证券代码：300855 证券简称：图南股份 江苏图南合金股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------------|------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Company Overview - Jiangsu Tunan Alloy Co., Ltd. specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels [1] - The company has established a complete industrial chain production process, including special smelting, forging, hot rolling, and casting [1] Financial Performance - In Q3, the company's operating income and net profit experienced a quarter-on-quarter decline due to changes in product sales structure [3] - The company maintains a focus on cost control and aims to optimize its product sales structure to stabilize overall gross profit margins [3] Competitive Advantages - Core competitive advantages include a full industrial chain for high-temperature alloy products, product differentiation, and quality control [3] - The company has developed advanced technologies in high-temperature alloy melting and precision casting, leading to a competitive edge in product quality [4] Subsidiary Development - A wholly-owned subsidiary, Shenyang Tunan Precision Parts Manufacturing Co., Ltd., has been established to enhance the company's capabilities in aerospace component manufacturing [3] Production and Delivery - The typical delivery cycle for products ranges from 1 to 3 months, depending on the product category and specifications [3] - The company has not been affected by recent power restriction policies, ensuring normal production operations [3] R&D and Innovation - The company invests in R&D and collaborates with domestic enterprises and academic institutions to foster innovation [4] - A comprehensive technology and product development system has been established, focusing on continuous innovation [4] Product Composition - The main products of special stainless steel include bars and seamless pipes, primarily used in aerospace and nuclear power applications [4] - The company is advancing projects to produce complex thin-walled high-temperature alloy components, with an expected annual output of 3,300 pieces by the end of 2022 [4] Future Plans - There are currently no plans to expand into blade manufacturing, but the company will focus on providing high-quality raw materials for blade production [5]

Financial Performance - Revenue for Q3 2022 reached ¥267,607,862.83, an increase of 54.39% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2022 was ¥67,775,161.67, up 60.69% year-on-year[5] - Net profit excluding non-recurring gains and losses for Q3 2022 was ¥67,388,917.87, reflecting an 81.56% increase compared to the previous year[5] - Basic earnings per share for Q3 2022 was ¥0.23, a rise of 64.29% year-on-year[5] - The total operating revenue for the third quarter of 2022 was ¥728,939,189.24, an increase from ¥520,792,899.34 in the same period last year, representing a growth of approximately 39.93%[35] - The total operating costs for the third quarter of 2022 amounted to ¥550,344,705.71, up from ¥403,618,279.24 in the previous year, indicating an increase of about 36.38%[35] - The total comprehensive income attributable to the parent company's owners was ¥184,971,375.65, compared to ¥131,476,414.46 in the previous period, representing an increase of approximately 40.6%[41] - Basic earnings per share increased to ¥0.62 from ¥0.44, reflecting a growth of 40.9%[41] - Operating profit for the period was ¥198,682,031.58, up from ¥153,575,641.12, indicating a rise of about 29.4%[41] - Net profit reached ¥184,971,375.65, compared to ¥131,476,414.46 in the same period last year, marking an increase of approximately 40.6%[41] Assets and Liabilities - Total assets at the end of Q3 2022 amounted to ¥1,705,246,790.39, representing a 24.71% increase from the end of the previous year[5] - The total assets of the company as of September 30, 2022, were ¥1,705,246,790.39, up from ¥1,367,336,556.62 at the beginning of the year, representing an increase of approximately 24.66%[31] - The total liabilities increased to ¥294,723,002.94 from ¥141,433,717.18, indicating a growth of about 108.36%[34] - The company's equity attributable to shareholders reached ¥1,410,523,787.45, compared to ¥1,225,902,839.44 at the beginning of the year, reflecting an increase of approximately 15.06%[34] Cash Flow - The company reported a net cash flow from operating activities of ¥76,911,631.33, a decrease of 13.43% compared to the previous year[5] - Cash flow from operating activities was ¥76,911,631.33, down from ¥88,845,152.93, a decrease of about 13.3%[42] - Cash inflow from investment activities totaled ¥360,642,345.74, compared to ¥285,662,259.59, an increase of approximately 26.2%[45] - Cash outflow from investment activities was ¥482,508,516.10, slightly down from ¥487,595,801.92, a decrease of about 1.5%[45] - Net cash flow from financing activities was ¥31,639,454.08, compared to a net outflow of ¥20,418,852.66 in the previous period[45] - The ending balance of cash and cash equivalents was ¥195,415,521.28, compared to ¥127,031,543.29 at the end of the previous period, an increase of approximately 54%[45] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,480, with the top ten shareholders holding a combined 56.67%[16] - The largest shareholder, Wan Baifang, holds 27.74% of shares, totaling 83,770,500[16] Investments and Projects - The company is investing in new projects, including an automated processing line for aviation components, contributing to significant increases in construction in progress[12] - The company has extended the completion date for certain fundraising projects to December 31, 2022, including the construction of a 1,000-ton ultra-pure high-performance high-temperature alloy material project[25] - The company plans to enhance supervision over project construction progress to improve the efficiency of fundraising utilization[25] Financial Expenses and Income - Financial expenses increased by 30.29% to -872,499.15, primarily due to increased interest expenses from short-term borrowings[15] - Other income decreased by 60.11% to 12,694,819.58, mainly due to a reduction in government subsidies received[15] - Income