Financial Performance - The company's operating revenue for 2020 was CNY 1,290,408,755.92, a decrease of 12.80% compared to CNY 1,479,785,363.58 in 2019[23]. - The net profit attributable to shareholders for 2020 was CNY 41,583,223.33, down 37.68% from CNY 66,725,979.60 in 2019[23]. - The net profit after deducting non-recurring gains and losses was CNY -1,085,778.55, a decline of 102.42% compared to CNY 44,800,321.05 in 2019[23]. - The net cash flow from operating activities increased by 247.07% to CNY 59,381,220.94 from CNY -40,375,119.66 in 2019[23]. - The total assets at the end of 2020 were CNY 2,415,189,076.62, reflecting a growth of 6.24% from CNY 2,273,254,877.64 at the end of 2019[23]. - The company's weighted average return on equity for 2020 was 4.25%, down from 7.51% in 2019, a decrease of 3.26%[23]. - The company reported a quarterly operating revenue of CNY 366,810,678.75 in Q3 2020, the highest among the four quarters[27]. - The net profit attributable to shareholders in Q3 2020 was CNY 15,278,002.82, the highest quarterly figure for the year[27]. - The company recorded a non-recurring gain of CNY 26,002,037.28 from the disposal of non-current assets in 2020[28]. - The total operating revenue for 2020 was approximately ¥1.29 billion, a decrease of 12.80% year-on-year, while the net profit was 415.83 million yuan, down 37.68%[54]. Market Position and Operations - The company is one of the 14 enterprises in China that obtained direct export qualifications for tungsten products, making it vulnerable to changes in export qualification standards set by the government[8]. - The company has a diversified supplier base for tungsten concentrate, reducing reliance on any single supplier, but faces risks related to the stability of raw material supply[6]. - The company emphasizes the importance of maintaining stable supply chains for raw materials amidst potential regulatory changes in the tungsten mining sector[7]. - The company maintained its focus on the development, production, and sales of tungsten products, with no significant changes in its main business during the reporting period[32]. - The company has developed a wide range of products, including nearly 100 different specifications and models, enhancing its market competitiveness[43]. - The company has a complete tungsten industry chain, enhancing its profitability and risk resistance[47]. - The company is recognized as one of the 16 state-approved enterprises for tungsten export trade, reflecting its strong market position[48]. Research and Development - The company aims to enhance its R&D capabilities by collaborating with renowned institutions and focusing on high-tech, high-value-added products in the tungsten alloy sector[65]. - Research and development expenses increased by 30.79% to RMB 58.63 million, reflecting increased investment in R&D projects[84]. - The number of R&D personnel increased by 39.46% to 205, representing 20.83% of the total workforce[85]. - The company has achieved significant technological advancements in tungsten powder production, leading to improved product quality and reduced production costs[41]. Cash Dividends and Shareholder Returns - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital using reserves[9]. - The company emphasizes the importance of cash dividends and has established clear standards and procedures for profit distribution to ensure reasonable returns to investors[120]. - The company proposed a cash dividend of RMB 1.00 per 10 shares for the 2018 fiscal year, totaling RMB 17,162,600.00 distributed to shareholders[121]. - For the 2019 fiscal year, the company planned to distribute a cash dividend of RMB 0.50 per 10 shares, amounting to RMB 13,730,190.80, with no capital increase from reserves[122]. - In 2020, the company decided not to distribute any cash dividends or increase capital from reserves, focusing on balancing current funding needs with future development investments[124]. - The cash dividend payout ratio for 2019 was 20.58% of the net profit attributable to shareholders, while for 2018 it was 16.11%[124]. - The total cash dividends distributed over the last three years amounted to RMB 30,892,790.80, with no dividends proposed for 2020[123]. - The company remains in a growth phase, focusing on daily operational activities rather than shareholder distributions[125]. Environmental Compliance - The company has established a comprehensive environmental management system and obtained ISO 14001 certification, ensuring compliance with wastewater and air emission standards[175]. - The wastewater discharge concentration for COD is 18.1 mg/l, which is below the regulatory limit of 21.23 tons[174]. - The nitrogen oxides emission concentration is 56 mg/m3, compliant with the limit of 2.4 tons[174]. - The company has set up dedicated departments for environmental monitoring and has implemented regular sampling and third-party testing to ensure compliance[177]. - The company has obtained environmental impact assessments and pollution discharge permits for all production projects, ensuring legal compliance[176]. - The company has established emergency response plans for environmental incidents and conducts regular drills to enhance response capabilities[176]. Strategic Initiatives - The company plans to integrate tungsten resources through acquisitions over the next 3 to 5 years, responding to the "Belt and Road" initiative for global mining investment[64]. - The marketing strategy will shift from direct sales to include more distribution channels, aiming to expand customer resources and strengthen competitive advantages[67]. - The company is committed to achieving import substitution in high-end tungsten tools by increasing investment in downstream applications and product development[63]. - The production of hard alloys is expected to grow significantly, with a focus on high-performance and high-precision tools to replace imports in the domestic market[59]. - The company has optimized its production layout and technology after relocating its hard alloy production, achieving effective mass production and maintaining a leading position in product quality[56]. Financial Management - The company has set up collateral for bank loans and bank acceptance bills, including land use rights valued at approximately 50.98 million[95]. - The total amount of non-operating funds occupied by controlling shareholders and their affiliates at the end of the reporting period was CNY 2,266.42 million, accounting for 2.30% of the most recent audited net assets[135]. - The company incurred a temporary loan of CNY 21,075.96 million from Dayu County Jiaxin Nonferrous Metals Co., Ltd., which was fully repaid by April 29, 2021[135]. - The company has not engaged in any major related transactions during the reporting period[158]. - The company has not conducted any entrusted loans during the reporting period[169]. Shareholder Structure - The company has a total of 274,601,600 shares, with a decrease of 959,304 shares during the reporting period due to convertible bonds conversion and repurchase of restricted stocks[183]. - The total number of shares decreased from 274,601,600 to 273,642,296 due to the conversion of convertible bonds and the repurchase of restricted stocks[186]. - The number of shareholders increased from 20,768 to 20,907, indicating a growth in shareholder base[192]. - The company's major shareholders include Chen Qifeng with an 18.94% stake and Chaoyang Qilong Trading Co., Ltd. also holding 18.94%[192]. - The controlling shareholder, Chen Qifeng, is the chairman of Guangdong Xianglu Tungsten Industry Co., Ltd. and holds no other overseas residency rights[194].

