2017 年第三季度报告 2017 年 10 月 1 江苏长海复合材料股份有限公司 2017 年第三季度报告全文 第一节 重要提示 江苏长海复合材料股份有限公司 2017 年第三季度报告全文 江苏长海复合材料股份有限公司 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。 公司负责人杨国文、主管会计工作负责人蔡志军及会计机构负责人(会计主 管人员)蔡志军声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏长海复合材料股份有限公司 2017 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 3,098,975,622.91 | 3,026,187,756.68 | | 2.41% | | 归属于上市公司股东的净资产 | 2,37 ...

Production Capacity and Investment - The company reported a significant increase in production capacity, with the second phase of the 70,000 tons pool kiln production line expected to enhance capacity by 15,000 tons[5]. - The company is investing in multiple projects, including an environmentally friendly glass fiber pool kiln drawing production line and a 7,200 tons continuous fiber reinforced thermoplastic composite production line, aimed at improving production efficiency and reducing costs[5]. - The company is expanding its production capacity with projects like the 70,000-ton E-CH glass fiber production line and the 7,200-ton continuous fiber reinforced thermoplastic composite materials production line[36][37]. - The new thermoplastic composite materials are expected to reduce assembly costs and vehicle weight, targeting significant growth in the automotive and rail transportation markets[37][38]. - Continuous investment in R&D is aimed at overcoming technical bottlenecks and enhancing core competitiveness in the glass fiber industry[38]. Financial Performance - Total revenue for the reporting period was CNY 925,725,510.90, an increase of 8.00% compared to CNY 857,137,527.64 in the same period last year[19]. - Net profit attributable to shareholders decreased by 16.38% to CNY 104,925,300.75 from CNY 125,479,265.41 year-on-year[19]. - Net profit after deducting non-recurring gains and losses fell by 26.70% to CNY 89,414,271.38 compared to CNY 121,979,074.78 in the previous year[19]. - Operating cash flow decreased by 14.52% to CNY 129,673,718.72 from CNY 151,707,167.64 year-on-year[19]. - Basic and diluted earnings per share dropped by 24.62% to CNY 0.49 from CNY 0.65 in the same period last year[19]. - Operating profit decreased by 17.77% to 125.31 million yuan, while total profit fell by 18.84% to 126.55 million yuan[41]. - The company reported a significant increase in investment income, rising 1,953.23% to ¥16,595,615.29 from ¥808,267.14 in the previous year[45]. Market Strategy and Competition - The company plans to maintain its market share and improve profitability by focusing on customer retention and expanding its customer base[4]. - The company has acknowledged the risk of market competition affecting its traditional products, prompting a commitment to enhance technological innovation and marketing strategies[4]. - The company emphasizes the importance of monitoring market changes and competitor dynamics to sustain its competitive edge[4]. - The company is focusing on market expansion in transportation and construction materials sectors, driven by the demand for lightweight materials in the automotive industry[38]. Risks and Challenges - The company has a risk of not achieving expected returns from its fundraising projects if market conditions change significantly, which could adversely affect its operating performance[5]. - The company faces risks from raw material price fluctuations, particularly due to rising international crude oil prices, which have impacted product gross margins[69]. - Exchange rate fluctuations, particularly with the USD and EUR, pose a risk to export pricing and revenue, prompting the company to adjust pricing and utilize financial instruments for hedging[69]. - The company is committed to environmental protection and compliance with regulations, but stricter future policies may increase operational costs[70]. Shareholder and Equity Information - The company’s profit distribution plan includes a capital reserve conversion of 10 shares for every 10 shares held, with no cash dividends declared[6]. - The company plans to increase its share capital by 100% through a capital reserve transfer, resulting in a total share capital of 424,496,076 shares[75]. - The company has not declared any cash dividends for the reporting period, with a cash dividend ratio of 0.00%[75]. - The total number of shareholders at the end of the reporting period is 8,728[109]. - Yang Pengwei holds 42.14% of the shares, totaling 89,437,206 shares, with 10,800,000 shares being restricted[109]. Financial Position and Assets - Total assets at the end of the reporting period were CNY 3,000,243,224.23, a decrease of 0.86% from CNY 3,026,187,756.68 at the end of the previous year[19]. - Total liabilities decreased to CNY 642,007,888.09 from CNY 711,152,434.64, a decrease of 9.71%[126]. - The company’s cash and cash equivalents increased by 11.83% to ¥354,949,270.53, compared to ¥259,159,699.02 in the same period last year[50]. - The total amount of raised funds is 782.07 million RMB, with 85.425 million RMB invested during the reporting period[57]. Compliance and Governance - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management, ensuring accountability[3]. - The company has maintained compliance with all relevant regulations regarding shareholder rights protection[79]. - The audit opinion for the half-year report is a standard unqualified opinion, issued by Tianjian Accounting Firm on August 29, 2017[122]. - There were no significant litigation or arbitration matters during the reporting period[82]. Environmental and Social Responsibility - The company is actively monitoring environmental emissions and has met national standards, but future regulatory changes could impact financial performance[71]. - The company did not report any significant social responsibility initiatives during the reporting period[98]. - The company has not engaged in any major related party transactions during the reporting period[85].

