GGEC(002045)2024-08-20 11:17Financial Performance - Revenue for the reporting period reached RMB 3,036,822,119.86, a 21.59% increase compared to the same period last year[9] - Net profit attributable to shareholders of the listed company was RMB 104,840,480.54, up 62.79% year-on-year[9] - Operating cash flow decreased by 76.15% to RMB 131,900,583.46 compared to the same period last year[9] - Basic earnings per share increased by 35.71% to RMB 0.19[9] - Total assets grew by 23.77% to RMB 8,655,840,291.23 compared to the end of the previous year[9] - The company's operating revenue for the reporting period was 3,036.82 million yuan, a year-on-year increase of 21.59%[16] - Net profit attributable to shareholders of the listed company was 104.84 million yuan, a year-on-year increase of 62.79%[16] - The gross profit margin increased by 0.18 percentage points to 12.87%[16] - Revenue for the reporting period increased by 21.59% to 3,036,822,119.86 yuan, primarily due to growth in the audio and electro-acoustic business[22] - Operating costs rose by 21.34% to 2,646,061,849.71 yuan, driven by increased costs in the audio and electro-acoustic business[22] - Total operating revenue increased by 21.59% to RMB 3,036,822,119.86, with electronic components accounting for 98.64% of the revenue[24] - Revenue from speakers and loudspeakers grew by 13.20% to RMB 2,446,953,892.78, representing 80.58% of total revenue[24] - Battery revenue increased by 22.39% to RMB 220,465,136.52, with a significant rise in gross margin by 5.18 percentage points[26] - Revenue from electronic parts surged by 175.09% to RMB 328,060,869.00, contributing 10.80% to total revenue[24] - Revenue from other regions (excluding China, Europe, and the US) grew by 44.05% to RMB 775,206,613.09[24] - Export business accounted for 75.07% of the company's total operating revenue[25] - Gross margin for the electronic components sector increased by 0.21 percentage points to 12.47%[26] - The company's cash position decreased by 1.30% to RMB 3,059,023,412.45, representing 35.34% of total assets[29] - Short-term borrowings increased by 9.36% to RMB 2,146,997,585.34, accounting for 24.80% of total assets[29] - The company reported a fair value gain of RMB 5,082,749.58 from foreign exchange derivatives[27] - Restricted cash and cash equivalents amount to RMB 184,290,479.61, including bank acceptance bill deposits of RMB 65,855,132.75, loan deposits of RMB 53,898,504.58, litigation frozen funds of RMB 33,363,398.19, and guarantee deposits of RMB 31,173,444.09[32] - Total restricted assets amount to RMB 300,812,995.93, including restricted monetary funds, receivables, and notes[32] - The company invested RMB 9,054,777.82 in the construction of its Vietnam production base during the reporting period, with a cumulative investment of RMB 156,635,693.15, achieving a project progress of 87.57%[34] - The company's derivative investments for hedging purposes totaled RMB 77,513.42 at the end of the reporting period, accounting for 19.15% of the company's net assets[36] - The fair value change of derivative investments during the reporting period was RMB 5,084,577.44, with an actual profit and loss amount of RMB 8,945,949.71[37] - The company's derivative investments are primarily aimed at hedging against exchange rate fluctuations, reducing the impact on operating profits[37] - The company has established an internal control system for foreign exchange derivative transactions, including risk management and reporting mechanisms[37] - The company's derivative investments are based on foreign currency income forecasts, with the transaction volume not exceeding 90% of foreign currency income[37] - The company's internal audit department regularly reviews the execution of derivative contracts to ensure compliance[37] - No speculative derivative investments were made during the reporting period[39] - Total funds raised in 2023 through non-public stock issuance: RMB 1,384,098,595.72, with net funds raised after deducting underwriting and sponsorship fees: RMB 1,378,598,595.72[40] - Total funds used in the reporting period: RMB 434,490, with cumulative funds used: RMB 611,870[40] - Funds allocated to the new audio project: RMB 40,970,880, with RMB 434,490 used in the reporting period and cumulative investment of RMB 611,870, representing 1.49% of the adjusted total investment[41] - Funds allocated to the automotive audio project: RMB 63,043,340, with no funds used in the reporting period[41] - Funds allocated to the VR headset and acoustic module project: RMB 34,395,640, with no funds used in the reporting period[41] - Total unused funds: RMB 1,376,497,100, stored in special accounts and used for cash management[40] - Pre-investment in fundraising projects using self-raised funds: RMB 1,773,792.02 as of June 30, 2024, which has been replaced with raised funds[42] - Temporary use of idle funds for working capital: RMB 62,000,000, with RMB 48,000,000 used by the company and RMB 14,000,000 by subsidiaries[42] - Cash management of idle funds: RMB 78,000,000 approved for use within 12 months, with RMB 53,900 used for fixed deposits and RMB 12,000 for transferable large certificates of deposit as of June 30, 2024[42] - Subsidiary