浙江扬帆新材料股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 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。 公司负责人樊彬、主管会计工作负责人上官云明及会计机构负责人(会计主 管人员)樊丽春声明：保证季度报告中财务报表的真实、准确、完整。 1 浙江扬帆新材料股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 □ 是 √ 否 | | 本报告期 | 年初至报告期末 | | | --- | --- | --- | --- | | 支付的优先股股利 | 0.00 | | 0.00 | | 用最新股本计算的全面摊薄每股收益（元/股） | 0.0024 | | 0.08 | 非经常性损益项目和金额 √ 适用 □ 不适用 单位：元 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥221,838,066.39, a decrease of 20.70% compared to ¥279,731,717.00 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥18,730,256.57, down 73.03% from ¥69,444,338.90 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥18,177,176.27, a decrease of 72.65% compared to ¥66,469,432.85 in the same period last year[18]. - The basic earnings per share decreased to ¥0.08, down 73.33% from ¥0.30 in the previous year[18]. - The gross profit margin for the overall business was 33.37%, down 12.09% from the previous year[53]. - The decline in net profit was primarily due to the impact of the COVID-19 pandemic, which led to significant sales pressure domestically and internationally[30]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,168,731,701.19, an increase of 6.36% from ¥1,098,866,194.52 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were ¥754,606,215.41, a decrease of 2.55% from ¥774,355,185.45 at the end of the previous year[18]. - The company's total liabilities rose to CNY 354,961,378.30, up from CNY 217,904,067.68, indicating a significant increase of 62.9%[156]. - The total liabilities at the end of the reporting period were 599,219,400, indicating a manageable debt level relative to equity[179]. Cash Flow - The net cash flow from operating activities was ¥24,622,250.12, down 5.91% from ¥26,169,154.14 in the same period last year[18]. - Cash and cash equivalents decreased by 11.32% to ¥62,964,400.96, down from ¥136,132,831.76, primarily due to a reduction in the balance of raised funds[55]. - The cash flow from operating activities for the first half of 2020 was CNY 24,622,250.12, a decrease from CNY 26,169,154.14 in the first half of 2019[164]. - The total cash inflow from financing activities was 241,000,000.00 CNY, significantly higher than 52,655,700.00 CNY in the previous year[168]. Research and Development - The company is focusing on technological innovation and expanding its two main business segments: photoinitiators and thiol compounds[25]. - R&D investment for the period was ¥14,719,294.62, a decrease of 8.19% compared to the previous year[51]. - The company emphasizes the importance of R&D investment to enhance product development capabilities and expand product lines[79]. - The company has enhanced its R&D capabilities, with new product industrialization technologies being developed and advanced equipment in the new R&D building[37]. Market and Product Development - The company is actively developing new light initiator products, which are currently in the evaluation stage and expected to become new growth points for future performance[45]. - The company has a comprehensive product range in thiol compounds, with over 500 varieties, making it one of the most complete suppliers in China[26]. - The company is focusing on technological advancements and new product innovations to enhance its competitive edge in the market[171]. - The company plans to expand its market presence and invest in new product development to drive future growth[171]. Strategic Plans - The company is considering strategic acquisitions to enhance its supply chain efficiency, with a budget of 100 million RMB allocated for potential deals[97]. - The company has outlined strategic plans for mergers and acquisitions to further strengthen its market position[171]. - The company plans to increase its capital through a capital reserve transfer of 2.200 million yuan[175]. Environmental Compliance - The company is committed to complying with environmental regulations and improving production processes to mitigate safety and environmental risks[83]. - The company has established wastewater treatment facilities with a capacity of 300 tons per day, utilizing advanced treatment processes[112]. - The company has implemented air pollution control measures, including a new alkaline spray and activated carbon treatment system[113]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[4]. - The company held its annual shareholder meeting with a participation rate of 52.52%[88]. - The total number of common shareholders at the end of the reporting period was 14,491[130]. - The company reported a profit distribution of 23,475,013, indicating a stable return to shareholders[179]. Risks and Challenges - The company faces risks related to product development uncertainties, particularly in formula development, which may lead to potential project failures[78]. - Management risks are anticipated due to the expansion of asset and business scale, necessitating improved management and coordination capabilities[81]. - Fluctuations in raw material prices pose a risk to production costs and profit margins, with the company monitoring price trends closely[82].

