江苏正丹化学工业股份有限公司 2022 年第三季度报告 | 证券代码：300641 | 证券简称：正丹股份 | 公告编号：2022-047 | | --- | --- | --- | | 债券代码：123106 | 债券简称：正丹转债 | | 江苏正丹化学工业股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,027,290,495.44, representing a 26.04% increase compared to CNY 815,069,766.31 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 61,534,828.89, a slight decrease of 0.13% from CNY 61,616,682.25 in the previous year[18]. - The net cash flow from operating activities improved significantly to CNY 141,687,111.49, a 455.49% increase from a negative CNY 39,856,867.04 in the same period last year[18]. - Total assets at the end of the reporting period were CNY 2,311,368,085.72, up 2.21% from CNY 2,261,377,654.99 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 2.47% to CNY 1,542,005,977.70 from CNY 1,504,899,529.06[18]. - The basic earnings per share remained stable at CNY 0.13, unchanged from the previous year[18]. - The weighted average return on equity decreased to 4.01% from 4.43% in the previous year[18]. - The gross profit margin for phthalic anhydride was 15.20%, with a year-on-year decrease of 2.62%[57]. - The net profit after deducting non-recurring gains and losses was 57.19 million yuan, a 0.90% increase from the same period last year[158]. Market and Product Development - The company focuses on high-end environmentally friendly new materials, utilizing by-products from the refining process to develop products like trimellitic anhydride and other high-performance materials[28]. - Key products include trimellitic anhydride (TMA), which is widely used in high-end applications such as environmentally friendly plasticizers and advanced coatings[29]. - The company aims to replace traditional low-end materials with high-performance alternatives, promoting industry upgrades[28]. - The company is engaged in the research and development of new materials to enhance product quality and environmental performance for downstream consumers[28]. - The company continues to explore market expansion opportunities and enhance its product offerings in the specialty fine chemical sector[28]. - The global market for phthalic anhydride has been growing steadily due to increasing demand in downstream applications, with a notable shift of related industries towards China[33]. - The demand for TOTM, an eco-friendly plasticizer derived from phthalic anhydride, is expected to grow significantly as it replaces harmful phthalate plasticizers in various applications[34]. - The company’s main products include TMA, TOTM, DOTP, and high-end products like vinyl toluene, which are positioned well in the fine chemical and eco-friendly materials sectors[33]. Investment and Financial Management - The company has committed to invest in projects totaling 101,190 million CNY, with a cumulative investment of 75,148 million CNY as of the report date[71]. - The total investment during the reporting period was ¥674,922,002.17, a decrease of 2.90% compared to the same period last year[66]. - The company has established long-term cooperative relationships with major industry players, enhancing its brand image and market position[53]. - The company has developed a new oxygen oxidation production technology for phthalic anhydride, which has improved yield and reduced emissions, with a patent granted in March 2022[48]. - The company plans to continue increasing R&D investment to develop new technologies and products, aiming to strengthen its competitive position in the industry[48]. Risk Management - The company emphasizes the importance of risk awareness regarding macroeconomic fluctuations and raw material price volatility in its operations[3]. - The company faces macroeconomic fluctuation risks, as its main products are closely tied to industries like environmental plasticizers and high-end lubricants, which are sensitive to economic conditions[85]. - The company is exposed to raw material price volatility, with significant reliance on materials like carbon nine aromatic hydrocarbons and acetic acid, which are affected by crude oil price changes[86]. - The company has a high direct material cost proportion in its main business, which can compress profit margins during raw material price surges[86]. Corporate Governance and Compliance - The company has not reported any major changes in the measurement attributes of its main assets during the reporting period[64]. - The company has not encountered any violations in the use and management of raised funds, ensuring compliance with relevant laws and regulations[73]. - The company has implemented a stable profit distribution policy to ensure reasonable returns for shareholders[101]. - The company has established 82 safety management systems and 30 safety operation procedures to prevent major safety accidents[102]. - The company has obtained the pollution discharge permit, valid from December 11, 2019, to December 10, 2022[99]. Employee and Social Responsibility - The employee stock ownership plan includes 49 employees holding a total of 3,474,060 shares, representing 0.71% of the company's total equity[94]. - The company emphasizes employee rights protection and provides competitive compensation and benefits[101]. - The company actively participates in social welfare activities, including poverty alleviation and educational support[102]. Shareholder Information - The company has not reported any significant mergers or acquisitions during the reporting period[135]. - The major shareholders include He Xing Enterprise Limited with 26.25% and Hua Xing Investment (Zhenjiang) Co., Ltd. with 25.32% of shares[137]. - The total number of shareholders holding more than 5% of ordinary shares is 23,352[136]. - The company’s convertible bonds are set to mature on March 23, 2027, with a conversion period established from September 30, 2021[134].

