天玑科技(300245) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and bear legal responsibility, with all directors attending the review meeting, and no plans for cash dividends, bonus shares, or capital reserve conversions - Company management guarantees the report's truthfulness, accuracy, and completeness[2] - The company's 2024 semi-annual profit distribution plan is to not distribute cash dividends, no bonus shares, and no conversion of capital reserves into share capital[2] Definitions This chapter defines abbreviations for key company entities, related parties, and professional terms used in the report, providing a foundational understanding of the content - The report clearly defines key terms including the company, its main wholly-owned subsidiaries, associates, and branches[5] Section II Company Profile and Key Financial Indicators Company Profile Shanghai Tianji Technology Co., Ltd. (stock code: 300245) is a company listed on the Shenzhen Stock Exchange, with Su Bo as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Tianji Technology | | Stock Code | 300245 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Su Bo | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue was 150.07 million yuan, a slight decrease of 1.57% year-on-year, with net profit attributable to shareholders at -11.17 million yuan, a significant narrowing of loss by 55.12% year-on-year, and net cash flow from operating activities at -97.87 million yuan, an outflow expansion of 13.58% year-on-year, while total assets and net assets both slightly decreased Key Financial Performance | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 150,065,115.29 | 152,459,901.23 | -1.57% | | Net Profit Attributable to Shareholders (yuan) | -11,165,568.70 | -24,879,491.70 | 55.12% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (yuan) | -29,361,379.35 | -31,818,835.26 | 7.72% | | Net Cash Flow from Operating Activities (yuan) | -97,872,273.74 | -86,168,496.72 | -13.58% | | Basic Earnings Per Share (yuan/share) | -0.04 | -0.08 | 50.00% | | Weighted Average Return on Net Assets | -0.82% | -1.73% | 0.91% | | Indicator | End of Current Reporting Period | End of Prior Year | Year-on-Year Change | | Total Assets (yuan) | 1,541,225,149.73 | 1,648,316,726.62 | -6.50% | | Net Assets Attributable to Shareholders (yuan) | 1,337,486,138.64 | 1,383,750,964.50 | -3.34% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled 18.20 million yuan, primarily from disposal of non-current assets (15.56 million yuan), government grants (2.24 million yuan), and fair value changes of financial assets (3.42 million yuan), which was the main reason for the significant narrowing of net profit loss Non-recurring Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 15,563,026.57 | | Government Grants Included in Current Profit/Loss | 2,239,999.60 | | Gains/Losses from Financial Assets | 3,416,538.51 | | Other Non-operating Income and Expenses | 161,743.22 | | Total | 18,195,810.65 | Section III Management Discussion and Analysis I. Main Businesses During the Reporting Period The company's main business is providing comprehensive IT services and products, categorized into six types: IT support and maintenance, IT outsourcing, IT professional services, IT software services, third-party software and hardware sales, and proprietary product sales, holding a leading position in the data center IT infrastructure third-party service market and actively expanding into Xinchuang products and solutions - Company's business covers six major segments: IT support and maintenance, outsourcing, professional services, software services, software and hardware sales, and proprietary product sales[15][16][17][18][19][20] - Proprietary products include PBData database appliance, PriData hyper-converged appliance, and PhegData distributed storage platform[20][21] - According to CCID Consulting data, the company ranked eighth in the 2023 data center IT infrastructure third-party service market and second in the East China region, demonstrating market leadership[23] II. Analysis of Core Competencies During the reporting period, the company enhanced its core competitiveness through continuous technological innovation, adding 5 software copyrights, accumulating 15 patents and 301 software copyrights, and obtaining multiple honors and qualifications such as MSP Cloud Management Service Capability Enhancement Certificate and CS4 level for information system construction and service capability, further solidifying its industry position - As of the end of the reporting period, the company and its subsidiaries accumulated 15 patents, 301 software copyrights, and 105 trademarks, with 5 new software copyrights added during the period[24] - Obtained several important qualifications during the reporting period, including MSP Cloud Management Service Capability Enhancement Certificate, CS4 level for information system construction and service capability, and ITSS Cloud Computing Information Technology Service Standard Compliance Certificate Level 3, enhancing industry recognition[26] III. Analysis of Main Business During the reporting period, IT outsourcing service revenue increased by 8.51% year-on-year, becoming a key growth driver, while IT support and maintenance service revenue decreased by 15.35%, with the financial sector accounting for the largest share but decreasing by 14.41% year-on-year, and the telecom sector revenue significantly growing