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].

Financial Performance - Operating revenue for the period reached CNY 460,027,516.53, a 62.50% increase year-on-year[8] - Net profit attributable to shareholders increased by 129.51% to CNY 36,110,194.75 for the quarter[8] - Basic earnings per share rose by 133.33% to CNY 0.21[8] - The company reported a total net profit of CNY 89,339,259.25 for the year-to-date, reflecting a 69.51% increase compared to the same period last year[8] - Revenue for the reporting period reached ¥460,027,516.53, a year-on-year increase of 62.50%, driven by stable tungsten market conditions and increased sales volume[20] - The company expects a net profit attributable to shareholders for 2018 to be between ¥10,332.56 million and ¥13,776.74 million, representing a potential increase of up to 100% compared to the previous year[26] Asset and Liability Changes - Total assets increased by 22.88% to CNY 1,866,788,209.82 compared to the end of the previous year[8] - Accounts receivable increased by 126.57% to ¥243,766,183.38 due to outstanding payments not yet due[16] - Fixed assets grew by 91.65% to ¥333,420,568.08, primarily due to increased investment in fixed assets[16] - Total liabilities increased significantly, with accounts payable rising by 95.59% to ¥63,866,282.36 due to higher raw material and equipment procurement[17] - The company reported a 204.89% increase in taxes payable to ¥10,336,588.28, corresponding to increased sales revenue[17] Cash Flow and Operating Activities - Net cash flow from operating activities surged by 643.23% to CNY 279,344,803.83[8] - Operating cash flow from operating activities was ¥69,874,673.56, a drastic improvement compared to a negative cash flow of -¥90,059,358.96 in the previous period[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,723[12] - The top ten shareholders held a combined 61.50% of the company's shares, with the largest shareholder owning 19.64%[12] Expense and Investment Changes - Research and development expenses increased by 48.08% to ¥31,395,054.86, reflecting higher investment in R&D[18] - Sales expenses rose to ¥2,364,936.79, a 35.93% increase, attributed to higher sales volume and consolidation effects[22] - Financial expenses increased to ¥8,268,641.26, a 59.63% rise due to increased interest expenses from financing loans[22] - The company reported a significant decrease in non-operating income, which fell to ¥407,814.99, a decline of 91.85% year-on-year, mainly due to reduced government subsidies[20] - Investment income was reported at ¥1,253,685.31, indicating a complete absence of investment income compared to the previous period[22] Other Financial Metrics - The weighted average return on equity improved to 4.38%, up from 2.28%[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 146.15% to CNY 35,591,255.67[8] - Net profit margin improved as undistributed profits rose by 31.60% to ¥288,776,649.05, attributed to increased operating profits[18] - Operating costs increased to ¥386,874,113.07, reflecting a 61.23% rise due to higher sales volume and consolidation effects[20] - The company reported a significant increase in asset impairment losses, totaling ¥7,117,725.61, which is a 261.45% increase year-on-year, primarily due to increased accounts receivable provisions[20] Financing Activities - Short-term borrowings increased by 30.90% to ¥369,410,000.00, mainly due to increased bank financing[17] - The company’s capital stock increased by 70.00% to ¥170,000,000.00 due to capital reserve conversion[18] - The company plans to publicly issue convertible bonds, with details disclosed in previous announcements[23]