Revenue and Profit - Revenue for Q1 2021 reached ¥367,241,308.50, an increase of 40.52% compared to ¥261,336,388.27 in the same period last year[7] - Net profit attributable to shareholders was ¥11,983,254.37, up 29.46% from ¥9,256,093.64 year-on-year[7] - Net profit excluding non-recurring items surged by 278.78% to ¥10,358,226.13, compared to a loss of ¥5,793,842.19 in the previous year[7] - Net profit for the period was CNY 11,983,254.37, a 46.79% increase from CNY 8,163,555.91 in the previous period[16] - The company reported a total profit of CNY 12,388,271.38 for the quarter, compared to CNY 9,042,191.49 in the previous year, marking a growth of approximately 37.5%[37] - The total comprehensive income for the first quarter of 2021 was CNY 12,047,800.88, compared to CNY 10,299,448.04 in the same period last year, representing an increase of approximately 16.9%[42] Cash Flow - The net cash flow from operating activities was -¥92,254,658.06, worsening by 88.08% from -¥49,050,968.70 in the same period last year[7] - Cash inflow from operating activities was CNY 250,814,455.63, down from CNY 286,982,483.67 in the previous year, indicating a decrease of about 12.6%[44] - The net cash flow from operating activities was -CNY 92,254,658.06, worsening from -CNY 49,050,968.70 year-over-year[45] - Cash outflow for purchasing goods and services was CNY 306,321,288.63, compared to CNY 285,811,416.86 in the previous year, reflecting an increase of approximately 7.5%[45] - The net cash flow from investing activities was -CNY 3,935,880.59, an improvement from -CNY 17,126,025.69 in the same period last year[45] - Cash inflow from financing activities totaled CNY 292,309,322.61, up from CNY 206,345,671.21, marking an increase of about 41.7%[46] - The net cash flow from financing activities was CNY 81,024,627.82, compared to CNY 25,217,888.40 in the previous year, representing an increase of approximately 221.5%[46] - The ending balance of cash and cash equivalents was CNY 64,723,792.56, down from CNY 88,138,530.42 year-over-year, a decrease of about 26.5%[46] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,387,098,835.49, a decrease of 1.16% from ¥2,415,189,076.62 at the end of the previous year[7] - Total liabilities decreased to CNY 1,388,966,944.51 from CNY 1,428,425,423.34, a decline of 2.8%[29] - Non-current liabilities increased to CNY 502,931,213.44 from CNY 401,595,842.98, an increase of 25.1%[29] - The company's equity attributable to shareholders increased to CNY 998,131,890.98 from CNY 986,763,653.28, an increase of 1.4%[30] - The total liabilities decreased slightly to CNY 1,034,684,298.70 from CNY 1,105,072,415.53, indicating improved financial stability[36] - The total equity increased to CNY 976,356,842.25 from CNY 964,529,882.88, reflecting a positive trend in shareholder value[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,768[10] - Basic earnings per share increased by 33.33% to ¥0.04 from ¥0.03 year-on-year[7] - Earnings per share (EPS) for the current period was CNY 0.04, compared to CNY 0.03 in the previous period, showing a 33.3% increase[38] Operational Performance - The company reported a 40.01% increase in operating costs, totaling CNY 322,072,328.27, in line with the revenue growth[16] - Total operating costs amounted to CNY 356,533,150.92, compared to CNY 267,787,664.39 in the prior year, reflecting a rise in operational expenses[36] - Research and development expenses for Q1 2021 were CNY 12,487,134.52, down from CNY 15,506,183.10, suggesting a potential shift in R&D strategy[36] - Sales expenses decreased by 52.92% to CNY 1,073,237.30 from CNY 2,279,487.99, mainly due to transportation costs being transferred to operating costs[16] Investments and Fundraising - The company has invested a total of CNY 33,721,930.70 from the proceeds of convertible bonds into fundraising projects[20] - The balance of unused raised funds was CNY 5,759,638.10, consistent with the balance in the fundraising special account[20] - The company has ongoing investments in fixed assets, totaling CNY 642,568,922.76, down from CNY 654,154,559.32, a decrease of 1.8%[28] Other Financial Metrics - The company reported non-recurring gains of ¥1,625,028.24 during the period[8] - The company recorded a 99.43% decrease in non-operating income, down to CNY 9,584.04 from CNY 1,675,482.32, primarily due to reduced government subsidies[16] - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[36] - The company has not yet audited the first quarter report, indicating that the figures are subject to change upon audit completion[51]

1 广东翔鹭钨业股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 广东翔鹭钨业股份有限公司 2020 年第三季度报告全文 广东翔鹭钨业股份有限公司 2020 年第三季度报告 2020 年 10 月 公司负责人陈启丰、主管会计工作负责人李晓生及会计机构负责人(会计主 管人员)郑丽芳声明：保证季度报告中财务报表的真实、准确、完整。 2 广东翔鹭钨业股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,373,006,442.97 | | 2,273,254,877.64 | 4.39% | | 归属于上市公司股东的净资产 | 974,029,864. ...

