太湖雪(838262) - 2024 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions Important Notices and Definitions This report is unaudited; management guarantees its truthfulness and accuracy, and cautions investors about the uncertainty of forward-looking statements - This semi-annual report has not been audited by an accounting firm[5] - Forward-looking statements regarding future plans do not constitute substantive commitments to investors and are subject to uncertainty[5] - The company faces no risk of delisting during this reporting period[7] Company Profile Company Basic Information Suzhou Taihu Snow Silk Co, Ltd (838262) is a manufacturing company listed on the Beijing Stock Exchange, specializing in silk products, with Suzhou Yingbao Investment as the controlling shareholder Company Basic Information | Item | Information | | :--- | :--- | | Stock Ticker | Taihu Snow (838262) | | Company Full Name | Suzhou Taihu Snow Silk Co, Ltd | | Listing Exchange | Beijing Stock Exchange | | Listing Date | December 30, 2022 | | Industry Classification | Manufacturing - Textiles - Bedding Manufacturing | | Main Products | Silk quilts, bedding sets, silk accessories, and silk apparel | | Controlling Shareholder | Suzhou Yingbao Investment Co, Ltd | | Actual Controllers | Hu Yufang and Wang Anqi (mother and daughter) | Accounting Data and Operating Results Key Financial Indicators In H1 2024, revenue grew by 3.51%, but net profit attributable to shareholders fell by 28.86%, with operating cash flow turning negative Profitability | Indicator | H1 2024 (CNY) | H1 2023 (CNY) | Y/Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 238,490,146.41 | 230,408,965.18 | 3.51% | | Net Profit Attributable to Shareholders | 11,183,011.09 | 15,719,727.16 | -28.86% | | Net Profit after Non-recurring Items | 9,272,777.11 | 10,978,105.44 | -15.53% | | Gross Profit Margin | 40.30% | 40.73% | - | | Basic Earnings Per Share (CNY) | 0.2133 | 0.2957 | -27.87% | Solvency and Operational Capability | Indicator | June 30, 2024 (CNY) | Dec 31, 2023 (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 505,415,920.26 | 517,049,817.29 | -2.25% | | Net Assets Attributable to Shareholders | 310,973,594.15 | 313,944,375.67 | -0.95% | | Asset-Liability Ratio (Consolidated) | 38.33% | 39.12% | - | | Net Cash Flow from Operating Activities | -4,389,842.06 | 38,362,414.21 (Prior Year Period) | -111.44% | Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Government Subsidies | 2,420,680.00 | | Other Non-operating Income/Expenses | -172,236.08 | | Total Non-recurring Gains and Losses | 2,248,443.92 | | Net Non-recurring Gains and Losses | 1,910,233.98 | Review and Analysis of Business Operations Revenue slightly increased by 3.32% driven by offline channels, while net profit declined due to higher advertising and salary expenses Main Business Revenue by Channel | Channel | H1 2024 Revenue (CNY) | Percentage | Y/Y Change | | :--- | :--- | :--- | :--- | | Online Channels | 115,202,572.48 | 48.49% | -2.99% | | Offline Channels | 122,367,726.98 | 51.51% | 10.05% | | Total | 237,570,299.46 | 100.00% | 3.32% | Revenue from Major Online Sales Platforms | Platform | H1 2024 Revenue (CNY) | Y/Y Change | | :--- | :--- | :--- | | Tmall | 46,070,180.59 | -14.20% | | JD.com | 11,844,179.71 | -7.46% | | Douyin | 20,851,864.16 | 80.32% | | Amazon | 18,387,695.32 | 17.79% | | Overseas Official Website | 9,087,390.61 | -7.49% | - The company's business model remained unchanged, focusing on R&D, design, and brand operations with a multi-faceted sales model combining online/offline and domestic/overseas channels[27][31][34] - The decline in net profit was primarily due to a CNY 5.33 million increase in advertising and promotion expenses and a CNY 1.73 million increase in sales staff salaries to secure market share[52] - During the period, the company added 1 invention patent and 38 copyrights, bringing the cumulative total to 8 invention patents, 90 utility model patents, and 2,315 copyrights as of June 30, 2024[2][38] Financial Condition Analysis Total assets and liabilities decreased slightly, with significant changes in expenses impacting profit and operating cash flow turning negative - Accounts receivable decreased by 41.12% from the beginning of the year, while inventory balance increased by 20.22%[50] - Financial expenses increased by 265.75% year-over-year, mainly due to higher interest on lease liabilities and reduced foreign exchange gains[52] - Asset impairment losses grew by 101.83% year-over-year, primarily from increased provisions for inventory due to higher stock levels[52] - Net cash flow from operating activities decreased by 111.44% year-over-year, mainly due to increased investment in marketing channels, personnel compensation, and sales inventory[55] Company Risks and Countermeasures The company faces risks from regional sales concentration, raw material prices, inventory levels, and exchange rate fluctuations - Offline channels are highly concentrated in the Suzhou area, posing a regional risk, which the company mitigates by expanding online channels (online revenue share grew from 37.40% in 2019 to 48.49%)[62] - Key raw material prices for mulberry silk floss and silk fabric are subject to volatility risk, addressed through price monitoring models and