保立佳(301037) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the reporting period was 1,119,174,873.54 yuan, a decrease of 6.22% compared to the same period last year[46] - Net profit attributable to shareholders of the listed company was -23,679,097.51 yuan, a significant decrease of 1,393.90% year-on-year[46] - Net cash flow from operating activities was -181,876,784.13 yuan, a decrease of 256.73% compared to the same period last year[46] - Basic earnings per share were -0.17 yuan, a decrease of 950.00% year-on-year[46] - Total assets increased by 4.67% to 2,531,665,745.72 yuan compared to the end of the previous year[46] - Non-recurring gains and losses amounted to 940,398.11 yuan, including government subsidies of 1,180,804.75 yuan[27] - Revenue for the reporting period decreased by 6.22% to 1,119,174,873.54 yuan compared to the same period last year[190] - Operating costs decreased by 3.21% to 994,518,321.50 yuan year-over-year[190] - Sales expenses dropped significantly by 19.30% to 56,095,389.15 yuan[190] - Net cash flow from operating activities decreased sharply by 256.73% to -181,876,784.13 yuan, mainly due to reduced sales collections[190] - Net cash flow from financing activities increased dramatically by 410.93% to 203,671,710.79 yuan, primarily due to increased bank borrowings[190] - Gross margin for architectural emulsion products decreased by 3.31% to 9.03%, with revenue declining by 16.09%[193] Business Operations - The company's main business involves coatings, specifically water-based coatings, which use water as a solvent or dispersion medium[16] - The company is involved in emulsion polymerization, a method where monomers are dispersed in water or other solvents under the action of emulsifiers and mechanical stirring[16] - The company deals with VOCs (Volatile Organic Compounds), which are emitted from various industrial and domestic sources[16] - The company utilizes RTO (Regenerative Thermal Oxidizer) for industrial waste gas treatment, which oxidizes organic compounds into carbon dioxide and water[17] - The company employs various analytical instruments such as HPLC, GC, DSC, GPC, and FTIR for qualitative and quantitative analysis of organic compounds and polymers[17] - The company's main products include architectural emulsions, waterproof emulsions, textile emulsions, and packaging emulsions, widely used in construction coatings, waterproof materials, and textile industries[53] - The company is actively developing new products in the industrial paint emulsion sector, including anti-rust paint for steel structures and container topcoats[57] - The company's products are environmentally friendly, with features such as low VOCs, high water resistance, and excellent low-temperature film formation[58] - The company employs a "sales-to-production" model, adjusting production plans based on inventory, historical data, and customer orders[62] - The company uses a centralized procurement strategy for bulk raw materials like acrylic esters, with annual framework agreements and monthly supply negotiations[60] - The company's products are widely used in construction, textiles, packaging, and coatings, with a focus on environmentally friendly and high-performance solutions[75][76][77] - The company's R&D focuses on core technologies such as core-shell latex particle technology, multiple deodorization technology, and high-solid-content emulsion synthesis[67] - The company's export business is handled by Baolijia Trade, with delivery methods including CIF and FOB[64] - The company has a direct sales model with major downstream customers such as Nippon Paint and Skshu Paint, as well as some small and medium-sized customers[83] - The company has a distribution model targeting small and medium-sized customers and customers in remote areas, selecting high-quality distributors with sales experience, financial strength, and good market resources[83] - The company possesses core technologies such as core-shell structure latex particle technology, hybrid emulsion technology, and UV curing technology, giving it a strong market-oriented R&D capability compared to domestic competitors[90] - The company's water-based acrylic emulsion, a key raw material for water-based coatings, is expected to benefit from the implementation of environmental regulations and policies[90] Subsidiaries and Investments - The company has multiple wholly-owned subsidiaries, including Baolijia Trade, Anhui Baolijia, Shanghai New Materials, Foshan Baolijia, Yantai Baolijia, Deyang Baolijia, Yantai New Materials, Henan Baolijia, Hubei Baolijia, Zhejiang Supply Chain, and Shanghai Supply Chain[16] - The company's subsidiary, Shanghai New Materials, secured a loan of up to 30 million RMB from Zhejiang Commercial Bank for daily operations, with the company providing a guarantee of up to 30 million RMB[92] - Beijing Baolijia Chemical Technology Co., Ltd., a subsidiary, was dissolved on July 1, 2024, to reduce management costs and optimize the equity structure[96] - The company is investing in new production base projects in Henan, Anhui, and Hubei, with the Hubei project representing 22.33% of total investment[199] - The company's investment in the Foshan Baolijia A5 workshop project has reached 15,187,568.98 yuan, with a project progress of 45.05%[179] - The company's Shanghai new material additive workshop project has an investment of 539,052.72 yuan, with a project progress of 4.15%[182] Shareholder and Equity Information - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[3] - The company completed a capital reserve to share capital conversion, increasing total shares from 100,030,605 to 140,042,847[45] - The company plans to repurchase its A-shares