tax expenses decreased by 37.92% to 13,678,085.92, influenced by R&D expense deductions and equity incentive expense deductions[15] - The company reported a decrease in financial expenses, with interest expenses rising to ¥968,992.26 from ¥418,852.66, reflecting an increase of about 131%[41] Stock Incentive Plan - The company plans to grant 350,000 restricted stocks at a price of 20.93 CNY per share as part of its 2022 incentive plan, with performance targets set for 2022 and 2023[20] - The first vesting period requires a revenue growth rate of at least 20% or a net profit growth rate of at least 21% compared to 2021[20] - The second vesting period requires a revenue growth rate of at least 44% or a net profit growth rate of at least 53% compared to 2021[20] Accounts Receivable and Inventory - Accounts receivable increased by 589.61% year-on-year, driven by higher sales volume[12] - Accounts receivable increased significantly to ¥181,062,730.58 from ¥26,255,833.99, marking a rise of about 588.36%[28] - Inventory levels rose to ¥395,955,908.70, compared to ¥319,789,812.77 at the start of the year, which is an increase of approximately 23.79%[28]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 461,331,326.41, representing a 32.77% increase compared to CNY 347,457,286.51 in the same period last year[35]. - The net profit attributable to shareholders of the listed company was CNY 117,196,213.98, up 31.24% from CNY 89,300,059.59 in the previous year[35]. - The net profit after deducting non-recurring gains and losses was CNY 115,278,869.63, which is a 48.70% increase from CNY 77,523,075.30 in the same period last year[35]. - The net cash flow from operating activities was CNY 58,767,610.08, down 32.11% from CNY 86,569,209.94 in the previous year[35]. - The total assets at the end of the reporting period were CNY 1,549,877,623.90, an increase of 13.35% from CNY 1,367,336,556.62 at the end of the previous year[35]. - The net assets attributable to shareholders of the listed company were CNY 1,338,840,118.86, reflecting a 9.21% increase from CNY 1,225,902,839.44 at the end of the previous year[35]. - The basic earnings per share increased to CNY 0.39, up 30.00% from CNY 0.30 in the same period last year[35]. - The diluted earnings per share rose to CNY 0.39, a 34.48% increase from CNY 0.29 in the previous year[35]. - The weighted average return on equity was 9.20%, compared to 8.09% in the same period last year, an increase of 1.11%[35]. Business Operations - The company operates in the advanced metal materials industry, focusing on high-temperature alloys and special stainless steels, which are crucial for sectors like aviation and nuclear power[46]. - The main products include casting high-temperature alloys, deformation high-temperature alloys, and special stainless steels, primarily used in military and high-end civilian applications[48]. - The company has established a full industrial chain production process, capable of mass-producing both deformation and casting high-temperature alloys[47]. - The demand for high-performance alloy materials is expected to grow significantly due to increasing needs in aviation engines and gas turbines, indicating a strong market potential[46]. - The company employs a procurement model that includes qualified supplier procurement and market bidding to control production costs effectively[55]. - The production model is primarily order-based, allowing for rapid and flexible supply chain delivery, particularly for fixed customers in the aviation and nuclear sectors[56]. - The sales strategy includes direct sales to clients and a buyout distribution model, enhancing overall sales efficiency[60]. - The pricing strategy is based on a cost-plus model, adjusting for market conditions and customer relationships, ensuring competitive pricing for both military and civilian products[62]. - The company has a robust quality control system in place to maintain high standards across its production processes[64]. Research and Development - The company has obtained a total of 37 national invention patents and 3 utility model patents, reflecting its strong R&D capabilities[81]. - The company's R&D investment increased by 9.04% to ¥20.12 million, indicating a commitment to innovation[89]. - The company has developed advanced technologies for high-temperature alloy smelting and precision casting, achieving domestic industry-leading levels in producing ultra-pure high-temperature alloys[67]. - The company has successfully implemented mass production of large complex thin-walled precision castings with diameters over 1,000mm and wall thicknesses under 2mm[68]. - The company’s product lines for deformed high-temperature alloys include rods, wires, and pipes, with a strong appeal to clients requiring strict delivery timelines[69]. - The company has developed high-precision seamless stainless steel pipes, significantly improving the performance of downstream products and securing a prominent market position[72]. Market and Industry Trends - The advanced metal materials industry in China is experiencing steady growth, with significant opportunities for import substitution and demand expansion[46]. - The expanding application range of advanced metal materials in various industries, including aerospace and nuclear power, is driving market growth[74]. - The demand for high-temperature alloys is expected to surge due to the rapid development of China's aerospace industry and the push for domestic innovation[75]. - The advanced metal materials industry is a key focus of national policy support, ensuring continued funding and policy backing for the company[73]. Financial Management - The company has a remaining balance of RMB 292.98 million in raised funds, including interest income[114]. - The project for producing 1,000 tons of ultra-pure high-performance materials has a cumulative investment of RMB 96.15 million, achieving 52.68% of the investment progress[116]. - The company has invested RMB 70 million in financial assets during the reporting period, with a fair value change gain of RMB 1.50 million[106]. - The company has established a special account