stable supplier relationships[62] - A large inventory balance creates a risk of write-downs, which is managed by enhancing coordination between production and sales and using information systems[62] - Exchange rate fluctuation risk is increasing with the growth of cross-border business, managed through exchange rate tracking and settlement mechanisms[62] Significant Events Details of Significant Events The period included routine related-party transactions, the completion of a share buyback plan, and the pledging of assets for bank loans - The company engaged in routine related-party transactions, primarily involving the procurement of raw materials, sale of goods, and leasing of properties from related parties[64] - The share buyback plan was completed, with a total of 1,453,860 shares (2.73% of total share capital) repurchased for a total amount of CNY 13,399,206.48 between July 17, 2023, and January 16, 2024[65][66] - Certain production workshops, office buildings, and land use rights with a combined book value of CNY 4.25 million were pledged to banks to secure working capital loans[68] Changes in Share Capital and Financing Share Capital Structure and Shareholders As of the period end, total share capital was 53,164,758 shares with a stable structure, and the top ten shareholders held 79.31% Share Capital Structure | Share Type | Number of Shares | Percentage | | :--- | :--- | :--- | | Shares without Trading Restrictions | 15,496,928 | 29.15% | | Shares with Trading Restrictions | 37,667,830 | 70.85% | | Total Share Capital | 53,164,758 | 100% | - The top two shareholders, Suzhou Yingbao Investment Co, Ltd (62.39%) and Suzhou Huzhijin Investment Management Partnership (8.46%), are controlled by Hu Yufang and Wang Anqi, who are parties acting in concert[71] Use of Proceeds In January 2024, the company reallocated CNY 10 million of proceeds from its 2022 public offering to marketing and brand upgrading projects - The company's 2022 public offering raised net proceeds of CNY 101,933,962.26[73] Changes in the Use of Proceeds | Project Name | Amount Before Change (CNY) | Amount After Change (CNY) | | :--- | :--- | :--- | | Marketing Channel and Brand Upgrade Project | 56,911,262.26 | 66,911,262.26 | | R&D and Testing Center Construction Project | 30,022,700.00 | 30,022,700.00 | | IT System Upgrade Project | 15,000,000.00 | 5,000,000.00 | Changes in Directors, Supervisors, Senior Management, and Core Employees Directors, Supervisors, Senior Management, and Employees During the period, a director was appointed as Deputy General Manager, total employee count increased, and two key personnel resigned post-period - During the reporting period, Mr. Dai Yan, a Director and Secretary of the Board, was appointed as Deputy General Manager to support the company's strategic planning and operational needs[82][83] Employee Headcount Changes | Position Category | Headcount at Start of Period | Headcount at End of Period | | :--- | :--- | :--- | | Sales Personnel | 221 | 233 | | Production Personnel | 305 | 319 | | Technical Personnel | 66 | 66 | | Administrative Personnel | 20 | 23 | | Finance Personnel | 17 | 18 | | Total Employees | 629 | 659 | - After the reporting period (August 24, 2024), Mr. Jia Xinhua, a non-independent director, and Mr. Lu Yaohua, a supervisor, resigned for personal reasons[85] Financial Report Financial Statements This section contains the unaudited H1 2024 consolidated and parent company financial statements - This financial report is unaudited[86] - The financial statements include the consolidated balance sheet, income statement, cash flow statement, and statement of changes in shareholders' equity, along with the corresponding parent company statements[86][91][97][101] Notes to the Financial Statements The notes detail accounting policies, explain key financial statement items, and note a change in consolidation scope due to a new subsidiary - The scope of consolidation for the financial statements changed during the period due to the establishment of a new wholly-owned subsidiary, "Suzhou Taihu Snow Culture Technology Co, Ltd"[111][112][229] - Revenue Recognition: Revenue from offline direct stores is recognized upon delivery to the customer; for corporate clients, upon receipt of a signed delivery note; for online sales, upon customer confirmation of receipt or automatic system confirmation[144][145] - As of the period end, the company's other equity instrument investments consisted of a CNY 10.45 million investment in Shengzhou Mosang High-tech Co, Ltd, designated as a non-trading equity instrument measured at fair value through other comprehensive income[182] - The company's actual controller, Hu Yufang, has provided personal guarantees for multiple bank loans obtained by the company[260] List of Documents for Inspection Documents for Inspection This section lists available inspection documents, including signed financial statements and original copies of all public disclosures - Documents available for inspection include: - Financial statements signed and sealed by the company's legal representative, chief accounting officer, and head of the accounting department - Original copies of all company documents and announcements publicly disclosed on designated platforms during the reporting period[289]