Financial Performance - The company's operating revenue for 2021 was ¥1,524,401,033.47, representing an increase of 18.13% compared to ¥1,290,408,755.92 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥24,749,950.04, a decrease of 40.48% from ¥41,583,223.33 in 2020[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥17,032,039.69, a significant increase of 1,668.65% compared to a loss of ¥1,085,778.55 in 2020[24]. - The net cash flow from operating activities for 2021 was ¥31,072,401.60, down 47.67% from ¥59,381,220.94 in 2020[24]. - The basic earnings per share for 2021 was ¥0.09, a decrease of 40.00% from ¥0.15 in 2020[24]. - Total assets at the end of 2021 were ¥2,425,286,571.84, a slight increase of 0.42% from ¥2,415,189,076.62 at the end of 2020[25]. - The net assets attributable to shareholders at the end of 2021 were ¥1,012,324,287.37, reflecting a growth of 2.59% from ¥986,763,653.28 at the end of 2020[25]. - The company reported a total of ¥7,717,910.35 in non-recurring gains for 2021, compared to ¥42,669,001.88 in 2020[30]. - The company reported a total revenue of 52.38 billion CNY for the year, a decrease of 2.73 billion CNY compared to the previous year[122]. - The net profit for the year was 29.48 billion CNY, reflecting a significant increase from the previous year's profit of 79.13 billion CNY[122]. Market and Industry Dynamics - The company faces risks related to raw material supply and price fluctuations, particularly for tungsten concentrate, which is essential for production[6]. - The company’s export volume is significant, making it susceptible to exchange rate fluctuations that could impact financial performance[9]. - The company’s performance may be influenced by macroeconomic fluctuations in the primary customer countries, affecting market demand for tungsten products[5]. - The total tungsten consumption in China reached 65,000 tons in 2021, a year-on-year increase of 13%[39]. - The automotive industry and aerospace sector are driving the demand for hard alloy tools, with electronic consumer goods also contributing to the growth in demand for tungsten products[105]. - Tungsten is a rare metal with significant strategic importance, widely used across various sectors of the economy, and its demand is expected to grow rapidly as the global economy recovers[104]. Production and Sales - The company sold over 5,800 tons of tungsten carbide powder, a year-on-year increase of 19.73%, and over 700 tons of hard alloy bars, up 79.63%[41]. - The company exported 24,000 tons of tungsten products (excluding hard alloys) in 2021, a year-on-year increase of 55.16%[40]. - The revenue from tungsten carbide powder reached CNY 1,162,744,403.37, accounting for 76.28% of total revenue, with a year-on-year growth of 35.61%[57]. - The revenue from hard alloy increased by 73.56% to CNY 197,658,035.37, while the revenue from alloy tools surged by 127.00% to CNY 29,012,612.77[57]. - Domestic sales contributed CNY 1,245,791,545.76 (81.72% of total revenue), while international sales amounted to CNY 278,609,487.71 (18.28%), reflecting a 27.03% increase in international sales[57]. Research and Development - R&D investment amounted to ¥67,535,701.61 in 2021, an increase of 15.18% compared to ¥58,634,573.16 in 2020[74]. - The company completed several R&D projects, including the development of a new sintering process that significantly reduces production time and costs[70]. - The company plans to develop a new product of non-metallic bonded tungsten carbide with improved comprehensive performance and quality[72]. - The project aims to research and develop high-purity, nano-sized isotropic tungsten carbide powder[73]. - The company has made significant technological breakthroughs in tungsten industry technology through a combination of innovation and collaboration with academic institutions[53]. Environmental and Social Responsibility - The company has implemented a low-nitrogen combustion device for air pollution control, operational since 2020, with a capacity of 6,000 m³/h[179]. - The company has established a comprehensive environmental monitoring plan, which includes regular sampling and third-party testing to ensure compliance with emission standards[181]. - The company has been certified with ISO 14001 for its environmental management system, demonstrating its commitment to environmental responsibility[179]. - The company donated 560,000 RMB to the Chaozhou Charity Association and provided materials worth 210,000 RMB to the fire brigade, promoting social harmony[184]. - The company emphasizes employee rights protection by adhering to the Labor Contract Law and providing social insurance, training, and health check-ups[184]. Governance and Management - The company has maintained a stable management team with no significant changes in the board of directors or senior management personnel during the reporting period[126]. - The company’s governance structure includes a remuneration committee that oversees the compensation of board members[130]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 2.365 million[131]. - The company has established effective internal control systems in accordance with the Basic Norms for Enterprise Internal Control, ensuring the accuracy of financial reporting and risk management[170]. - The company’s internal control audit report confirmed that it maintained effective internal controls related to financial statements as of December 31, 2021[175]. Future Outlook and Strategic Plans - The company plans to continue expanding its market presence and developing new products to enhance revenue growth in the coming years[57]. - The company aims to enhance its innovation system, focusing on deep processing technology and strengthening collaborations with research institutions to boost R&D capabilities[106]. - The company plans to expand its marketing network and shift from direct sales to a mix of direct and distribution sales to increase market share[107]. - The future outlook remains positive, with management projecting growth in revenue and profitability driven by market expansion and product innovation[126]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence[138].