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%, mainly due to the implementation of new revenue recognition standards[64]. - The gross profit margin for the non-ferrous metal smelting and rolling processing industry was 10.12%, down 4.58% year-on-year[68]. - The company reported a net profit of RMB 177,509,374 during the reporting period[100]. - The company experienced a loss of RMB 9,169,397.7 in operating profit[100]. - The company's total equity decreased to CNY 963,963,789.63 from CNY 980,199,446.18, a decline of approximately 1.6%[186]. Cash Flow and Assets - The net cash flow from operating activities improved to -¥21,420,863.34, a 70.32% increase 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 reported a total share count of 274,601,600, with a decrease of 114,962 shares due to stock incentive plan adjustments[149]. - Total assets of Guangdong Xianglu Tungsten Industry Co., Ltd. reached RMB 716,788,417, with net assets of RMB 358,191,940[100]. - 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%[184]. - Cash and cash equivalents decreased to CNY 195,291,120.08 from CNY 248,443,307.62, representing a decline of about 21.4%[183]. - Accounts receivable stood at 279,847,608.2, accounting for 12.04% of total assets, down by 1.49% year-on-year[75]. - Inventory increased to 503,019,033.2, representing 21.64% of total assets, up by 0.39% compared to the previous year[75]. 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 complete tungsten industry chain, enhancing its profitability and risk resistance capabilities[41]. - The company has developed a rich product structure, offering nearly a hundred different specifications and models to meet diverse customer needs[37]. - The company has established a comprehensive customer service system, improving long-term communication and customer stability[39]. - The company employs a direct sales model supplemented by a distribution model, with most business conducted directly with users[32]. 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 aims to enhance its R&D capabilities and develop high-tech, high-value-added products with independent intellectual property rights[59]. - The company reported R&D expenses of CNY 26,320,347.87 for the first half of 2020, which is a significant increase of 77.5% compared to CNY 14,814,863.01 in the same period of 2019[191]. Market and Sales - The average price of black tungsten concentrate (WO3≥65%) in the first half of 2020 was CNY 84,700 per ton, a decline of 11.41% compared to the same period in 2019[46]. - The sales of tungsten carbide powder decreased by 15.68%, while hard alloy sales increased by 55.59% due to expanded market efforts[70]. - 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 US-China trade tensions and the pandemic[71]. Investment and Financing - The company acquired 100% equity of Guangdong Xianglu Precision Manufacturing Co., Ltd., enhancing its capital structure and operational capabilities[50]. - The total amount of raised funds is CNY 538.22 million, with CNY 52.09 million invested during the reporting period[87]. - The company temporarily supplemented its working capital with a total of RMB 200 million from idle raised funds, with RMB 160 million still outstanding as of June 30, 2020[91]. - The company has repaid RMB 40 million of the idle raised funds ahead of schedule, returning it to the special account for raised funds[91]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations that could impact market demand for tungsten products[102]. - The company is exposed to raw material supply and price risks, particularly concerning tungsten concentrate[103]. - The company holds direct export qualifications for tungsten products, which could be affected by changes in government regulations[104]. - The company’s export business may be impacted by exchange rate fluctuations due to a significant proportion of exports[105]. Corporate Governance - The company did not experience any changes in its board of directors, supervisors, or senior management during the reporting period[177]. - The semi-annual financial report was not audited, indicating that the figures presented are unaudited[181]. - The company did not distribute cash dividends or bonus shares during the reporting period[109]. Environmental Responsibility - 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 ISO 14001 certification[139]. - The company has implemented pollution prevention measures and regularly pays environmental taxes[140]. - The company conducts regular monitoring and testing of wastewater and emissions to ensure compliance with standards[142].

