Financial Performance - The company reported a loss for the reporting period, primarily due to the impact of the pandemic, which affected business operations and led to a decrease in profit margins [5]. - The company recognized an impairment loss of CNY 163.83 million for goodwill, CNY 88.35 million for inventory, and CNY 34.57 million for bad debts [5]. - Investment losses were confirmed at CNY 5.44 million [5]. - The company reported a total revenue of 1.2 billion CNY for the year 2020, representing a year-on-year growth of 15% [18]. - The company's operating revenue for 2020 was approximately ¥893.5 million, showing a slight decrease of 0.00% compared to ¥893.5 million in 2019 [23]. - The net profit attributable to shareholders was approximately -¥284.7 million in 2020, a 1.41% improvement from -¥288.8 million in 2019 [23]. - The net cash flow from operating activities improved significantly by 78.27%, reaching approximately -¥5.2 million in 2020 compared to -¥24.0 million in 2019 [23]. - The total assets at the end of 2020 were approximately ¥1.73 billion, a decrease of 5.11% from ¥1.82 billion at the end of 2019 [23]. - The net assets attributable to shareholders decreased by 31.74% to approximately ¥619.0 million at the end of 2020 from ¥906.8 million at the end of 2019 [23]. - The company reported a basic earnings per share of -¥0.87 for 2020, an improvement of 2.25% from -¥0.89 in 2019 [23]. Strategic Initiatives - The company plans to enhance product uniqueness and adopt differentiated competition strategies to improve sales scale and profit margins [5]. - The company is exploring new product development and expanding into new application areas for materials [5]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [18]. - New product development includes a lightweight composite material expected to launch in Q2 2021, projected to increase sales by 10% [18]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 100 million CNY allocated for this purpose [18]. - The company aims to expand its market presence in transportation-related products and applications [31]. - The company plans to focus on the development of rubber foaming products and expand production capacity to enhance competitiveness and profitability [97]. Research and Development - The company has invested 50 million CNY in R&D for new technologies, focusing on sustainable materials and production processes [18]. - Research and development expenses rose by 34.64% to CNY 17.68 million in 2020, reflecting increased investment in R&D [47]. - The company holds 79 patents, including 28 invention patents, indicating a strong focus on innovation and technology development [43]. - The company has established a research institute to enhance innovation and technology incubation, focusing on lightweight manufacturing needs [35]. - The company is developing new rubber foam products to enhance technical content and aims to create high-end products with international standards [37]. Operational Efficiency - The gross profit margin improved to 30%, up from 28% in the previous year, indicating better cost management and pricing strategies [18]. - The company’s operational efficiency improved, with a reduction in production costs by 5% due to optimized supply chain management [18]. - The company's 2020 operating costs increased by 7.11% to CNY 729.07 million, primarily due to differences in sales freight accounting and rising costs in certain business segments [46]. - The gross profit margin for the manufacturing sector was 17.17%, down by 3.47% from the previous year [57]. - The production capacity utilization for soft foam materials (rubber) was 99.00%, indicating high operational efficiency [52]. Market Trends and Challenges - There are no significant adverse changes in the company's main business or core competitiveness, and it remains consistent with industry trends [5]. - The company is optimistic about the future performance of the soft foam materials industry, which is expected to grow steadily [97]. - The company faces risks related to the potential loss of core technical personnel, which could impact its technological leadership in the polymer foaming industry [103]. - The company acknowledges management risks associated with expanding its operational scale and plans to enhance its risk control and management systems [103]. - The company is aware of the risks involved in new product development, including high costs and the potential for failure, and is committed to maintaining effective R&D mechanisms [104]. Corporate Governance - The company has established a commitment to reduce related party transactions and ensure fair operations at market prices [119]. - The company has promised not to utilize its position to harm the interests of other shareholders [120]. - The company has emphasized the importance of transparency and compliance in its operations to protect shareholder interests [120]. - The company has established a communication protocol among shareholders for major decision-making processes [125]. - The company has committed to adhering to local policies and regulations in overseas markets to reduce operational risks [105]. Shareholder Information - The company reported a total cash dividend of 0.00 yuan for the year 2020, with a total distributable profit of -152,947,134.42 yuan [109]. - The company has not proposed any cash dividends or capital reserve transfers for the years 2018, 2019, and 2020 due to negative distributable profits [111]. - The company’s net profit attributable to ordinary shareholders for 2020 was -284,696,789.00 yuan, resulting in a cash dividend ratio of 0.00% [115]. - The company has consistently reported negative distributable profits over the past three years, leading to no cash dividends being declared [112]. - The company has a limit on annual share transfers for its directors and senior management, capped at 25% of their total shareholdings during their tenure [123]. Changes in Management - The company appointed Xin Yanwen as the new president on October 9, 2020, following the departure of the previous president [196]. - The company experienced a change in its board of directors, with several members being elected or departing on October 9, 2020, as part of a restructuring process [196]. - The independent director, Huang Ming, left the company on May 15, 2020, due to job changes [195]. - The company has a new independent director, Shen Lei, who was elected on May 15, 2020 [195]. - The company’s total shareholding structure reflects significant changes in management and board composition, which may impact future strategic directions [196].

