Yu Diamond: 2011 Annual Report

Zhengzhou Huajing Diamond Co., Ltd. 2011 Annual Report Zhengzhou Huajing Diamond Co., Ltd. Annual Report 2011 Securities Short Name: Yu Diamond Securities Code: 300064 March 2002 Zhengzhou Huajing Diamond Co., Ltd. 2011 Important Notices of Annual Report 1. The Board of Directors, the Board of Supervisors and the directors, supervisors and senior management of the Company guarantee that there are no false records, misleading statements or major omissions in the information contained in this report, and the authenticity, accuracy and completeness of its contents. Sexually bear individual and joint responsibility. The summary of this annual report is extracted from the full text of the annual report. The full text of the report is also published on the designated website of the CSRC and the company website. In order to fully understand the company's production and operation status and financial results and the company's future development plan, investors should read the full text of the annual report on the designated website. 2. There are no directors, supervisors or senior management who declare that the authenticity, accuracy and completeness of the contents of the annual report cannot be guaranteed or have objections. 3. The 2011 annual report of the company has been reviewed and approved at the sixth meeting of the second board of directors of the company. All directors of the company attended the board meeting in person. 4. The company's annual financial report has been audited by Asia Pacific (Group) Certified Public Accountants Co., Ltd. and issued a standard unqualified audit report. 5. Guo Liuxi, person in charge of the company, Li Jigang, person in charge of accounting work and person in charge of accounting organ, declare that the financial report in the annual report is true and complete. Zhengzhou Huajing Diamond Co., Ltd. 2011 Annual Report Table of Contents Section 1 Basic Information of the Company 1 Section 2 Summary of Accounting Data and Business Data 3 Section 3 Report of the Board of Directors 5 Section 4 Important Events 46 Section 5 Changes in Share Capital and Shareholders 50 Section VI Directors, Supervisors and Senior Management and Employees 53 Section VII Corporate Governance Structure 60 Section VIII Report of the Board of Supervisors 72 Section IX Financial Report 76 Section X Documents for Reference 161 Zhengzhou Huajing Diamond Co., Ltd. 2011 Annual Report Section 1 Basic Information of the Company I. Basic Information of the Company Name: Zhengzhou Huajing Diamond Co., Ltd. English Name: Zhengzhou Sino-Crystal Diamond Co., Ltd. Company Abbreviation: Yu Diamond II, Legal Representative of the Company: Guo Liuxi III, Board of Directors Secretary and Securities Affairs Representatives Secretary of the Board of Directors Securities Affairs Representative Name Liu Yongqi Zhang Kai Contact Address No. 24, Dongqing Street, High-tech Development Zone, Zhengzhou City, Electric Fax 0371-63377777 E-mail IV. Company Address: No. 24, Dongqing Street, High-tech Development Zone, Zhengzhou City Address: Zhengzhou High-tech Development Zone Winter 24 Qing Street Post Code: 450001 Company Internet: E-mail: V. Selected Information Disclosure Newspaper: Securities Times Annual Report The website of the China Securities Regulatory Commission designated website: Com.cn Annual Report Preparation Location: Corporate Securities Department VI. Stock Exchange: Shenzhen Stock Exchange Stock Abbreviation: Yu Diamond Stock Code: 300064 VII. Other Relevant Information (I) Latest Registration Date: 2011 8 The latest registration address of the company on the 23rd: No. 24, Dongqing Street, High-tech Development Zone, Zhengzhou City (II) Business license registration number (3) Tax registration number (4) Organization code-7 (5) Accounting firm hired by the company Name: The accounting firm hired by Asia Pacific (Group) Certified Public Accountants Co., Ltd. Office Address: Room 301, Building 1, Building 5, Building 5, No. 9 Chegongzhuang Street, Xicheng District, Beijing, China. Case 1. Approved by the China Securities Regulatory Commission, China Securities Regulatory Commission [2010] No. 267 document, the company issued A total of 38 million shares of RMB common stock (A shares) were traded, and the total share capital was changed from RMB 114 million to RMB 15 million. Registration date: June 2, 2010, registration place: Zhengzhou Administration for Industry and Commerce. 2. In April 2011, the company implemented the 2010 equity distribution plan based on the resolution of the 2010 Annual General Meeting of Shareholders. Based on the company's total share capital of 152 million shares, the company will transfer 10 shares to every shareholder for every 10 shares. The company's total share capital increased to 340 million shares. Registration date: August 23, 2011, registration place: Zhengzhou Administration for Industry and Commerce. Since the company's listing, there has been no change in the registration number, tax registration number and organization code of the corporate legal person business license. Section II Summary of Accounting Data and Business Data I. Major accounting data units: Yuan increased or decreased from the previous year in 2010. 