Financial Performance - The company's operating revenue for Q1 2020 was ¥263,642,943.19, representing a 13.45% increase compared to ¥232,385,596.27 in the same period last year[10] - The net profit attributable to shareholders was ¥38,476,155.10, a 34.96% increase from ¥28,508,610.55 in the previous year[10] - The basic earnings per share (EPS) was ¥0.2073, up 33.40% from ¥0.1554 in the previous year[10] - Net profit for the current period was ¥39,920,114.79, up 36.3% from ¥29,283,097.86 in the same period last year[66] - Operating profit for the current period was ¥48,675,633.42, a 43.7% increase from ¥33,845,931.97 in the previous period[66] - The total profit for the current period was ¥47,236,093.69, an increase of 42.1% from ¥33,240,359.80 in the previous period[66] - The total comprehensive income amounted to CNY 20,827,712.38, an increase from CNY 15,683,905.88 in the previous period, reflecting a growth of approximately 32.3%[76] Cash Flow - The net cash flow from operating activities surged to ¥82,126,496.95, marking a significant increase of 1,582.91% compared to ¥4,880,023.42 in the same period last year[10] - Cash inflow from operating activities reached CNY 253,002,110.21, compared to CNY 199,928,066.55 in the prior period, indicating an increase of about 26.5%[77] - Cash outflow for purchasing goods and services was CNY 98,444,709.65, down from CNY 120,718,452.89, showing a decrease of approximately 18.4%[80] - The cash flow from investment activities showed a net outflow of CNY 63,404,684.72, worsening from a net outflow of CNY 29,215,293.68 in the previous period[84] - The cash flow from financing activities resulted in a net outflow of CNY 61,801,632.70, compared to a net inflow of CNY 28,268,951.68 in the prior year[83] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,446,231,318.21, a decrease of 2.41% from ¥1,481,924,303.11 at the end of the previous year[10] - The total liabilities decreased to CNY 470,219,579.24 from CNY 547,987,574.88, representing a reduction of approximately 14.2%[48] - Current liabilities totaled CNY 327,083,366.72, down from CNY 396,034,292.72, indicating a decrease of about 17.4%[48] - Non-current liabilities decreased to CNY 143,136,212.52 from CNY 151,953,282.16, a decline of approximately 5.8%[48] - Cash and cash equivalents decreased to CNY 99,263,928.42 from CNY 172,001,098.14, a decline of approximately 42.3%[52] Shareholder Information - The company had a total of 12,646 common shareholders at the end of the reporting period[14] - The top shareholder, Bi Xinde, held 30.01% of the shares, with a total of 57,099,161 shares, of which 20,697,600 shares were pledged[14] - The total equity attributable to shareholders increased to CNY 955,117,907.95 from CNY 914,486,856.90, reflecting a growth of about 4.4%[51] Investment and Income - The company received government subsidies amounting to ¥1,407,288.61 during the reporting period[10] - Investment income rose by 1531.61% due to increased income from long-term equity investments accounted for using the equity method[26] - Cash received from investment income increased by 159.00% due to higher returns from financial investments[26] - Other income for the current period was reported at ¥1,407,288.61, down from ¥2,002,443.21 in the previous period, a decrease of 29.6%[66] - Investment income for the current period was ¥3,209,371.06, a significant increase from ¥196,700.00 in the previous period[66] Expenses - Research and development expenses increased to ¥10,867,233.99, representing a 21% rise from ¥8,985,156.11 in the previous period[66] - Tax expenses for the current period amounted to ¥7,315,978.90, up from ¥3,957,261.94 in the previous period, indicating an increase of 84.5%[66] - Financial expenses decreased by 97.34% due to increased foreign exchange gains[26] - The company reported a financial expense of ¥172,499.11, significantly lower than ¥6,494,099.94 in the previous period[66] Changes in Financial Position - Trading financial assets decreased by 100.00% due to floating losses from forward foreign exchange contracts[26] - Accounts receivable financing decreased by 43.64% primarily due to the reclassification of receivables to financial assets measured at fair value[26] - Long-term equity investments increased by 100.00% as a result of capital increase in the U.S. subsidiary[26] - Other non-current assets surged by 1307.99% due to increased prepayments for land transfer fees by a subsidiary[26] - Long-term receivables increased significantly to CNY 148,801,952.02 from CNY 95,694,679.07, representing a growth of approximately 55.5%[55] Compliance and Standards - The company reclassified inventory to contract assets and prepayments to contract liabilities as per the new revenue standards effective January 1, 2020[94] - The company has implemented new revenue recognition standards since January 1, 2020, affecting the classification of contract assets and liabilities[101] - The first quarter report was not audited, which may impact the reliability of the financial data presented[102]