for raised funds, ensuring dedicated management and usage[110]. - The company has not reported any violations in the use, management, or disclosure of raised funds[127]. - There are no significant changes in the feasibility of the projects or any fundraising changes reported during the period[128]. Environmental and Social Responsibility - The company has a wastewater treatment facility with a design capacity of 100 tons per day, ensuring compliance with discharge standards[171]. - Total emissions of chemical oxygen demand were 0.04977 tons, significantly below the approved discharge limit of 5.666 tons per annum[171]. - The company reported no instances of exceeding discharge limits for pollutants during the reporting period[171]. - The company has established an emergency response plan for environmental incidents, including a volunteer fire brigade and emergency response resources[175]. - The company has implemented a self-monitoring scheme for environmental compliance, with all monitored indicators meeting standards[176]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[177]. - The company emphasizes fair and transparent investor relations management, holding one annual online performance briefing[185]. - The company strictly adheres to national labor laws and regulations, ensuring employee rights and providing competitive compensation packages[188]. - Employee benefits include accident insurance, hospitalization insurance, meal subsidies, and quarterly welfare supplies[188]. - The company has established a comprehensive environmental and occupational health safety management system, obtaining multiple certifications[189]. - Production processes are designed with environmental protection in mind, with measures in place to handle waste and emissions according to regulations[190]. - The company has implemented safety management regulations and emergency response plans to enhance workplace safety[191]. - Regular safety training and assessments are conducted for specialized personnel to ensure compliance and preparedness[193]. Shareholder and Investor Relations - The company achieved a 55.31% investor participation rate in its annual general meeting held on May 10, 2022[153]. - The company plans not to distribute cash dividends or issue bonus shares for the semi-annual period[155]. - The 2021 restricted stock incentive plan involves granting 2.68 million shares at a price of 18.58 CNY per share to 31 eligible participants[156]. - The first vesting period for the 2021 incentive plan requires a revenue growth rate of at least 15% or a net profit growth rate of at least 16% compared to 2020[156]. - The second vesting period for the 2021 incentive plan requires a revenue growth rate of at least 30% or a net profit growth rate of at least 32% compared to 2020[156]. - The 2022 restricted stock incentive plan involves granting 350,000 shares at a price of 20.93 CNY per share to 19 eligible participants[163]. - The first vesting period for the 2022 incentive plan requires a revenue growth rate of at least 20% or a net profit growth rate of at least 21% compared to 2021[163]. - The second vesting period for the 2022 incentive plan requires a revenue growth rate of at least 44% or a net profit growth rate of at least 53% compared to 2021[163]. - As of May 16, 2022, the company received a total of 24.63 million CNY from 31 participants for the restricted stock subscription[161]. - The company has completed the registration procedures for the vested restricted stock, with the listing date set for June 2, 2022[161]. - The company has not implemented any employee stock ownership plans or other employee incentive measures during the reporting period[167].

Financial Performance - The company's operating revenue for 2021 was ¥697,865,455.19, representing a 27.73% increase compared to ¥546,340,730.32 in 2020 [24]. - The net profit attributable to shareholders for 2021 was ¥181,335,002.71, a significant increase of 66.24% from ¥109,080,772.03 in 2020 [24]. - The net profit after deducting non-recurring gains and losses was ¥163,772,837.45, which is a 73.51% increase from ¥94,387,431.72 in 2020 [24]. - The net cash flow from operating activities reached ¥178,840,544.13, marking a 98.24% increase compared to ¥90,214,914.76 in 2020 [24]. - The total assets at the end of 2021 were ¥1,367,336,556.62, a 23.36% increase from ¥1,108,370,199.34 at the end of 2020 [24]. - The net assets attributable to shareholders increased by 15.54% to ¥1,225,902,839.44 at the end of 2021 from ¥1,061,055,980.19 at the end of 2020 [24]. - The basic earnings per share for 2021 was ¥0.91, up 42.19% from ¥0.64 in 2020 [24]. - The diluted earnings per share for 2021 was ¥0.90, reflecting a 40.63% increase from ¥0.64 in 2020 [24]. - The company reported a weighted average return on equity of 15.95% for 2021, compared to 14.86% in 2020 [24]. - The company's total revenue for the year was 697,865,455.19 CNY, representing a year-on-year increase of 27.73% [110]. Dividend and Profit Distribution - The company reported a profit distribution plan to distribute a cash dividend of 2.00 RMB per 10 shares (including tax) and to increase capital by 5 shares for every 10 shares held [5]. Corporate Information - The company’s registered address is located at No. 9 Fenglin Avenue, Danyang City, Jiangsu Province, with a postal code of 212352 [18]. - The company is listed under the stock code 300855 on the Shenzhen Stock Exchange [18]. - The company’s legal representative is Wan Baifang, and the contact number for investor relations is 0511-86165566 [19]. - The company’s website for further information is www.toland-alloy.com [18]. Audit and Compliance - The company has engaged Lixin Certified Public Accountants for auditing services during the reporting period [23]. - The report indicates that all board members attended the meeting to review the annual report, ensuring accountability and transparency [5]. - The company has no significant discrepancies between financial reports prepared under international accounting standards and Chinese accounting standards [28]. - The company has established a comprehensive quality