using 20-38 million RMB of its own funds, with a repurchase price not exceeding 19 RMB per share, adjusted to 13.57 RMB per share after the 2023 annual equity distribution[100][101] - As of July 18, 2024, the company had repurchased 1,922,685 shares, accounting for 1.37% of the total shares[102] - The company's restricted shares increased by 28,701,903 shares during the reporting period, with a total of 100,456,661 restricted shares at the end of the period[104] - The company's actual controllers are Yang Wenyu and Yang Huijing, who are father and daughter, with Yang Wenyu also holding a 46.50% stake in Shanghai Yuwei Investment Partnership[107] - The company repurchased a total of 1,922,685 shares, accounting for 1.37% of the total shares, as of July 18, 2024[110] Assets and Liabilities - Total assets increased by 4.67% to 2,531,665,745.72 yuan compared to the end of the previous year[46] - The company's total liabilities amounted to 1,750,324,192.43 yuan, with current liabilities at 1,607,778,833.52 yuan and non-current liabilities at 142,545,358.91 yuan[143] - Total equity attributable to the parent company was 777,696,275.72 yuan, with minority interests at 3,645,277.57 yuan[143] - The company's total assets stood at 2,531,665,745.72 yuan, with total liabilities and equity also at 2,531,665,745.72 yuan[143] - Long-term borrowings were reported at 127,218,584.55 yuan, showing a decrease from the previous period[143] - The company's other current liabilities were 196,057,378.42 yuan, down from 240,200,129.62 yuan in the previous period[143] - The company's total equity was 781,341,553.29 yuan, with a slight decrease in minority interests compared to the previous period[143] - The company's capital reserve was 332,229,306.41 yuan, showing a decrease from the previous period[143] - The company's undistributed profits were 307,276,917.80 yuan, reflecting a decrease from the previous period[143] - The company's total liabilities and equity were 2,418,685,812.82 yuan at the beginning of the period, increasing to 2,531,665,745.72 yuan by the end of the period[143] - Total assets increased to 2,531,665,745.72 yuan, up from 2,418,685,812.82 yuan at the beginning of the period[150] - Current assets totaled 1,510,276,418.55 yuan, compared to 1,438,489,752.29 yuan at the beginning of the period[150] - Non-current assets amounted to 1,021,389,327.17 yuan, up from 980,196,060.53 yuan at the beginning of the period[150] - Short-term borrowings increased to 1,124,958,941.11 yuan, up from 870,188,932.07 yuan at the beginning of the period[150] - Accounts receivable rose to 690,507,235.17 yuan, compared to 576,197,514.47 yuan at the beginning of the period[148] - Inventory increased to 215,739,077.87 yuan, up from 193,247,988.31 yuan at the beginning of the period[148] - Long-term equity investments stood at 649,603,900.66 yuan, up from 539,603,900.66 yuan at the beginning of the period[145] - Fixed assets decreased to 576,915,321.66 yuan, down from 612,251,559.26 yuan at the beginning of the period[150] - Construction in progress increased to 125,120,176.16 yuan, up from 85,611,420.17 yuan at the beginning of the period[150] - Other non-current assets rose to 106,204,006.24 yuan, up from 55,596,600.85 yuan at the beginning of the period[150] - The company's total restricted assets amount to 253,336,918.08 yuan, including cash, investment properties, fixed assets, and intangible assets used as collateral for bank credit[178] Production and R&D - The company has established five production bases in Shanghai, Foshan, Yantai, Deyang, and Mingguang, and is constructing new bases in Yingcheng and Puyang, with an overseas base in Malaysia acquired in March 2023[66] - The company holds 44 invention patents and 27 utility model patents, demonstrating strong R&D capabilities[67] - The company's R&D team is equipped with advanced laboratory facilities, including GC, FTIR, DSC, and HPLC, ensuring high-quality control and innovation in acrylic emulsion production[164][167] - The company's production capacity ranks among the top in the acrylic emulsion industry, ensuring stable supply and reducing transportation costs due to proximity to downstream customers[168] - The company has established five major production bases in Shanghai, Foshan, Yantai, Deyang, and Mingguang, and is constructing new bases in Yingcheng and Puyang, with a recent acquisition of a majority stake in BLJ(MALAYSIA)SDN.BHD. to expand overseas production capacity[168] Market and Industry Trends - The Chinese acrylic emulsion market is expected to reach 11.8965 million tons by 2025, driven by increasing environmental awareness and economic development[73] - The company is a core supplier to major paint companies such as Nippon Paint, Skshu Paint, and AkzoNobel, maintaining long-term partnerships[73] - Acrylic emulsion production faces significant capital and capacity barriers due to high equipment costs, long construction periods, and stringent environmental regulations[65] Financial Instruments and Investments - The company reported a significant decrease in investment amount for the reporting period, with a 41.18% decline compared to the same period last year, totaling 75,799,905.78 yuan[179] - The company's financial assets include a decrease in fair value of 2,469.00 yuan for trading financial assets, with a total purchase amount of 1,000,000.00 yuan and sales of 997,531.00 yuan[176] - The company's non-operating income and expenses include a credit impairment loss reversal of 3,069,450.71 yuan, accounting for 15.29% of total profit[174] Legal and Regulatory Information - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 301037[19] - The company's legal representative is Yang Wenyu[19]