Financial Performance - The company's revenue for Q1 2022 was ¥486,264,175.07, representing a 23.97% increase compared to ¥392,250,011.45 in the same period last year[4] - Net profit attributable to shareholders decreased by 9.03% to ¥31,398,929.78 from ¥34,516,583.62 year-on-year[4] - The company's basic earnings per share fell by 14.29% to ¥0.06 from ¥0.07 in the same period last year[4] - Net profit for Q1 2022 was CNY 31,398,929.78, a decrease of 9.2% from CNY 34,516,583.62 in Q1 2021[22] - Earnings per share for Q1 2022 were CNY 0.06, down from CNY 0.07 in Q1 2021[23] - The company reported a total comprehensive income of CNY 31,398,929.78 for Q1 2022, down from CNY 34,516,583.62 in the previous year[23] Cash Flow - The net cash flow from operating activities surged by 4,549.59% to ¥87,175,224.54, compared to a negative cash flow of -¥1,959,173.11 in the previous year[4] - Cash inflow from operating activities was CNY 428,511,867.57, compared to CNY 480,111,494.24 in the previous year, reflecting a decrease of 10.8%[25] - The company experienced a net decrease in cash and cash equivalents of 299,865,040.99 CNY during the quarter[26] - The cash outflow from operating activities totaled 341,336,643.03 CNY, compared to 482,070,667.35 CNY in the previous year[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,241,743,353.18, a decrease of 0.87% from ¥2,261,377,654.99 at the end of the previous year[4] - Total current assets amount to 1,518,115,674.43 CNY, down from 1,538,794,398.87 CNY at the beginning of the year, reflecting a decrease of about 1.8%[17] - Total liabilities decreased to CNY 705,420,526.67 from CNY 756,478,125.93 year-over-year, a reduction of 6.7%[19] - Total equity attributable to shareholders increased to CNY 1,536,322,826.51, up from CNY 1,504,899,529.06, representing a growth of 2.1%[19] Operating Costs and Expenses - The company's main business cost increased by 28.55% to ¥423,336,435.30, primarily due to higher sales volume and rising raw material costs influenced by oil price fluctuations[9] - Total operating costs for Q1 2022 were CNY 452,697,361.57, up 27.5% from CNY 355,337,782.01 in the same period last year[20] - Research and development expenses for Q1 2022 were CNY 11,622,117.23, a decrease of 10.8% compared to CNY 13,023,470.86 in Q1 2021[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,952[11] - The largest shareholder, He Xing Enterprise Co., Ltd., holds 26.25% of shares, totaling 128,520,000 shares[11] Investment Activities - Investment income rose by 104.29% to ¥3,514,597.78, attributed to increased returns from financial investments[9] - Total cash inflow from investment activities was 118,711,197.78 CNY, down from 171,720,429.57 CNY year-over-year[26] - The net cash flow from investment activities was -279,917,167.32 CNY, a significant decrease from 3,346,996.36 CNY in the previous year[26] Financing Activities - Cash inflow from financing activities totaled 41,589,450.00 CNY, compared to 363,749,188.95 CNY in the same period last year[26] - The net cash flow from financing activities was -106,047,681.11 CNY, contrasting with a positive flow of 227,139,967.97 CNY in the previous year[26] Other Information - The company has a total of 3,199,724 convertible bonds remaining, with an unconverted amount of 319,972,400.00 CNY, indicating a conversion rate of only 0.0086%[14] - The company paid interest on its convertible bonds at a rate of 0.4%, amounting to 4.00 CNY per 1,000 CNY bond[13] - The company did not undergo an audit for the first quarter report[27] - The report was issued by the board of directors of Jiangsu Zhengdan Chemical Industry Co., Ltd.[28]

Financial Performance - The company's operating revenue for 2021 was ¥1,759,400,378.36, representing a 33.52% increase compared to ¥1,317,714,533.11 in 2020[5]. - The net profit attributable to shareholders for 2021 was ¥104,479,063.25, a significant increase of 142.99% from ¥42,997,646.18 in 2020[5]. - The net profit after deducting non-recurring gains and losses was ¥92,658,309.41, reflecting a 176.38% increase from ¥33,525,709.10 in 2020[5]. - The net cash flow from operating activities reached ¥144,437,433.38, up 64.23% from ¥87,950,704.08 in 2020[5]. - The total assets at the end of 2021 were ¥2,261,377,654.99, a 34.93% increase from ¥1,675,960,066.15 at the end of 2020[5]. - The net assets attributable to shareholders increased by 10.74% to ¥1,504,899,529.06 at the end of 2021 from ¥1,358,917,068.84 at the end of 2020[5]. - The company achieved total revenue of ¥1,759,400,378.36, an increase of 33.52% compared to ¥1,317,714,533.11 in the previous year, primarily due to rising product sales prices[59]. - Net profit rose to ¥104,479,063.25, a significant increase of 142.99% from ¥42,997,646.18 in the previous year, driven by increased operating profit[59]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares (including tax) to all shareholders[5]. - The company implemented a stable profit distribution policy, with a cash dividend of CNY 0.50 per 10 shares, totaling CNY 24,480,183.55, which represents 100% of the distributable profit[169]. - The company has not proposed any cash dividend distribution plan for the reporting period despite positive profits available for distribution[170]. - The company has not made any adjustments to its cash dividend policy during the reporting period, maintaining consistency with its articles of association[169]. Research and Development - The company aims to enhance its core competitiveness through innovation and focus on the development of high-tech fine chemical products and green organic chemicals[29]. - The company plans to continue expanding its research and development efforts, focusing on new technologies and products, while optimizing existing processes for energy conservation and emission reduction[53]. - The company has a strong focus on research and development, aiming to innovate and expand its product offerings in the chemical sector[145]. - The company has allocated 100 million RMB for research and development in new technologies for sustainable production methods[199]. - The company is committed to talent acquisition and development to support its rapid growth and operational expansion[115]. Market Position and Strategy - The company aims to leverage its advantages in technology, market, management, and brand in the fine chemical industry to capture market