聚胶股份(301283) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important disclaimers, outlines the report structure, and defines key terms Important Notice The company's management ensures the report's accuracy and completeness, while highlighting key operational risks and the decision not to distribute profits for the first half of 2024 - The company's management guarantees the truthfulness, accuracy, and completeness of the report[2] - The company advises investors to be aware of various operational risks, including intensified market competition, raw material price fluctuations, increased accounts receivable, lower-than-expected returns from fund-raising projects, overseas operations, talent attrition, and exchange rate volatility[3] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the first half of 2024[3] Company Profile and Key Financial Indicators This section presents an overview of the company and its key financial performance metrics for the reporting period Key Accounting Data and Financial Indicators In the first half of 2024, the company achieved significant performance growth with revenue up 26.23% and net profit attributable to shareholders increasing by 35.00% Key Accounting Data and Financial Indicators | Indicator | Current Period (2024 H1) | Prior Period (2023 H1) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 941,706,256.62 | 746,019,205.03 | 26.23% | | Net Profit Attributable to Shareholders (CNY) | 57,382,046.78 | 42,506,693.58 | 35.00% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) (CNY) | 53,411,368.39 | 32,697,812.49 | 63.35% | | Net Cash Flow from Operating Activities (CNY) | -63,830,926.69 | -71,033,752.56 | 10.14% | | Basic EPS (CNY/share) | 0.7223 | 0.5313 | 35.95% | | Weighted Average ROE | 3.68% | 2.98% | Increased by 0.70 percentage points | | Total Assets (CNY) | 1,880,318,198.36 | - | 4.34% (vs. prior year-end) | | Net Assets Attributable to Shareholders (CNY) | 1,518,145,588.08 | - | -1.24% (vs. prior year-end) | Non-recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled CNY 3.97 million, primarily from entrusted wealth management income Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Government grants recognized in current profit/loss | 317,208.79 | | Gains/losses from entrusted investments or asset management | 4,285,710.63 | | Other non-operating income and expenses | 68,466.92 | | Less: Income tax impact | 700,707.95 | | Total | 3,970,678.39 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial condition, and future outlook Overview of Principal Business and Performance Drivers The company focuses on R&D, production, and sales of hot melt adhesives for hygiene products, with significant growth driven by overseas sales and new factory operations - The company's main business is hot melt adhesives for absorbent hygiene products, a high-polymer new material industry encouraged by national policies[22][28] - The company is one of the top four hot melt adhesive suppliers for hygiene products, achieving import substitution in the domestic market and being one of the largest manufacturers, while also being among the few Chinese manufacturers selling to high-end overseas clients[30] - Performance growth is primarily driven by the overseas market, with overseas sales revenue increasing by 32.10% year-over-year and accounting for 59.11% of total revenue during the reporting period[31] - The Guangzhou Smart New Factory and Global R&D Center reached their intended usable state by the end of the reporting period, expected to enhance the company's production efficiency and automation levels[31] Analysis of Core Competencies The company's core competencies include a strong global customer base, strategic international presence, integrated advantages in technology, service, and cost, and continuous innovation in bio-degradable products - The company has entered the qualified supplier system of the world's top ten hygiene product manufacturers, with key clients including Kimberly-Clark, Hengan, Daio Paper, Drylock, Essity, Vinda, and Procter & Gamble[32] - The company is actively pursuing global expansion, having established a production base in Poland, a technical service laboratory in Turkey, with a Mexico project underway, and the Guangzhou headquarters smart new factory reaching its intended usable state by the end of Q2 2024[33] - The company has achieved breakthrough progress in biodegradable and bio-based hot melt adhesive technology, with tested samples showing a biodegradability rate of 92.67% and bio-based content of 89%, positioning it as a leader in the industry[36] Analysis of Principal Business The company's operating revenue increased by 26.23% driven by higher sales volume, with improved gross margins despite significant increases in selling and administrative expenses Key Financial Data | Key Financial Data | Current Period | Prior Period | YoY Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 941,706,256.62 | 746,019,205.03 | 26.23% | Sales volume increase due to market expansion | | Operating Cost (CNY) | 808,124,407.20 | 651,428,276.34 | 24.05% | Cost increase corresponding to sales volume increase | | Selling Expenses (CNY) | 25,885,662.44 | 18,139,157.31 | 42.71% | Increase in personnel, compensation, and equity incentive amortization | | Administrative Expenses (CNY) | 29,355,585.38 | 16,673,818.52 | 76.06% | Increase in personnel, compensation, consulting fees, and equity incentive amortization | | Financial Expenses (CNY) | -10,202,983.92 | -9,391,251.48 | -8.64% | Increased exchange gains from higher USD accounts receivable | | R&D Investment (CNY) | 22,145,436.36 | 26,437,703.42 | -16.24% | Investment decreased with R&D project progress | Operating Performance by Product and Region | Category | Operating Revenue (CNY million) | Operating Cost (CNY million) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | | | | | | | | Construction Adhesives | 631.25 | 555.26 | 12.04% | 27.01% | 24.14% | 2.04% | | Elastic Adhesives | 202.49 | 172.34 | 14.89% | 21.97% | 19.30% | 1.91% | | By Region | | | | | | | | Domestic | 385.04 | 334.36 | 13.16% | 18.61% | 16.94% | 1.23% | | International | 556.67 | 473.76 | 14.89% | 32.10% | 29.62% | 1.63% | Analysis of Assets and Liabilities As of the reporting period end, total assets increased by 4.34% to CNY 1.88 billion, driven by fixed asset capitalization and strategic inventory build-up Key Asset and Liability Items | Key Asset and Liability Items | Amount at Period End (CNY) | % of Total Assets | Explanation of Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Inventories | 336,039,023.24 | 17.87% | Strategic inventory build-up due to rising raw material prices, increased by 40.7% | | Fixed Assets | 376,304,916.47 | 20.01% | Guangzhou headquarters factory project capitalized, increased by 88.2% | | Construction in Progress | 19,737,072.72 | 1.05% | Guangzhou headquarters factory project capitalized, decreased by 80.7% | | Accounts Payable | 306,120,126.69 | 16.28% | Increased accounts payable for materials due to strategic inventory build-up, increased by 51.4% | - The company's primary overseas asset is the Poland factory, with an asset scale of CNY 518 million, accounting for 34.14% of the company's net assets. It achieved a net profit of CNY 19.35 million during the reporting period, with no significant impairment risk[42] - As of the end of the reporting period, CNY 50.38 million in cash and cash equivalents were restricted, representing unexpired time deposits[45] Analysis of Investment Status The company's investment activities focused on the Mexico production base construction and the utilization of raised funds, with key projects reaching operational status and generating profits - The company invested in its Mexican subsidiary, FOCUS HOTMELT MEXICO, S.A. DE C.V., through capital increase for the construction of a production base, with an initial investment estimated at CNY 201 million, of which CNY 173 million is planned to be from over-raised funds. The subsidiary incurred a loss of CNY 9.84 million during the reporting period[46][52] - The "Annual Production of 120,000 Tons of High-Polymer New Materials for Hygiene Products Manufacturing and R&D Headquarters Project" reached its intended usable state on June 30, 2024, with a cumulative investment of CNY 195 million, accounting for 79.67% of the committed investment[51][52] - The "Hot Melt Adhesive Products Poland Production Base Construction Project" has been completed, achieving a net profit of CNY 19.35 million during the reporting period[51][52] - The company utilized a portion of its idle self-owned USD funds for USD and JPY swap and forward foreign exchange settlement transactions for cash preservation and appreciation, all of which matured and were redeemed during the reporting period[56][57][58] Analysis of Major Holding and Participating Companies The company's key subsidiaries, Polyglue Europe and Polyglue Mexico, show contrasting performance, with Europe achieving significant profit and Mexico still in its early development phase Major Holding and Participating Companies | Company Name | Type | Principal Business | Total Assets (CNY million) | Net Assets (CNY million) | Operating Revenue (CNY million) | Net Profit (CNY million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Polyglue Europe | Subsidiary | Hot melt adhesives for hygiene products | 517.69 | 28.80 | 263.26 | 19.35 | | Polyglue Mexico | Subsidiary | Hot melt adhesives for hygiene products | 64.25 | -1.11 | 21.82 | -9.84 | Risks and Countermeasures The company faces risks including market competition, raw material price volatility, increased accounts receivable, and overseas operational challenges, for which it has developed various mitigation strategies - The company's main risks include: - Intensified market competition and slowing growth: Domestic market contraction necessitates growth through overseas market share acquisition[64] - Raw material price fluctuations: High raw material cost proportion means price volatility impacts gross margin[65] - Increased accounts receivable: Business expansion may lead to increased accounts receivable and collection risks[67] - Fund-raising project benefit risks: Failure to absorb new capacity as expected may impact profits[68] - Overseas operational and trade risks: Facing complex overseas political and economic environments and trade barriers[69] - Loss of technical personnel and technology leakage: Stability of the core team is crucial for maintaining a leading edge[71] - Exchange rate fluctuation risk: Significant overseas business exposure makes the company vulnerable to exchange rate fluctuations[72] Corporate Governance This section details the company's governance structure, including shareholder meetings and executive changes Shareholder Meetings and Executive Changes During the reporting period, the company held two shareholder meetings with high investor participation, and experienced a change in the Chairperson of the Supervisory Board - A total of 2 shareholder meetings