Financial Performance - Total revenue for Q1 2017 was CNY 409,449,735.97, representing a 5.16% increase compared to CNY 389,367,368.42 in the same period last year[7] - Net profit attributable to shareholders was CNY 60,026,844.90, up 23.79% from CNY 48,490,551.62 year-on-year[7] - Net profit excluding non-recurring gains and losses was CNY 56,911,736.67, reflecting a 20.11% increase from CNY 47,384,203.43 in the previous year[7] - Basic earnings per share increased to CNY 0.2800, a 12.00% rise from CNY 0.2500 in the same quarter last year[7] - Operating profit reached 68.60 million yuan, up 14.40% compared to the same period last year[23] - Total profit amounted to 71.09 million yuan, reflecting a year-on-year growth of 15.96%[23] - The company achieved operating revenue of 409.45 million yuan, an increase of 20.08 million yuan, or 5.16% year-on-year[23] - Net profit for Q1 2017 reached CNY 61,038,851.02, representing a 17.5% increase from CNY 51,896,082.07 in Q1 2016[52] - The net profit attributable to shareholders of the parent company was CNY 60,026,844.90, compared to CNY 48,490,551.62 in the previous year, marking a growth of 23.9%[52] - Earnings per share for Q1 2017 were CNY 0.2800, up from CNY 0.2500 in the same quarter last year, indicating a 12% increase[53] Cash Flow and Assets - The net cash flow from operating activities decreased by 37.70% to CNY 39,804,938.40, down from CNY 63,892,149.97 in the previous year[7] - Cash and cash equivalents decreased significantly by 2,242.96% compared to the previous year, influenced by reduced net cash flow from operating and investing activities[22] - Operating cash inflow for the current period was ¥346,024,214.11, a decrease of 19.1% from ¥427,639,268.19 in the previous period[59] - Net cash flow from operating activities was ¥39,804,938.40, down 37.6% from ¥63,892,149.97 in the previous period[60] - Cash outflow from investment activities totaled ¥102,369,617.19, significantly higher than ¥43,650,290.99 in the previous period, resulting in a net cash flow of -¥54,520,917.44[61] - Cash and cash equivalents at the end of the period were ¥348,491,678.95, compared to ¥212,674,796.08 in the previous period, indicating an increase[62] - Total current assets increased to CNY 1,686,553,244.21 from CNY 1,645,438,072.82, representing a growth of approximately 2.5%[43] - Cash and cash equivalents decreased to CNY 349,491,678.95 from CNY 405,941,081.06, a decline of about 13.9%[43] - Accounts receivable slightly decreased to CNY 333,868,071.72 from CNY 338,891,316.14, a reduction of approximately 1.0%[43] - Inventory increased significantly to CNY 187,207,458.75 from CNY 144,901,326.73, reflecting an increase of about 29.0%[43] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 8,396[15] - Yang Pengwei holds 42.14% of shares with a total of 89,437,206 shares, of which 67,077,904 are under lock-up[15] - Yang Guowen holds 10.18% of shares with a total of 21,600,000 shares[15] - The top 10 shareholders include various funds and individuals, with the largest being Yang Pengwei and Yang Guowen[15] - The total number of restricted shares at the end of the period is 101,922,307, with 8,100,000 shares newly added to the restricted category[19] - The company has a diverse shareholder base, including state-owned enterprises and various investment funds[15] - The report highlights the relationship between major shareholders, indicating that Yang Guowen and Yang Pengwei are acting in concert as father and son[16] Company Strategy and Governance - The company plans to enhance its production capacity through various projects, including a 70,000-ton E-CH glass fiber production line expansion and a 7,200-ton continuous fiber reinforced thermoplastic composite materials production line[12] - The company is focused on mitigating risks associated with macroeconomic fluctuations and expanding into new business areas to enhance resilience[10] - Management will strengthen internal controls to adapt to rapid business expansion and improve overall governance and performance[11] - The company has made commitments to avoid competition and conflicts of interest, ensuring that no affiliated companies engage in competing business activities with the company's main operations[28] - The actual controllers and shareholders have committed to compensating the company for any economic losses resulting from violations of their commitments[29] - The company has acknowledged risks related to social insurance and housing fund contributions for employees, with commitments from actual controllers to bear any related costs[29] - The company has taken measures to address the impact of stock issuance on immediate returns for investors, ensuring compliance with relevant regulations[29] - The company has committed to maintaining the independence of its operations and decision-making processes, respecting its legal status as a separate entity[28] - The company has established guidelines to prevent the misuse of company assets for unrelated investments or consumption activities by its directors and senior management[29] - The company has committed to linking the execution of its compensation measures to the performance of its financial indicators[29] - The company has ensured that any future stock incentive plans will be aligned with the execution of its compensation measures[29] - The company has undertaken to uphold the rights and interests of all shareholders, committing to diligent and faithful performance of its responsibilities[29] Investment and Projects - The total amount of raised funds invested as of March 31, 2017, is CNY 78,207,000, with a cumulative investment of CNY 7,838,560, accounting for 10% of the total committed investment[33] - The company has committed to an investment project for an environmentally friendly glass fiber production line with a total investment of CNY 46,271,800, of which only CNY 812,810 has been utilized, representing 1.80% of the planned investment[33] - The company has not made any changes to the use of raised funds, with a cumulative change amount of 0 and a change ratio of 0.00%[33] - The company has completed the replacement of self-raised funds with raised funds amounting to CNY 14,431,305.63 for pre-invested projects[34] - The company has no projects that have not reached planned progress or expected benefits during the reporting period[33]

