双林股份(300100) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, while the company plans no cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[1] - The company plans no cash dividends, no bonus shares, and no capital reserve conversions[2] Table of Contents This section lists the ten main chapters of the semi-annual report, covering company operations, finance, governance, and social responsibility - The report comprises ten main chapters, covering company operations, finance, governance, and social responsibility[3] Catalogue of Reference Documents Reference documents include signed and sealed accounting statements, original copies of publicly disclosed company documents, and the original semi-annual report, all available at the company's securities department - Reference documents include signed and sealed accounting statements, original copies of publicly disclosed documents, and the original report signed by the legal representative[4] - Reference documents are available at the company's securities department[4] Definitions This section defines common terms used in the report, including company names, regulatory bodies, related parties, financial units, and the reporting period - Key terms such as China Securities Regulatory Commission (CSRC), Shenzhen Stock Exchange (SZSE), and "the Company" are defined[5] - The reporting period is defined as January 1, 2024, to June 30, 2024[5] - Abbreviations for several subsidiaries and associated companies are listed[5][6] Section II Company Profile and Key Financial Indicators Company Profile This section provides basic company information, including its stock ticker "Shuanglin Shares," stock code "300100," listing exchange, Chinese name, and legal representative - Company stock ticker: Shuanglin Shares, stock code: 300100[7] - Legal representative: Wu Jianbin[7] Contact Person and Contact Information This section discloses contact details for the company's board secretary and securities affairs representatives, including names, addresses, phone numbers, fax, and email - Board Secretary: Zhu Liming[8] - Contact number: 0574-83518938[8] Other Information No changes occurred in the company's contact information, information disclosure, document placement, or registration during the reporting period - No changes occurred in the company's contact information, information disclosure and placement, or registration status during the reporting period[9][10][11] Key Accounting Data and Financial Indicators This section presents the company's key semi-annual accounting data and financial indicators for 2024, including revenue, net profit, cash flow, and asset metrics, with comparative analysis 2024 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Period Adjusted (yuan) | YoY Change (Adjusted) | | :---------------------------------------- | :-------------------- | :--------------------------- | :-------------------- | | Operating Revenue | 2,102,848,035.58 | 1,817,007,500.46 | 15.73% | | Net Profit Attributable to Shareholders | 248,181,410.76 | 64,817,575.43 | 282.89% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 158,361,920.90 | 51,859,487.09 | 205.37% | | Net Cash Flow from Operating Activities | 403,570,488.33 | 191,819,709.02 | 110.39% | | Basic Earnings Per Share (yuan/share) | 0.6193 | 0.1612 | 284.18% | | Diluted Earnings Per Share (yuan/share) | 0.6193 | 0.1612 | 284.18% | | Weighted Average Return on Net Assets | 10.71% | 3.02% | 7.69% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End Adjusted (yuan) | Period-End vs. Prior Year-End Change (Adjusted) | | Total Assets | 5,493,591,846.83 | 5,954,695,625.11 | -7.74% | | Net Assets Attributable to Shareholders | 2,355,852,853.39 | 2,195,883,973.45 | 7.28% | Differences in Accounting Data Under Domestic and Foreign Accounting Standards The company's financial reports show no differences in net profit and net assets when comparing international or foreign accounting standards with Chinese accounting standards - The company's financial reports show no differences in net profit and net assets under domestic and foreign accounting standards[13][14] Non-Recurring Gains and Losses Items and Amounts This section details non-recurring gains and losses for the reporting period, totaling 89.82 million yuan, primarily from non-current asset disposals, government grants, fair value changes of financial instruments, and reversal of impairment provisions 2024 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :----------------------------------------------------------------------------------------------------------------------------------------- | :------------ | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -449,862.24 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 3,700,204.24 | | Gains or losses from changes in fair value of financial assets and financial liabilities, and gains or losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to normal business operations | 83,695,942.35 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 3,289,927.43 | | Other non-operating income and expenses apart from the above | -22,218.34 | | Less: Income tax impact | -59,323.20 | | Impact on minority