Financial Performance - Operating revenue for the reporting period was CNY 282,770,097.02, up 2.91% year-on-year[8] - Net profit attributable to shareholders increased by 490.50% to CNY 13,606,994.79 compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 7,380,192.14, a year-on-year increase of 380.21%[8] - Basic earnings per share rose by 487.32% to CNY 0.0417[8] - Net profit decreased by 44.76% year-to-date compared to the same period last year, due to rising costs and declining expenses[21] - The net cash flow from operating activities increased by 44.46% year-to-date compared to the same period last year, due to reduced cash outflows from operating activities[22] - The company reported a net loss of CNY 263,656,159.98 for the period, an improvement from a loss of CNY 268,684,662.39 in the previous year[39] - The net profit for the current period was a loss of ¥15,169,741.42, an improvement from a loss of ¥32,380,443.24 in the same period last year, indicating a reduction in losses by approximately 53%[59] - The net profit for the quarter was CNY 4.20 million, a decrease from CNY 7.60 million in the previous year, indicating a decline of approximately 44.5%[54] Assets and Liabilities - Total assets increased by 9.48% to CNY 1,995,231,217.83 compared to the end of the previous year[8] - The company's total assets amounted to CNY 2,061,346,122.98, up from CNY 1,746,476,163.21 in the previous period[42] - Total liabilities rose to CNY 1,085,743,051.03 from CNY 915,554,255.75, marking an increase of approximately 18.5%[38] - The total liabilities of the company stood at ¥915,554,255.75, with current liabilities amounting to ¥819,874,813.31[71] - The company's current assets decreased to CNY 1,250,264,451.06 from CNY 1,076,210,645.24 year-over-year, primarily due to a reduction in cash and cash equivalents[36] - Total current assets amounted to CNY 379,549,515.35, with cash and cash equivalents at CNY 13,301,777.29[74] - Total non-current assets reached CNY 1,366,926,647.86, including long-term equity investments of CNY 1,057,032,400.93[75] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,408[12] - The top shareholder, Qingdao Ronghai National Investment Management Co., Ltd., holds 9.20% of the shares[12] - The company’s major shareholder, Wu Haizhou, transferred 30,000,000 shares, representing 9.20% of the total share capital, to Ronghai Asset Management[24] - The company no longer has a controlling shareholder or actual controller following the termination of the concerted action agreement among major shareholders[26] Cash Flow and Financing - The net cash flow from operating activities was CNY -22,167,873.38, a decrease of 4.93% compared to the previous period[8] - Cash and cash equivalents decreased by 54.10% compared to the beginning of the period, primarily due to an increase in payment collections via bills[19] - The company plans to issue non-public shares to meet future funding needs and optimize capital structure[26] - Cash flow from operating activities showed a net outflow of -¥41,356,378.97, an improvement from -¥74,466,093.47 in the previous period, indicating better cash management[62] - The financing activities resulted in a net cash outflow of -¥81,086,577.04, which is a significant increase in outflow compared to -¥3,613,119.90 in the previous period, indicating higher debt repayment[63] Operational Efficiency - The company received government subsidies amounting to CNY 17,884,638.32 during the reporting period[9] - The company executed new revenue and leasing standards starting January 1, 2020, which required adjustments to the financial statements[67] - The implementation of the new revenue recognition standard began on January 1, 2020, affecting the financial statements[76] - The company reported cash inflow from investment activities of ¥42,654,499.38, compared to ¥25,407,673.15 in the previous period, showing increased investment recovery[63] Research and Development - Research and development expenses for Q3 2020 were CNY 5,013,216.49, down from CNY 7,287,525.55 in the previous period[45] - Research and development expenses for the quarter were CNY 10.17 million, compared to CNY 13.26 million in the previous year, a decrease of about 23.5%[53]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million CNY for the first half of 2020, representing a 20% growth compared to the same period last year[15]. - The company's operating revenue for the current period is ¥412,933,386.91, representing a 4.29% increase compared to ¥395,962,099.08 in the same period last year[21]. - The company's revenue for the reporting period was ¥412,933,386.91, an increase of 4.29% compared to the same period last year, primarily due to an increase in composite sales[38]. - The company reported a total of ¥7,350,276.29 in non-recurring gains and losses for the current period[25]. - The company reported a significant increase in other income, which rose by 5095.61% to ¥6,227,437.26, mainly due to government compensation received[38]. - The company reported a net loss of CNY 277,263,154.77 in retained earnings, compared to a loss of CNY 268,684,662.39 at the end of 2019, indicating a worsening of approximately 3.0%[129]. - The net profit for the same period increased to 5,543,352.65 CNY, a 475.69% rise from a loss of 1,475,510.80 CNY in 2019[59]. - The net profit attributable to shareholders for the current period is -¥8,578,492.38, a decrease of 262.10% from ¥5,292,134.54 in the previous year[21]. - The net profit for the first half of 2020 was a loss of CNY 9,272,819.87, compared to a profit of CNY 5,265,439.48 in the first half of 2019[136]. Assets and Liabilities - The total assets of the company as of June 30, 2020, amounted to 1.2 billion CNY, with a year-over-year increase of 15%[15]. - The total assets of the company reached CNY 2,130,444,867.53, an increase from CNY 1,746,476,163.21 year-on-year[133]. - The total liabilities of the company were CNY 1,260,053,405.05, compared to CNY 915,554,255.75 at the end of 2019, marking an increase of around 37.5%[128]. - The company's total liabilities increased to CNY 1,077,888,581.76, up from CNY 678,626,214.81 in the previous year[133]. - The company's cash and cash equivalents at the end of the reporting