HCET(002729)2024-08-28 12:05Financial Performance - Revenue for the reporting period increased by 27.02% to RMB 160,646,917.50 compared to the same period last year[11] - Net profit attributable to shareholders of the listed company surged by 147.94% to RMB 20,423,284.93[11] - Net cash flow from operating activities improved significantly by 195.97% to RMB 27,649,767.62[11] - Basic earnings per share rose by 120.00% to RMB 0.11[11] - Total assets increased by 4.78% to RMB 610,679,273.96 compared to the end of the previous year[11] - Revenue increased by 27.02% to RMB 160,646,917.50, driven by growth in the power fuse and accessories business[32] - Operating costs rose by 32.06% to RMB 107,604,265.86, primarily due to increased revenue and rising raw material prices[32] - Net cash flow from operating activities surged by 195.97% to RMB 27,649,767.62, mainly due to trade receivables recovery and reduced certification and testing fees[33] - Net cash flow from financing activities decreased by 144.36% to RMB -6,721,761.94, primarily due to reduced bank loans and increased dividend payments[33] - R&D investment increased by 20.53% to RMB 9,628,765.42, reflecting continued focus on innovation[33] - Circuit protection components accounted for 95.47% of total revenue, with a 36.63% year-on-year growth[34] - Power fuse and accessories revenue grew by 65.46% to RMB 90,406,042.47, contributing 56.27% to total revenue[34] - Domestic market revenue increased by 31.37% to RMB 147,617,911.38, representing 91.89% of total revenue[34] - Gross margin for circuit protection components improved by 2.19% to 30.43%[35] - Overseas market revenue decreased by 7.66% to RMB 13,029,006.12, but gross margin improved by 10.26% to 48.72%[35] - Investment income amounted to 95,028.66 yuan, accounting for 0.42% of total profit, mainly from the maturity of structured deposits[36] - Fair value change income was 75,149.81 yuan, accounting for 0.34% of total profit, mainly from structured deposits and bank wealth management products[36] - Asset impairment loss was -875,691.29 yuan, accounting for -3.91% of total profit, mainly due to inventory write-downs[36] - Credit impairment loss was 1,463,843.74 yuan, accounting for 6.53% of total profit, mainly from the recovery of trade receivables[36] - Monetary funds increased by 7.22% to 131,301,391.09 yuan, accounting for 21.50% of total assets, mainly due to trade receivables collection and structured deposit maturity[37] - Accounts receivable decreased by 2.14% to 117,132,846.76 yuan, accounting for 19.18% of total assets[38] - Inventory increased by 1.12% to 65,232,913.63 yuan, accounting for 10.68% of total assets[38] - Fixed assets decreased by 2.03% to 185,394,339.58 yuan, accounting for 30.36% of total assets[38] - Short-term loans decreased to 0.00 yuan from 100,105.42 yuan, mainly due to repayment of bank short-term loans[38] - Overseas assets of Haolilai Limited amounted to 18.48 million yuan, with a net profit of 191,100 yuan, accounting for 3.67% of the company's net assets[40] - The company's initial investment in Simer International (HK.06969) was RMB 4,451,627.60, with a final book value of RMB 0 due to a loss of RMB 75,667.99 during the reporting period[43] - The company's initial investment in LK Technology (HK.00558) was RMB 481,973.11, with a final book value of RMB 0 due to a loss of RMB 71,774.37 during the reporting period[43] - The total investment in securities during the reporting period was RMB 4,933,600.71, with a loss of RMB 147,442.36[44] - The company's commodity futures hedging investment had an initial investment of RMB 30.12 million, with a final amount of RMB 579.41 million, accounting for 1.15% of the company's net assets at the end of the reporting period[45] - The company's commodity futures hedging investment resulted in an actual loss of RMB 0.79 million during the reporting period[45] - The company's commodity futures hedging investment was primarily aimed at mitigating raw material price risks, with a focus on price volatility, liquidity, and operational risks[45] - The company implemented risk control measures for commodity futures hedging, including optimizing the scale and duration of hedging, controlling the size of futures positions, and enhancing internal control systems[46] - The fair value of the company's commodity futures hedging investment increased by RMB 1,725 per kilogram for silver and RMB 63,640 per ton for tin during the reporting period[46] - The company did not engage in any speculative derivative investments during the reporting period[47] - The company did not use any raised funds during the reporting period[48] - The company sold 18.23% equity of Hefei Quwei Chaowei Integrated Circuit Co., Ltd. for RMB 91.978 million on April 19, 2024, contributing 0% to the net profit since the beginning of the period, with a net profit contribution ratio of -0.02%[51] - Holley (Xiamen) Circuit Protection Technology Co., Ltd., a subsidiary, reported total assets of RMB 379.313 million, net assets of RMB 196.819 million, operating income of RMB 154.837 million, operating profit of RMB 22.634 million, and