management system, including 22 procedural documents and 21 management regulations, ensuring product reliability and stability [75]. Market and Industry Outlook - High-temperature alloys are crucial in the aerospace sector, with usage in advanced aircraft engines accounting for 40%-60% of total engine weight [43]. - Boeing predicts that China will require over 6,300 new civil aviation large and medium-sized aircraft from 2020 to 2040, indicating strong demand for high-temperature alloys [43]. - The domestic nuclear power sector has 48 operational units with a total installed capacity of 49.88 million kW and 17 units under construction with a capacity of 18.53 million kW [45]. - By 2025, China's nuclear power capacity is expected to reach around 70 million kW, with nuclear power generation accounting for approximately 8% of the national total [45]. - The automotive sector shows potential for growth, with a current turbocharger installation rate of 50% in China, compared to 80% in countries like the UK, US, and France [46]. - The "Two Machines Special Project" aims to enhance the development of aviation engines and gas turbines, addressing long-standing investment issues in these sectors [49]. - The demand for high-temperature alloys in gas turbines is expected to remain high due to the growth of clean energy initiatives and naval shipbuilding [44]. - The market for special stainless steel is anticipated to grow alongside advancements in military aviation and nuclear power equipment [50]. - The advanced metal materials industry is a key focus of national policy support, with significant backing expected to continue for the foreseeable future [80]. - The market for advanced metal materials is expanding due to their applications in aerospace, gas turbines, nuclear power, and other industries, driven by technological advancements and new product developments [81]. Research and Development - The company has developed key technologies for ultra-pure melting and precision casting, essential for high-end equipment manufacturing in aerospace and nuclear sectors [52]. - The company is actively developing new technologies and products, with ongoing research on various alloys such as K417G, GH99, and GH1139 [177]. - The number of R&D personnel increased by 7.14% to 90, with a notable rise in the number of master's degree holders [121]. - Research and development expenses increased by 32.10% to 44,763,415.95 CNY, accounting for 6.41% of total revenue [118]. - The company is enhancing its research and development capabilities to improve product quality and innovation, which is essential for maintaining competitive advantages [190]. Production and Capacity - The company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, positioning itself as a key supplier in the industry [52]. - The company has a complete production process for high-performance alloy materials, including special smelting, forging, hot rolling, and casting, making it one of the few in China capable of mass production of both deformation and casting high-temperature alloys [57]. - The company established a fully-owned subsidiary in Shenyang, aiming to achieve an annual production capacity of 500,000 aviation-related small and medium-sized components [56]. - The company plans to add an annual production capacity of 1,000 tons of ultra-pure high-performance high-temperature alloys and 3,300 complex thin-walled high-temperature alloy components after the completion of fundraising projects [176]. - The construction area for the project "Annual Production of 3,300 Complex Thin-Walled High-Temperature Alloy Structural Parts" was increased by 16,540 square meters, with an additional investment of approximately RMB 27.00 million, accounting for 10.46% of the original project investment [150]. Investment and Fundraising - The total amount of funds raised from the initial public offering (IPO) was RMB 52,550.00 million, with a net amount of RMB 46,805.97 million after deducting issuance costs [150]. - As of December 31, 2021, the cumulative amount of raised funds used was RMB 13,945.80 million, leaving a balance of RMB 34,226.20 million [152]. - The company has allocated RMB 28,000.00 million to purchase bank structured deposit products, which are characterized by high safety and good liquidity [152]. - The company approved the use of up to RMB 32,000.00 million of idle raised funds for cash management, ensuring that it does not affect the normal investment plans [151]. - The company has established a special account for the raised funds, with a tripartite supervision agreement signed with banks and sponsors [150]. - The company has maintained accurate and timely disclosures regarding the use of raised funds, with no issues of non-compliance reported [165]. Risk Management - The company is addressing risks related to high customer concentration by increasing efforts in the civilian market [183]. - The main raw materials include electrolytic nickel, cobalt, and chromium, with rising prices posing a risk to profit margins; the company has implemented measures to mitigate this risk, including increasing supplier diversity and enhancing market prediction capabilities [190]. - The company has established a comprehensive confidentiality management system to mitigate the risk of technology leakage [186]. - The company has established a comprehensive confidentiality management system to protect national secrets, which is crucial for its operations in the defense sector [192]. Strategic Focus - The company is positioned to benefit from national policies promoting advancements in high-end materials and defense technology, which are expected to support industry growth [53]. - The company aims to enhance its core competitiveness by expanding production scale and improving product structure and market layout [174]. - In 2022, the company will focus on high-value-added areas and improve quality management and lean management levels to achieve high-quality development goals [175]. - The company is monitoring market conditions and technological trends closely to ensure the feasibility and success of its investment projects [191].