Environmental Governance - The company has implemented effective governance on environmental protection, ensuring that emissions meet national standards, which minimizes negative environmental impacts[5]. Technological Innovation and Product Development - The company is focusing on technological innovation and new product development, with ongoing projects for electronic thin felt, coated felt, and decorative panels, aiming for higher product value[6]. - The company emphasizes the importance of aligning product development with domestic and international trends in the glass fiber industry to maintain market leadership[6]. - The company has established a high-quality technical team and is committed to continuous improvement in product quality and innovation[6]. - The company acknowledges the risk of not being able to sustain technological innovation, which could adversely affect its market position and operational performance[6]. - The company plans to invest in several projects, including an eco-friendly glass fiber production line and a 7,200-ton continuous fiber reinforced thermoplastic composite materials production line, which will significantly increase production capacity and efficiency[7]. - The company plans to expand its market presence by establishing new city points and increasing its overseas market share[34]. - The company aims to expand its market share in the wet-laid mat segment, which currently represents only 3% of the total glass fiber industry in China, compared to 30% in North America[88]. Financial Performance - The company's operating revenue for 2016 was ¥1,767,919,840.42, representing a 16.61% increase compared to ¥1,516,064,342.19 in 2015[21]. - The net profit attributable to shareholders for 2016 was ¥257,627,306.12, which is a 20.64% increase from ¥213,544,204.87 in 2015[21]. - The net profit after deducting non-recurring gains and losses was ¥246,445,448.13, up 28.51% from ¥191,778,246.63 in 2015[21]. - The company's total assets at the end of 2016 reached ¥3,026,187,756.68, a 33.46% increase from ¥2,267,494,922.86 at the end of 2015[21]. - The net assets attributable to shareholders increased by 75.59% to ¥2,269,894,581.82 from ¥1,292,723,354.77 in 2015[21]. - The basic earnings per share for 2016 was ¥1.300, reflecting a 17.12% increase from ¥1.110 in 2015[21]. - The net cash flow from operating activities for 2016 was ¥329,253,974.26, an increase of 11.45% compared to ¥295,429,632.77 in 2015[21]. - The company reported quarterly revenues of ¥389,367,368.40, ¥467,770,159.20, ¥444,717,755.30, and ¥466,064,557.50 for Q1, Q2, Q3, and Q4 respectively[23]. - The net profit attributable to shareholders for Q4 was ¥63,444,837.87, showing a consistent performance throughout the year[23]. - The weighted average return on equity for 2016 was 14.90%, down from 17.92% in 2015[21]. - The company reported a total non-operating income of 11,181,857.99 in 2016, a decrease of 48.7% from 21,765,958.24 in 2015[28]. Market and Sales Performance - The wind power industry recovery positively impacted the fiberglass sector, leading to increased prices for fiberglass yarn and subsequently higher profit margins for the company[34]. - The fiberglass industry in China is expected to continue its growth trajectory over the next 2-3 years, driven by increasing demand for lightweight materials in the automotive sector[35]. - The company’s main business includes the R&D, production, and sales of fiberglass products, with key products such as fiberglass yarn and chopped mat[31]. - The company expanded its market presence, with products sold in over 30 provinces and exported to more than 30 countries and regions[40]. - Domestic sales amounted to ¥1,113,387,653.79, a 7.99% increase, while overseas sales surged by 37.39% to ¥654,532,186.63[51]. - The fiberglass industry contributed ¥1,273,706,396.26, accounting for 72.05% of total revenue, with a growth of 11.18% year-on-year[51]. - Chemical products revenue increased by 36.61% to ¥494,213,444.16, representing 27.95% of total revenue[51]. - The company sold 133,741.32 tons of fiberglass products, a 7.68% increase from 124,206.45 tons in 2015[54]. - Gross profit margin for the fiberglass industry improved to 37.74%, up 2.64% from the previous year[53]. Investment and Capital Management - The company completed a non-public stock issuance, raising approximately 782.07 million yuan, significantly improving cash flow and reducing financing risks[45]. - The company acquired 40.42% of Tianma Group's remaining equity for 222.98 million yuan, making it a wholly-owned subsidiary[45]. - The company invested CNY 237,980,000.00 during the reporting period, a significant increase of 102.59% compared to the previous year[69]. - The company committed to invest CNY 80,000,000 in various projects, with