Financial Performance - Total revenue for Q1 2020 was ¥97,873,931.32, a decrease of 34.69% compared to ¥149,849,481.50 in the same period last year[7] - Net profit attributable to shareholders was -¥3,126,374.71, representing a decline of 108.56% from ¥36,531,672.25 year-on-year[7] - Basic earnings per share decreased to -¥0.01 from ¥0.16, a drop of 106.25%[7] - The company's revenue for Q1 2020 was ¥97,873,931.32, a decrease of 34.69% compared to Q1 2019 due to the impact of the pandemic and a decline in prices[18] - The net profit for Q1 2020 was -¥3,126,374.71, representing a decline of 108.56% year-on-year, primarily due to the pandemic's impact and reduced prices[18] - The total profit for Q1 2020 was a loss of CNY 4,533,489.11, significantly down from a profit of CNY 42,809,528.27 in the previous year[54] - The company's operating profit for Q1 2020 was a loss of CNY 3,899,895.11, compared to a profit of CNY 42,818,256.27 in Q1 2019[54] - The total comprehensive income for Q1 2020 was a loss of CNY 20,763,777.47, compared to a profit of CNY 36,531,672.25 in the same period last year[52] Cash Flow and Liquidity - Net cash flow from operating activities was ¥1,361,449.19, down 90.60% from ¥14,489,949.36 in the previous year[7] - The company received ¥185,000,000.00 in cash from borrowings in Q1 2020, a significant increase of 1750.00% compared to ¥10,000,000.00 in Q1 2019, indicating increased reliance on loans[17] - The company reported a cash inflow from operating activities of CNY 100,862,798.78, down from CNY 139,044,851.81 in Q1 2019[57] - The total cash inflow from investment activities was 180,261,454.94 CNY, while cash outflow was 75,279,936.47 CNY, resulting in a net cash flow of -75,279,936.47 CNY, compared to -31,532,696.87 CNY previously[58] - The net cash flow from financing activities was 119,009,646.74 CNY, compared to 11,626,700.38 CNY in the previous period, marking an increase of approximately 923%[59] - The company reported a total cash outflow from operating activities of 99,501,349.59 CNY, compared to 124,554,902.45 CNY in the previous period, indicating a reduction of approximately 20.1%[58] Assets and Liabilities - Total assets increased by 10.42% to ¥1,213,315,109.02 from ¥1,098,866,194.52 at the end of the previous year[7] - Current liabilities rose to ¥456,152,923.98, an increase of 42.0% from ¥321,330,757.68 in the previous year[44] - Non-current liabilities totaled ¥3,108,259.49, slightly down from ¥3,180,251.39, indicating a decrease of 2.3%[44] - Owner's equity decreased to ¥754,053,925.55 from ¥774,355,185.45, reflecting a decline of 2.7%[45] - Accounts receivable increased to 57.13 million RMB from 43.25 million RMB year-over-year[42] - Inventory decreased to 99.28 million RMB from 115.44 million RMB year-over-year[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,947[10] - The largest shareholder, Zhejiang Yangfan Holding Group Co., Ltd., holds 29.30% of the shares, with 68,776,200 shares pledged[10] Government Support and Subsidies - The company recorded a total of ¥574,297.90 in government subsidies during the reporting period[8] Market and Competitive Landscape - The company faces risks from market competition as the demand for photoinitiators expands, necessitating careful management of new capacity to avoid market oversupply[19] - The company is committed to continuous product development and technological innovation to maintain its competitive edge in expanding application fields[25] - The company is focusing on expanding its market presence and enhancing product development strategies in response to current market conditions[50] Operational Changes and Future Plans - The company plans to enhance its production capacity while leveraging its full industry chain advantages to maintain reasonable profit margins[21] - The company is undergoing a project change from a 5,000t/a photoinitiator series to a 29,000t/a photoinitiator and pharmaceutical intermediate project, supported by favorable market and policy conditions[33] - The company is focusing on product innovation and expanding its R&D capabilities by building a new R&D building and purchasing advanced equipment[26] Labor and Employee Management - The company has implemented measures to address rising labor costs, including improving compensation systems and enhancing employee retention strategies[24] Research and Development - Research and development expenses amounted to CNY 10,135,315.41, a decrease of 13.0% from CNY 11,630,065.99 in the same period last year[54]