广东翔鹭钨业股份有限公司 2021 年第三季度报告 证券代码：002842 证券简称：翔鹭钨业 公告编号：2021-081 广东翔鹭钨业股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3、第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期增 | 年初至报告期末 | 年初至报告期末比上年 | | --- | --- | --- | --- | --- | | | | 减 | | 同期增减 | | 营业收入（元） | 357,090,755.98 | -2.65% | 1,132,596,637.75 | 15.9 ...

Financial Performance - Operating revenue for the reporting period was ¥366,810,678.75, representing a year-on-year increase of 33.68%[7] - Net profit attributable to shareholders was ¥15,278,002.82, a significant increase of 147.42% compared to the same period last year[7] - Basic earnings per share rose to ¥0.06, reflecting a 150.00% increase year-on-year[7] - Total operating revenue for Q3 2020 was CNY 366,810,678.75, an increase from CNY 274,404,303.58 in the same period last year[40] - Net profit for Q3 2020 reached CNY 15,278,002.82, a significant recovery from a net loss of CNY 32,649,242.10 in the previous year[42] - Net profit for the period was CNY 27,402,370.19, compared to CNY 5,374,056.41 in the previous period, showing an increase of approximately 409.5%[50] - The company’s operating profit was CNY 26,227,850.69, compared to CNY 8,714,403.82 in the previous period, reflecting an increase of approximately 200.0%[49] Cash Flow - The net cash flow from operating activities was -¥43,564,129.23, a decline of 468.26% compared to the previous year[7] - The net cash flow from operating activities improved by 72.39% to -¥16,663,015.5, driven by reduced tax payments and increased cash receipts from sales[16] - The net cash flow from investing activities improved by 63.49% to -¥48,937,960.72, due to reduced cash payments for fixed asset purchases[16] - The net cash flow from financing activities decreased by 89.53% to ¥52,759,453.73, primarily due to a reduction in cash received from convertible bond issuance[16] - Cash inflow from operating activities totaled CNY 993,803,108.15, compared to CNY 862,400,115.24 in the previous year, indicating an increase of about 15%[57] - The net cash flow from operating activities was negative at CNY -16,663,015.50, an improvement from CNY -60,344,377.65 in the same period last year[57] - The total cash inflow from financing activities was CNY 610,795,671.21, while cash outflow was CNY 558,036,217.48, leading to a net cash flow from financing activities of CNY 52,759,453.73[58] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,373,006,442.97, an increase of 4.39% compared to the end of the previous year[7] - The company's current assets totaled CNY 1,429,500,280.47, up from CNY 1,324,255,446.50 at the end of 2019, reflecting a growth of approximately 7.9%[32] - Total liabilities rose to CNY 1,398,976,578.42 from CNY 1,293,055,431.46, indicating an increase of about 8.2%[34] - The company's short-term borrowings increased to CNY 568,450,000.00 from CNY 475,365,000.00, a rise of approximately 19.6%[33] - The total equity attributable to shareholders was CNY 974,029,864.55, slightly down from CNY 980,199,446.18[35] - Total liabilities amounted to CNY 1,014,929,061.51, with current liabilities at CNY 683,296,618.39 and non-current liabilities at CNY 331,632,443.12[69] Shareholder Information - The total number of shareholders at the end of the reporting period was 20,882[11] - The top shareholder, Chaozhou Zhongda Investment Co., Ltd., held 19.52% of the shares, amounting to 53,407,200 shares[11] - The company reported no significant changes in its shareholder structure or any repurchase transactions during the reporting period[12] Research and Development - Research and development expenses rose by 59.03% to ¥43,681,522.51, reflecting higher investment in R&D[16] - Research and development expenses increased to CNY 17,361,174.64 from CNY 12,652,097.11 year-on-year, indicating a focus on innovation[41] - Research and development expenses increased to CNY 43,681,522.51 from CNY 27,466,960.12, reflecting a growth of about 58.9%[48] Government Subsidies - Non-operating income included government subsidies amounting to ¥18,202,107.87, primarily related to business operations[8] - Other income increased by 539.02% to ¥18,202,107.87, mainly due to increased government subsidies[16] Future Outlook - The company is actively pursuing market expansion strategies, although specific new products or technologies were not detailed in the report[64] - Future outlook remains positive, with ongoing investments in fixed and intangible assets to support growth initiatives[65] - The company is exploring potential mergers and acquisitions to enhance its market position, although no specific targets were mentioned[64]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥610,202,669.61, a decrease of 18.01% compared to ¥744,232,876.58 in the same period last year[18]. - The net profit attributable to shareholders was ¥13,958,246.93, down 63.76% from ¥38,520,792.18 year-on-year[18]. - The net profit after deducting non-recurring gains and losses was -¥2,258,753.21, a decline of 106.08% compared to ¥37,178,298.73 in the previous year[18]. - Basic earnings per share decreased by 64.29% to ¥0.05 from ¥0.14 in the