by 49.97%, with East China remaining the company's primary revenue source Key Financial Data | Major Financial Data | Current Reporting Period | Prior Year Period | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 150,065,115.29 | 152,459,901.23 | -1.57% | - | | Operating Cost | 110,839,299.65 | 114,786,810.51 | -3.44% | - | | Financial Expenses | -2,603,084.51 | -5,772,382.89 | 54.90% | Decrease in interest income due to lower bank deposits | | Net Cash Flow from Investing Activities | -343,857,397.73 | 3,227,125.11 | -10,755.22% | Due to purchase of principal-protected wealth management products | | Net Cash Flow from Financing Activities | -44,652,564.47 | -1,701,587.62 | -2,524.17% | Due to share repurchase | Revenue by Product or Service | By Product or Service | Operating Revenue (yuan) | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | | IT Support and Maintenance | 57,782,188.25 | -15.35% | | IT Outsourcing Services | 73,099,965.69 | 8.51% | Revenue by Customer Industry | By Customer Industry | Operating Revenue (yuan) | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | | Financial | 86,380,186.30 | -14.41% | | Telecommunications | 23,467,920.53 | 49.97% | IV. Analysis of Non-Main Business During the reporting period, non-main businesses significantly impacted the company's profit, with asset disposal gains reaching 15.56 million yuan, mainly from the sale of real estate, representing a major positive contribution to the income statement, while investment income was -1.10 million yuan, fair value change gains and losses were 1.99 million yuan, and other income (primarily government grants) was 2.46 million yuan, with these items not being sustainable Non-Main Business Impact on Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | | :--- | :--- | :--- | :--- | | Investment Income | -1,104,606.10 | 8.39% | Changes in equity method long-term equity investment income and wealth management product income | | Fair Value Change Gains and Losses | 1,985,903.14 | -15.09% | Fair value changes of purchased wealth management products | | Other Income | 2,462,649.63 | -18.71% | Government grants received | | Asset Disposal Gains | 15,563,376.57 | -118.24% | Sale of real estate | V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 1.54 billion yuan, a 6.50% decrease from the beginning of the period, with the asset structure changing significantly as cash and cash equivalents decreased sharply by 28.35 percentage points, mainly due to the purchase of principal-protected wealth management products, leading to a substantial increase in financial assets held for trading, and the company concurrently changed its accounting treatment for Fushenlan, reclassifying it from long-term equity investment to financial assets measured at fair value - Cash and cash equivalents balance at period-end was 275.26 million yuan, a significant decrease from 761.67 million yuan at period-start, with its proportion of total assets falling from 46.21% to 17.86%, primarily due to the purchase of principal-protected wealth management products during the reporting period[33] - The company reclassified its investment in Fushenlan from long-term equity investment to financial assets measured at fair value through profit or loss, as the company has withdrawn from its board of directors and no longer has significant influence over it[35] VI. Analysis of Investment Status During the reporting period, the company had no new significant equity or non-equity investments, actively used its own funds and raised funds for entrusted wealth management, with 878 million yuan incurred during the period and 375 million yuan outstanding, and terminated the original "Smart Data Center" and "Smart Communication Cloud" projects, reallocating 210 million yuan to the "Smart Port - Digital Product Project," which currently has an investment progress of 3.80% Entrusted Wealth Management | Entrusted Wealth Management Type | Source of Funds | Amount Incurred (10,000 yuan) | Outstanding Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6,900 | 2,500 | | Bank Wealth Management Products | Raised Funds | 68,900 | 29,000 | | Brokerage Wealth Management Products | Raised Funds | 12,000 | 6,000 | | Total | | 87,800 | 37,500 | - The company terminated the original "Smart Data Center Project" and "Smart Communication Cloud Project," reallocating 210.34 million yuan of raised funds for the construction of the "Smart Port - Digital Product Project"[42][43] - As of the end of the reporting period, the "Smart Port - Digital Product Project" had a cumulative investment of 8 million yuan, with an investment progress of 3.80%, expected to be ready for use by June 30, 2025[40][43] VII. Significant Asset and Equity Sales During the reporting period, the company sold real estate located in Xiaoshan District, Hangzhou, for 32.47 million yuan, a transaction that helps revitalize company assets, improve asset liquidity, and aligns with the company's operational development needs - On January 18, 2024, the company sold real estate located in Xiaoshan District, Hangzhou, for 32.47 million yuan, a transaction that helps revitalize company assets[47] VIII. Analysis of Major Holding and Associate Companies During the reporting period, the company's main subsidiaries, Shanghai Tianji Data Technology Co., Ltd. and Hainan Tianji Hongsheng Information Technology Co., Ltd., were both in a loss-making state, with net profits of -3.77 