中科海讯(300810) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's table of contents, and definitions of key terms Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its key financial performance metrics Company Profile This chapter provides the company's basic information, including its stock abbreviation "Zhongke Haixun", stock code "300810", listing exchange, full Chinese and English names, and legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Zhongke Haixun | | Stock Code | 300810 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Beijing Zhongke Haixun Digital Technology Co., Ltd. | | Legal Representative | Cai Huizhi | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 30.17% year-on-year, but net profit attributable to shareholders expanded to a loss of -57.70 million CNY, a 58.41% decrease year-on-year. Total assets and net assets slightly decreased compared to the end of the previous year. Due to accounting policy changes, the company retrospectively adjusted the presentation of guarantee-related quality assurance fees Key Accounting Data and Financial Indicators (CNY) | Indicator | Current Reporting Period | Prior Year Period (Adjusted) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 106,168,782.80 | 81,558,764.35 | 30.17% | | Net Profit Attributable to Shareholders of Listed Company | -57,698,758.24 | -36,422,934.48 | -58.41% | | Net Cash Flow from Operating Activities | -62,391,749.68 | -90,983,454.96 | 31.43% | | Basic Earnings Per Share (CNY/share) | -0.4929 | -0.3085 | -59.77% | | Weighted Average Return on Net Assets | -7.00% | -3.61% | -3.39% | | Total Assets | 1,112,493,833.02 | 1,173,985,058.03 (End of Prior Year) | -5.24% | | Net Assets Attributable to Shareholders of Listed Company | 786,503,601.08 | 866,536,793.32 (End of Prior Year) | -9.24% | - Due to the application guidelines for enterprise accounting standards issued by the Ministry of Finance, the company retrospectively adjusted guarantee-related quality assurance fees from "selling expenses" to "cost of sales" and restated comparative period financial statements[10] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 1.16 million CNY, primarily from fair value changes and disposal gains on financial assets held, as well as government subsidies Non-Recurring Gains and Losses (CNY) | Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 10,148.60 | | Government Subsidies Included in Current Profit/Loss | 390,183.10 | | Gains/Losses from Holding Financial Assets and Liabilities | 1,090,368.02 | | Other Non-Operating Income and Expenses | -48,516.01 | | Total | 1,164,524.04 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook Overview of Principal Business The company specializes in sonar equipment for the national special electronic information industry, providing signal processing platforms, sonar systems, hydroacoustic big data, simulation training systems, unmanned detection systems, and data centers to national special departments. The company continuously integrates artificial intelligence and big data technologies into traditional hydroacoustic technology to promote intelligent product upgrades. The business model is primarily order-driven, customized production and direct sales, characterized by high customer concentration and strong technical and qualification barriers - The company's core business is for national special departments, providing sonar equipment-related products that cover hydroacoustic target detection, communication, and navigation functions[17] - The company actively combines big data and artificial intelligence technologies with traditional hydroacoustic technology, developing GPU-based high-performance computing platforms and intelligent sonar systems to enhance equipment intelligence[17][22] - The company's main product lines include signal processing platforms, sonar systems, hydroacoustic big data, simulation training systems, unmanned detection systems, and data centers[18][19][23][24][25][27] - The operating model is "R&D, procurement, and maintenance integration," adopting an order-driven customized production and direct sales model, establishing long-term stable cooperative relationships with customers[29][31][32] Analysis of Core Competencies The company's core competencies are primarily in four areas: a stable and professional talent team with R&D personnel accounting for nearly 60%; continuous high R&D investment ensuring technological advantages, evidenced by multiple patents and software copyrights; a first-mover market advantage built on industry qualifications and long-term customer relationships; and comprehensive equipment facilities and engineering production capabilities to meet customized customer demands - The company has a technical