安利股份(300218) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company ensures the report's accuracy, highlights forward-looking statement risks, identifies key operational risks, and proposes no profit distribution for H1 2024 - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility[2] - Forward-looking statements in the report (e.g., future plans, performance forecasts) do not constitute a substantive commitment to investors, who should be aware of related risks[2] - The company advises investors to pay attention to risks such as the macroeconomic environment, capacity utilization, raw material prices, exchange rate fluctuations, and trust product redemptions[3] - The company's 2024 semi-annual profit distribution plan is: no cash dividends, no bonus shares, and no capital increase from capital reserves[3] Company Profile and Key Financial Indicators Company Profile Anhui Anli Material Technology Co., Ltd. (Stock Code: 300218) is a Shenzhen Stock Exchange-listed company with Yao Heping as its legal representative | Item | Content | | :--- | :--- | | Stock Abbreviation | Anli Shares | | Stock Code | 300218 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yao Heping | Key Accounting Data and Financial Indicators In H1 2024, the company achieved explosive growth with revenue up 28.77% to 1.126 billion yuan and net profit attributable to shareholders soaring 9821.08% to 92.41 million yuan 2024 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,126,303,776.58 | 874,661,825.45 | 28.77% | | Net Profit Attributable to Listed Company Shareholders (Yuan) | 92,407,759.95 | 931,428.22 | 9,821.08% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Items) (Yuan) | 83,929,447.98 | -8,654,113.66 | Not Applicable | | Net Cash Flow from Operating Activities (Yuan) | 48,823,984.21 | 24,486,990.80 | 99.39% | | Basic Earnings Per Share (Yuan/Share) | 0.4322 | 0.0043 | 9,951.16% | | Weighted Average Return on Net Assets | 7.10% | 0.07% | Increased by 7.03 percentage points | | Balance Sheet Indicators | End of Current Reporting Period | End of Prior Year | Change from Prior Year End | | Total Assets (Yuan) | 2,263,307,850.88 | 2,192,185,740.01 | 3.24% | | Net Assets Attributable to Listed Company Shareholders (Yuan) | 1,326,561,377.59 | 1,266,235,105.81 | 4.76% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 8.48 million yuan, primarily from 13.18 million yuan in government subsidies, partially offset by non-current asset disposal losses 2024 Semi-Annual Non-recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,987,111.57 | | Government subsidies recognized in current profit and loss | 13,178,164.53 | | Other non-operating income and expenses | -11,534.15 | | Less: Income tax impact | 1,723,483.32 | | Less: Impact on minority interests (after tax) | 1,264,284.52 | | Total | 8,478,311.97 | Management Discussion and Analysis Business Overview and Operating Performance The company achieved record performance in H1 2024, driven by increased sales, optimized product structure, and enhanced gross margins, with significant market expansion and client collaborations - The company is the largest R&D and production enterprise of ecological functional polyurethane synthetic leather in China, recognized by the Ministry of Industry and Information Technology as a "Manufacturing Single Champion Demonstration Enterprise"[21] 2024 Semi-Annual Operating Performance Overview | Indicator | Amount (Million Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 1,126.30 | 28.77% | | Net Profit Attributable to Parent Company | 92.41 | 9,821.08% | | Net Profit Attributable to Parent Company (Excluding Non-recurring Items) | 83.93 | Significant Growth | | Net Cash Flow from Operating Activities | 48.82 | 99.39% | - The significant performance growth is attributed to: 19.7% year-on-year increase in sales volume of main products, leading to a 29.08% increase in sales revenue; a 7.61 percentage point increase in gross margin of main products to 26.24%; and an increased proportion of high-margin, high-value-added products (e.g., sports, electronics, automotive interiors)[30] - Market expansion achieved significant results, becoming a supplier for Adidas, Under Armour Equipment Division, and Mousse Home; the Vietnam subsidiary became a qualified supplier for Nike, Adidas, and La-Z-Boy, deepening cooperation with brands like Apple, Samsung, and BYD[31][32] Analysis of Core Competencies The company's core competencies encompass leadership in scale, technology, brand, customer base, product excellence, environmental practices, management, and global strategic presence - The company's core competitiveness is a multi-factor composite, primarily reflected in leading scale, technological leadership, strong brand, high-quality customers, excellent products, green environmental protection, superior management, and