by 34.68% to CNY 1,103,609,225.09 compared to the end of the previous year[20]. - The net assets attributable to shareholders rose by 62.95% to CNY 832,746,940.12 compared to the end of the previous year[20]. - Total current liabilities increased to CNY 255,460,617.98 from CNY 192,737,916.14, representing a rise of approximately 32.5%[129]. - The total liabilities decreased from CNY 308,376,249.80 to CNY 270,862,284.97, indicating a reduction of approximately 12.1%[129]. Market Conditions and Challenges - The company faced challenges from external market conditions, including a slowdown in tire production and low consumer demand[28]. - Domestic revenue increased by 8.07% to $354.64 million, while international revenue decreased by 38.98% to $55.09 million[33]. Research and Development - Research and development expenses increased by 11.66% to $16.16 million, indicating a focus on innovation[30]. - The company has developed advanced production technologies for conductive carbon black, achieving international standards and improving market competitiveness[39]. Corporate Governance and Shareholder Commitments - The company has established a sound corporate governance structure with 3 independent directors to enhance board independence and governance mechanisms[99]. - The company commits to distributing at least 15% of the annual distributable profits as cash dividends, ensuring stable returns for shareholders[102]. - Shareholders are required to not reduce their holdings within two years after the lock-up period ends[87]. Investment and Fund Utilization - The company has committed that the funds raised from the public offering will be strictly used for the construction of a 120,000 tons/year carbon black and 18,000 KW waste gas power generation project[97]. - The total amount used for share repurchase and the funds used by major shareholders for increasing their holdings will not exceed 2% of the latest audited net assets attributable to shareholders[91]. Compliance and Legal Matters - There were no significant lawsuits or arbitration matters during the reporting period[68]. - The company has not engaged in any major asset acquisitions or sales during the reporting period[70][71]. Financial Reporting and Accounting Policies - The half-year financial report has not been audited, which may affect the reliability of the financial data presented[104]. - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[151]. Share Capital and Ownership - The total number of shares increased from 74 million to 98.7 million, with the issuance of 24.7 million new shares[110]. - The number of shareholders at the end of the reporting period was 18,361[114]. - Liu Dongliang, a domestic individual, holds 29.13% of the shares, while Liu Dongjie holds 19.00%[114].