值得买(300785) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, defines key terms used throughout the report, and outlines the company's non-distribution plan for the current period Important Notice The board, supervisory board, and senior management guarantee the report's accuracy, completeness, and truthfulness, while cautioning investors about forward-looking statements and various risks - Company management guarantees the report's content is true, accurate, and complete, assuming legal responsibility[2] - The company plans no cash dividends, no bonus shares, and no capitalization of reserves from public accumulation funds[3] - The company advises investors to consider macroeconomic, network compliance, industry, and operational risks, detailed in the "Management Discussion and Analysis" section[3] Definitions This chapter defines key terms used in the report, such as the reporting period, core platform "SMZDM," key business metrics like confirmed GMV, and content generation methods - The reporting period is defined as January 1, 2024, to June 30, 2024[6] - "SMZDM" is identified as the company's core content platform, and confirmed GMV (net transaction value) is calculated after deducting unpaid or returned transactions[6][7] - Various content generation models are defined, including User-Generated Content (UGC), Editor-Generated Content (PGC), Business-Generated Content (BGC), and Artificial Intelligence-Generated Content (AIGC)[7] Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its financial performance, highlighting revenue growth alongside a significant decline in net profit and operating cash flow Company Profile This chapter provides fundamental company information, including its stock ticker, code, listing exchange, full name, and legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | SMZDM | | Stock Code | 300785 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Name | Beijing SMZDM Technology Co., Ltd | | Legal Representative | Sui Guodong | Key Accounting Data and Financial Indicators During the reporting period, the company achieved revenue of 715.81 million yuan, a 5.69% increase, but net profit attributable to shareholders significantly declined by 72.81% to 7.66 million yuan Key Financial Indicators | Key Financial Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 715,810,176.27 | 677,287,995.18 | 5.69% | | Net Profit Attributable to Shareholders (yuan) | 7,657,882.29 | 28,167,240.96 | -72.81% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (yuan) | 11,983,411.48 | 19,668,677.31 | -39.07% | | Net Cash Flow from Operating Activities (yuan) | -48,440,252.19 | 13,887,939.47 | -448.79% | | Basic Earnings Per Share (yuan/share) | 0.04 | 0.14 | -71.43% | | Weighted Average Return on Net Assets | 0.41% | 1.55% | -1.14% | | Total Assets (yuan) | 2,246,394,977.05 | 2,263,237,471.89 | -0.74% (vs. end of prior year) | | Net Assets Attributable to Shareholders (yuan) | 1,835,431,261.59 | 1,854,700,953.50 | -1.04% (vs. end of prior year) | Non-Recurring Gains and Losses The company's non-recurring gains and losses totaled -4.33 million yuan, primarily due to social donation expenses partially offset by government subsidies and asset disposal gains Non-Recurring Gains and Losses Items | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 1,729,117.03 | Primarily gains/losses from disposal of fixed assets | | Government Grants Included in Current Profit/Loss | 3,755,055.79 | Government grants received by the company | | Gains/Losses from Holding Financial Assets | 1,122,441.07 | Income from the company's wealth management products | | Other Non-Operating Income and Expenses | -10,359,783.17 | Primarily social donation expenses | | Total | -4,325,529.19 | - | Management Discussion and Analysis This section details the company's business operations, financial performance, core competencies, and the risks faced, along with management's strategies for addressing them Principal Business Activities During the Reporting Period In H1 2024, the company focused on consumer content, marketing services, and consumer data, achieving 715.81 million yuan in revenue, but net profit declined due to increased R&D investment in AIGC and overseas expansion, and a public welfare donation Industry Overview In H1 2024, China's online retail market grew steadily, driven by interest-based consumption and the rapid adoption of AIGC technology, while cross-border e-commerce exports, especially to Southeast Asia, saw high growth - In H1 2024, national online retail sales reached 7.10 trillion yuan, a 9.8% year-on-year increase, indicating steady growth in the online retail market[17] - Interest has become a new consumption driver, but "content overload" leads to inefficient access to high-quality content, creating opportunities for AI-powered content platforms[19] - AIGC technology adoption is rapidly expanding, with domestic AIGC application monthly active users reaching 61.7 million, a 653.3% year-on-year increase, offering efficiency and growth opportunities for businesses[20] - Data resource capitalization has made substantial progress, with Ministry of Finance regulations effective January 1, 2024, and 23 listed companies disclosing "data resources" as assets in their Q1 reports[21][22] - Cross-border e-commerce exports maintained