金盘科技(688676) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 reached 2.83 billion yuan, with a net profit of 283 million yuan[11][13] - Revenue for the first half of 2024 reached RMB 2,916.17 million, a year-on-year increase of 0.79%[19] - Net profit attributable to shareholders of the listed company was RMB 222.46 million, up 16.43% year-on-year[19] - Total assets as of June 30, 2024, were RMB 8,773.14 million, an increase of 2.87% compared to the beginning of the reporting period[21] - Net assets attributable to shareholders of the listed company were RMB 4,185.30 million, up 26.94% compared to the beginning of the reporting period[21] - Basic earnings per share for the first half of 2024 were RMB 0.51, a year-on-year increase of 13.33%[20] - Gross profit margin increased by 1.60 percentage points year-on-year to 23.36%[21] - Net profit attributable to shareholders reached 222.46 million yuan, a year-on-year increase of 16.43%, with a gross profit margin of 23.36%, up 1.60 percentage points year-on-year[87] - In Q2, net profit attributable to shareholders was 127.82 million yuan, a year-on-year increase of 23.02%, with a net profit margin of 7.93%, up 1.42 percentage points year-on-year[87] - Revenue for the first half of 2024 reached 2.916 billion yuan, a year-on-year increase of 0.79%[106] - Net profit attributable to shareholders was 222 million yuan, up 16.43% year-on-year[106] R&D and Innovation - R&D investment accounted for 4.97% of revenue, totaling RMB 145.03 million[21] - Total R&D investment increased by 3.09% to RMB 145.03 million, with R&D expenses accounting for 4.97% of total revenue, up by 0.11 percentage points year-on-year[68] - R&D investment in the reporting period was 145.03 million yuan, accounting for 4.97% of operating revenue[87] - R&D expenditure increased by 3.09% to 145 million yuan[106] - The company has 116 core technologies as of June 30, 2024, including 60 in power transmission and distribution equipment, 28 in energy storage products, and 28 in manufacturing innovation and digital factory solutions[57] - The company holds 263 valid patents as of June 30, 2024, including 32 domestic invention patents, 5 overseas invention patents, and 219 utility model patents[66] - In the first half of 2024, the company applied for 36 new intellectual properties and obtained 26, including 3 invention patent applications and 1 granted invention patent[67] - The company added 3 new core technologies in power transmission and distribution products, including 40.5kV eco-friendly cabinet insulation technology and dry-type transformer overvoltage automated simulation technology, enhancing product reliability and expanding application scenarios[58][59] - 2 new core technologies were introduced in energy storage, such as battery cluster charge-discharge current ripple suppression technology and AC-DC fault online maintenance technology, improving system maintainability[58][61] - 3 new core technologies were developed in manufacturing innovation, including self-developed Web service middleware optimization for JDBC connection pools and RCS scheduling optimization[58][64] Energy Storage Business - The company is engaged in energy storage, which involves storing energy through media or devices and releasing it when needed[10] - The company's energy storage business includes PCS (Power Conversion System) and BMS (Battery Management System), which are essential for battery charging, discharging, and safety management[12] - Sales orders for energy storage products reached RMB 284.26 million in the reporting period[21] - The company launched the world's first medium-high voltage direct-hanging all-liquid cooling thermal management technology for energy storage systems in July 2022, along with a series of low-voltage energy storage products[51] - The company has achieved batch production of its energy storage product series and is continuously innovating its business models to meet market demand[51] - The company's 35kV high-voltage direct-hanging energy storage system features high efficiency, high safety, high reliability, fast dynamic response, and multi-functionality, making it suitable for large-scale energy storage applications in power generation and grid-side scenarios[33] - The company's medium-voltage direct-hanging energy storage system, operating at 6kV to 10kV, is widely used in scenarios such as thermal power joint frequency regulation, grid frequency regulation, black start, backup power, and reactive power compensation[33] - The company's low-voltage energy storage system is modular and widely used in industrial and commercial applications for grid frequency regulation, peak shaving, and backup power[34] - The company's modular industrial and commercial energy storage products are available in 100kWh, 200kWh, and 466kWh configurations, targeting enterprises with high electricity costs and limited power supply scenarios[35] - The company provides a series of home energy storage products, enabling users to reduce electricity costs, achieve surplus electricity sales, and ensure uninterrupted power supply for critical home devices[35] Digital