骏创科技(833533) - 2024 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers regarding report accuracy and audit status, alongside definitions of key terms for clarity Important Notes This section emphasizes management's responsibility for report content and confirms the semi-annual report is unaudited - Company management guarantees the truthfulness, accuracy, and completeness of this semi-annual report[3] - This semi-annual report has not been audited by an accounting firm[3] Definitions This section defines key terms used throughout the report, including company entities, major client aliases, and the reporting period - The reporting period is defined as January 1, 2024, to June 30, 2024[6] - Major clients are disclosed using aliases, for example, "T Group Company" refers to a US electric vehicle and energy company, a global leading new energy vehicle manufacturer[2][6] Company Profile This section provides fundamental information about the company, including its full name, stock details, and primary business activities Company Basic Information The company, Suzhou Junchuang Automotive Technology Co., Ltd., stock code 833533, listed on the Beijing Stock Exchange in 2022, specializes in automotive plastic parts and molds Company Basic Information | Indicator | Information | | :--- | :--- | | Stock Abbreviation | Junchuang Technology | | Stock Code | 833533 | | Listing Exchange | Beijing Stock Exchange | | Listing Date | May 24, 2022 | | Industry Classification | Automotive Parts and Accessories Manufacturing (C3660) | | Main Products and Services | R&D, production, and sales of automotive plastic parts and supporting molds | | Controlling Shareholder | Shen Anju | | Actual Controller | Shen Anju, Li Xiangping | Accounting Data and Operating Performance This section details the company's financial performance, business model, operational review, and risk management strategies Key Accounting Data and Financial Indicators During the reporting period, operating revenue grew by 21.45% to 385 million yuan, but net profit attributable to the parent company decreased by 15.45% to 38.05 million yuan, with a stable asset-liability ratio Profitability | Indicator | Current Period | Prior Period | Change % | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 385,054,327.05 | 317,046,170.82 | 21.45% | | Gross Profit Margin % | 24.06% | 27.23% | - | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 38,054,196.99 | 45,007,893.03 | -15.45% | | Basic Earnings Per Share (yuan) | 0.38 | 0.45 | -15.56% | Solvency | Indicator | End of Current Period | End of Prior Period | Change % | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 670,674,606.25 | 685,917,401.34 | -2.22% | | Total Liabilities (yuan) | 326,082,327.23 | 368,564,940.20 | -11.53% | | Asset-Liability Ratio % (Consolidated) | 48.62% | 53.73% | - | - During the reporting period, net non-recurring gains and losses amounted to -1.3553 million yuan, primarily due to fair value changes in financial assets/liabilities held for trading[19] Business Overview The company's business model, centered on "make-to-order" automotive parts, remained stable, with direct sales to major manufacturers and recognition as a high-tech enterprise - The company's production model is "make-to-order", arranging manufacturing activities based on customer orders and demand forecasts[21] - The sales model is direct sales, having become a qualified supplier to renowned manufacturers such as SKF, Antolin, T Company, Quanta Group, and Pegatron[23] - The company obtained provincial "Specialized, Refined, and New" and "High-tech Enterprise" certifications[24] Operating Performance Review The company experienced revenue growth but a decline in net profit due to North American subsidiary losses, while actively adapting to new energy vehicle trends and optimizing financial management Operating Plan and Performance Review Operating revenue increased by 21.45% to 385 million yuan, driven by parent company and North American subsidiary growth, but net profit declined by 15.45% due to the North American subsidiary's 19.03 million yuan loss Regional Performance | Region | Operating Revenue (10k yuan) | YOY Growth | Net Profit (10k yuan) | | :--- | :--- | :--- | :--- | | Parent Company | 33,897.20 | 13.70% | 5,200.07 | | Junchuang North America | 5,143.95 | 146.76% | -1,903.29 | - The company's total liabilities decreased by 11.53% from the beginning of the period, primarily due to strengthened cash management, a 13.72 million yuan reduction in short-term borrowings, and decreases in accounts payable and employee compensation payable[26] Industry Analysis The automotive parts industry benefits from China's role as a