previous year[18]. - The company reported a significant decrease in sales expenses by 55.11%, amounting to ¥2,242,450.59, primarily due to the implementation of new revenue recognition standards[59]. - The gross profit margin for the tungsten powder segment was 10.48%, reflecting a decrease of 4.41% year-on-year[63]. - The revenue from tungsten carbide powder was ¥397,433,210.15, a decline of 15.68% compared to the previous year[63]. - The company experienced a 543.36% increase in revenue from alloy powder, reaching ¥14,608,470.63, due to the development of new customers[63]. - The company anticipates facing greater competition and challenges in 2020 due to the impact of the COVID-19 pandemic and economic conditions, necessitating enhanced management control over product quality, sales service, and production costs[57]. Cash Flow and Assets - The net cash flow from operating activities improved to ¥26,901,113.73, a significant increase of 137.27% from -¥72,174,181.09 in the same period last year[18]. - Total assets at the end of the reporting period were ¥2,324,463,181.88, an increase of 2.25% from ¥2,273,254,877.64 at the end of the previous year[18]. - The company's cash and cash equivalents at the end of the reporting period amounted to 195,291,120.0 yuan, a decrease of 1.33% from 196,743,783.95 yuan at the end of the previous year[70]. - Accounts receivable stood at 279,847,608.2 yuan, representing 12.04% of total assets, down from 13.53% in the previous year, a decrease of 1.49%[70]. - Inventory increased to 503,019,033.2 yuan, accounting for 21.64% of total assets, up from 21.25% in the previous year, an increase of 0.39%[70]. - Fixed assets rose to 477,550,242.5 yuan, which is 20.54% of total assets, up from 17.70% in the previous year, an increase of 2.84%[70]. - The total liabilities increased to CNY 1,360,499,392.25 from CNY 1,293,055,431.46, representing an increase of approximately 5.2%[189]. Business Operations - The main business of the company remains focused on the development, production, and sales of tungsten products, with no significant changes during the reporting period[26]. - The main products include tungsten oxide, tungsten powder, tungsten carbide powder, tungsten alloy powder, and tungsten hard alloys, with tungsten carbide powder being the primary revenue source[28]. - The company has achieved a leading technical level in tungsten carbide powder production, with particle size distribution ranging from 0.05μm to 60μm, significantly exceeding the industry average of 3μm to 8μm[35]. - The company has a diverse product structure, offering nearly a hundred different specifications and models, which meets various customer needs and expands application fields[37]. - The sales model primarily consists of direct sales complemented by distribution, with most business conducted directly with users[32]. - The company has increased its prepayments to suppliers by 13.82% compared to the end of the previous year, indicating a proactive approach in managing supplier relationships[40]. Research and Development - Research and development expenses increased by 77.66% to ¥26,320,347.87, compared to ¥14,814,863.01 in the previous year[59]. - The company will continue to enhance its R&D capabilities, focusing on high-tech, high-value products with independent intellectual property rights[55]. - The company continues to focus on R&D to drive future growth and innovation[200]. Market and Competition - The company plans to gradually accelerate the implementation of the convertible bond project to support future development, with hard alloy and precision tools growing by 55.59% and 56.93% respectively during the reporting period[47]. - The company is focused on high-end manufacturing investments to gradually achieve import substitution in the high-end hard alloy tool sector[53]. - The company plans to integrate and acquire tungsten resources over the next 3 to 5 years, responding to the "Belt and Road" initiative for global mining investment[54]. - The company anticipates that macroeconomic fluctuations may impact its operating performance, particularly in the tungsten product market[100]. Environmental and Social Responsibility - The company has established a complete environmental management system and obtained ISO14001 certification[140]. - All production projects have undergone environmental impact assessments and obtained approval, with compliance to environmental protection measures[141]. - The company has developed emergency response plans for environmental incidents and conducts regular drills[141]. Shareholder and Equity Information - The company did not distribute cash dividends or bonus shares for the half-year period[107]. - The company’s total share capital increased by 102,975,600 shares due to the capital reserve conversion, enhancing shareholder value[118]. - The total number of ordinary shareholders at the end of the reporting period is 22,374[162]. - The largest shareholder, Chaozhou Zhongda Investment Co., Ltd., holds 19.46% of the shares, totaling 53,407,200 shares[162]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[164].