Transformation - The company is involved in digital transformation solutions, aiming to improve efficiency, reduce costs, and enhance service quality[10] - The company has successfully implemented digital factory solutions for dry-type transformers, complete sets, energy storage, and oil-immersed transformers, covering seven major business areas including digital transformation consulting and smart charging systems[37] - The company's 5G cloud-based AGV products have achieved IT and OT network integration, supporting multiple AGV manufacturers and enabling intelligent logistics within digital factories[38] - The company has developed a high-performance WEB service middleware based on JDK, which is already in use in multiple digital factories, providing a stable and efficient foundation for industrial software[38] - The company's digital transformation efforts resulted in signed orders totaling 476 million yuan for digital solutions in H1 2024[89] - The company's data assets were valued at over 300 million yuan, with five core data assets identified, including digital factory data products and energy management algorithms[91] - The company has built several digital factories in China, integrating advanced technologies such as AI, IoT, and big data to enhance production efficiency and reduce costs[56] - The company has been recognized for its excellence in digital transformation, winning the China Listed Companies Digital Transformation Excellence Award for two consecutive years[56] - The company has completed data asset recognition in accordance with the Ministry of Finance's regulations, further solidifying its competitive advantage in the data-driven economy[56] Global Operations and Market Expansion - The company operates globally, with products and services distributed across 6 continents and 86 countries, focusing on transformer series, complete sets, and energy storage products[25] - The company's products have obtained 310 international certifications, including UL, KEMA, CE, DNV-GL, and CSA, enhancing its global competitiveness[25] - The company's products have served approximately 86 countries and regions globally, with applications in over 500 overseas power station projects and 14 rail transit projects[54] - The company has established long-term stable business relationships with international companies such as General Electric, Siemens, and Vestas[84] - The company's products are sold in 86 countries and regions, widely used in wind power, photovoltaic, energy storage, rail transit, and new infrastructure[79] - Overseas orders grew significantly in the first half of 2024, driven by participation in international exhibitions[96] - The company expanded production capacity in Mexico and prepared for capacity expansion in the US and Poland[96] - International sales orders increased by 119.56% year-on-year[21] - The company's overseas assets totaled 945.63 million yuan, accounting for 10.78% of total assets[112] Environmental and Sustainability Initiatives - The company reduced carbon dioxide equivalent emissions by 30,385 tons through measures such as clean energy generation, energy-saving technological upgrades, and the development of new products that aid in emission reduction[161] - In the first half of 2024, the company generated a total of 6.93 million kWh of photovoltaic power, reducing carbon dioxide equivalent emissions by 3,860 tons[162] - The company implemented advanced pollution control measures, including the use of clean production equipment, water recycling, and waste classification, to minimize pollutant emissions[153] - The company's wastewater treatment systems include processes such as coagulation sedimentation, MCR, and activated carbon adsorption, ensuring no external discharge of production wastewater[153] - The company's air pollution control measures include the use of gas cyclone spray towers, UV photolysis, and activated carbon adsorption to treat organic waste gases and dust[153] - The company has established emergency response plans for environmental incidents, with all subsidiaries completing necessary environmental risk assessments and obtaining relevant certifications[156] - The company conducted regular environmental monitoring, with results showing compliance with national standards for waste gas and domestic wastewater emissions[157] - The company's Wuhan facility completed energy-saving optimization of its central air conditioning system using AI algorithms, improving energy efficiency and reducing power consumption[160] - The company's Yangzhou facility created a "regenerative food garden" using recycled materials, promoting ecological sustainability and self-sufficiency[160] - The company reported no environmental penalties during the reporting period, indicating compliance with environmental regulations[158] - The company's digital factory rooftop photovoltaic self-consumption rate is expected to increase to 90%, significantly improving energy efficiency and reducing emissions[163] - The company conducted carbon audits for all operational factories in January-February 2024, setting annual carbon reduction targets