Yellow River Cyclone 2012 First Quarter Report Summary

I. Main financial indicators for the first quarter of 2012: Basic earnings per share (yuan) 0.1215 Weighted average return on equity (%) 2.02 Net assets per share attributable to shareholders of listed companies (yuan) 6.08 II. Important during the reporting period Matters 2.1 The major changes in the company's major accounting statements, financial indicators and reasons 1. Money funds increased by 41% compared with the beginning of the period, mainly due to the new borrowings of 146 million yuan in the reporting period, used for business turnover. 2. The notes receivable decreased by 66% compared with the beginning of the period, mainly due to the settlement of the notes held at the beginning of the period. 3. Accounts receivable (net) increased by 31% from the beginning of the period, mainly due to the write-off of increased accounts during the reporting period. 4. Other receivables (net) decreased by 37% from the beginning of the period, mainly due to the recovery during the reporting period. 5. The increase in construction materials compared with the beginning of the period is mainly due to the increase in construction materials used in the production line of superhard materials. 6. Development expenditure increased by 40% compared with the beginning of the period, and the continuous investment in the research and development of large-diameter polycrystalline composite sheet products. 7. Advance receipts decreased by 52% from the beginning of the period, mainly due to the payment and settlement of customers received by the Superhard Materials and Metal Powder Division during the reporting period. 8. Taxes and receivables increased compared with the beginning of the period, mainly due to the decrease in the VAT allowance at the beginning of the period. 9. Operating income increased by 24.02% over the same period, and operating costs increased by 21.42% over the same period, mainly due to the increase in sales of super-hard materials, super-hard composite materials and metal powder during the reporting period. 10. Other business income decreased by 62% compared with the same period. Other business costs decreased by 83% compared with the same period. The main reason was the decrease in sales of super-hard materials and electromechanical business units during the reporting period. 11. The decrease in business tax and surcharges was mainly due to the decrease in the value-added tax of the parent company over the same period. 12. Operating expenses and additional increases of 50%, mainly due to business expenses and transportation costs. 13. Administrative expenses increased by 67% year-on-year, mainly due to the increase in parent company employee compensation and research and development expenses. 14. Asset impairment losses increased over the same period, mainly due to the write-off of bad debt provision that has already recovered the accounts during the same period. 15. The investment income increased significantly compared with the same period. The main reason was the long-term equity investment in Beijing Huanghe Cyclone Xinnaida Technology Co., Ltd. in the first half of the same period. The applicable cost was calculated. After the transfer of part of the equity at the end of June 2010, it was changed to the equity method. The investment income realized during the period is accounted for in the “Investment Income Project”, while the concurrent report is in the consolidated report and not reflected in the “Investment Income Project”. 16. Non-operating income decreased by 90% over the same period, mainly due to the disposal of asset income during the same period. 17. Non-operating expenses increased compared with the same period, mainly due to the donation of the old-time supporters and the rural road-building donations.

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