江苏宝利国际投资股份有限公司 2022 年第三季度报告 证券代码：300135 证券简称：宝利国际 公告编号：2022-042 江苏宝利国际投资股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 江苏宝利国际投资股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 750,279,973.29 | 25.1 ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥664,945,549.46, a decrease of 34.21% compared to ¥1,010,660,746.58 in the same period last year[22]. - The net profit attributable to shareholders was a loss of ¥12,207,082.13, representing a decline of 798.56% from a profit of ¥1,747,470.71 in the previous year[22]. - The basic and diluted earnings per share were both -¥0.0132, a decrease of 794.74% from ¥0.0019 in the previous year[22]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was ¥2,627,055.78, down 13.67% from ¥3,042,890.16 in the previous year[22]. - The company achieved operating revenue of CNY 664.95 million, a decrease of 34.21% compared to the previous year due to reduced asphalt sales impacted by domestic pandemic conditions[42]. - The net profit attributable to the parent company was CNY -12.21 million, indicating a loss during the reporting period[36]. - The company reported a total profit for the first half of 2022 was a loss of CNY 8.66 million, compared to a profit of CNY 4.87 million in the same period of 2021[139]. - The company reported a net profit margin of approximately 0.3% for the first half of 2022, compared to a margin of 0.7% in the same period of 2021[137]. Cash Flow and Financial Position - The net cash flow from operating activities improved to ¥12,284,205.01, a significant increase of 106.64% compared to a negative cash flow of ¥184,916,623.97 in the same period last year[22]. - The net cash flow from financing activities was -¥173,444,082.98 in 2022, worsening from -¥12,404,071.06 in 2021[146]. - The total assets at the end of the reporting period were ¥2,330,505,896.91, down 3.82% from ¥2,423,159,512.52 at the end of the previous year[22]. - The total liabilities decreased to CNY 1,184,622,560.72 as of June 30, 2022, compared to CNY 1,264,523,963.69 at the start of the year, reflecting a reduction of 6.3%[131]. - Cash and cash equivalents decreased from CNY 660.43 million to CNY 543.21 million, representing a decline of about 18%[129]. - The company reported a significant increase in cash outflow for investment activities, totaling ¥119,474,221.84 in 2022 compared to ¥80,813,246.87 in 2021, marking an increase of approximately 47.7%[149]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,330,505,896.91, down 3.82% from ¥2,423,159,512.52 at the end of the previous year[22]. - The net assets attributable to shareholders decreased by 0.99% to ¥1,158,384,799.40 from ¥1,169,962,058.92 at the end of the previous year[22]. - The inventory increased to 316,910,952, representing 13.60% of total assets, up from 8.50% in the previous year[47]. - The company had a significant increase in contract liabilities, which rose to 35,838,507.7, up from 17,843,261.8, indicating a growth of 0.80% in proportion to total liabilities[47]. Strategic Initiatives and Market Focus - The company focuses on high-grade asphalt new materials, with a significant expansion in sales scale and profitability due to capital market entry[30]. - The company aims to expand its domestic emergency rescue market by integrating resources and services related to aviation operations and support[34]. - The company is focusing on expanding its market presence in underdeveloped regions, particularly in the central and western areas of China, in line with the Belt and Road Initiative[68]. - The company plans to focus on market expansion and new product development in the upcoming quarters to improve financial performance[136]. - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[152]. Research and Development - Research and development investment decreased by 52.33% to CNY 10.41 million, primarily due to reduced R&D material costs[42]. - The company has allocated 9.2 million RMB for research and development of new technologies aimed at enhancing product offerings[156]. - The company has initiated a new technology research and development program aimed at improving operational efficiency and product offerings[152]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts[4]. - The company faces risks related to accounts receivable, particularly due to lengthy payment approval processes from state-owned highway construction units[66]. - The ongoing COVID-19 pandemic poses a risk to the company's operations and cash flow, with measures in place to monitor and respond to potential impacts[71]. - The company has implemented strategies to mitigate raw material price volatility, including establishing long-term supplier relationships and utilizing futures contracts for hedging[69]. Shareholder Information - The total number of shares is 921,600,000, representing 100.00% of the company's equity[114]. - Major shareholder Zhou Dehong holds 30.65% of shares, totaling 221,962,500[115]. - The company has not disclosed any significant changes in shareholding structure or stock repurchase plans[114]. - The company has initiated a share buyback program, aiming to repurchase up to 5% of its outstanding shares to enhance shareholder value[156]. Compliance and Governance - The half-year financial report has not been audited[92]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[82]. - The company has not engaged in any significant related party transactions during the reporting period[95]. - The company has not experienced any major safety incidents during the reporting period[86].