Market Demand and Competition - The company reported a significant increase in market demand for photoinitiators due to the rapid expansion of light-curing technology applications, leading to intensified competition in the industry[4]. - The company is expanding its production capacity at its Inner Mongolia facility, which is expected to increase market competition and necessitate careful demand forecasting[4]. - The market for photoinitiators is expected to grow due to the increasing emphasis on environmental protection and the expansion of UV curing technology applications[49]. - The company plans to leverage the upcoming production capacity in Inner Mongolia to enhance its influence in the global photoinitiator market[50]. - The company has a stable market share in the thiol compound sector, with major competitors being relatively small, thus not posing significant competitive pressure[51]. Financial Performance - The company's operating revenue for 2019 was ¥511,692,670.37, a decrease of 2.72% compared to ¥525,975,255.69 in 2018[24]. - The net profit attributable to shareholders in 2019 was ¥101,063,547.78, representing a decline of 26.49% from ¥137,484,515.51 in 2018[24]. - The net cash flow from operating activities decreased by 63.60% to ¥59,293,950.54 in 2019, down from ¥162,907,786.64 in 2018[24]. - Basic earnings per share for 2019 were ¥0.44, a decrease of 26.67% compared to ¥1.15 in 2018[24]. - Quarterly revenue showed a downward trend, with Q4 revenue at ¥106,359,936.53, down from Q1's ¥149,849,481.50[25]. - The company reported a significant drop in Q4 net profit to ¥7,584,398.37, compared to ¥36,531,672.25 in Q1[25]. Research and Development - The company is committed to continuous product and technology innovation, investing in R&D facilities and expanding its research team to maintain competitive advantages in emerging application fields[9]. - The company has established a robust R&D management process to enhance product development efficiency and innovation[43]. - R&D expenses increased as the company hired over 40 new R&D personnel to enhance product competitiveness[68]. - The company is focusing on the development of new photoinitiators, including UV-LED photoinitiators and cationic sulfonium salt photoinitiators, in collaboration with Tongji University[94]. - The company is actively engaged in research and development of light-curing materials to meet the growing demands of additive manufacturing technology[46]. Environmental Commitment - The company emphasizes the importance of safety and environmental protection in its operations, implementing advanced processes and strict compliance with regulations to minimize risks[8]. - The company is committed to producing environmentally friendly and low-toxicity products, aligning with industry trends towards sustainability[46]. - The company has established wastewater treatment facilities with a capacity of 300 tons/day at both production bases, ensuring compliance with discharge standards[183]. - The company reported a total wastewater discharge of 11.905 tons of COD and 0.326 tons of NH3-N, both within the permitted limits[182]. - The company has invested in air pollution control with the addition of two resin adsorption devices and a thermal oxidation incinerator, operating normally throughout the year[184]. Supply Chain and Cost Management - The company is actively monitoring raw material price fluctuations and has implemented strategies to mitigate cost impacts, including new product development and improved processes[5]. - The company is focused on enhancing its supply chain management by strengthening relationships with key suppliers and exploring new sourcing options to ensure stable raw material supply[5]. - The company is leveraging its full industry chain advantages to maintain reasonable profit margins while adapting to dynamic market demands[4]. - The company emphasizes new product development and process optimization to reduce waste emissions and improve product quality while lowering production costs[47]. Shareholder Returns and Dividends - The company plans to distribute cash dividends of 1 RMB per 10 shares to shareholders, based on a total of 234,750,130 shares[11]. - The total cash dividend distributed in 2019 amounted to RMB 23,475,013, representing 23.23% of the net profit attributable to the company's ordinary shareholders[139]. - The cash dividend for 2018 was RMB 37,067,400, which accounted for 26.96% of the net profit attributable to the company's ordinary shareholders[139]. - The company has consistently maintained a positive profit distribution policy over the past three years, with increasing cash dividends each year[139]. Corporate Governance and Compliance - The company has committed to fulfilling all promises made regarding share transfers and management of shares held by its controlling shareholders and executives[140]. - The company will ensure that any related party transactions are conducted on an equal, voluntary, and fair basis, adhering to market prices[142]. - The company has confirmed that it will not engage in any activities that could compromise its operational independence from its controlling shareholders[142]. - The company has implemented changes in accounting policies due to the new financial instrument standards effective from January 1, 2019, as approved by the board of directors[145]. Market Expansion and Strategic Initiatives - The company is actively pursuing market expansion in developed regions such as Taiwan, South Korea, Ireland, the UK, the Netherlands, and the US[60]. - The company plans to continue expanding its market presence and product offerings, leveraging its technological capabilities and government support[116]. - The company is implementing a dual-driven development strategy, focusing on both organic growth and external expansion through mergers and acquisitions[126]. - The company is committed to attracting high-end professionals and building a diverse management team to support long-term development[130].

