埃夫特(688165) - 2024 Q2 - 季度财报

Definitions This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key accounting data and financial indicators Company Overview EFORT Intelligent Equipment Co., Ltd. (EFORT), an intelligent equipment company registered in Wuhu Area of China (Anhui) Pilot Free Trade Zone, with You Wei as its legal representative, is listed on the STAR Market of the Shanghai Stock Exchange under stock code 688165 - The company's Chinese name is EFORT Intelligent Equipment Co., Ltd., stock abbreviation is EFORT, listed on the STAR Market of the Shanghai Stock Exchange, stock code is 688165[12][14] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue was 680 million yuan, a 23.92% year-on-year decrease, primarily due to a 42.12% decline in system integration business revenue, while net loss attributable to shareholders expanded to 82.8431 million yuan, despite an increase in overall gross margin from 12.33% to 16.39% and a significant 64.25% reduction in net cash outflow from operating activities Key Accounting Data (Unit: 10,000 yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 67,975.50 | 89,348.38 | -23.92 | | Net Profit Attributable to Parent Company Shareholders | -8,284.31 | -5,832.72 | N/A | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains and Losses | -10,252.26 | -9,402.65 | N/A | | Net Cash Flow from Operating Activities | -4,569.95 | -12,781.88 | N/A | | | As of Current Period End | As of Prior Year End | Change from Prior Year End (%) | | Net Assets Attributable to Parent Company Shareholders | 170,171.05 | 179,914.44 | -5.42 | | Total Assets | 337,139.13 | 333,961.16 | 0.95 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | -0.16 | -0.11 | N/A | | Weighted Average ROE (%) | -4.73 | -3.33 | N/A | | R&D Investment as % of Operating Revenue (%) | 7.31 | 5.20 | increased by 2.11 percentage points | - Operating revenue decreased by 23.92%, primarily due to a 42.12% decline in system integration business revenue; despite a 29.14% increase in robot business sales volume, revenue from this segment slightly decreased by 2.92% due to product mix and price competition[18] - Overall gross margin increased from 12.33% to 16.39%, with robot business gross margin slightly increasing by 0.45 percentage points, and system integration business gross margin improving by 6.00 percentage points due to cost reduction and efficiency gains in overseas projects[18] - Net loss attributable to parent company shareholders increased by 42.03%, primarily due to a significant decrease in government subsidies and fair value change gains, as well as increased exchange losses[18] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 19.6795 million yuan, primarily from government subsidies of 21.8364 million yuan recognized in current profit or loss Non-Recurring Gains and Losses Items (Unit: 10,000 yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Government subsidies recognized in current profit or loss | 2,183.64 | | Gains and losses from disposal of non-current assets | -56.56 | | Net non-operating income and expenses | 151.06 | | Gains and losses from changes in fair value of financial assets/liabilities | 68.31 | | Income tax impact | -387.13 | | Total | 1,967.95 | Management Discussion and Analysis This section provides a comprehensive discussion and analysis of the company's operations, industry, and financial performance Industry and Main Business Overview The company primarily engages in R&D, production, and sales of industrial robot core components, complete machines, and system integration; in H1 2024, China's industrial robot market sales grew 5% YoY, with domestic brands exceeding 50% market share, and the company, as a top-tier enterprise, offers products across three categories widely used in automotive, new energy, and 3C electronics industries - In H1 2024, China's industrial robot sales volume increased by 5% YoY, and domestic brands' market share exceeded 50%[22] - The company is a top-tier industrial robot enterprise in China, with its domestic market sales ranking improving from 11th in 2022 to 8th in 2023[24][25] - The company's main businesses are categorized into three types: core components (controllers, servo systems), complete robot machines (industrial, painting, collaborative robots, etc.), and robot system integration solutions[29][30] Core Technologies and R&D Progress The company possesses 19 core technologies and continuously invests in robot intelligence, underlying