high growth, with H1 2024 import and export volume reaching 1.22 trillion yuan, up 10.5% year-on-year, making Southeast Asia a popular market for overseas expansion[23] Company's Principal Businesses The company is a technology enterprise focused on the consumer industry, aiming to enhance connection efficiency between brands and consumers through its three core segments: consumer content, marketing services, and consumer data - The company strategically focuses on three core segments: consumer content, marketing services, and consumer data, aiming to enhance connection efficiency between businesses (B-side) and consumers (C-side)[25] - Consumer Content Segment: Centered on the "SMZDM" community and consumer MCNs, monetized through information promotion services (e-commerce referral commissions and advertising display) and brand marketing services[25][26][28] - Marketing Services Segment: Provides full-lifecycle product-media matching services (Xingluo Chuangxiang), agency operation services (Risheng Xingluo, Youzhu Technology), and brand marketing services[31][33] - Consumer Data Segment: Has collected data on over 330,000 brands and 16.35 million aggregated products, utilizing this data to improve internal operational efficiency and provide external data products and services[34] Analysis of Business Operations In H1 2024, the company's operating revenue increased by 5.69% to 715.81 million yuan, but net profit attributable to shareholders decreased by 72.81% to 7.66 million yuan, primarily due to increased R&D expenses and a public welfare donation Key Business Performance Indicators | Indicator | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 715.81 million yuan | 5.69% | | Net Profit Attributable to Shareholders | 7.66 million yuan | -72.81% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 11.98 million yuan | -39.07% | - The primary reasons for the decline in net profit are: - R&D expenses for AIGC and overseas business increased by 13.92 million yuan year-on-year[35] - A 10 million yuan public welfare donation was made in Q1 2024[35] Analysis of Core Competencies The company's core strengths include a high-value user base, a robust content ecosystem, strong brand reputation, comprehensive service capabilities, and continuous investment in AIGC and other cutting-edge technologies - User Base Advantage: The company has attracted a highly educated, financially capable, and loyal active user base[50] - High-Quality Content Advantage: Through community building and MCN business development, a virtuous content ecosystem has been formed, expanding its influence across the network[51] - Brand Reputation Advantage: The company has established long-term stable cooperative relationships with well-known domestic and international e-commerce platforms and brands[52] - Comprehensive Service Advantage: A comprehensive service system covering all channels, scenarios, and links of brand marketing has been built[53] - Technology Advantage: As of the end of the reporting period, the company holds 16 invention patents and 340 software copyrights, with AIGC integrated into its key strategy, and related products have passed national备案[54] Analysis of Main Business Operations The company's main business revenue increased by 5.69%, primarily driven by a 61.42% growth in agency operation services, while operating costs and R&D expenses also rose, leading to a 2.15 percentage point decline in gross margin Key Financial Performance Indicators | Item | Current Period Amount | Prior Period Amount | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 715,810,176.27 | 677,287,995.18 | 5.69% | Increase in marketing services agency operation services | | Operating Cost | 379,587,170.59 | 344,630,532.41 | 10.14% | Increase in operation service fees | | R&D Investment | 90,315,166.43 | 76,399,635.04 | 18.21% | Increase in R&D personnel salaries, information technology fees, etc | | Net Cash Flow from Operating Activities | -48,440,252.19 | 13,887,939.47 | -448.79% | Increase in operation service costs and employee compensation | Revenue by Product/Service (Unit: yuan) | Product/Service | Operating Revenue | Operating Cost | Gross Margin | Revenue Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Total | 715,810,176.27 | 379,587,170.59 | 46.97% | 5.69% | | Information Promotion Revenue | 310,911,731.80 | 137,101,468.60 | 55.90% | -4.27% | | Internet Performance Marketing Platform Revenue | 165,461,005.86 | 50,384,117.61 | 69.55% | -10.31% | | Operation Service Fee Revenue | 182,289,083.32 | 144,776,488.80 | 20.58% | 61.42% | | Brand Marketing Revenue | 53,304,626.95 | 44,917,710.24 | 15.73% | 0.66% | Analysis of Assets and Liabilities As of the end of the reporting period, total assets were 2.25 billion yuan, a slight decrease of 0.74% from the end of the previous year, with changes in cash, accounts receivable, and construction in progress reflecting R&D investments and business growth Major Asset and Liability Item Changes | Item | Period-End Amount (yuan) | % of Total Assets | Change from Prior Year-End (%) | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 626,836,547.23 | 27.90% | -4.28% | Increased investment in AIGC R&D, overseas business, and donation expenses | | Accounts Receivable | 579,022,061.72 | 25.78% | 2.92% | Accounts