Financial Performance - The company reported a significant decline in net profit compared to the same period last year due to the ongoing pandemic and extreme weather affecting project timelines and asphalt demand [4]. - The company has maintained its core business and financial indicators, which are consistent with industry trends, with no major changes reported [4]. - The company's operating revenue for 2021 was ¥2,282,086,647.90, an increase of 13.06% compared to ¥2,018,394,403.25 in 2020 [19]. - The net profit attributable to shareholders was -¥73,519,763.10, a decrease of 1,961.85% from ¥3,948,755.22 in 2020 [19]. - The net cash flow from operating activities was ¥88,133,440.03, representing a 36.63% increase from ¥64,506,679.49 in 2020 [19]. - The total assets at the end of 2021 were ¥2,423,159,512.52, a decrease of 7.56% from ¥2,621,243,301.85 at the end of 2020 [19]. - The net assets attributable to shareholders decreased by 6.67% to ¥1,169,962,058.92 from ¥1,253,575,467.70 in 2020 [19]. - The basic earnings per share for 2021 was -¥0.080, a decline of 2,100.00% from ¥0.004 in 2020 [19]. - The weighted average return on equity was -6.07%, down from 0.31% in 2020 [19]. - The company achieved operating revenue of CNY 228,208.66 million, with a net profit attributable to shareholders of CNY -7,351.97 million, indicating a significant decline compared to the previous year [64]. - The company’s total assets amounted to CNY 242,315.95 million, and the equity attributable to shareholders was CNY 116,996.20 million [64]. Business Strategy and Development - The company has proposed a profit distribution plan with no cash dividends or stock bonuses, indicating a focus on capital preservation [6]. - The company has entered the general aviation industry to diversify its revenue streams and mitigate the cyclical nature of the asphalt industry [30]. - The company established Jiangsu Baoli Aviation Equipment Investment Co., Ltd. in 2015 to enter the general aviation industry, aiming to provide operational and industrial services [36]. - The company’s aviation segment was initiated in 2015 to diversify revenue streams and mitigate the cyclical nature of the asphalt business [64]. - The company plans to enhance its integrated service capabilities by transitioning from a traditional production and transportation model to a comprehensive service platform that includes design, production, logistics, and financing [87]. - The company aims to expand its market coverage and optimize customer structure by strengthening its sales team and management mechanisms, targeting both existing and new customers [89]. - The company is focused on mitigating risks associated with accounts receivable by implementing strict credit controls and requiring asset guarantees from clients [93]. - The company is expanding its market presence in regions such as Central China, Northwest, Southwest, Xinjiang, and Tibet to drive sales growth in asphalt business [74]. Industry Trends and Market Conditions - The asphalt industry is encouraged by national policies, with a projected increase in demand over the next 30 years as China aims to build a strong transportation network by 2035 [4]. - The asphalt industry is characterized by seasonality, with peak sales typically occurring from April to November each year [32]. - The asphalt industry is characterized by strong cyclicality and seasonality, with peak sales typically occurring from April to November [39]. - The asphalt market is becoming increasingly competitive as more companies enter the sector through various means, including mergers and acquisitions [38]. - The demand for professional asphalt in China is expected to be substantial, driven by national policies promoting infrastructure development, with a long-term outlook for sustainable growth [66]. - The asphalt industry is projected to experience rapid growth due to the government's infrastructure development plans, with a fixed asset investment plan of 4 trillion yuan disclosed by several provinces for the "14th Five-Year Plan" period [84]. Research and Development - The company holds 25 national invention patents and over 20 utility model patents, reflecting its commitment to research and development [59]. - The company has established partnerships with renowned research institutions to enhance its R&D capabilities and has been recognized as a high-tech enterprise in Jiangsu Province [59]. - The company aims to improve the competitiveness of its products through various R&D projects focused on green and sustainable technologies [111]. - The company is currently developing a functional polymer for steel bridge paving to reduce costs and improve durability, with ongoing progress [110]. - A project for high-content RAP (Reclaimed Asphalt Pavement) hot recycled asphalt mixture has been completed, achieving a waste asphalt blending rate of 30% [110]. - The development of high-content non-sticky wheel emulsified asphalt has been completed, enhancing road durability and reducing maintenance costs [110]. - The company is working on a semi-flexible pavement material to combine the advantages of rigid and flexible pavements, with ongoing research [111]. - The project for high polymer nano-composite materials in asphalt applications is in progress, aiming to enhance road performance [111]. Governance and Compliance - The company maintains a governance structure that complies with relevant laws and regulations, ensuring transparency and accountability [135]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with governance standards [136]. - The company has established a performance evaluation and incentive mechanism for senior management to enhance operational efficiency [137]. - The company emphasizes investor relations, providing multiple channels for communication and ensuring fair access to information for all shareholders [137]. - The company operates independently from its controlling shareholders, ensuring complete autonomy in assets, personnel, finance, and business operations [138]. - The company has adhered to legal and regulatory requirements in its operations, ensuring compliance with the Company Law and Securities Law [138]. - The company has established a robust internal control system to mitigate operational risks and ensure effective management [174]. - The company has implemented a comprehensive governance structure in compliance with relevant laws and regulations, enhancing decision-making fairness and ensuring sustainable operations [182]. Employee Management and Development - The company has a total of 328 employees at the end of the reporting period, with 107 in the parent company and 221 in major subsidiaries [167]. - The employee composition includes 123 production personnel, 46 sales personnel, 77 technical personnel, and 36 financial personnel [168]. - The company emphasizes a salary management system that links compensation to job performance, enhancing employee satisfaction and stability [169]. - The training program focuses on both internal and external development, aiming to improve employees' skills and management capabilities [170]. - The company has established a talent strategy to support its growth and development, focusing on high-quality talent recruitment and training [170]. Financial Management - The company has committed to improving its capital operations through refinancing to support business growth and reduce financing costs [89]. - The company has not reported any related party transactions during the reporting period [165]. - The company has not engaged in any major asset or equity sales during the reporting period [128][129]. - The company has not experienced any changes in the tenure of directors, supervisors, or senior management during the reporting period [142]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [181]. - The company has not engaged in any joint external investments during the reporting period [197].