浙江扬帆新材料股份有限公司 2019 年第三季度报告全文 2019 年 10 月 1 浙江扬帆新材料股份有限公司 2019 年第三季度报告 2019-073 浙江扬帆新材料股份有限公司 2019 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。 公司负责人樊彬、主管会计工作负责人上官云明及会计机构负责人(会计主 管人员)樊丽春声明：保证季度报告中财务报表的真实、准确、完整。 1 浙江扬帆新材料股份有限公司 2019 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） | 925,714,371.77 | 800,552,646.25 | | 15.63% | | 归属于上市公司股东的净资产 | 76 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2019, achieving a total revenue of 500 million RMB, representing a year-on-year growth of 20%[1] - Total revenue for the reporting period reached ¥279,731,717, an increase of 10.66% compared to ¥252,793,846 in the same period last year[24] - The company achieved operating revenue of CNY 279,731,717, representing a year-on-year growth of 10.66%[48] - The company's net profit attributable to shareholders reached CNY 69,444,338.90, an increase of 3.6% compared to the previous year[48] - Net profit for the first half of 2019 reached CNY 69,444,338.90, representing a 3.6% increase from CNY 67,034,220.60 in the same period of 2018[157] - The total profit for the first half of 2019 was CNY 80,489,246.86, compared to CNY 79,498,731.03 in the first half of 2018, indicating a growth of 1.2%[157] - Basic earnings per share dropped to ¥0.30, a decrease of 44.44% from ¥0.54 in the same period last year[24] - The diluted earnings per share after the recent share changes is RMB 0.58, down from RMB 1.15 in the previous year[127] Research and Development - The company plans to invest 10% of its revenue into R&D to enhance product development and meet the growing demands of downstream customers[5] - Research and development expenses increased by 35.34% to RMB 16,032,700, reflecting a greater investment in R&D compared to the previous year[55] - The company has accumulated 19 invention patents and 20 utility model patents, enhancing its technological research and development capabilities[40] - The company is focusing on the development of new products, including new types of photoinitiators, which are currently in the testing phase and expected to drive future growth[49] - The company anticipates potential risks in new product development due to high technical difficulty and long cycles, emphasizing the need for continued R&D investment to meet expanding customer demands[86] Market Expansion and Strategy - User data indicates that the company has expanded its customer base by 15%, with a total of 1,200 active clients as of June 30, 2019[1] - Future outlook includes a projected revenue growth of 25% for the second half of 2019, driven by new product launches and market expansion strategies[1] - The company is actively exploring acquisition opportunities to enhance its market position and diversify its product offerings[1] - The company is focusing on developing new technologies, with three new products expected to be launched by the end of 2019, targeting a market share increase of 5%[5] - The company has established long-term cooperative relationships with well-known international and domestic clients, enhancing its market presence[42] Financial Position and Assets - Total assets at the end of the reporting period were ¥814,510,994, an increase of 1.74% from ¥800,552,646 at the end of the previous year[24] - The company’s total liabilities as of the end of the reporting period were CNY 85,081,913.68, compared to CNY 57,862,468.70 at the end of the previous period[154] - The total equity of the company was CNY 571,750,350.90, slightly up from CNY 570,217,450.83 in the previous period[154] - The company’s total assets reached CNY 656,832,264.58, an increase from CNY 628,079,919.53 in the previous period[154] - The company’s total liabilities to total assets ratio improved to approximately 9.6% from 12.3%[149] Cash Flow and Investments - The net cash flow from operating activities decreased by 64.51% to ¥26,169,154 from ¥73,726,980 in the previous year[24] - The investment activities generated a net cash flow of -RMB 7,709,360.97, a 68.07% improvement from the previous year[55] - The company reported cash and cash equivalents at the end of the period amounting to CNY 135,591,105.40, down from CNY 210,386,488.51 at the end of the first half of 2018[164] - The company reported a significant increase in investment, with a total of CNY 383.44 million during the reporting period, up 116.56% from CNY 177.06 million in the same period last year[67] - The company’s cash and cash equivalents decreased by 35.55% to RMB 135,591,105, attributed to the use of raised funds[57] Environmental Compliance and Sustainability - Environmental compliance remains a priority, with ongoing investments in sustainable practices to meet regulatory requirements and enhance operational safety[10] - The company has completed all necessary environmental protection measures and has