Financial Performance - The company's operating revenue for 2019 was CNY 1,112,844,778.13, representing a 21.87% increase compared to CNY 913,114,502.19 in 2018[25] - The net profit attributable to shareholders of the listed company reached CNY 157,621,906.31, a significant increase of 114.72% from CNY 73,406,778.56 in the previous year[25] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 151,347,068.14, up 109.16% from CNY 72,361,040.73 in 2018[25] - The net cash flow from operating activities was CNY 210,256,274.56, an increase of 115.62% compared to CNY 97,514,530.30 in the previous year[25] - Basic earnings per share were CNY 0.8542, reflecting a 113.50% increase from CNY 0.6401 in 2018[25] - Diluted earnings per share were CNY 0.8276, up 111.45% from CNY 0.6262 in the previous year[25] - The weighted average return on net assets was 19.03%, an increase from 10.31% in 2018[25] - The operating profit reached CNY 186.20 million, representing a significant growth of 108.57% compared to the previous year[69] - The net profit attributable to shareholders of the parent company was CNY 157.62 million, an increase of 114.72% year-on-year[69] - The cellulose ether division generated revenue of CNY 861.07 million, while the graphite equipment division contributed CNY 38.26 million[69] Assets and Liabilities - Total assets at the end of 2019 reached ¥1,481,924,303.11, representing a 12.11% increase compared to the adjusted total assets of ¥1,321,806,686.28 at the end of 2018[28] - Net assets attributable to shareholders of the listed company were ¥914,486,856.90 at the end of 2019, reflecting a 20.80% increase from the adjusted net assets of ¥757,044,982.22 at the end of 2018[28] - The company's fixed assets amounted to ¥719,308,594.71, representing 48.54% of total assets[97] - The total amount of cash outflow from investment activities decreased by 45.96% to ¥135,501,956.39, indicating reduced capital expenditures[95] - The financial liabilities at the end of the period were ¥263,200, with no significant changes in asset measurement attributes during the reporting period[101] Market and Product Development - The main business focus is on the research, production, and sales of non-ionic cellulose ether products, with a strong competitive position in the domestic and global markets[43] - The company has developed a full range of construction-grade, pharmaceutical-grade, and food-grade non-ionic cellulose ether products, enhancing its market presence[43] - The construction-grade HPMC is primarily used in dry-mixed mortar applications, improving water retention and workability of construction materials[46] - The company has achieved significant growth in production technology and product quality stability, becoming the largest cellulose ether supplier in China and the fourth largest globally[43] - The market demand for HPMC plant capsules is expected to grow significantly due to increasing safety awareness and regulatory actions against substandard gelatin capsules in China[49] - The company’s cellulose ether production project has a capacity of 50 billion capsules per year, indicating substantial production capabilities[50] - The company aims to become a leading supplier in the corrosion prevention industry by expanding into the non-ferrous metal sector[73] - The cellulose ether production capacity is expected to reach 80,000 tons per year, maintaining a top three global market position[120] Research and Development - The company has established a research center for cellulose ether technology, emphasizing its commitment to innovation and development[56] - The company has received multiple high-tech enterprise certifications, reflecting its ongoing investment in research and development[56] - The company introduced nearly 20 high-end professional management and technical talents in 2019 to enhance overall management and R&D capabilities[73] - The proportion of R&D investment to operating revenue was 4.11%, up from 3.90% in the previous year[91] - R&D expenses rose by 28.45% to ¥45,774,296.59, reflecting increased investment in innovation[91] Risk Management - The company faces risks including