R&D team of 234 people, accounting for 59.85% of the total workforce, with a stable core team and smooth channels for attracting professional talent[34] - As of the end of the reporting period, the company holds 23 invention patents, 13 utility model patents, and 208 software copyrights, with continuous R&D investment ensuring technological leadership[35][36] - Leveraging comprehensive industry qualifications and long-standing customer resources, the company has formed an "R&D, procurement, and maintenance integration" supply system, demonstrating significant market competitive advantages[37] - The company possesses an environmental testing and detection center certified by CNAS and the National Defense Laboratory, capable of providing overall solutions for various sonar systems[38] Analysis of Principal Business During the reporting period, the company's operating revenue increased by 30.17% year-on-year, primarily driven by the growth in signal processing platform business. However, operating costs significantly increased by 54.16%, and financial expenses surged by 390.66% due to increased net interest expenses, leading to an overall loss. By product, signal processing platforms accounted for the highest proportion of revenue, while sonar system revenue, despite a low base, grew rapidly, but its gross margin significantly declined. All of the company's business is concentrated in the national special electronic information industry Key Financial Data (CNY) | Major Financial Data | Current Reporting Period | Prior Year Period | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 106,168,782.80 | 81,558,764.35 | 30.17% | Primarily due to growth in signal processing platform business | | Operating Cost | 62,294,842.65 | 40,410,315.43 | 54.16% | Primarily due to sales growth | | Financial Expenses | 1,129,466.42 | -388,592.78 | 390.66% | Primarily due to increased net interest expenses | | Net Cash Flow from Operating Activities | -62,391,749.68 | -90,983,454.96 | 31.43% | Primarily due to increased cash received from sales of goods and services in the current period | Revenue, Cost, and Gross Margin by Product/Service | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Signal Processing Platform | 88,349,760.61 | 48,027,135.59 | 45.64% | 16.66% | 25.30% | -7.59% | | Sonar System | 14,988,108.70 | 13,031,801.86 | 13.05% | 3,681.00% | 7,067.87% | -75.90% | | Hydroacoustic Big Data and Simulation System | 1,160,169.68 | 197,500.53 | 82.98% | -74.56% | -82.31% | 9.88% | Analysis of Non-Principal Business During the reporting period, non-principal business significantly impacted profit, with credit impairment losses reaching -73.09 million CNY, accounting for 107.51% of total profit, which was the primary reason for the company's loss. This loss was mainly due to the provision for impairment of notes receivable and accounts receivable Non-Principal Business Impact on Profit (CNY) | Item | Amount | Proportion of Total Profit | Explanation of Formation | | :--- | :--- | :--- | :--- | | Investment Income | 1,237,660.75 | -1.82% | Primarily due to investment income from long-term equity investments accounted for by the equity method and investment income from purchasing wealth management products | | Asset Impairment | -4,236,465.14 | 6.23% | Primarily due to provision for impairment of inventory and contract assets | | Credit Impairment Losses | -73,087,820.25 | 107.51% | Primarily due to provision for impairment of notes receivable and accounts receivable | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 1.112 billion CNY, a 5.24% decrease from the beginning of the period. The asset structure underwent significant changes: monetary funds substantially decreased due to operational use and purchase of wealth management products, with their proportion of total assets falling by 12.06 percentage points; inventory increased due to material preparation and project investment, with its proportion rising by 5.32 percentage points; and new transactional financial assets amounted to 70.12 million CNY. On the liability side, short-term borrowings and contract liabilities increased Asset Items (CNY) | Asset Item | Period-End Balance | Proportion of Total Assets | Change in Proportion from Prior Year-End | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 102,257,360.27 | 9.19% | -12.06% | Primarily due to operational capital occupation and purchase of wealth management products | | Inventory | 246,154,408.78 | 22.13% | 5.32% | Primarily due to material preparation and increased project investment | | Transactional Financial Assets | 70,121,254.79 | 6.30% | 6.30% | Primarily due to purchase of wealth management products in the current period | | Notes Receivable | 1,660,000.00 | 