no outstanding issues with regulatory compliance[116] - The company has engaged in a significant related party transaction, contributing RMB 100 million to the Fuhai Guangyang Fund, which aims to acquire a 99.88% stake in Changzhou Guangyang Holdings Co., Ltd. for RMB 1.199 billion[109] - The company operates two wastewater treatment facilities with a capacity of 300 tons per day, ensuring compliance with discharge standards[117] - The company has established emergency response plans for various environmental incidents and regularly conducts drills to enhance emergency capabilities[119] Risk Management - Management highlighted the importance of improving internal controls and operational systems to mitigate risks associated with rapid expansion[6] - The fluctuation in raw material prices has been identified as a risk, with strategies in place to control procurement costs and maintain profit margins[9] - The company faces stock market risks influenced by various external factors, and it is committed to enhancing operational performance to protect shareholder interests[89] - The company is focused on compliance with environmental regulations, which may increase operational costs, and is investing in safety and environmental training to minimize risks[91] Shareholder and Governance - The company has committed to not distributing cash dividends for the reporting period, opting to reinvest profits into growth initiatives[10] - The company has not engaged in any derivative investments or entrusted loans during the reporting period, maintaining a conservative financial strategy[80][81] - The company has made commitments regarding the transfer of shares by its directors and senior management[97] - The company will ensure that any related transactions are conducted at fair market prices[98] - The company has not reported any issues with the use and disclosure of raised funds, reflecting transparency in financial operations[74]

Financial Performance - Total revenue for Q1 2019 reached ¥149,849,481.50, an increase of 28.62% compared to ¥116,503,465.70 in the same period last year[7] - Net profit attributable to shareholders was ¥36,531,672.25, reflecting a growth of 36.82% from ¥26,700,116.44 year-on-year[7] - Basic earnings per share increased to ¥0.30, up 36.36% from ¥0.22 in the previous year[7] - The total profit for the quarter was CNY 42,809,528.27, an increase of 35.40% compared to the same period last year[17] - Total operating revenue increased to ¥149,849,481.50 from ¥116,503,465.70, representing a growth of approximately 28.6% year-over-year[43] - Net profit for the period was ¥36,531,672.25, up from ¥26,700,116.44, reflecting a growth of approximately 37% year-over-year[44] - Operating profit improved to ¥42,818,256.27 from ¥31,080,998.58, a rise of approximately 37.7% year-over-year[44] Cash Flow - The net cash flow from operating activities was ¥14,489,949.36, representing a 7.91% increase compared to ¥13,428,241.79 in the same period last year[7] - The company reported a cash inflow from operating activities of ¥133,641,080.87, slightly up from ¥131,675,892.86[51] - The net cash flow from operating activities for the first quarter was ¥14,489,949.36, an increase from ¥13,428,241.79 in the previous year, reflecting a growth of approximately 7.9%[52] - The company’s total cash inflow from operating activities was ¥139,044,851.81, compared to ¥136,048,860.14 in the previous year, showing a slight increase of approximately 2.2%[52] - The company reported a net cash flow from financing activities of ¥11,626,700.38, compared to ¥5,000,000.00 in the same period last year, indicating a significant increase of approximately 132.5%[53] Assets and Liabilities - Total assets at the end of the reporting period were ¥820,341,084.96, a rise of 2.47% from ¥800,552,646.25 at the end of the previous year[7] - Current liabilities decreased to CNY 77,658,362.16 from CNY 95,492,373.12, a reduction of about 18.7%[36] - The total liabilities decreased to CNY 81,054,589.25 from CNY 98,960,592.11, a decline of about 18.2%[36] - Non-current assets rose to CNY 361,329,200.56, compared to CNY 326,312,419.20, marking an increase of approximately 10.7%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,670[11] - The largest shareholder, Zhejiang Yangfan Holdings Group Co., Ltd., held 29.29% of the shares, amounting to 36,198,000 shares[11] - The total equity attributable to shareholders increased to CNY 739,286,495.71 from CNY 701,592,054.14, representing a growth of approximately 5.4%[37] Research and Development - Research and development expenses surged by 119.84% to CNY 11,630,065.99, primarily due to increased personnel costs[15] - The company is focusing on enhancing its research and development capabilities to maintain competitive advantages in