raw material price fluctuations, market competition, and environmental risks, which are detailed in the report[8] - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be aware of investment risks[7] - The company is actively managing risks related to market competition, raw material price fluctuations, and environmental regulations[126][128] - The company emphasizes safety production measures to mitigate risks associated with flammable and explosive materials during manufacturing[129] - The COVID-19 pandemic has caused temporary impacts on product export sales, with the extent of the impact depending on the progress of international pandemic control measures[130] Dividend Policy - The company plans to distribute a cash dividend of CNY 4 per 10 shares, based on a total of 190,296,960 shares[8] - The company has a profit distribution policy that prioritizes cash dividends, aiming for at least 10% of distributable profits to be distributed in cash annually[137] - The cash dividend for 2018 was 2.0 CNY per 10 shares, totaling 23,812,800 CNY, which was 32.44% of the net profit attributable to shareholders[142] - The company has a policy to ensure that cash dividends account for at least 20% of the distributable profits when significant capital expenditures are planned[145] - The cash dividend distribution plan is subject to approval by the shareholders' meeting[145] Compliance and Governance - The company has committed to strict compliance with regulations regarding profit distribution proposals and timely disclosures[140] - The company’s board of directors is responsible for ensuring that minority shareholders have opportunities to express their opinions and that their rights are protected[140] - The company has maintained compliance with all commitments made regarding share reduction and other obligations during the reporting period[173] - The company has a long-term commitment to transparency and accountability in its financial disclosures[160] - There were no significant omissions or misleading statements identified in the company's financial reports[160] Subsidiary Performance - The subsidiary HERSHEY completed the installation and commissioning of the second capsule workshop, enhancing production capabilities[70] - The subsidiary Heshil Company reported a 41.40% increase in sales revenue and a 53.11% increase in net profit due to stable production line operations[118] - The subsidiary Fuchuan Company experienced a 159.84% increase in sales revenue and an 802.02% increase in net profit, attributed to production line upgrades and cost reductions[119] International Strategy - The company has expanded its customer base, with products sold to over 70 countries and regions, including Germany, France, and the United States[59] - The overseas market revenue was ¥532,793,955.77, which constituted 47.88% of total revenue, showing a growth of 22.44% compared to ¥435,162,582.94 in 2018[76] - The company plans to enhance its international strategy and diversify its operations through capital operations and market resource integration[73] - Sales revenue from exports to the U.S. accounted for no more than 4% of total revenue, indicating a relatively small exposure to U.S. trade tensions[130]

Financial Performance - Net profit attributable to shareholders increased by 73.55% to CNY 43,070,108.68 compared to the same period last year[10]. - Operating revenue rose by 24.39% to CNY 296,709,027.84 compared to the same period last year[10]. - Basic earnings per share increased by 71.62% to CNY 0.2322 compared to the same period last year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 65.71% to CNY 42,302,235.33 compared to the same period last year[10]. - The company's net profit increased, leading to a 104.87% rise in income tax expenses, totaling CNY 21,796,469.66[27]. - The company reported a total profit of ¥84,655,008.22, compared to ¥58,218,856.97 in the previous period, indicating a growth of about 45%[92]. - Net profit for the current period was ¥43,923,242.62, representing a 70.7% increase from ¥25,741,881.16 in the same period last year[67]. - Net profit for the period was ¥126,482,311.50, representing a 112.3% increase from ¥59,551,679.51 in the previous period[84]. Assets and Liabilities - Total assets increased by 7.61% to CNY 1,422,355,342.40 compared to the end of the previous year[10]. - The company's total equity increased by 59.97%, reaching CNY 190,464,000.00, due to capital reserve transfers[26]. - The company's total liabilities increased by 32.31%, with short-term borrowings reaching CNY 49,428,571.40[26]. - Total liabilities