2011 (%) Adjusted before adjustment, adjusted after adjustment, adjusted total operating income (yuan) 464 ,507,916.97255,577,536.42255,577,536.4281.75%183,545,036.34183,545,036.34 Operating profit (yuan) 165,099,240.7385,862,382.8085,862,382.8092.28%58,854,615.2858 , 854,615.28 Total profit (yuan) 166,418,861.2189,489,797.7389,489,797.7385.96%61,338,758.3061,338,758.30 141,628,140.0875,984,826.4075 belonging to the shareholders of the listed company, 984,826.4086.39%52,461,040.1052,461,040.10 Net profit (yuan) Net attributable to shareholders of listed company net of non-recurring gains and losses 140,356,630.0872,980,322.9872,980,322.9892.32%50 ,348,306.4450,348,306.44 Profit (yuan) Cash flow from operating activities 130,994,503.1877,526,908.4677,526,908.4668.97%56,559,861.1656,559,861.16 Net amount (yuan) Year-end At the end of last year, the end of 2010, the end of 2009, the end of 2011, the increase or decrease (%), the pre-adjustment adjustment, and the adjusted total assets before adjustment (yuan) 1,591,475,367.18 1,219,465,516.88 1,219,701,671.0530. 48%414,401,002.45414,401,002.45 Total liabilities (yuan) 292,102,365.2881,375,723.8981,611,878.06257.92%102,394,335.86102,394,335.86 1,240 attributable to shareholders of listed companies ,764,101.88 1,138,089,792.99 1,138,089,792.999.02%312,006,666.59312,006,666.59 Owner's equity (yuan) Total share capital (shares) 304,000,000.00152,000,000.00152 ,000,000.00100.00%114,000,000.00114,000,000.00 Note: According to the "Accounting Standards for Business Enterprises Interpretation No. 5", the amount of VAT to be deducted on December 31, 2010 is 236,154.17 yuan. Listed in other current assets. This adjustment has no impact on the 2010 operating results and has no impact on the accumulated operating results. Second, the main financial indicators this year increased from the previous year, 2010, 2011, 2011, minus (%) adjusted before adjustment, adjusted, adjusted, adjusted basic earnings per share (yuan / share) 0.470.270.2774.07% 0.230.23 diluted Earnings per share (yuan/share) 0.460.270.2770.37%0.230.23 0.460.260.2676.92%0.220.22 after deducting non-recurring gains and losses Basic earnings per share (yuan/share) Weighted average return on equity 11.89% 8.33% 8.33% 3.56% 18.36% 18.36% (%) After deducting non-recurring gains and losses, the weighted average return on equity is 11.78% 8.00% 8.00% 3.78% 17.62% 17.62% (%) The current operating income is 0.430. 510.51-15.69%0.500.50 Net gold flow (yuan/share) At the end of the year, compared with the previous year, the end of 2011, the end of 2010, the end of 2009, the increase or decrease (%), the adjustment before adjustment, the adjustment and the adjusted adjustment to the shareholders of listed company 4.087 .497.49-45.53%2.742.74 Net assets per share (yuan/share) Asset-liability ratio (%) 18.35% 6.67%6.69% 11.66% 24.71% 24.71% Note: 1. In April 2011, the company implemented the 2010 profit distribution. The total share capital increased from 152 million shares to 304 million shares. According to the principle of comparability of accounting indicators, the basic earnings per share of 2009 and 2010 were retrospectively adjusted; 2. The financial indicators listed in the table are calculated according to the calculation method prescribed by the China Securities Regulatory Commission. III. Non-recurring gains and losses Project unit: Yuan non-recurring profit and loss project 2011 Amount 2010 Amount 2009 Amount of non-liquid assets disposal gains and losses 0.002,997.24-38,020.76 Government subsidies included in current profit and loss, but normal operation with the company The business is closely related and meets the national 1,277,471.813,687,119.002,303,681.00 policy provisions, and the government subsidies that are continually enjoyed according to certain standards or quotas are not included in the current profits and losses, and the capital occupation fees charged to non-financial enterprises are 154. 816.000.000.00 Other non-operating income and expenses other than the above items 42,148.67-62,701.31218,482.78 Income tax impacts -202,926.48-622,911.51-371,409.36 Total 1,271,510.003,004,503.422 , 112, 733.66 Section III Report of the Board of Directors I. Review of the company's operation in the report period (I) Overall business situation In 2011, under the trouble of the European debt crisis, the world economy was in a downturn, and China's economy maintained its rapid growth for many years. And also face risks such as inflation and real estate bubbles, and external demand and export growth are difficult to improve, macroeconomics Continued downside risk is greater. Under the circumstances that the domestic and international economic situation is not optimistic, the company's development has also withstood the test. During the reporting period, the management of the company, based on the strategic development plan formulated by the board of directors, closely focused on the main business of synthetic diamonds, stepped up the progress of project investment construction, actively promoted the development of the industrial chain, vigorously promoted the construction of innovation systems, and enhanced the company's technological innovation strength and scientific and technological achievements. The transformation capability has achieved a great leap in the development of the company through management system innovation and internal control system construction. In 2011, the company realized operating income of RMB 464,079,900, an increase of 81.75% over the same period of the previous year; operating profit of RMB 165,092,200, an increase of 92.28% over the same period of the previous year; net profit attributable to shareholders of listed companies was RMB 14,162,100 , an increase of 86.39% over the same period of the previous year. During the reporting period, the company's project investment construction was rapidly advanced. The fund-raising investment project – an annual output of 300 million carats of high-grade synthetic diamonds was produced at the end of April 2011; the company used super-raised funds to build an annual output of 340 million