expanding application fields[22] Investment Activities - Cash flow from investment activities saw a significant increase, with cash received from other investment activities amounting to CNY 179,138,173.56[16] - The total amount of raised funds is 246.03 million RMB, with 21.52 million RMB invested in the current quarter[26] - Cumulative investment from raised funds amounts to 79.01 million RMB, representing 79.51% of the total raised funds[26] - The project "29,000t/a photoinitiator and pharmaceutical intermediates" has a total investment of 195.63 million RMB, with 17.18 million RMB invested in the current report period[27] Inventory and Receivables - Accounts receivable increased by 42.60% to CNY 35,436,289.61 due to higher sales revenue[15] - Accounts receivable surged to CNY 12,603,303.75 from CNY 4,627,901.46, indicating a significant increase of approximately 172.5%[39] - Inventory decreased to 107.07 million RMB from 114.13 million RMB, reflecting improved inventory management[34] - Inventory levels rose to CNY 49,678,515.94 from CNY 46,198,033.48, an increase of about 5.4%[39] Compliance and Commitments - The company has no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[24] - There are no violations regarding external guarantees during the reporting period[29] - The company has not experienced any significant changes in expected profits compared to the same period last year[29]

Dividend Distribution - The company plans to distribute a cash dividend of 3.00 CNY per 10 shares, with a capital reserve conversion of 9 shares for every 10 shares held[5]. - The company distributed cash dividends of 24,655,600 yuan (including tax) based on a total share capital of 12,327.8 million shares, with a payout of 2 yuan per 10 shares[142]. - The total cash dividend for the year amounted to 37,067,400 yuan (including other methods), representing 100% of the total profit distribution[144]. - In 2018, the company distributed cash dividends totaling RMB 37,067,400, which accounted for 26.97% of the consolidated net profit attributable to ordinary shareholders[148]. - In 2017, the cash dividends amounted to RMB 24,655,600, representing 37.81% of the consolidated net profit attributable to ordinary shareholders[148]. - The cash dividend per 10 shares for 2018 was RMB 3, compared to RMB 2 for 2017[145]. - The cash dividend distribution plan for 2018 is subject to approval at the annual general meeting[145]. - The independent directors have expressed their opinions on the 2018 profit distribution and capital reserve conversion plan[145]. Financial Performance - The company's operating revenue for 2018 was CNY 525,975,255.69, representing a year-on-year increase of 20.51% compared to CNY 436,471,908.25 in 2017[25]. - The net profit attributable to shareholders for 2018 was CNY 137,484,515.51, a significant increase of 110.83% from CNY 65,209,672.24 in 2017[25]. - The net cash flow from operating activities reached CNY 162,907,786.64, up 96.87% from CNY 82,749,314.03 in the previous year[25]. - The total assets of the company at the end of 2018 were CNY 800,552,646.25, reflecting a growth of 23.38% from CNY 648,858,704.45 at the end of 2017[25]. - The company maintained a gross margin of 21.80% in 2018, compared to 14.17% in 2017, indicating improved profitability[25]. - The basic earnings per share for 2018 was CNY 1.15, a 94.92% increase from CNY 0.59 in 2017[25]. - The company reported a total of CNY 9,259,190.13 in non-recurring gains for 2018, compared to CNY 4,593,923.10 in 2017[31]. - The company's total operating costs decreased by 0.18% year-on-year, indicating improved cost management[59]. Research and Development - The company is increasing its investment in R&D to enhance product competitiveness and has established a new R&D building[9]. - The company has identified new application fields for its products, including medical and 3D printing sectors, necessitating stronger R&D capabilities[9]. - The company is classified as a high-tech enterprise and has a robust R&D strength, which it continues to enhance[9]. - The company has expanded its R&D team and increased investment in R&D, enhancing its innovation capabilities due to strong government support for private enterprises[40]. - Research and development expenses rose by 5.96% to 21,918,406.41 CNY, accounting for 4.17% of total revenue[88]. - The company is focusing on the development of new photoinitiators and non-aromatic sulfur fine chemicals, which are expected to enhance market competitiveness[84][85]. - The company is committed to establishing a research and development center for light curing technology in collaboration with universities[119]. Market Position and Competition - The company holds over 50% of the global market share for its main product, photoinitiator 907, showcasing