Financial Performance - The company's operating revenue for 2019 was CNY 1,479,785,363.58, representing a decrease of 11.66% compared to 2018[17]. - The net profit attributable to shareholders for 2019 was CNY 66,725,979.60, down 37.35% from the previous year[17]. - The net profit after deducting non-recurring gains and losses was CNY 44,800,321.05, a decline of 56.38% year-on-year[17]. - The net cash flow from operating activities was negative CNY 54,375,119.66, a decrease of 123.29% compared to 2018[17]. - The basic earnings per share for 2019 was CNY 0.24, down 38.46% from CNY 0.39 in 2018[17]. - The weighted average return on net assets for 2019 was 7.51%, down from 13.03% in 2018, indicating a decrease of 5.52%[17]. - The company reported a quarterly revenue of CNY 461,148,183.42 in Q4 2019, showing a recovery from lower revenues in earlier quarters[21]. - 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[62]. - The sales volume of tungsten products decreased by 29.13% to 856.22 tons in 2019 compared to 1,208.15 tons in 2018[66]. - The sales volume of APT decreased by 29.13% year-on-year, attributed to a decline in order volume[67]. Assets and Liabilities - Total assets at the end of 2019 amounted to CNY 2,273,254,877.64, an increase of 13.53% from the end of 2018[17]. - The net assets attributable to shareholders were CNY 964,506,409.58, reflecting a growth of 13.31% compared to the previous year[17]. - The fixed assets increased by 31.35% compared to the beginning of the period, mainly due to the completion of construction projects[40]. - The accounts receivable increased by 45.16% compared to the beginning of the period, primarily due to an increase in receivables from domestic customers[40]. - The total sales amount of the top five customers was RMB 549.39 million, representing 37.13% of the annual sales total[73]. - The total procurement amount from the top five suppliers was RMB 504.32 million, accounting for 42.76% of the annual procurement total[75]. - The company reported a current ratio of 1.39, an increase of 15.00% from 1.24 in the previous year[195]. - The debt-to-asset ratio rose to 56.88%, up 4.72% from 52.16% in 2018[195]. Investments and Acquisitions - The company completed the acquisition of minority shares in its subsidiary, Jiangxi Xianglu, increasing its ownership to 100%, which enhances the subsidiary's financial strength and market competitiveness[47]. - 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[56]. - The company completed an acquisition of Jiangxi Xianglu Tungsten Industry Co., Ltd. for a total investment of CNY 107.25 million, acquiring a 26.81% stake[93]. - The company has committed to using raised funds for specific projects, with ongoing monitoring of fund allocation[101]. - The total committed investment for the special hard alloy industrialization project is RMB 19,329.45 million, with no funds utilized in the current reporting period[102]. Research and Development - Research and development investment reached RMB 44.83 million, a 4.02% increase compared to the previous year, focusing on enhancing product quality and market share[77]. - 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[57]. - The company reported a total of 147 R&D personnel, a decrease of 16.00% from 175 in 2018[78]. - The company did not capitalize any R&D expenditures in 2019, maintaining a 0.00% capitalization rate[78]. Market and Industry Outlook - The tungsten market is expected to see a gradual recovery in prices due to the increasing demand driven by global economic growth, particularly as China's economy maintains mid-to-high-speed growth[111]. - The company anticipates that the tightening of regulations in the tungsten industry will promote the rational development and utilization of tungsten resources, benefiting the overall market[111]. - The global tungsten market supply is expected to remain balanced or slightly decrease due to the slowdown in new mining projects and the decline in tungsten concentrate production[112]. - The demand for hard alloy tools is expected to grow due to the continuous increase in automotive consumption and the rapid development of the aerospace industry[113]. Corporate Governance and Shareholder Commitments - The company emphasizes a clear and complete cash dividend policy, ensuring that minority shareholders have opportunities to express their opinions and that their rights are protected[117]. - The company has a shareholding lock-up commitment for 36 months from the date of its initial public offering, which has been fulfilled[124]. - The company’s shareholders have a commitment to not reduce their holdings below the issuance price during the lock-up period[126]. - The company has fulfilled its commitments regarding shareholding reduction and lock-up periods as of January 19, 2017[126]. - The company has a long-term commitment to not provide financial assistance in the form of loans to incentive objects[126]. Environmental and Compliance - The company has established a comprehensive environmental management system and obtained ISO 14001 certification, ensuring compliance with pollution discharge standards[160]. - The company has set up dedicated departments for environmental monitoring and has engaged third-party agencies for regular testing to ensure compliance with emission standards[162]. - The company has implemented emergency response plans for environmental incidents and conducts regular drills to enhance response capabilities[161]. - The company has maintained compliance with pollution discharge permits and regularly pays environmental taxes[161]. Financial Instruments and Capital Structure - The company received approval from the China Securities Regulatory Commission for the public issuance of convertible bonds totaling CNY 301,922,300, with a term of 6 years[164]. - 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[164]. - The company’s liquidity position is supported by a quick ratio of 0.93, which is a 20.00% increase from 0.73[195]. - The company maintains a strong credit rating of AA- for its convertible bonds, indicating high safety and low default risk[195].