carats of high-grade diamond projects, which was completed at the end of September 2011. At the same time, the company's use of its own funds and debt funds to invest in the construction of 1.02 billion carats of high-grade diamond projects is progressing steadily. After the completion of the project, it will further expand the company's operating scale and enhance the company's market competitiveness and comprehensive competitive advantage. During the reporting period, the company actively promoted the deep construction of the industrial chain, and successively established a wholly-owned subsidiary Huajing Precision Manufacturing Co., Ltd. and its holding subsidiary Henan Yuxing Huajing Microdrill Co., Ltd., engaged in diamond micron diamond wire and diamond micropowder products. R&D, production and sales. The orderly promotion of the investment projects of the subsidiaries has laid a good foundation for the company to improve the diamond industry chain. Innovation capacity building is the most important means for companies to participate in market competition. During the reporting period, the company continued to strengthen technological innovation, and improved the company's technological innovation system by expanding the company's technology innovation system based on the company as the mainstay, market-oriented, industry-university-research, and expanded the company's technological leadership to create a synthetic diamond industry. Well-known brand. At the National Science and Technology Awards Conference on February 14, 2012, the company and the Central Plains Institute of Technology and Zhengzhou Abrasives Grinding Research Institute jointly completed the "catalyst synthesis of high-grade diamond key equipment and complete process technology development" project won the "2011 Second Prize of the National Science and Technology Progress Award of the Year." In 2011, the company received 42 new patents and 119 newly granted patents. By the end of 2011, the company had been authorized or accepted 360 domestic patents (299 granted patents), including 31 domestic invention patents (7 authorized), and the company has been authorized one international invention patent. The acquisition of the above honors will promote the expansion of the company's market and enhance the company's core competitiveness. In the report period, in order to further strengthen the company's management system and internal control system construction, build a business framework suitable for the company's development, and improve the company's ability to resist risks. In the report period, the company set up a price committee. The establishment of the price committee will help promote the company's product price system and procurement price system, promote product marketing and technical department, production system synergy, strengthen analysis of market, cost and raw material prices, guide procurement and marketing work, and penetrate the market. The frontier, strengthen information collection and timely communication, effectively transfer cost pressures, continuously improve innovation, further improve operational efficiency, and provide a strong guarantee for the company's comprehensive and coordinated sustainable development. (II) Implementation or implementation of the company's development strategy and business plan disclosed in the prospectus The company disclosed the company's development plan for the next three years in the prospectus. During the reporting period, the company strictly followed the established development plan, focused on the research and development, production and sales of synthetic diamonds, accelerated the pace of industrialization, taken into account the upstream and downstream industries of diamonds, adhered to independent innovation, continued to increase technological innovation, and continuously improved the scale of operations and Profitability. In 2011, the company realized sales income of RMB 464,079,900 and net profit of RMB 1,146,281, which was 153.08% and 169.97% higher than that of 2009. The company's operating performance continued to grow rapidly. According to the arrangement of the investment use of the listed funds, during the reporting period, the company's listing and investment projects are progressing smoothly. The annual output of 300 million carats of high-grade synthetic diamond project promises investment of 194.50 million yuan, and the adjusted investment amount is 214,241,100 yuan. As of the end of the reporting period, the accumulated investment has reached 203,386,600 yuan, and the investment progress is 98.58%; Zhengzhou synthetic diamond In the report period, the expansion project of the Engineering Technology Research Center has invested RMB 23.21 million and the investment progress is 77.40%. In 2011, the company invested R&D expenses of RMB 16.30 million, an increase of 57.32% over the same period of 2010. At the end of 2011, the company had 148 R&D personnel, an increase of 32 from the end of 2010. During the reporting period, the company increased its marketing input and adjusted its sales strategy and direction in a timely manner according to changes in market conditions and company production capacity. On the one hand, we constantly improve the domestic trade sales information network, after-sales tracking services, set up sales offices throughout the country to expand sales channels; on the other hand, by increasing foreign investment, hiring industry trade and marketing elites, through online platforms, industry associations, foreign countries Acting recommended methods and other methods to seize the international market share, while actively organizing participation in domestic