its strong market position[33]. - The company's main product, 907, holds over 70% market share domestically, confirming the advantages of its full industry chain model[45]. - The company has a strong customer base, including major clients like BASF and Abbive Inc[18]. - The company is expanding its market presence, maintaining strong relationships with international firms such as Abbvie Inc. and IGM, while also increasing its customer base in developed regions like the US and Europe[64]. - The company is actively pursuing market expansion through new product development and strategic investments in the chemical industry[100]. - The company is focusing on expanding its product line in light curing agents and sulfur-containing fine chemicals, targeting new applications in various industries[119]. Production and Capacity Expansion - The company is expanding its production capacity at its Inner Mongolia base, which is expected to increase market competition significantly[6]. - The company plans to invest CNY 1 billion (with the first phase not exceeding CNY 500 million) in its wholly-owned subsidiary in Inner Mongolia to expand the production capacity of photoinitiators and pharmaceutical intermediates[60]. - The company plans to complete the construction of production lines at the Inner Mongolia base and initiate trial production within 2019, contributing to overall performance[123]. - The company has established a high-standard production base to improve automation levels and reduce the proportion of frontline operators[134]. - The production mode includes continuous production for stable clients and interspersed production for thiol compounds, optimizing equipment utilization[37]. Environmental Responsibility - The company has maintained a strong focus on safety and environmental protection, reporting no major safety incidents or environmental violations during the reporting period[10]. - The company has implemented a unified sales management system through its wholly-owned subsidiary, ensuring consistent customer service and pricing[38]. - The company invested significantly in environmental protection equipment to ensure compliance with stringent environmental policies, enhancing its competitive edge in the industry[67]. - The company has established wastewater treatment facilities with a capacity of 300 tons per day at both production bases, utilizing advanced treatment processes to ensure compliance with discharge standards[181]. - The company reported a total of 14.437 tons of COD wastewater discharge, which is below the regulatory limit of 500 mg/l, indicating effective pollution control measures[180]. - The company has not reported any significant environmental incidents during the reporting period, reflecting its commitment to environmental responsibility[185]. Risk Management - The company is facing risks from rising labor costs due to economic development and an increasing proportion of R&D personnel[7]. - The company is actively working to mitigate raw material price fluctuation risks by improving existing processes and leveraging its industry chain advantages[11]. - The company has established comprehensive risk management plans for the new project[109]. - The company has effectively mitigated safety and environmental risks, reporting no major safety incidents or significant environmental violations during the reporting period[136]. Talent and Management - The company implemented an employee stock incentive plan, which was approved by the board and shareholders, with the first grant of restricted stock completed on November 15, 2017[161]. - The company is enhancing its talent acquisition and training mechanisms to strengthen its investment and merger capabilities[121]. - The company has committed to maintaining independence in its operations and avoiding conflicts of interest with related parties[150]. Corporate Governance - The company has not sold any significant assets during the reporting period[110]. - The company has not sold any significant equity during the reporting period[111]. - The company will ensure that any related transactions are conducted on a fair and equitable basis[150]. - The company has appointed Zhonghui Certified Public Accountants as its auditor, with an audit fee of 500,000 CNY and a continuous service period of 4 years[155]. - There were no major lawsuits or arbitration matters during the reporting period[157].

浙江扬帆新材料股份有限公司 2018 年第三季度报告全文 浙江扬帆新材料股份有限公司 2018 年第三季度报告 2018-062 2018 年 10 月 浙江扬帆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度报的董事会会议。 公司负责人樊彬、主管会计工作负责人上官云明及会计机构负责人(会计主 管人员)樊丽春声明：保证季度报告中财务报表的真实、准确、完整。 1 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） | 749,540,288.93 | | 648,858,704.45 | 15.52% | | 归属于上市公司股东的净资产 | 657,009,614.63 | | 563,513,235.20 | 16.59% | | （元） | | | ...