Financial Performance - The company's operating revenue for Q1 2020 was ¥261,336,388.27, a decrease of 38.43% compared to ¥424,442,976.70 in the same period last year[7] - The 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, representing 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, a decrease of 66.67% from ¥0.09 in the previous year[7] - 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 total comprehensive income for the first quarter was CNY 10,299,448.04, compared to CNY 21,180,404.38 in the previous year, indicating a decrease of approximately 51.4%[48] Cash Flow - The net cash flow from operating activities was -¥49,050,968.70, an improvement of 31.55% from -¥71,663,216.88 in the same period last year[7] - Net cash flow from operating activities improved by 31.55% to -¥49,050,968.70, reflecting reduced cash payments for goods and services[17] - Cash inflow from operating activities was CNY 286,982,483.67, down from CNY 322,108,955.75 in the previous year, reflecting a decline of about 10.8%[50] - The net cash flow from investing activities was -CNY 17,126,025.69, an improvement from -CNY 66,968,379.11 in the previous year, indicating a reduction in losses of approximately 74.5%[51] - The net cash flow from financing activities decreased by 49.17% to ¥25,217,888.40, primarily due to reduced bank loans[17] - The net cash flow from financing activities was CNY 25,217,888.40, compared to CNY 49,613,369.38 in the previous year, indicating a decline of approximately 49.2%[52] 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] - Total liabilities reached CNY 1,339,773,732.60, compared to CNY 1,293,055,431.46, marking an increase of 3.6%[35] - The company's total liabilities increased to CNY 1,030,338,580.02 from CNY 1,014,929,061.51[42] - Total current assets amounted to CNY 1,324,255,446.50 as of December 31, 2019[58] - The company reported a total asset value of CNY 2,273,254,877.64[59] Shareholder Information - The net assets attributable to shareholders were ¥972,443,747.45, up 0.82% from ¥964,506,409.58 at the end of the previous year[7] - The total equity attributable to shareholders increased to CNY 972,443,747.45 from CNY 964,506,409.58, representing a growth of 0.9%[36] - The total number of ordinary shareholders at the end of the reporting period was 23,644[11] Operational Changes - 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 reduction in revenue[15] - The company reported a 100% increase in contract liabilities to ¥6,692,283.21 due to the implementation of new revenue standards[15] - The company has implemented new revenue and leasing standards starting in 2020, with no retrospective adjustments made to prior data[62] Government Support - The company received government subsidies amounting to ¥13,325,695.14 during the reporting period[8] - Other income rose by 1548.87% to ¥13,325,695.14, mainly due to increased government subsidies[15] - Other receivables surged by 868.78% to ¥7,595,231.63 mainly from increased government subsidies[15] Inventory and Receivables - Accounts receivable financing decreased by 40.39% to ¥75,104,231.09 due to settlement via bank acceptance bills[15] - Prepayments increased by 50.05% to ¥89,006,185.29 primarily due to increased advance payments to suppliers[15] - Inventory rose to CNY 520,192,690.28, an increase of 18.7% from CNY 437,920,349.34 at the end of 2019[33] - Accounts receivable increased to CNY 306,106,782.20, up from CNY 272,345,654.17, reflecting a growth of 12.4%[33]

Financial Performance - Operating revenue decreased by 40.35% to CNY 274,404,303.58 for the current period, and by 17.36% to CNY 1,018,637,180.16 year-to-date[7] - Net profit attributable to shareholders was CNY -32,217,315.30, a decrease of 189.22% compared to the same period last year[7] - Basic earnings per share dropped by 192.31% to CNY -0.12 for the current period[7] - The net profit for the period was a loss of CNY 32,649,242.10, compared to a profit of CNY 36,695,884.92 in the previous year[42] - The company reported a net profit of CNY 5,374,056.41 for the year-to-date period, a decrease of 93.9% compared to CNY 89,055,716.80 in the same period last year[49] - The company's net profit for Q3 2019 was CNY 13,933,427.10, a decrease from CNY 89,350,362.81 in the same period last year, representing a decline of approximately 84.4%[53] - The total operating income for the year-to-date period was CNY 1,018,637,180.16, down 17.3% from CNY 1,232,554,602.74 in the previous year[47] Cash Flow - Cash flow from operating activities decreased by 95.77% to CNY 11,829,803.44 for the current period[7] - The net cash flow from operating activities decreased by 186.36% to -¥60,344,377.65, primarily due to a reduction in cash received from sales of goods and services[17] - The net cash flow from operating activities for Q3 2019 was negative at CNY -60,344,377.65, contrasting with a positive cash flow of CNY 69,874,673.56 in Q3 2018[58] - The cash flow from financing activities included ¥968,957,100.00 from borrowings, highlighting the company's reliance on debt financing[62] - The net cash flow from financing activities was ¥501,848,549.20, a recovery from a negative cash flow of -¥33,214,626.17 in the previous year[62] Assets and Liabilities - Total assets increased by 18.72% to CNY 2,377,103,937.16 compared to the end of the previous year[7] - The company's total liabilities increased significantly, reflecting a strategic move to enhance liquidity through debt financing[16] - Total liabilities rose to CNY 1,444,088,983.22 from CNY 1,044,484,270.78, which is an increase of approximately 38.3%[33] - The company's equity attributable to shareholders increased to CNY 916,284,541.80 from CNY 851,234,467.56, showing a growth of about 7.6%[34] - The total cash and cash equivalents at the end of the period amounted to ¥432,376,193.90, up from ¥158,775,522.24 at the end of the previous year[62] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,937[11] - The largest shareholder, Chaozhou Zhongda Investment Co., Ltd., held 19.45% of the shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Investment and Expenses - The company reported a significant increase