interests (after tax) | 453,826.78 | | Total | 89,819,489.86 | Section III Management Discussion and Analysis Main Business Activities During the Reporting Period The company primarily engages in R&D, manufacturing, and sales of automotive components, including interior/exterior parts, intelligent control systems, new energy power systems, and wheel bearings, with a global presence to enhance customer responsiveness - The company is a specialized manufacturing enterprise, primarily engaged in the R&D, manufacturing, and sales of automotive components[19] - Products include automotive interior/exterior parts, intelligent control systems, new energy power systems, wheel bearings, and ball screws[19] - The company operates 33 wholly-owned/controlled subsidiaries and 6 branches across multiple locations globally[19] Industry Overview The automotive parts manufacturing industry is rapidly transitioning towards electrification and intelligence, driven by national "dual carbon" policies and the significant growth of new energy vehicles, aligning with the company's strong net profit increase - The new energy vehicle industry is a strategic emerging industry strongly encouraged by the state[17] - From January to June 2024, new energy vehicle production and sales increased by 30.1% and 32% year-on-year, respectively, achieving a market share of 35.2%[17] - The company's net profit attributable to the parent company for January-June 2024 was 248.18 million yuan, a 282.89% year-on-year increase[17] Industry Development Characteristics The automotive parts industry is influenced by macroeconomic and downstream automotive market fluctuations, with China's new energy vehicle transformation offering a historic opportunity for domestic component manufacturers to achieve import substitution - The automotive parts industry is closely linked to the macroeconomic environment and the automotive industry[18] - The new energy vehicle transformation is accelerating the import substitution process for domestic core components[18] Company Overview The company is a specialized manufacturer focused on R&D, manufacturing, and sales of automotive components, including interior/exterior parts, intelligent control systems, new energy power systems, wheel bearings, and ball screws, with global production bases to enhance customer service - Automotive interior/exterior and precision components: primarily produces bumpers, door panels, pillars, and center consoles, supplying OEMs such as SAIC-GM-Wuling, Shanghai Volkswagen, and Chongqing Changan[20] - Intelligent control system components: a leading domestic manufacturer of automotive seat horizontal drive modules (HDM), supplying a major North American new energy vehicle brand and BYD; seat motors are gradually mass-produced for Chery, Changan, SAIC, and Dongfeng models[21][22] - New energy power systems: specializes in R&D, production, and sales of electric drive systems, with over one million units of 155 platform motors in the market; the 180 flat-wire motor three-in-one electric axle platform is mass-produced and profitable, with new projects secured from BAIC Foton and Wuling Commercial Vehicles[23] - Wheel bearings: wholly-owned subsidiary Hubei Xinhuojv is an industry leader, producing 18 million sets annually, with a Thailand factory already in small-batch production; products supply OEMs like Dongfeng Nissan, GM-Wuling, SAIC Volkswagen, and Changan Automobile, and new energy vehicle models from BYD, Changan, and Geely[24] - New product development (ball screws): initiated in July 2023, automotive ball screw prototypes completed, with EHB brake ball screw bearing PPAP expected by December 2024; humanoid robot roller screw R&D is rapidly advancing[25] Company's Main Operating Model The company operates on a make-to-order production model, optimizing procurement through an information platform, maintaining a direct sales approach to OEMs, and emphasizing autonomous R&D with five dedicated centers - Procurement model: utilizes an information platform and commercial negotiations to establish a qualified supplier list, ensuring delivery and cost control[26] - Production model: make-to-order, organized by product series, specialization, and scale, covering all processes[26] - Sales model: direct sales to OEMs and Tier-1 suppliers, with project teams managing orders and logistics departments handling delivery and reconciliation[26] - Research and development model: focuses on product R&D and technological innovation with five R&D centers, increasing investment in automotive motor and electronic control system development, and sales centers coordinating customer resources[26] Core Competitiveness Analysis The company maintains a leading competitive edge in the automotive parts industry through strong R&D, product synergy, robust quality management, lean cost control, strategic布局, and stable premium customer relationships - Strong R&D and innovation capabilities in automotive components: possesses 5 R&D centers, an academician workstation, a postdoctoral research workstation, and a CNAS-accredited laboratory, with independent R&D capabilities in precision gears, ball