证券代码：300963 证券简称：中洲特材 公告编号：2023-024 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。 上海中洲特种合金材料股份有限公司（以下简称"公司"）已于2023年4月 24日披露了《2022年年度报告》，为了让广大投资者进一步了解公司经营情况， 公司定于2023年5月12日（星期五）下午15:00至17:00在全景网举办2022年年度 业绩说明会。本次年度业绩说明会将采用网络远程的方式举行，投资者可登陆全 景网"投资者关系互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：董事长冯明明先生，董事兼总经理蒋俊 先生，董事兼副总经理冯晓航先生，独立董事宋长发先生，董事会秘书兼副总经 理祝宏志先生，财务总监兼副总经理潘千女士，保荐代表人孙素淑女士。 为充分尊重投资者、提升交流的针对性，现就公司2022年年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2023年5 月11日（星期四）15：00前访问http://ir.p5w.net/zj/，或扫描下方二维码， ...

Financial Performance - The company's operating revenue for 2022 was ¥872,391,960.05, representing a 27.38% increase compared to ¥684,871,622.79 in 2021[19]. - The net profit attributable to shareholders for 2022 was ¥80,006,023.23, a significant increase of 73.52% from ¥46,108,806.49 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥77,906,249.70, up 85.07% from ¥42,096,313.74 in 2021[19]. - The total assets at the end of 2022 reached ¥1,358,578,255.94, marking a 21.20% increase from ¥1,120,957,581.45 at the end of 2021[19]. - The basic earnings per share for 2022 was ¥0.51, reflecting a 59.38% increase from ¥0.32 in 2021[19]. - The weighted average return on equity for 2022 was 8.96%, an increase of 2.78% compared to 6.18% in the previous year[19]. - The cash flow from operating activities showed an improvement, with a net outflow of ¥49,841,365.42 in 2022, compared to a net outflow of ¥83,974,714.11 in 2021, representing a 40.65% reduction in cash outflow[19]. - The company achieved a main business revenue of ¥872,391,950.05, representing a year-on-year growth of 27.38%[44]. - The net profit after deducting non-recurring items was ¥77,906,249.70, with a year-on-year increase of 85.07%[44]. - The gross profit margin for the high-temperature alloy materials and products industry was 19.98%, an increase of 2.47% from the previous year[56]. - The gross profit margin for surface hardfacing services was 29.69%, with a year-on-year increase of 20.37%[56]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year 2022, representing a year-over-year growth of 15%[121]. Dividend and Capital Reserves - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares to all shareholders, based on a total of 156 million shares[3]. - The company will also increase capital reserves by converting 5 shares for every 10 shares held by shareholders[3]. - The total distributable profit for the year is 294,974,888.25 RMB, with the cash dividend accounting for 100% of the profit distribution[146]. - The cash dividend distribution plan is subject to approval at the company's annual general meeting[146]. - The company has not adjusted its profit distribution policy during the reporting period, adhering to the established cash dividend policy[142]. - The cash dividend policy complies with the company's articles of association and is clearly defined[143]. Market Position and Product Development - The production capacity of high-temperature alloy materials and products has exceeded 4,000 tons, making the company one of the largest in the domestic high-temperature alloy industry[30]. - The company’s main products include casting high-temperature alloys, deformation high-temperature alloys, and special alloy welding materials, with over 300 product specifications[33]. - The company has a leading market share in high-temperature alloy welding powder, welding wire, and high-end petrochemical equipment valves[30]. - The company’s high-end products have seen a 50% year-on-year increase in sales to overseas high-end customers[45]. - The company is expanding its market presence by producing aluminum bronze castings for underwater carbon dioxide storage projects, enhancing product competitiveness[63]. - The company aims to capture new profit growth points by optimizing the melting and forging processes of GH4169 alloy materials[62]. - The company is focusing on high-end markets by developing high-performance valves made from Hastelloy alloys, which offer superior corrosion resistance[63]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the alloy materials sector[113]. Research and Development - Research and development expenses rose to ¥39,976,768.30, marking a 23.86% increase due to increased investment in R&D[61]. - The company holds 12 core technologies and 108 national patents, enhancing its research and development capabilities[45]. - The company’s R&D investment amounted to ¥39,976,768.30 in 2022, representing 4.58% of total operating revenue[65]. - The number of R&D personnel increased by 10.34% from 116 in 2021 to 128 in 2022, with R&D personnel now accounting for 16.78% of the total workforce[65]. - Investment in R&D increased by 25% in 2022, focusing on