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].

Financial Performance - Net profit attributable to shareholders was ¥37,899,276.02, representing a year-on-year increase of 22.38%[9] - Operating revenue for the period was ¥153,216,507.98, up 14.53% from the same period last year[9] - The company reported a net profit of ¥35,618,473.19 after deducting non-recurring gains and losses, an increase of 22.55% year-on-year[9] - Total operating revenue for the current period reached ¥153,216,507.98, an increase of 14.6% compared to ¥133,778,075.82 in the previous period[57] - Net profit for the current period was ¥37,899,276.02, representing a 22.5% increase from ¥30,968,059.70 in the previous period[60] - Total profit for the current period was ¥88,920,186.44, compared to ¥83,595,179.13 in the previous period, indicating a growth of about 4.0%[67] - Operating profit increased to ¥88,862,796.07 from ¥83,236,656.43, marking a rise of approximately 6.0%[67] Assets and Liabilities - Total assets reached ¥1,090,301,801.33, an increase of 74.74% compared to the end of the previous year[9] - Cash and cash equivalents increased by 167.12% compared to the end of the previous year, primarily due to the proceeds from the initial public offering (IPO) of shares[24] - Total current assets reached ¥842,859,005.39, up from ¥359,892,143.23 at the end of 2019, indicating a significant increase of 134.8%[47] - The company's total liabilities decreased to ¥60,673,928.93 from ¥138,804,903.76, a reduction of 56.3%[52] - The company's equity increased significantly, with share capital rising to ¥200,000,000.00 from ¥150,000,000.00, an increase of 33.3%[52] Cash Flow - Net cash flow from operating activities surged by 493.79% to ¥44,545,778.22[9] - Net cash flow from operating activities increased by 84.01% compared to the same period last year, attributed to sales growth[26] - Cash flow from operating activities generated a net amount of ¥54,073,935.42, up from ¥29,386,123.23 in the previous period[75] - The company received cash inflows from financing activities totaling ¥520,304,245.28, compared to ¥103,000,000.00 in the previous period[75] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,959[14] - The largest shareholder, Wan Baifang, holds 27.84% of the shares, totaling 55,672,000 shares[14] Government Support and Financial Management - The company received government subsidies amounting to ¥4,933,457.80 during the reporting period[9] - Financial expenses decreased by 51.41% compared to the same period last year, due to reduced bank loan interest payments[25] - The company signed a tripartite supervision agreement for raised funds, ensuring dedicated management of the funds[30] Research and Development - Research and development expenses were ¥6,708,163.61, slightly down from ¥6,819,614.32 in the previous period[57] - R&D expenses for the current period amounted to ¥18,618,099.76, slightly up from ¥18,554,193.82 in the previous period[67] - The company is actively developing new high-temperature alloy products and has outlined future development plans in its investor communications[41] Strategic Initiatives - The company is exploring market expansion opportunities and potential mergers and acquisitions as part of its growth strategy[41] - The company reported a military product sales ratio, which was a key focus during investor communications, indicating a strategic emphasis on defense-related products[41] Stock Market Activity - The company’s stock was listed on the Shenzhen Stock Exchange on July 23, 2020, with an issuance price of 10.51 CNY per share[29] - Total funds raised from the IPO amounted to 525.50 million CNY, with a net amount of 468.06 million CNY after deducting issuance costs[30] Changes in Business Operations - The company completed the registration of changes in business operations and received a new business license on September 7, 2020[34] - The company plans to use up to 300 million CNY of idle raised funds for cash management within a year[31] Financial Reporting Adjustments - The company adopted new revenue and lease standards starting from 2020, impacting the financial statements[90] - The report for the third quarter of 2020 was not audited[90]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥256,100,842.59, representing a 17.03% increase compared to ¥218,835,755.28 in the same period last year[24]. - The net profit attributable to shareholders for the first half of 2020 was ¥39,753,388.22, a decrease of 5.24% from ¥41,950,354.37 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥36,948,972.82, showing a slight increase of 0.85% compared to ¥36,638,120.80 in the same period last year[24]. - The net cash flow from operating activities was ¥9,528,157.20, down 76.59% from ¥40,698,176.55 in the previous year[24]. - The basic earnings per share for the first half of 2020 was ¥0.27, a decrease of 3.57% from ¥0.28 in the same period last year[24]. - The total assets at the end of the reporting period were ¥618,395,337.50, a decrease of 0.89% from ¥623,968,929.75 at the end of the previous year[24]. - The net assets attributable to shareholders at the end of the reporting period were ¥524,585,989.14, an increase of 8.13% from ¥485,164,025.99 at the end of the previous year[24]. - The weighted average return on net assets was 7.66%, down from 10.08% in the same period last year, a decrease of 