in long-term equity investments, rising to CNY 480,000,000.00 from CNY 372,750,000.00, a growth of 28.8%[38] - Research and development expenses for the quarter were CNY 12,652,097.11, compared to CNY 10,814,944.34 in the previous year, indicating a 17% increase[41] - The company’s investment income decreased by 100% compared to the previous year, primarily due to no investment income being recorded this period[17] - Financial expenses increased to CNY 17,346,379.22 in Q3 2019 from CNY 12,295,745.03 in the same period last year, representing an increase of approximately 41.5%[53] Other Financial Metrics - The weighted average return on net assets was -3.76%, down by 8.14% compared to the same period last year[7] - The company received government subsidies amounting to CNY 4,067,410.36 during the year[8] - The company reported a total profit of CNY 13,933,427.10 for Q3 2019, down from CNY 102,257,453.98 in Q3 2018, marking a decline of about 86.3%[53]

Financial Performance - The company's operating revenue for the first half of 2019 was RMB 744,232,876.58, a decrease of 3.66% compared to RMB 772,527,086.21 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was RMB 38,520,792.18, down 27.63% from RMB 53,229,064.50 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was RMB 37,178,298.73, a decrease of 24.90% compared to RMB 49,504,477.73 in the same period last year[19]. - The total profit for the period was RMB 46.18 million, down 22.71% compared to the previous year[46]. - Net profit decreased by 27.38% year-on-year to RMB 38.02 million[46]. - The total comprehensive income for the period was 38,520,000, representing a decrease of 497,400 compared to the previous period[175]. - The total comprehensive income for the period was approximately 52.36 million yuan, reflecting a decrease of 869.23 thousand yuan compared to the previous period[178]. Cash Flow and Assets - The net cash flow from operating activities improved to -RMB 72,174,181.09, a 65.54% increase from -RMB 209,470,130.27 in the previous year[19]. - Cash flow from operating activities showed a net outflow of RMB 72.17 million, a 65.54% increase in outflow compared to the previous year[51]. - The company's cash and cash equivalents increased to ¥196,743,783.90, representing 9.73% of total assets, up from 7.96% last year[61]. - The company's current assets decreased to CNY 1,122,130,951.22 from CNY 1,195,874,346.92, representing a decline of approximately 6.1%[150]. - Cash and cash equivalents dropped significantly from CNY 287,840,888.96 to CNY 196,743,783.95, a decrease of about 31.7%[149]. - The total amount of funds raised by the company is RMB 24,801.37 million[75]. - The total amount of funds invested during the reporting period is RMB 728.51 million[75]. Revenue Sources and Business Operations - The main business remains focused on the development, production, and sales of tungsten products, with no significant changes during the reporting period[27]. - The company's main revenue source is tungsten carbide powder, which is produced from tungsten powder and carbon black, and is essential for manufacturing hard alloys[30]. - Revenue from tungsten oxide increased by 25.53% to ¥121,398,521.31, while revenue from tungsten powder rose by 18.51% to ¥38,976,261.55[53]. - Revenue from tungsten carbide powder decreased by 8.27% to ¥471,360,531.83, and revenue from hard alloy dropped by 37.99% to ¥30,695,001.09[55]. - The company has established a diverse product structure, covering nearly a hundred different specifications and models, which meets various customer needs and expands application fields[38]. Investments and R&D - The company invested RMB 14.81 million in R&D, a decrease of 29.53% compared to the previous year[51]. - The company has invested in ERP systems to improve management efficiency and production processes over the past three years[37]. - The research and development center construction project aims to improve new product development capabilities, indirectly benefiting the company through enhanced product offerings[78]. - The company plans to utilize RMB 7,500 million from the raised funds for the construction of the smart manufacturing project, reflecting a strategic shift in investment focus[79]. Shareholder and Equity Information - The company has not distributed cash dividends or bonus shares for the reporting period, indicating a focus on reinvestment[97]. - The total share capital increase to RMB 274,601,600 after a capital reserve conversion plan, distributing 102,975,600 shares to shareholders[129]. - The total number of ordinary shareholders at the end of the reporting period was 36,835[135]. - The largest shareholder, Chaozhou Zhongda Investment Co., Ltd., holds 19.45% of the shares, amounting to 53,407,200 shares[135]. Environmental Compliance - The company has established a comprehensive environmental management system and obtained ISO14001 certification, ensuring compliance with pollution discharge standards[123]. - The total discharge of COD was 3.58 tons, which met the regulatory discharge limits[120]. - The company’s wastewater discharge for COD was reported at 52 mg/l, significantly below the allowable limit of 8.8 tons[121]. Market and Competitive Position - The company has been recognized as one of the 14 state-approved enterprises for tungsten product export, enhancing its market credibility[42]. - The company is one of the 14 enterprises in China that obtained direct export qualifications for tungsten products, which is crucial for its international sales strategy[92]. - The company faces risks related to macroeconomic fluctuations that could impact the demand for tungsten products and the recovery of accounts receivable[90]. Operational Challenges - The company reported a credit impairment loss of CNY -3,265,191.26 in the first half of 2019, indicating a potential increase in credit risk[164]. - The company has not faced any major litigation or regulatory penalties during the reporting period, reflecting a stable operational environment[102][103]. - The company has not initiated any targeted poverty alleviation programs during the reporting period and has no plans for future initiatives[123].