Financial Performance - The company's operating revenue for Q1 2022 was ¥244,943,658.10, a decrease of 24.29% compared to ¥323,540,810.15 in the same period last year[3] - The net profit attributable to shareholders was -¥24,425,418.30, representing a decline of 40.68% from -¥17,362,684.14 in the previous year[3] - The net profit for Q1 2022 was -25,027,150.66 CNY, compared to -18,721,960.44 CNY in Q1 2021, representing an increase in net loss of approximately 33.5%[18] - Total operating revenue decreased to 399,700,097.47 CNY in Q1 2022 from 448,027,176.37 CNY in Q1 2021, a decline of about 10.8%[22] - The total operating profit was -23,816,084.97 CNY in Q1 2022, worsening from -14,455,624.91 CNY in Q1 2021, an increase in loss of approximately 64.7%[18] - The company reported a total comprehensive loss of -25,369,827.06 CNY in Q1 2022, compared to -18,322,507.23 CNY in Q1 2021, reflecting a worsening of about 38.5%[19] - Basic and diluted earnings per share were both -0.0265 CNY in Q1 2022, compared to -0.0188 CNY in Q1 2021, indicating a decline in earnings performance[19] Cash Flow and Liquidity - The net cash flow from operating activities was -¥51,508,940.48, a significant decrease of 762.32% compared to ¥7,777,067.12 in the same period last year[3] - Cash and cash equivalents at the end of Q1 2022 were 228,066,503.54 CNY, down from 364,760,476.04 CNY at the end of Q1 2021, a decrease of approximately 37.4%[23] - The company's cash and cash equivalents decreased by 56.85% to -¥127,592,552.32 from -¥81,344,593.74 in the previous year[8] - Investment activities resulted in a net cash outflow of -55,702,351.32 CNY in Q1 2022, compared to -63,551,259.61 CNY in Q1 2021, indicating a slight improvement[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,484,187,516.65, an increase of 2.52% from ¥2,423,159,512.52 at the end of the previous year[3] - Total liabilities increased to CNY 1,350,921,794.87 from CNY 1,264,523,963.69, marking a rise of 6.8%[14] - The company’s total liabilities increased, leading to a higher financial leverage, which may impact future financing and operational strategies[22] - The company's equity attributable to shareholders decreased to CNY 1,145,193,964.22 from CNY 1,169,962,058.92, a decline of 2.1%[15] Research and Development - Research and development expenses decreased by 49.00% to ¥4,454,380.48 from ¥8,734,644.94 in the previous period[8] - Research and development expenses for Q1 2022 were CNY 4,454,380.48, down 48.9% from CNY 8,734,644.94 in the previous year[17] Income and Other Gains - The company reported a significant increase in non-operating income from government subsidies, which rose by 113.14% to ¥1,559,416.97 compared to ¥731,627.19 in the previous year[8] - The company experienced a 2205.25% increase in asset disposal income, amounting to ¥8,227,236.87, up from ¥356,891.24 in the previous period[8] Accounts Receivable and Inventory - Accounts receivable decreased to CNY 285,999,107.47 from CNY 397,851,603.52, reflecting a reduction of 28.1%[13] - Inventory increased significantly to CNY 333,200,872.58, up 61.8% from CNY 206,078,810.14 at the beginning of the year[13] Credit and Impairment Loss - The company incurred a credit impairment loss of 4,091,952.80 CNY in Q1 2022, compared to 2,166,297.56 CNY in Q1 2021, an increase of about 89.0%[18]

Financial Performance - The company's operating revenue for Q3 2021 was ¥599,719,803.09, a decrease of 26.71% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥11,168,366.03, representing a decline of 133.03% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥16,291,770.39, down 150.66% from the previous year[3]. - The basic earnings per share were -¥0.0121, down 132.97% year-on-year[3]. - The gross profit margin decreased, with operating profit recorded at CNY -251,539.86, down from CNY 10,759,858.22 in the previous year[19]. - The company reported a net loss of CNY 10,054,172.91, compared to a net profit of CNY 699,373.94 in the same period last year[21]. - Other comprehensive income after tax was reported at CNY -5,186,616.47, worsening from CNY -1,536,932.03 in the previous year[21]. - Basic earnings per share were reported at CNY -0.0102, compared to CNY 0.0033 in the same period last year[21]. Assets and Liabilities - The total assets at the end of Q3 2021 were ¥2,547,152,633.96, a decrease of 2.83% from the end of the previous year[4]. - Total assets decreased to ¥2,547,152,633.96 from ¥2,621,243,301.85, a reduction of approximately 2.8%[17]. - The total liabilities decreased to CNY 1,324,471,584.54 from CNY 1,374,105,463.05, a reduction of approximately 3.6%[19]. - Total liabilities reached ¥1,374,105,463.05, down from ¥1,375,412,265.70[29]. - Current liabilities totaled ¥1,215,865,444.78, remaining unchanged[29]. - Non-current liabilities were reported at ¥158,240,018.27, a decrease from ¥159,546,820.92[29]. - The total equity attributable to shareholders of the parent company was CNY 1,229,751,955.91, down from CNY 1,253,575,467.70, indicating