global supply center and trends in lightweighting, electrification, and intelligentization, with strong growth in the new energy vehicle market - Industry trends: Automotive lightweighting promotes "plastic replacing steel", increasing the application of plastic parts; electrification and intelligentization bring diversified demands and supply model changes for parts[30][31] - Market demand: Global light vehicle sales increased by 11% year-on-year in 2023, and China's automotive production and sales increased by 12% year-on-year; from January to June 2024, China's automotive production and sales increased by 4.9% and 6.1% year-on-year, respectively[31][33] - New energy vehicle market: From January to June 2024, China's new energy vehicle production and sales increased by over 30% year-on-year, with market share reaching 35.2%, creating significant growth potential for related parts demand[35] Financial Analysis Financial analysis reveals an optimized asset-liability structure, significant increases in administrative expenses and mold/export revenue, but a decrease in operating cash flow due to higher employee compensation - Significant balance sheet changes: Financial liabilities held for trading surged due to fair value losses on forward foreign exchange contracts; contract liabilities increased by 286.85% due to advance payments for molds from North American clients[38][43] - Significant income statement changes: Administrative expenses increased by 61.72% year-on-year, primarily due to increased personnel salaries, rent, and travel expenses at the North American subsidiary[50] Revenue Composition Analysis (by Product) | Category | Operating Revenue (yuan) | YOY Change in Operating Revenue % | | :--- | :--- | :--- | | Automotive Plastic Parts | 357,729,972.75 | 15.72% | | Molds | 24,229,384.01 | 291.12% | | Export Sales | 262,054,040.10 | 39.30% | - Net cash flow from operating activities was 43.7849 million yuan, a year-on-year decrease of 20.12%, primarily due to a year-on-year increase of 22.4257 million yuan in employee compensation payments[58][59] Analysis of Major Holding and Participating Companies The company adjusted its subsidiary structure, with Junchuang North America being a key overseas entity despite losses, and established Junchuang Singapore while losing control of Junchuang Mexico Operating Performance of Major Holding Subsidiaries (Jan-Jun 2024) | Company Name | Main Business | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Junchuang North America | Automotive Parts | 108,306,609.82 | 3,297,693.51 | 51,439,511.51 | -19,032,905.46 | | Junchuang Trading | Trading | 35,435,646.17 | 8,345,008.02 | 2,522,340.56 | 1,098,091.09 | - During the reporting period, the company established a wholly-owned subsidiary "Junchuang Singapore" and lost control over its grandchild company "Junchuang Mexico" due to a dispute with minority shareholder Magnum, resulting in a change in the scope of consolidation[64][65] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic volatility, high customer concentration, bad debts, raw material price fluctuations, and exchange rates, with new risks in overseas operations, sales, and litigation - High customer concentration: From January to June 2024, sales to the top five clients accounted for 80.38% of operating revenue[69] - Export and exchange rate risks: Overseas sales revenue was 262 million yuan, accounting for 68.06% of operating revenue, primarily settled in USD, facing exchange rate fluctuation risks[71] - Three new risks this period: overseas subsidiary operating risk, sales falling short of expectations risk, and litigation risk[73] Significant Events This section outlines major corporate events, including a significant trade secret lawsuit, guarantees provided to a subsidiary, and a suspended private share placement plan Details of Significant Events The company is involved in a 37.3456 million yuan trade secret lawsuit, provided 3.8 million USD in guarantees for its North American subsidiary, and has a 150 million yuan private share placement plan suspended due to litigation - The company is a defendant in a civil lawsuit for trade secret infringement, with the amount involved reaching 37.3456 million yuan; actual controller Shen Anju has pledged to bear all civil compensation liabilities that the company may incur[75][77] - The company provided external guarantees totaling 3.8 million USD for its holding subsidiary Junchuang North America, for factory leasing and credit guarantees[78][79] - The company plans to issue shares to specific targets to raise no more than 150 million yuan for R&D headquarters and automotive parts production projects; the application has