net profit of RMB 20.623 million[53] - The company faces risks from technological innovation, with potential impacts on revenue growth if it fails to adapt to market demands for intelligent and integrated circuit systems[54] - Major raw material price fluctuations, including copper, tin, silver, and engineering plastics, pose risks to production costs and profitability[55] - Product quality risks are significant, as any failure in circuit protection components could lead to high repair costs and damage to the company's brand and reputation[56] - The company is intensifying efforts in technological innovation and R&D to enhance product performance and competitiveness, while also focusing on cost reduction and efficiency improvement[54] - To mitigate raw material price risks, the company is utilizing financial instruments for hedging and exploring alternative materials through R&D[55] - The company is strengthening quality control measures, including self-inspection and sampling inspections, to ensure product reliability[57] - Increasing market competition and price pressures are challenges, with the company responding by diversifying its product line and expanding into new markets[58] - The company held two shareholder meetings in 2024, with participation rates of 30.00% and 30.01% respectively[60] - The company installed solar panels on the roofs of factory buildings to increase the use of clean energy[63] - The company held 1 annual general meeting and 1 extraordinary general meeting during the reporting period, ensuring the rights of shareholders, especially minority shareholders[64] - The company has established a comprehensive human resources management system and employee social security management system, ensuring the legal rights of employees[65] - The company has received awards such as "Long-term Cooperation Gold Award," "Excellent Supplier," and "Green Partner" from customers[66] - The company has been recognized as a "Four-Star Employee Home," "Municipal Labor Relations Harmonious Enterprise," and "Double Love Model Enterprise" in Xiamen[65] - The company has not been subject to any environmental penalties during the reporting period[63] - The company's semi-annual financial report was not audited[71] - The company's actual controller, Tang Qiqing, is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations[71] - The company has no significant litigation or arbitration cases during the reporting period, with a total amount of 35,900 RMB in other litigation cases[73] - The company has no non-operational fund occupation by controlling shareholders or related parties[70] - The company's old factory building was leased to Guangcai Shuangyong (Xiamen) Asset Management Co., Ltd. for a total lease amount of 81,989,109.20 RMB, adjusted from the original 84,764,160.00 RMB[81] - The company's new factory building was leased to Yanshangchao Jingyan (Xiamen) Food Co., Ltd. for a total lease amount of 468,223.35 RMB[82] - The company's factory building was leased to Xiamen Sais Automation Systems Co., Ltd. for a total lease amount of 1,607,502.60 RMB[82] - The company's factory building was leased to Xiamen Meiji Flavor & Fragrance Co., Ltd. for a total lease amount of 631,036.70 RMB[82] - The company's site was leased to Xiamen Siyu Machinery Leasing Co., Ltd. for a total lease amount of 60,000 RMB[82] - The lease income from the old factory building reached 363.69 million RMB, accounting for 16.24% of the company's total profit for the reporting period[83] - The total approved guarantee quota for subsidiaries during the reporting period is 18,000万元[90] - The actual guarantee amount for subsidiaries during the reporting period is 17,900万元[90] - A guarantee of 5,900万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on November 2, 2022[85] - A guarantee of 2,000万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on July 5, 2023[86] - A guarantee of 2,000万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on August 9, 2023[86] - A guarantee of 3,000万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on October 25, 2023[86] - A guarantee of 1,000万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on December 6, 2023[87] - A guarantee of 1,000万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on December 6, 2023, with 6 patents as counter-guarantee[87] - A guarantee of 3,000万元 was provided to Holytown (Xiamen) Circuit Protection Technology Co., Ltd. on December 20, 2023[90] - The company has approved a guarantee limit of 18,000 million for its subsidiaries, with an actual guarantee balance of 17,900 million, accounting for 35.53% of the company's net assets[91] - The company's entrusted financial management includes bank financial products with a total amount of 17,500 million, of which 1,500 million remains outstanding[92] - The company terminated the issuance of shares and payment of cash to acquire assets and raise supporting funds due to market environment changes and uncertainties[93] - The company transferred its remaining 18.2318% equity in Hefei Quwei Super Dimension Integrated Circuit Co., Ltd. for 9,197,801.97 yuan to focus on its