technology, core component localization, and product platformization; in H1 2024, total R&D investment was 49.7113 million yuan, accounting for 7.31% of revenue, with key achievements including a domestic chip-based controller platform, VR intelligent teaching solutions, and new SCARA, heavy-duty desktop, and large-payload robot products R&D Investment (Unit: 10,000 yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 4,912.07 | 4,554.00 | 7.86 | | Capitalized R&D Investment | 59.06 | 91.22 | -35.26 | | Total R&D Investment | 4,971.13 | 4,645.22 | 7.02 | | Total R&D Investment as % of Operating Revenue (%) | 7.31 | 5.20 | increased by 2.11 percentage points | - In robot intelligence and digitalization, the company developed a domestic chip-based robot controller platform and a real-time robot operating system, and achieved sales of VR intelligent teaching solutions[36] - Regarding robot products, the company launched new generation SCARA products, heavy-duty desktop series, high-rigidity and high-precision ER35 platform series, and a new 300 kg platform, among other models[37][38] R&D Personnel Information | Basic Information | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 283 | 292 | | R&D Personnel as % of Total Employees (%) | 24.67 | 23.84 | Analysis of Core Competencies The company's core competitiveness stems from full industrial chain synergy, industry-leading core technologies, strong R&D capabilities, a lean quality management system, and extensive customer resources, providing a late-mover advantage in serving the general industrial market and building new technology platforms compared to international competitors - The company is one of the few domestic robot enterprises with a simultaneous layout in core components, complete machine manufacturing, and system integration, possessing full industrial chain synergy[50] - The company possesses three major categories of core technologies: robot forward design, motion control, intelligence, and system integration; as of the end of the reporting period, it held 399 domestic and international patents (92 invention patents) and 116 software copyrights[51] - The company has accumulated extensive customer resources globally, covering various fields such as automotive, aerospace, rail transit, electronics, photovoltaics, and lithium batteries, with major clients including Stellantis, Volkswagen, BYD, Foxconn, and CATL[55] - Compared to foreign manufacturers, the company has a market proximity advantage in serving the general industrial market and has formed a local first-mover advantage in areas such as 3C electronics and photovoltaics[56] Discussion and Analysis of Operations In H1 2024, facing a market with both challenges and opportunities, the company steadfastly advanced its focus strategy, achieving approximately 29% YoY growth in complete robot sales, increasing market share from 4.4% to 5.4%, making significant breakthroughs in cross-industry applications like welding, painting, and palletizing, actively planning a super factory for embodied AI, and continuously improving core component localization, with controller localization reaching 99.78% - Complete robot sales volume increased by approximately 29% YoY, with market share growing from 4.4% in H1 2023 to 5.4% in H1 2024[60] - Significant growth in specific application areas: arc welding applications increased by over 100% YoY, painting robot shipments increased by over 45% YoY, and palletizing robot shipments increased by approximately 260% YoY[60] - The company is globally planning for the future, collaborating with multiple parties to establish Qizhi Robot Company, dedicated to building a general technology platform for intelligent robots, and planning to construct a super factory with a production capacity of 100,000 units[61] - High localization rate for core components: controller localization rate reached 99.78% in H1 2024, and driver localization rate was 99.68%[62] Risk Factors The company faces multiple risks, primarily its unprofitability, with a net loss of 82.8431 million yuan in the reporting period and accumulated unrecovered losses reaching 842 million yuan, alongside other key risks including significant performance decline, inability to achieve core technology breakthroughs, geopolitical and exchange rate fluctuations in overseas operations (43.95% of revenue), downstream market volatility, high customer concentration, and poor operating cash flow - Unprofitability risk: Net