Financial Performance - The company's operating revenue for 2020 was ¥1,290,408,755.92, a decrease of 12.80% compared to ¥1,479,785,363.58 in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥41,583,223.33, down 37.68% from ¥66,725,979.60 in 2019[24]. - The net profit after deducting non-recurring gains and losses was -¥1,085,778.55 in 2020, a decline of 102.42% compared to ¥44,800,321.05 in 2019[24]. - The total assets at the end of 2020 were ¥2,415,189,076.62, reflecting a 6.24% increase from ¥2,273,254,877.64 at the end of 2019[24]. - The company's basic earnings per share for 2020 was ¥0.15, down 37.50% from ¥0.24 in 2019[24]. - The weighted average return on equity for 2020 was 4.25%, a decrease of 3.26% from 7.51% in 2019[24]. - The company reported a total of ¥73,767,163.20 in other business income for 2020, with the main business income being ¥1,216,641,592.72 after deductions[24]. - The company's total operating revenue for 2020 was 1,290.41 million yuan, a decrease of 12.80% year-on-year, while net profit fell by 37.68% to 41.58 million yuan[55]. Raw Material and Supply Chain Risks - The company faces risks related to raw material supply and price fluctuations, particularly if there is a sudden increase in demand for tungsten concentrate or restrictions on mining quotas[7]. - The main raw material for the company's tungsten products is tungsten concentrate, which is procured externally; any drastic changes in tungsten concentrate prices could affect the gross margin and operating performance if product prices do not adjust accordingly[6]. - The company reported a significant impact on its operating performance due to macroeconomic fluctuations affecting its main customers, which could lead to substantial changes in tungsten product demand and accounts receivable recovery[5]. Export and Market Position - The company holds direct export qualifications for tungsten products, being one of 14 companies in China to do so; any major adjustments in export qualification standards could adversely affect its export business and overall performance[8]. - The company’s export volume is subject to exchange rate fluctuations, which could impact its operating results[9]. - The company has developed a comprehensive product line including APT, tungsten oxide, tungsten powder, and hard alloy products, enhancing its market competitiveness[48]. - The company has maintained its focus on the development, production, and sales of tungsten products, with no significant changes in its main business during the reporting period[33]. Production and Inventory - The company's fixed assets increased by 35.93% compared to the end of the previous year, mainly due to the completion of construction projects[47]. - Inventory rose by 41.07% year-on-year, attributed to increased production capacity leading to higher finished goods[47]. - In 2020, the company's main products saw significant growth in production and sales, with tungsten carbide powder production increasing by 21.23% to 6,225 tons and sales rising by 8.54% to 4,983 tons[55]. - The production capacity in Chaozhou and Jiangxi regions has been established, with annual capacities of 5,000 tons of ammonium paratungstate and 6,000 tons of tungsten powder carbide in Chaozhou, and 500 tons of tungsten concentrate and 3,000 tons of tungsten powder in Jiangxi[56]. Research and Development - The company plans to enhance its production quality by integrating smart manufacturing and upgrading equipment for tungsten carbide and precision tools[64]. - The company will continue to invest in new material research and development, enhancing its independent innovation capabilities and collaborating with academic institutions[67]. - Research and development expenses increased by 30.79% to RMB 58.63 million, with a focus on enhancing product quality and production efficiency[86]. - The number of R&D personnel increased by 39.46% to 205, representing 20.83% of the workforce[87]. Shareholder and Dividend Policy - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital through reserves[10]. - The company emphasized that it remains in a growth phase, prioritizing funds for daily operations over dividend distributions[127]. - The company reported a net profit of RMB 41,583,223.33 for 2020, with no cash dividends proposed despite positive distributable profits[126]. - The company has fulfilled its performance commitments for the years 2018, 2019, and 2020, with net profit commitments of no less than RMB 30 million, RMB 35 million, and RMB 40 million respectively[129]. Environmental Compliance - The company established a comprehensive environmental management system and obtained ISO 14001 certification, ensuring compliance with wastewater and air emission standards[180]. - The company has set up dedicated departments for pollution prevention and has implemented regular monitoring and third-party testing to ensure compliance with environmental standards[178]. - The company has received environmental impact assessment approvals for all production projects, ensuring compliance with environmental regulations[176]. - The company has implemented emergency response plans for environmental incidents and conducts regular drills to enhance response capabilities[177]. Corporate Governance - The company has made commitments regarding the non-competition of major shareholders to avoid conflicts of interest[134]. - The company has established a long-term commitment to fulfill its obligations under the equity incentive plan[133]. - The company is focused on maintaining transparency and timely disclosure of information related to shareholding changes and financial performance[132]. - The company’s board of directors approved the change of the auditing firm to maintain consistency and continuity in the audit process[145].

Financial Performance - The company's operating revenue for the first quarter was ¥261,336,388.27, a decrease of 38.43% compared to ¥424,442,976.70 in the same period last year[7] - Net profit attributable to shareholders was ¥9,256,093.64, down 61.16% from ¥23,829,425.59 year-on-year[7] - The net profit after deducting non-recurring gains and losses was -¥5,793,842.19, a decline of 125.19% compared to ¥23,001,960.97 in the previous year[7] - Basic and diluted earnings per share were both ¥0.03, down 66.67% from ¥0.09 year-on-year[7] - Operating revenue fell by 38.43% to ¥261,336,388.27, attributed to delayed resumption of work due to the pandemic[15] - Operating costs decreased by 36.34% to ¥230,032,957.28, corresponding to the decline in revenue[15] - The company expects a net profit decline of over 50% for the first half of 2020, influenced by a sharp drop in tungsten product and raw material prices[21] - The company reported a 49.17% decrease in net cash flow from financing activities to ¥25,217,888.40, primarily due to reduced bank loans[17] - The company reported a decrease in financial expenses to CNY 6,471,958.41 from CNY 7,928,369.92[43] - The company’s long-term investments remained stable at CNY 480,000,000.00[39] Cash Flow - The net cash flow from operating activities improved to -¥29,050,968.70, a 