and international exhibitions, increase publicity, enhance brand awareness, and achieve rapid sales growth through a variety of marketing strategies. During the reporting period, the implementation of all aspects of the company was basically consistent with the development plan of the prospectus. (III) Main business and operation of the company 1. Main business of the company 1) Product or service status unit: 10,000 yuan operating income than operating cost than gross profit margin, product or service operating income, operating cost gross profit margin (% In the same period of last year, the profit increase and decrease (%) (%) (%) of synthetic diamonds 42,144.6122, 573.1146.4476.3574.040.71 During the reporting period, the profit structure of the company and the profitability of the main business did not occur. Significant changes, the main business income increased by 76.35% over the same period of the previous year, and the gross profit margin of sales increased slightly from the previous year. 2) Main business income by region: 10,000 yuan in 2011 compared with the previous year increase or decrease (%) Huazhong 23,028.8062.40% East China 8,556.75119.04% South China 2,198.1154.67% North China 3,396.9281.56 % Export 3,629.8074.82% Other 1,334.23201.05% Total 42,144.6176.35% 2. Major customers and suppliers of the company 1) Top five major customers in 2011 Unit: 10,000 yuan accounted for whether the company should deposit Accounted for the annual sales accounts receivable customer name sales amount receivables total balance in the total amount of the proportion of the balance balance relationship Henan Hengxiang Diamond Abrasive Co., Ltd. 2,632.245.67% No Hunan Kate Superhard Materials Co., Ltd. 2,303.984. 96%No Wuhan Wanbang Laser Diamond Tools Co., Ltd. 2,089.864.50%1.150.12%No Zhengzhou Bote Hard Materials Co., Ltd. 1,534.773.30%No Zhengzhou Diamond Precision Manufacturing Co., Ltd. 1,170.482.52%No Total 9,731.3320.95%1.150.12% Unit: 10,000 yuan Project 2011 Year 2010 The year-on-year growth ratio The top five customers total sales 9,731.337,080.7337.43% of the total annual sales amount of 20.95% 27.70%-6.75% The total balance of accounts receivable of five customers is 1.1513.85-91.70%. The proportion of the total balance of accounts receivable at the end of the year is 0.12%1.56%-1.44%. During the reporting period, the sales of the top five customers of the company accounted for the total sales. The proportion dropped by 6.75%, and customer concentration decreased further. The company does not have a sales ratio of more than 30% of the total amount to a single customer or is heavily dependent on a small number of suppliers or customers. The company's directors, supervisors, senior management personnel, core technical personnel and major related parties or shareholders holding more than 5% of the company's shares do not have any interest in the top five sales customers of the company. 2) Procurement of the top five suppliers in 2011: 10,000 yuan accounted for the annual share of the company should be accountable for the name of the supplier name of the purchase amount of the total purchase amount of the account payment total balance of the proportion of the balance of the balance of the relationship between the proportion of the relationship between the balance of Foshan City, Shunde District Cemented Carbide Co., Ltd. 5,243.4120.73%0.00No Beijing Liangli Zhanming Powder Metallurgy Factory 2,138.038.45%0.00No Henan Power Company Zhengzhou Power Supply Company 1,228.584.86%0.00No Zigong Yike Carbon Limited Liability Company 936.753.70%0.00No Jinan Institute of Metallurgy Science 885.733.50%0.00No Total 10,432.4941.24%0.000.00% No Unit: 10,000 yuan This year is the top five in the year 2010 growth ratio The total purchase amount of the supplier is 10,432.495, 402.0993.12%. The proportion of the total purchase amount in the year is 41.24%45.33%-4.09% The balance of accounts payable is 0.0090.47-100.00% The proportion of the total balance of accounts payable is 0.00%7.71%-7.71 % During the reporting period, among the top five suppliers of the company, there was no single supplier purchase ratio exceeding 30% of the total purchase amount. The company's directors, supervisors, senior management personnel, core technical personnel and major related parties or shareholders holding more than 5% of the company's shares do not have any interest in the top five suppliers of the company. (IV) Analysis of the main financial data of the company 1. Analysis of the main assets of the company: Yuan December 31, 2011, the total assets accounted for December 31, 2010, the total assets, the proportion of the balance of the project in the current year, the proportion of the daily balance increased or decreased the monetary funds 437,486,554.0527.49%637,815,454.0252.29%-31.41% Notes receivable 24,114,043.081.52%5,408,261.010.44%345.87% Accounts receivable 8,839,094.150. 