global layout[38][39][40][41][42][43][44][45] - The company is a "National Key High-tech Enterprise" and "National Technology Innovation Demonstration Enterprise," holding 565 valid authorized patents and having led or participated in the formulation of 52 national and industry standards[35][39] - The company is the only enterprise in the national industry to simultaneously pass multiple international environmental certifications, including Oeko-Tex Standard 100, GRS Global Recycled Standard, and HUGG FEM Environmental Module[43] Analysis of Main Business Strong main business performance saw revenue grow 28.77% and gross margin significantly improve, with financial expenses decreasing due to exchange gains, primarily driven by ecological functional PU synthetic leather Major Financial Data Year-on-Year Changes | Item | Current Reporting Period (Yuan) | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,126,303,776.58 | 28.77% | Increase in both volume and price of main products | | Operating Cost | 834,309,598.95 | 17.07% | - | | Selling Expenses | 48,507,410.57 | 32.97% | Increased cooperation with brand customers, higher travel and promotion expenses | | Administrative Expenses | 48,695,138.84 | 33.87% | Increased employee benefits and salaries, higher provision for safety production expenses | | Financial Expenses | 3,836,962.02 | -69.80% | Increased exchange gains due to exchange rate fluctuations | | Net Profit Attributable to Parent Company | 92,407,759.95 | 9,821.08% | Significant increase in operating revenue, substantial increase in profit | Business Performance by Product | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Ecological Functional Synthetic Leather | 1,047,542,162.75 | 769,281,086.71 | 26.56% | 29.79% | 7.54% | | Ordinary Synthetic Leather | 57,561,173.83 | 45,877,494.59 | 20.30% | 16.48% | 8.24% | | Total | 1,105,103,336.58 | 815,158,581.29 | 26.24% | 29.02% | 7.61% | Analysis of Assets and Liabilities Total assets increased by 3.24% to 2.263 billion yuan, with stable asset structure and new long-term borrowings, while overseas assets in Russia and Vietnam represent 13.98% of net assets - Accounts receivable increased by 33.07% compared to the end of the previous year, primarily due to sales growth and an increase in brand customers, with payments not yet due at period-end[48] - Construction in progress significantly increased by 206.18% compared to the end of the previous year, mainly due to increased investment in new equipment and renovation projects[48] Major Overseas Asset Information | Overseas Entity | Location | Net Assets (Million Yuan) | Proportion of Company's Net Assets | Profit/Loss for the Reporting Period (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Anli Russia | Russia | 21.02 | 1.44% | -0.42 | | Anli Vietnam | Vietnam | 183.52 | 12.54% | -11.23 | Analysis of Investment Status The Vietnam factory construction is 95% complete, incurring initial losses but securing international brand approvals, while a 40 million yuan Zhongrong Trust product remains overdue with 20 million yuan impairment recognized - Anli Vietnam factory construction is 95% complete, with 2 production lines operational and approval from international brands such as Adidas, ECCO, and La-Z-Boy, and entry into Nike's global footwear material supplier system. The subsidiary incurred a loss of 11.23 million yuan during the reporting period, mainly due to high initial investment and sales volume not reaching the breakeven point[58][59] - The company's purchase of a 40 million yuan Zhongrong Trust product is overdue for redemption. The company recognized a 20 million yuan fair value change loss in 2023, adjusting the book value of the trust product to 20 million yuan, and is actively taking measures to recover the principal and returns[63][64][79] Analysis of Major Holding and Participating Companies Hefei Anli Polyurethane New Material Co., Ltd. is a key profit contributor, while Anli (Vietnam) Material Technology Co., Ltd. is in its initial production phase and incurred losses Major Holding Subsidiary Financial Overview (H1 2024) | Company Name | Main Business | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Anli Polyurethane New Material Co., Ltd. | Polyurethane Resin | 271,508,100.35 | 210,701,648.82 | 279,595,551.30 | 11,731,513.26 | | Anli (Vietnam) Material Technology Co., Ltd. | Ecological Functional Synthetic Leather | 226,133,891.30 | 183,520,330.78 | 39,618,908.41 | -11,227,065.31 | Risks and Countermeasures The company addresses risks such as complex macro environment, capacity utilization, raw material price volatility, and trust product default through strategic market management, supply chain optimization, and legal actions - The company identified eight major risks: complex macroeconomic environment, inability to fully utilize production