江苏图南合金股份有限公司 2022 年第一季度报告全文 证券代码：300855 证券简称：图南股份 公告编号：2022-007 江苏图南合金股份有限公司 2022 年第一季度报告 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.第一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 上年同期 本报告期比上年同期增减 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|--------------- ...

Revenue and Profitability - Revenue for Q3 2021 reached ¥173,335,612.83, an increase of 13.13% compared to the same period last year[5] - Net profit attributable to shareholders was ¥42,176,354.87, up 11.29% year-on-year, while net profit excluding non-recurring items was ¥37,117,320.50, a 4.21% increase[5] - Year-to-date revenue totaled ¥520,792,899.34, reflecting a growth of 27.23% compared to the previous year[5] - Year-to-date net profit attributable to shareholders increased by 69.31% to ¥131,476,414.46, driven by increased downstream demand and changes in product sales structure[10] - Net profit for the current period was ¥131,476,414.46, representing a 69.2% increase compared to ¥77,652,664.24 in the previous period[47] - Basic earnings per share increased to ¥0.66 from ¥0.48, reflecting a 37.5% growth[47] - The total profit for the current period was ¥153,507,931.48, compared to ¥88,920,186.44 in the previous period, reflecting a 72.7% increase[47] Cash Flow and Financial Position - Cash flow from operating activities for the year-to-date period was ¥88,845,152.93, a significant increase of 64.30%[13] - Cash flow from operating activities generated a net amount of ¥88,845,152.93, compared to ¥54,073,935.42 in the previous period, marking a 64.3% increase[50] - Cash inflow from investment activities totaled ¥285,662,259.59, significantly higher than ¥141,000.00 in the previous period[50] - The company recorded a cash outflow from investment activities of ¥487,595,801.92, compared to ¥283,396,108.75 in the previous period[50] - Cash inflow from financing activities totaled $520,304,245.28, with $20,000,000.00 from new borrowings[54] - Cash outflow from financing activities amounted to $135,569,659.22, including $40,418,852.66 in dividend payments[54] - Net cash flow from financing activities was -$20,418,852.66, indicating a decrease in cash from financing[54] - The net increase in cash and cash equivalents was -$133,650,988.94, showing a decline compared to the previous period[54] - The ending balance of cash and cash equivalents was $127,031,543.29, down from $260,682,532.23 at the beginning of the period[54] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,300,927,469.29, representing a 17.37% increase from the end of the previous year[8] - The company's total liabilities amounted to RMB 131.39 million, an increase from RMB 47.31 million year-over-year[40] - The total equity attributable to the parent company increased to RMB 1.17 billion from RMB 1.06 billion year-over-year[42] - Total current assets increased to RMB 893.25 million from RMB 846.31 million year-over-year[34] - Inventory grew by 40.43% to ¥270,961,918.21, driven by increased production to meet demand[14] Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,801, with the top ten shareholders holding a combined 54.89%[18] - The largest shareholder, Wan Baifang, holds 27.84% of the shares, totaling 55,672,000 shares[18] - A total of 76,010,000 shares, accounting for 38.0050% of the total share capital, were released from restrictions on July 23, 2021[26] - The actual number of shares available for trading after the release was 56,600,551, representing 28.3003% of the total share capital[26] Expenses and Investments - Management expenses increased by 80.39% to ¥31,855,866.89 due to the implementation of an equity incentive plan[17] - R&D expenses rose by 110.71% to ¥39,230,753.39, driven by increased investment in R&D projects[17] - Financial expenses decreased by 161.55% to -¥1,251,594.17, attributed to increased interest income from bank deposits and reduced interest expenses after loan repayment[17] - Other income surged by 209.46% to ¥31,824,836.45, mainly due to an increase in product tax refunds received[17] - Investment income amounted to ¥10,595,138.89, resulting from cash management of temporarily idle raised funds and interest income from bank wealth management products[17] Audit and Compliance - The company changed its auditing firm to Lixin Certified Public Accountants for the 2021 audit due to the expiration of the contract with Suya Jincheng[33] - The third quarter report was not audited, which may affect the reliability of the financial data presented[55]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 347,457,286.51, representing a 35.67% increase compared to CNY 256,100,842.59 in the same period last year[31]. - The net profit attributable to shareholders of the listed company reached CNY 89,300,059.59, a significant increase of 124.64% from CNY 39,753,388.22 in the previous year[31]. - The net cash flow from operating activities was CNY 86,569,209.94, showing an impressive growth of 808.56% compared to CNY 9,528,157.20 in the same period last year[31]. - Basic earnings per share increased to CNY 0.45, up 66.67% from CNY 0.27 in the previous year[31]. - Total assets at the end of the reporting period were CNY 1,173,167,924.18, reflecting a 5.85% increase from CNY 1,108,370,199.34 at the end of the previous year[31]. - The net assets attributable to shareholders of the listed company were CNY 1,120,258,168.76, which is a 5.58% increase from CNY 1,061,055,980.19 at the end of the previous year[31]. - The company reported a diluted earnings per share of CNY 0.44, which is a 62.96% increase from CNY 0.27 in the previous year[31]. - The weighted average return on equity was 8.09%, compared to 7.66% in the previous year, indicating a slight improvement[31]. - Operating costs amounted to ¥209,969,485.17, which is a 14.92% increase compared to the previous year, with the growth rate of costs being lower than that of revenue[78]. - Research and development investment increased by 54.92% to ¥18,451,317.58, driven by project requirements and progress[78]. Business Operations - The main business focuses on the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels, with