loss attributable to parent company shareholders was 82.8431 million yuan during the reporting period, and as of the end of the period, accumulated unrecovered losses in the consolidated financial statements reached 842.0701 million yuan, exceeding one-third of the paid-in capital[71] - Overseas operation risk: Overseas operating revenue accounted for 43.95%, facing multiple risks such as high customer concentration (top two customers accounted for 66.89% of overseas revenue), geopolitical factors, and exchange rate fluctuations[76][77] - Financial risk: As of the end of the period, goodwill book value was 194 million yuan, and customer relationship book value was 53 million yuan, posing impairment risks; additionally, accounts receivable, inventory, and contract assets were substantial, with continuous net cash outflow from operating activities[82][83] - Customer concentration risk: During the reporting period, revenue from the top five customers accounted for 42.46% of total operating revenue[79] Financial Analysis of Key Operating Performance During the reporting period, the company's operating revenue decreased by 23.92% YoY, and operating costs decreased by 27.45%, while financial expenses significantly increased by 58.80% due to exchange losses; net cash outflow from operating activities substantially reduced, but net cash outflow from investing activities significantly increased due to wealth management product purchases, and net cash inflow from financing activities surged by 531.28%, primarily from increased long-term bank loans and capital absorption Key Operating Items Changes (Unit: 10,000 yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 67,975.50 | 89,348.38 | -23.92 | | Operating Costs | 56,833.22 | 78,335.09 | -27.45 | | Selling Expenses | 6,094.39 | 5,892.32 | 3.43 | | Administrative Expenses | 7,355.27 | 8,760.53 | -16.04 | | Financial Expenses | 1,723.63 | 1,085.40 | 58.80 | | R&D Expenses | 4,912.07 | 4,554.00 | 7.86 | | Net Cash Flow from Operating Activities | -4,569.95 | -12,781.88 | N/A | | Net Cash Flow from Investing Activities | -3,881.43 | 18,316.13 | -121.19 | | Net Cash Flow from Financing Activities | 17,230.34 | 2,729.41 | 531.28 | - Financial expenses increased by 58.80% YoY, primarily due to a significant increase in exchange losses affected by Euro exchange rate fluctuations[91] - Net cash inflow from financing activities significantly increased by 531.28%, primarily due to the company's increased long-term bank loans and absorption of external capital investments during the current reporting period[91] Corporate Governance This section details the company's corporate governance structure, including shareholders' meetings, profit distribution, and equity incentive plans Shareholders' Meeting Information During the reporting period, the company held two shareholders' meetings, the First Extraordinary General Meeting of 2024 and the 2023 Annual General Meeting, with all proposals approved Shareholders' Meeting Convening Status | Meeting Session | Meeting Date | Meeting Resolution | | :--- | :--- | :--- | | 2024 First Extraordinary General Meeting | 2024-2-2 | All proposals approved | | 2023 Annual General Meeting | 2024-5-20 | All proposals approved | Profit Distribution Plan During the reporting period, the company's board of directors did not propose any profit distribution or capital reserve capitalization plans - The profit distribution plan or capital reserve capitalization plan for the current reporting period approved by the board of directors is 'none'[4][105] Equity Incentive Plan During the reporting period, the company canceled 2.8666 million restricted shares granted but not yet vested under the 2021 Restricted Stock Incentive Plan, due to the departure of some grantees and failure to meet company-level performance targets, after which the incentive plan concluded - Due to the departure of some grantees and failure to meet performance targets, the company canceled 2.8666 million restricted shares not yet vested under the 2021 Restricted Stock Incentive Plan, and the incentive plan subsequently concluded[106][107] Environmental and Social Responsibility This section outlines the company's environmental protection efforts and contributions to social responsibility Environmental Information The company has established environmental protection mechanisms, investing 81,300 yuan in environmental protection during the reporting period; it is not a key pollutant discharge