a decline of about 1.9%[19]. - Shareholders' equity totaled ¥1,247,137,838.80, consistent with previous reports[30]. Cash Flow - The cash flow from operating activities showed a net outflow of -¥199,010,962.74, a decrease of 13.90% compared to the same period last year[3]. - Operating cash inflow for the current period reached ¥1,731,847,769.76, an increase of 14.7% compared to ¥1,510,407,965.64 in the previous period[23]. - Net cash outflow from operating activities was ¥199,010,962.74, worsening from a net outflow of ¥174,723,893.72 in the previous period[23]. - Cash inflow from financing activities totaled ¥841,219,153.53, down 41.5% from ¥1,436,416,766.66 in the previous period[25]. - The company reported a net cash outflow from financing activities of ¥111,330,870.95, improving from a net outflow of ¥334,782,569.73 in the previous period[25]. - The ending balance of cash and cash equivalents was ¥134,888,328.01, down from ¥210,653,684.81 in the previous period[25]. - The company received cash from investment activities amounting to ¥116,556,969.09, a decrease from ¥515,449,490.51 in the previous period[25]. - Cash received from loans was ¥776,062,487.63, down from ¥1,371,916,766.66 in the previous period[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 45,010[11]. - The largest shareholder, Zhou Dehong, holds 30.65% of the shares, with 211,830,696 shares pledged[11]. - The total number of shares held by the top ten shareholders includes significant pledges, with Zhou Dehong's pledged shares totaling 221,962,500[11]. - The company plans to release 70,610,232 shares from lock-up on November 11, 2023, due to executive departure[14]. Inventory and Expenses - The company's inventory increased by 74.79% to ¥354,156,585.07 due to higher asphalt stock levels[8]. - Inventory increased significantly to ¥354,156,585.07 from ¥202,622,747.56, representing a growth of about 74.6%[17]. - The company reported a significant reduction in sales expenses by 64.08% to ¥14,992,349.90, attributed to the reclassification of freight costs[9]. - Research and development expenses increased to CNY 34,045,973.85 from CNY 32,577,396.18, representing a growth of 4.5%[19]. - The company experienced a significant increase in financial expenses, totaling CNY 34,786,440.22, compared to CNY 45,900,817.27 in the previous period[19]. Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[15]. - The company has not undergone an audit for the third quarter report[31]. - The company implemented new leasing standards starting in 2021, affecting prior comparative data[31]. - The report indicates a stable financial position with no significant changes in short-term borrowings[29]. - The company continues to focus on maintaining its capital reserve of ¥35,256,006.19[30].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,010,660,746.58, representing a 75.50% increase compared to CNY 575,862,864.41 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 1,747,470.71, a significant turnaround from a loss of CNY 30,755,794.78 in the previous year, marking a 105.68% improvement[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3,042,890.16, compared to a loss of CNY 41,737,237.88 in the same period last year, reflecting a 107.29% increase[20]. - The basic earnings per share for the reporting period was CNY 0.0019, compared to a loss of CNY 0.0334 per share in the previous year, indicating a 105.69% improvement[20]. - The total operating revenue for the first half of 2021 reached CNY 1,010,660,746.58, a significant increase from CNY 575,862,864.41 in the same period of 2020, representing a growth of approximately 75.5%[136]. - The net profit for the first half of 2021 was CNY 1,925,779.96, a recovery from a net loss of CNY 33,215,880.23 in the first half of 2020[138]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,611,576,788.32, a slight decrease of 0.37% from CNY 2,621,243,301.85 at the end of the previous year[20]. - The company's total assets as of June 30, 2021, amounted to CNY 2,835,241,637.25, up from CNY 2,352,946,755.01 at the end of 2020, reflecting an increase of approximately 20.5%[134]. - The company's total liabilities stood at CNY 1,381,631,142.99, slightly up from CNY 1,374,105,463.05 at the end of 2020[130][131]. - The total liabilities increased to CNY 1,712,738,544.19 as of June 30, 2021, compared to CNY 1,223,257,801.29 at the end of 2020, representing an increase of about 40.1%[135]. - The equity attributable to the owners of the parent company decreased from CNY 1,253,575,467.70 to CNY 1,236,204,964.98, a decline of approximately 1.4%[131]. Cash Flow - The net cash flow from operating activities was negative at CNY -184,916,623.97, worsening from CNY -101,643,592.60 in the same period last year, a decline of 81.93%[20]. - The company reported a net increase in cash and cash equivalents of -¥232,403,132.58, a 4.51% improvement from -¥243,368,828.37 in the prior year[45]. - Cash and cash equivalents decreased by 10.81% to CNY 449,951,554.49, accounting for 