2.42%[24]. Cash Flow and Assets - The company's cash and cash equivalents decreased by 51.97% compared to the beginning of the year, primarily due to the repayment of short-term borrowings[68]. - Accounts receivable increased by 150.83% compared to the beginning of the year, mainly due to the expansion of sales scale[68]. - Short-term borrowings decreased by 58.14% compared to the beginning of the year, primarily due to the repayment of maturing short-term loans[68]. - Accounts payable increased by 56.68% compared to the beginning of the year, mainly due to the increase in procurement scale during the reporting period[68]. - Cash and cash equivalents at the end of the reporting period were ¥44,577,274.59, representing 7.21% of total assets, a slight decrease from 7.53% last year[98]. - Short-term borrowings decreased to ¥36,000,000.00, which is 5.82% of total assets, down from 18.13% last year, primarily due to repayment of maturing loans[98]. - Current assets totaled CNY 364,868,311.54, slightly up from CNY 359,892,143.23 at the end of 2019, indicating a growth of approximately 0.27%[194]. - Total liabilities decreased to CNY 93,809,348.36 from CNY 138,804,903.76, a reduction of approximately 32.4%[198]. Sales and Market Position - The revenue from high-temperature alloys reached ¥100,514,275.61, representing a 43.02% increase year-over-year[96]. - Domestic sales amounted to ¥210,150,312.32, reflecting a growth of 28.68% compared to the previous year[96]. - The company has established long-term stable cooperative relationships with major domestic aviation engine manufacturers, enhancing its market position in both military and high-end civilian sectors[71]. - The company has become a major supplier of high-temperature alloy products for domestic aerospace engines and complex components[35]. - The sales model includes direct sales to customers through contracts, with a focus on aerospace and nuclear power products[46]. Research and Development - The company has obtained 34 national invention patents and 3 utility model patents, reflecting its strong commitment to research and development[77]. - Research and development investment slightly increased by 1.49% to CNY 11.91 million, with 2 new utility model patents granted, totaling 34 invention patents and 3 utility model patents by the end of the reporting period[88]. - The company has developed ultra-pure high-temperature alloy production technology, achieving a content of O and S elements less than 10 ppm, which is at an advanced level in the domestic industry[74]. - The company is focusing on enhancing customer service capabilities and has established a rapid response mechanism to meet customer needs across major market regions[81]. - The company plans to continue strengthening its technological innovation and R&D capabilities to improve the competitiveness of its high-temperature alloy products[88]. Risks and Challenges - The company faces risks including high customer concentration, market development risks, and rising raw material prices, which are detailed in the report[6]. - The company has a high customer concentration risk due to its reliance on major aerospace clients, which could impact stability if demand decreases[114]. - To address the risk of rising raw material prices, the company plans to diversify its supplier base and enhance its market forecasting capabilities to adjust product prices in response to raw material cost changes[121]. - The prices of key raw materials such as electrolytic nickel, cobalt, and chromium have been on an upward trend over the past three years, which could negatively impact gross margins if product prices cannot be adjusted accordingly[121]. - The company is actively working to improve its customer diversification to mitigate risks associated with high customer concentration[114]. Quality Management - The company has implemented a comprehensive quality management system, certified by GB/T19001-2016 and AS9100D, to ensure product reliability and stability[56]. - The company's production process includes detailed quality control measures at every stage, from procurement to production and final inspection[59]. - The company has established a systematic quality management system, certified by GB/T19001-2016 and AS9100D, enhancing production efficiency and product quality[80]. - The company emphasizes the reliability of raw materials in military product procurement, ensuring quality through a dynamic management system for qualified suppliers[41]. - The company has established a strict management process for military products, ensuring compliance with military management requirements and obtaining contracts through its technological and product quality advantages[48]. Corporate Governance - The company did not distribute cash dividends or issue bonus shares during the reporting period, opting to retain earnings for reinvestment[127]. - There were no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment for the company[133]. - The company has not engaged in any major related party transactions during the reporting period, maintaining transparency in its operations[136]. - The company did not have any major contracts or significant changes in contract performance during the reporting period[150]. - The semi-annual financial report was not audited, which may impact the reliability of the financial data presented[191].