博云新材(002297) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's management guarantees the report's accuracy and completeness, with no profit distribution planned for the period - Company management guarantees the truthfulness, accuracy, and completeness of the report content[2] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[2] Definitions This section defines key terms and abbreviations, such as 'Powder Metallurgy Center' and 'Xingxiang Group', essential for understanding the report - Key abbreviations for the company, major shareholders, subsidiaries, and partners, such as 'Powder Metallurgy Center', 'Xingxiang Group', 'Changsha Xinhang', and 'Honeywell Boyun', are clarified[6] Company Profile and Key Financial Indicators Company Profile Hunan Boyun New Materials Co., Ltd. (stock code: 002297) is listed on the Shenzhen Stock Exchange, with no changes in its basic information during the period Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Boyun New Materials | | Stock Code | 002297 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | He Liu | Key Accounting Data and Financial Indicators In H1 2024, revenue grew 3.23% to RMB 302 million, but net profit attributable to shareholders fell 77.20% to RMB 2.31 million, with operating cash flow improving to RMB 28.20 million Key Financial Data and Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 302,034,653.13 | 292,593,271.47 | 3.23% | | Net Profit Attributable to Parent (RMB) | 2,309,631.41 | 10,127,965.20 | -77.20% | | Net Profit Attributable to Parent (Excl. Non-recurring) (RMB) | -7,668,423.33 | 1,815,162.34 | -522.46% | | Net Cash Flow from Operating Activities (RMB) | 28,197,981.82 | -67,784,762.58 | 141.60% | | Basic Earnings Per Share (RMB/share) | 0.0040 | 0.0177 | -77.40% | | Total Assets (RMB) | 2,832,081,568.24 | 2,858,765,260.94 | -0.93% (vs. prior year-end) | | Net Assets Attributable to Parent (RMB) | 2,124,019,892.77 | 2,121,710,261.36 | 0.11% (vs. prior year-end) | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 9.98 million, significantly impacting net profit, with government subsidies contributing RMB 7.17 million Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -87,299.19 | | Government Subsidies Included in Current Period P&L | 7,169,360.21 | | Other Non-operating Income and Expenses | 6,748,280.84 | | Less: Income Tax Impact | 3,729,452.64 | | Less: Impact on Minority Interests (After Tax) | 122,834.48 | | Total | 9,978,054.74 | Management Discussion and Analysis Principal Businesses The company's core businesses span aerospace, providing materials for C919 and Kuaizhou rockets, and high-performance cemented carbide for various industrial applications - The company provides carbon brake product technology for the domestic C919 large aircraft and carbon/carbon throat lining materials for the 'Kuaizhou series' commercial aerospace solid launch vehicles[16][17] - Controlled subsidiary Boyun Dongfang and wholly-owned subsidiary Weihui New Materials are recognized as national and provincial 'specialized, refined, unique, and new' enterprises, focusing on high-performance cemented carbide and rare metal powder materials[18] Analysis of Core Competencies Core competencies include strong R&D capabilities backed by academic partnerships, alignment with national strategic industries, and broad product applications supporting sustainable growth - Technological advantage: Relying on Central South University, possessing an academician-led talent team and multiple national-level innovation platforms, deeply involved in the C919 domestic large aircraft project[19] - Policy advantage: The company operates in strategic emerging industries and military-civilian integration fields prioritized by national development[20] Analysis of Principal Business In H1 2024, powder metallurgy revenue grew 24.33% to 70.66% of total, while aerospace revenue declined 28.18%, with powder metallurgy gross margin falling 7.19 percentage points Key Financial Data | Key Financial Data | Current Period | Prior Period | YoY Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB hundred million) | 3.02 | 2.93 | 3.23% | - | | Operating Cost (RMB hundred million) | 2.51 | 2.21 | 13.34% | - | | Selling Expenses (RMB million) | 8.69 | 13.71 | -36.59% | Decrease in subsidiary insurance and external breakdown expenses | | Administrative Expenses (RMB million) | 27.99 | 21.39 | 30.88% | Increase in parent and subsidiary salaries | | Financial Expenses (RMB million) | 0.0617 | -2.28 | 102.71% | Increase in interest from new bank loans for subsidiaries | | Net Cash Flow from Operating Activities (RMB million) | 28.20 | -67.78 | 141.60% | Increase in sales collection