59.46% increase from -¥71,663,216.88 in the same period last year[7] - Cash inflow from operating activities was CNY 286,982,483.67, down from CNY 322,108,955.75 in the previous year, representing a decline of approximately 11%[51] - Cash outflow from operating activities totaled CNY 316,033,452.37, compared to CNY 393,772,172.63 in the same period last year, a decrease of about 20%[52] - The net cash flow from operating activities was negative at CNY -29,050,968.70, an improvement from CNY -71,663,216.88 in Q1 2019[52] - Cash inflow from financing activities was CNY 206,345,671.21, down from CNY 444,777,840.62, indicating a decline of approximately 53%[53] - The net cash flow from financing activities was CNY 25,217,888.40, compared to CNY 49,613,369.38 in the previous year, a decrease of about 49%[53] - The company reported a significant reduction in cash flow from investing activities, with a net cash outflow of CNY -37,126,025.69 compared to CNY -66,968,379.11 in Q1 2019[52] - The ending cash and cash equivalents balance was CNY 88,138,530.42, an increase from CNY 71,595,691.14 in the same period last year[53] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,326,817,978.92, an increase of 2.36% from ¥2,273,254,877.64 at the end of the previous year[7] - The company's total liabilities reached CNY 1,339,773,732.60, up from CNY 1,293,055,431.46, reflecting an increase of approximately 3.63%[36] - Total current liabilities increased to CNY 1,006,431,588.13 from CNY 954,601,252.21, which is an increase of about 5.43%[36] - The total equity attributable to shareholders increased to CNY 972,443,747.45 from CNY 964,506,409.58, showing a growth of about 0.96%[37] - The company's cash and cash equivalents decreased to CNY 186,314,051.63 from CNY 248,443,307.62, representing a decline of about 25.05%[34] - The total assets of the company were reported at 2,273,254,877.64 CNY, remaining stable compared to the previous reporting period[60] - The total liabilities amounted to 1,293,055,431.46 CNY, with current liabilities accounting for 954,601,252.21 CNY[60] - The company’s total equity stood at 980,199,446.18 CNY, indicating stability in shareholder value[60] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,644[11] - The top ten shareholders held a combined 59.69% of the company's shares, with the largest shareholder holding 19.45%[11] Other Financial Activities - The company received government subsidies amounting to ¥13,325,695.14 during the reporting period[8] - Other income rose significantly by 1548.87% to ¥13,325,695.14, mainly due to increased government subsidies[15] - Accounts receivable financing decreased by 40.39% to ¥75,104,231.09 due to settlement via bank acceptance bills[15] - Prepayments increased by 21.38% to ¥55,006,185.29 primarily due to increased advance payments to suppliers[15] - Other receivables surged by 181.35% to ¥41,595,231.63 mainly from increased government subsidies and uncollected loans[15] - The company reported a non-operating fund occupation of CNY 3,400,000, which is expected to be repaid by December 2020[28] - The company plans to clear the non-operating fund occupation by the end of 2020, indicating a focus on financial stability[28] Research and Development - Research and development expenses for Q1 2020 were CNY 15,506,183.10, compared to CNY 12,151,328.78 in the previous period, indicating an increase of approximately 27.5%[43] - The company has not engaged in any research, communication, or interview activities during the reporting period[29] Audit and Reporting Standards - The company has not undergone an audit for the Q1 report[63] - The report indicates the implementation of new revenue and leasing standards starting in 2020, with no retrospective adjustments made[63]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥775,505,881.77, representing a 27.09% increase compared to ¥610,202,669.61 in the same period last year[20]. - The net profit attributable to shareholders was ¥24,277,247.52, a significant increase of 73.93% from ¥13,958,246.93 in the previous year[20]. - The net profit after deducting non-recurring gains and losses reached ¥22,115,192.63, compared to a loss of ¥2,258,753.21 in the same period last year, marking a 1,079.09% improvement[20]. - The net cash flow from operating activities was ¥10,673,285.54, a turnaround from a negative cash flow of ¥21,420,863.34 in the previous year, reflecting a 149.83% increase[20]. - Basic earnings per share increased to ¥0.09, up 80.00% from ¥0.05 in the same period last year[20]. - The operating cost increased to ¥674,281,693.51, which is a 22.94% rise from ¥548,468,095.18 in the previous year, resulting in a gross margin of 13.05%[46]. - The company reported a total of ¥2,162,054.89 in non-recurring gains and losses for the period[24]. - The company achieved operating revenue of 775.51 million yuan, a year-on-year increase of 27.09%[29]. - Net profit attributable to shareholders reached 24.28 million yuan, up 73.93% year-on-year; net profit after deducting non-recurring gains and losses was 22.12 million yuan, a significant increase of 1079.09%[29]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,333,153,880.17, a decrease of 3.40% from ¥2,415,189,076.62 at the end of the previous year[20]. - The net assets attributable to shareholders increased to ¥1,006,217,123.51, a 1.97% rise from ¥986,763,653.28 at the end of the previous year[20]. - The company reported a significant decline in revenue from Europe, which decreased by 63.03% to ¥12,896,088.29, due to reduced customer demand[48]. - Total liabilities decreased to CNY 1,009,967,304.66 from CNY 1,105,072,415.53, indicating a reduction of approximately 8.6%[171]. - The total amount of guarantees provided by the company accounts for 52.27% of its net assets, with a total guarantee amount exceeding 50% of net assets being 2,289 million[120]. Research and Development - Research and development expenses amounted to ¥28,914,992.87, reflecting a 9.86% increase from ¥26,320,347.87 year-over-year[42]. - The company has ongoing research and development activities focused on precision cutting tools and related technologies[56]. - Guangdong Xianglu Tungsten is investing 100 million RMB in new product development, focusing on high-performance tungsten materials[102]. Market and Sales - Revenue from tungsten carbide powder increased by 50.36% year-on-year, with sales volume rising by 45.18%; hard alloy revenue surged by 89.74%, with sales volume increasing by 107.29%[29]. - The company is focusing on expanding sales channels for its "Xianglu" brand tool products, aiming for a revenue increase and profitability turnaround[29]. - Revenue from the Asia region grew by 53.80% to ¥102,587,924.04, primarily due to increased orders for tungsten carbide powder and hard alloy products[48]. Environmental Compliance - The company has established a complete environmental management system and obtained ISO14001 certification[85]. - The company reported that the total amount of COD emissions was less than 21.23 tons, indicating compliance with pollution discharge standards[85]. - The company has set up