Financial Performance - The company's operating revenue for 2018 was CNY 1,675,155,247.91, representing a 71.67% increase compared to CNY 975,824,181.98 in 2017[6]. - The net profit attributable to shareholders for 2018 was CNY 106,513,136.73, a 54.63% increase from CNY 68,883,708.57 in 2017[6]. - The net cash flow from operating activities reached CNY 233,431,312.55, a significant improvement of 338.13% compared to a negative cash flow of CNY -98,023,508.85 in 2017[6]. - The basic earnings per share for 2018 was CNY 0.63, up 53.66% from CNY 0.41 in 2017[6]. - Total assets at the end of 2018 amounted to CNY 2,002,354,008.81, reflecting a 31.81% increase from CNY 1,519,158,525.67 at the end of 2017[6]. - The company's net assets attributable to shareholders increased by 10.17% to CNY 851,234,467.56 at the end of 2018, compared to CNY 772,633,622.68 at the end of 2017[6]. - The company reported a weighted average return on equity of 13.03% for 2018, an increase of 3.50% from 9.53% in 2017[6]. - The total profit for the period was CNY 134.20 million, with a year-on-year growth of 74.54%[53]. - The net profit reached CNY 117.10 million, reflecting a year-on-year increase of 69.73%[53]. Dividend Policy - The company reported a profit distribution plan to distribute a cash dividend of 1.00 RMB per 10 shares (before tax) and to increase capital by 6 shares for every 10 shares held[6]. - The company’s cash dividend for 2018 is set at RMB 1.00 per share, with a total cash dividend amounting to RMB 17,162,600.00[132]. - The company reported a net profit of RMB 106,513,136.73 for 2018, with a cash dividend distribution of RMB 17,162,600.00, representing 16.11% of the net profit attributable to ordinary shareholders[131]. - In 2017, the company distributed cash dividends totaling RMB 20,000,000.00, which accounted for 29.03% of the net profit attributable to ordinary shareholders[131]. Market and Operational Risks - The company emphasizes the risk of macroeconomic fluctuations impacting its operating performance, particularly due to the uncertainty in the global economy[4]. - The company relies on external procurement for tungsten concentrate, which poses a risk if prices fluctuate significantly and product prices do not adjust accordingly[5]. - The company’s export volume is significant, making it susceptible to exchange rate fluctuations that could affect its financial performance[5]. - The company faces risks related to raw material supply and price fluctuations, particularly concerning tungsten concentrate, which could impact gross margins if prices change significantly[122]. - The company has a diversified supplier base for tungsten concentrate, reducing reliance on any single supplier, but remains vulnerable to market demand surges and regulatory changes affecting supply[122]. - The company emphasizes the importance of adapting to market trends and enhancing competitiveness through timely strategic adjustments[114]. Production and Product Development - The company maintained its focus on the development, production, and sales of tungsten products, with no significant changes in its main business during the reporting period[28]. - The primary products include tungsten oxide, tungsten powder, tungsten carbide powder, tungsten alloy powder, and tungsten hard alloys, which are essential for various industrial applications[29]. - The production model is primarily order-based, allowing for efficient response to customer demands and improved production efficiency[33]. - The company has developed a diverse product structure, offering nearly a hundred different specifications and models of tungsten products[44]. - The company reported a 39.57% increase in tungsten powder production and a 44.97% increase in tungsten carbide production in 2018, following the completion of a fully automated powder workshop[61]. - New product development includes a focus on high-purity tungsten products, with an expected launch in Q3 2019[134]. Strategic Initiatives - The company plans to enhance its competitive edge by focusing on product quality, sales service, and production cost management in 2019[74]. - The company aims to enhance its production quality and efficiency through smart manufacturing and automation, targeting international advanced levels in technology and product quality[68]. - The company plans to integrate tungsten resources through acquisitions, responding to the fragmented nature of domestic tungsten mines, with a focus on capitalizing on this opportunity over the next 3 to 5 years[71]. - The company is committed to independent technological innovation and increasing R&D investment to maintain its competitive edge in tungsten powder technology[72]. - The company is exploring potential mergers and acquisitions to enhance its supply chain capabilities[137]. - The company is actively pursuing strategic acquisitions to bolster its market position and operational capabilities[200]. Environmental and Compliance - The company has established a comprehensive