56% 8,395,723.300.69%5.28% Prepayments 42,521,043.062.67%21,360,773.591.75%99.06% Other receivables 745,788.610.05%2,998,351.200.25% -75.13% Inventories 133,999,596.708.42%49,794,926.334.08%169.10% Other current assets 2,617,147.470.16%236,154.170.02%1008.24% Fixed assets 597,796,439.2937.56 %327,072,248.1526.82%82.77% Construction in progress 304,376,034.8819.13%140,188,366.5811.49%117.12% Intangible assets 26,036,619.391.64%26,279,646.542.15% -0.92% Long-term deferred expenses 10,906,701.360.69%57,866.810.00%18747.94% Deferred income tax assets 2,036,305.140.13%93,899.350.01%2068.60% Total assets 1,591,475 , 367.18100.00%1,219,701,671.05100.00%30.48% Description of changes: (1) During the reporting period, the balance of monetary funds decreased by 31.41% compared with the beginning of the year, mainly due to the increase in investment funds and procurement of raw materials for investment projects; (2) During the reporting period, the balance of notes receivable increased by 345.87% compared with the beginning of the year, an increase of 345.87%, mainly due to the increase in sales income received by bank acceptance bills; (3) During the reporting period, the balance of prepayments increased by 99.06% compared with the beginning of the year. Mainly due to the increase in prepaid materials; (4) During the reporting period, the balance of other receivables decreased by 74.79% compared with the beginning of the year, mainly due to the decrease in interest on scheduled deposit receipts; (5) During the reporting period, the inventory balance was earlier than the beginning of the year. The number increased by 169.10%, mainly due to the expansion of the company's scale, the increase in reserves of materials and spare parts; (6) During the reporting period, the balance of other current assets increased by 1008.24% compared with the beginning of the year, mainly due to the purchase of equipment by subsidiaries. (7) During the reporting period, the balance of fixed assets increased by 78.82% compared with the beginning of the year, mainly due to “annual output of 300 million carats of high-grade synthetic diamond project” and “annual output 3” (4) During the reporting period, the balance of construction in progress increased by 117.12% compared with the beginning of the year, mainly due to the company's implementation of fund-raising investment projects to purchase micron diamond production lines, workshops and other total amount of 18 , 7.86 million yuan and the implementation of non-raised funds project "annual production of 1.02 billion carats of high-grade diamond project" increased equipment acquisition; (9) in the reporting period, the long-term deferred expenses balance increased by 18,747.94% compared with the beginning of the year, mainly new (10) During the reporting period, the balance of deferred income tax assets increased by 2068.60% compared with the beginning of the year, mainly due to the increase in unrealized internal profits and unrecovered losses of subsidiaries. 2. The main liabilities of the company constitute the analysis unit: Yuan, December 2011, the total capital accounted for December 2010, the total assets, the current year, the 31st day, the balance of the production ratio, the 31-day balance ratio, the annual increase or decrease, the short-term loan, 207,000,000.00 13.10% 0.000.00% Notes payable 33,601,822.302.11%51,688,580.924.24%-34.99% Accounts payable 22,053,952.001.39%11,740,229.040.96%87.85% Advance payment 5, 614,914.180.35%4,986,706.310.41%12.60% Employee benefits payable 7,555,265.100%47,6,001,764.940.49%25.88% Taxes payable 4,903,942.240.31%2 , 936,670.830.24%66.99% Interest payable 405,134.660.03%0.000.00% Other payables 505,806.610.03%257,926.020.02%96.11% Other non-current liabilities 10,461,528.190.66% 4,000,000.000.33% 161.54% Total liabilities 292,102,365.2818.35%81,611,878.066.69%257.92% Description of changes: (1) During the reporting period, the balance of short-term loans increased by 207,000 compared with the beginning of the year. 000.00 yuan, mainly for construction project financing loans; (2) During the reporting period, the balance of notes payable decreased by 34.99% compared with the beginning of the year, mainly due to the company's payable dues The amount is greater than the newly increased amount of bills payable; (3) During the reporting period, the balance of accounts payable increased by 87.85% compared with the beginning of the year, mainly due to the increase in unpaid equipment and construction costs; (4) Tax payable during the reporting period The balance of fees increased by 66.99% compared with the beginning of the year, mainly due to the increase in VAT payable; (5) During the reporting period, the balance of other non-current liabilities increased by 161.54% compared with the beginning of the year, mainly due to the increase in government subsidies related to assets. 3. The composition of the expenses during the reporting period: Yuan 2011 2010 The increase or decrease of the current year compared with the previous year accounted for the current period of operation, the amount of business, the amount of income, the proportion of income, the proportion of income, the business tax and the additional 2,468,365.610.53%1, 224,203.560.48%101.63% Sales expenses 10,140,385.162.18%5,566,394.442.18%82.17% Administrative expenses 42,111,931.389.07%28,820,157.5911.28%46.12% Financial expenses -7,241,106.97-1.56%-5,322,892.81-2.08%--- Income tax expense 25,019,453.885.39% 13,504,971.335.28%85.26% Total 72,499,029.0615.61% 43,792,834.1117.14%65.55% Description of changes: (1) During the reporting period, business tax and surcharges increased by 101.63% over the same period of last year, mainly due to the increase in urban maintenance and construction tax and education surcharges due to the increase in VAT payable; (2) During the reporting period, sales expenses increased by 82.17% compared with the same period of last year, mainly due to the increase in operating income and the increase in sales staff salaries; (3) During the reporting period, management expenses increased by 46.12% compared with the same period of last year, mainly due to equity-settled shares. The total amount of the payment confirmation is 10,207,000.00 yuan (4) During the reporting period, financial expenses decreased by RMB 1,918,214.16 compared with the same period of last year, mainly due to the increase in interest income from raised funds; (5) In the reporting period, income tax expenses increased by 85.26% compared with the same period of last year. Mainly due to the increase in net profit resulting in an increase in taxable income. 