advanced alloy materials and technologies[162]. - The company plans to enhance R&D investment, focusing on nuclear power, aerospace, marine engineering, new energy, and high-end manufacturing equipment, with a new R&D center being established[96]. Corporate Governance - The company has a complete governance structure, including a shareholders' meeting, board of directors, supervisory board, and management team, all operating independently from major shareholders[108]. - The company has established an independent financial department with dedicated personnel, ensuring compliance with financial accounting standards and independent tax obligations[108]. - The company emphasizes shareholder rights and has established a governance structure that clearly defines the roles and responsibilities among shareholders, the board of directors, and management[155]. - The company is committed to maintaining a high standard of corporate governance, as evidenced by the active participation of all board members[132]. - The company has a robust independent business operation system, focusing on the research, production, and sales of high-temperature resistant alloy materials[108]. Sustainability and Environmental Impact - The company has implemented energy-saving technologies, achieving a reduction of 1,929 tons of CO2 emissions during the reporting period[154]. - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025[113]. - The company has passed ISO14001 and ISO45001 certifications, ensuring compliance with environmental and safety management standards[157]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[154]. Financial Management and Investments - The company’s financial liabilities remained unchanged at ¥0.00, indicating no new debt incurred during the reporting period[72]. - The total investment amount for the reporting period was ¥55,838,867.14, representing a 19.06% increase compared to ¥46,901,500.23 in the previous year[75]. - The company has committed to invest RMB 135.17 million in the special equipment core components manufacturing project, with 43.07% of the investment completed by the end of the reporting period[85]. - The company has allocated 4 million for research and development in 2022, focusing on advanced alloy materials[112]. Employee and Management Compensation - The total pre-tax remuneration for the board of directors and senior management during the reporting period amounted to 7.33 million CNY[128]. - The performance salary for senior management is linked to operational performance, work capability, and job responsibilities[126]. - The company aims to enhance the stability and motivation of senior management through its compensation arrangements[126]. - The company implements an annual salary budget control system, linking compensation to performance for different employee categories[140]. Risks and Challenges - The company is facing risks from raw material price fluctuations, particularly cobalt and nickel, which significantly impact gross margins; measures are being implemented to mitigate these risks[97]. - The competitive landscape in the high-temperature corrosion-resistant alloy industry is intensifying, prompting the company to enhance product R&D and implement differentiated sales strategies[97]. - The company is addressing production capacity constraints and tight delivery schedules by improving production efficiency and optimizing supplier relationships[99].

Financial Performance - The company's revenue for Q1 2023 was ¥222,766,924.55, representing a 42.90% increase compared to ¥155,891,329.05 in the same period last year[4] - Net profit attributable to shareholders for Q1 2023 was ¥21,022,138.77, a 69.33% increase from ¥12,414,849.48 year-on-year[4] - Basic earnings per share increased by 75.00% to ¥0.14 from ¥0.08 in the same quarter last year[4] - Operating profit for the quarter was ¥25,267,828.80, up 64.4% from ¥15,383,708.89 in Q1 2022[22] - Net profit attributable to the parent company was ¥21,022,138.77, representing a 69.5% increase from ¥12,414,849.48 in the previous year[22] - The company reported a total comprehensive income of ¥21,022,138.77 for the quarter, reflecting strong financial performance[23] Cash Flow - The net cash flow from operating activities was -¥19,302,912.53, a decline of 17.49% compared to -¥16,429,074.58 in the previous year[4] - Cash generated from operating activities was ¥138,235,689.35, an increase from ¥88,333,825.49 in the same quarter last year[25] - Total cash inflow from operating activities was 138,235,689.35, while cash outflow was 157,538,601.88, resulting in a negative cash flow from operations[26] - The company incurred cash outflows of 700,000.00 related to financing activities, with no