wastewater and exhaust treatment facilities to ensure that emissions meet standards[85]. - The company has obtained environmental impact assessment approvals and completed environmental acceptance for its production projects in Jiangxi, ensuring compliance with environmental regulations[87]. Corporate Governance and Compliance - The company has implemented a comprehensive internal control system to prevent future compliance issues, with a focus on regulatory adherence and risk management[104]. - The company received a warning letter from the Guangdong Securities Regulatory Commission for failing to disclose related party transactions in a timely manner[101]. - The company has committed to improving its compliance with relevant laws and regulations to protect shareholder interests, particularly for minority shareholders[106]. - The company has implemented strict internal accountability measures, including salary deductions and cancellation of bonuses for certain executives due to compliance issues[106]. Shareholder Information - Major shareholder Chen Qifeng holds 18.94% of the shares, totaling 51,836,400 shares, with 12,959,100 shares pledged[136]. - The total number of shares held by all directors and senior management at the end of the period is 81,357,285 shares, with a total increase of 52,382,200 shares[139]. - The company did not experience any changes in its controlling shareholder during the reporting period[141]. Future Outlook - The company plans to enhance its production capacity in Jiangxi, aiming to establish a leading tungsten manufacturing base in China[30]. - The company plans to retain certain machinery from the "Huanglong Old Factory" to accelerate order delivery and improve production service[125]. - The company plans to continue its market expansion and product development strategies in the upcoming quarters[191].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥610.20 million, a decrease of 18.01% compared to ¥744.23 million in the same period last year[19]. - The net profit attributable to shareholders was approximately ¥13.96 million, down 63.76% from ¥38.52 million year-on-year[19]. - Basic earnings per share decreased by 64.29% to ¥0.05 from ¥0.14 in the same period last year[19]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, with a loss of approximately ¥2.26 million compared to a profit of ¥37.18 million in the previous year, marking a 106.08% decrease[19]. - The weighted average return on net assets was 1.44%, down from 4.27% in the same period last year, a decrease of 2.83%[19]. - The company reported a significant increase in hard alloy and precision tool production, with growth rates of 55.59% and 56.93% respectively during the reporting period[51]. - The company reported a decrease in total operating profit to CNY 17,546,795.69, down 58.76% from CNY 42,557,622.68 in the first half of 2019[195]. Cash Flow and Assets - The net cash flow from operating activities improved to approximately -¥21.42 million, a 70.32% increase compared to -¥72.17 million in the previous year[19]. - The company's cash and cash equivalents decreased to 195,291,120.0, down 1.33% from the previous year, where it was 196,743,783.95[75]. - The company's inventory rose to 503,019,033.2, representing 21.64% of total assets, an increase of 0.39% from the previous year[75]. - The company's total assets increased to CNY 2,324,463,181.88, an increase from CNY 2,273,254,877.64 at the end of 2019[184]. - The company's current assets totaled CNY 1,358,463,083.55, compared to CNY 1,324,255,446.50 at the end of 2019, reflecting a growth of approximately 2.9%[182]. Production and Operations - The company continues to focus on the development, production, and sales of tungsten products, with no major changes in its main business during the reporting period[27]. - The main products include tungsten oxide, tungsten powder, tungsten carbide powder, tungsten alloy powder, and tungsten hard alloys, with tungsten carbide powder being the primary revenue source[29]. - The company has achieved a leading technical level in producing tungsten carbide powder, with particle size distribution ranging from 0.05μm to 60μm, significantly exceeding the industry average of 3μm to 8μm[36]. - The company’s production capacity includes 5,000 tons of ammonium paratungstate, 9,000 tons of tungsten oxide, 6,000 tons of tungsten powder, and 600 tons of hard alloy annually at its Chaozhou headquarters[47]. Research and Development - Research and development investment increased by 77.66% to CNY 26,320,347.87, primarily due to an increase in R&D materials[64]. - The company is committed to enhancing its R&D capabilities, focusing on high-tech, high-value products with independent intellectual property rights in the tungsten alloy sector[59]. - The company reported a significant increase in research and development expenses, which rose to CNY 26.32 million, up 77.5% from CNY 14.81 million in the first half of 2019[189]. Market and Sales Strategy - The company’s sales model primarily consists of direct sales, supplemented by a distribution model, allowing for direct engagement with customers and tailored production based on specific requirements[33]. - The company plans to shift its marketing strategy for precision cutting tools from primarily direct sales to a mix that includes distribution, aiming to expand its customer base[60]. - Revenue from the Northeast region surged by 927.22%, attributed to increased customer orders[71]. - The company faced a 69.15% decline in revenue from the North China region, impacted by trade tensions and the pandemic[71]. Financial Management and Investments - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company has not engaged in any securities or derivative investments during the reporting period[84][85]. - The company has not sold any significant assets during the reporting period[99]. - The company has not engaged in precision poverty alleviation work during the reporting period and has no plans for it[142]. Risks and Challenges - The company anticipates that macroeconomic fluctuations may significantly impact its operating performance due to the cyclical nature of its main customers' economies[103]. - The company faces risks related to raw material supply and price fluctuations, particularly concerning tungsten concentrate, which is essential for its production[104]. - The company has a certain level of exposure to exchange rate fluctuations due to its export activities[106]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,374[158]. - The largest shareholder, Chaozhou Zhongda Investment Co., Ltd., held 19.46% of the shares, totaling 53,407,200 shares, with 7,850,000 shares pledged[158]. - The company did not experience any changes in its controlling shareholder during the reporting period[160]. Environmental and Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[138]. - The company has established a complete environmental management system and obtained ISO14001 certification[139]. - The company has completed environmental impact assessments for all production projects and obtained necessary approvals[140].