CNY 78,207,000 utilized by the end of the reporting period[78]. - The project for producing environmentally friendly glass fiber had an investment of CNY 46,271,800, with a completion status of 0%[78]. - The cash management of idle raised funds amounted to CNY 71,460,000, with a redemption of CNY 8,338,000 and investment income of CNY 55,420[80]. Corporate Governance - The company has established a clear cash dividend policy that complies with regulatory requirements and protects minority shareholders' rights[96]. - The company has established a compensation mechanism linked to the performance of its return measures, ensuring accountability among its directors and senior management[103]. - The company’s commitment to maintaining independent operations and decision-making processes is emphasized to safeguard its corporate governance[102]. - The company has implemented strict measures to prevent the misuse of company assets by its directors and senior management[103]. - The company’s governance practices align with the regulatory standards set by the China Securities Regulatory Commission[175]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[173]. - The company has established a performance evaluation and incentive mechanism linking senior management compensation to business performance[174]. - The independent directors actively participated in board meetings, with attendance rates of 100% for some members[179]. - The audit committee held 4 meetings during the reporting period to review significant financial reports and internal control evaluations[183]. Human Resources and Employee Management - The company employed a total of 2,027 staff, with 1,443 in the parent company and 584 in major subsidiaries[165]. - The total remuneration for directors and senior management during the reporting period amounted to CNY 4.2645 million[164]. - The company emphasizes a strategic-oriented compensation policy based on job value, employee capability, and performance[166]. - The company conducted various training activities to enhance employee skills and overall development[168]. - The educational background of employees includes 8 with master's degrees or above, 123 with bachelor's degrees, and 1,896 with diplomas or below[165]. Risk Management - The company is aware of the risks associated with market changes and project management, which could impact the expected benefits of the fundraising investment projects[8]. - The company faces operational management risks due to rapid expansion, necessitating improvements in internal controls and team management[91]. - The company has not identified any major or important internal control deficiencies in its financial reporting[189]. Shareholder Structure and Changes - The company issued 20,248,038 new shares during the reporting period, increasing the total shares to 212,248,038[134]. - The largest shareholder, Yang Pengwei, holds 37.05% of the shares, amounting to 78,637,206 shares[143]. - The company’s major shareholders include institutional investors such as funds and trusts, which have acquired shares through the non-public offering[137]. - The company has a total of 9,279 shareholders at the end of the reporting period[142]. - The company’s stock structure and shareholder composition have changed due to the non-public offering[140]. Audit and Financial Reporting - The company received a standard unqualified audit opinion for its financial statements[193]. - The financial statements fairly reflect the company's financial position as of December 31, 2016, and its operating results for the year[200]. - The management is responsible for ensuring the financial statements are prepared in accordance with accounting standards and reflect a true and fair view[196].

Financial Performance - Total operating revenue for the period was CNY 444,717,755.29, a 12.10% increase year-on-year[7] - Net profit attributable to shareholders was CNY 68,703,202.84, up 4.65% compared to the same period last year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 66,097,987.02, a significant increase of 45.41% year-on-year[7] - The company achieved a revenue of 1,301.86 million CNY in the first three quarters, an increase of 234.39 million CNY or 21.96% year-on-year[24] - Operating profit reached 233.98 million CNY, reflecting a growth of 36.32% compared to the same period last year[24] - Net profit attributable to the parent company was 194.18 million CNY, up 22.69% year-on-year[24] - The company's total operating revenue for the current period reached ¥1,301,855,282.93, an increase of 21.9% compared to ¥1,067,463,604.47 in the previous period[61] - The net profit attributable to the parent company was ¥194,182,468.25, up 22.7% from ¥158,275,526.18 in the same period last year[63] - Basic earnings per share increased to ¥0.91 from ¥0.75, reflecting a growth of 21.3%[63] - Operating profit for the current period was ¥233,982,904.77, representing a 36.4% increase from ¥171,648,306.02 in the previous period[62] Asset and Liability Changes - Total assets increased by 35.11% to CNY 3,063,567,437.27 compared to the end of the previous year[7] - The total assets of the company reached ¥3,063,567,437.27, up from ¥2,267,494,922.86, indicating an increase of approximately 35.1%[46] - The total number of restricted shares at the beginning of the period was 85,069,671, with 10,800,000 shares released during the period[19] - The total number of restricted shares at the end of the period is 94,517,709[19] - The total liabilities increased, with short-term borrowings rising to ¥337,076,819.24 from ¥275,622,370.08, which