receivable increased in line with revenue growth | | Construction in Progress | 49,473,205.31 | 2.20% | 1.41% | Increased investment in building construction | | Short-Term Borrowings | 0.00 | 0.00% | -0.66% | Repayment of credit borrowings | | Long-Term Borrowings | 73,313,756.31 | 3.26% | 0.59% | Increased borrowings | Analysis of Investment Activities The company made no significant new equity investments but utilized funds for bank wealth management products, while the completion dates for key fundraising projects were extended due to AIGC technology changes - No significant equity investments were made during the reporting period, compared to 0.51 million yuan in the prior year[63] Entrusted Wealth Management (Unit: 10,000 yuan) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management | Unexpired Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 33,000 | 8,000 | | Bank Wealth Management Products | Raised Funds | 13,500 | 3,500 | | Total | | 46,500 | 11,500 | - Total raised funds amounted to 713.06 million yuan, with 34.71 million yuan invested during the reporting period, and a cumulative investment of 630.66 million yuan[66] - Due to AIGC technology changes, to ensure investment effectiveness, the company extended the planned ready-for-use date for the "Content Platform Upgrade Project" and "Consumer Internet Research Institute Project" to May 1, 2025[67] Risks Faced by the Company and Countermeasures The company faces various risks, including macroeconomic fluctuations, compliance issues, intense industry competition, operational challenges, rapid technological iteration, AIGC-specific risks, and global expansion challenges - Macroeconomic Risk: Downturns in demand from upstream e-commerce platforms and brands or contraction in downstream consumer demand may impact company revenue[77] - Industry Risk: Facing intensified industry competition and dependence on commission policy changes from leading e-commerce platforms like Alibaba and JD.com[79][81] - Operational Risk: Includes risks related to new user acquisition and existing user churn, system stability, cybersecurity, and loss of core content creators[83][85] - AIGC-Related Risks: Emerging technologies introduce new risks such as copyright, ethics, model obsolescence, and regulatory policy changes[88] - Globalization Risk: Overseas business faces geopolitical, legal, regulatory, cultural management, and market acceptance risks[90] Corporate Governance This section outlines the company's governance structure, including details on shareholder meetings and profit distribution policies for the reporting period Shareholder Meeting Information The company held its 2023 Annual General Meeting on May 20, 2024, with a 58.06% investor participation rate - The company held its 2023 Annual General Meeting on May 20, 2024, with an investor participation rate of 58.06%[93] Profit Distribution The company's 2024 interim profit distribution plan includes no cash dividends, no bonus shares, and no capitalization of reserves - The company's 2024 interim profit distribution proposal follows a "three noes" policy: no cash dividends, no bonus shares, and no capitalization of reserves from public accumulation funds[94] Environmental and Social Responsibility This section describes the company's commitment to social responsibility and its engagement in various public welfare initiatives Social Responsibility The company actively fulfills its social responsibilities through various public welfare initiatives, with detailed ESG performance available in its 2023 ESG Report - The company actively undertakes social responsibility, including participation in rural revitalization and caring for vulnerable groups through public welfare activities[95] - Detailed information on social responsibility fulfillment can be found in the company's "2023 Environmental, Social and Governance (ESG) Report" disclosed on April 26, 2024[95] Significant Matters This section covers key events and commitments, including the fulfillment of pledges by major stakeholders and the establishment of overseas subsidiaries for global expansion Fulfillment of Commitments All relevant parties, including the controlling shareholder, actual controller, directors, and senior management, strictly adhered to their commitments during the reporting period - As of the end of the reporting period, all parties committed to pledges strictly honored their commitments, with no violations observed[96][97][98] Significant Matters of Company Subsidiaries To advance its globalization strategy, the company established three overseas subsidiaries in Hong Kong, Cayman Islands, and Singapore during the reporting period to support its "SMZDM" overseas business model - To promote the "SMZDM" overseas expansion, the company invested in establishing 3 overseas companies during the reporting period[117] - Newly established overseas subsidiaries include: - FantasticFusion (Hong Kong) Holding Limited - FantasticFusion (Cayman) Holding Limited - FANTASTICFUSION (SINGAPORE) HOLDING PTE. LTD[117] Share Changes and Shareholder Information This section details changes in the company's share structure, particularly due to executive share unlocks, and provides an overview of major shareholders and their holdings Share Changes The company's total share