a complete production process from smelting to casting[42]. - The company's main products are used in high-end military and civilian fields, including aerospace engines, gas turbines, and nuclear power equipment[43]. - The company employs a procurement model that includes qualified supplier procurement and market bidding to control production costs effectively[48]. - The production model is primarily order-based, utilizing an ERP system for efficient supply chain delivery, particularly for fixed customers in the aerospace and nuclear sectors[51]. - The sales model includes direct sales and distribution, with a focus on military and civilian products, ensuring compliance with military management requirements[52][55]. - The pricing strategy is based on a cost-plus model, adjusting for market conditions and customer relationships, with military pricing requiring customer approval[57]. - The company has established a comprehensive quality management system to ensure product reliability and stability, adhering to various national and military standards[58]. - The company has established itself as one of the few domestic high-temperature alloy manufacturers capable of producing a full industrial chain, including casting high-temperature alloy master alloys, precision castings, and deformed high-temperature alloy products[62]. - The advanced metal materials industry is a key focus of national policy support, with downstream clients primarily in the aircraft, aerospace engines, gas turbines, and nuclear power equipment sectors, which are all prioritized by government initiatives[63]. - The demand for high-temperature alloys is significantly driven by the rapid development of China's aerospace industry, particularly through major projects aimed at breaking through key technologies in aircraft engines and gas turbines[65]. Research and Development - The company has obtained 34 national invention patents and 2 utility model patents, reflecting its strong commitment to research and development[72]. - The company has developed core technologies such as ultra-pure high-temperature alloy smelting and near-net shape precision casting, enhancing its competitive edge in the market[72]. - The company is actively engaged in research and development, focusing on product differentiation and competitive advantages in the high-temperature alloy industry[138]. Environmental Management - The company has a wastewater treatment facility with a designed capacity of 100 tons per day, ensuring compliance with discharge standards[155]. - Total emissions of particulate matter were 0.1075 tons per year, well below the approved limit of 0.544 tons per year[155]. - Chemical oxygen demand emissions were recorded at 0.08272 tons per year, significantly lower than the approved limit of 0.307 tons per year[155]. - The company has implemented a comprehensive environmental monitoring plan, with all monitored indicators meeting standards[158]. - The company has established an environmental and occupational health safety management system in accordance with GB/T24001-2016 and GB/T45001-2020 standards, obtaining multiple certifications including environmental management and occupational health safety management certificates[169]. - The company has implemented effective waste treatment processes for hazardous solid waste and wastewater generated during production, ensuring compliance with national environmental regulations[169]. - The company has established a robust emergency response plan for environmental incidents, including regular drills[157]. - The company has a professional environmental management team in place to handle various wastewater qualities effectively[155]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[158]. Risk Management - The company faces risks related to high customer concentration, particularly in the aerospace industry, and is increasing efforts to develop the civilian market to mitigate this risk[126]. - The company is actively developing new technologies and products for the military market, with a focus on reducing risks associated with product development failures[127]. - The company maintains its military qualifications and regularly undergoes audits to mitigate the risk of losing these qualifications[128]. - The company is addressing the risk of technology leakage by enhancing its confidentiality management systems and incentivizing its technical staff[129]. - The company is aware of the risk of not maintaining technological advancement and is committed to continuous innovation and market responsiveness[132]. - The company is implementing measures to mitigate the impact of rising raw material prices on its profit margins[133]. - The company is managing risks associated with its fundraising projects by ensuring thorough feasibility studies and project management[134]. Shareholder Engagement - The company did not distribute cash dividends or bonus shares for the half-year period[142]. - The company held two temporary shareholder meetings with participation rates of 55.74% and 62.57% respectively[141]. - The company is actively engaged with investors, responding to 66 inquiries through the "Interactive Easy" platform during the reporting period[164]. Investment and Financing - The company plans to invest RMB 20 million in a new venture fund focused on high-growth technology companies in military and electronic materials sectors, with a commitment of RMB 4 million from its own funds[188]. - The company has applied for a comprehensive credit limit of up to RMB 49 million from Jiangsu Danyang Rural Commercial Bank, with no actual financing occurring within the approved limit as of the reporting period[190]. - The company has completed the registration of the new investment fund and is in compliance with relevant regulations[188]. - The company reported no trust, contracting, or leasing situations during the reporting period[192][195][196]. - There were no significant guarantees during the reporting period[197]. - The company did not enter into any other significant contracts during the reporting period[200].