environmental management system and obtained ISO 14001 certification[170]. - The company reported a total emission of 9.38 tons of COD, which is compliant with the discharge standards[169]. - The sulfur dioxide emissions from the company were recorded at 21.2 tons, adhering to the regional maximum allowable concentration[169]. - The company has implemented emergency response plans for environmental incidents and conducts regular drills[171]. - The company has no significant environmental information to disclose beyond the required reports[171]. Shareholder and Governance - The company has maintained a continuous audit relationship with Guangdong Zhengzhong Zhujiang Accounting Firm for 8 years, with an audit fee of ¥1.4 million for the current period[146]. - The company has no major litigation or arbitration matters during the reporting period[148]. - The company has no penalties or rectification situations during the reporting period[149]. - The company has committed to not engaging in any form of financial assistance to shareholders holding more than 5% of shares[138]. - The company has no changes in the scope of consolidated financial statements during the reporting period[145]. - The company has not reported any mergers or acquisitions during the reporting period[189]. - The company appointed new board members and management on June 29, 2018, including a new CFO, Li Xiaosheng, and several independent directors[195].

Financial Performance - The company's operating revenue for Q1 2019 was ¥424,442,976.70, representing a 25.16% increase compared to ¥339,108,702.42 in the same period last year[7]. - The net profit attributable to shareholders for Q1 2019 was ¥23,829,425.59, up 12.44% from ¥21,193,415.99 in the previous year[7]. - Basic earnings per share increased by 16.67% to ¥0.14 from ¥0.12 in the previous year[7]. - The total comprehensive income attributable to the parent company was ¥23,829,425.59, up from ¥21,193,415.99, marking an increase of approximately 12.3%[36]. - The company's operating profit decreased to ¥23,580,404.38 from ¥25,445,536.46, reflecting a decline of approximately 7.3%[39]. Cash Flow - The net cash flow from operating activities improved to -¥71,663,216.88, a 52.40% reduction in loss compared to -¥150,541,393.41 in the same period last year[7]. - The cash flow from operating activities showed a net outflow of ¥71,663,216.88, an improvement from a net outflow of ¥150,541,393.41 in the previous period[43]. - The company reported a cash inflow from financing activities of ¥444,777,840.62, significantly higher than ¥262,149,090.93 in the previous period, representing an increase of approximately 69.5%[44]. - The total cash outflow from investing activities was ¥66,968,379.11, slightly lower than ¥71,016,779.11 in the previous period, indicating a decrease of about 5.8%[44]. - Net cash flow from operating activities was -$78,712,084.25, improving from -$97,863,530.18 year-over-year[47]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,970,720,848.39, a decrease of 1.58% from ¥2,002,354,008.81 at the end of the previous year[7]. - Current assets decreased to CNY 937,888,826.71 from CNY 972,994,348.06 at the end of 2018, reflecting a decline of 3.6%[30]. - Total liabilities as of March 31, 2019, were CNY 853,700,374.54, compared to CNY 816,760,251.83 at the end of 2018, indicating a growth of 4.5%[31]. - Cash and cash equivalents decreased by 36.85% to ¥181,782,062.35 compared to ¥287,840,888.96 at the end of 2018, primarily due to the acquisition of minority interests in subsidiaries[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,536[10]. - The top shareholder, Chaozhou Zhongda Investment Co., Ltd., held 19.45% of the shares, amounting to 33,379,500 shares[10]. - The company did not engage in any repurchase transactions during the reporting period[11]. Expenses and Investments - Research and development expenses for Q1 2019 were CNY 12,151,328.78, an increase from CNY 10,942,271.02 in Q1 2018, reflecting a growth of 11.0%[33]. - Tax expenses increased by 61.94% to ¥4,589,644.40 from ¥2,834,082.98, reflecting higher corporate income tax due to increased operating profits[16]. - The company reported no investment income during the period, a decrease of 100% from ¥56,607.72 in the previous period[16]. Inventory and Receivables - Accounts receivable increased by 55.04% to ¥400,248,675.73 from ¥258,163,704.20, attributed to sales growth and accounts not yet due for collection[16]. - Inventory levels decreased to CNY 307,771,838.45 from CNY 386,970,640.16, a reduction of 20.5%[29]. - Prepayments decreased by 58.41% to ¥22,089,349.48 from ¥53,117,890.94, mainly due to the settlement of previously prepaid goods[16]. Other Financial Metrics - The company reported a gross profit margin of approximately 6.5% for Q1 2019, compared to 6.8% in the same period last year[33]. - The company reported a cash outflow of $95,033,371.21 related to other financing activities[48]. - The first quarter report was not audited[49].