0.15% | -4.93% | Primarily due to maturity and derecognition of notes | - As of the end of the reporting period, the company had 15.24 million CNY in restricted assets, mainly fixed assets pledged for borrowings and endorsed or discounted notes not yet derecognized[48][49] Analysis of Investment Status During the reporting period, the company's external equity investment amounted to 10 million CNY, invested in Beijing Baiyang Intelligent Technology Co., Ltd., holding a 1.45% stake. Concurrently, the company actively utilized idle raised funds and its own funds for entrusted wealth management, with a total transaction amount of 378 million CNY. Regarding the use of raised funds, 5.30 million CNY was invested during the reporting period, with a cumulative investment of 326 million CNY, and some raised fund investment projects had changes in implementation location and content - The company invested 10 million CNY of its own funds in Beijing Baiyang Intelligent Technology Co., Ltd., acquiring a 1.45% equity stake[50] - The company used 340 million CNY of idle raised funds and 38 million CNY of its own funds to purchase wealth management products, with an outstanding balance of 70 million CNY at period-end[51][58] - During the reporting period, the company temporarily used 40 million CNY of idle raised funds to supplement working capital, which remained outstanding at period-end[55] Risks and Countermeasures The company faces major operational risks including: performance volatility due to reliance on special industry procurement; high customer concentration in national large enterprises and institutions; seasonality in sales potentially leading to seasonal losses; large accounts receivable balances with long collection cycles; long R&D cycles, high investment, and high risks for special products; high inventory balances posing management and impairment risks; and risks related to the implementation of raised fund investment projects and the loss of core technical personnel - Performance volatility risk: The company's products primarily target national special departments, and the instability of procurement plans may lead to significant fluctuations in the company's performance[63] - Customer concentration risk: Customers are highly concentrated in national large enterprises, public institutions, and research institutes; any adverse changes in demand or cooperative relationships would negatively impact performance[63] - Accounts receivable risk: As of June 30, 2024, the accounts receivable balance was 685 million CNY, a significant amount with a long collection cycle, posing capital pressure and bad debt risks[65] - Inventory management risk: As of June 30, 2024, the inventory book balance was 263 million CNY, accounting for a high proportion of current assets at period-end, posing risks of impairment or difficulty in realization[67] Corporate Governance This section details the company's corporate governance structure, including shareholder meetings, changes in key personnel, and equity incentive plans Shareholders' Meeting Information During the reporting period, the company held two shareholders' meetings: the first extraordinary general meeting in 2024 and the 2023 annual general meeting, which approved various proposals including revisions to the Articles of Association, the Board of Directors' work report, and the profit distribution plan - An extraordinary general meeting was held on January 22, 2024, approving revisions to the "Articles of Association" and several internal governance systems[73] - The annual general meeting was held on May 10, 2024, approving the 2023 Board of Directors' work report, financial final accounts report, profit distribution plan, and annual report, among other proposals[73] Changes in Directors, Supervisors, and Senior Management During the reporting period, Mr. Wu Guisheng, the company's Deputy General Manager, resigned from his position on January 22, 2024, due to personal reasons - Deputy General Manager Wu Guisheng was dismissed on January 22, 2024, due to personal reasons[73] Implementation of Equity Incentive Plans In April 2024, the company canceled a portion of granted but unvested shares from the 2021 restricted stock incentive plan, totaling 1.102 million shares. The reasons for cancellation included the departure of incentive recipients and the company's failure to meet performance targets for the third vesting period - The company canceled a total of 1.102 million shares of second-class restricted stock from the 2021 restricted stock incentive plan, due to the departure of 7 incentive recipients (involving 0.112 million shares) and the company's failure to meet performance targets for the third vesting period (involving 0.99 million