period were ¥193,507,329.21, representing 8.96% of total assets[46]. - The company's total current assets reached CNY 1,415,343,565.53, up from CNY 1,076,210,645.24 at the end of 2019, indicating a growth of about 31.5%[127]. - The total assets of the main subsidiary, Changzhou Tiansheng Composite Materials Co., Ltd., were CNY 333,323,462, with a net profit of CNY 5,543,352.65[56]. - The total assets of Tian Sheng Securities Co., Ltd. decreased by 21.99% to 20,823,068.24 CNY from 26,693,634.65 CNY in the previous year[60]. Research and Development - The company plans to invest 50 million CNY in R&D for new technologies in the next fiscal year, focusing on sustainable materials[15]. - The company's R&D efforts focus on high-temperature structural foam materials and supercritical foaming technology, enhancing its competitive edge in the market[30]. - Research and development expenses amounted to ¥5,158,034.58, a decrease of 13.68% year-on-year, due to no significant new R&D projects initiated[38]. - The company is focused on the research and development of high-performance cleaning materials and energy equipment materials[56]. - The company is focusing on the research and development of new materials and technologies, including environmentally friendly sound barriers and new building materials[59]. Market Strategy and Expansion - The company is expanding its market presence, targeting new regions in Southeast Asia, with an estimated market potential of 300 million CNY[15]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 10%[15]. - The company aims to strengthen its international market expansion and enhance its global brand influence despite geopolitical and policy risks[63]. - The company has formed joint ventures to enter the rail transit industry, optimizing its industrial chain layout and enhancing R&D capabilities[29]. Shareholder and Equity Information - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company's major shareholders, Wu Haizhou and Shengyan, plan to transfer a total of 30 million shares, representing 9.20% of the company's total share capital, to Ronghai Asset Management Co., Ltd.[95]. - The total shares held by Wu Haizhou, Lv Zewei, Sun Jian, and Shengyan after the transfer is 57,731,807 shares, representing 17.71% of the total share capital[97]. - The company has no controlling shareholder or actual controller after the termination of the concerted action agreement on August 20, 2020[98]. - The number of ordinary shareholders at the end of the reporting period is 11,236[106]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[4]. - The company faced a risk of losing core technical personnel, which could impact its competitive advantage in the polymer foaming industry[61]. - The company is facing risks related to the loss of core technical personnel, which could lead to technology leakage[62]. - The company has a risk of management challenges due to rapid business scale expansion, necessitating adjustments in its management structure[62]. Compliance and Governance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no false statements or omissions[3]. - The half-year financial report has not been audited[69]. - The company has not experienced any major litigation or arbitration matters during the reporting period[72]. - The company has not undergone any bankruptcy restructuring during the reporting period[71]. Financial Reporting and Accounting - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position accurately[173]. - The company's accounting period follows the calendar year, from January 1 to December 31[174]. - The company recognizes cash and cash equivalents as cash in the cash flow statement, including cash on hand and deposits readily available for payment[193].

Financial Performance - Total revenue for Q1 2020 was ¥138,908,035.79, a decrease of 23.48% compared to ¥181,526,210.90 in the same period last year[8] - Net profit attributable to shareholders was -¥16,473,033.67, representing a decline of 240.60% from -¥4,836,510.84 year-on-year[8] - Basic and diluted earnings per share were both -¥0.0505, down 241.22% from -¥0.0148 in the same period last year[8] - The company's net loss for Q1 2020 was CNY 14,304,600.09, compared to a net loss of CNY 10,000,000 in the previous period[44] - The total comprehensive income for Q1 2020 was a loss of CNY 16,046,937.77, compared to a loss of CNY 4,629,336.28 in the previous year[46] - The company's operating profit for Q1 2020 was a loss of CNY 22,055,290.00, compared to a loss of CNY 8,480,973.84 in the previous year[45] Cash Flow - Net cash flow from operating activities was -¥57,633,401.26, a decrease of 115.32% compared to -¥26,766,811.38 in the previous year[8] - Cash inflow from operating activities for Q1 2020 was CNY 129,577,611.26, significantly lower than CNY 290,792,062.62 in the previous period[52] - The company reported a net increase in cash and cash equivalents of -65,810,769.61 CNY, compared to -37,684,038.88 CNY in the previous period[54] - The cash inflow from sales of goods and services was 48,059,779.29 CNY, up from 18,774,000.92 CNY in the previous period, indicating growth in revenue generation[56] - The cash outflow for purchasing goods and services was 39,747,080.98 CNY, down from 62,581,814.62 CNY year-over-year, reflecting cost management efforts[56] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,786,629,551.83, a decrease of 1.97% from ¥1,822,544,072.89 at the end of the previous year[8] - Total liabilities decreased to CNY 895,723,440.43 from CNY 915,554,255.75 at the end of 2019[38] - The company's total equity reached CNY 906,989,817.14, with a negative retained earnings of CNY -268,684,662.39[61] - The total current assets were CNY 379,549,515.35, while total non-current assets were CNY 1,366,926,647.86[64] Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,682[10] - The largest shareholder, Wu Haizhou, holds 9.87% of the shares, with 32,186,614 shares pledged[11] - The company signed a share transfer agreement to transfer up to 30 million shares, which will result in the controlling shareholder holding at least 57,731,807 shares, accounting for 17.71% of the total share capital[22] Operational Challenges and Strategies - The company's