cash inflows reported in this category[26] - The company’s cash flow from operating activities was significantly impacted by increased operational costs, leading to a negative cash flow situation[26] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥1,353,120,860.02, a slight decrease of 0.40% from ¥1,358,578,255.94 at the end of the previous year[4] - Total liabilities decreased to ¥406,433,009.25 from ¥432,912,543.94 year-over-year[22] - The company’s total liabilities include short-term borrowings of ¥100,000,000.00, unchanged from the beginning of the year[19] - The company reported a cash and cash equivalents balance of 48,787,858.77 at the end of Q1 2023, up from 43,926,910.68 at the beginning of the quarter[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,310[12] - The largest shareholder, Feng Mingming, holds 35.42% of shares, totaling 55,251,400 shares[12] - The company’s major shareholders include Han Ming with 10.10% and Shanghai DunJia Investment Management Co., Ltd. with 8.09%[12] - The total number of restricted shares at the end of the period is 2,141,100, all of which were released during the reporting period[15] Research and Development - Research and development expenses rose by 42.06% to ¥11,184,951.50, up from ¥7,873,311.48 in the previous year, indicating increased investment in R&D[9] - Research and development expenses increased to ¥11,184,951.50, up 42.8% from ¥7,873,311.48 in Q1 2022, indicating a focus on innovation[22] Operational Costs - The company’s operating costs for Q1 2023 were ¥172,860,194.15, reflecting a 46.13% increase from ¥118,290,804.05 in the same period last year[9] - The company paid 39,181,919.86 in employee-related cash payments, an increase from 28,202,523.69 in Q1 2022, reflecting higher labor costs[26] - Tax payments increased to 7,397,630.23 from 2,783,221.58 year-over-year, indicating a rise in tax obligations[26] Investment Activities - Cash flow from investment activities showed a net inflow of 25,125,643.28, a significant improvement from -2,267,753.03 in the same period last year[26] - The company reported cash inflow from investment activities primarily from recovering investments amounting to 30,204,031.85[26] Strategic Decisions - The company has decided to terminate funding for the "Phase II Construction Project of the R&D Testing Center" and redirect remaining funds to its wholly-owned subsidiary for the "Manufacturing Project of Core Components for Special Equipment"[16]

Company Overview - Shanghai Zhongzhou Special Alloy Materials Co., Ltd. specializes in the research, production, and sales of high-temperature corrosion-resistant alloy materials and products, positioning itself as a high-tech enterprise in a fully market-oriented industry [3]. - The company has developed over 300 product specifications, making it one of the most comprehensive providers in the domestic high-temperature corrosion-resistant alloy sector [3]. Core Technologies - The company possesses twelve core technologies, including directional rapid solidification technology for high-temperature alloy castings and vacuum melting technology for low gas content high-temperature corrosion-resistant alloys [3]. - It offers a complete industrial chain for high-temperature corrosion-resistant alloy products, providing customized services to clients [3]. Market Position and Clients - The company has established a strong client base, including major domestic clients like Dongfang Electric and international clients such as GE and Emerson [4]. - The market size for high-temperature alloys in China reached approximately 13.647 billion CNY in 2018, with Zhongzhou Special Alloy's sales revenue at 582.99 million CNY, indicating an estimated market share of about 4.27% [5]. Financial Performance - The gross margin for the company's casting high-temperature corrosion-resistant alloys has remained stable, recorded at 25.63%, 27.25%, and 27.25% from 2018 to 2020 [5]. - The pricing model is based on cost-plus pricing, with real-time adjustments reflecting raw material price changes [4]. Future Plans - The company aims to focus on core business areas, enhance resource integration, and expand into new markets, particularly in oil and gas drilling, petrochemicals, and nuclear power [4]. - Plans include increasing fixed asset investments to gradually expand production capacity, addressing current capacity constraints [4]. Challenges and Strategies - The company faces challenges related to production capacity, which has reached its limits, necessitating external procurement for some products [4]. - A human resource development strategy is in place to recruit 30 to 50 skilled personnel over the next three years to support sustainable growth [4].