Guoguang Electronics reported total assets of 501.1 million RMB, net assets of 200.5 million RMB, operating revenue of 265.4 million RMB, operating profit of 25.8 million RMB, and net profit of 23.9 million RMB[44] - The company established new subsidiaries in Vietnam, Singapore, Jiangxi, and California, with no significant impact on overall operations[44] - Export business accounts for a high proportion of main business revenue, with USD settlement exposing the company to exchange rate risks[45] - To mitigate trade friction risks, the company is shifting affected product production to its Vietnam subsidiary[45] - Raw materials account for a significant portion of main business costs, with potential risks from supply and price fluctuations[45] - The company held three shareholder meetings in 2024 with participation rates of 28.57%, 25.75%, and 26.03% respectively[47] - Employee stock ownership plan held 16,417,978 shares, representing 2.89% of total shares, with a reduction of 1.336 million shares during the reporting period[49] - Chairman Lu Hongda's shareholding decreased from 4,655,000 to 767,542 shares, representing 0.1351% of total shares[51] - The company plans no cash dividends, stock dividends, or capital reserve to share capital conversion for the half-year[48] - The company incurred equity-settled share-based payment expenses of 851,499.74 yuan for the first half of 2024[53] - The company is not listed as a key pollutant discharge unit by environmental protection authorities and has not received any environmental penalties during the reporting period[54] - The company has strengthened investor relations by improving governance structures and ensuring timely and accurate information disclosure[54] - The company has implemented various employee welfare measures, including social insurance and housing fund contributions, and conducts regular training through the Guoguang Management Institute[55] - The company has increased its environmental protection budget, focusing on wastewater treatment, dust and noise control, and hazardous waste management[55] - The company has fulfilled its dividend commitment for the 2020-2022 period and plans to strictly adhere to the 2023-2025 shareholder return plan[56] - The company has no non-operational fund occupation by controlling shareholders or related parties during the reporting period[57] - The company has no illegal external guarantees during the reporting period[57] - The company's semi-annual financial report has not been audited[57] - The company has not undergone any bankruptcy restructuring during the reporting period[57] - The company's fundraising account was partially frozen with an amount of RMB 10,903,398.19 due to a legal dispute related to the second phase of the employee stock ownership plan[58] - The total approved guarantee amount for subsidiaries during the reporting period was RMB 203,000,000, with actual guarantees issued amounting to RMB 79,583,000[61] - The actual guarantee balance for subsidiaries at the end of the reporting period was RMB 55,395,000, accounting for 13.69% of the company's net assets[62] - The company engaged in entrusted wealth management with a total amount of RMB 13,640,000, including bank and securities company products, with an outstanding balance of RMB 13,540,000[63] - No significant penalties, rectifications, or major related-party transactions occurred during the reporting period[59][60] - The company completed a private placement of 99,718,919 shares, raising a net amount of RMB 1,375,375,037.52 after deducting issuance costs, with the funds allocated to projects including "New Audio Intelligent Manufacturing Upgrade Project," "Automotive Audio Project," and "VR Complete Machine and Acoustic Module Project"[65] - The second phase of the employee stock ownership plan unlocked 17,753,978 shares on February 6, 2024, with 1,336,000 shares already sold by the end of the reporting period[66] - A portion of the company's raised funds, amounting to RMB 10,903,398.19, was frozen due to a legal dispute related to the second phase of the employee stock ownership plan[67] - The company established a wholly-owned subsidiary, Jiangxi Guoguang Technology Co., Ltd., with a registered capital of RMB 10 million, to build a production base for electro-acoustic products in Jiangxi[69] - The company established an overseas wholly-owned subsidiary, Guoguang Acoustics (Viet Nam) Company Limited, with a registered capital of 23,992,000,000 Vietnamese Dong[70] - The total number of shares increased to 568,102,832 after the private placement, with 99,718,919 new shares issued and listed on January 22, 2024[72] - The total number of restricted shares issued to specific entities in 2023 amounts to 3,170,028 shares for Wen Quan, 6,195,965 shares for China Securities Co., Ltd., and 7,204,610 shares for Galaxy Derui Capital Management Co., Ltd., all set to be released on July 26, 2024[73] - UBS AG received 4,466,858 restricted shares in 2023, which will also be released on July 26, 2024[73] - Jiangxi Zhongwen Media Blue Ocean International Investment Co., Ltd. was issued 2,881,844 restricted shares in 2023, with the same release date of July 26, 2024[73] - The total restricted shares