Financial Performance - The company's operating revenue for 2020 was ¥546,340,730.32, representing a 12.84% increase compared to ¥484,188,158.75 in 2019[21] - The net profit attributable to shareholders for 2020 was ¥109,080,772.03, which is a 6.99% increase from ¥101,950,112.15 in the previous year[21] - The net profit after deducting non-recurring gains and losses was ¥94,387,431.72, up 3.23% from ¥91,430,330.66 in 2019[21] - Basic earnings per share for 2020 were ¥0.64, down 5.88% from ¥0.68 in the previous year[21] - The company's total revenue for Q1, Q2, Q3, and Q4 was approximately ¥101.58 million, ¥154.52 million, ¥153.22 million, and ¥137.02 million respectively, showing a significant increase in Q2[24] - The net profit attributable to shareholders for the same quarters was approximately ¥13.41 million, ¥26.34 million, ¥37.90 million, and ¥31.43 million, indicating a strong performance in Q3 with a 43.9% increase from Q2[24] - The company reported non-recurring gains and losses totaling approximately ¥14.69 million for the year, with government subsidies contributing ¥13.80 million[27] Assets and Liabilities - Total assets at the end of 2020 reached ¥1,108,370,199.34, a significant increase of 77.63% from ¥623,968,929.75 at the end of 2019[21] - The net assets attributable to shareholders increased by 118.70% to ¥1,061,055,980.19 from ¥485,164,025.99 in 2019[21] - Cash and cash equivalents increased by 167.87 million yuan, a growth of 180.87%, primarily due to the proceeds from the initial public offering[62] - The company’s intangible assets showed no significant changes by the end of the reporting period[62] - The company’s long-term deferred expenses decreased by 4.77 million yuan, a decline of 50.74%[62] - Inventory at the end of the reporting period was CNY 192,948,702.93, a decrease of 12.62% compared to the previous period[106] - Fixed assets amounted to CNY 192,216,997.77, reflecting a decrease of 14.96% from the previous period[106] - Short-term borrowings were reduced to CNY 0.00, down 13.78% due to repayment of maturing loans without renewal[106] Production and Sales - The main business focus is on the R&D, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels, primarily for aerospace and nuclear power applications[34] - The sales volume of cast high-temperature alloys was 646.09 tons, generating revenue of 200.84 million yuan, a growth of 4.86%[76] - The sales volume of deformed high-temperature alloys reached 1,310.07 tons, with revenue of 187.64 million yuan, an increase of 2.01%[76] - Special stainless steel sales amounted to 229.92 tons, resulting in revenue of 54.53 million yuan, a growth of 23.19%[76] - Other alloy products sold 698.81 tons, achieving revenue of 84.58 million yuan, a significant increase of 79.57%[76] - The company achieved a sales volume of 2,884.89 tons in 2020, which is a 19.31% increase from 2,417.97 tons in 2019[87] Research and Development - Research and development expenses for 2020 amount to ¥33,886,250.83, which is 6.20% of operating revenue, an increase of 36.42% compared to the previous year[96] - The company has established a comprehensive quality management system, including 22 procedural documents and 13 management regulations to ensure product reliability and quality stability[50] - The company has developed key core technologies in high-temperature alloy production, including ultra-pure melting and precision casting, positioning itself as a major supplier in the domestic market[54] - The company has 84 R&D personnel, which is 16.83% of the total workforce[97] - In 2020, the company recruited 11 professional technical personnel to strengthen its R&D team, with plans to continue attracting top industry experts to support ongoing innovation[140] Market and Industry Trends - The advanced metal materials industry is a key focus of national policy support, with downstream customers primarily in aircraft, gas turbines, and nuclear power equipment manufacturing sectors[55] - The demand for high-temperature alloys is significantly driven by the rapid development of China's aerospace industry, particularly in the context of major projects for aircraft engines and gas turbines[57] - The market for advanced metal materials is expanding due to their applications in various industries, including aerospace, gas turbines, and petrochemicals[56] - The high-temperature alloy industry in China has made significant progress, but still faces challenges in meeting the growing market demand for high-end aerospace materials[61] Risk Management - The company faces risks related to high customer concentration, particularly in the aerospace sector, and is increasing efforts to develop the civilian market to mitigate this risk[145] - The company is addressing the risk of rising raw material prices, particularly for electrolytic nickel and other metals, by diversifying suppliers and improving procurement strategies[152] - The company has established a robust quality management system to maintain necessary military qualifications, which are subject to regular reviews to mitigate the risk of losing these qualifications[147] - The international environment presents both opportunities and threats, with increasing competition in military technology and a need for sustained development in the aerospace sector[58] Shareholder and Dividend Policies - The company plans to distribute a cash dividend of ¥2 per 10 shares, based on a total of 200,000,000 shares[5] - The total distributable profit for the year is RMB 255,224,365.81, with the cash dividend amounting to 100% of the profit distribution[167] - The company has not conducted any profit distribution or capital reserve transfer to increase share capital during the reporting period[165] - The cash dividend for 2020 has been approved by the board and is pending shareholder meeting approval for implementation[171] - The company has a commitment to maintain a minimum cash dividend ratio of 20% during significant capital expenditures[167] Corporate Governance and Compliance - The company has established a policy that prohibits any share transfers by major shareholders during their tenure as directors or senior management, and for 6 months after leaving their positions[183] - The company will ensure compliance with relevant securities regulations and self-regulatory organization rules regarding shareholding commitments[183] - The company has outlined specific penalties for shareholders who violate their shareholding commitments, including withholding of remuneration and dividends[182] - The company will monitor the stock price closely to determine if any extensions to the lock-up period are necessary based on market performance[179]