Financial Performance - The company's revenue for Q3 2022 reached ¥233,654,931.35, representing a 52.17% increase year-over-year[5] - Total operating revenue for Q3 2022 reached ¥596,640,680.21, an increase of 21.7% compared to ¥490,062,719.12 in the same period last year[23] - Net profit attributable to shareholders was ¥20,528,410.40, a significant increase of 177.30% compared to the same period last year[5] - Net profit for Q3 2022 was ¥57,666,939.15, representing an 88.0% increase from ¥30,677,751.77 in Q3 2021[24] - The total comprehensive income for the period reached ¥57,666,939.15, compared to ¥30,677,751.77 in the previous period, indicating a significant increase[25] - Basic and diluted earnings per share improved to ¥0.3697 from ¥0.2212 year-over-year[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,277,068,674.52, up 13.93% from the end of the previous year[5] - Total assets reached ¥1,277,068,674.52, an increase of 13.9% from ¥1,120,957,581.45 year-on-year[22] - Total liabilities increased to ¥371,365,935.52, up 44.4% from ¥257,297,892.68 in the previous year[22] - The company's equity attributable to shareholders rose to ¥905,702,739.00, an increase of 4.9% from ¥863,659,688.77 in the same period last year[22] Cash Flow - Cash flow from operating activities showed a net outflow of ¥23,295,714.21, a decrease of 79.50% compared to the previous year[5] - Cash inflow from operating activities totaled ¥333,300,400.79, up from ¥267,422,881.54 in the previous period[27] - The net cash flow from operating activities was -¥23,295,714.21, an improvement from -¥113,632,888.48 in the prior year[27] - Cash outflow from investing activities was ¥137,449,759.31, compared to ¥184,680,441.51 in the previous period, showing a reduction in investment spending[27] - The net cash flow from financing activities was ¥81,339,550.00, down from ¥240,597,901.69 in the previous year, reflecting a decrease in financing activities[27] - The company reported a cash and cash equivalents net decrease of ¥78,353,682.78, contrasting with an increase of ¥122,814,641.02 in the prior period[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,910[12] - The total number of restricted shares for shareholder Xu Liang increased from 5,474,250 to 7,116,525, with 1,642,275 shares released during the period[14] - The company distributed a cash dividend of RMB 1.5 per 10 shares, totaling RMB 18,000,000, and increased its total share capital from 120,000,000 shares to 156,000,000 shares through a capital reserve conversion[17] - The company reported a total of 88,788,375 shares outstanding as of the latest report[15] - The top ten shareholders include significant holdings by Feng Mingming with 55,095,300 shares and Jiang Wei with 8,188,700 shares, indicating concentrated ownership[13] - The company has not disclosed any additional related party relationships among the top shareholders beyond the known connections[13] Operational Changes - The company adjusted the expected operational status date for the "Core Components Manufacturing Project" from August 8, 2022, to December 31, 2023, reflecting a delay in project implementation[16] - The company’s board and supervisory board completed their re-election and appointed new senior management on September 7, 2022, indicating a potential shift in strategic direction[18] - The company’s financial performance and operational strategies will be closely monitored as it navigates these changes and project delays[16] Costs and Expenses - Total operating costs amounted to ¥522,567,915.48, up 14.9% from ¥454,787,857.73 year-on-year[23] - Research and development expenses for Q3 2022 were ¥26,146,007.61, an increase of 12.1% from ¥23,265,202.81 in Q3 2021[24] - The company reported a financial expense of -¥4,272,908.21, a significant improvement compared to ¥632,573.51 in the previous year[24] - The company received cash from sales of goods and services amounting to ¥318,990,667.78, compared to ¥258,551,451.05 previously[26] - The company paid ¥253,151,171.54 for goods and services, a decrease from ¥280,805,653.09 in the previous period[27] Inventory and Receivables - Accounts receivable increased to ¥318,200,894.60, up 38.9% from ¥229,047,843.48 in the previous year[22] - Inventory rose to ¥287,262,056.73, a 16.8% increase compared to ¥245,812,585.63 in the same period last year[22] Other Information - The company’s weighted average return on equity was 2.30%, an increase of 1.42% from the previous year[5] - The company’s non-operating income decreased by 83.77% to ¥470,800.46, primarily due to a reduction in government subsidies received[10] - The company did not report any new product launches or significant market expansion strategies during this quarter[28]