4. Major Financial Indicators Project Indicators 2011 Annual Year-on-year Growth and Decrease Change Sales Gross Profit Rate 45.74%45.42%0.32% Profitability Weighted Average Net Asset Income 11.89%8.33%3.56% Rate solvency Flow Ratio 2.319.38-7.07 Speed Activity ratio 1.838.74-6.91 Asset-liability ratio 18.35%6.69% 11.66% Accounts receivable turnover rate (times) 53.9030.0923.81 Inventory turnover rate 2.743.72-0.98 Operating capacity Operating activities generated by cash 13,099.457,752.6968.97 % Net Flow (RMB 10,000) 0.430.51-15.69% per Business Activity Cash Flow (yuan) Description of Changes: (1) Profitability Analysis During the reporting period, the company's weighted average return on equity increased by 3.56% compared with the same period of last year. The main reason was the expansion of production capacity of the company during the reporting period and the increase in net profit by 86.39%. (2) Analysis of solvency analysis During the reporting period, the short-term solvency of the company decreased compared with the end of last year. The asset-liability ratio increased compared with the end of last year, mainly due to the increase in current liabilities caused by the increase of working capital loans of RMB 207 million. (3) Analysis of operational capability During the reporting period, the turnover rate of accounts receivable increased by 23.81, mainly because the company improved its internal control system, strengthened the performance appraisal of sales personnel, and kept the company's accounts receivable stable. The net cash flow from operating activities increased by 68.97%, mainly due to the increase in sales revenue of 81.75%. 5. Analysis of cash flow composition: Yuan Project 2011 Annual YoY increase/decrease I. Net cash flow from operating activities 130,994,503.1877,526,908.4668.97% Cash inflow from operating activities 414,245,796.59224 , 760,058.8784.31% Subtotal of cash outflow from operating activities 283,251,293.41147,233,150.4192.38% II. Net cash flow from investing activities -485,029,228.84-214,797,806.91125.81% Subtotal of cash inflows from investing activities 0.000.00 Subtotal of cash outflows from investing activities 485,029,228.84214,797,806.91125.81% III. Net cash flow from financing activities 171,792,584.31675,154,727.43-74.56% Fundraising Activity cash inflows subtotal 207,000,000.00754,448,800.00-72.56% Subsidy of cash outflows from financing activities 35,207,415.6979,294,072.57-55.60% IV. Impact of exchange rate changes on cash and cash equivalents 0.00-359.60- 100.00% V. Net increase in cash and cash equivalents -182,242,141.35537,883,469.38-133.88% Description of changes: During the reporting period, the net cash flow from operating activities was RMB 13,09,495,000. The year-on-year growth was 68.97%, mainly due to the increase in sales revenue of 81.75%. During the reporting period, the net cash flow from investing activities was -48,502,200 yuan, an increase of 125.81% over the same period of last year, which was mainly due to the company's implementation of the fund-raising investment project. Micro-diamond production line, one workshop and other workshops and the implementation of non-raised funds projects to purchase the “annual production of 1.02 billion carats of high-grade diamond project” press production line equipment increased; during the reporting period, the net cash flow from financing activities was 171,792,600 yuan. In the same period of last year, it was reduced by 503,362,100 yuan. The reason was that in 2010, the company's stocks received investment received RMB 754,448,800 in cash and repaid long-term loans of RMB 70 million. In 2011, it obtained short-term loans of RMB 207 million, paid cash dividends and paid interest of RMB 35,207,400. (V) Major intangible assets The company attaches great importance to the application and protection of patents. As of the end of the reporting period, the company has received 42 new patents and 119 newly granted patents. The details are as follows: (1) Authorized patent patent name patent/application number Patent form authorization notice day 1 A heated copper ring 201120022305.4 Utility model 2011.06.15 2 A new composite type composite block 201120022311.X Utility model 2011.07.25 3 A multi-component composite block 201120022317.7 utility model 2011.06.15 4 pressure gauge table with ultra-high pressure gauge switch 201120062572.4 utility model 2011.07.07 5 six-face top press after the block 201120062573.9 utility model 2011.07.06 6 a six-sided Top press return single pump control system 201120080615.1 Utility model 2011.07.06 7 A new type of manual pressure relief valve 201120080627.4 Utility model 2011.07.01 8 A hydraulic system for six-faced diamond synthesis press 201120082647.5 Utility model 2011.07.28 9 Forced lubrication of three high-pressure oil pump 201120082675.7 Utility model 2011.07.06 10 A diamond composite stripping device 201120082956.2 Utility model 2011.08.17 11 A new type of diamond composite stripping device 201120083042.8 Utility model 2011.08.18 12 A multi-disciplinary cap conductive steel Circle 201120090935.5 Utility Model 2011.09.02 13 Dr. Cap Conductive Steel Circle 201120090965.6 utility model 2011.08.04 14 a doctoral cap conductive steel ring 201120090931.7 utility model 2011.08.04 15 a block 201120091508.9 utility model 2011.08.04 16 an overpressure pump with oil valve 201120091525.2 utility model 2011.08.04 17 overpressure Pump distribution valve 201120091521.4 utility model 2011.08.04 18 a new type of limit ring 201120090903.5 utility model 2011.09.02 19 a limit ring 201120090907.3 utility model 2011.08.09 20 an ultra high pressure pump overhaul pressure test device 201120091529.0 utility model 2011.07. 