opportunities[30]. - The company has established a leading market position in the production of products such as trimellitic anhydride (TMA) and tri-octyl trimellitate (TOTM), leveraging core technologies and production processes[32]. - The company is currently in the industrial application stage for its main products, indicating ongoing development and market readiness[48]. - The company aims to leverage its advantages in technology, market, and management to enhance its core competitiveness in the fine chemical industry[113]. - The company plans to optimize its product structure by extending the carbon nine aromatic hydrocarbon utilization chain and advancing the nitrogen production project with an annual output of 48,000 tons of liquid nitrogen and 40 million Nm3 of high-purity nitrogen gas[115]. Risks and Challenges - The company reported significant risks related to macroeconomic fluctuations, raw material price volatility, and production control measures[5]. - The company acknowledges risks related to macroeconomic fluctuations, which could impact the demand for its main products, and plans to adjust its operational policies accordingly[117]. - The company faces risks from raw material price fluctuations, as the cost of key materials is significantly affected by oil prices, which could compress profit margins[118]. - The company emphasizes the importance of production management to mitigate risks associated with high-tech processes and hazardous materials, ensuring safety and environmental compliance[118]. Environmental and Social Responsibility - The company has implemented environmental protection measures, including a wastewater treatment station and incineration facilities, which are operating normally[183]. - The company has obtained environmental impact assessment approvals for all construction projects and passed environmental protection acceptance[183]. - The company emphasizes its commitment to creating value for shareholders, employees, customers, and society while fulfilling social responsibilities[184]. - The company actively participates in social welfare activities, including poverty alleviation and educational support[185]. - The company has established an emergency response system to effectively manage potential accidents and protect employee safety[188]. Governance and Management - The company maintains independence from its controlling shareholders in business, assets, personnel, and finance, with no unfair related transactions reported[129]. - The company has a complete and independent internal management structure, separate from its controlling shareholders[132]. - The company has established a robust governance structure with independent directors contributing to strategic oversight and decision-making[144]. - The company has a diverse board of directors and management team, with terms ending in 2024 for key members[136]. - The company has a structured salary distribution system that considers employee performance and responsibilities, aiming to motivate staff effectively[165]. Production and Operations - The production capacity utilization rates for key products were 74.72% for Phthalic Anhydride and 46.32% for Plasticizers, indicating room for improvement in production efficiency[49]. - The company has a comprehensive procurement strategy, ensuring a stable supply of raw materials through long-term agreements and centralized negotiations[43]. - All products are produced in-house, with no outsourcing, ensuring quality control and adherence to production standards[43]. - The company has improved its cost control capabilities by extending its industrial chain upstream, enhancing its bargaining power with suppliers[54]. - The company has established stable long-term relationships with high-quality customers and suppliers, enhancing its supply chain advantages[32]. Future Outlook - The company plans to expand its market presence and enhance product development strategies in the upcoming fiscal year[138]. - Future guidance indicates a revenue growth target of 12% for 2022, with a focus on increasing operational efficiency[194]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[195]. - The company aims to improve its gross margin from 30% to 35% by optimizing its supply chain and production processes[197]. - The company plans to initiate a buyback program for all newly issued shares if significant legal violations are confirmed, with the repurchase price not lower than the average stock price over the previous 20 trading days prior to the violation recognition[200].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 426,365,054.95, representing a 17.30% increase year-over-year, and a total of CNY 1,241,434,821.26 for the year-to-date, up 33.57% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2021 was CNY 19,509,902.51, a 10.42% increase year-over-year, with a year-to-date net profit of CNY 81,126,584.76, showing a significant increase of 220.44%[4] - The company reported a basic earnings per share of CNY 0.0401 for Q3 2021, which is an increase of 11.17%, and CNY 0.1669 for the year-to-date, reflecting a 222.82% increase[4] - Operating profit for the third quarter of 2021 was ¥95,285,016.40, up from ¥31,663,367.39 in the previous year, representing a growth of 201.5%[28] - Net profit for the third quarter of 2021 was ¥81,126,584.76, compared to ¥25,317,128.87 in the same quarter of 2020, marking an increase of 220.5%[28] - The total comprehensive income for the period was ¥81,126,584.76, compared to ¥25,317,128.87 in the previous period, representing a significant increase[29] - Basic and diluted earnings per share for the period were both ¥0.1669, up from ¥0.0517 in the previous period, indicating improved profitability[29] Assets and Liabilities - Total assets at the end of Q3 2021 reached CNY 2,198,527,291.36, marking a 31.18% increase from the end of the previous year[4] - Total assets as of September 30, 2021, amounted to ¥2,198,527,291.36, a significant rise from ¥1,675,960,066.15 at the end of 2020[25] - Current assets increased to ¥1,511,869,304.81 from ¥1,006,387,024.18, reflecting a growth of 50.2%[24] - Total liabilities reached ¥683,127,863.12, compared to ¥317,042,997.31 in the previous year, indicating a rise of 115.5%[25] - The company’s total equity increased to ¥1,515,399,428.24 from ¥1,358,917,068.84, representing a growth of 11.5%[25] Cash Flow - The company experienced