Financial Performance - Total operating revenue for the first half of 2018 reached ¥252,793,846.08, an increase of 32.81% compared to ¥190,349,370.01 in the same period last year[20]. - Net profit attributable to shareholders of the listed company was ¥67,034,220.60, representing a significant increase of 184.08% from ¥23,596,984.01 year-on-year[20]. - Net profit after deducting non-recurring gains and losses was ¥61,333,121.33, up 158.58% from ¥23,718,877.69 in the previous year[20]. - Basic earnings per share rose to ¥0.54, reflecting a 125.00% increase from ¥0.24 in the previous year[20]. - Cash flow from operating activities saw a substantial increase of 432.06%, totaling ¥73,726,980.04, due to higher revenue and improved collection of accounts receivable[61]. - The company achieved operating revenue of ¥252,793,846.08, a year-on-year increase of 32.81% driven by both sales volume and price increases[54]. - Net profit attributable to shareholders reached ¥67,034,220.60, reflecting a significant year-on-year growth of 184.08%[54]. Assets and Liabilities - Total assets at the end of the reporting period were ¥690,146,117.79, an increase of 6.36% from ¥648,858,704.45 at the end of the previous year[20]. - Total liabilities decreased to ¥79,782,175.92 from ¥85,345,469.25, a reduction of approximately 6.5%[163]. - The company's equity attributable to shareholders increased to ¥610,363,941.87 from ¥563,513,235.20, reflecting a growth of about 8.3%[164]. - The total number of shares before the change was 123,278,000, with 93,278,000 shares subject to restrictions, representing 75.66% of the total[141]. Investment and R&D - The company invested ¥500 million in establishing a wholly-owned subsidiary in Inner Mongolia to expand production capacity for photoinitiators and pharmaceutical intermediates[54]. - Research and development expenses increased by 15.03% to ¥11,846,229.25, with ongoing construction of an 8,400 square meter R&D building[61]. - The company has invested in advanced research facilities and equipment, with a new 8,400 square meter R&D building currently under construction[45]. - The company has committed to invest ¥19,603 million in the 5,000t/a photoinitiator project, with 100% of the investment completed[81]. Market Position and Strategy - The company holds over 60% of the global market share for its main product, photoinitiator 907, which is widely used in UV curing materials across various industries[27]. - The company’s main revenue model remains unchanged, focusing on R&D, production, and sales of proprietary photoinitiators and thiol compounds[28]. - The company’s sales model includes direct sales to end customers and a customized production model for specific client needs, particularly in the thiol compound sector[33]. - The company is positioned to benefit from the growing demand for environmentally friendly UV curing products as traditional solvent-based coatings are phased out[36]. Environmental and Social Responsibility - The company has a comprehensive environmental protection strategy, which has become a competitive advantage under stringent regulatory conditions[48]. - The company has established wastewater treatment facilities with a capacity of 300 tons per day at both production bases, utilizing advanced treatment processes to ensure compliance with discharge standards[126]. - The company donated RMB 110,000 for poverty alleviation and charitable activities during the reporting period[131]. - The company has implemented safety and environmental measures, reporting no major safety incidents during the reporting period[100]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[6]. - The company faces risks in new product development due to high technical difficulty and long cycles, but plans to maintain R&D investment to meet customer demand[94]. - Management risks arise from rapid expansion, prompting the company to recruit and train management talent to improve efficiency[95]. - The company acknowledges stock market risks influenced by various external factors and emphasizes the importance of maintaining operational performance[96]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[104]. - The total number of common shareholders at the end of the reporting period was 9,852[145]. - The largest shareholder, Zhejiang Yangfan Holdings, did not experience any share pledges or freezes[145]. - The company reported no changes in controlling shareholders during the reporting period[148]. Future Outlook - The company plans to expand its market presence by entering two new provinces in the next quarter, aiming for a 20% increase in market share[106]. - New product development is underway, with three innovative materials expected to launch by Q4 2018, projected to contribute an additional 200 million yuan in revenue[106]. - Future guidance suggests a revenue target of 1.5 billion yuan for the full year 2018, reflecting a growth rate of 20%[106]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, with a focus on complementary businesses[106].