screws, interior/exterior molds, high-strength steel stamping/rolling, and flat-wire three-in-one motors[27] - Component category synergy advantage: products cover interior/exterior, intelligent control, new energy power, wheel bearings, and ball screws, enabling synergistic fulfillment of customer needs and market influence in multiple sub-segments[28] - Quality advantage: established a comprehensive quality management system (ISO/TS16949, IATF16949, ISO14001, ISO45001, ISO27001, ISO10012, GB/T29490), owns a CNAS-accredited laboratory, and received the Ningbo Municipal Government Quality Innovation Award[28] - Cost control advantage: achieves cost leadership through improved design precision, process technology, automation, platform production, company-wide quality cost control, and lean manufacturing[28] - Rational strategic layout and stable premium customer resources: established production and R&D bases across China and overseas for proximity to OEM customers, including globally renowned clients such as Faurecia, United Automotive Electronic Systems, Brose, SAIC-GM-Wuling, Volkswagen, Changan, and BYD[30] Main Business Analysis During the reporting period, the company's main business revenue increased by 15.73% year-on-year, with operating costs up 13.65%; new energy motor business revenue saw significant growth of 266.09%, while domestic market revenue grew 25.27% and international market revenue declined 30.74% Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :-------------------------- | :-------------------- | :------------------ | :--------- | :---------------------------------------- | | Operating Revenue | 2,102,848,035.58 | 1,817,007,500.46 | 15.73% | | | Operating Costs | 1,683,677,288.16 | 1,481,471,094.56 | 13.65% | | | Income Tax Expense | 12,594,967.76 | 7,229,308.62 | 74.22% | Primarily due to increased profit in the current period | | R&D Investment | 74,883,928.03 | 90,852,225.04 | -17.58% | | | Net Cash Flow from Operating Activities | 403,570,488.33 | 191,819,709.02 | 110.39% | Primarily due to increased cash recovery from sales in the current period | | Net Cash Flow from Investing Activities | -2,445,327.89 | -114,104,362.22 | 97.86% | Primarily due to receipt of Jinshi performance compensation in the current period | | Net Cash Flow from Financing Activities | -275,129,317.51 | 39,776,960.06 | -791.68% | Primarily due to dividend distribution and loan repayment in the current period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Costs | YoY Change in Gross Margin | | :---------------- | :--------------------- | :------------------- | :----------- | :------------------------------ | :---------------------------- | :------------------------- | | Interior/Exterior and Electromechanical Components | 1,210,470,136.48 | 958,036,353.63 | 20.85% | 12.77% | 8.07% | 3.44% | | Wheel Bearing Components | 602,112,034.10 | 470,588,895.19 | 21.84% | 7.34% | 11.32% | -2.79% | | New Energy Motors | 227,304,084.88 | 197,319,759.58 | 13.19% | 266.09% | 224.54% | 11.12% | Operating Revenue and Costs by Region | Region | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Costs | YoY Change in Gross Margin | | :----- | :--------------------- | :------------------- | :----------- | :------------------------------ | :---------------------------- | :------------------------- | | Domestic | 1,888,574,800.23 | 1,528,452,077.28 | 19.07% | 25.27% | 20.40% | 3.28% | | International | 214,273,235.35 | 155,225,210.88 | 27.56% | -30.74% | -26.76% | -3.94% | Non-Main Business Analysis During the reporting period, the company's non-main business income primarily stemmed from investment income of 83.70 million yuan, accounting for 32.03% of total profit, mainly due to performance compensation from Jinshi, which is not sustainable Non-Main Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--------------- | :------------ | :------------------------- | :--------------------------------- | :------------- | | Investment Income | 83,695,942.35 | 32.03% | Primarily due to receipt of Jinshi performance compensation | No | | Asset Impairment | 657,577.18 | 0.25% | Primarily due to reversal of inventory depreciation reserve in current period | No | | Non-Operating Income | 806,159.96 | 0.31% | Primarily due to supplier compensation | No | | Non-Operating Expenses | 745,954.02 | 0.29% | Primarily due to loss from scrapped assets | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 5.49 billion yuan, a 7.74% decrease from the prior year-end, while net assets attributable to shareholders increased by 7.28% to 2.36 billion yuan, with changes in the composition of monetary funds, fixed assets, and accounts receivable Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :----------------------- | :------------------------------- | :------------------------- | :--------------------------- | :------------------------- | :------------------- | | Cash and Bank Balances | 575,869,495.45 | 10.48% | 477,799,752.72 | 8.02% | 2.46% | | Accounts Receivable | 1,041,446,742.83 | 18.96% | 1,226,098,533.53 | 20.59% | -1.63% | | Inventories | 946,707,623.42 | 17.23% | 1,023,731,609.28 | 17.19% | 0.04% | | Fixed Assets | 1,611,643,960.02 | 29.34% | 1,630,148,688.20 | 27.38% | 1.96% | | Short-Term Borrowings | 745,942,780.77 | 13.58% | 833,107,201.69 | 13.99% | -0.41% | | Contract Liabilities | 74,699,764.33 | 1.36% | 55,044,443.56 | 0.92% | 0.44% | - Total restricted assets amounted to 1.18 billion yuan, primarily comprising pledged or frozen monetary funds, accounts receivable financing, fixed assets, intangible assets, and equity in Shanghai Chengye[37] Investment Status Analysis During the reporting period, the company had no significant equity or non-equity investments, no entrusted wealth management or derivative investments, and no use of raised funds - No significant equity or non-equity investments were made during the reporting period[38] - The company had no entrusted wealth management, derivative investments, or entrusted loans[38][39] - The company had no use of raised funds during the reporting period[38] Major Asset and Equity Sales The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[40][41] Analysis of Major Holding and Participating Companies This section discloses financial information for major subsidiary Hubei Xinhuojv, whose main business is automotive parts, with a registered capital of 70 million yuan, total assets of 1.53 billion yuan, and net profit of 74.91 million yuan; no acquisitions or disposals of subsidiaries occurred during the period Major Subsidiary Hubei Xinhuojv Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--------- | :------- | :---------- | :-------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Hubei Xinhuojv | Subsidiary | Automotive Parts | 70,000,000.00 | 1,528,773,689.95 | 717,731,592.07 | 602,112,034.10 | 84,605,156.54 | 74,906,781.07 | - No acquisitions or disposals of subsidiaries occurred during the reporting period[41] Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[41] Risks Faced by the Company and Countermeasures The company faces macroeconomic, policy, raw material price, and automotive component price risks, which management addresses by integrating resources, reducing costs, accelerating new energy product R&D, and deepening global supply chain布局 - Macroeconomic and policy risks: the automotive industry is highly susceptible to macroeconomic influences, and the continuity of new energy vehicle policies remains uncertain; the company will closely monitor policy directions and enhance market share[41][42] - Raw material price risks: fluctuations in prices of plastics, steel, and other raw materials impact manufacturing costs and operating capital; the company will strengthen procurement and supply chain management, and employ financial instruments to mitigate risks[43] - Automotive component product price risks: intensified competition in the vehicle market leads to pricing pressure on components; the company needs to rebuild its competitive advantages, control costs, and improve efficiency[44][45] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company engaged with institutional and individual investors through online communication, discussing 2023 and Q1 2024 operations, business segments, and customer relationships - On April 19 and 22, 2024, the company hosted institutional and individual investors via online platforms[46] - Discussions primarily covered the company's operating performance for 2023 and Q1 2024, business segments, and customer relationships[46] "Quality and Return Enhancement" Action Plan Implementation Status The company has not disclosed an announcement regarding its "Quality and Return Enhancement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Enhancement" action plan[47] Section IV Corporate Governance Information on Annual and Extraordinary General Meetings Held During the Reporting Period The company held its 2023 Annual General Meeting on May 9, 2024, with 51.34% investor participation, and no requests for extraordinary general meetings from preferred shareholders with restored voting rights were received - The 2023 Annual General Meeting was held on May 9, 2024, with 51.34% investor participation[48] - No requests for extraordinary general meetings were received from preferred shareholders with restored voting rights[49] Changes in Directors, Supervisors, and Senior Management During the reporting period, Wang Minquan was elected as an independent director, Zhang Zisheng was appointed as executive vice general manager, and Cheng Feng resigned as an independent director due to term expiration - Wang Minquan was elected as an independent director, and Zhang Zisheng was appointed as executive vice general manager[49] - Cheng Feng resigned as an independent director upon completing a six-year term[49] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capital reserve conversions to share capital for the semi-annual period[50] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company implemented a 2022 restricted stock incentive plan, canceling some unvested shares in April 2024, and granted 15.33 million Class II restricted shares to 167 incentive recipients under a new 2024 plan on July 1, 2024 - 2022 Restricted Stock Incentive Plan: 4.65 million granted but unvested restricted shares were canceled during the reporting