decreased from CNY 549,721,828.34 to CNY 526,854,232.83, a reduction of approximately 4%[50]. - The company's total assets increased from CNY 1,286,498,150.80 to CNY 1,310,586,105.60, reflecting a growth of approximately 1.9%[62]. - The company's total liabilities amounted to CNY 375,030,032.69, indicating a stable financial position despite fluctuations in cash flow[115]. - The company’s total liabilities increased to CNY 505,519,007.31, with non-current liabilities at CNY 165,938,598.80[129]. Cash Flow - Net cash flow from operating activities surged by 156.86% to CNY 65,682,362.10 compared to the same period last year[10]. - Cash received from operating activities decreased by CNY 23,431,638.32, a decline of 67.75%, mainly due to reduced government subsidies and bid guarantees[30]. - The net cash flow from operating activities was $104,195,288.77, an increase from $57,962,076.07 in the previous period, reflecting a significant improvement[105]. - Cash flow from operating activities generated ¥146,821,422.10, a significant increase from ¥19,915,733.22 in the previous period[96]. - The total cash inflow from investment activities was $46,285,753.10, compared to $82,574,799.87 in the prior period, indicating a decrease in investment returns[106]. Shareholder Information - The company reported a total of 13,363 shareholders at the end of the reporting period[16]. - The largest shareholder, Bi Xinde, holds 29.98% of the shares, totaling 57,099,161 shares[16]. Research and Development - The company's R&D expenses increased by 33.39%, totaling CNY 31,269,906.08, reflecting higher investment in research and development[27]. - Research and development expenses rose to ¥11,210,638.98, a 20.5% increase from ¥9,303,209.96 in the previous period[64]. - R&D expenses increased to ¥23,472,230.30 from ¥20,807,438.30, representing a growth of approximately 8%[92]. Tax and Government Subsidies - The company received government subsidies amounting to CNY 3,567,410.20 during the reporting period[11]. - The company received tax refunds totaling CNY 8,152,826.88, an increase of 687.20% compared to the same period last year, primarily due to increased export tax rebates[30]. - Tax expenses increased significantly to ¥8,658,564.29, compared to ¥4,413,796.45 in the previous period, marking a 96.5% rise[67]. Future Outlook - The company expects a net profit for 2019 to increase by 50% to 130%, with an estimated range of CNY 14,681.36 million to CNY 16,883.56 million[32]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[64].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 532,077,226.57, representing a 25.43% increase compared to the same period last year[23]. - The net profit attributable to shareholders of the listed company reached CNY 80,449,225.27, a significant increase of 151.40% year-on-year[23]. - The net profit after deducting non-recurring gains and losses was CNY 84,022,683.55, up 169.49% from the previous year[23]. - The net cash flow from operating activities was CNY 81,139,060.00, showing a substantial increase of 1,534.65% compared to the same period last year[23]. - Basic earnings per share were CNY 0.4385, reflecting a 151.43% increase from CNY 0.1744 in the previous year[23]. - Total assets at the end of the reporting period amounted to CNY 1,400,211,257.19, a 5.93% increase from the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were CNY 832,964,310.27, which is a 10.03% increase compared to the previous year[23]. - The weighted average return on net assets was 10.14%, up from 4.63% in the same period last year[23]. - The company's revenue reached RMB 532.08 million, a year-on-year increase of 25.43%[58]. - Net profit attributable to shareholders was RMB 80.45 million, up 151.40% year-on-year[58]. - Research and development investment increased by 40.84% to RMB 20.06 million[58]. - The main business revenue from cellulose ether products increased by 48.53% to RMB 498.83 million[58]. - The company’s gross profit margin for main business revenue improved to 33.29%, an increase of 7.95% compared to the previous year[61]. Market Position and Product Development - The company has developed capabilities to produce high-end grades of cellulose ether, specifically HPMC, for construction, pharmaceutical, and food industries[34]. - The market demand for HPMC plant capsules is expected to grow significantly, driven by increasing consumer safety awareness and regulatory scrutiny on gelatin capsules[37]. - The company has established a continuous production process for HPMC plant capsules, enhancing its competitive edge in the market[37]. - The