is an increase of about 22.3%[46] - The company's total liabilities rose to CNY 812,585,138.47, compared to CNY 754,635,503.11 previously[48] Cash Flow and Financing Activities - The net cash flow from operating activities for the year-to-date was CNY 280,887,252.91, reflecting a 29.16% increase[7] - Cash and cash equivalents increased by 754.83 million CNY, a significant rise of 1174.14% due to net cash flow from financing activities[23] - The company’s monetary funds rose by 818.73 million CNY, marking a 378.18% increase primarily from fundraising[22] - The company reported cash inflows from financing activities totaling ¥1,101,573,201.38, significantly higher than ¥559,874,552.70 in the previous period[70] - The cash and cash equivalents at the end of the period reached ¥1,034,204,761.67, a substantial increase from ¥188,301,303.60 at the end of the previous period[70] - The net cash flow from operating activities for Q3 2016 was CNY 228,997,179.81, an increase from CNY 157,326,751.43 in the same period last year, representing a growth of approximately 45.5%[73] - Total cash inflow from financing activities reached CNY 953,573,201.38, significantly higher than CNY 231,874,552.70 in Q3 2015, indicating a year-over-year increase of about 311.5%[74] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,876[15] - The largest shareholder, Yang Pengwei, holds 37.05% of shares, totaling 78,637,206 shares, with 59,737,206 shares pledged[15] - Yang Guowen, the second-largest shareholder, owns 10.18% of shares, amounting to 21,600,000 shares[15] - The top ten shareholders collectively hold significant stakes, with the first three shareholders accounting for over 52% of total shares[15] - The company has not conducted any repurchase transactions among the top ten shareholders during the reporting period[16] - There are no shareholders participating in margin trading during the reporting period[16] - The company has a clear relationship among its top shareholders, with familial ties noted among the top three[16] Market and Operational Risks - The company is facing risks from macroeconomic uncertainties and market fluctuations, which could impact demand for its fiberglass products[10] - The company plans to enhance product quality and adjust sales strategies to improve sales performance amid competition[11] - The company is expanding its scale, which poses operational and management risks that need to be addressed through improved management systems[12] - The company has intensified efforts in foreign market development, leading to increased order volumes compared to the previous year[25] - The company has committed to avoiding competition with its controlling shareholders and related parties, ensuring no business activities compete with its main operations[31] - As of September 30, 2016, the company confirmed compliance with all commitments made regarding avoiding competition and conflicts of interest[31] Investment and Fundraising - The total amount of raised funds is 782.07 million CNY, with 55.83 million CNY invested in the current quarter[35] - There has been no change in the purpose of the raised funds, with a cumulative investment of 55.83 million CNY[35] - The cumulative proportion of changed purpose of raised funds is 0.00%[35] - The company reported a decrease in long-term borrowings to CNY 148,652,265.97 from CNY 172,288,029.26[50] - The company’s investment income decreased by 57.61%, down by 2.16 million CNY, due to the absence of consolidated adjustment amounts[22] - The company received CNY 782,069,981.38 from investment contributions, marking a significant inflow compared to the previous year when no such contributions were recorded[74]

Financial Performance - Total operating revenue for the first half of 2016 reached ¥857,137,527.64, an increase of 27.79% compared to ¥670,745,196.89 in the same period last year[16] - Net profit attributable to shareholders of the listed company was ¥125,479,265.41, up 35.47% from ¥92,627,821.39 year-on-year[16] - Net profit after deducting non-recurring gains and losses was ¥121,979,074.78, representing a 50.66% increase from ¥80,965,468.28 in the previous year[16] - The operating profit for the same period was 152.38 million yuan, which is a 49.71% increase year-on-year[27] - The total profit reached 155.93 million yuan, marking a 37.60% growth compared to the previous year[27] - The company reported a total profit of CNY 155,931,725.74, up 37.5% from CNY 113,325,378.82 year-on-year[115] Cash Flow - The net cash flow from operating activities was ¥151,707,167.64, an increase of 8.96% compared to ¥139,236,275.58 in the same period last year[16] - The company reported a significant increase in net cash flow per share from operating activities to ¥0.7901, up 8.23% from ¥0.7300[16] - Cash inflow from operating activities totaled CNY 929,445,724.10, compared to CNY 755,303,812.00 in the previous year[122] - The net cash flow from operating activities was CNY 151,707,167.64, an increase from CNY 139,236,275.58 in the previous period, reflecting a growth of approximately 3.4%[123] - The net cash flow from financing activities was CNY -86,846,530.99, compared to CNY 60,459,898.21 in the previous period, indicating a significant decline[124] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,325,408,187.82, reflecting a 2.55% increase from ¥2,267,494,922.86 at the end of the previous year[16] - Current liabilities decreased to CNY 484,899,522.70 from CNY 529,523,126.21, a reduction of about 8.4%[107] - The total liabilities decreased to CNY 706,895,691.67 from CNY 