capacity, raw material price fluctuations, environmental risks, safety production risks, natural gas supply and cost fluctuations, exchange rate fluctuation risks, and trust product default risks[70][71][72][73][74][75][77][78][79] - To address raw material price fluctuations, the company closely monitors market trends, stabilizes supply channels, adopts flexible and prudent pricing, and develops high-value-added products[73] - Regarding the 40 million yuan trust product overdue redemption risk, the company recognized a 20 million yuan fair value change loss in 2023 and is actively contacting all parties to urge redemption, reserving the right to take legal action[79] Investor Relations Activities In H1 2024, the company actively engaged with over 200 institutional investors through 29 on-site and online interactions, discussing its production and operational status - During the reporting period, the company communicated with numerous institutional investors, including Industrial Securities, China Asset Management, CICC, and CSC Financial, through various methods such as on-site research, online exchanges, and participation in strategy conferences[80][82][83][84][85][86] Corporate Governance Changes in Directors, Supervisors, and Senior Management The company completed its board re-election during the reporting period, with new directors and independent directors appointed following the expiration of previous terms - Due to the expiration of the sixth board of directors' term, director Qian Yuanmei and independent directors Li Xiaoling, Du Jie, and Lü Bin resigned[89] - The company elected Fang Wei as a director of the seventh board of directors, and Zhao Huifang, Pan Ping, and Zhou Qian as independent directors of the seventh board of directors[89][91] Employee Incentive Measures The company implemented an employee stock ownership plan covering 493 core employees, holding 4.51 million shares, representing 2.08% of the total share capital Employee Stock Ownership Plan Overview | Participating Employee Scope | Number of Employees | Total Shares Held (Shares) | Proportion of Total Share Capital | | :--- | :--- | :--- | :--- | | Company Directors, Supervisors, Senior Management, Core Backbone, etc. | 493 | 4,508,800 | 2.08% | Environmental and Social Responsibility Environmental Protection As a key polluting unit, the company invested approximately 2 million yuan in environmental protection in H1 2024, achieving 66% green electricity usage and no environmental violations - The company and its subsidiary Anli New Material are listed as key polluting units by environmental protection authorities[97] - The company has implemented multiple measures for wastewater, exhaust gas, and solid waste treatment, including constructing a DMF rectification and recovery system, a sewage treatment plant, a rainwater collection and reuse system, and an RTO regenerative thermal oxidizer, placing its environmental governance at the forefront of the global industry[108][110][113][115] - The company actively uses green electricity, with green electricity consumption accounting for 66% of total electricity consumption in H1 2024, equivalent to a reduction of approximately 12,000 tons of carbon dioxide emissions[118] - During the reporting period, the company had no ecological environmental violations and received no administrative penalties[117] Social Responsibility The company actively fulfills social responsibilities through significant tax contributions, robust investor relations, employee welfare, and industry leadership in standard-setting and philanthropy - During the reporting period, the company contributed approximately 118 million yuan in taxes, ranking first among manufacturing enterprises in Feixi County[120] - The company's cash dividends have been stable in the past three years, with the proportion of cash dividends to net profit attributable to parent company shareholders exceeding 33% for 2021-2023[123] - The company is the industry leader in chairing and participating in the formulation of national and industry standards, with a cumulative total of 52 standards[127] - The company actively participates in social welfare, with cumulative donations exceeding 10 million yuan[132] Significant Matters Other Significant Matters Key ongoing matters include the Jinzhai Road factory land acquisition with 50 million yuan outstanding, the expiration of the 3rd employee stock ownership plan's lock-up period, and the overdue 40 million yuan Zhongrong Trust product - The total compensation for the Jinzhai Road factory land acquisition is 205 million yuan, with 155 million yuan already received and 50 million yuan still outstanding[153] - The company's 3rd employee stock ownership plan completed transfer in June 2022, and its lock-up period expired on June 9, 2023[157] - The company's purchase of