capital of 198,855,243 shares remained unchanged, but the proportion of unrestricted shares increased from 57.23% to 61.48% due to the annual unlocking of executive restricted shares - Total share capital remained unchanged during the reporting period, still at 198,855,243 shares[118] - Share changes primarily resulted from the annual unlocking of executive restricted shares, increasing the proportion of unrestricted shares from 57.23% to 61.48%[118] Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 23,003 common shareholders, with the top three shareholders, Sui Guodong, Liu Feng, and Liu Chao, holding 36.73%, 9.11%, and 5.41% respectively, with portions of their shares pledged - As of the end of the reporting period, the company had a total of 23,003 common shareholders[120] Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | Pledge Status | | :--- | :--- | :--- | :--- | :--- | | Sui Guodong | 36.73% | 73,042,476 | 54,781,857 | Pledged 20,452,900 shares | | Liu Feng | 9.11% | 18,124,323 | 13,593,242 | Pledged 6,200,000 shares | | Liu Chao | 5.41% | 10,765,116 | 8,073,837 | Pledged 3,270,000 shares | | Beijing Guomai Innovation Investment Management Center (Limited Partnership) | 4.05% | 8,063,383 | 0 | Not Applicable | | Industrial and Commercial Bank of China - Golden Eagle Technology Innovation Stock Fund | 0.89% | 1,770,950 | 0 | Not Applicable | - Shareholder Sui Guodong is the general partner and actual controller of Guomai Innovation, while Liu Feng and Liu Chao are limited partners of Guomai Innovation, forming a concerted action relationship[121] Preferred Shares Information This section confirms that the company has no preferred shares during the reporting period Not Applicable The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[124] Bond Information This section confirms that the company has no bond-related matters during the reporting period Not Applicable The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[125] Financial Report This section presents the company's unaudited interim financial statements, including balance sheets, income statements, and cash flow statements, along with detailed accounting policies and notes Financial Statements This chapter presents the company's unaudited consolidated and parent company financial statements for H1 2024, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The company's semi-annual financial report is unaudited[126] Consolidated Income Statement Core Data (Unit: yuan) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total Operating Revenue | 715,810,176.27 | 677,287,995.18 | | Total Operating Costs | 698,843,964.28 | 648,822,530.96 | | Total Profit | 10,673,267.04 | 31,109,600.46 | | Net Profit | 9,250,869.02 | 30,287,098.51 | | Net Profit Attributable to Parent Company Shareholders | 7,657,882.29 | 28,167,240.96 | Consolidated Cash Flow Statement Core Data (Unit: yuan) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -48,440,252.19 | 13,887,939.47 | | Net Cash Flow from Investment Activities | -16,447,814.31 | 67,539,321.70 | | Net Cash Flow from Financing Activities | -36,791,470.74 | -96,887,105.50 | | Net Increase in Cash and Cash Equivalents | -101,579,013.77 | -14,156,310.97 | Significant Accounting Policies and Estimates This chapter details the company's accounting principles, period, and currency, along with specific policies for financial instruments, revenue recognition, long-term equity investments, fixed assets, and intangible assets - Financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with the accounting year being the calendar year[150][151][154] - Revenue Recognition Principle: Revenue is recognized when the customer obtains control of the related goods or services, with specific methods varying by business model, such as e-commerce referral commission revenue based on alliance backend data or settlement statements, and advertising display revenue based on publication progress or performance settlement statements[209][210][211] - Financial asset impairment is assessed using the expected credit loss model, with provisions for bad debts on accounts receivable and other items based on aging and other credit risk characteristics[173][175] Notes to Consolidated Financial Statements This chapter provides detailed explanations for key items in the consolidated financial statements, including cash, accounts receivable, construction in progress, and a breakdown of major expenses - Cash and cash equivalents balance at period-end was 626.84 million yuan, including 66.06 million yuan in special accounts for raised funds[234][235] - Accounts receivable balance at period-end was 608 million yuan, with a bad debt provision of 29.25 million yuan, resulting in a book value of 579.02 million yuan[236][238] - Construction in progress balance at period-end was 49.47 million yuan, a significant increase from the beginning of the period, primarily due to investment in the "SMZDM Digital Economy Industrial Demonstration Base" project[264][265] Major Expense Items (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 130,453,249.90 | 131,527,243.75 | -0.82% | | Administrative Expenses | 89,851,678.24 | 86,392,829.14 | 4.00% | | R&D Expenses | 90,315,166.43 | 76,399,635.04 | 18.21% | | Financial Expenses | -1,710,416.11 | -743,531.56 | 130.04% |