million yuan and -4.31 million yuan, respectively Net Profit of Major Subsidiaries | Company Name | Company Type | Net Profit (yuan) | | :--- | :--- | :--- | | Shanghai Tianji Data Technology Co., Ltd. | Subsidiary | -3,772,897.26 | | Hainan Tianji Hongsheng Information Technology Co., Ltd. | Subsidiary | -4,306,332.69 | X. Risks Faced by the Company and Countermeasures The company faces major risks including changes in the macroeconomic environment, technology and R&D risks, and human resource risks, requiring flexible adjustment of operating strategy, keeping up with technological trends, and improving talent incentive mechanisms to address these challenges - The company identified three major risks: macroeconomic environment changes, technology updates and R&D promotion falling short of expectations, and loss of core talent[51] Section IV Corporate Governance Changes in Directors, Supervisors, and Senior Management During the reporting period, Mr. Su Yujun, the former Chairman, Director, and General Manager, resigned on February 27, 2024 - Su Yujun resigned from his positions as Chairman, Director, and General Manager on February 27, 2024[55] Company Equity Incentive Plan From June to July 2024, the company initiated and obtained shareholder approval for the "2024 Restricted Stock Incentive Plan (Draft)," aimed at incentivizing core employees - The company's 2024 Restricted Stock Incentive Plan was approved by the Board of Directors on June 24, 2024, and by the Shareholders' Meeting on July 12, 2024[56][57] Section V Environmental and Social Responsibility Social Responsibility The company emphasizes fulfilling social responsibilities, strictly adhering to legal information disclosure, improving governance structure, and safeguarding shareholder rights, while in protecting employee rights, it adheres to a "people-oriented" approach, ensuring legal rights, and providing a healthy, safe work environment and career development opportunities - The company protects shareholder and creditor rights by improving corporate governance, strict information disclosure, and open communication channels[59] - The company strictly complies with labor laws, safeguards employees' legal rights, and provides training opportunities, committed to achieving mutual growth between employees and the company[59] Section VI Significant Matters Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, directors, supervisors, and senior management strictly adhered to their commitments made during acquisitions, initial public offerings, and refinancing regarding non-competition, related-party transactions, fund occupation, and maintaining the independence of the listed company, with no violations - As of the end of the reporting period, all parties who made commitments strictly honored them, with no violations[60][61][62][63] Significant Related-Party Transactions During the reporting period, the company engaged in daily operational related-party transactions with its associate companies, Shanghai Fushenlan Software Co., Ltd. and Tianji Xinke (Hainan) Technology Co., Ltd., primarily involving procurement and sales of services, totaling 304,100 yuan, which did not exceed the annual estimated amount Related-Party Transactions | Related Party | Related Transaction Content | Related Transaction Amount (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | | :--- | :--- | :--- | :--- | | Shanghai Fushenlan Software Co., Ltd. | Procurement/Sales of Labor Services | 29.13 | 800 | | Tianji Xinke (Hainan) Technology Co., Ltd. | Procurement/Sales of Labor Services | 1.28 | 3,000 | | Total | | 30.41 | 3,800 | Significant Contracts and Their Performance The company had multiple property lease contracts during the reporting period, acting as lessor to rent out its own properties in Shanghai, Beijing, Chongqing, etc., to revitalize assets, with no significant lease projects that generated profit or loss exceeding 10% of total profit during the reporting period - The company leases out its own properties located in Shanghai, Hangzhou (partially sold), Beijing, and Chongqing[78][79] Section VII Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital of 313,457,493 shares remained unchanged, and the company implemented a share repurchase plan, having repurchased 8,831,463 shares, representing 2.82% of the total share capital, for a total of 43.12 million yuan as of June 28, 2024, with the repurchased shares to be used for employee stock ownership plans or equity incentives - The company initiated a share repurchase in February 2024, planning to repurchase shares with funds ranging from 50 million yuan to 90 million yuan[85] - As of June 28, 8.83 million shares have been repurchased, accounting for 2.82% of the total share capital, with a payment of 43.12 million yuan[85] Shareholder Numbers and Shareholding As of the end of the reporting period, the company had 25,963 common shareholders, with the top two shareholders being Shenzhen Yulong Capital Investment Management Co., Ltd. (holding 8.38%) and the company's special repurchase securities account (holding 5.50%), and the actual controller, Mr. Su Bo, and his concerted party, Shenzhen Yulong Capital, collectively held 12.96% of the shares Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Shenzhen Yulong Capital Investment Management Co., Ltd. | 8.38% | 26,255,000 | | Shanghai Tianji Technology Co., Ltd. Repurchase Special Securities Account | 5.50% | 17,238,987 | | Su Bo | 4.58% | 14,359,622 | | Beijing Xinrun Investment Co., Ltd. | 3.75% | 11,745,000 | | Zou Yuepu | 3.51% | 11,010,762 | - Shenzhen Yulong Capital Investment Management Co., Ltd. and Su Bo are parties acting in concert[87] Section VIII Preferred Shares Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[91] Section IX Bonds Bonds The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[92] Section X Financial Report Financial Statements This semi-annual financial report is unaudited, with the consolidated balance sheet showing total assets of 1.54 billion yuan, total liabilities of 200 million yuan, and owners' equity attributable to the parent company of 1.34 billion yuan, while the consolidated income statement shows operating revenue of 150 million yuan, net profit of -13.67 million yuan, and net profit attributable to the parent company of -11.17 million yuan, and the consolidated cash flow statement shows net cash outflow from operating activities of 97.87 million yuan, net cash outflow from investing activities of 344 million yuan, and net cash outflow from financing activities of 44.65 million yuan - The company's 2024 semi-annual financial report is unaudited[93] Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 275,258,991.90 | 761,665,166.19 | | Financial Assets Held for Trading | 375,725,819.01 | - | | Accounts Receivable | 158,334,846.91 | 210,240,896.14 | | Total Assets | 1,541,225,149.73 | 1,648,316,726.62 | | Total Liabilities | 199,962,691.51 | 258,280,136.25 | | Total Owners' Equity Attributable to Parent Company | 1,337,486,138.64 | 1,383,750,964.50 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 150,065,115.29 | 152,459,901.23 | | Operating Profit | -13,101,596.71 | -34,971,666.18 | | Total Profit | -13,162,853.52 | -29,744,181.88 | | Net Profit | -13,674,874.99 | -26,319,822.44 | | Net Profit Attributable to Parent Company Shareholders | -11,165,568.70 | -24,879,491.70 | Consolidated Cash Flow Statement Key Items | Consolidated Cash Flow Statement Key Items | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -97,872,273.74 | -86,168,496.72 | | Net Cash Flow from Investing Activities | -343,857,397.73 | 3,227,125.11 | | Net Cash Flow from Financing Activities | -44,652,564.47 | -1,701,587.62 | | Net Increase in Cash and Cash Equivalents | -486,365,389.91 | -84,542,197.85 | Notes to Consolidated Financial Statements The notes to the financial statements detail the composition and changes of each accounting item, with key points including a significant decrease in cash and cash equivalents due to the purchase of wealth management products, leading to an increase in financial assets held for trading, high balances of accounts receivable and contract assets, with the top five customers accounting for 39.99%, a decrease in long-term equity investments due to a change in accounting treatment for Fushenlan, a slight year-on-year decrease in operating revenue with effective cost control, and asset disposal gains being a significant positive contribution to the current period's income statement Cash and Cash Equivalents The period-end balance of cash and cash equivalents was 275.26 million yuan, a significant decrease from 761.67 million yuan at the beginning of the period, with 2.97 million yuan of this being restricted performance bonds Cash and Cash Equivalents Breakdown | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 272,293,917.43 | 758,461,159.13 | | Other Cash and Cash Equivalents | 2,965,074.47 | 3,204,007.06 | | Total | 275,258,991.90 | 761,665,166.19 | Accounts Receivable The period-end book value of accounts receivable was 158 million yuan, a decrease from 210 million yuan at the beginning of the period, with approximately 73% of the amounts within one year, and the top five customers' accounts receivable and contract assets collectively accounting for 39.99% of the total, indicating high customer concentration - The combined balance of accounts receivable and contract assets from the top five customers was 120 million yuan, accounting for 39.99% of the total[214] Long-term Equity Investments The period-end book value of long-term equity investments was 32.15 million yuan, a significant decrease from 50.16 million yuan at the beginning of the period, with the main change being the derecognition of long-term equity investment in Shanghai Fushenlan, reclassifying it to other financial assets, involving an amount of 23.78 million yuan - Due to withdrawal from the board of directors of Shanghai Fushenlan Software Co., Ltd., the company derecognized its long-term equity investment in it and reclassified it, reducing long-term equity investment by 23.78 million yuan[237] Operating Revenue and Operating Costs During the reporting period, the company achieved operating revenue of 150 million yuan, a year-on-year decrease of 1.57%, and operating costs were 111 million yuan, a year-on-year decrease of 3.44%, with the cost reduction being greater than the revenue reduction, leading to an improvement in gross profit margin Operating Revenue and Costs Breakdown | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Revenue | | | | Main Business | 147,038,129.41 | 149,632,998.63 | | Other Business | 3,026,985.88 | 2,826,902.60 | | Total | 150,065,115.29 | 152,459,901.23 | | Costs | | | | Main Business | 109,870,495.13 | 113,703,682.40 | | Other Business | 968,804.52 | 1,083,128.11 | | Total | 110,839,299.65 | 114,786,810.51 |