a 40 million yuan Zhongrong Trust product is overdue; the company recognized a 20 million yuan fair value change loss in 2023 and is currently pursuing recovery of the principal and returns[159] Significant Matters of Subsidiaries Anli Vietnam's investment project is progressing with two production lines operational and international brand approvals secured, positioning it for future growth as the remaining lines are set for commissioning by year-end 2024 - Anli Vietnam subsidiary currently has 2 production lines operational, with the remaining 2 lines planned for commissioning by the end of 2024[162] - During the reporting period, Anli Vietnam became a qualified supplier for Nike, Adidas, and La-Z-Boy, and passed Nike's laboratory certification, indicating a positive development trend[162][164] Changes in Shares and Shareholder Information Changes in Shares As of the reporting period end, the company's total share capital remained unchanged at 216.99 million shares, with 99.67% being unrestricted and 0.33% restricted shares Share Structure | Share Type | Quantity (Shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 710,606 | 0.33% | | II. Unrestricted Shares | 216,276,394 | 99.67% | | III. Total Shares | 216,987,000 | 100.00% | Shareholder Numbers and Shareholding Information The company had 8,556 common shareholders, with Anhui Anli Technology Investment Group and Hefei Industrial Investment Holding Co., Ltd. as the top two largest shareholders Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholding Proportion | Number of Shares Held (Shares) | | :--- | :--- | :--- | | Anhui Anli Technology Investment Group Co., Ltd. | 21.90% | 47,520,000 | | Hefei Industrial Investment Holding Co., Ltd. | 12.57% | 27,280,000 | | Guotai Juxin Value Advantage Flexible Allocation Mixed Securities Investment Fund | 4.15% | 9,000,000 | | Noah Pioneer Mixed Securities Investment Fund | 2.79% | 6,063,192 | | Noah Optimal Return Flexible Allocation Mixed Securities Investment Fund | 2.26% | 4,901,536 | | Anhui Anli Material Technology Co., Ltd. - 3rd Employee Stock Ownership Plan | 2.08% | 4,508,800 | | BOCOM Schroders Qicheng Mixed Securities Investment Fund | 1.71% | 3,704,900 | | Guotai Xingze Optimal Selection One-Year Holding Period Mixed Securities Investment Fund | 1.47% | 3,200,000 | | BOCOM Schroders Trend Priority Mixed Securities Investment Fund | 1.47% | 3,184,800 | | Shen Xianghong | 1.44% | 3,130,700 | Information on Preference Shares The company had no preference shares during the reporting period - During the reporting period, the company had no preference shares[179] Information on Bonds The company had no bond-related matters during the reporting period - During the reporting period, the company had no bond-related matters[180] Financial Report Financial Statements This section presents the company's unaudited H1 2024 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity - The company's semi-annual financial report is unaudited[181] Consolidated Balance Sheet As of June 30, 2024, total assets were 2.263 billion yuan, total liabilities 800.15 million yuan, and owners' equity attributable to the parent company was 1.327 billion yuan, with a debt-to-asset ratio of 35.35% Consolidated Balance Sheet Key Items (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 2,263,307,850.88 | | Total Current Assets | 1,314,512,329.56 | | Total Non-current Assets | 948,795,521.32 | | Total Liabilities | 800,154,350.43 | | Total Current Liabilities | 680,893,969.66 | | Total Non-current Liabilities | 119,260,380.77 | | Total Owners' Equity | 1,463,153,500.45 | | Owners' Equity Attributable to Parent Company | 1,326,561,377.59 | Consolidated Income Statement In H1 2024, the company achieved total operating revenue of 1.126 billion yuan, total operating costs of 1.022 billion yuan, and a net profit attributable to parent company shareholders of 92.41 million yuan Consolidated Income Statement Key Items (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 1,126,303,776.58 | | Total Operating Costs | 1,022,353,245.98 | | Operating Profit | 100,692,301.25 | | Total Profit | 98,693,655.53 | | Net Profit | 93,050,097.53 | | Net Profit Attributable to Parent Company Shareholders | 92,407,759.95 | Consolidated Cash Flow Statement Operating cash flow net inflow was 48.82 million yuan, up 99.39%, with net cash outflows from investing and financing activities, resulting in a period-end cash and cash equivalents balance of 460.77 million yuan Consolidated Cash Flow Statement Overview (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 48,823,984.21 | | Net Cash Flow from Investing Activities | -31,149,491.36 | | Net Cash Flow from Financing Activities | -4,205,804.99 | | Net Increase in Cash and Cash Equivalents | 16,523,891.14 | | Cash and Cash Equivalents at End of Period | 460,769,912.33 |