main applications of the company's products include construction materials, pharmaceuticals, and food additives, with a focus on improving product performance and resource efficiency[34]. - The company has a strong position in the cellulose ether market, with a focus on environmentally friendly additives that comply with national energy-saving and environmental protection policies[34]. - The company has a competitive advantage in the cellulose ether industry due to over a decade of research and technological accumulation[34]. - The company has over 20 technology reserves, including HPMC for pharmaceutical coatings and food additives, which help optimize product structure and maintain technological leadership[42]. - The company’s cellulose ether products meet international standards, with quality indicators reaching those of renowned international competitors, enabling the replacement of imported products[44]. - The "Heda" brand has established a high-quality image in the cellulose ether market, recognized as a "Shandong Famous Brand" and a "Shandong Province Famous Trademark"[45]. - The company has a diverse customer base, exporting products to over 60 countries, including Germany, the Netherlands, and Brazil, demonstrating a strong market presence[46]. Environmental and Social Responsibility - The company emphasizes environmental protection, achieving industrial water recycling and significantly reducing wastewater and emissions[50]. - The company has been recognized as a high-tech enterprise since 2009, with continuous R&D investments enhancing its competitive advantage[43]. - The company actively engages in poverty alleviation efforts, focusing on education and employment opportunities for impoverished families[137]. - The company collaborates with local government to implement targeted poverty alleviation programs, demonstrating a commitment to social responsibility[138]. - The company has implemented advanced wastewater treatment technologies, including a four-effect desalination device, significantly reducing wastewater discharge and resource usage[132]. - The company has passed environmental impact assessments for all fundraising projects and construction projects, ensuring compliance with relevant environmental protection standards[136]. - The company has established a comprehensive environmental monitoring plan, with testing conducted by an external agency[136]. Risks and Challenges - The company faces risks including raw material price fluctuations and market competition, which are detailed in the report[6]. - The company reported a non-operating loss of ¥3,573,458.28, primarily due to other operating income and expenses of -¥7,573,233.35[30]. - The company faces market competition risks but maintains a significant technological and scale advantage domestically, with plans to optimize main products and accelerate new product development to enhance profitability[90]. - The company is actively managing raw material price volatility risks, focusing on controlling procurement and exploring alternative materials to mitigate production cost impacts[92]. - Environmental risks are acknowledged, with the company emphasizing its commitment to improving pollution control measures and enhancing environmental management systems[92]. - The company is investing significantly in projects, which may lead to increased depreciation and operational costs, potentially impacting short-term profitability[93]. Shareholder and Equity Management - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company has implemented an employee stock incentive plan to align employee interests with company performance[105]. - The company completed the registration of restricted stock under the first phase of the equity incentive plan on June 14, 2018, with the listing date set for June 15, 2018[108]. - A total of 209,088 shares of restricted stock were approved for unlocking and circulation on June 26, 2019, following the first unlocking period of the equity incentive plan[108]. - The company plans to repurchase and cancel 19,200 shares of restricted stock at a price of 5.79 CNY per share due to one incentive object leaving the company[108]. - The total guarantee amount approved for subsidiaries is 10,000 CNY, with an actual guarantee amount of 3,000 CNY during the reporting period, representing 3.60% of the company's net assets[122]. - There were no significant related party transactions or major contracts during the reporting period[109][110][124]. - The company has no violations regarding external guarantees during the reporting period[123]. - The first unlocking