a 287.75% decrease in net cash flow from operating activities, amounting to -CNY 109,105,090.60 for the year-to-date, primarily due to increased cash payments for raw material purchases[10] - Cash inflows from operating activities totaled ¥1,457,917,413.84, compared to ¥1,041,698,173.96 in the previous period, reflecting a growth of approximately 40%[32] - The net cash flow from operating activities was -¥109,105,090.60, a decline from ¥58,112,406.53 in the previous period, indicating operational challenges[32] - Cash inflows from investment activities were ¥624,727,745.51, up from ¥528,834,060.18 in the previous period, showing an increase of about 18%[32] - The net cash flow from investment activities was -¥444,095,555.96, worsening from -¥99,349,833.73 in the previous period, highlighting increased investment outflows[32] - Cash inflows from financing activities amounted to ¥854,841,781.31, significantly higher than ¥137,602,100.00 in the previous period, indicating stronger financing efforts[33] - The net cash flow from financing activities was ¥424,578,667.31, compared to -¥107,847,264.43 in the previous period, reflecting a positive turnaround[33] - The ending balance of cash and cash equivalents was ¥240,719,855.69, an increase from ¥164,261,671.61 in the previous period, indicating improved liquidity[33] Research and Development - Research and development expenses for the year-to-date were CNY 41,343,785.69, a 68.15% increase compared to the same period last year, indicating a focus on innovation despite previous pandemic-related delays[10] - Research and development expenses for the third quarter of 2021 were ¥41,343,785.69, up from ¥24,587,451.12 in the same period last year, an increase of 68.0%[28] Shareholder Changes - As of September 30, 2021, the company completed the transfer of 3,474,060 shares under the first employee stock ownership plan, accounting for 0.7096% of the total share capital[16] - The company’s controlling shareholder, Huaxing Investment, transferred 9,792,000 shares (2.00% of total share capital) to YW6 Private Fund, changing the controlling shareholder to Hexing Company[18] - The company issued 3.2 million convertible bonds with a total amount of 32 million yuan, which began trading on April 20, 2021[19] - As of September 30, 2021, 3,199,950 convertible bonds remained unconverted, representing 99.9984% of the total issued bonds[20] - The company reported a decrease of 50 convertible bonds due to conversion, with a total conversion amount of 5,000 yuan and 665 shares converted in Q3 2021[20] - The company’s major shareholders include Huaxing Investment with 133,773,800 shares and Hexing Company with 128,520,000 shares[1] - The company’s stock ownership structure indicates that major shareholders are controlled by Cao Zhengguo and Shen Xingxiu[1] - The company’s first employee stock ownership plan was approved on July 9, 2021, and completed by September 23, 2021[16] - The company has not disclosed any significant changes in the relationship among other shareholders or whether they are acting in concert[1] Other Information - The company reported a significant increase in other income, with government subsidies amounting to CNY 2,529,490.32, a 166.71% increase compared to the previous year[10] - The report for the third quarter was not audited, which may affect the reliability of the financial data presented[34]

Financial Performance - The company's operating revenue for the reporting period was ¥815,069,766.31, representing a 44.02% increase compared to ¥565,948,523.62 in the same period last year [22]. - The net profit attributable to shareholders was ¥61,616,682.25, a significant increase of 705.57% from ¥7,648,819.48 in the previous year [22]. - The net profit after deducting non-recurring gains and losses reached ¥56,678,066.79, up 1,287.60% from ¥4,084,611.64 year-on-year [22]. - The company's total assets at the end of the reporting period were ¥2,079,735,994.46, reflecting a 24.09% increase from ¥1,675,960,066.15 at the end of the previous year [22]. - The net assets attributable to shareholders increased by 10.08% to ¥1,495,886,608.42 from ¥1,358,917,068.84 at the end of the previous year [22]. - The basic earnings per share rose to ¥0.13, a 550.00% increase compared to ¥0.02 in the same period last year [22]. - The net cash flow from operating activities was negative at -¥39,856,867.04, a decrease of 149.98% from ¥79,749,865.45 in the previous year [22]. - The company reported a weighted average return on equity of 4.43%, an increase of 3.86% from 0.57% in the previous year [22]. Investment and Financing Activities - The company issued convertible bonds, resulting in a net cash inflow from financing activities of ¥354,269,543.72, compared to a net outflow of ¥-47,037,711.45 in the previous year [48]. - The total amount raised from the bond issuance was RMB 320 million, which will be used for company development [124]. - The company has made substantial investments in financial products, with a total of ¥315,000,000.00 in trading financial assets at the end of the reporting period [55]. - The company has not encountered any violations in the use and management of raised funds, ensuring compliance with relevant laws and regulations [66]. - The company plans to manage unused raised funds according to the project plan and has approved the use of part of the idle funds for investment in financial products [66]. Research and Development - The company holds 33 authorized patents, including 17 invention patents and 16 utility model patents, reflecting its strong focus on technological innovation [40]. - Research and development expenses surged by 201.81% to ¥28,751,838.92, as the previous year's R&D progress was hindered by the pandemic [47]. - The company plans to continue increasing its R&D investment to develop new technologies and products, ensuring sustained competitive advantage [42]. - The company has developed a new CO2 atmosphere mesoporous iron-based catalyst technology, significantly improving reaction selectivity and production efficiency in the production of vinyl toluene [41]. Market and Product Development - The company is focused on expanding its market presence and developing new products, particularly in the fine chemical sector [6]. - The company focuses on the carbon nine aromatic hydrocarbon comprehensive utilization industry chain, developing high-end