29 21 six-sided top press with ultra-high pressure pump overpressure control system 201120100553.6 utility model 2011.08.04 22 a sealed cylinder head 201120100535.8 utility model 2011.06.23 23 an assembly block for diamond synthesis 201120105710.2 utility model 2011.08.12 24 An overpressure pump 201120107553.9 utility model 2011.07.14 25 a fuse insulation handle 201120109360.7 utility model 2011.06.24 26 an electrician special wrench 201120109390.8 utility model 2011.06.30 27 ultra high pressure hydraulic control check valve 201120119743.2 utility model 2011.07.08 28 smooth pressure relief device 201120119741.3 utility model 2011.09.08 29 Pressure valve 201120119740.9 Utility model 2011.07.14 30A super high pressure pump 201120119742.8 Utility model 2011.09.05 31 A hydraulic system oil return filter device 201120124934.8 Utility model 2011.07.14 32 An italic diamond synthesis block 201120124931.4 Utility model 2011.09.01 33 Diamond synthesis block 201120124956.4 Utility model 2011.09.01 34 A concave-convex meshing diamond synthesis block 201120124938.6 Utility model 2011.09.27 35 A hydraulic fuel tank oil level alarm device 201120125389.4 Utility model 2011.08.25 36 A hydraulic system fuel tank oil recovery buffer Device 201120125388.X utility model 2011.07.21 37 hydraulic oil water cooling system 201120125406.4 utility model 2011.09.15 38 an italic sliding buckle type diamond synthesis block 201120124912.1 utility model 2011.09.01 39 a diamond six-sided top press protection device 201120125390.7 Utility model 2011.08.31 40 A diamond synthesis block splitting device 201120125442.0 Utility model 2011.08.18 41 An axial pressurized diamond synthesis block 201120132104.X Utility model 2011.09.23 42 A stable heat transfer type diamond synthesis block 201120132094. X utility model 2011.09.2 3 43 A supercharged diamond synthesis block 201120132105.4 Utility model 2011.10.11 44 ​​A radial supercharged diamond synthesis block 201120132097.3 Utility model 2011.10.11 45 A new type of axially pressurized diamond synthesis block 201120132069.1 Utility model 2011.10.11 46 A protective low-voltage isolating switch 201120152806.4 utility model 2011.08.12 47 a fault indicating circuit breaker 201120152801.1 utility model 2011.08.31 48 articulated pin device 201120161573.4 utility model 2011.09.30 49 a new type of articulated pin device 201120161569.8 utility model 2011.09. 08 50 A hinged pin device 201120161574.9 Utility model 2011.08.31 51 A special tool for press packing 201120169666.1 Utility model 2011.10.20 52 A new type of diamond synthesis block 201120169682.0 Utility model 2011.10.20 53 A new type of oil filter 201120169669.5 Utility model 2011.09.13 54 Fixed structure of a crane hoisting motor coupling 201120170122.7 Utility model 2011.10.18 55 An anti-rotation pin shaft 201120170129.9 Utility model 2011.09.06 56 A diamond shaping barrel 201120170128.4 Utility model 2011.10.10 57 A wear-resistant sleeve 201120170123.1 practical Type 2011.10.25 58 A lining type pyrophyllite test block 201120171021.1 Utility model 2011.10.09 59 Six-sided top press hinge beam lifting structure 201120171032.X Utility model 2011.10.20 60 A six-sided top press hinge beam Lifting structure 201120171012.2 Utility model 2011.10.19 61 A new type of six-sided top press hinge beam lifting structure 201120171006.7 Utility model 2011.10.26 62 a high-pressure joint 201120171010.3 utility model 2011.09.09 63 combined type pyrophyllite test block 201120171031.5 utility model 2011.10.20 64 A combined type pyrophyllite test block 201120171013.7 Utility model 2011.10.09 65 A new type of inner lining pyrophyllite test block 201120171000.X Utility model 2011.10.08 66 A power capacitor with safety instructions 201120177400.1 Utility model 2011.09.08 67 electric furnace joint device 201120177398.8 utility model 2011.09.08 68 a three-type rear plug 201120177335.2 utility model 2011.10.28 69 a current transformer with open circuit protection indication 201120178221.X utility model 2011.10.08 70 tail type word jack AC power line with current indication function 201120178224.3 utility model 2011.09.15 71 hydraulic Cooling device 201120225203.2 Utility model 2011.11.07 72 press large block and insulation plate fixing structure 201120227371.5 Utility model 2011.12.06 73 A filter 201120227378.7 Utility model 2011.11.24 74 A new type of filter 201120227359.4 Utility model 2011.11.24 75 Six-sided top press calibration standard block 201120240680.6 utility model 2011.11.28 76 one angle clamp circulating water tank 201120240790.2 utility model 2011.11.28 77 six-sided top press calibration standard block 201120240792.1 utility model 2011.11.28 78 a skateboard type Circulating water tank 201120240786.6 Utility model 2011.11.25 79 A fixed type circulating water tank 201120240787.0 Utility model 2011.11.29 80 A new standard block for calibration of six-sided top press 201120240791.7 Utility model 2011.11.25 81 New standard for calibration of six-sided top press Block 201120240788.5 Utility Model 2011.11.25 82 A Concave-convex Multi-type Top Pressing Device 201120259524.4 Utility Model 2011.12.23 83 A Groove Small Block Type Multi-Dimensional Pressing Device 201120259516.X Utility Model 2011.12.20 84 A New Type of Groove Small Block type multi-element top pressure device 201120259508.5 utility model 2012.01.10 85 one Groove large block type multi-layer top pressure device 201120259533.3 Utility model 2011.12.20 86 A concave and convex small block type multi-layer top pressure device 201120259519.3 