Financial Performance - The company reported a revenue of RMB 300 million for the first half of 2022, representing a year-on-year increase of 15%[18]. - The company's operating revenue for the reporting period was ¥362,985,748.86, an increase of 7.87% compared to the same period last year[24]. - Net profit attributable to shareholders was ¥37,138,528.75, representing a significant increase of 59.56% year-on-year[24]. - The net profit after deducting non-recurring gains and losses was ¥36,309,833.07, up 80.45% from the previous year[24]. - The company's basic and diluted earnings per share increased by 33.02% to ¥0.2381[24]. - The total comprehensive income for the period amounted to 8.441 million yuan, reflecting a significant increase compared to the previous year[171]. - The total revenue for the first half of 2022 was 138 million, showing a significant increase compared to the previous year[165]. - The company's net profit of 19 million for the first half of 2022 is a 138% increase compared to the same period last year[165]. - The total assets of the company reached 520 million, indicating a robust financial position[166]. Market Expansion and Strategy - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 10% market share by 2025[18]. - The company plans to expand into new markets, including core components for combustible ice drilling equipment and aerospace engine parts[46]. - The company plans to continue focusing on market expansion and new product development to sustain growth in the upcoming periods[153]. - The management provided a positive outlook for the second half of 2022, expecting continued growth in revenue and profitability[165]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product portfolio[165]. Research and Development - The company plans to invest RMB 50 million in R&D for new alloy materials and technologies in the upcoming year[18]. - Research and development expenses rose by 2.20% to ¥15,934,869.14, compared to ¥15,592,007.38 in the previous year[57]. - The company has allocated resources for research and development, focusing on innovative alloy materials to enhance product offerings[165]. - The company has developed precision machining services for high-temperature alloys, successfully delivering products to global clients such as GE and Emerson[41]. Risk Management - The management has identified risks related to raw material price fluctuations and is implementing strategies to mitigate these risks[18]. - The company has enhanced its risk management capabilities, effectively responding to challenges posed by the COVID-19 pandemic through emergency plans and operational adjustments[49]. - The company has implemented measures to mitigate risks from price fluctuations of key raw materials, including cobalt and nickel, which significantly impact profit margins[83]. Cash Flow and Financial Position - The company reported a net cash flow from operating activities of -¥16,314,366.89, an improvement of 82.97% compared to the previous year[24]. - The company's cash and cash equivalents increased to ¥282,975,321.97, representing 23.46% of total assets, up from 18.55% last year[63]. - The company’s net cash and cash equivalents decreased by 44.04% to ¥79,345,844.38 from ¥141,794,592.72, mainly due to no new fundraising during the period[57]. - The company’s total current asset of 991,058,485.44 yuan as of June 30, 2022, compared to 910,171,793.63 yuan at the beginning of the year, reflecting an increase of approximately 8.9%[144]. Shareholder Information - The company approved a profit distribution plan for 2021, distributing a cash dividend of RMB 1.5 per 10 shares, totaling RMB 18 million[118]. - The total number of common shareholders at the end of the reporting period is 13,733[129]. - The largest shareholder, Feng Mingming, holds 35.32% of the shares, totaling 42,381,000 shares[129]. - The company continues to monitor shareholder compliance with lock-up requirements for directors and senior management[127]. Compliance and Governance - The financial report for the first half of 2022 has not been audited[142]. - The company has maintained compliance with the disclosure of raised fund usage, with no reported violations[75]. - The company follows the accounting standards for enterprises, ensuring that the financial statements reflect its financial condition and operating results accurately[179]. Product Development and Offerings - The company has expanded its product offerings to include castings, forgings, welding powders, and precision machining services[34]. - The company produces high-temperature corrosion-resistant alloy products categorized into nickel-based, cobalt-based, iron-based, and copper-based series, with applications in various industries including petrochemical, nuclear power, and automotive[36]. - The company’s special alloy welding materials are primarily used for surface cladding, providing wear resistance, corrosion resistance, and high-temperature resistance, with applications in automotive engines and nuclear power[39]. Operational Efficiency - The company aims to improve operational efficiency and reduce costs by implementing new technologies in production processes[165]. - The company's production mode includes order-driven production for non-standard products and planned batch production for standardized products, optimizing inventory control[43]. - The company has achieved third-party material certification for six casting grades through the Norwegian standardization organization NORSOK M650 & M630, enhancing its competitive edge in the market[38].