conditions of the equity incentive plan were met, allowing 82 out of 85 incentive objects to unlock their shares[108]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[110]. - The company has no significant environmental protection issues reported during the period[125]. - The company’s independent directors confirmed the legality and effectiveness of the equity incentive plan adjustments[108]. Operational Efficiency and Investments - The company has not reported any significant changes in fixed assets, intangible assets, or construction in progress during the reporting period[39]. - The company continues to engage in the research and production of graphite chemical equipment and fine chemical products, expanding its product portfolio[38]. - The company invested in an automated warehouse with a capacity of 5 billion capsules, enhancing storage efficiency[57]. - Financial expenses increased by 206.55% to RMB 7.00 million, primarily due to interest expenses from loans related to the cellulose ether renovation project[58]. - Cash and cash equivalents at the end of the reporting period amounted to ¥111,864,583.36, representing 7.99% of total assets, a decrease of 1.83% from the previous year[66]. - Accounts receivable increased to ¥219,288,517.11, accounting for 15.66% of total assets, an increase of 0.65% year-on-year[66]. - Inventory decreased to ¥141,642,183.46, making up 10.12% of total assets, down by 1.11% compared to the same period last year[66]. - Fixed assets rose significantly to ¥705,988,885.91, representing 50.42% of total assets, an increase of 25.25% due to the completion of a cellulose ether renovation project[66]. - Short-term borrowings decreased to ¥108,000,000.00, accounting for 7.71% of total assets, down by 3.77% year-on-year[66]. - Long-term borrowings decreased to ¥152,142,857.16, representing 10.87% of total assets, a decrease of 2.89% from the previous year[66]. - Total investment during the reporting period was ¥40,209,677.45, a significant decrease of 71.43% compared to ¥140,729,807.23 in the same period last year[72]. - The subsidiary Heershi Company reported a 53.69% increase in sales revenue and a 48.11% increase in net profit, attributed to stable production line operations and improved product recognition[86]. - Subsidiary Fuchuan Company reported a sales revenue increase of 227.65% year-on-year and a net profit increase of 535.95%, attributed to production line upgrades, technology updates, increased output and sales volume, higher product prices, and reduced production costs[88]. - For the first three quarters of 2019, the company expects a net profit increase of over 50% year-on-year, with the net profit range for shareholders estimated between ¥10,227.35 million and ¥11,363.72 million, compared to ¥5,681.86 million in the same period of 2018[89].

Financial Performance - The company's operating revenue for Q1 2019 was ¥232,385,596.27, representing a 34.16% increase compared to ¥173,220,460.51 in the same period last year[10] - Net profit attributable to shareholders was ¥28,508,610.55, a significant increase of 167.81% from ¥10,644,943.87 year-on-year[10] - Basic earnings per share rose to ¥0.2486, up 167.89% from ¥0.1114 in the same period last year[10] - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥27,202,539.11, which is an increase of 181.69% compared to ¥9,657,003.24 last year[10] - Net profit for the current period was ¥29,283,097.86, representing a significant increase of 154.5% compared to ¥11,528,437.61 in the previous period[58] - The company’s total profit amounted to ¥33,240,359.80, up from ¥12,866,507.52 in the previous period, reflecting a growth of 158.8%[58] Cash Flow - The net cash flow from operating activities improved to ¥4,880,023.42, a turnaround from a negative cash flow of ¥33,010,307.95 in the previous year, marking a 114.78% increase[10] - Cash flow from operating activities generated a net amount of CNY 4,880,023.42, a recovery from a negative CNY 33,010,307.95 in the prior period[72] - Cash outflows from operating activities were CNY 195,048,043.13, compared to CNY 310,786,756.77 in the previous period, showing improved cash management[72] - Cash flow from investing activities resulted in a net outflow of CNY 29,215,293.68, an improvement from a net outflow of CNY 43,268,486.65 last year[75] - Cash flow from financing activities generated a net inflow of CNY 28,268,951.68, compared to CNY 44,583,973.46 in the previous period[75] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,355,027,837.53, reflecting a 2.51% increase from ¥1,321,806,686.28 at the end of