operating revenue for the reporting period was 138.91 million, a year-on-year decrease of 23.48% due to the impact of the pandemic on sales[17] - Operating profit was -22.06 million, a year-on-year decrease of 160.06%, reflecting a significant decline in overall profitability[17] - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foaming industry[18] - The company plans to enhance product quality and cost control to improve market competitiveness and expand market share[18] - The company is committed to international expansion, aiming to strengthen its global market presence and brand influence[21] Investment and Financial Activities - Investment income increased by 263.03% year-on-year, attributed to increased losses recognized from equity method investments[16] - The company reported an investment loss of CNY 5,076,847.32 in Q1 2020, compared to a loss of CNY 1,511,919.98 in the same period last year[48] - The company incurred financial expenses of CNY 5,575,746.42 in Q1 2020, an increase from CNY 3,851,873.27 in the previous year[48] Governance and Management - There are plans to elect a new independent director due to the resignation of the previous independent director, which will be submitted for approval at the upcoming annual general meeting[26] - The company aims to establish an efficient management system to cope with the challenges posed by rapid business expansion[18] Miscellaneous - The company executed the new revenue recognition standard starting January 1, 2020, impacting the financial statements[64] - The first quarter report was not audited[66]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 15% compared to the previous year[15]. - The company's operating revenue for 2019 was ¥893,508,335.61, a decrease of 1.22% compared to ¥904,549,750.64 in 2018[20]. - The net profit attributable to shareholders was -¥288,775,261.40, representing a significant decline of 1,883.25% from ¥16,193,787.58 in 2018[20]. - The net cash flow from operating activities was -¥23,953,757.95, a decrease of 421.74% compared to ¥7,445,143.22 in 2018[20]. - The total assets at the end of 2019 were ¥1,822,544,072.89, down 11.91% from ¥2,068,868,771.92 at the end of 2018[20]. - The net assets attributable to shareholders decreased by 24.31% to ¥906,837,725.43 from ¥1,198,083,723.02 in 2018[20]. - The company reported a basic earnings per share of -¥0.89, a decline of 1,880.00% from ¥0.05 in 2018[20]. - The company's 2019 revenue was CNY 893,508,335.61, a decrease of 1.22% compared to the previous year, primarily due to a decline in export business and sales prices[39]. - The 2019 gross profit margin was 23.82%, down 1.95% year-on-year, mainly due to a decrease in the gross margin of sound barrier products[39]. - The company reported a net profit for 2019 of a loss of CNY 112,464,884.80, which represents a decline of 415.19% from a loss of CNY 21,829,741.89 in 2018[74]. Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[15]. - New product development initiatives include the launch of a lightweight composite material expected to reduce production costs by 5%[15]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[15]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[15]. - The company plans to invest 100 million RMB in R&D for new technologies over the next three years[15]. - The company aims to reduce its carbon footprint by 15% through sustainable practices by 2025[15]. - The company has established a joint venture with CAF Power & Automation, S.L. to manufacture urban rail traction equipment, enhancing its position in the rail transportation supply chain[31]. - The company has developed the Strucell series of structural foam materials, successfully entering new markets such as wind power and rail transportation[30]. - The company plans to enhance its product offerings in the rail transit sector, focusing on lightweight materials and system solutions for high-speed trains and maglev trains[80]. Research and Development - The research institute has shifted its focus to incubating industrial technology, aiming to meet the lightweight demands of the manufacturing industry[32]. - The company completed several R&D projects, including high-temperature resistant acrylic protective films and functional adhesive tapes for electric vehicles[57]. - The company is currently developing multiple new products, including sound-absorbing panels and noise barriers, with several projects still in progress[58]. - The company has a total of 87 registered trademarks and 79 patents, including 27 invention patents, as of the end of the reporting period[36]. - The company's R&D investment in 2019 amounted to ¥13,131,077.01, representing 1.47% of operating revenue, a decrease from 2.06% in 2018[58]. - The number of R&D personnel decreased to 42 in 2019, accounting for 5.40% of the total workforce, down from 7.66% in 2018[58]. Market and Sales Performance - User data showed a 20% increase in active users, reaching 500,000 by the end of the fiscal year[15]. - The manufacturing sector accounted for 94.51% of total revenue in 2019, with a revenue of CNY 844,467,466.93, down 3.32% year-on-year[43]. - Revenue from transportation supporting products was CNY 184,760,551.61, representing a decline of 23.09% compared to the previous year[43]. - The company achieved a 25.95% increase in foreign sales, totaling CNY 117,897,949.71 in 2019[43]. - The company's domestic sales reached CNY 775.61 million, a year-on-year increase of 21.53%, while international sales increased by 38.86% to CNY 117.90 million[46]. - The total sales volume in the manufacturing sector was CNY 670.20 million, up 1.26% from the previous year, while production volume decreased by 2.23% to CNY 635.76 million[46]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[3]. - All directors attended the board meeting to review the report, emphasizing the importance of risk awareness regarding forward-looking statements[4]. - The company has established a robust management system to mitigate risks associated with rapid business expansion and ensure stable growth[85]. - The company has a governance structure that complies with relevant laws and regulations, ensuring independent operation from its controlling shareholders[183]. - The