Financial Performance - The company's operating revenue for Q1 2022 was ¥155,891,329.05, representing an increase of 11.27% compared to ¥140,105,840.14 in the same period last year[4] - Net profit attributable to shareholders for Q1 2022 was ¥12,414,849.48, a significant increase of 119.14% from ¥5,665,259.78 in the previous year[4] - Basic earnings per share for Q1 2022 increased by 64.55% to ¥0.1035 from ¥0.0629 in the same period last year[4] - Operating profit reached CNY 15,383,708.89, up 113.5% from CNY 7,190,522.09 in the same period last year[23] - The total profit for the period was CNY 15,353,033.29, an increase of 109.1% from CNY 7,321,794.43 in Q1 2021[23] - The total comprehensive income attributable to the parent company was CNY 12,414,849.48, up from CNY 5,665,259.78 in Q1 2021[24] Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥16,429,074.58, a 67.21% reduction in losses compared to -¥50,110,737.92 in Q1 2021[4] - The cash flow from operating activities showed a net outflow of CNY -16,429,074.58, an improvement from CNY -50,110,737.92 in Q1 2021[28] - The company's cash and cash equivalents decreased to RMB 165,536,359.37 from RMB 207,903,314.64 at the beginning of the year, a decline of 20.4%[18] - The cash and cash equivalents at the end of the period were CNY 150,223,263.17, compared to CNY 5,500,958.52 at the end of Q1 2021[28] Assets and Liabilities - Total assets at the end of Q1 2022 were ¥1,146,023,479.14, reflecting a 2.24% increase from ¥1,120,957,581.45 at the end of the previous year[5] - Total liabilities increased to RMB 269,165,242.99 from RMB 257,297,892.68, reflecting a rise of 4.3%[20] - The company's equity attributable to shareholders reached RMB 876,858,236.15, up from RMB 863,659,688.77, an increase of 1.8%[20] Operational Metrics - The total operating costs for Q1 2022 amounted to RMB 137,067,691.39, up from RMB 130,278,795.70 in Q1 2021, reflecting a growth of 5.9%[22] - Total revenue from sales of goods and services was CNY 85,390,154.59, compared to CNY 71,340,575.90 in Q1 2021, reflecting a growth of 19.7%[26] - Research and development expenses were CNY 7,873,311.48, slightly up from CNY 7,859,404.85 in the previous year[23] Shareholder Information - The number of restricted shares held by major shareholders remains unchanged at 90,000,000 shares[15] - The company plans to lift restrictions on certain shares on specified dates, with the first being April 11, 2022, for some shareholders[15] Government Support - The company received government subsidies amounting to ¥272,884.27 during the reporting period, which are closely related to its normal business operations[7] Financial Ratios - The weighted average return on equity for Q1 2022 was 1.43%, up from 1.07% in the same period last year[4]

Financial Performance - The total revenue for the year 2021 was significantly impacted by increased demand for special alloys, reflecting a growth of approximately 15% compared to 2020[14]. - The company's operating revenue for 2021 was CNY 684,871,622, representing a 14.09% increase compared to CNY 600,278,420 in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 46,108,806, a decrease of 24.52% from CNY 61,085,680 in 2020[19]. - The net cash flow from operating activities for 2021 was negative CNY 83,974,714, a decline of 267.44% compared to CNY 50,152,038 in 2020[19]. - The total assets at the end of 2021 were CNY 1,120,957,581, an increase of 52.22% from CNY 736,416,720 at the end of 2020[20]. - The net assets attributable to shareholders at the end of 2021 were CNY 863,659,688, a growth of 64.44% from CNY 525,226,750 at the end of 2020[20]. - The basic earnings per share for 2021 was CNY 0.4192, down 38.23% from CNY 0.6787 in 2020[19]. - The weighted average return on equity for 2021 was 6.18%, a decrease of 5.95% from 12.13% in 2020[19]. - The company achieved a revenue of 684.87 million yuan in 2021, representing a year-on-year growth of 14.09% from 600.28 million yuan in the previous year[55]. - The company's net profit attributable to non-recurring gains and losses was 42.10 million yuan, a decrease of 27.78% compared to 58.29 million yuan in the previous year[55]. Profit Distribution - The company reported a profit distribution plan based on a total of 120,000,000 shares, proposing a cash dividend of 1.50 RMB per 10 shares (including tax) and a capital reserve conversion of 3 shares for every 10 shares[5]. - The total cash dividend represents 100% of the distributable profit of RMB 259,688,038.59 