shares)[75] Environmental and Social Responsibility This section outlines the company's commitments and actions regarding environmental protection and social responsibility Environmental Protection The company and its subsidiaries are not classified as key polluting units and received no administrative penalties for environmental issues during the reporting period. The company conducted routine treatment of domestic sewage, solid waste, and noise, complying with environmental requirements - The company and its subsidiaries are not classified as key polluting units by environmental protection authorities and received no environmental administrative penalties during the reporting period[77] Significant Matters This section covers significant events and transactions that occurred during the reporting period, including commitments, related party transactions, and other material developments Fulfillment of Commitments During the reporting period, the company's controlling shareholder, actual controller, directors, supervisors, senior management, and other relevant parties normally fulfilled all commitments made during the initial public offering, including those regarding share reduction, information disclosure, avoidance of horizontal competition, and regulation of related party transactions, with no overdue unfulfilled commitments - The company and relevant committing parties normally fulfilled all commitments made during the initial public offering within the reporting period[80][81][82][83][84][85] Significant Related Party Transactions Significant related party transactions during the reporting period primarily included leasing office space from Beijing Zhongke Haixun Technology Co., Ltd., a related party, and the company's actual controller, Mr. Cai Huizhi, providing a related party guarantee for the company's 2024 bank comprehensive credit line of up to 200 million CNY - The company leases office space from Beijing Zhongke Haixun Technology Co., Ltd., a related party, for daily operations[91] - The company's actual controller, Mr. Cai Huizhi, provided an unconditional guarantee for the company's 2024 bank comprehensive credit line of up to 200 million CNY[91][110] Significant Contracts and Their Fulfillment This chapter details the company's and its subsidiaries' property lease situations and guarantees provided for subsidiaries. As of the end of the reporting period, the company's actual guarantee balance for subsidiaries was 15.81 million CNY - The company and its subsidiaries lease office space and expert apartments in multiple locations including Beijing, Wuhan, Qingdao, and Zhanjiang to meet operational needs[95][96][97] Guarantee Information (CNY) | Guarantee Type | Total Approved Amount at Period-End | Actual Guarantee Balance at Period-End | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 67,570,000 | 15,810,000 | | Total | 67,570,000 | 15,810,000 | Other Significant Matters During the reporting period, the company completed several significant matters, including an external investment of 10 million CNY in Beijing Baiyang Intelligent Technology Co., Ltd.; re-appointment of Rongcheng Certified Public Accountants as the annual audit firm; completion of a share repurchase plan, with a cumulative repurchase of 1.4891 million shares totaling approximately 20 million CNY; and implementation of the 2023 annual equity distribution - The company invested 10 million CNY of its own funds in Beijing Baiyang Intelligent Technology Co., Ltd.[107] - The company completed its share repurchase, cumulatively repurchasing 1,489,100 shares through centralized bidding from February 1 to June 3, 2024, accounting for 1.26% of total share capital, with a total transaction amount of 20,003,216.00 CNY[113][117] - The company implemented its 2023 annual equity distribution, with the equity registration date on July 3, 2024[114] Share Changes and Shareholder Information This section details changes in the company's share capital and provides information on its shareholders Share Changes During the reporting period, the company's total share capital remained unchanged at 118.05 million shares. Restricted shares slightly increased by 8,700 shares due to the lock-up of shares acquired by former senior executives as per regulations. The company completed its share repurchase plan, cumulatively repurchasing 1.4891 million shares, accounting for 1.26% of total share capital - The company's total share capital remained unchanged at 118,050,000 shares. Minor changes occurred between restricted and unrestricted shares[116] - The company completed its share repurchase from February 1 to June 3, 2024, cumulatively repurchasing 1,489,100 shares totaling approximately 20 million CNY, with repurchased shares