unit and has obtained ISO14001 environmental management system certification, reducing carbon dioxide emissions by approximately 656.02 tons in H1 through photovoltaic power generation - The company has established environmental protection mechanisms, investing 81,300 yuan in environmental protection during the reporting period[109] - The company utilized rooftop photovoltaic power generation, using a total of 720,900 kWh from January to June 2024, reducing carbon dioxide emissions by approximately 656.02 tons[112] Social Responsibility The company actively fulfills its social responsibilities by collaborating with over 50 universities for talent cultivation through industry-academia-research partnerships, engaging in public welfare by donating robot products valued at over 7.7 million yuan to several technical colleges, and actively participating in local activities such as legal education and police-enterprise cooperation - The company collaborates with over 50 universities, including Harbin Institute of Technology and Huazhong University of Science and Technology, for talent cultivation, providing resources such as research facilities, experimental equipment, and internship positions[113] - The company donated robot products with an agreed value exceeding 7.7 million yuan to several institutions, including Anhui Electromechanical Vocational Technical College[113] Significant Matters This section covers significant events and ongoing matters, including commitments, related party transactions, and fundraising activities Fulfillment of Commitments During and continuing into the reporting period, the company, its controlling shareholders, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering, including those related to dividends, resolving horizontal competition, regulating related party transactions, share lock-up, and reduction intentions, with no breaches observed - The company, its controlling shareholders, directors, supervisors, senior management, and other related parties all timely and strictly fulfilled their respective commitments during the reporting period[115] Significant Related Party Transactions During the reporting period, the company projected 150 million yuan in total routine related party transactions for 2024, which was approved by the shareholders' meeting; additionally, the company co-invested with a related party to establish Qizhi Technology, contributing 30.6 million yuan for a 51% stake, aiming to develop a general intelligent robot technology platform - The company projected total routine related party transactions for 2024 to be 150 million yuan, which has been approved by the shareholders' meeting[141] - The company co-invested with related party Wuhu Venture Capital Fund Co., Ltd. to establish a joint venture, Qizhi Technology, contributing 30.6 million yuan for a 51% stake in the registered capital, aiming to accelerate the implementation of intelligent robot applications and the development of a general technology platform[144] Significant Contracts and Their Performance During the reporting period, the company and its subsidiaries provided multiple guarantees for other controlled subsidiaries, with the total guarantee balance for subsidiaries amounting to 148.1534 million yuan at period-end, representing 8.71% of the company's net assets, including 12.8478 million yuan in debt guarantees for guaranteed entities with a debt-to-asset ratio exceeding 70% Total Company Guarantees (Unit: 10,000 yuan) | Item | Amount | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period End (B) | 14,815.34 | | Total Guarantees as % of Net Assets (%) | 8.71 | | Debt Guarantees for Guaranteed Entities with Debt-to-Asset Ratio > 70% (D) | 1,284.78 | Explanation of Proceeds Utilization Progress The company's net proceeds from its initial public offering were 726 million yuan, with cumulative investment reaching 502 million yuan by the end of the reporting period, representing a 69.22% investment progress; all fundraising projects (next-generation robots, core components, cloud platform) have been extended to December 2024, and the company had temporarily used 130 million yuan of idle proceeds to supplement working capital, which has been returned on schedule Overall Use of Proceeds (Unit: 10,000 yuan) | Net Proceeds (1) | Cumulative Investment as of Period End (4) | Cumulative Investment Progress (%) (4)/(1) | Current Year Investment Amount | | :--- | :--- | :--- | :--- | | 72,589.49 | 50,244.24 | 69.22 | 5,684.60 | - The company extended the planned operational readiness date for three fundraising projects: 'Next-Generation Intelligent High-Performance Industrial Robot R&D and Industrialization Project,' 'Robot Core Component Performance Improvement and Production Capacity Construction Project,' and 'Robot Cloud Platform R&D and Industrialization Project,' to December 2024[153] - The company has returned all 130 million yuan of idle proceeds temporarily used to supplement working capital to the dedicated fundraising account[155] Share Changes and Shareholder Information This section details changes in the company's share capital and provides information on its shareholders Share Capital Changes During the reporting period, the company's total ordinary share capital and share capital structure remained unchanged - During the reporting period, the company's total ordinary share capital and share capital structure remained unchanged[160] Shareholder Information As of the end of the reporting period, the company had 15,324 ordinary shareholders, with the top three being Wuhu Yuanhong Industrial Robot Investment Co., Ltd. (16.10%), Wuhu Yuanda Venture Capital Co., Ltd. (12.61%), and Anhui Xinweijishi Industrial Upgrading Fund Partnership (11.50%) - As of the end of the reporting period, the company had 15,324 ordinary shareholders[161] Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Wuhu Yuanhong Industrial Robot Investment Co., Ltd. | 84,000,000 | 16.10 | | Wuhu Yuanda Venture Capital Co., Ltd. | 65,818,276 | 12.61 | | Anhui Xinweijishi Industrial Upgrading Fund Partnership (Limited Partnership) | 60,000,000 | 11.50 | | Shanghai Dinghui Yuanlin Equity Investment Partnership (Limited Partnership) | 50,444,444 | 9.67 | | Wuhu Ruibo Investment Management Center (Limited Partnership) | 45,922,050 | 8.80 | Preferred Shares Information This section provides information regarding the company's preferred shares Preferred Shares Information During the reporting period, the company had no preferred shares information - N/A[165] Bonds Information This section provides information regarding the company's bonds Bonds Information During the reporting period, the company had no information regarding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - N/A[165] Financial Report This section presents the company's financial statements for the reporting period Financial Statements This semi-annual financial report is unaudited; as of June 30, 2024, the company's total assets were 3.371 billion yuan, total liabilities were 1.630 billion yuan, and equity attributable to parent company owners was 1.702 billion yuan; in H1 2024, the company achieved operating revenue of 680 million yuan, a net loss of 83.4909 million yuan, with net loss attributable to parent company shareholders being 82.8431 million yuan, and net cash flow from operating activities was -45.6995 million yuan - This semi-annual report is unaudited[4] Consolidated Balance Sheet Key Items (Unit: yuan) | Item | 2024年6月30日 | 2023年12月31日 | | :--- | :--- | :--- | | Total Assets | 3,371,391,302.07 | 3,339,611,553.07 | | Total Current Assets | 2,325,450,659.12 | 2,277,999,898.14 | | Total Non-Current Assets | 1,045,940,642.95 | 1,061,611,654.93 | | Total Liabilities | 1,630,297,819.59 | 1,535,168,062.10 | | Total Current Liabilities | 1,006,604,935.73 | 1,176,261,039.55 | | Total Non-Current Liabilities | 623,692,883.86 | 358,907,022.55 | | Total Owners' Equity | 1,741,093,482.48 | 1,804,443,490.97 | | Total Equity Attributable to Parent Company Owners | 1,701,710,473.78 | 1,799,144,440.33 | Consolidated Income Statement Key Items (Unit: yuan) | Item | 2024年1-6月 | 2023年1-6月 | | :--- | :--- | :--- | | Total Operating Revenue | 679,755,025.23 | 893,483,848.74 | | Total Operating Costs | 772,018,148.77 | 988,904,884.38 | | Operating Profit | -103,276,294.03 | -80,249,746.65 | | Total Profit | -101,765,695.94 | -81,170,581.20 | | Net Profit | -83,490,886.33 | -59,438,839.29 | | Net Profit Attributable to Parent Company Shareholders | -82,843,071.03 | -58,327,249.64 | Consolidated Cash Flow Statement Key Items (Unit: yuan) | Item | 2024年1-6月 | 2023年1-6月 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -45,699,505.18 | -127,818,847.84 | | Net Cash Flow from Investing Activities | -38,814,259.31 | 183,161,263.91 | | Net Cash Flow from Financing Activities | 172,303,364.85 | 27,294,063.04 | | Net Increase in Cash and Cash Equivalents | 83,562,479.79 | 96,687,414.22 |