period due to the departure of some incentive recipients and failure to meet company-level performance targets[53] - 2024 Restricted Stock Incentive Plan: 15.33 million Class II restricted shares were initially granted to 167 incentive recipients on July 1, 2024, at an exercise price of 5.21 yuan/share[55] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[56] Section V Environmental and Social Responsibility Significant Environmental Issues The company and its subsidiaries are not classified as key polluting entities and received no environmental administrative penalties during the reporting period; the company is actively implementing environmental regulations and conducting ISO14064 system assessments to achieve carbon peak and neutrality goals - The company and its subsidiaries are not classified as key polluting entities and received no environmental administrative penalties during the reporting period[57] - The company is conducting a Phase I ISO14064 system assessment and plans to complete a greenhouse gas inventory to achieve carbon peak by 2030 and carbon neutrality by 2060[57] Social Responsibility Performance The company actively fulfills its social responsibilities by communicating with investors through timely and fair information disclosure, prioritizing reasonable investor returns, strictly adhering to labor laws, safeguarding employee rights, and balancing economic and social benefits - The company communicates with investors through various channels, enhancing transparency and integrity, and prioritizing investor returns[58] - The company strictly complies with the Labor Contract Law, focusing on employee health, safety, and satisfaction, and safeguarding employee rights[58] Section VI Significant Matters Commitment Matters Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period During the reporting period, various parties, including Wu Shaowei, Xiangyang Xinhuojv, Xiangyang Xinggerun Network Technology, Shuanglin Group, and the Wu Jianbin family, strictly adhered to their commitments regarding non-competition, related party transactions, fund occupation, and share reductions; Ninghai Jinshi Equity Investment Fund Partnership's 1,380,547 performance compensation shares were canceled due to unfulfilled 2020 performance compensation, with the final resolution of cash compensation pending court enforcement - Wu Shaowei, Xiangyang Xinhuojv, and Xiangyang Xinggerun Network Technology strictly adhered to their non-competition and related party transaction commitments[59] - Shuanglin Group and the Wu Jianbin family strictly adhered to their non-competition and fund occupation commitments[60][64] - Ninghai Jinshi Equity Investment Fund Partnership's 1,380,547 performance compensation shares were canceled on February 1, 2024, due to unfulfilled 2020 performance compensation obligations[65] - The final fulfillment of Ninghai Jinshi's cash compensation obligation is subject to court enforcement results[65] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[66] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[67] Appointment and Dismissal of Accounting Firms The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[68] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[70] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[70] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[70] Litigation Matters The company is involved in several significant lawsuits and arbitrations, including a final judgment and partial share cancellation in the performance compensation lawsuit with Ninghai Jinshi, and multiple disputes over goods and mold fees with customers, some of which resulted in company victories and enforcement applications, while others involved bankrupt customers where claims were filed - The performance compensation lawsuit with Ninghai Jinshi has reached a final judgment, and the company has completed the repurchase and cancellation of 1,380,547 performance compensation shares[71] - In the lawsuit against Huoshenshan (Suzhou) Protective Products Co., Ltd., the company won the second instance for 2.97 million yuan and has applied for compulsory enforcement[73] - For mold fee disputes with Jiangsu Jintan Automobile Industry Co., Ltd. and Dacheng Automobile Group Co., Ltd., mediation has taken effect; Dacheng Group is bankrupt, and the company has filed a claim[73] - In the technical development contract dispute with Southeast (Fujian) Automobile Industry Co., Ltd., the second instance judgment terminated the contract, requiring the company to return development fees and procurement losses totaling 6.86642 million yuan; the company has submitted an application for retrial[75] - Multiple disputes over goods and mold fees with customers such as Beijing BAIC Motor Co., Ltd., Evergrande New Energy Automobile (Tianjin) Co., Ltd., and Enovate Motors (Changsha) Group Co., Ltd. resulted in most cases being won by the company with compulsory enforcement applied, while claims were filed for some bankrupt customers[74][75][76] Penalties and Rectification Status The company had no penalties or rectification matters during the reporting period - The company had no penalties or rectification