17.23% of total assets, primarily due to increased cash payments for asphalt procurement[50]. - The total cash inflow from financing activities was CNY 757,087,757.92, while cash outflow was CNY 769,491,828.98, resulting in a net cash flow of CNY -12,404,071.06[146]. Operational Highlights - The company has established subsidiaries in multiple regions including Jiangsu, Hunan, and Xinjiang, expanding its asphalt business coverage[27]. - The asphalt business includes products such as modified asphalt and emulsified asphalt, which are widely used in infrastructure projects[27]. - The company has entered the general aviation industry, providing services such as emergency rescue and aerial patrol[27]. - The general aviation sector is still in a developmental stage, with the company focusing on establishing a strong market presence[31]. - The asphalt industry is characterized by seasonality, with peak sales typically occurring from April to November[30]. Research and Development - The company emphasizes technological innovation and has a strong commitment to R&D to improve product competitiveness[40]. - Research and development expenses rose by 72.22% to ¥21,841,340.50, attributed to an increase in R&D materials[44]. - The company has filed multiple patents related to asphalt technology, indicating ongoing innovation and development efforts[42]. Governance and Compliance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, enhancing decision-making fairness and ensuring sustainable operations[80]. - The company has not faced any administrative penalties related to environmental issues during the reporting period, demonstrating compliance with environmental regulations[79]. - The company has not engaged in any significant asset or equity sales during the reporting period[63]. Market Strategy - The company is focusing on expanding its market presence in the underdeveloped central and western regions of China, aligning with the national "Belt and Road" initiative to enhance infrastructure construction[68]. - The company plans to continue expanding its market presence and invest in new product development[155]. Shareholder Information - The total number of shareholders at the end of the reporting period was 46,905[115]. - The major shareholder, Zhou Dehong, holds 30.65% of the total shares, amounting to 282,440,928 shares[113]. - The company did not distribute cash dividends or issue bonus shares during the reporting period, indicating a focus on reinvestment[75]. Risk Management - The management emphasizes the importance of understanding the risks and uncertainties associated with future plans and forecasts[4]. - The company is exposed to cyclical risks in the industry, heavily relying on the construction planning and cycles of high-grade highways and bridges, which could impact operational results[68]. - The company has implemented strategies to counteract raw material price volatility, including long-term supplier relationships and engaging in futures hedging to stabilize costs[69].

Financial Performance - The company's operating revenue for 2020 was ¥2,018,394,403.25, a decrease of 16.93% compared to ¥2,429,669,404.20 in 2019[21]. - The net profit attributable to shareholders was ¥3,948,755.22, reflecting a significant decline of 90.00% from ¥39,502,649.46 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was -¥16,407,276.99, a decrease of 517.36% compared to ¥3,931,158.55 in 2019[21]. - The net cash flow from operating activities was ¥64,506,679.49, down 59.80% from ¥160,449,617.68 in 2019[21]. - The total assets at the end of 2020 were ¥2,621,243,301.85, a decrease of 9.60% from ¥2,899,484,688.89 at the end of 2019[21]. - The company reported a basic earnings per share of ¥0.0040, down 90.70% from ¥0.0430 in 2019[21]. - The weighted average return on equity was 0.31%, down from 3.19% in the previous year[21]. - The company faced significant challenges in 2020, including a substantial drop in both revenue and profit margins, indicating potential operational difficulties[21]. - The company's asphalt business revenue for the year was CNY 186,931.60 million, a decrease of 16.83% compared to the previous year[40]. - In Q1, the company's revenue dropped by 30% year-on-year, resulting in a net loss of approximately CNY 16 million attributable to shareholders[40]. - The general modified asphalt revenue was CNY 20,707 million, down 48.08% year-on-year, failing to reverse the loss situation[40]. - The company achieved a net profit of CNY 0.8958 million in Q4, indicating a turnaround after losses in earlier quarters[40]. - The company reported a net profit of -10,616,523.00 RMB from its subsidiary Shaanxi Baoli, indicating a significant loss[74]. - The total revenue from the subsidiary Jiangsu Baoli was 29,320,263.20 RMB, with a net profit of 1,254,941.28 RMB[74]. - The company reported a total shareholding of 282,440,900 shares at the end of the reporting period, unchanged from the beginning of the period[134]. Market and Demand Outlook - The company