Utility model 2011.12.16 87 A type of boss small pad type multi-layer top pressure device 201120259545.6 Utility model 2011.12.14 88实用新型2011.12.16 89一种双凹小垫块多元顶压装置201120259525.9实用新型2011.12.16 90一种嵌入式导电钢圈201120259925.X实用新型2011.12.23 91一种金刚石合成块导电堵头201120259900.X实用新型2011.12.14 92一种方形导电钢圈201120259923.0实用新型2011.12.16 93一种新型导电钢圈201120259899.0实用新型2011.12.14 94一种三角形导电钢圈201120259927.9实用新型2011.12.16 95一种嵌入式方帽导电钢圈201120259898.6实用新型2011.12.12 96一种电磁阀线圈电压控制电路201120263405.6实用新型2011.11.24 97一种无火花接触器控制电路201120263403.7实用新型2011.12.27 98一种可检测电流的接线端子201120266167.4实用新型2011.12.20 99一种感应防护服20112 0266314.8实用新型2011.12.22 100一种可固定的温度传感器201120266168.9实用新型2011.12.31 101一种铰链式六面顶压机柱销拆卸装置201120273324.4实用新型2011.12.31 102一种稳定型博士帽式导电堵头201120273312.1实用新型2011.12.31 103一种新型合成块201120273321.0实用新型2011.12.31 104一种铰链式六面顶压机增压式柱销拆卸装置201120273337.1实用新型2011.12.31 105一种降压式合成块201120273331.4实用新型2012.01.04 106一种新型铰链式六面顶压机柱销拆卸装置201120273322.5实用新型2011.12.31 107一种稳定型碗式导电堵头201120273320.6实用新型2011.12.23 108一种新型铰链式六面顶压机增压式柱销拆卸装置201120273311.7实用新型2011.12.31 109一种金刚石压机手操作器201120273500.4实用新型2012.01.05 110一种超高压径向柱塞泵配油阀阀体及配油阀201120283584.X实用新型2011.12.31 111一种钢环冷却循环水槽密封结构201120283597.7实用 型2011.12.20 112一种新型超高压径向柱塞泵配油阀201120283604.3实用新型2012.01.05 113一种新型限位环201120289368.6实用新型2012.01.05 114一种限位环201120289381.1实用新型2012.01.18 115一种子母式金刚石合成块201120291245.6实用新型2011.12.07 116一种双重防漏电插座201120294597.7实用新型2012.01.05 117一种双重防漏电插座201120294597.7实用新型2012.01.18 118一种手动卸压阀201120318564.1200910064918.1发明2011.06.29 119四柱液压压柱系统自动上料装置201010198013.6发明2011.09.15 金刚石合成工艺 （2）已受理专利 专利名称专利/申请号专利形式申请日状态 1一种加热铜环201110025600.X发明2011.01.24已受理 2芳纶芯线线锯及其制备方法201110051904.3实用新型2011.03.04已受理 3钢丝芯线游离切割线及其制备方法201110051902.4实用新型2011.03.04已受理 4芳纶芯线游离刃料切割线及其制备方法201110051903.9实用新型2011.03.04已受 5一种斜体金刚石合成块201110104474.7发明2011.04.26已受理 6一种金刚石合成块磕分装置201110104813.1发明2011.04.26已受理 7一种三通式后堵201110142453.4发明2011.05.30已受理 8一种铰链式六面顶压机柱销拆卸实用新型装置201110215635.X2011.07.29已受理 9一种新型内置式加热铜环201120303494.2实用新型2011.08.19已受理 10一种新型顶锤201120303504.2实用新型2011.08.19已受理 11一种内置式加热铜环201120303498.0实用新型2011.08.19已受理 12一种侧位安装式加热铜环201120303501.9实用新型2011.08.19已受理 13一种简易胶管剥皮装置201120318545.9实用新型2011.08.29已受理 14金刚石合成压机的行灯装置201120321250.7实用新型2011.08.30已受理 15一种网线测试仪201120321241.8实用新型2011.08.30已受理 16金刚石合成压机灰排线测试装置201120327693.7实用新型2011.09.02已受理 17烘箱出风口防水装置201120383877.5实用新型2011.10.11已 理 18一种超高压泵出油阀与配油阀连201120383878.X实用新型接结构2011.10.11已受理 19一种自封式三通法兰接头201120383879.4实用新型2011.10.11已受理 20一种超高压管路连接结构201120383876.0实用新型2011.10.11已受理 21一种三级卸压装置201120385643.4实用新型2011.10.12已受理 22新型三级卸压系统201120385644.9实用新型2011.10.12已受理 23复合型绝缘碗201120385646.8实用新型2011.10.12已受理 24六面顶压机超压系统201120401547.4实用新型2011.10.20已受理 25一种新型六面顶压机超压系统201120401552.5实用新型2011.10.20已受理 26一种六面顶压机超压系统201120401546.X实用新型2011.10.20已受理 27一种智能焊台201120421728.3实用新型2011.10.31已受理 28一种油箱的油体检测装置201120421742.3实用新型2011.10.31已受理 29一种多功能台灯201120422881.8实用新型2011.10.31已受理 30变压器过负荷保护电路201120373817.5实用新型2011.09 .30已受理 31低压进线开关柜误分闸电路201120368775.6实用新型2011.09.30已受理 32一种消防报警装置201120374411.9实用新型2011.09.30已受理 33舵式联轴器201120374342.1实用新型2011.09.30已受理 34一种调压阀201120373388.1实用新型2011.09.30已受理 35六面顶压机钉锤用钢环201120373918.2实用新型2011.09.30已受理 36组合式滤网201120373805.2实用新型2011.09.30已受理 37一种单向阀201120368515.9实用新型2011.09.30已受理 38一种行车划线盒状态指示装置201120437986.0实用新型2011.11.08已受理 39多晶金刚石在制作金刚石线锯方面的应用201110408467.6发明2011.12.13已受理 40一种选型机角度控制器201120501455.3实用新型2011.12.07已受理 41一种三相固态继电器保护器201120508279.6实用新型2011.12.09已受理 42一种双泵电机只能控制装置201120501447.9实用新型2011.12.07已受理 （六）研发费用投入 单位：万元 2011年比2010 项目2011年度2010年度2009年度 年增减 研发费用1，630.901，036.6757.32%913.44 营业收入46，450.7925，557.7581.75%18，354.50 占营业收入比例3.51%4.06%-0.55%4.98% 报告期内，公司加大了研发投入，为后续业绩的持续增长提供了强有力的保证。 2011年研发投入较上年增加594.23万元，增长57.32%。 （七）子公司经营情况及业绩 Ⅰ.郑州人造金刚石及制品工程技术研究中心有限公司公司全资子公司郑州人造金刚石及制品工程技术研究中心有限公司，注册资本4，500万元，法定代表人赵清国，公司住所郑州高新开发区冬青街24号，经营范围：人造金刚石及制品、设备、材料、工具、机电产品的研究、开发、生产、销售、技术咨询服务和技术转让；经营本行业产品及相关技术进出口业务（国家法律、法规禁止经营的，不得经营；应经审批的，未获批准前不得经营）。经亚太（集团）会计师事务所有限公司审计，截至2011年12月31日，郑州人造金刚石及制品工程技术研究中心有限公司资产54，382，692.64元，净资产43，202，652.74元，2011年度营业收入6，631，046.60元，营业成本344，523.86元，净利润-312，770.48元。 Ⅱ.华晶精密制造有限公司 公司全资子公司华晶精密制造有限公司，注册资本22，000万元，法定代表人刘永奇，公司住所郑州经济技术开发区经北四路以北第十大街以西（河南出口加工区），经营范围：人造金刚石下游制品及设备的生产、销售；相关技术的研发、转让；经营本企业产品的出口业务和本企业所需机械设备、零配件、原辅材料的进口业务；经营进料加工和“三来一补”业务。 （上述范围凡涉及国家法律、法规规定应经审批方可经营或禁止进出口货物和技术除外）经亚太（集团）会计师事务所有限公司审计，截至2011年12月31日，华晶精密制造有限公司总资产223，233，384.85元，净资产219，639，109.74 元，2011年度营业收入0.00元，营业成本0.00元，净利润-360，890.26元。 Ⅲ.河南省豫星华晶微钻有限公司 公司控股子公司河南省豫星华晶微钻有限公司，注册资本5，000万元，公司住所郑州市经济技术开发区经开第九大街河南郑州出口加工区东巡逻通道以西、经北四路以北，经营范围：微米及纳米细颗粒金刚石的加工、销售；人造金刚石微粉、破碎料技术、材料、设备、制品的研究及技术转让；经营本企业自产产品及技术的进出口业务（上述范围凡涉及国家法律、法规规定应经审批方可经营或禁止进出口的货物和技术除外）。经亚太（集团）会计师事务所有限公司审计，截至2011年12月31日，河南省豫星华晶微钻有限公司总资产120，189，109.87元，净资产119，610，000.04元，2011年度营业收入0.00元，营业成本0.00元，净利润-466，801.54元。 （八）报告期内，公司不存在控制的特殊目的主体。二、对行业前景的展望 （一）公司所处行业的发展趋势 超硬材料及制品行业是重工、机械、建筑等行业发展的基础支持性行业之一。超硬材料主要包括单晶超硬材料及聚晶超硬材料，其中单晶超硬材料主要指天然金刚石、人造金刚石、立方氮化硼（CBN）、化学气相沉积金刚石等；而聚晶超硬材料则包括聚晶金刚石（PCD）及聚晶立方氮化硼（PCBN）等。超硬材料及制品因其高硬度和优良的耐磨性能，广泛应用于矿山开采、石材切割、基础设施建设、房屋维修、机械加工、地质钻探、光学仪器等领域。人造金刚石诞生之初，由于生产成本过高，其应用受到极大限制。经过40多年的发展，我国人造金刚石行业从技术到规模均取得了长足的发展。随着人造金刚石的生产技术和生产工艺日趋成熟，人造金刚石的生产成本大幅下降，人造金刚石在各个领域的需求不断增加，我国的人造金刚石行业也得以迅猛发展。 Due to the many excellent properties of synthetic diamonds, as the grade of synthetic diamonds continues to increase, the range of applications will become more and more extensive, and will continue to maintain a relatively high growth rate in the expected longer period.进入21世纪以来，随着超硬材料特别是人造金刚石生产技术和工艺的日趋成熟，我国超硬材料及制品行业经历了一个快速发展周期。超硬材料网统计数据显示，自2001年至2010年，我国人造金刚石产量由16亿克拉增加至70亿克拉，增长了3.4倍，年均复合增长率达到17.82%。 At present, China's synthetic diamond production has accounted for more than 80% of the global total, becoming the world's largest producer of synthetic diamond.另一方面，行业竞争格局调整步伐在全球金融危机中得以加快，一批规模偏小、抗风险能力低、产品和市场开发能力弱的中小企业相继倒闭。
 

Bench Grinding Wheel

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