and decrease in procurement expenditures | Revenue and Gross Margin by Segment | By Industry/Product | 2024 H1 Revenue (RMB) | Revenue Share | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Aerospace and Civil Carbon/Carbon Composite Materials | 77,913,350.49 | 25.80% | -28.18% | 46.31% | +4.99% | | Powder Metallurgy (Cemented Carbide) | 213,410,483.83 | 70.66% | 24.33% | 4.37% | -7.19% | Analysis of Non-Principal Business Non-principal businesses significantly impacted profit, with investment losses of RMB 2.40 million and non-operating expenses of RMB 17.31 million due to a one-time subsidy reclassification Non-Principal Business Impact on Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | -2,403,764.32 | -30.86% | Mainly due to joint venture losses and strategic investment dividends | | Non-operating Expenses | 17,314,288.60 | 222.26% | Subsidiary Changsha Xinhang converted original project subsidies into state capital, with previously accumulated amortized portions transferred to non-operating expenses | | Credit Impairment | 2,425,128.78 | 31.13% | Mainly due to reversal of bad debt provisions for accounts receivable | Analysis of Assets and Liabilities Total assets were RMB 2.83 billion, down 0.93% from year-end, with fixed assets increasing 27.73% to RMB 909 million due to project capitalization, and construction in progress decreasing 94.85% Key Asset and Liability Changes | Asset/Liability Item | Period-end Amount (RMB) | Change from Year-start | Main Change Explanation | | :--- | :--- | :--- | :--- | | Fixed Assets | 909,234,177.12 | +27.73% | Due to capitalization of subsidiary Boyun Dongfang Lugu Base industrialization project | | Construction in Progress | 9,424,903.89 | -94.85% | Due to capitalization of subsidiary Boyun Dongfang Lugu Base industrialization project | | Long-term Equity Investments | 10,669,286.20 | -28.44% | Due to joint venture losses in the current period | Analysis of Investment Status No significant new investments were made; RMB 501 million of the RMB 626 million raised in 2020 has been used, primarily for the Lugu Base industrialization project, which is 77.60% complete and in trial production - Total raised funds from 2020 non-public offering were RMB 631 million, net RMB 626 million, with RMB 23.91 million used in the current period and RMB 501 million cumulatively used[31] - The core fundraising project, 'Lugu Base Industrialization Project', has an investment progress of 77.60%, with factory relocation completed in H1 2024, entering trial production[32] - As of the end of the reporting period, the company used RMB 100 million of idle raised funds to temporarily supplement working capital[33] Analysis of Major Holding and Participating Companies Subsidiary performance varied, with Changsha Weihui profitable at RMB 1.28 million, while Hunan Boyun Dongfang and Changsha Xinhang incurred losses of RMB 9.39 million and RMB 24.34 million respectively Major Subsidiaries and Participating Companies Performance | Company Name | Type | 2024 H1 Operating Revenue (RMB) | 2024 H1 Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Hunan Boyun Dongfang Powder Metallurgy Co., Ltd. | Subsidiary | 174,058,320.55 | -9,385,624.37 | | Changsha Xinhang Aircraft Wheel Brake Co., Ltd. | Subsidiary | 24,452,127.73 | -24,342,183.19 | | Changsha Weihui High-Tech New Materials Co., Ltd. | Subsidiary | 46,690,005.61 | 1,275,020.35 | | Honeywell Boyun Aviation Systems (Hunan) Co., Ltd. | Participating Company | 4,940,291.81 | -8,655,364.32 | Risks and Countermeasures The company faces operational, inventory, human resource, and market development risks, requiring enhanced management, capital efficiency, talent retention, and market expansion strategies - Operational management risk: Company expansion demands higher requirements for strategy, organization, capital, and internal control[39] - Significant inventory risk: High safety stock maintained for supply assurance ties up capital and faces impairment risk from market changes[40] - Human resource risk: Facing pressure from loss of core technical and management personnel and rising labor costs[41] - Market development risk: New capacity requires simultaneous market expansion, otherwise facing the risk of decreased capacity utilization[42] Corporate Governance The company held two shareholder meetings, maintained stable management, and planned no semi-annual profit distribution or equity incentive programs - The 2023 Annual General Meeting and the First Extraordinary General Meeting of 2024 were held during the reporting period[44] - There were no changes in the company's directors, supervisors, and senior management during the reporting