anticipates a substantial long-term demand for professional asphalt in China, driven by national policies encouraging infrastructure development, with a vision to build a "transportation power" by 2050[5]. - The demand for specialized asphalt in China is expected to grow significantly over the next 30 years, driven by national infrastructure development plans[31]. - The company is committed to sustainable development in the asphalt industry, aligning with national policies and long-term infrastructure goals[5]. - The company is actively developing ten innovative asphalt products, focusing on environmental sustainability and performance enhancement[36]. - The company has a diversified product line, including 18 grades of specialized asphalt products, which are essential for various infrastructure projects[29]. - The company has established a diverse product line with 18 different grades of asphalt, catering to various market needs[36]. Operational Challenges and Risks - The company reported a significant impact from the COVID-19 pandemic in the first half of 2020, leading to a drop in international crude oil prices and a corresponding decline in asphalt product prices, resulting in losses on some orders[5]. - The company faces risks related to accounts receivable due to lengthy payment approval processes from state-owned highway construction units, although historical data shows a low likelihood of bad debt losses[7]. - Fluctuations in raw material prices, particularly asphalt derived from crude oil, pose a risk to the company's cost control and profit margins, as significant price changes can affect procurement costs[9]. - The company's operations are highly dependent on the planning and cycles of new construction projects for high-grade highways and bridges, which are influenced by national infrastructure development plans[8]. - The company is facing challenges from international crude oil price fluctuations, which impact the cost of raw materials for modified asphalt[33]. - The company recognizes potential risks related to accounts receivable due to lengthy payment cycles from state-owned highway construction units[79]. Cash Flow and Investment - The net cash flow from operating activities decreased by 59.80% to ¥64,506,679.49, primarily due to a reduction in cash received from sales[58]. - The net cash flow from investment activities increased by 652.45% to ¥285,871,575.08, attributed to a decrease in investment in financial products[58]. - The net cash flow from financing activities decreased by 784.30% to -¥429,411,754.63, mainly due to a reduction in bank loans received[58]. - The company's research and development investment accounted for 2.63% of operating revenue, down from 3.44% in the previous year[58]. - The total amount of investment income was ¥8,874,811.72, contributing 430.70% to the total profit[61]. Corporate Governance and Management - The company has a diverse board with members holding various professional backgrounds, including finance, engineering, and law[137][138]. - The company has established a performance evaluation and incentive mechanism for senior management, ensuring accountability for any legal violations[152]. - The audit committee supervises the implementation of internal audit systems and reviews financial information[153]. - The company emphasizes investor relations management, ensuring timely and accurate information disclosure through multiple channels[152]. - The company has a dedicated investor hotline and conducts online performance briefings to enhance transparency[152]. - The company maintains absolute independence from its controlling shareholder in business, personnel, assets, institutions, and finance[155]. Employee and Labor Relations - The company has a total of 401 employees, with 119 in the parent company and 282 in major subsidiaries[145]. - Employee training programs are implemented to enhance skills and management capabilities, utilizing both internal and external resources[147]. - The company adheres to national labor laws and provides various insurance and benefits to employees[146]. - The remuneration for the board of directors and senior management is determined based on the company's profitability and individual performance[142]. - Total remuneration for the chairman is 29.71 million CNY, while the general manager receives 53.2 million CNY[144]. Audit and Compliance - The company received a standard unqualified audit opinion for its financial statements for the year ended December 31, 2020[170]. - The internal control evaluation report was disclosed on April 26, 2021, indicating that all units within the evaluation scope accounted for 100% of the company's consolidated total assets and revenue[164]. - The company reported zero significant defects in internal control for both financial and non-financial reports during the reporting period[165]. - The management's assessment of the bad debt provision for accounts receivable was deemed reasonable based on the audit procedures performed[173].