environmentally friendly new materials and specialty fine chemicals [30]. - The main products include phthalic anhydride, dioctyl phthalate, and vinyl toluene, with high boiling point aromatic solvents as by-products [30]. - The global phthalic anhydride market has shown steady growth, with TOTM being the primary demand area, particularly in powder coating polyester resins and high-end insulation materials [35]. Risk Management - The company acknowledges the risk of production cost increases due to the technical complexity of its products and the need for experienced management [6]. - The company has outlined various risks it faces, including raw material price fluctuations, production management challenges, and changes in tax policies [5]. - The company emphasizes the importance of internal management and budget control to mitigate risks associated with raw material price volatility [5]. - The company is actively monitoring raw material price trends to manage cost fluctuations and minimize their impact on profitability [78]. Environmental and Safety Management - The company has not experienced any major safety or environmental incidents during the reporting period, reflecting its commitment to sustainable production practices [6]. - The company is actively enhancing safety and environmental management to prevent potential production accidents, which could significantly impact operations [6]. - Jiangsu Zhengdan Chemical Industry Co., Ltd. has achieved a total wastewater discharge of 19.35 tons for COD, 0.29 tons for ammonia nitrogen, and 0.05 tons for total phosphorus, all within the permissible limits [91]. - The company has implemented strict environmental monitoring, including the installation of COD online monitoring instruments, ensuring compliance with national environmental monitoring standards [92]. Corporate Governance - The company has established a stable profit distribution policy to ensure reasonable returns for shareholders, enhancing corporate governance and investor communication [93]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period [97]. - The company has not encountered any significant changes in the feasibility of the adjusted projects [69]. - The company’s board approved the adjustment of the fundraising investment project to expand production capacity and product variety [69].

Financial Performance - The company's operating revenue for Q1 2021 was ¥392,250,011.45, representing a 49.50% increase compared to ¥262,368,220.60 in the same period last year[8] - Net profit attributable to shareholders was ¥34,516,583.62, a significant increase of 322.49% from ¥8,169,721.12 year-on-year[8] - The net profit after deducting non-recurring gains and losses reached ¥31,322,131.15, marking a 515.15% increase from ¥5,091,774.48 in the previous year[8] - The basic earnings per share increased to ¥0.07, up 250.00% from ¥0.02 in the same period last year[8] - The company reported a net profit for Q1 2021, indicating a significant increase compared to the same period last year, driven by recovery from the low profit base in H1 2020 due to the pandemic and oil price crash[26] - The company's total profit reached CNY 40.67 million in Q1 2021, a 323.49% increase from CNY 9.60 million in Q1 2020[16] - Operating profit for Q1 2021 was CNY 40,679,279.01, compared to CNY 9,594,109.45 in Q1 2020, indicating an increase of around 323.5%[44] - The total profit for Q1 2021 was CNY 40,670,408.82, compared to CNY 9,603,701.65 in Q1 2020, indicating an increase of approximately 323.5%[44] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,928,613,817.38, reflecting a 15.08% increase from ¥1,675,960,066.15 at the end of the previous year[8] - The net assets attributable to shareholders amounted to ¥1,478,499,121.77, an increase of 8.80% compared to ¥1,358,917,068.84 at the end of the previous year[8] - Total assets reached CNY 1,894,106,739.63, compared to CNY 1,641,936,660.75 at the end of 2020, representing an increase of about 15.3%[40] - Total liabilities amounted to CNY 421,161,194.07, up from CNY 288,160,627.74, showing a rise of approximately 46.1%[40] - The company's total equity reached CNY 1,472,945,545.56, compared to CNY 1,353,776,033.01 at the end of 2020, representing an increase of approximately 8.8%[40] Cash Flow - The net cash flow from operating activities improved to -¥1,959,173.11, a 89.17% improvement from -¥18,091,886.16 in the same period last year[8] - Cash inflow from financing activities totaled 363,749,188.95 CNY, up from 99,792,100.00 CNY in the previous year[53] - The net cash flow from financing activities was 227,139,967.97 CNY, compared to 57,066,502.35 CNY in the same period last year[53] - The ending balance of cash and cash equivalents was 598,926,677.95 CNY, an increase from 348,138,852.88 CNY year-over-year[53] - The company received cash from sales of goods and services amounting to CNY 470,180,858.45 in Q1 2021, compared to CNY 282,363,906.96 in Q1 2020[51] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,352, indicating a broad shareholder base[12] Research and Development - Research and development expenses increased by 343.81% to CNY 13.02 million in Q1 2021, primarily due to adjustments in R&D plans from the previous year[16] - Research and development expenses in Q1 2021 were CNY 13,023,470.86, significantly higher than CNY 2,934,457.43 in Q1 2020, reflecting a growth of approximately 343.5%[46] Inventory and Costs - Inventory rose by 53.06% to CNY 188.76 million, attributed to rising raw material prices and increased procurement[16] - Total operating costs for Q1 2021 were CNY 355,337,782.01, compared to CNY 256,385,632.64 in Q1 2020, an increase of approximately 38.5%[43] - The company's inventory increased to approximately CNY 188.76 million as of March 31, 2021, compared to CNY 123.32 million at the end of 2020, indicating a rise of 52.9%[34] Government Support - The company received government subsidies amounting to ¥2,046,620.00 during the reporting period, contributing to its financial performance[9] Other Information - The company has not reported any significant changes in its core technology team or major risks affecting future operations during the reporting period[18] - The company has not reported any violations regarding external guarantees during the reporting period[27] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[28] - The company has delayed the "20,000 tons/year vinyl toluene project" to December 31, 2021, due to slower-than-expected market demand for vinyl toluene products[24] - The company has adjusted the project completion timeline for the engineering technology research center to December 31, 2021, due to pandemic-related delays[25] - The company did not require adjustments to the beginning balance sheet items as it did not engage in leasing or related business[58]