the previous year[10] - The total liabilities amounted to 550,100,489.70, slightly increasing from 549,721,828.34[41] - The total owner's equity reached 804,927,347.83, up from 772,084,857.94, indicating a growth of approximately 4.5%[44] - The total current liabilities decreased to 346,838,999.31 from 375,030,032.69, a reduction of approximately 7.5%[41] - Long-term borrowings rose to 182,642,857.15 from 161,042,857.15, an increase of about 13.5%[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,670[14] - The net assets attributable to shareholders increased to ¥789,112,984.80, a growth of 4.24% from ¥757,044,982.22 at the end of the previous year[10] - The company's retained earnings increased to 423,807,747.03 from 395,299,136.48, showing a growth of approximately 7.2%[44] Expenses and Investments - Research and development expenses rose by 40.05%, reflecting increased investment in R&D[23] - Tax expenses increased by 195.74% as a result of higher profits leading to increased tax provisions[23] - Management expenses surged by 152.87% due to increased stock incentive compensation[23] - Investment income surged by 300.27% due to increased financial management income[23] Government Support - The company received government subsidies amounting to ¥2,002,443.21 during the reporting period[12] - Other income rose by 68.23% due to increased government subsidies related to daily activities[23] Operational Efficiency - The company is focusing on improving operational efficiency and cash flow management strategies to enhance financial stability moving forward[72]

Financial Performance - The company's operating revenue for 2018 was ¥913,114,502.19, representing a 40.18% increase compared to ¥651,401,582.22 in 2017[25] - The net profit attributable to shareholders for 2018 was ¥73,406,778.56, a 58.47% increase from ¥46,322,474.18 in 2017[25] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥72,361,040.73, up 77.15% from ¥40,846,250.67 in 2017[25] - The net cash flow from operating activities for 2018 was ¥97,514,530.30, an increase of 47.55% compared to ¥66,089,108.37 in 2017[25] - Basic earnings per share for 2018 were ¥0.6401, reflecting a 58.44% increase from ¥0.4847 in 2017[25] - Diluted earnings per share increased to CNY 0.6262, up 55.00% from CNY 0.4040 in the previous year[28] - Total assets reached CNY 1,321,806,686.28, representing a 19.23% increase from CNY 1,108,661,075.33 at the end of the previous year[28] - The company reported a significant increase in sales volume, with self-operated product sales volume rising by 27.25% to 25,302.9 tons[78] - The company’s net profit target completion rate was 113%, reinforcing confidence in achieving the five-year strategic plan[66] Dividend Policy - The company plans to distribute a cash dividend of ¥2.00 per 10 shares, based on a total of ¥119,064,000[8] - The company distributed cash dividends of 23,812,800.00 CNY in 2018, representing 32.44% of the net profit attributable to ordinary shareholders[131] - The company plans to distribute cash dividends of 2.0 CNY per 10 shares for the 2018 fiscal year, subject to shareholder approval[131] - The company has a policy to distribute at least 10% of the distributable profit as cash dividends annually, with a cumulative distribution of at least 30% over the last three years[130] - The company’s cash dividend distribution is contingent upon achieving positive distributable profits and maintaining a debt-to-asset ratio below 50%[130] - The company has a differentiated cash dividend policy based on its development stage, with a minimum cash dividend ratio of 80% for mature stages without major capital expenditures[130] - The company’s cash dividend policy has been confirmed to comply with relevant regulations and has been transparently communicated to shareholders[131] Risk Management - The company has identified risks including raw material price fluctuations and market competition, which may impact future performance[8] - The company emphasizes the importance of risk awareness for investors regarding future plans and performance forecasts[7] - The company faces market competition risks but plans to optimize existing products and accelerate new product development[116] - The company is addressing raw material price volatility by diversifying procurement channels and improving cost control measures[116] - Environmental risks are being managed through improved facilities and compliance with stricter regulations[117] Research and Development - Research and development expenses surged by 135.13% to ¥35,635,709.21, attributed to increased investment