754,635,503.11, a decline of about 6.3%[107] - The company's retained earnings increased to CNY 679,575,446.39 from CNY 582,896,180.98, representing a growth of approximately 16.5%[108] Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[6] - The company distributed cash dividends of RMB 1.50 per 10 shares, totaling RMB 28.80 million, based on a total share capital of 192 million shares[57] - Major shareholder Yang Pengwei holds 39.38% of the shares, amounting to 75,600,000 shares[94] - The total number of shareholders at the end of the reporting period is 6,525[93] Research and Development - Research and development expenses increased by 55.62% to ¥32.31 million, up from ¥20.76 million, primarily due to increased investment in R&D[32] - The company has made progress in launching new products, including electronic felt and decorative panels, with electronic felt now in mass production[23] Market and Industry Outlook - The company acknowledges risks related to macroeconomic conditions and market fluctuations, which could impact demand in its key downstream industries[22] - The glass fiber industry is projected to have significant growth potential due to increasing demand in various sectors, including infrastructure and aerospace[43] - The company expects stable growth in product sales for the second half of the year, driven by increased demand for traditional and new products[44] Compliance and Governance - The company emphasizes environmental protection and compliance with regulations, which may increase operational costs if standards are raised[48] - The company has made commitments to protect the rights of minority shareholders in response to potential dilution of immediate returns from non-public stock issuance[82] - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[144] Financial Reporting and Audit - The financial report for the first half of 2016 was not audited, which may affect the reliability of the financial data presented[103] - The semi-annual report has not been audited, indicating a lack of external validation for the financial data presented[83] - The company has maintained compliance with accounting standards, ensuring the accuracy of its financial reporting[146]

江苏长海复合材料股份有限公司 2016 年第一季度报告全文 江苏长海复合材料股份有限公司 2016 年第一季度报告 2016 年 04 月 1 江苏长海复合材料股份有限公司 2016 年第一季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨国文、主管会计工作负责人蔡志军及会计机构负责人(会计主 管人员)蔡志军声明：保证季度报告中财务报告的真实、完整。 2 江苏长海复合材料股份有限公司 2016 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 389,367,368.42 | 245,328,589.29 | 58.71% | | 归属于上市公司股东的净利润（ ...

Financial Performance - The company's operating revenue for 2015 was ¥1,516,064,342.19, representing a 36.26% increase compared to ¥1,112,612,626.64 in 2014[19]. - The net profit attributable to shareholders for 2015 was ¥213,544,204.87, a 45.39% increase from ¥146,880,133.29 in 2014[19]. - The company’s basic earnings per share for 2015 was ¥1.11, reflecting a 44.16% increase from ¥0.77 in 2014[19]. - The company achieved operating revenue of CNY 1,516,064,342.19, an increase of 36.26% compared to the previous year[46]. - Net profit attributable to the parent company reached CNY 21,354.42 million, reflecting a growth of 45.39% year-on-year[46]. - The company reported a net cash flow from operating activities of ¥295,429,632.77, representing a substantial year-on-year increase of 116.23%[64]. Dividend Distribution - The company reported a profit distribution plan based on a total of 192,000,000 shares, proposing a cash dividend of 1.5 RMB per 10 shares (tax included) and no bonus shares[6]. - The cash dividend represents 100% of the total profit distribution, with a distributable profit of RMB 481.32 million[94]. - In 2015, the cash dividend payout ratio was 13.49% of the net profit attributable to ordinary shareholders, which was RMB 213.54 million[99]. - The company has maintained a consistent cash dividend distribution policy over the past three years, with dividends of RMB 28.8 million in 2015, RMB 19.2 million in 2014, and RMB 24 million in 2013[99]. Production and Product Development - The company has initiated mass production of electronic non-woven fabrics, with stable supply and significant growth in the export of coated non-woven fabrics, indicating a gradual release of production capacity[6]. - The company anticipates continued growth in the sales volume of new products in 2016, despite slower-than-expected market progress due to lengthy customer certification processes[6]. - The company has launched several new products, including electronic non-woven fabrics, continuous mats, and decorative panels, targeting the fiberglass and fiberglass composite materials market[5]. - The company acknowledges the risk of slower-than-expected progress in new product development and is taking steps to address this challenge[5]. Market Position and Strategy - The company is positioned in a growing industry, with increasing demand for fiberglass products in various sectors such as construction and automotive[31]. - The company aims to enhance its competitive strength in the fiberglass industry by improving production technology and expanding market applications[31]. - The company is focusing on improving the capabilities of its sales team to boost product sales in a competitive landscape[6]. - The company plans to enhance product quality and adjust sales strategies in response to market changes to improve sales performance[6]. Financial Stability and Assets - The company reported a total asset value of ¥2,267,494,922.86 at the end of 2015, a 47.69% increase from ¥1,535,316,041.33 at the end of 