Financial Performance - The company's operating revenue for Q1 2021 was ¥323,540,810.15, representing an increase of 82.54% compared to ¥177,243,728.34 in the same period last year[8]. - The net profit attributable to shareholders was -¥17,362,684.14, a decrease of 9.11% from -¥15,913,653.83 year-on-year[8]. - The basic and diluted earnings per share were both -¥0.0188, reflecting an 8.67% decline from -¥0.0173 in the previous year[8]. - The net loss attributable to shareholders for the quarter was 17.36 million yuan, indicating a challenging profit environment despite revenue growth[17]. - The company reported a total comprehensive loss of CNY 18,322,507.23 for Q1 2021, slightly worse than the loss of CNY 18,309,421.92 in the previous year[39]. - The net profit for the first quarter of 2021 was -12,486,174.36 CNY, compared to -5,913,190.64 CNY in the same period last year, indicating a significant increase in losses[42]. - The company's gross profit margin decreased, with operating profit recorded at -CNY 14,455,624.91 for Q1 2021, slightly improved from -CNY 14,864,070.84 in the prior year[38]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to ¥7,777,067.12, compared to -¥55,922,505.71 in the previous year, marking a 113.91% increase[8]. - The total financial assets increased by 183.81% to 85.68 million yuan, attributed to the purchase of more financial products[16]. - Cash and cash equivalents decreased to ¥576,852,959.15 from ¥735,107,255.01, representing a decline of approximately 21.5%[28]. - The company incurred a total of 440,250,109.25 CNY in cash outflows from operating activities, compared to 337,621,148.52 CNY in the previous year[46]. - The total cash and cash equivalents at the end of the period were ¥234,050,113.44, a decrease from ¥375,492,953.18 at the end of the previous year[50]. Liabilities and Equity - Total liabilities decreased to ¥1,277,222,803.64 from ¥1,374,105,463.05, a decline of about 7.0%[30]. - The company's equity attributable to shareholders decreased to ¥1,236,612,236.77 from ¥1,253,575,467.70, reflecting a decline of about 1.4%[31]. - Total liabilities as of Q1 2021 amounted to CNY 1,282,616,243.20, compared to CNY 1,223,257,801.29 at the end of the previous year, showing an increase of about 4.8%[37]. - Total equity decreased to CNY 1,117,202,779.36 from CNY 1,129,688,953.72, indicating a decline of approximately 1.1%[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 49,501[12]. - The largest shareholder, Zhou Dehong, holds 30.65% of the shares, amounting to 282,440,928 shares, which are currently pledged[12]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13]. Operational Insights - The company's research and development expenses rose by 117.43% to 8.73 million yuan, reflecting increased investment in innovation[16]. - The inventory level increased by 51.01% to 305.97 million yuan, driven by higher asphalt procurement during the period[16]. - The company faces risks related to accounts receivable, particularly due to lengthy payment approval processes from major clients, which could lead to potential bad debt losses[17]. - The company is focusing on expanding its market presence in the underdeveloped central and western regions of China, leveraging the "Belt and Road" initiative to enhance infrastructure development[18]. - The company is implementing measures to mitigate raw material price volatility risks, including establishing long-term supplier relationships and engaging in futures hedging[19].

Financial Performance - Net profit attributable to shareholders increased by 195.33% to CNY 33,808,736.34 for the current period[7] - Basic earnings per share rose by 195.97% to CNY 0.0367[7] - Operating income increased significantly by 2,629.88% to ¥7,452,691.28, primarily from received park subsidies[16] - Operating profit increased to CNY 35,542,588.28 from CNY 16,129,115.55 year-over-year[35] - Net profit for Q3 2020 reached CNY 33,915,254.17, compared to CNY 11,273,180.55 in the same period last year, representing a growth of approximately 201%[35] - Total comprehensive income for the period was CNY 32,938,123.38, compared to CNY 27,530,273.67 in the previous year[36] - The company reported a total profit of ¥8,525,953.12 for the current period, down from ¥50,469,273.26 in the previous period, representing a decline of approximately 83.1%[43] Revenue and Costs - Operating revenue decreased by 0.89% to CNY 818,327,168.65 compared to the same period last year[7] - Total operating revenue for the current period is ¥1,394,190,033.06, a decrease from ¥1,684,768,215.22 in the previous period, representing a decline of approximately 17.2%[42] - Total operating costs for the current period are ¥1,395,690,976.79, down from ¥1,666,255,396.51 in the previous period, indicating a decrease of about 16.3%[42] Assets and Liabilities - Total assets decreased by 6.27% to CNY 2,717,662,961.10 compared to the end of the previous year[7] - Total liabilities increased by 62.60% to ¥106,935,056.90, due to reclassification of long-term borrowings and payables[15] - Owner's equity totaled CNY 1,250,333,489.26, down from CNY 1,260,387,047.34, reflecting a decrease of about 0.87%[28] - Total liabilities decreased to CNY 1,467,329,471.84 from CNY 1,639,097,641.55, a reduction of about 10.5%[27] - Current liabilities totaled CNY 1,308,552,630.56, down from CNY 1,404,870,343.42, indicating a decrease of approximately 6.84%[27] Cash Flow - The net cash flow from operating activities was negative at CNY -73,080,301.12, a decrease of 208.87%[7] - The net cash flow from operating activities for Q3 2020 was -174,723,893.72 CNY, compared to -190,014,079.13 CNY in Q3 2019, indicating a slight improvement[51] - The net cash flow from investment activities was 195,523,917.83 CNY, an increase from 97,376,148.15 CNY in Q3 2019, indicating improved investment performance[52] Shareholder Information - The total number of shareholders at the end of the reporting