period[44] - The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[45] Environmental and Social Responsibility The company and its subsidiaries are not key polluting units, received no environmental penalties, and have not yet engaged in targeted poverty alleviation - The company and its subsidiaries are not key polluting units and received no environmental administrative penalties during the reporting period[46] Significant Matters Commitments Controlling shareholders committed to avoiding horizontal competition and to cultivating and potentially injecting aircraft wheel brake core component projects into the company - Controlling shareholder Powder Metallurgy Center and indirect controlling shareholder Xingxiang Group committed to avoid horizontal competition with the listed company[47] - Powder Metallurgy Center and Xingxiang Capital committed to cultivate the aircraft wheel brake core components project and decide by December 31, 2029, whether to inject it into the listed company or liquidate it[47] Significant Guarantees The company provided RMB 60 million in guarantees for subsidiaries, with an outstanding balance of RMB 20 million at period-end, representing 0.94% of net assets Guarantee Information | Guarantee Item | Amount (RMB million) | | :--- | :--- | | Total Approved Guarantee Amount for Subsidiaries in Reporting Period | 6,000 | | Total Actual Guarantee Amount for Subsidiaries in Reporting Period | 6,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 2,000 | | Proportion of Total Actual Guarantees to Company's Net Assets | 0.94% | Share Changes and Shareholder Information Share Change Status The company's total share capital remained unchanged at 573,104,819 unrestricted shares, with no new issuances or capitalizations - The company's total share capital is 573,104,819 shares, unchanged during the reporting period, all being unrestricted shares[59] Shareholder Information As of period-end, the company had 58,405 shareholders, with the top four state-owned entities holding over 31%, including the controlling shareholder at 12.65% Top Shareholders | Shareholder Name | Shareholding Percentage | Share Nature | | :--- | :--- | :--- | | Central South University Powder Metallurgy Engineering Research Center Co., Ltd. | 12.65% | State-owned Legal Entity | | Hunan Xiangtou High-Tech Venture Capital Co., Ltd. | 7.71% | State-owned Legal Entity | | National Military-Civilian Integration Industry Investment Fund Co., Ltd. | 6.53% | State-owned Legal Entity | | Hunan Xingxiang Investment Holding Group Co., Ltd. | 4.22% | State-owned Legal Entity | - Hunan Xingxiang Investment Holding Group Co., Ltd. is the controlling shareholder of Central South University Powder Metallurgy Engineering Research Center Co., Ltd., forming a concerted action relationship[60] Financial Report Financial Statements This section presents the unaudited 2024 semi-annual consolidated and parent company financial statements, including balance sheet, income statement, cash flow, and equity changes Consolidated Balance Sheet Consolidated Income Statement Consolidated Cash Flow Statement Notes to Financial Statements These notes provide detailed explanations of the company's accounting policies, estimates, and key financial statement items, crucial for understanding the financial report - Revenue recognition policy: Aircraft brake materials are recognized upon domestic customer receipt or consignment settlement, or export customs declaration for foreign sales; aerospace and civil carbon/carbon composite materials are recognized upon customer receipt or acceptance as per contract; high-performance cemented carbide is recognized upon customer confirmation of receipt[142][143] - R&D expenditure capitalization policy: For aerospace and aircraft brake material development projects, capitalization occurs when technical specifications or functional baselines are formed and the likelihood of success is high; for high-performance cemented carbide R&D, capitalization occurs upon completion of formula trials[132][133] Segment Information Business is segmented into Aerospace and Powder Metallurgy; Powder Metallurgy generated RMB 221 million in revenue but a RMB 10 million loss, while Aerospace generated RMB 85.86 million revenue and RMB 19.75 million profit Segment Performance | Item | Aerospace and Carbon/Carbon Composite Materials Business | Powder Metallurgy Business | | :--- | :--- | :--- | | External Transaction Revenue (RMB) | 85,864,753.01 | 220,748,326.16 | | Total Profit (RMB) | 19,754,975.71 | -10,001,356.88 | | Total Assets (RMB) | 2,902,932,496.50 | 1,484,012,338.77 | | Total Liabilities (RMB) | 558,133,495.17 | 480,472,615.55 |