matters during the reporting period[78] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[78] Significant Related Party Transactions During the reporting period, the company engaged in routine related party transactions with its controlling shareholder and entities under common control, including purchases, sales, services, and leases, all priced fairly and within approved limits; no related party transactions involving asset/equity acquisitions, disposals, joint investments, or debt were recorded Related Party Transactions in Ordinary Operations | Related Party | Related Transaction Type | Related Transaction Amount (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--------------------------------------------------------- | :--------------------- | :--------------------------------------- | :--------------------------------------- | :---------------------- | | Shuanglin Group Co., Ltd. | Purchase of Goods, Equipment | 82.21 | 300 | No | | Ningbo Shuanglin Electronics Co., Ltd. | Purchase of Goods, Equipment | 42.58 | 100 | No | | Shanghai Quanmu Information Technology Co., Ltd. | Purchase of Gifts and Other Goods | 20.42 | 100 | No | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Purchase of Gifts and Other Goods | 62.77 | 200 | No | | Ninghai Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Payment for Conference Fees, Reception Fees | 90.3 | 200 | No | | Ninghai Shuanglin Vocational School | Acceptance of Services (Training) | 0.59 | 50 | No | | Ningbo Shuanglin Electronics Co., Ltd. | Sale of Goods, Equipment | 1,651.96 | 6,000 | No | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Sale of Goods | 212.97 | 300 | No | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Lease of Factory Buildings | 140.22 | 400 | No | | Ningbo Shuanglin Electronics Co., Ltd. | Lease of Factory Buildings | 147.18 | 400 | No | | Shandong Deyang Electronic Technology Co., Ltd. | Lease of Factory Buildings | 6.63 | 10 | No | | Total | | 2,457.83 | 8,060 | | - No related party transactions involving asset or equity acquisitions or disposals occurred during the reporting period[81] - No related party transactions involving joint external investments occurred during the reporting period[82] - No related party creditor-debtor relationships existed during the reporting period[84] Significant Contracts and Their Performance The company had multiple leasing arrangements for factory buildings and offices, and its subsidiaries leased industrial plants and rooms; total external guarantees by the company and its subsidiaries amounted to 967.89 million yuan, representing 41.08% of net assets, primarily for joint liability and mortgage guarantees for subsidiaries; no other significant contracts were in effect during the reporting period - The company and its subsidiaries have multiple lease contracts for houses and factory buildings, with lease terms ranging from 2015 to 2032[88][89][90] - Total external guarantees by the company and its subsidiaries amounted to 967.89 million yuan, representing 41.08% of the company's net assets[93] - The primary types of guarantees are joint liability guarantees and mortgage guarantees for subsidiaries[92][93] - No leasing projects generated profit or loss exceeding 10% of the company's total profit during the reporting period[91] - No other significant contracts existed during the reporting period[95] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[96] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[97] Section VII Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital decreased from 402,149,793 shares to 400,769,246 shares, primarily due to the cancellation of 1,380,547 performance compensation shares from Ninghai Jinshi Equity Investment Fund Partnership; the company also repurchased 3,581,003 shares by June 30, 2024 Share Changes | Share Type | Quantity Before Change | Proportion | Change (＋,－) | Quantity After Change | Proportion | | :--------------- | :--------------------- | :--------- | :------------- | :-------------------- | :--------- | | I. Restricted Shares | 15,086,909 | 3.75% | -1,380,547 | 13,706,362 | 3.42% | | Of which: Domestic Legal Person Holdings | 1,380,547 | 0.34% | -1,380,547 | 0 | 0.00% | | Domestic Natural Person Holdings | 13,706,362 | 3.41% | 0 | 13,706,362 | 3.42% | | II. Unrestricted Shares | 387,062,884 | 96.25% | 0 | 387,062,884 | 96.58% | | III. Total Shares | 402,149,793 | 100.00% | -1,380,547 | 400,769,246 | 100.00% | - The company's total share capital decreased by 1,380,547 shares due to the cancellation of performance compensation shares from Ninghai Jinshi[99] - The company approved a share repurchase plan, repurchasing 3,581,003 shares (0.89% of total share capital) for 30,005,673 yuan by June 30, 2024[99] - After share repurchase and cancellation, fully diluted EPS adjusted from 0.6171 yuan/share to 0.6193 yuan/share, basic EPS from 0.6171 yuan/share to 0.6186 yuan/share, and net assets per share attributable to common shareholders from 5.86 yuan/share to 5.88 yuan/share[100] Changes in Restricted Shares During the reporting period, 1,380,547 restricted shares held by Ninghai Jinshi Equity Investment Fund Partnership (Limited Partnership) were released from restriction and canceled, resulting in zero restricted shares at period-end Restricted Share Changes | Shareholder Name | Beginning Restricted Shares | Shares Released This Period | Shares Increased This Period | Ending Restricted Shares | Restriction Reason | Planned Release Date | | :-------------------------------------------------------- | :-------------------------- | :-------------------------- | :--------------------------- | :----------------------- | :------------------- | :------------------------- | | Ninghai Jinshajiang Investment Management Partnership (Limited Partnership) - Ninghai Jinshi Equity Investment Fund Partnership (Limited Partnership) | 1,380,547.00 | 1,380,547.00 | 0.00 | 0.00 | Private Placement Lock-up | Cancelled in February 2024 | Securities Issuance and Listing The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[102] Company Shareholder Numbers and Shareholding Structure At the end of the reporting period, the total number of common shareholders was 25,714; controlling shareholder Shuanglin Group Co., Ltd. held 45.29%, and actual controller Wu Jianbin held 4.49%; 91,000,000 shares of Shuanglin Group were pledged, and the company's special repurchase securities account held 3,581,003 shares - Total number of common shareholders at period-end: 25,714[102] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at Period-End | Change During Period | Restricted Shares Held | Unrestricted Shares Held | Share Status | Quantity | | :--------------------------------------------------------------- | :----------------- | :----------------- | :------------------------ | :------------------- | :--------------------- | :----------------------- | :----------- | :------------- | | Shuanglin Group Co., Ltd. | Domestic Non-State Legal Person | 45.29% | 181,519,262 | 0.00 | 0.00 | 181,519,262 | Pledged | 91,000,000 | | Wu Jianbin | Domestic Natural Person | 4.49% | 18,000,000 | 0.00 | 13,500,000 | 4,500,000 | N/A | 0 | | China Construction Bank Co., Ltd. - BOCOM Schroders Core Driven Mixed Securities Investment Fund | Other | 0.86% | 3,428,100 | 3,428,100 | 0.00 | 3,428,100 | N/A | 0 | | Bank of China Co., Ltd. - China Merchants Quantitative Selection Stock Initiated Securities Investment Fund | Other | 0.83% | 3,316,900 | 3,316,900 | 0.00 | 3,316,900 | N/A | 0 | - The company's special repurchase securities account holds 3,581,003 shares, accounting for 0.89% of total share capital[110] Controlling Shareholder or Largest Shareholder and Their Concerted Parties' Cumulative Pledged Shares Reaching 80% of Their Holdings During the reporting period, there was no situation where the controlling shareholder or largest shareholder and their concerted parties' cumulative pledged shares reached 80% of their total company holdings - No situation where the controlling shareholder or largest shareholder and their concerted parties' pledged shares reached 80% of their total holdings during the reporting period[113] Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - No changes in shareholdings of the company's directors, supervisors, and senior management during the reporting period[113] Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - No changes in the company's controlling shareholder or actual controller during the reporting period[114] Section VIII Preferred Shares Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[115] Section IX Bonds Bond Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[116] Section X Financial Report Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[117] Financial Statements This section provides the company's 2024 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, presenting the financial position and operating results at period-end - Consolidated Balance Sheet: Total assets 5.49 billion yuan, total liabilities 3.14 billion yuan, and owners' equity attributable to parent company 2.36 billion yuan at period-end[118][119][120] - Consolidated Income Statement: Total operating revenue 2.10 billion yuan, operating profit 261.24 million yuan, and net profit attributable to parent company shareholders 248.18 million yuan[124][125][126] - Consolidated Cash Flow Statement: Net cash flow from operating activities 403.57 million yuan, net cash flow from investing activities -2.45 million yuan, and net cash flow from financing activities -275.13 million yuan[130][131] Company Basic Information Ningbo Shuanglin Automotive Parts Co., Ltd., listed on the Shenzhen Stock Exchange in August 2010 with a registered capital of 400,769,246 yuan, primarily engages in the manufacturing, R&D, and sales of automotive parts, with Shuanglin Group Co., Ltd. as its parent company and the Wu Jianbin family as the ultimate actual controller - Company listed on Shenzhen Stock Exchange in August 2010 with a registered capital of 400,769,246 yuan[141] - Main business includes R&D, manufacturing, and sales of automotive parts and accessories, classified under manufacturing-automotive industry[142] - Parent company is Shuanglin Group Co., Ltd., with the ultimate actual controller being the Wu Jianbin family[141] - 33 subsidiaries were included in