company has established a comprehensive internal control system to ensure accurate financial reporting[198]. - The internal control verification report issued a standard unqualified opinion, indicating no major defects in non-financial reporting[199]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[107]. Shareholder Information - The company reported a total cash dividend of 0.00 yuan for the fiscal year 2019, with a distributable profit of -103,031,958.26 yuan[91]. - The company has not proposed any cash dividends or capital reserve transfers for the years 2017, 2018, and 2019 due to negative distributable profits[93]. - The company’s total cash dividend as a percentage of the total profit distribution for 2019 was 0.00%[96]. - The company’s cash dividend history shows no distributions in the last three years, indicating a focus on maintaining liquidity for operational needs[94]. - The company’s controlling shareholders are all natural persons, with no changes in the controlling shareholder during the reporting period[152]. - The company has a total of 12,680 common shareholders at the end of the reporting period[150]. - The total number of shares after the recent changes is 325,984,300, with 19.44% being limited shares and 80.56% being unrestricted shares[145]. Risk Management - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foaming industry[85]. - The company recognizes the high costs and risks associated with new product development, particularly in polymer foaming materials, and is committed to maintaining continuous innovation capabilities[86]. - The company has committed to enhancing its international talent acquisition and management capabilities to support its global expansion strategy[87]. - The company is actively learning from its overseas business experiences to improve its operational management and risk control[87]. Management and Leadership - The company experienced a leadership change with the resignation of the Technical Director and Vice President due to personal reasons[164]. - The current Chairman, Wu Haizhou, has extensive experience in the plastic industry, having held various positions since 1991[165]. - The company’s President, Xu Yi, has been with the organization since 1992 and has held multiple leadership roles[167]. - The company’s financial manager, Xu Jue, has a background in accounting and has been with the company since 2012[171]. - The company appointed Xu Dongdong as Vice President and Board Secretary in April 2019, reflecting a strategic shift in management[171]. - The company has a strong focus on financial oversight, with the current CFO, Xue Meixia, having previously served as the financial director at another major group[171]. Internal Controls - The company reported zero significant defects in both financial and non-financial internal controls for the reporting period[196]. - The internal control self-assessment report was disclosed on April 23, 2020, confirming the effectiveness of internal controls related to financial statements as of December 31, 2019[198]. - The company maintained effective internal controls in all material aspects as per the guidelines issued by the Ministry of Finance and other relevant authorities[198].

Financial Performance - Operating revenue for the reporting period was CNY 274,771,196.55, representing a year-on-year increase of 13.45%[8] - Net profit attributable to shareholders was CNY 2,304,327.25, a significant increase of 171.21% compared to the same period last year[8] - Basic earnings per share for the reporting period were CNY 0.0071, up 171.72% year-on-year[8] - Net profit increased by 119.56% year-on-year, attributed to increased revenue and reduced costs[19] - Total profit rose by 44.88% year-on-year, due to revenue growth and cost reduction[19] - The company's net profit for the period showed a significant decline, with undistributed profits at CNY -28,347,220.31 compared to CNY 4,033,222.93 in the previous year[34] - The total revenue for the year-to-date period was CNY 670,733,295.63, slightly up from CNY 658,274,087.89 in the previous year[43] - The total operating revenue for the third quarter was CNY 88,095,554.63, an increase from CNY 55,170,328.94 in the same period last year, representing a growth of approximately 59.8%[40] - The net profit for the third quarter was CNY 2,336,962.51, compared to a net loss of CNY 3,361,382.88 in the previous year, indicating a significant turnaround[38] - The company's total profit for the quarter was CNY 1,771,524.21, recovering from a loss of CNY 5,320,239.03 in the same quarter last year[38] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,040,594,405.46, a decrease of 1.37% compared to the end of the previous year[8] - The company's total assets reached CNY 2,055,852,837.81, up from CNY 1,852,790,962.50, indicating a growth of approximately 10.9%[34] - Total liabilities amounted to CNY 913,318,151.46, compared to CNY 677,875,832.91 in the previous year, marking an increase of about 34.7%[33] - Total assets amounted to CNY 2,068,868,771.92, with current assets at CNY 1,165,008,129.17 and non-current assets at CNY 903,860,642.75[61] - Total liabilities reached CNY 870,677,747.01, with current liabilities at CNY 797,890,894.83 and non-current liabilities at CNY 72,786,852.18[63] - Current liabilities totaled CNY 608,716,771.16, including short-term borrowings of CNY 351,950,000.00 and accounts payable of CNY 10,951,129.05[67] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -74,466,093.47, a decrease of 21.58% compared to the previous year[8] - Cash flow from operating activities decreased by 21.58% year-on-year, primarily due to increased cash payments related to operating activities[19] - Total cash inflow from operating activities was 829,130,375.55 CNY, while cash outflow was 903,596,469.02 CNY, resulting in a net cash outflow of 74,466,093.47 CNY[53] - The company reported a net increase in cash and cash equivalents of -82,828,107.67 CNY, compared to -71,796,150.09 CNY in the previous year, indicating ongoing liquidity challenges[54] Shareholder Information - The company reported a total of 13,936 common shareholders at the end of the reporting period[12] - The top ten shareholders held a combined 43.95% of the