2014[19]. - Cash and cash equivalents increased by 74% year-on-year, driven by increased operating profits and cash inflows from Tianma Group's consolidation[35]. - The company’s total assets at the end of 2015 were 2.27 billion yuan, with cash and cash equivalents accounting for 9.55% of total assets, up from 8.10% in 2014[67]. - The company’s long-term borrowings increased significantly to 172.29 million yuan, representing 7.60% of total assets, up from 0.35% in the previous year[68]. Research and Development - Research and development expenses rose by 67.59%, amounting to an increase of CNY 2,348.88 million, due to enhanced R&D efforts and the inclusion of Tianma Group[46]. - The company’s R&D personnel count increased to 170, representing 18.70% of the workforce, with R&D investment accounting for 3.84% of total revenue[62]. - The company is focusing on developing a platform for new materials by collaborating with external investors to identify promising technologies and products[85]. Governance and Compliance - The company maintains a strong governance structure with independent directors and a diverse management team[150]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[169]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[173]. - There were no significant internal control deficiencies identified during the reporting period, indicating effective internal oversight[189]. Employee Management - The total number of employees in the company is 2,076, with 1,298 in the parent company and 778 in major subsidiaries[160]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounts to CNY 4.1681 million[159]. - The company emphasizes a strategic-oriented salary policy based on job value, employee capability, and performance[161]. - The company conducted various training activities to enhance employee skills and management levels during the reporting period[162].

Financial Performance - Total revenue for the period reached ¥396,718,407.58, representing a year-on-year increase of 31.51%[7] - Net profit attributable to shareholders was ¥65,647,704.79, up 51.17% from the same period last year[7] - Basic earnings per share rose to ¥0.34, reflecting a 47.83% increase year-on-year[7] - The company achieved operating revenue of 1,067.46 million CNY in the first three quarters, an increase of 235.69 million CNY or 28.34% year-on-year[23] - Operating profit reached 171.65 million CNY, up 45.16% compared to the same period last year[23] - Net profit attributable to the parent company was 158.28 million CNY, reflecting a growth of 48.31% year-on-year[23] - The company reported a net profit for the third quarter of CNY 54,407,368.72, up 36.3% from CNY 39,928,362.77 year-over-year[50] - The total comprehensive income for the third quarter was CNY 166,548,212.12, compared to CNY 108,743,280.75 in the same period last year, reflecting a growth of 53.2%[54] Assets and Liabilities - Total assets increased to ¥2,264,026,011.04, a growth of 47.46% compared to the previous year[7] - Cash and cash equivalents increased by 52.13% to ¥189,290,803.60, primarily due to new long-term borrowings and increased operating profit cash flow[20] - Accounts receivable rose by 90.95% to ¥324,829,042.45, mainly attributed to the addition of the new subsidiary Tianma Group[20] - Inventory increased by 133.87% to ¥137,900,335.07, driven by projects related to the new subsidiary Tianma Group[20] - Long-term borrowings surged by 3141.42% to ¥173,050,705.26, reflecting new long-term loans and the impact of the Tianma Group[21] - The company’s total liabilities increased significantly, with short-term borrowings rising by 118.60% to ¥298,854,875.00[20] - The company's total liabilities as of September 30, 2015, were approximately 809.34 million yuan, compared to 396.20 million yuan at the beginning of the year, marking an increase of about 104%[38] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥217,475,063.13, a significant increase of 209.24%[7] - Cash flow from operating activities increased significantly, with a net increase of 642.88 million CNY, a growth of 666.07%[24] - Cash flow from investing activities showed a net outflow of 144.82 million CNY, primarily due to the acquisition of Tianma Group's equity[24] - Cash inflow from financing activities was CNY 559,874,552.70, a substantial increase from CNY 118,075,850.00 in the previous period, marking a growth of about 373.5%[61] Shareholder Information - Total number of shareholders at the end of the reporting period is 5,181[15] - The largest shareholder, Yang Pengwei, holds 39.38% of shares, totaling 75,600,000 shares[15] - Yang Guowen, the second-largest shareholder, owns 11.25% with 21,600,000 shares[15] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 56% of total shares[15] - The total number of restricted shares held by executives is 82,044,208, all subject to a 75% lock-up period[18] Strategic Initiatives - The company plans to adjust product structure and enhance R&D capabilities to mitigate risks from economic downturns[10] - The company aims to expand market share and improve core competitiveness through strategic adjustments and innovation[10] - The company adjusted its sales strategy to enhance sales efforts in overseas markets, including the US, Japan, and Europe[23] - The company plans to raise a net amount of up to 800 million yuan through a private placement of shares, aimed at funding projects including an environmentally friendly glass fiber production line and a 70,000-ton E-CH glass fiber production line expansion[29] Compliance and Governance - The company emphasizes