Financial Performance - The company's operating revenue for 2020 was ¥1,317,714,533.11, representing a 0.77% increase compared to ¥1,307,682,193.70 in 2019[18]. - The net profit attributable to shareholders for 2020 was ¥42,997,646.18, a 6.31% increase from ¥40,446,970.79 in 2019[18]. - The net profit after deducting non-recurring gains and losses was ¥33,525,709.10, up 12.10% from ¥29,907,064.90 in 2019[18]. - The company's cash flow from operating activities for 2020 was ¥87,950,704.08, a significant recovery from a negative cash flow of -¥103,905,264.70 in 2019[18]. - The total assets at the end of 2020 were ¥1,675,960,066.15, a decrease of 0.84% from ¥1,690,114,040.42 at the end of 2019[18]. - The net assets attributable to shareholders increased by 2.51% to ¥1,358,917,068.84 at the end of 2020, compared to ¥1,325,662,610.26 at the end of 2019[18]. - The company reported a basic earnings per share of ¥0.09 for 2020, reflecting a 12.50% increase from ¥0.08 in 2019[18]. - The gross profit margin for phthalic anhydride and its esters improved to 12.29%, up from 9.13% in the previous year[57]. - The company achieved total operating revenue of ¥1,317,714,533.11, an increase of 0.77% compared to ¥1,307,682,193.70 in the same period last year[51]. - Operating costs decreased to ¥1,158,793,150.48, down 0.32% from ¥1,162,532,539.67, primarily due to a decline in raw material costs influenced by oil price fluctuations[51]. - Net profit rose to ¥42,997,646.18, reflecting a 6.31% increase from ¥40,446,970.79 in the previous year, driven by higher operating profit[52]. Profit Distribution - The company reported a profit distribution plan of 0.2 RMB per 10 shares (including tax) for all shareholders, with no bonus shares issued[6]. - The cash dividend for 2020 accounted for 22.61% of the net profit attributable to the parent company, consistent with previous years' distributions[115]. - The total distributable profit for the year was RMB 360,047,719.64, indicating a strong profit generation capability[112]. - The company has a history of cash dividends, with amounts of RMB 9,722,518.80 in both 2019 and 2020, and RMB 19,445,037.60 in 2018[115]. - The company has consistently adhered to its profit distribution policies, ensuring compliance with its articles of association and shareholder resolutions[112]. - The company will review its dividend return plan every three years, allowing adjustments based on shareholder feedback[142]. - The company aims to maximize overall shareholder value while considering its development strategy and capital structure optimization[137]. Risk Management - The company emphasizes the importance of monitoring macroeconomic conditions and adjusting operational policies accordingly to mitigate risks associated with economic fluctuations[5]. - The company has a comprehensive risk management strategy in place to address potential operational and market risks[5]. - The company acknowledges the risk of production management issues due to the technical complexity of its products, which could affect market competitiveness[5]. - The company faces risks from macroeconomic fluctuations, which could impact demand for its main products, including phthalic anhydride and phthalic acid tri-octyl ester[107]. - The company’s main raw materials account for 80% of its main business costs, making it vulnerable to fluctuations in raw material prices[107]. - The company emphasizes sustainable development and safety management to mitigate risks associated with production processes and environmental impacts[108]. Product and Market Focus - The company’s primary products include Phthalic Anhydride and TOTM, which are used in various industries such as environmental plasticizers and automotive applications[4]. - The company focuses on the carbon nine aromatic hydrocarbon comprehensive utilization industry chain, developing high-end environmentally friendly new materials and specialty fine chemicals[27]. - The main products include phthalic anhydride, dioctyl phthalate, and vinyl toluene, with by-products being high-boiling point aromatic solvents[27]. - The company aims to replace traditional low-end materials with high safety, high performance, and high added value materials to promote industry and product upgrades[27]. - The global phthalic anhydride market has shown steady growth, with TOTM being the primary demand area, particularly in powder coating polyester resins and high-temperature curing agents[32]. - The demand for TOTM is expected to grow rapidly due to increasing domestic environmental awareness and the demand for high-end PVC cables[32]. - The company maintains a leading market position in both domestic and international markets, with strong technical advantages and brand recognition[33]. - The company’s operational model is "factory-to-factory," focusing on direct sales to downstream manufacturers, minimizing reliance on traders[30]. Research and Development - The company plans to continue increasing R&D investment to develop new technologies and products while optimizing existing processes[38]. - The number of R&D personnel increased to 97, accounting for 24.07% of the total workforce, up from 18.18% in 2019[69]. - Research and development expenses amounted to ¥45,365,373.22, representing 3.44% of operating revenue, with a slight increase from the previous year[69]. - The company aims to enhance its product profitability and competitiveness by expanding its carbon nine aromatic hydrocarbon utilization industry chain[39]. - The company will increase R&D investment in new products, processes, and energy-saving technologies to enhance core competitiveness and sustainable development capabilities[106]. Environmental and Safety Management - The company has not experienced any major safety or environmental incidents during the reporting period, but it remains committed to enhancing safety and environmental management[5]. - The company maintains a strong focus on safety and