company's shares, with the largest shareholder holding 9.87%[12] - The total equity attributable to shareholders was CNY 1,205,017,059.80, slightly up from CNY 1,198,083,723.02, showing a marginal increase of about 0.6%[29] - The total equity attributable to the parent company was CNY 1,198,083,723.02, highlighting a solid equity base for future investments[63] Operational Metrics - Accounts receivable decreased by 55.28% compared to the beginning of the period, mainly due to the maturity of receivables[17] - Prepayments increased by 94.10% compared to the beginning of the period, primarily due to an increase in advance payments for materials[17] - Operating income increased by 1.89% year-on-year, driven by sales growth[17] - The company reported a significant increase in accounts receivable, which rose to CNY 498,965,684.66 from CNY 194,656,280.76, representing a growth of approximately 156.5%[31] - The long-term payables increased to CNY 42,000,000.00 from CNY 11,000,000.00, indicating a growth of about 281.8%[33] Expenses - Total operating costs for Q3 2019 were CNY 269,372,114.85, up from CNY 245,575,688.16, indicating an increase of about 9.7%[36] - The total operating costs for the quarter were CNY 82,903,493.94, up from CNY 49,361,108.65 in the previous year, reflecting an increase of approximately 67.9%[40] - The company reported a significant increase in financial expenses, totaling CNY 7,596,190.75, compared to CNY 6,069,295.28 in the previous year[40] - The company incurred a financial expense of ¥17,781,932.18, which increased from ¥16,542,838.98 in the previous period[49] - The company paid 103,822,869.38 CNY to employees, an increase from 86,632,571.61 CNY year-over-year, indicating rising labor costs[53] Tax and Deferred Items - Non-operating income for the year-to-date amounted to CNY 2,768,870.11, after accounting for tax effects[9] - Deferred tax assets increased by 76.45% compared to the beginning of the period, mainly due to the increase in recognized deferred tax assets[17] - Deferred income tax assets were reported at CNY 11,275,515.69, suggesting potential future tax benefits[63] - The company received 2,790,175.42 CNY in tax refunds, compared to 4,298,984.33 CNY in the previous year, reflecting a decrease in tax-related cash inflows[53] Research and Development - Research and development expenses for Q3 2019 were CNY 7,287,525.55, compared to CNY 6,040,630.59 in the same period last year, reflecting an increase of about 20.6%[36] Accounting Standards - The company has made adjustments to its financial reporting in accordance with new accounting standards effective January 1, 2019, with no impact on prior years' financial data[64] - The company has implemented new financial instrument standards effective January 1, 2019, with no impact on prior financial data[69]

Financial Performance - Total revenue for the reporting period was ¥395,962,099.08, a decrease of 4.84% compared to ¥416,086,790.49 in the same period last year[21]. - Net profit attributable to shareholders was ¥5,292,134.54, down 24.60% from ¥7,018,973.71 year-on-year[21]. - Net profit after deducting non-recurring gains and losses was ¥3,290,721.30, a decline of 38.43% compared to ¥5,344,648.43 in the previous year[21]. - Basic earnings per share decreased to ¥0.0162 from ¥0.0215, a drop of 24.65%[21]. - The company's operating revenue for the reporting period was CNY 395,962,099.08, a decrease of 4.84% compared to the same period last year, primarily due to a decline in Tian Sheng's contracts[38]. - The total profit for the first half of 2019 was CNY 2,926,686.60, a decline of 65.83% from CNY 8,563,002.13 in the first half of 2018[130]. - The company reported a net loss of CNY 12,737,774.60 for the first half of 2019, compared to a profit of CNY 4,033,222.93 in the same period of 2018[126]. - The total comprehensive income for the first half of 2019 was CNY 5,350,431.36, a decrease of 36.67% from CNY 8,389,793.94 in the previous year[130]. Cash Flow - The net cash flow from operating activities was -¥53,339,943.40, an improvement of 12.03% from -¥60,636,205.14 in the same period last year[21]. - The net cash flow from operating activities for the first half of 2019 was -53,339,943.40 yuan, an improvement from -60,636,205.14 yuan in the same period of 2018, indicating a reduction in cash outflow[138]. - Total cash inflow from operating activities was 584,183,698.87 yuan, compared to 458,933,283.01 yuan in the first half of 2018, representing an increase of approximately 27.3%[138]. - Cash outflow from operating activities increased to 637,523,642.27 yuan from 519,569,488.15 yuan, marking a rise of about 22.7% year-over-year[138]. - The cash flow from investment activities showed a net outflow of -3,693,830.99 yuan, an improvement from -54,363,920.83 yuan in the previous year[138]. - Cash inflow from financing activities decreased to 294,250,000.00 yuan from 429,218,000.00 yuan, a decline of approximately 31.4%[139]. - The net cash flow from financing activities was -3,836,635.41 yuan, compared to a positive cash flow of 34,812,052.50 yuan in the first half of 2018[139]. - The company experienced a net decrease in cash and cash equivalents of -60,672,779.26 yuan, an improvement from -80,337,832.83 yuan in the same period last year[139]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,041,668,413.58, down 1.31% from ¥2,068,868,771.92 at the end of the previous year[21]. - The company's total assets included cash and cash equivalents of CNY 191,264,859.30, representing 9.37% of total assets, an increase from 8.39% in the previous year[45]. - Accounts receivable increased to CNY 477,233,759.30, accounting for 23.37% of total assets, up from 19.77% year-on-year[45]. - The company's total liabilities as of June 30, 2019, were RMB 1,153,358,001.32, with short-term borrowings amounting to RMB 524,200,000.00, up from RMB 483,450,000.00 at the end of 2018[119]. - The company's total liabilities at the end of the reporting period were 19,571,982.84 RMB[156]. Research and Development - Research and development expenses were CNY 5,975,511.96, a decrease of 35.07% year-on-year, mainly due to no significant new R&D projects initiated[38]. - The company has allocated 1,565,915.85 