period was 58,676[11] - The largest shareholder, Zhou Dehong, holds 30.65% of the shares, with 211,830,696 shares pledged[11] Research and Development - Research and development expenses decreased to CNY 19,895,400.66 from CNY 30,730,712.60, indicating a reduction of about 35%[34] - Research and development expenses for the current period amount to ¥32,577,396.18, down from ¥49,664,516.51 in the previous period, a decrease of about 34.5%[42] Other Financial Metrics - The weighted average return on equity increased to 2.73%, up from 1.83%[7] - Non-recurring gains and losses totaled CNY 12,631,036.58 for the current period[9] - The company reported an investment income of CNY 3,512,286.37, a significant recovery from a loss of CNY 5,380,314.12 in the previous period[34] - The company incurred a financial expense of CNY 13,168,443.68, down from CNY 18,705,921.09, marking a reduction of about 30%[34]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 575,862,864.41, a decrease of 32.97% compared to CNY 859,082,357.76 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was a loss of CNY 30,755,794.78, representing a decline of 212.65% from a profit of CNY 27,302,450.71 in the previous year[23]. - The basic and diluted earnings per share were both CNY -0.0334, a decline of 212.84% from CNY 0.0296 in the same period last year[23]. - The company reported a total comprehensive loss of CNY 33,775,681.47 for the first half of 2020, compared to a comprehensive income of CNY 9,153,233.36 in the previous year[134]. - The company's revenue for the reporting period was ¥575,862,864.41, a decrease of 32.97% compared to the same period last year, primarily due to a decline in the average selling price of asphalt[46]. - The net profit for the first half of 2020 was a loss of approximately 13.43 million, compared to a profit of 15.09 million in the first half of 2019[137]. - The total operating profit for the first half of 2020 was a loss of approximately 8.35 million, down from a profit of 24.82 million in the same period of 2019[137]. - The company reported a significant increase in other income to approximately 966,337.25 in the first half of 2020, compared to 1.98 million in the same period of 2019[137]. Cash Flow and Assets - The net cash flow from operating activities improved by 60.47%, amounting to a loss of CNY 101,643,592.60 compared to a loss of CNY 257,142,418.74 in the same period last year[23]. - The company's cash and cash equivalents decreased by 21.19% to -¥243,368,828.37, reflecting improved cash flow from operating and investing activities[46]. - The total assets at the end of the reporting period were CNY 2,942,473,888.66, an increase of 1.48% from CNY 2,899,484,688.89 at the end of the previous year[23]. - The company's total assets increased to CNY 3,663,815,218.01 in the first half of 2020, up from CNY 2,624,659,122.35 in the same period of 2019[130]. - The company's total liabilities increased to CNY 1,715,862,522.79 from CNY 1,639,097,641.55, marking an increase of approximately 4.67%[125]. - The company's current assets totaled CNY 2,079,284,120.46, compared to CNY 2,012,253,748.47 at the end of 2019, reflecting an increase of approximately 3.33%[124]. - The inventory increased significantly from CNY 154,697,617.52 to CNY 220,498,726.91, reflecting an increase of about 42.5%[123]. Operational Challenges and Risks - The company faces risks related to accounts receivable, industry cyclicality, and fluctuations in raw material prices, particularly asphalt[6][8][9]. - The company faced significant operational challenges due to upstream suppliers and downstream customers not fully resuming operations[43]. - The company is exposed to cyclical risks in the industry, heavily reliant on infrastructure projects for revenue[69]. - The company faces risks from fluctuations in raw material prices, particularly asphalt, which is influenced by crude oil prices[70]. Research and Development - The company is developing several innovative road materials, including high-performance modified asphalt for extreme cold regions and UV-resistant materials, all aimed at industrialization[37]. - The company has developed multiple patented technologies related to asphalt, including methods for low-noise asphalt and high-weather-resistant asphalt, enhancing its product offerings[42]. - Research and development expenses were ¥12,681,995.52, down 33.02% year-on-year, mainly due to a decrease in the quantity and unit price of direct materials used[46]. Market and Business Strategy - The company plans to continue expanding its market presence and improving operational efficiency in response to the challenges faced during the pandemic[43]. - The company plans to focus on infrastructure construction in the central and western regions of China, leveraging the "Belt and Road" initiative[70]. - The company has established subsidiaries in Jiangsu, Hunan, Shaanxi, Sichuan, Xinjiang, Tibet, and Jilin, expanding its business coverage across East China, Central China, Northwest China, and Southwest China[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,354[105]. - The largest shareholder, Zhou Dehong, holds 30.65% of the shares, totaling 70,610,232 shares[106]. - Zhou Xiufeng, the second-largest shareholder, holds 4.73% of the shares, totaling 43,567,200 shares[106]. Governance and Compliance - The financial report for the first half of 2020 was not audited[121]. - The financial statements comply with the accounting standards set by the Ministry of Finance, ensuring accurate reflection of the company's financial status[167]. - The company has not engaged in any related party transactions during the reporting period[83]. Environmental and Social Responsibility - The company has not engaged in any major environmental violations and adheres to national emission standards for its asphalt production[96]. - There are no ongoing or planned poverty alleviation initiatives as of the reporting period[97].