the scope of consolidation for this period[143] Basis of Financial Statement Preparation The financial statements are prepared in accordance with Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on a going concern assumption - Financial statements prepared in accordance with Accounting Standards for Business Enterprises and CSRC regulations[144] - Financial statements prepared on a going concern basis[145] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, covering areas such as compliance with accounting standards, materiality criteria, business combinations, financial instruments, revenue recognition, government grants, and deferred taxes - Company adheres to Accounting Standards for Business Enterprises, ensuring true and complete financial information[147] - Materiality criteria: single accounts receivable/other receivables/accounts payable exceeding 10 million yuan, construction in progress changes exceeding 0.5% of total assets, subsidiary net profit impact exceeding 10% of group net profit, contingent matters/other matters impacting 2.5% of total profit[151] - Financial assets classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[169] - Revenue recognized when customers obtain control of goods or services, at the transaction price allocated to performance obligations[235] - Government grants classified as asset-related or income-related, either reducing asset book value, recognized as deferred income, or included in current profit/loss or offsetting costs[242][244] Taxes This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, local education surcharges, and property tax; several subsidiaries benefit from a 15% corporate income tax preferential rate due to high-tech enterprise status or Western Development policies - Major taxes include VAT (13%, 9%, 6%, 7%, 5%), corporate income tax (15%, 25%, 30%), etc[252] - Several subsidiaries, including Ningbo Shuanglin Mold, Tianjin Shuanglin, Suzhou Shuanglin, Hubei Xinhuojv, and Wuhu Shuanglin, enjoy a 15% corporate income tax preferential rate due to high-tech enterprise status[254] - Chongqing Wanglin, Liuzhou Shuanglin Automotive Parts Technology, Liuzhou Shuanglin Automotive Parts Manufacturing, and Liuzhou Wanglin New Energy Technology enjoy a 15% corporate income tax preferential rate due to Western Development policies[255] Notes to Consolidated Financial Statement Items This section provides detailed notes and analysis for each item in the consolidated financial statements, including period-end and beginning balances for monetary funds, accounts receivable, inventories, fixed assets, goodwill, deferred tax assets/liabilities, various payables, equity items, revenues, costs, and other income/expenses - Cash and bank balances: period-end balance 575.87 million yuan, with restricted funds of 102.35 million yuan[256] - Accounts receivable: period-end book value 1.04 billion yuan, with bad debt provision of 50.20 million yuan[261] - Inventories: period-end book value 946.71 million yuan, with inventory depreciation reserve of 108.40 million yuan[288][290] - Fixed assets: period-end book value 1.60 billion yuan, accumulated depreciation 2.17 billion yuan, impairment provision 129.22 million yuan[307] - Goodwill: period-end original book value 834.45 million yuan, with full impairment provision recognized[320][321] - Operating revenue: 2.10 billion yuan for the current period, a 15.73% year-on-year increase[362] - Operating costs: 1.68 billion yuan for the current period, a 13.65% year-on-year increase[362] - R&D expenses: 74.88 million yuan for the current period, a 17.58% year-on-year decrease[366] - Investment income: 83.70 million yuan for the current period, primarily from performance compensation payments[370] - Share capital: period-end 400.77 million yuan, decreased by 1.38 million yuan due to cancellation of performance compensation shares[354] - Treasury stock: period-end 30.02 million yuan, resulting from share repurchases during the period[356][357] R&D Expenditures During the reporting period, the company's total R&D expenditure was 74.88 million yuan, all expensed, primarily comprising staff costs, material consumption, and depreciation; internal R&D projects are divided into research and development phases, with development phase expenditures recognized as intangible assets when specific conditions are met R&D Expenditure Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--------- | :--------------------------- | :------------------------- | | Staff Costs | 50,083,192.39 | 45,486,537.94 | | Material Consumption | 9,074,774.86 | 18,964,601.10 | | Depreciation and Amortization | 6,585,924.84 | 10,411,078.17 | | Design Fees | 595,144.31 | 29,834.31 | | Other | 8,544,891.63 | 15,960,173.52 | | Total | 74,883,928.03 | 90,852,225.04 | - Total R&D expenditure for the period was 74.88 million yuan, all expensed[386] - Development phase expenditures are recognized as intangible assets when technical feasibility, intent to use or sell, ability to generate economic benefits, sufficient resources, and reliable measurement of expenditure are met[217] [Changes in Consolidation Scope](index=147&type=section&id=%E5%90%88%E5%B9%B6%E8%8