for the period[177]. - The company has not made any adjustments to its profit distribution policy during the reporting period, adhering to the established conditions and proportions for cash dividends[174]. - The company will not distribute profits to shareholders until specific commitments are fulfilled[198]. Market Strategy and Expansion - The company aims to enhance its market position by focusing on the development of high-temperature and corrosion-resistant alloys, which are critical for industries such as petrochemicals and aerospace[12]. - The company plans to invest in new product development, particularly in the areas of nickel-based and cobalt-based alloys, to meet the evolving needs of its industrial clients[12]. - The company is actively pursuing international market expansion, with plans to enter at least two new foreign markets by the end of 2022[12]. - The company is focusing on expanding its market presence in military and aerospace sectors to reduce reliance on the petrochemical industry[64]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[190]. - The company is exploring new markets and product lines to drive future growth and profitability[87]. Research and Development - Research and development expenditures increased by 25% in 2021, reflecting the company's commitment to innovation and technology advancement[14]. - The company is developing high-temperature alloy 3D printing powders, targeting applications in aerospace, biomedical, automotive, and nuclear power sectors[87]. - The company has achieved batch production of 17-4PH nuclear power forged bars, establishing a foundation for future market development[88]. - The company has successfully developed Inconel 718 oil pipe suspension forged parts, enhancing production efficiency and reducing costs[89]. - The company plans to invest 100 million RMB in R&D for new technologies over the next year[196]. Operational Efficiency - The company is implementing a lean production management model to enhance product competitiveness and reduce production costs[123]. - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[190]. - The gross profit margin improved to 35%, up from 30% in the previous year, due to cost optimization measures[191]. Corporate Governance - The company has established a performance evaluation and incentive system linking the income of management and staff to business performance, ensuring transparency in the hiring of senior management[134]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring a complete business system capable of independent market operations[135]. - The company has a well-structured corporate governance system, including a shareholders' meeting, board of directors, supervisory board, and management team[136]. - The company has established a comprehensive quality assurance system, with its testing center certified by ISO17025, ensuring effective control over product quality[73]. Risk Management - The management highlighted potential risks including raw material price volatility and supply chain disruptions, along with corresponding mitigation strategies[5]. - The company is exposed to risks from rising prices of raw materials such as cobalt and nickel, which could impact profit margins if product prices cannot be adjusted accordingly[125]. - The company faces market competition risks due to increasing competition from other listed companies in the high-temperature resistant alloy industry[125]. Employee Management - The total number of employees at the end of the reporting period was 743, with 438 in the parent company and 305 in major subsidiaries[171]. - The company implements an annual salary budget control and a performance-based compensation system, linking salaries to performance evaluations[172]. - The training plan for 2021 included safety production training, new employee onboarding, and management training for middle-level cadres[173]. Environmental and Social Responsibility - The company emphasizes a balance between economic development and social responsibility, ensuring stakeholder interests are protected[184]. - The company has established a comprehensive safety and environmental management system, achieving ISO14001 and ISO45001 certifications, with no significant penalties for environmental or safety violations during the reporting period[186]. - The company prioritizes employee rights protection, providing social insurance and regular health check-ups, while also offering training programs to enhance employee skills[186].