compliance with environmental regulations and has implemented effective pollution control measures[12] - The company maintains a strong governance structure with significant ownership concentration among key executives[15] - There are no indications of financing or margin trading activities among the major shareholders[16] - The company has not disclosed any related party transactions among the top shareholders[16] Operational Highlights - New product launches include electronic mats and insulation materials, with some already showing progress[11] - The company reported a significant increase in sales expenses, totaling CNY 57,107,199.77, compared to CNY 40,480,379.77 in the same period last year, marking a rise of 41.1%[52] - Management expenses rose to CNY 96,929,340.79, an increase of 66.2% from CNY 58,335,778.43 year-over-year[52]

Financial Performance - Total operating revenue for the first half of 2015 reached ¥670,745,196.89, an increase of 26.53% compared to ¥530,108,044.68 in the same period last year[17]. - Net profit attributable to ordinary shareholders was ¥92,627,821.39, representing a growth of 46.35% from ¥63,292,970.56 year-on-year[17]. - Basic earnings per share increased by 45.45% to ¥0.48, up from ¥0.33 in the same period last year[17]. - Operating profit for the same period was 101.78 million yuan, reflecting a year-on-year growth of 46.50%[29]. - The total profit reached 113.33 million yuan, up 50.57% compared to the previous year[29]. - The company reported a significant increase in cash from bank loans, totaling ¥314,003,832.39, a 164.40% rise year-on-year[35]. - The company achieved a gross profit margin of approximately 29.3% for the first half of 2015, compared to 25.0% in the same period of 2014[115]. Cash Flow and Liquidity - Net cash flow from operating activities surged by 326.05% to ¥139,236,275.58, compared to ¥32,680,788.88 in the previous year[17]. - Cash and cash equivalents increased significantly by 4,427.68% to ¥82,804,322.94, primarily due to improved operating cash flow and financing activities[33]. - The net cash flow from operating activities was CNY 139,236,275.58, a significant increase from CNY 32,680,788.88 in the previous period, reflecting a growth of approximately 326%[123]. - Cash and cash equivalents at the end of the period increased to CNY 206,817,453.42, up from CNY 92,009,336.98, marking a growth of about 125%[124]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,293,290,401.17, a 49.37% increase from ¥1,535,316,041.33 at the end of the previous year[17]. - Current liabilities rose to CNY 795,098,380.09, compared to CNY 337,962,569.08, marking an increase of about 135.2%[107]. - The total liabilities reached CNY 908,695,261.27, up from CNY 396,201,302.28, representing a growth of about 129.0%[107]. - The company's equity increased to CNY 1,384,595,139.90 from CNY 1,139,114,739.05, indicating a rise of about 21.5%[108]. Investments and Acquisitions - The company completed the acquisition of 28.05% of Tianma Group for 117.47 million yuan, increasing its stake to 59.57%[30]. - The acquisition of Tianma Group is expected to enhance the company's product line and improve operational integration, thereby increasing economic efficiency in the fiberglass industry[63]. - The company acquired a new subsidiary, Tianma Group, contributing to revenue growth and operational expansion[40]. Market and Competitive Position - The market demand for fiberglass is increasing due to the recovery in the wind power industry and the overall economic recovery[44]. - The company aims to enhance its technological capabilities and develop high-end fiberglass products to compete in the global market[44]. - The company achieved significant growth in performance, with traditional products expanding their market presence across over 30 provinces and exporting to more than 30 countries, including North America and Europe[45]. Research and Development - Research and development expenses increased by 42.22% to ¥20,763,522.16, attributed to increased funding for R&D projects and the impact of new subsidiary Tianma Group[33]. - The company has initiated the mass production of electronic thin felt, which is anticipated to become a new profit growth point[29]. Risk Management - The company faces exchange rate risks due to fluctuations in the RMB against the Euro and USD, which could impact sales prices and revenue from exports[48]. - The company has implemented measures to mitigate exchange rate risks, including adjusting product pricing based on currency fluctuations and using financial instruments to hedge against currency risks[48]. Corporate Governance - The company has made commitments to avoid competition and conflicts of interest among major shareholders, which have been adhered to as of June 30, 2015[79]. - There were no significant related party transactions or daily operational related transactions during the reporting period[68][69]. Shareholder Information - The total number of shares is 192,000,000, with 42.73% being limited sale shares and 57.27% being unrestricted sale shares[86]. - The largest shareholder, Yang Pengwei, holds 39.38% of the shares, totaling 75,600,000 shares[91]. - The number of shareholders at the end of the reporting period was 4,839[91]. Compliance and Regulations - The company is committed to environmental protection, ensuring compliance with pollution discharge standards, which may require increased investment to meet future regulatory changes[50]. - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial status and operating results accurately[145].