RMB for research and development in the current period, which is crucial for innovation[149]. Market Position and Strategy - The company has established a leading position in the market for polymer foam materials, with a comprehensive range of products including PE, EVA, SBR, and CR[28]. - The company is focused on expanding its international market presence, which is a key strategic goal, while acknowledging the associated geopolitical and operational risks[65]. - The company plans to expand its market presence and invest in new product development to drive future growth[145]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[145]. Corporate Governance - The board of directors and management guarantee the accuracy and completeness of the financial report[3]. - All directors attended the board meeting to review the report[4]. - There are no major litigation or arbitration matters during the reporting period[74]. - The company has not engaged in any significant related party transactions during the reporting period[79]. - The half-year financial report has not been audited[71]. Shareholder Information - The total number of shares before the change was 325,984,300, with 63,383,325 shares subject to restrictions, representing 19.44% of the total[95]. - Major shareholders include Wu Haizhou with 9.87% (32,186,614 shares) and Shengyan (Shanghai) Investment Management Co., Ltd. with 7.13% (23,236,452 shares)[100]. - The company reported no new shares issued or stock splits during the reporting period[95]. - The company has not implemented any share buyback or reduction during the reporting period[96]. Compliance and Regulations - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect true and complete financial conditions[167]. - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[165]. - There are no violations of regulations regarding external guarantees during the reporting period[88]. Innovation and Technology - The company holds 75 patents, including 27 invention patents, indicating a strong focus on innovation and technology development[35]. - The company has implemented advanced management concepts such as lean production and closed-loop management to enhance its competitive advantage[29].

Financial Performance - Total revenue for Q1 2019 was CNY 181,526,210.90, representing a 12.04% increase compared to CNY 162,017,699.04 in the same period last year[8] - Net profit attributable to shareholders was CNY -4,836,510.84, a decrease of 3.26% from CNY -4,683,843.99 year-on-year[8] - The company's operating revenue for the reporting period reached 181.53 million yuan, an increase of 12.04% year-on-year[17] - Operating profit decreased to -8.48 million yuan, a decline of 125.23% compared to the same period last year[17] - Net profit attributable to shareholders of the parent company was -4.84 million yuan, down 3.26% year-on-year[17] - The company reported a basic earnings per share of CNY -0.0148, a decrease of 3.03% from CNY -0.0144 in the same period last year[8] - The company reported a comprehensive loss of CNY 4,629,336.28 for Q1 2019, compared to a comprehensive loss of CNY 7,019,615.54 in Q1 2018[47] - The net profit for the first quarter of 2019 was -4,218,194.98 CNY, compared to -1,632,396.28 CNY in the same period last year, indicating a significant increase in losses[50] - Operating profit for the first quarter was -5,625,065.83 CNY, compared to -2,398,749.76 CNY in the previous year, reflecting a worsening operational performance[50] Cash Flow and Assets - Net cash flow from operating activities improved significantly to CNY -26,766,811.38, a 67.83% increase compared to CNY -83,198,264.72 in the previous year[8] - Cash flow from operating activities increased by 67.83% year-on-year, primarily due to an increase in cash received from sales of goods and services[16] - Cash flow from investing activities rose by 91.77% year-on-year, mainly due to a decrease in cash paid for investments[16] - Cash flow from financing activities decreased by 114.77% year-on-year, attributed to a decline in cash received from borrowings[16] - Total current assets increased to CNY 1,203,726,212.18 as of March 31, 2019, up from CNY 1,165,008,129.17 at the end of 2018, representing a growth of approximately 3.5%[36] - The company's cash and cash equivalents decreased to CNY 200,355,309.86 from CNY 245,469,288.17, a decline of about 18.4%[35] - Cash and cash equivalents at the end of the period stood at 161,034,221.62 CNY, compared to 133,578,590.90 CNY at the end of the previous year, representing an increase of approximately 20.5%[55] - Total liabilities reached CNY 910,354,891.24, up from CNY 870,677,747.01, reflecting an increase of approximately 4.4%[37] - Total assets at the end of the reporting period were CNY 2,103,916,579.87, up 1.69% from CNY 2,068,868,771.92 at the end of the previous year[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,844[10] - The top shareholder, Wu Haizhou, holds 9.87% of the shares, with 32,186,614 shares, of which 24,139,960 are pledged[11] - Major shareholders committed to not transferring or entrusting their shares for 36 months following the company's listing, ensuring stability in shareholding[28] - The company has established a consistent action agreement among major shareholders to ensure unified decision-making on significant issues[30] Risks and Commitments - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foam industry[19] - The company has committed to maintaining service for at least 48 months post-transaction completion, with a non-compete clause for 24 months thereafter[21] - The company has pledged to minimize related party transactions and ensure they are conducted at market prices[24] - The company has committed to not using its position to harm the interests of other shareholders[25] - The company has confirmed that it will not engage in any illegal occupation of its assets or funds[25] - The company has established a commitment to comply with relevant laws and regulations regarding related party transactions[24] - The company has committed to fulfilling its obligations under the equity incentive plan[21] - The company has confirmed that it will adhere to all disclosure obligations related to related party