intended for employee stock ownership plans or equity incentives[117] Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 13,400 common shareholders. The top two shareholders were Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership (Limited Partnership) and Ningbo Meishan Bonded Port Area Zhihai Acoustics Enterprise Management Partnership (Limited Partnership), holding 29.26% and 14.35% respectively, indicating a relatively concentrated equity structure - As of the end of the reporting period, the company had 13,400 shareholders[118] Top Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 29.26% | 34,546,824 | | Ningbo Meishan Bonded Port Area Zhihai Acoustics Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 14.35% | 16,942,813 | | Cai Huizhi | Domestic Natural Person | 4.57% | 5,394,033 | Preferred Shares Information This section confirms the absence of preferred shares during the reporting period Preferred Shares During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[125] Bond Information This section confirms the absence of bonds during the reporting period Bonds During the reporting period, the company had no bond-related information - The company had no bonds during the reporting period[126] Financial Report This section presents the company's financial statements and related notes Audit Report The company's 2024 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[127] Financial Statements The financial statements show that as of June 30, 2024, the company's total assets were 1.112 billion CNY, and total liabilities were 324 million CNY. In the first half of 2024, operating revenue reached 106 million CNY, with a net loss of 57.97 million CNY. Operating cash flow was a net outflow of 62.39 million CNY, and cash and cash equivalents at period-end amounted to 102.26 million CNY, a significant decrease from the beginning of the period Key Items from Consolidated Balance Sheet (CNY) | Consolidated Balance Sheet Key Items | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Monetary Funds | 102,257,360.27 | 249,482,739.16 | | Accounts Receivable | 408,176,130.80 | 397,553,576.94 | | Inventory | 246,154,408.78 | 197,294,140.20 | | Total Assets | 1,112,493,833.02 | 1,173,985,058.03 | | Short-Term Borrowings | 86,925,287.45 | 76,857,400.00 | | Total Liabilities | 323,600,491.34 | 304,785,200.44 | | Owners' Equity Attributable to Parent Company | 786,503,601.08 | 866,536,793.32 | Key Items from Consolidated Income Statement (CNY) | Consolidated Income Statement Key Items | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Operating Revenue | 106,168,782.80 | 81,558,764.35 | | Operating Cost | 62,294,842.65 | 40,410,315.43 | | Credit Impairment Losses | -73,087,820.25 | -51,468,627.12 | | Operating Profit | -67,932,047.00 | -43,209,407.31 | | Net Profit | -57,972,081.91 | -37,005,518.85 | | Net Profit Attributable to Parent Company Shareholders | -57,698,758.24 | -36,422,934.48 | Key Items from Consolidated Cash Flow Statement (CNY) | Consolidated Cash Flow Statement Key Items | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -62,391,749.68 | -90,983,454.96 | | Net Cash Flow from Investing Activities | -81,793,712.82 | -96,650,817.85 | | Net Cash Flow from Financing Activities | -3,039,916.39 | 18,917,561.77 | | Net Increase in Cash and Cash Equivalents | -147,225,378.89 | -168,716,711.04 | Notes to Consolidated Financial Statements The notes to the financial statements provide detailed explanations of the composition of each accounting item. Accounts receivable had a book balance of 685 million CNY, with an impairment provision of 277 million CNY, resulting in an impairment provision ratio of 40.43%, and accounts receivable from the top two customers accounted for an extremely high proportion of the total. Work-in-progress constituted the largest portion of inventory. The company enjoys a 15% corporate income tax preferential rate as a high-tech enterprise - Accounts receivable period-end book balance was 685 million CNY, with an impairment provision of 277 million CNY, and an impairment provision ratio of 40.43%. Accounts receivable from the top five customers by debtor accounted for 98.29% of the total, indicating extremely high customer concentration[247][249] - Inventory period-end book balance was 263 million CNY, of which work-in-progress amounted to 149 million CNY, representing the largest proportion, reflecting the company's build-to-order and long project cycle business characteristics[263] - The company and some of its subsidiaries, as high-tech enterprises, enjoy a 15% corporate income tax preferential rate[237] - During the reporting period, the company's R&D expenses were 9.775 million CNY, a 29.17% year-on-year decrease, all expensed[311][327]