Financial Performance - The company's revenue for Q3 2021 was CNY 153,552,276.52, representing a 0.44% increase year-over-year, while the year-to-date revenue reached CNY 490,062,719.12, up 11.62% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2021 was CNY 7,402,888.13, a decrease of 59.22% year-over-year, and the year-to-date net profit was CNY 30,677,751.77, down 37.81% compared to the previous year[3]. - The basic earnings per share for Q3 2021 was CNY 0.0617, reflecting a decline of 69.41% year-over-year, while the year-to-date basic earnings per share was CNY 0.2876, down 47.53%[3]. - Total operating revenue for Q3 2021 reached ¥490,062,719.12, an increase from ¥439,061,739.17 in the previous period[23]. - Net profit for the period was ¥30,677,751.77, compared to ¥49,330,304.63 in the same period last year, reflecting a decrease of approximately 38%[25]. - The total comprehensive income for the third quarter was CNY 30,677,751.77, a decrease from CNY 49,330,304.63 in the previous period[26]. Assets and Liabilities - The company's total assets as of September 30, 2021, were CNY 1,116,646,728.76, an increase of 51.63% from the end of the previous year[3]. - Current assets totaled ¥918,961,848.90, significantly higher than ¥553,487,022.06 from the previous year, indicating a growth of approximately 66.1%[22]. - The total liabilities increased to ¥268,179,079.63 from ¥211,189,969.15, indicating a rise of about 27%[22]. - The company's equity attributable to shareholders reached ¥848,467,649.13, up from ¥525,226,752.52, reflecting a growth of approximately 61.5%[23]. Cash Flow - The net cash flow from operating activities for the year-to-date period was negative CNY 113,632,888.48, a significant decline of 817.10% compared to the previous year[3]. - Cash inflow from operating activities totaled CNY 267,422,881.54, compared to CNY 315,059,061.20 in the previous period, reflecting a decrease of approximately 15.1%[29]. - The net cash outflow from operating activities was CNY -113,632,888.48, contrasting with a net inflow of CNY 15,846,268.00 in the previous period[29]. - Cash inflow from investment activities was CNY 180,811,843.28, while cash outflow was CNY 184,680,441.51, resulting in a net cash outflow of CNY -3,868,598.23[29]. - Cash inflow from financing activities amounted to CNY 338,689,536.00, with a net cash inflow of CNY 240,597,901.69 after outflows[30]. - The net increase in cash and cash equivalents for the period was CNY 122,814,641.02, compared to a decrease of CNY -15,241,860.06 in the previous period[30]. - The ending balance of cash and cash equivalents was CNY 164,615,106.12, up from CNY 23,338,072.53 at the end of the previous period[30]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,457[11]. - The largest shareholder, Feng Mingming, holds 35.32% of shares, totaling 42,381,000 shares[11]. - The top ten shareholders collectively hold a significant portion of the company, with the top three alone accounting for over 53% of the shares[11]. - The number of restricted shares at the end of the period is 91,546,422, with no new restrictions added during the reporting period[14]. - The company has lifted the trading restrictions on 1,546,422 shares, representing 1.2887% of the total share capital, which became tradable on October 11, 2021[18]. Operational Developments - The company plans to invest in a high-temperature corrosion-resistant alloy manufacturing project with a total investment of 771.79 million RMB, including 601.62 million RMB for construction[16]. - The company is expanding its production and R&D capabilities through the establishment of a new manufacturing base and testing center[16]. - The company has approved the appointment of a new vice president, Feng Xiaohang, effective immediately[17]. - The company has not reported any changes in the status of preferred shareholders, indicating stability in this area[13]. Inventory and Receivables - Accounts receivable increased by 31.58% year-over-year, amounting to CNY 281,141,719.13, driven by higher sales revenue[8]. - The company experienced a 58.71% increase in inventory, totaling CNY 246,393,331.02, as it ramped up raw material stock to meet rising customer demand[8]. - Inventory levels rose to ¥246,393,331.02, compared to ¥155,243,130.36 in the previous year, representing an increase of about 58.8%[21]. Financial Expenses - The company reported a significant reduction in financial expenses, down 80.96% to CNY 632,573.51, due to decreased interest expenses and increased interest income from higher cash balances[9]. - The company reported a credit impairment loss of ¥5,560,663.85, compared to ¥1,985,363.16 in the previous year, showing an increase in credit risk[25]. Other Information - The company's cash and cash equivalents as of September 30, 2021, amount to 197,168,396.87 RMB, a significant increase from 52,144,592.72 RMB at the end of 2020[20]. - The company did not adjust the initial balance sheet items due to the new leasing standards, as all operating leases are under 12 months[31]. - The third quarter report was not audited[32].