were held during the reporting period, with investor participation rates of 70.22% and 72.04% respectively[77] - The Chairperson of the Supervisory Board changed, with Yu Gangshu resigning and He Shaoling elected as the new Chairperson[78] Equity Incentive Plan The company implemented a restricted stock incentive plan in December 2023, granting 2.617 million restricted shares to 37 incentive recipients at CNY 17.44 per share - In December 2023, the company initially granted 2.617 million Class II restricted shares to 37 incentive recipients at a grant price of CNY 17.44 per share[79] Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and social responsibility initiatives Environmental Protection The company and its subsidiaries are not major polluters and have not incurred environmental penalties, demonstrating a strong commitment to environmental management and green building standards - Neither the company nor its subsidiaries are designated as key polluting units, and no environmental administrative penalties were incurred during the reporting period[81] - The company has obtained GB/T24001-2016/ISO14001:2015 environmental management system certification and emphasizes energy conservation, emission reduction, and clean production[82] Significant Matters This section details important events and transactions, including related party dealings and changes in accounting estimates Significant Related Party Transactions During the reporting period, the company engaged in significant related party transactions, primarily raw material procurement and joint investment in a Mexican subsidiary Significant Related Party Transactions | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (CNY million) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Zibo Luhua | Under common control with a shareholder holding over 5% of the company | Procurement | Raw Materials | 80.65 | 9.67% | - The company jointly established a Mexican holding subsidiary with related party Ms. Feng Shuxian and plans to jointly increase capital with Ms. Feng in proportion to their equity using over-raised funds, constituting a related party transaction[99] Other Significant Matters The company implemented an accounting estimate change for depreciation and completed its Guangzhou Smart New Factory and Global R&D Center project - The company implemented a change in accounting estimates, adjusting the depreciation period for some buildings and structures from 20 years to 20-40 years, effective May 1, 2024[107] - The Guangzhou Smart New Factory and Global R&D Center project reached its intended usable state in Q2 2024, and the company headquarters has relocated to the new premises[108] Share Changes and Shareholder Information This section details changes in the company's share structure and the composition of its shareholder base Share Change Status The company's total share capital remained stable, with a shift from restricted to unrestricted shares due to unlocking events, alongside an ongoing share repurchase program - During the reporting period, the company's total share capital remained unchanged at 80,000,000 shares. The proportion of restricted shares decreased from 47.08% to 43.18%, while unrestricted shares increased from 52.92% to 56.82%[111] - The company implemented a share repurchase program, having cumulatively repurchased 851,300 shares (1.06% of total share capital) by the end of the reporting period, with a total transaction amount of CNY 23.27 million[114] Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 6,638 common shareholders, with a stable top ten shareholder structure dominated by the controlling shareholders and their concerted parties - As of the end of the reporting period, the company had a total of 6,638 common shareholders[115] Top Five Shareholders | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period End | | :--- | :--- | :--- | :--- | | Guangzhou Polyglue Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 16.20% | 12,956,907 | | Zibo Fufeng Hongjin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 9.93% | 7,941,145 | | Chen Shuguang | Domestic Natural Person | 8.41% | 6,726,878 | | Liu Qingsheng | Domestic Natural Person | 7.94% | 6,350,357 | | Fan Peijun | Domestic Natural Person | 6.62% | 5,298,588 | Financial Report This section presents the company's unaudited financial statements for the first half of 2024, providing a comprehensive view of its financial position and performance Financial Statements This section includes the company's unaudited consolidated and parent company financial statements for H1 2024, detailing assets, liabilities, income, cash flows, and equity changes Consolidated Balance Sheet As of June 30, 2024, total assets were CNY 1.88 billion, with key components including accounts receivable, financial assets, fixed assets, and inventories Consolidated Income Statement In H1 2024, the company generated CNY 942 million in operating revenue, resulting in a net profit of CNY 57.41 million, primarily driven by sales and managed expenses Consolidated Cash Flow Statement In H1 2024, net cash flow from operating activities was negative CNY 63.83 million, while investment activities generated CNY 122 million, and financing activities resulted in a net outflow of CNY 76 million Notes to Consolidated Financial Statements This section provides detailed explanations and supplementary data for key items in the consolidated financial statements, including accounts receivable, inventories, fixed assets, and revenue breakdowns