编号：[2020]第 007 号 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 | --- | --- | --- | --- | |-----------------------------------------------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------| | | | | | | | ■ | 特定对象调研 □分析师会议 | | | | □ | 媒体采访 □业绩说明会 | | | 投资者关系活 ...

编号：[2020]第 008 号 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 | --- | --- | --- | --- | |------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------| | | | | | | | ■ | 特定对象调研 □分析师会议 | | | | □ ...

编号：[2020]第 009 号 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 | --- | --- | --- | |------------------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ■ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | □其他 | | | | | 海通证券：张高艳；国信证券：冯思宇；华宝基金： | | ...

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 - The gross profit margin for cast high-temperature alloys is relatively high, indicating a strong profitability in this product segment [2] - In 2020, direct labor costs accounted for 5.62% of the main business costs [3] Investment and Production Capacity - The company is currently accelerating the construction of fundraising investment projects, with some equipment procurement already confirmed [2] - The production capacity utilization rate for the front-end vacuum melting process is high, while there is slight surplus capacity in the back-end deformation and processing processes [2] Product Differentiation and Market Position - The company’s products differ from competitors like Steel Research High-tech and Fushun Special Steel mainly in application fields and product structure [2] - Tunan Alloy has successfully entered the military manufacturing sector and obtained military industry access qualifications in 2007 [3] Research and Development - The company has seen significant growth in R&D expenses, focusing on various projects including national and provincial initiatives [3] - Collaborations with renowned universities and research institutes are ongoing to enhance R&D capabilities [3] Export and Application Fields - The main export products are deformation high-temperature alloy materials, primarily exported to South Korea [3] - Civilian products are mainly used in gas turbines, nuclear power, and petrochemical industries [3]

Company Overview - Jiangsu Tunan Alloy Co., Ltd. was established in May 1991 and has undergone several transformations, including the establishment of various subsidiaries and the overall change to a joint-stock company in December 2011 [1]. - The company specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels [1]. Product Structure - The company has established a complete industrial chain for special smelting, forging, hot rolling, drawing, and casting, producing high-temperature alloys, precision alloys, and special stainless steels [2]. - In 2020, military product revenue accounted for 55.16% of the main business revenue [2]. Investment Projects - The company is accelerating the construction of fundraising investment projects, with procurement of both imported and domestic equipment nearly finalized. The projects are expected to be completed and reach production capacity by 2022 [2]. R&D and Talent - The company focuses on independent innovation, collaborating with well-known domestic universities and research institutes for technology development. It has 89 R&D personnel, with competitive salary levels in the industry [2]. - The company aims to strengthen talent cultivation and establish a robust talent development system to support continuous innovation in new technologies and products [2]. Production Cycle - The production cycle for products varies significantly based on customer orders, product types, specifications, and quantities. For example, the processing cycle for special welding wire (Φ 1.14mm) from alloy smelting to finished product is approximately one month [3].

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].