based on SBTi[163] - The company's green supply chain system has been recognized with the highest level (Level 5) green supplier award by major domestic customers for three consecutive years[163] - Wuhan Jinpan Smart was awarded the provincial green factory title in 2024, expanding the zero-carbon factory model to Wuhan and Shanghai[163] Corporate Governance and Commitments - The company's shareholders and related parties have consistently fulfilled their commitments, including share lock-up and dividend distribution, since the IPO in 2020[166][167] - The company has made long-term commitments regarding the non-transfer or non-entrustment of shares held before the IPO for 36 months post-listing[171] - Commitments include not transferring or entrusting shares held before the IPO for 36 months post-listing, with adjustments for stock splits, dividends, etc[171] - If the stock price falls below the IPO price for 20 consecutive trading days within 6 months post-listing, the lock-up period will be extended by 6 months[172] - The company will strictly follow legal and regulatory requirements regarding share lock-up periods, adjusting as necessary[172] - Violation of these commitments will result in the company bearing legal responsibility for any losses incurred[172] - Various individuals and entities have made long-term commitments effective from April 24, 2020, with no expiration date[168][169][170] - Commitments from individuals and entities are strictly and timely fulfilled, with no instances of non-compliance reported[168][169][170] - The company has made additional commitments related to equity incentives, effective from November 10, 2021, with no expiration date[171] - Commitments related to equity incentives are strictly and timely fulfilled, with no instances of non-compliance reported[171] - The company has made commitments related to refinancing, effective from December 16, 2021, with no expiration date[170] - The company has committed to not transferring or entrusting others to manage the shares held directly or indirectly before the IPO for 36 months after the stock is listed on the stock exchange[173] - If the company's stock price remains below the IPO price for 20 consecutive trading days within 6 months of listing, the lock-up period will be automatically extended by 6 months[173] - The company has established a post-IPO dividend return plan and will strictly follow the profit distribution policy, ensuring investor returns[173] - The company's board of directors, supervisors, and senior management will take necessary measures to ensure the implementation of the profit distribution policy and dividend return plan[177] - The company and its controlling entities will not engage in any business activities that compete with Jinpan Technology or its subsidiaries[178] - Any profits or benefits obtained from violating the non-competition commitment will be returned to Jinpan Technology, and compensation will be provided for any losses caused[178] - The company will minimize and regulate related-party transactions with Jinpan Technology, ensuring fair and reasonable transaction conditions[181] - The company will not use its position as a shareholder or controlling shareholder to improperly occupy Jinpan Technology's funds, assets, or resources[181] - The company commits to minimizing and regulating related-party transactions with Jinpan Technology, ensuring fair market principles and avoiding harm to Jinpan Technology and its shareholders[182][183] - The company guarantees not to misuse its position to improperly occupy Jinpan Technology's funds, assets, or resources, nor to request improper guarantees[182][184] - The company will comply with regulatory requirements for stock减持, including提前公告 and adhering to减持价格不低于首次公开发行价的规定[185][186] - The company will implement stock price stabilization measures if the stock price falls below the每股净资产 for 20 consecutive trading days within three years of listing[187] - The company will repurchase shares using its own funds, with the repurchase price not exceeding 110% of the latest audited net asset value per share[188] - The minimum amount of funds used for share repurchase in a single instance is 10% of the audited net profit attributable to the parent company's shareholders in the most recent fiscal year[188] - The maximum amount of funds used for share repurchase in a single fiscal year is 30% of the audited net profit attributable to the parent company's shareholders in the most recent fiscal year[188] - Share repurchase must be completed within 30 days after shareholder approval and fulfillment of legal procedures[188] - If the company's stock price does not meet the conditions for initiating price stabilization measures, the company may not proceed with the share repurchase[188] - The company will publicly explain and apologize if it fails to implement the price stabilization measures[188] - The company will compensate investors for losses if it fails to fulfill its commitments[188] - The price stabilization measures will stop if the company's stock price exceeds the latest audited net asset value per share for 5 