Financial Performance - The company's operating revenue for 2019 was CNY 1,479,785,363.58, a decrease of 11.66% compared to CNY 1,675,155,247.91 in 2018[19] - The net profit attributable to shareholders for 2019 was CNY 66,725,979.60, down 37.35% from CNY 106,513,136.73 in the previous year[19] - The net profit after deducting non-recurring gains and losses was CNY 44,800,321.05, a decline of 56.38% compared to CNY 102,695,863.12 in 2018[19] - The net cash flow from operating activities was negative CNY 40,375,119.66, a significant drop from positive CNY 233,431,312.55 in 2018, representing a decrease of 117.30%[19] - Basic earnings per share for 2019 were CNY 0.24, down 38.46% from CNY 0.39 in 2018[19] - The weighted average return on net assets was 7.51%, down from 13.03% in 2018, reflecting a decrease of 5.52%[19] Assets and Liabilities - Total assets at the end of 2019 were CNY 2,273,254,877.64, an increase of 13.53% from CNY 2,002,354,008.81 at the end of 2018[19] - The net assets attributable to shareholders increased by 13.31% to CNY 964,506,409.58 from CNY 851,234,467.56 in 2018[19] - Fixed assets increased by 31.35% compared to the beginning of the period, mainly due to the completion of construction projects[42] - Accounts receivable rose by 45.16% compared to the beginning of the period, primarily due to an increase in receivables from domestic customers[42] - The company reported a significant increase of 82.24% in accounts receivable financing, mainly due to the receipt of bank acceptance bills[42] Dividends and Shareholder Returns - The company proposed a cash dividend of CNY 0.5 per 10 shares, totaling CNY 137,301.91 based on 274,603,816 shares[6] - The cash dividend distribution represents 20.58% of the net profit attributable to ordinary shareholders for the year 2019, which was RMB 66,725,979.60[125] - In 2018, the company distributed a cash dividend of RMB 1.00 per share, totaling RMB 17,162,600, which accounted for 16.11% of the net profit[123] - For the year 2017, the cash dividend was RMB 2.00 per share, totaling RMB 20,000,000, representing 29.03% of the net profit[125] - The company has maintained a clear and transparent cash dividend policy, ensuring that minority shareholders have opportunities to express their opinions[122] Business Operations and Strategy - The company has maintained its focus on tungsten products, including tungsten oxide, tungsten powder, and tungsten carbide, with no major changes in its primary business operations during the reporting period[28] - The company has developed a comprehensive product line from APT to hard alloys, enhancing its market position and product offerings[29] - The company has established a direct sales model complemented by a distribution model, allowing for better customer engagement and feedback integration[34] - The company plans to invest in high-end manufacturing and gradually achieve import substitution in the high-end hard alloy tool application field[58] - The company aims to enhance its R&D capabilities by increasing investment and collaborating with renowned academic institutions, focusing on high-tech, high-value products with independent intellectual property rights[60] Market and Sales Performance - The revenue from tungsten carbide powder was ¥884,689,070.55, accounting for 59.78% of total revenue, down 14.88% from ¥1,039,312,306.87 in 2018[65] - The company reported a significant increase in sales from the North American market, which rose by 160.20% to ¥114,386,839.35[66] - The sales volume of APT decreased by 29.13% year-on-year due to a decline in order volume, while production volume fell by 26.83%[71] - The sales volume of tungsten oxide increased by 35.2% year-on-year, driven by an increase in order volume, with production volume rising by 7.97%[71] - The sales volume of alloy powder grew by 61.96% year-on-year, attributed to a small base and increased order volume, with production volume increasing by 53.63%[71] Environmental and Regulatory Compliance - The company has established a comprehensive environmental management system and obtained ISO14001 certification[164] - The company has set up a wastewater treatment station and air pollution control facilities to ensure compliance with discharge standards[165] - The company’s wastewater discharge for COD was reported at 17.6 mg/l, below the standard limit of 21.1 mg/l[163] - The company’s sulfur dioxide emissions were recorded at 3 mg/m³, compliant with the regulatory limit of 29.7 tons[164] - The company is classified as a key pollutant discharge unit by environmental protection authorities[162] Research and Development - Research and development investment amounted to RMB 44.83 million, a 4.02% increase from the previous year, with eight projects funded, seven of which have been completed[78] - The number of R&D personnel decreased by 16.00% to 147, while the proportion of R&D personnel in total staff fell to 15.64%[79] - The company’s R&D center construction project aims to enhance new product development capabilities, indirectly