Financial Performance - The company's operating revenue for Q1 2021 was ¥149,174,024.49, representing a 46.85% increase compared to ¥101,582,951.12 in the same period last year[9]. - Net profit attributable to shareholders for Q1 2021 was ¥36,117,221.05, a significant increase of 169.26% from ¥13,413,556.38 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥32,877,398.06, up 178.57% from ¥11,802,320.07 year-on-year[9]. - The basic earnings per share for Q1 2021 was ¥0.18, doubling from ¥0.09 in the same period last year[9]. - Operating profit reached CNY 42,892,051.14, reflecting a significant increase of 177.03% year-over-year[28]. - Total profit amounted to CNY 42,849,210.63, which is a 176.31% increase compared to the previous year[28]. - Total operating revenue for the first quarter reached ¥149,174,024.49, a 46.8% increase from ¥101,582,951.12 in the previous year[82]. - Net profit for the period was ¥36,117,221.05, representing a 168.5% increase compared to ¥13,413,556.38 in the same quarter last year[84]. - Total comprehensive income attributable to the parent company reached ¥36,117,221.05, a significant increase from ¥13,413,556.38 in the previous period, representing a growth of approximately 168%[87]. - Basic and diluted earnings per share both improved to ¥0.18, up from ¥0.09 in the prior period, indicating a 100% increase[87]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,155,680,755.45, an increase of 4.27% from ¥1,108,370,199.34 at the end of the previous year[9]. - The net assets attributable to shareholders at the end of the reporting period were ¥1,098,438,402.99, reflecting a 3.52% increase from ¥1,061,055,980.19 at the end of the previous year[9]. - Total liabilities increased to ¥57,242,352.46, up from ¥47,314,219.15, marking a 20.5% rise[80]. - The company's current assets total 850,764,701.83, slightly increasing from 846,314,782.55 at the end of 2020[72]. - Accounts receivable increased from 32,256,279.85 to 49,061,665.19, showing a growth of about 52%[72]. - Inventory rose from 192,948,702.93 to 220,738,496.59, indicating an increase of approximately 14%[72]. Cash Flow - The company reported a net cash flow from operating activities of -¥548,532.24, a 98.38% improvement compared to -¥33,928,921.86 in the same period last year[9]. - Cash inflow from operating activities totaled ¥126,872,112.13, compared to ¥74,679,161.01 in the previous period, reflecting an increase of about 70%[88]. - Cash outflow from operating activities was ¥127,420,644.37, up from ¥108,608,082.87, resulting in a net cash flow from operating activities of -¥548,532.24, an improvement from -¥33,928,921.86[91]. - The net increase in cash and cash equivalents was -¥52,113,723.02, an improvement from -¥68,973,849.03 in the prior period[94]. - The ending balance of cash and cash equivalents stood at ¥208,568,809.21, compared to ¥23,839,368.35 in the previous period, showing a significant increase[94]. Research and Development - The company reported a 127.12% increase in R&D expenses, totaling CNY 7,336,093.03, driven by project requirements[28]. - Research and development expenses increased to ¥7,336,093.03, up 127.5% from ¥3,230,064.53 year-over-year[82]. - The company is actively engaged in the research and development of new technologies and products, particularly in the military sector, to mitigate risks associated with product development failures[40]. Market and Customer Concentration - The company is focusing on developing the civilian market to reduce the risk associated with high customer concentration in the aerospace industry[37]. - The top five customers represented 75.55% of the total annual sales, with Customer 1 accounting for 58.04% and Customer 2 for 8.99%[36]. Governance and Management - The company completed the election of the new board of directors and supervisory board, appointing a new senior management team on January 28, 2021[49]. - The company approved a stock incentive plan to grant 2.68 million restricted shares at a price of RMB 18.58 per share, with performance targets set for revenue and net profit growth of at least 15% and 16% respectively for 2021[51]. Investment and Funding - The total amount of raised funds is 46,805.97 million, with 2,650.14 million invested during the reporting period, representing 5.65% of the total raised funds[60]. - The company has not changed the use of raised funds, and the cumulative investment progress is 4,870.49 million, which is 10.41% of the total[60]. - The company plans to invest RMB 40 million as a limited partner in the establishment of a venture capital partnership with a total registered capital of RMB 200 million, focusing on high-growth technology companies in military and electronic information new materials[50]. Risks and Challenges - The company faces risks related to rising raw material prices, particularly for electrolytic nickel, cobalt, and chromium, which could impact profit margins if not managed effectively[44]. - The company has established a robust confidentiality management system to prevent the leakage of sensitive information, which is critical in the high-temperature alloy industry[42]. - The company holds a confidentiality qualification certificate and prioritizes security in its operations to prevent potential leaks of national secrets[48].