consecutive trading days[192] - The price stabilization measures will stop if further repurchase or shareholding increase would cause the company's equity distribution to not meet listing conditions[192] - The company's controlling shareholders and actual controllers will increase their shareholding if the stock price remains below the net asset value per share for 20 consecutive trading days[193] - The company will initiate share price stabilization measures if the conditions are met, including public apologies, suspension of salary and cash dividends, and restrictions on share transfers[194] - If the company's prospectus is found to contain false or misleading information, the company will repurchase all newly issued shares at the issue price plus bank deposit interest within 10 days of the regulatory determination[194][196][197] - The company will compensate investors for direct economic losses if the prospectus contains false or misleading information, using methods such as settlement, mediation, and establishing an investor compensation fund[195][196][198][199] - The company will stop share price stabilization measures if the stock price remains above the audited net asset value per share for 5 consecutive trading days or if further repurchases would violate listing requirements[194] - The company commits to not interfering with management activities, not encroaching on company interests, and ensuring the implementation of measures to fill returns[199] - The company will link executive compensation and future equity incentive plans to the execution of measures to fill returns[200] Product and Technology Development - The company's transformer business includes dry-type transformers and liquid-immersed transformers, which are crucial for power generation, transmission, and distribution[10] - The company has developed specialized step-up transformer series for wind energy applications, serving major wind turbine manufacturers like VESTAS, GE, and SIEMENS Gamesa[28] - In the photovoltaic sector, the company offers transformer products capable of stable operation in high-temperature, high-salt, and high-pollution environments, supporting the entire photovoltaic industry chain[28] - The company has been developing SFC special dry-type transformers for pumped storage power plants since 2017, with a capacity of up to 50,000 kVA, suitable for frequent switching and variable frequency conditions[28] - For hydrogen energy applications, the company provides multi-pulse rectifier transformers for water electrolysis hydrogen production, capable of withstanding overvoltage and overcurrent with strong harmonic suppression[28] - The company's dry-type transformer products are used in 44 out of 54 cities with urban rail transit operations in China, covering over 80% of the market[29] - The company's VPI phase-shifting rectifier transformers are widely used in medium and high-voltage frequency converters, featuring compact size, high overload capacity, and low noise[29] - The company's transformer series products are widely used in IDC data center projects, including those of Baidu, Huawei, Alibaba, China Mobile, China Telecom, and China Unicom, due to their superior energy efficiency, low loss, and high reliability[30] - The company has developed 28 core technologies in energy storage and has formed a strategic partnership with Shanghai Jiaotong University, launching the world's first 35kV high-voltage direct-hanging all-liquid-cooled thermal management energy storage system in July 2022[33] - The company's medium-voltage direct-hanging energy storage system, operating at 6kV to 10kV, is widely used in scenarios such as thermal power joint frequency regulation, grid frequency regulation, black start, backup power, and reactive power compensation[33] - The company's low-voltage energy storage system is modular and widely used in industrial and commercial applications for grid frequency regulation, peak shaving, and backup power[34] - The company's modular industrial and commercial energy storage products are available in 100kWh, 200kWh, and 466kWh configurations, targeting enterprises with high electricity costs and limited power supply scenarios[35] - The company provides a series of home energy storage products, enabling users to reduce electricity costs, achieve surplus electricity sales, and ensure uninterrupted power supply for critical home devices[35] - The company has successfully applied its dry-type transformer products to 137 domestic wind farm projects, 217 photovoltaic power station projects, and 170 urban rail transit projects across 44 cities as of June 30, 2024[54] - The company's products have served approximately 86 countries and regions globally, with applications in over 500 overseas power station projects and 14 rail transit projects[54] - The company has 116 core technologies as of June 30, 2024, including 60 in power transmission and distribution equipment, 28 in energy storage products, and 28 in manufacturing innovation and digital factory solutions[57] - The company launched the world's first medium-high voltage direct-hanging all-liquid cooling thermal