in R&D[89] - Research and development (R&D) investment increased by 59.60% from 22,328,503.42 CNY in 2017 to 35,635,709.21 CNY in 2018, representing 3.90% of operating revenue[93] - The number of R&D personnel rose by 64.63% from 82 in 2017 to 135 in 2018, increasing the proportion of R&D staff to 12.83%[93] - The company is actively engaged in R&D for new technologies and products, having established a research center for cellulose ether technology in 2008[53] Production and Capacity - The company completed the renovation project for cellulose ether with a capacity of 20,000 tons/year, which has been transferred to fixed assets, indicating a significant investment in production capacity[48] - The 20,000 tons/year cellulose ether renovation project successfully completed trial production in September 2018, with automation and product quality reaching international advanced levels[66] - The company has developed a large-scale, continuous production process for HPMC plant capsules, which are expected to become a significant direction for the hollow capsule industry upgrade in the coming years due to their green safety and high stability advantages[47] - The cellulose ether production process has been optimized for efficiency, with a fully automated control system that enhances safety and reduces labor requirements[53] Market Presence - The company has established a strong brand presence in the cellulose ether market, recognized as a "Shandong Famous Brand" and a "Shandong Province Famous Trademark"[55] - The company has a stable customer base, supplying major clients in the construction, pharmaceutical, and food industries across over 60 countries[56] - The company has successfully opened the capsule product market in Europe and the United States, laying a foundation for revenue and profit growth[67] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within two years[159] Corporate Governance - The company has maintained no significant differences in net profit and net assets between international and Chinese accounting standards during the reporting period[29][30] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[195] - The company maintained a commitment to equity incentives, fulfilling all promises made to minority shareholders[191] - The company’s board of directors ensures that minority shareholders have opportunities to express their opinions and that their rights are protected[131] Future Outlook - The company expects revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion[157] - New product lines are expected to contribute an additional $100 million in revenue over the next year[162] - Future guidance indicates a focus on sustainable practices, aiming for a 40% reduction in carbon emissions by 2025[164]

山东赫达股份有限公司 2018 年第三季度报告正文 证券代码：002810 证券简称：山东赫达 公告编号：2018-054 山东赫达股份有限公司 2018 年第三季度报告正文 1 山东赫达股份有限公司 2018 年第三季度报告正文 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。 公司负责人毕心德、主管会计工作负责人崔玲及会计机构负责人(会计主管 人员)王花声明：保证季度报告中财务报表的真实、准确、完整。 2 山东赫达股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 非经常性损益项目和金额 √ 适用 □ 不适用 单位：元 项目 年初至报告期期末金额 说明 非流动资产处置损益（包括已计提资产减值准备的冲销部分） -999,934.99 计入当期损益的政府补助（与企业业务密切相关，按照国家统 2,075,015.72 3 山东赫达股份有限公司 2018 年第三季度报告正文 | 一标准定额或定量享受的政府补助除外） | | | | - ...

山东赫达股份有限公司 2018 年半年度报告全文 山东赫达股份有限公司 2018 年半年度报告 2018-048 2018 年 08 月 1 山东赫达股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人毕心德、主管会计工作负责人毕松羚及会计机构负责人(会计主 管人员)崔玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中如有涉及未来计划、业绩预测等方面的内容，均不构成公司对投 资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异，请投资者注意投资风险。 公司存在原材料价格波动风险、市场竞争风险、环保风险、安全生产风险、 大规模建设投入导致利润下滑的风险以及税收政策变化风险，敬请广大投资者 注意投资风险。公司在本报告"第四节经营情况讨论与分析"之"十、公司面临的 风险和应对措施"部分详细描述了公司未来经营中可能存在的风险及应对 ...

山东赫达股份有限公司 2018 年第一季度报告正文 证券代码：002810 证券简称：山东赫达 公告编号：2018-008 2 山东赫达股份有限公司 2018 年第一季度报告正文 1 山东赫达股份有限公司 2018 年第一季度报告正文 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。 公司负责人毕心德、主管会计工作负责人毕松羚及会计机构负责人(会计主 管人员)刘超声明：保证季度报告中财务报表的真实、准确、完整。 山东赫达股份有限公司 2018 年第一季度报告正文 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） | 173,220,460.51 | 137,273,006.04 | 26.19% | | 归属于上市公司股东的净利润（元） | 10,644 ...

山东赫达股份有限公司 2017 年年度报告全文 1 山东赫达股份有限公司 山东赫达股份有限公司 2017 年年度报告全文 2017 年年度报告 第一节 重要提示、目录和释义 2018-005 2018 年 04 月 公司存在原材料价格波动风险、市场竞争风险、环保风险、安全生产风险、 大规模建设投入导致利润下滑的风险，敬请广大投资者注意投资风险。公司在 本报告"第四节经营情况讨论与分析"之"九、公司未来发展的展望"部分详细描 述了公司未来经营中可能存在的风险及应对措施，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 95560000 为基数，向全 体股东每 10 股派发现金红利 0.00 元（含税），送红股 0 股（含税），以资本公积 金向全体股东每 10 股转增 2 股。 2 | 目录 | | --- | 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 | 第一节 | 重要提示、目录和释义 5 | | --- | --- | | 第二节 | 公司简介和主要财务指标 9 | | 第三节 ...