reflecting benefits from the products developed[105] Risks and Challenges - The company faces risks from macroeconomic fluctuations that could impact market demand for tungsten products and the recovery of accounts receivable[117] - There is a risk related to raw material supply and price fluctuations, particularly concerning tungsten concentrate, which is essential for the company's production[117] - The company holds direct export qualifications for tungsten products, but changes in national export qualification standards could affect its export business[118] Capital Structure and Financing - The company approved the public issuance of convertible bonds totaling CNY 301,922,300, with a term of 6 years[167] - The company issued 3,019,223 convertible bonds at a face value of CNY 100 each, raising a total of CNY 30,192.23 million, which began trading on September 16, 2019[168] - The total capital raised from the issuance of convertible bonds was RMB 301,922,300, with a net amount of RMB 290,202,100 after expenses[183] Shareholder Structure - The largest shareholder, Chaozhou Zhongda Investment Co., Ltd., holds 19.45% of shares, totaling 53,407,200 shares, with a pledge of 27,956,800 shares[185] - The second-largest shareholder, Chen Qifeng, holds 18.88% of shares, totaling 51,836,400 shares, with a pledge of 34,462,161 shares[185] - The company’s total number of common shareholders at the end of the reporting period was 28,919, an increase from 23,644 at the end of the previous month[185]

Financial Performance - The company's operating revenue for Q1 2021 was CNY 367,241,308.50, representing a 40.52% increase compared to CNY 261,336,388.27 in the same period last year[7] - The net profit attributable to shareholders for Q1 2021 was CNY 11,983,254.37, up 29.46% from CNY 9,256,093.64 year-on-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 10,358,226.13, a significant increase of 278.78% compared to a loss of CNY 5,793,842.19 in the previous year[7] - The basic earnings per share for Q1 2021 was CNY 0.04, reflecting a 33.33% increase from CNY 0.03 in the same period last year[7] - Net profit for the reporting period was CNY 11,983,254.37, reflecting a 46.79% increase year-on-year, driven by higher sales volume[16] - Operating profit was CNY 12,441,871.09, up 66.5% from CNY 7,492,720.39 year-over-year[36] - The total profit for the quarter was CNY 12,388,271.38, an increase of 37.5% from CNY 9,042,191.49 year-over-year[36] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,387,098,835.49, a decrease of 1.16% from CNY 2,415,189,076.62 at the end of the previous year[7] - The total liabilities decreased from CNY 1,428,425,423.34 to CNY 1,388,966,944.51 during the same period[28] - The non-current liabilities increased from CNY 401,595,842.98 to CNY 502,931,213.44, primarily due to an increase in long-term borrowings[28] - The total equity attributable to the parent company increased from CNY 986,763,653.28 to CNY 998,131,890.98, reflecting a strengthening of the company's financial position[29] Cash Flow - The net cash flow from operating activities for Q1 2021 was negative CNY 92,254,658.06, worsening by 88.08% compared to negative CNY 49,050,968.70 in the same period last year[7] - Cash inflow from operating activities totaled CNY 250,814,455.63, compared to CNY 286,982,483.67 in the same period last year[43] - The total cash outflow for operating activities was CNY 303,565,787.90, compared to CNY 315,480,361.90 in the previous year, showing a slight reduction in operational expenses[47] - The company reported a net cash flow from investment activities of CNY 8,396,650.47 in Q1 2021, compared to -CNY 15,628,388.21 in the same period last year, indicating a positive shift in investment cash flow[48] - The cash flow from financing activities showed a significant increase, with cash inflow rising to CNY 187,309,322.61 from CNY 149,437,271.21 year-over-year[48] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,768[10] - Major shareholders include Chen Qifeng and Chaozhou Qilong Trading Co., Ltd., each holding 18.94% of the shares[10] Other Financial Metrics - Accounts receivable increased by 32.76% to CNY 253,255,315.59, attributed to an increase in goods not yet due for collection[14] - Long-term borrowings rose by 74.56% to CNY 236,000,000.00, mainly due to an increase in bank loans[14] - The company reported non-recurring gains of CNY 1,625,028.24 for the reporting period, which included government subsidies and other income[8] - The company reported other income of CNY 1,732,265.08, down significantly from CNY 13,325,695.14 in the previous year[35] - The company has cumulatively invested CNY 33,721,930.70 from the proceeds of convertible bonds into fundraising projects as of March 31, 2021[20] - The balance of unused raised funds was CNY 5,759,638.10, consistent with the balance in the special account for raised funds[20] Audit Status - The company has not undergone an audit for the Q1 2021 report, which may affect the reliability of the financial data presented[50]