been accepted by the Beijing Stock Exchange but is currently suspended from review due to litigation[93][94] Share Changes and Financing This section details the company's share capital structure, including restricted and unrestricted shares, and outlines the proposed semi-annual profit distribution plan Common Stock Capitalization As of the reporting period end, the company's total share capital remained unchanged at 100,151,100 shares, with actual controllers holding 60.97% of voting rights Share Capital Structure | Share Type | Quantity at Period End (shares) | Proportion % | | :--- | :--- | :--- | | Unrestricted Shares | 35,898,763 | 35.84% | | Restricted Shares | 64,252,337 | 64.16% | | Total Share Capital | 100,151,100 | 100% | - Actual controllers Shen Anju and Li Xiangping are a married couple, collectively controlling 60.97% of the company's voting rights through direct shareholding and employee stock ownership platforms[97][71] Profit Distribution The company has proposed a 2024 semi-annual profit distribution plan, including a cash dividend of 1.00 yuan per 10 shares - 2024 semi-annual profit distribution plan: 1.00 yuan (tax inclusive) cash dividend per 10 shares[98] Changes in Directors, Supervisors, Senior Management, and Core Employees This section details changes in the company's board, supervisory board, senior management, and core employee numbers due to re-elections and departures Changes in Directors, Supervisors, Senior Management, and Core Employees Due to board and supervisory board re-elections, some positions changed, and the total employee count decreased from 728 to 697, with core employees decreasing from 74 to 65 - Due to the re-election of the Board of Directors and Board of Supervisors, some personnel positions changed, such as Wang Shijuan resigning as director and newly appointed as supervisor[103] Employee Count Changes | Category | Number at Beginning of Period | Number at End of Period | | :--- | :--- | :--- | | Total Employees | 728 | 697 | | Core Employees | 74 | 65 | Financial Accounting Report This section presents the company's unaudited consolidated and parent company financial statements, along with detailed notes on accounting policies and significant items Financial Statements This section provides the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in equity - The consolidated balance sheet shows that as of June 30, 2024, the company's total assets were 671 million yuan, total liabilities were 326 million yuan, and equity attributable to the parent company was 345 million yuan[109][110][111] - The consolidated income statement shows that in the first half of 2024, total operating revenue was 385 million yuan, total operating costs were 342 million yuan, and net profit was 34.6 million yuan[115][116] - The consolidated cash flow statement shows net cash flow from operating activities of 43.78 million yuan, net cash flow from investing activities of -29.92 million yuan, and net cash flow from financing activities of -27.13 million yuan[119][120] Notes to Financial Statements These notes detail accounting policies, changes in consolidation scope due to new subsidiaries and loss of control, segment reporting by product and region, and specific revenue recognition methods - Changes in consolidation scope: A new Singapore subsidiary was included in the scope of consolidation during the reporting period, while control over the grandchild company Junchuang Mexico was lost due to a commercial dispute, thus it is no longer included in the scope of consolidation[132][329] - Revenue recognition policy: Domestic sales revenue for automotive injection molded parts is recognized upon receipt of customer acceptance slips or reconciliation; export sales are recognized at the point of control transfer according to different trade terms such as FCA, DAP, FOB; mold sales are recognized upon receipt of customer acceptance certificates[199] - Segment reporting: The company's operating activities are divided into two reporting segments: injection molded parts business and mold business[366] Reference Documents This section lists all available reference documents, including signed financial statements and publicly disclosed files, kept at the company's Board Secretary's Office Reference Documents This section lists all available reference documents, including signed financial statements and publicly disclosed files, kept at the company's Board Secretary's Office - Financial statements and other documents bearing the signatures and seals of the company's responsible person, head of accounting, and head of accounting department are kept at the company's Board Secretary's Office for public inspection[394]