environmental management, implementing risk control and hazard identification measures[46]. - The company has implemented pollution prevention facilities, including a wastewater treatment plant and incineration facilities, which are operating normally[199]. - The company is classified as a key pollutant discharge unit, with specific emissions data including COD at 25.54 tons and ammonia nitrogen at 0.13 tons, all within regulatory limits[198]. - The company has received environmental impact assessment approvals for all construction projects and has passed environmental protection acceptance[199]. Capital Management and Investments - The company plans to issue convertible bonds, with the proposal approved by the board and shareholders, and has received acceptance from the China Securities Regulatory Commission[200]. - The company has established a stable profit distribution policy to ensure reasonable returns for shareholders[194]. - The company has engaged in financial management, with a total of 33 million RMB in entrusted financial products, including 7 million RMB in brokerage financial products and 8 million RMB in trust financial products[192]. - The company has not engaged in any entrusted loans during the reporting period[192]. - The company has not experienced any bankruptcy reorganization or delisting risks during the reporting period[174][175]. Compliance and Governance - The company guarantees that its IPO prospectus does not contain false records or misleading statements, and it will bear legal responsibility for its accuracy and completeness[134]. - The company has made commitments to minority shareholders, which are being fulfilled as scheduled[168]. - The company is committed to compensating investors for losses incurred due to false statements or omissions in the prospectus, limited to the actual losses recognized by the competent authority[168]. - The company has not faced any non-standard audit reports during the reporting period, indicating a clean audit status[170]. - The company emphasizes compliance with the Company Law and Articles of Association to protect the rights of shareholders and creditors[149].

Financial Performance - Operating revenue for the reporting period was CNY 363,487,067.11, an increase of 10.36% year-on-year[7] - Net profit attributable to shareholders was CNY 17,668,309.39, a significant increase of 62.83% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 14,186,730.34, up by 49.13% year-on-year[7] - Basic earnings per share for the reporting period were CNY 0.0361, an increase of 61.88% year-on-year[7] - The weighted average return on net assets was 1.30%, an increase of 0.83 percentage points compared to the previous year[7] - The company reported a significant increase in non-operating income by 99987.83% to ¥1.71 million from the sale of natural resource usage rights[15] - The total profit for the third quarter was CNY 30,172,531.08, a decline of 28.14% from CNY 41,922,376.74 in the previous year[47] - The total profit for the third quarter was CNY 21,138,096.53, compared to CNY 12,755,253.63 in the previous period, marking a growth of approximately 65.8%[36] Cash Flow - The net cash flow from operating activities was CNY -21,637,458.92, a decrease of 168.86% compared to the same period last year[7] - Operating cash flow improved by 166.56% to ¥58.11 million, as there were no large forward letter of credit payments this period[15] - The net cash flow from operating activities for Q3 2020 was ¥58,112,406.53, a significant improvement compared to a net outflow of ¥87,307,761.39 in Q3 2019[52] - The net cash flow from investment activities was -¥99,349,833.73, an improvement from -¥230,672,204.82 in Q3 2019[53] - The net cash flow from financing activities was -¥107,847,264.43, compared to a positive net flow of ¥97,181,368.25 in Q3 2019[54] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,605,960,747.23, a decrease of 4.98% compared to the end of the previous year[7] - The company's total assets as of September 30, 2020, were CNY 1,582,843,886.31, down from CNY 1,682,368,610.44 at the end of 2019[31] - Total liabilities reached CNY 364,451,430.16, with current liabilities at CNY 363,174,730.16 and non-current liabilities at CNY 1,276,700.00[60] - The total liabilities decreased to CNY 244,532,844.22 in Q3 2020 from CNY 357,239,653.07 in the previous year[32] - Owner's equity totaled CNY 1,325,662,610.26, including a capital reserve of CNY 468,893,600.98 and retained earnings of CNY 330,611,618.58[61] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,694[11] - The top ten shareholders held a combined 74.35% of the company's shares, with the largest shareholder holding 28.13%[11] - The total equity attributable to shareholders was CNY 1,325,662,610.26, indicating a strong financial position[61] Research and Development - Research and development expenses increased to CNY 15,060,936.60 in Q3 2020, up from CNY 7,086,187.77 in Q3 2019, reflecting a focus on innovation[35] - Research and development expenses for the third quarter amounted to CNY 15,060,936.60, significantly higher than CNY 7,086,187.77 in the previous year, indicating an increase of approximately 112.5%[39] - Research and development expenses increased to CNY 24,587,451.12, up 10.77% from CNY 22,202,219.61 in the same period last year[47] Government Subsidies - The company received government subsidies amounting to CNY 948,400.00 during the reporting period[9] Investment Activities - The company’s investment income increased by 45.49% to ¥8.83 million, reflecting higher returns from idle funds management[15] - The company reported investment income of CNY 8,831,597.35, which is an increase of 45.66% from CNY 6,070,391.76 in the same period last year[47] Other Financial Metrics - Cash and cash equivalents decreased by 47.49% to ¥164.26 million due to repayment of short-term bank loans[15] - Trading financial assets increased by 72.62% to ¥190.19 million, attributed to the increase in idle funds management products[15] - Accounts receivable rose by 33.59% to ¥176.97 million, driven by increased operating income in Q3[15] - Other receivables surged by 105.96% to ¥1.40 million, mainly due to increased bid guarantee deposits[15] - Deferred income increased to CNY 2,640,000.00 in Q3 2020 from CNY 1,250,000.00 in the same period last year, indicating growth in future revenue recognition[32] Audit and Compliance - The company has not undergone an audit for the Q3 report[65] - The company implemented new revenue and lease standards starting in 2020, with no retrospective adjustments to prior data[65]