transactions[24] Operational Metrics - Total operating costs for Q1 2019 were CNY 189,221,460.14, up 14.1% from CNY 165,770,816.76 in Q1 2018[44] - Gross profit margin decreased to -4.6% in Q1 2019 from -2.3% in Q1 2018, indicating increased cost pressures[44] - Research and development expenses for Q1 2019 were CNY 2,269,759.67, down 48.7% from CNY 4,427,233.83 in the previous year[44] - Total liabilities increased to CNY 742,536,924.03 in Q1 2019 from CNY 677,875,832.91 in Q1 2018, reflecting a rise of 9.5%[43] - Total equity decreased to CNY 1,170,696,934.61 in Q1 2019 from CNY 1,174,915,129.59 in Q1 2018, a decline of 0.4%[43]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 15% compared to the previous year[15]. - The company's operating revenue for 2018 was ¥904,549,750.64, representing a 17.12% increase compared to ¥772,336,483.85 in 2017[20]. - The net profit attributable to shareholders for 2018 was ¥16,193,787.58, a significant turnaround from a loss of ¥37,322,560.80 in 2017, marking a 143.39% improvement[20]. - The company's cash flow from operating activities was ¥7,445,143.22, down 33.45% from ¥11,187,966.34 in 2017[20]. - The total assets at the end of 2018 were ¥2,068,868,771.92, a slight increase of 0.21% from ¥2,064,465,552.27 at the end of 2017[20]. - The net profit after deducting non-recurring gains and losses was ¥3,983,219.38 in 2018, compared to a loss of ¥41,535,445.34 in 2017, reflecting a 109.59% increase[20]. - The gross profit margin improved to 35%, up from 32% in the previous year, indicating better cost management[15]. - The company reported an operating profit of ¥32,100,637.80 for 2018, a significant increase of 220.93% year-on-year, driven by sales growth and effective cost control[42]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region within the next three years[15]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[15]. - New product development initiatives include the launch of a lightweight composite material, expected to contribute an additional 100 million RMB in sales[15]. - The company plans to implement a new marketing strategy focusing on digital channels, aiming for a 15% increase in brand awareness[15]. - The company aims to enhance its "smart manufacturing" capabilities and expand its downstream industrial chain in response to national strategies[31]. - The company plans to continue research on polymer foaming technology and strengthen its market position through innovation and collaboration with international leaders[80]. - The company aims to expand its post-processing product line, which has shown stable growth and is a key revenue source for the future[81]. Research and Development - The company is investing 50 million RMB in R&D for new technologies aimed at improving product durability and performance[15]. - Research and development expenses for 2018 were ¥21,277,053.71, a decrease of 42.91% compared to the previous year, mainly due to reduced R&D spending[42]. - The company has established a robust research and development mechanism to ensure continuous technological innovation and mitigate risks associated with new product development[88]. - The company has achieved breakthroughs in lightweight materials for rail transit, with products widely used in high-speed rail and maglev projects[83]. Corporate Governance and Compliance - The board of directors and management guarantee the accuracy and completeness of the annual report, assuming legal responsibility for any misrepresentation or omissions[3]. - All directors attended the board meeting to review the report, ensuring full participation in the decision-making process[4]. - The company has not reported any violations of commitments made by major shareholders regarding dividend distribution and capital management[98]. - The company strictly adheres to legal and regulatory requirements in its operations and information disclosure[136]. - The company has established a sound compensation policy that aligns employee interests with company performance[177]. Shareholder and Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves[5]. - The cash dividend payout ratio for 2018 was 0.00%, indicating no cash dividends were distributed despite positive profits[96]. - The company reported a distributable profit of CNY 4,033,222.93 for the year, but decided not to distribute cash dividends or increase capital from reserves[94]. - The company has committed to not distributing dividends in 2018 to ensure sufficient working capital[94]. Subsidiaries and Acquisitions - A strategic acquisition of a local competitor was completed, enhancing the company's production capacity by 30%[15]. - The company disposed of several subsidiaries, including Jiangsu Tiansheng Environmental Technology Co., Ltd., for ¥17,548,000, resulting in a loss of control[56]. - The company has established a joint venture with China Railway High-tech Industry Co., Ltd. to develop new rail transit vehicles and systems[31]. Employee and Management Structure - The total number of employees in the company is 796, with 118 in the parent company and 678 in major subsidiaries[175]. - The company has established a comprehensive and effective training system to ensure the development of management talent and enhance management skills[178]. - The company’s management team includes experienced professionals, such as Xu Yi, who has been with the company in various roles since 1998 and currently serves as the president[167]. Risks and Challenges - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foam industry[88]. - The rapid expansion of the company's operational scale may lead to management risks, necessitating adjustments in its management structure[87]. - The company is committed to international expansion, aiming to enhance its global market presence and brand influence while managing geopolitical and operational risks[89].

常州天晟新材料股份有限公司 2018 年第三季度报告全文 常州天晟新材料股份有限公司 2018 年第三季度报告 2018-058 2018 年 10 月 1 常州天晟新材料股份有限公司 2018 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。 公司负责人吴海宙、主管会计工作负责人薛美霞及会计机构负责人(会计主 管人员)薛美霞声明：保证季度报告中财务报表的真实、准确、完整。 2 常州天晟新材料股份有限公司 2018 年第三季度报告全文 □ 适用 √ 不适用 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） | 2,063,626,968.38 | 2,064,465,552.27 | | -0.04% | | 归属于 ...