main business[95] - The company's actual controller, Tang Qiqing, was investigated by the China Securities Regulatory Commission for suspected information disclosure violations[96] - The total number of shares of the company is 182,969,920, with 4.10% being restricted shares and 95.90% being unrestricted shares[98][99] - The largest shareholder is Xusheng Asia Investment Co., Ltd., holding 24.52% of the shares, with 44,864,400 shares[99] - Tang Qiqing, an individual domestic shareholder, holds 5.47% of the shares, with 10,008,279 shares, of which 7,506,209 are restricted shares[99] - Sun Jianbo, another individual domestic shareholder, holds 5.42% of the shares, with 9,919,755 shares, all of which are unrestricted[99] - Hangzhou Youyi Zeng Investment Management Co., Ltd. holds 2.00% of the shares, with 3,659,398 shares, all of which are unrestricted[99] - UBS AG holds 1.19% of the shares, with 2,177,982 shares, all of which are unrestricted[103] - J.P. Morgan Securities PLC holds 0.98% of the shares, with 1,795,845 shares, all of which are unrestricted[103] - Barclays Bank PLC holds 0.64% of the shares, with 1,173,802 shares, all of which are unrestricted[103] - Morgan Stanley & Co. International PLC holds 0.63% of the shares, with 1,154,077 shares, all of which are unrestricted[103] - Tang Qiqing and Xusheng Investment are considered acting in concert under the "Administrative Measures for the Acquisition of Listed Companies," with Tang Qiqing indirectly holding 100% of Xusheng Investment's equity[101] - The company's total assets increased to 610,679,273.96 yuan from 582,843,535.61 yuan at the beginning of the period[113][115] - Current assets rose to 388,859,462.30 yuan from 348,747,955.69 yuan, with a significant increase in monetary funds from 83,254,216.92 yuan to 131,301,391.09 yuan[113] - Non-current assets decreased to 221,819,811.66 yuan from 234,095,579.92 yuan, with a notable drop in other non-current financial assets from 15,915,912.80 yuan to 6,718,110.83 yuan[114] - Total liabilities increased to 106,933,118.72 yuan from 94,396,405.45 yuan, with current liabilities rising to 84,653,081.92 yuan from 70,046,063.67 yuan[115] - The company's equity increased to 503,746,155.24 yuan from 488,447,130.16 yuan, with retained earnings growing from 219,101,836.88 yuan to 234,401,964.05 yuan[115] - Accounts receivable decreased to 117,132,846.76 yuan from 124,269,796.14 yuan, indicating improved collection efficiency[113] - Inventory increased to 65,232,913.63 yuan from 55,727,067.43 yuan, reflecting higher stock levels[113] - Fixed assets decreased slightly to 185,394,339.58 yuan from 188,778,544.95 yuan, showing minor depreciation[114] - Short-term borrowings were fully repaid, decreasing from 100,105.42 yuan to 0 yuan[114] - The company's financial report for the half-year was not audited[112] - Total operating revenue for the first half of 2024 reached RMB 160,646,917.50, a 27% increase compared to RMB 126,473,379.57 in the same period of 2023[120] - Operating profit for the first half of 2024 was RMB 22,374,829.31, a significant increase from RMB 8,800,425.23 in the first half of 2023[120] - R&D expenses increased to RMB 9,628,765.42 in the first half of 2024, up from RMB 7,988,678.98 in the same period of 2023, reflecting a 20.5% growth[120] - Total assets as of the end of the first half of 2024 were RMB 341,648,592.02, slightly decreased from RMB 349,470,036.64 at the end of the first half of 2023[117][118] - Total liabilities decreased to RMB 22,686,652.36 in the first half of 2024 from RMB 27,545,717.05 in the first half of 2023, a reduction of 17.6%[118] - The company's total equity increased to RMB 318,961,939.66 in the first half of 2024, up from RMB 321,924,319.59 in the same period of 2023[118] - Long-term equity investments grew to RMB 52,396,730.74 in the first half of 2024, compared to RMB 42,396,730.74 in the first half of 2023, a 23.6% increase[117] - Other receivables increased to RMB 69,662,017.56 in the first half of 2024, up from RMB 55,418,075.05 in the first half of 2023, reflecting a 25.7% growth[117] - The company's financial expenses turned negative at RMB -567,239.84 in the first half of 2024, compared to a positive RMB 411,002.12 in the same period of 2023[120] - The company's investment income improved to RMB 95,028.66 in the first half of 2024, compared to a loss of RMB -2,077,051.73 in the first half of 2023[120] - Net profit attributable to parent company shareholders increased to RMB 20,423,284.93, up 148.1% year-over-year from RMB 8,237,309.79[121] - Operating revenue decreased slightly to RMB 13,847,638.65, down 5.5% compared to RMB 14,648,545.20 in the same period last year[122] - Operating cash flow improved significantly, with net cash flow from operating activities reaching RMB 27,649,767.62, compared to a negative RMB 28,810,533.22 in the previous year[124] - Basic earnings per share increased to RMB 0.11, up 120% from RMB 0.05 in the same period last year[121] - Sales of goods and services generated cash inflows of RMB 140,452,627.30, a 44.6% increase from RMB 97,123,840.55 in the previous year[124] - Management