issued to various funds and entities, including Huatai Asset Management and Caixin Fund, amount to 2,881,844 shares each, with a release date of July 26, 2024[74] - Nord Fund received 5,259,366 restricted shares in 2023, set to be released on July 26, 2024[74] - Caixin Fund issued 2,521,614 restricted shares to Huatai Securities Co., Ltd., with a release date of July 26, 2024[74] - The total restricted shares issued to various entities, including China Construction Bank and China Bank, amount to 1,440,922 shares each, with a release date of July 26, 2024[73] - The total restricted shares issued to various funds and entities, including Xingquan Fund and Huatai Asset Management, amount to 2,881,844 shares each, with a release date of July 26, 2024[74] - The total restricted shares issued to various entities, including Caixin Fund and Nord Fund, amount to 216,138 shares each, with a release date of July 26, 2024[74] - The total restricted shares issued to various entities, including Caixin Fund and Nord Fund, amount to 360,231 shares each, with a release date of July 26, 2024[75] - The company issued specific shares to various asset management plans, with the largest issuance being 3,602,305 shares to Taikang Asset Management's Agricultural Bank product[76] - A total of 3,530,259 shares were issued to Shaanxi Changying Phase I Investment Partnership[78] - The company issued 2,521,614 shares to First Venture Securities' CITIC Bank product[78] - 1,801,153 shares were issued to Nord Fund's GF Securities product[76] - 1,368,876 shares were issued to Nord Fund's Great Wall Securities product[77] - 864,553 shares were issued to Nord Fund's Shandong Railway Development Fund product[77] - 432,277 shares were issued to Caitong Fund's CITIC Securities product[77] - 360,231 shares were issued to Nord Fund's Li Hairong product[76] - 302,594 shares were issued to Xingzheng Global Fund's Industrial Bank product[77] - 228,386 shares were issued to Nord Fund's Everbright Bank product[78] - The company issued 99,718,919 shares to specific investors at a price of 13.88 yuan per share, raising a total of 1,384,098,595.72 yuan[82][83] - The net proceeds from the issuance, after deducting issuance-related expenses, amounted to 1,375,375,037.52 yuan[83] - The issuance was approved by the Shenzhen Stock Exchange on July 26, 2023, and by the China Securities Regulatory Commission on August 29, 2023[83] - The shares were issued on December 8, 2023, and listed on January 22, 2024[82] - The issuance increased the company's share capital by 99,718,919 yuan and capital reserve by 1,275,656,118.52 yuan[83] - The total number of ordinary shareholders at the end of the reporting period is 50,929[85] - Shenzhen Zhidu Guoguang Investment Development Co., Ltd. holds 11.11% of the shares, totaling 63,109,650 shares[85] - Zhidu Technology Co., Ltd. holds 9.48% of the shares, totaling 53,846,999 shares[85] - The second phase of the employee stock ownership plan of Guoguang Electric Co., Ltd. holds 2.89% of the shares, totaling 16,417,978 shares[85] - Shenzhen Qindao Capital Management Co., Ltd. holds 2.54% of the shares, totaling 14,409,221 shares[85] - Lhasa Economic and Technological Development Zone Zhiheng Consulting Co., Ltd. holds 1.86% of the shares, totaling 10,570,824 shares[85] - Beijing Fanxin No. 1 Equity Investment Center (Limited Partnership) holds 1.51% of the shares, totaling 8,602,801 shares[85] - Galaxy Derui Capital Management Co., Ltd. holds 1.28% of the shares, totaling 7,244,810 shares[85] - China Securities Co., Ltd. holds 1.09% of the shares, totaling 6,202,765 shares[85] - Guoguang Electric Co., Ltd. repurchased 16,600,696 shares as of June 30, 2024[88] - The company's total assets increased to 8,655,840,291.23 yuan, up from 6,993,414,180.59 yuan at the beginning of the period[97] - Total liabilities rose to 4,607,430,330.65 yuan, compared to 3,044,561,661.47 yuan at the start of the period[97] - The company's monetary funds grew to 3,059,023,412.45 yuan, up from 2,562,239,789.80 yuan[96] - Accounts receivable increased to 1,446,906,221.97 yuan, compared to 1,384,509,617.36 yuan[96] - Inventory surged to 1,100,739,285.71 yuan, up from 589,216,952.02 yuan[96] - Short-term borrowings rose to 2,146,997,585.34 yuan, compared to 1,079,554,597.99 yuan[97] - Accounts payable increased to 1,600,428,525.58 yuan, up from 985,838,606.36 yuan[97] - The company's long-term equity investments stood at 622,342,406.51 yuan, slightly down from 629,714,564.07 yuan[97] - Fixed assets grew to 775,565,216.89 yuan, up from 754,605,175.21 yuan[97] - The company's total owner's equity increased to 4,048,409,960.58 yuan, compared to 3,948,852,519.12 yuan[97] - Total assets increased to 7,837,111,922.84 yuan, up from 6,228,695,622.37 yuan in the previous period[101] - Operating revenue for the first half of 2024 reached 3,036,822,119.86 yuan, compared to 2,497,568,722.38 yuan in the same period last year[102] - Net profit for the first half of 2024 was 105,143,086.51 yuan, up from 64,462,874.87 yuan in the same period last year[103] - Total liabilities increased to 4,283,927,388.72 yuan, up from 2,762,164,521.16 yuan in the previous period[101] - R&D expenses for the first half of 2024 were