Financial Performance - The company's operating revenue for the reporting period was ¥565,948,523.62, a decrease of 5.21% compared to the same period last year[20]. - The net profit attributable to shareholders was ¥7,648,819.48, reflecting a significant decline of 69.15% year-over-year[20]. - The net profit after deducting non-recurring gains and losses was ¥4,084,611.64, down 79.07% from the previous year[20]. - The basic earnings per share decreased by 60.00% to ¥0.02 compared to ¥0.05 in the same period last year[20]. - The total assets at the end of the reporting period were ¥1,648,714,300.37, a decrease of 2.45% from the end of the previous year[20]. - The net assets attributable to shareholders were ¥1,323,540,816.82, showing a slight decrease of 0.16% compared to the previous year[20]. - The company reported a net cash flow from operating activities of ¥79,749,865.45, a significant improvement from a negative cash flow of ¥118,728,444.84 in the same period last year[20]. - The company received government subsidies amounting to ¥674,000.00 during the reporting period[25]. Raw Material and Production Costs - The company reported that direct materials account for approximately 80% of its main business costs, making it vulnerable to fluctuations in raw material prices[5]. - The company plans to enhance internal management and budget control to mitigate risks associated with raw material price volatility[5]. - The company emphasizes the importance of safety and environmental regulations, which may increase production costs and reduce profit margins in the short term[6]. - The company has outlined potential risks in its future development outlook, including raw material price fluctuations and tightening environmental regulations[5]. - The company has a comprehensive management system in place to address safety and environmental risks, although it acknowledges that accidents cannot be completely avoided[6]. Research and Development - The company is focused on the research, production, and sales of high-end environmentally friendly new materials and specialty fine chemicals, primarily utilizing the carbon nine aromatic hydrocarbon industry chain[28]. - The company holds 38 authorized patents, including 17 invention patents and 21 utility model patents, reflecting its commitment to technological innovation[37]. - The company has developed a continuous oxidation process for producing phthalic anhydride, which has received national and provincial patent awards, enhancing production safety and efficiency[38]. - The company has successfully developed a new type of catalyst technology for the industrial production of vinyl toluene, becoming one of the first companies globally to achieve large-scale production[38]. - The company plans to continue increasing its R&D investment to develop new technologies and products while optimizing existing processes[39]. Market Position and Products - The main products include trimellitic anhydride (TMA), trioctyl trimellitate (TOTM), and dioctyl terephthalate (DOTP), which are used in various high-performance applications[29]. - The main products include phthalic anhydride and vinyl toluene, which are widely used in various industries such as coatings, resins, and insulation materials[32]. - The company has established a strong market position and brand recognition in the fine chemical products sector, with leading market share in its niche[34]. - The company operates under a "factory-to-factory" model, focusing on direct sales to downstream manufacturers, which enhances operational efficiency[31]. - The company’s products are positioned as environmentally friendly alternatives, particularly in the growing market for non-toxic plasticizers[33]. - The company’s production processes have been recognized for their high automation levels, improving product quality and reducing energy consumption[38]. Shareholder and Stock Information - The company’s stock is listed on the Shenzhen Stock Exchange under the code 300641[15]. - The company will not distribute cash dividends or issue bonus shares for the reporting period[7]. - The company has committed to a share repurchase plan, with a maximum single repurchase amount not exceeding RMB 5 million and a limit of 2% of the total share capital for each repurchase[97]. - The controlling shareholder, Huaxing Investment, has pledged to increase its shareholding, with a single increase not exceeding RMB 5 million and not exceeding 2% of the total share capital[98]. - The company’s board of directors must approve any share repurchase resolutions, requiring a two-thirds majority from attending shareholders[96]. Compliance and Regulatory Matters - The company emphasizes safety and environmental protection, implementing strict management measures to ensure compliance[48]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[124]. - The company has established pollution prevention facilities, including a wastewater treatment plant and incineration furnace, which operated effectively during the reporting period[125]. - The company has complied with environmental monitoring standards and has installed online monitoring equipment for pollutants[125]. - The company has not reported any violations in the use and management of raised funds, ensuring compliance with relevant laws and regulations[70]. Legal and Contingent Liabilities - The company reported a significant litigation involving a contract dispute with SINO COAST, with a claimed amount of 354.01 million yuan, which has been recognized as a contingent liability[106]. - The company has recognized a provision of 3.0985 million yuan related to the arbitration case with SINO COAST, impacting current profits[107]. - The company faced a fine of 29.75 thousand yuan for violating safety production regulations[109]. - There were no major lawsuits or arbitration matters reported during the period[106]. Financial Reporting and Audit - The half-year financial report has not been audited[104]. - The financial statements have been prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status[196]. - The company’s accounting period runs from January 1 to December 31 each year, with a business cycle of 12 months[197][198].