CXJG(002547)2024-08-30 09:08Financial Performance - Revenue for the reporting period was 1,007,542,093.57 yuan, a decrease of 20.81% compared to the same period last year[13] - Net profit attributable to shareholders of the listed company was -127,178,355.50 yuan, a decrease of 1,946.81% year-on-year[13] - Net cash flow from operating activities was 76,595,209.54 yuan, a decrease of 49.55% compared to the same period last year[13] - Total assets at the end of the reporting period were 4,789,919,651.20 yuan, a decrease of 2.77% compared to the end of the previous year[13] - Revenue decreased by 20.81% year-on-year to 1,007,542,093.57 yuan[21] - Operating costs decreased by 10.38% year-on-year to 928,627,615.76 yuan[21] - R&D investment decreased by 26.63% year-on-year to 59,033,185.15 yuan[21] - Net cash flow from operating activities decreased by 49.55% year-on-year to 76,595,209.54 yuan[21] - Net cash flow from investing activities decreased by 189.65% year-on-year to -157,312,901.20 yuan[21] - Net cash flow from financing activities increased by 107.23% year-on-year to 18,605,471.36 yuan[21] - Revenue from precision aluminum alloy structural parts decreased by 46.96% year-on-year to 218,421,398.19 yuan[23] - Revenue from mobile communication RF devices decreased by 37.03% year-on-year to 223,644,683.94 yuan[23] - Revenue from automotive parts increased by 9.42% year-on-year to 407,702,562.12 yuan[23] - Domestic revenue decreased by 3.33% year-on-year to 638,986,839.54 yuan, while international revenue decreased by 39.72% year-on-year to 368,555,254.03 yuan[23] - Total revenue for the first half of 2024 was 1,007,542,093.57 yuan, a decrease of 20.8% compared to 1,272,369,514.05 yuan in the same period of 2023[112] - Operating profit for the first half of 2024 was -151,386,543.38 yuan, a significant decline from 373,077.59 yuan in the same period of 2023[112] - Net profit attributable to the parent company's shareholders was -127,178,355.50 yuan, compared to 6,886,390.62 yuan in the first half of 2023[113] - R&D expenses for the first half of 2024 were 59,033,185.15 yuan, a decrease of 26.6% compared to 80,463,660.14 yuan in the same period of 2023[112] - Financial expenses for the first half of 2024 were 34,684,120.84 yuan, an increase of 27.9% compared to 27,123,519.45 yuan in the same period of 2023[112] - Basic earnings per share for the first half of 2024 were -0.1127 yuan, compared to 0.0061 yuan in the same period of 2023[113] - Total comprehensive income for the first half of 2024 was -132,784,564.16 yuan, compared to -847,379.96 yuan in the same period of 2023[113] - Revenue for the first half of 2024 was RMB 654,479,578.75, a decrease from RMB 1,012,658,104.88 in the same period last year[115] - Net profit for the first half of 2024 was RMB 15,703,507.83, compared to RMB 20,769,938.76 in the same period last year[115] - R&D expenses for the first half of 2024 were RMB 23,195,412.04, down from RMB 33,905,420.18 in the same period last year[115] - Operating cash flow for the first half of 2024 was RMB 76,595,209.54, a decrease from RMB 151,824,366.20 in the same period last year[117] - Cash received from sales of goods and services in the first half of 2024 was RMB 1,116,030,043.10, down from RMB 1,398,594,707.11 in the same period last year[117] - Cash outflow for the purchase of fixed assets, intangible assets, and other long-term assets in the first half of 2024 was RMB 170,693,372.79, up from RMB 154,853,026.98 in the same period last year[118] - Cash received from financing activities in the first half of 2024 was RMB 1,372,278,804.49, down from RMB 1,567,949,467.83 in the same period last year[118] - Cash outflow for debt repayment in the first half of 2024 was RMB 717,783,066.94, down from RMB 1,076,799,475.00 in the same period last year[118] - Net cash flow from financing activities in the first half of 2024 was RMB 18,605,471.36, compared to a negative RMB 257,451,356.18 in the same period last year[118] - The company's cash and cash equivalents at the end of the first half of 2024 were RMB 23,191,125.74, down from RMB 53,349,536.86 at the end of the same period last year[118] - Operating cash flow decreased to 60,337,713.95 yuan in the first half of 2024, down from 83,884,545.22 yuan in the same period of 2023[119] - Sales revenue from goods and services dropped to 676,041,538.89 yuan in H1 2024, compared to 962,932,657.26 yuan in H1 2023[119] - Investment cash flow turned negative at -46,890,397.33 yuan in H1 2024, contrasting with a positive 51,654,481.23 yuan in H1 2023[120] - Financing cash flow remained negative but improved to -50,229,025.20 yuan in H1 2024 from -184,270,235.35 yuan in H1 2023[120] - Total cash and cash equivalents decreased to 8,257,780.91 yuan at the end of H1 2024, down from 18,239,287.73 yuan at the end of H1 2023[120] - Comprehensive income for the period showed a loss of -127,178,355.50 yuan in H1 2024[122] - Total owner's equity decreased to 141,517,467.01 yuan at the end of H1 2024 from 274,127,633.76 yuan at the beginning of the period[123] - Capital expenditure on fixed assets, intangible assets, and other long-term assets significantly reduced to 1,482,020.80 yuan in H1 2024 from 18,025,142.29 yuan in H1 2023[120] - Tax refunds received decreased sharply to 15,522,357.42 yuan in H1 2024 from 53,789,456.60 yuan in H1 2023[119] - Cash received from disposal of subsidiaries and other business units dropped to 10,941.89 yuan in H1 2024 from 90,929,872.00 yuan in H1 2023[120] Subsidiaries and Investments - Subsidiary Metel Communication Equipment (Suzhou) Co., Ltd. reported total assets of 127,481.89 million yuan, with a net loss of 519.28 million yuan[38] - Subsidiary Jinzhai Chunxing Precision Co., Ltd. reported total assets of 158,197.94 million yuan, with a net loss of 6,093.50 million yuan[39] - Subsidiary Chunxing Precision (Macheng) Co., Ltd. reported total assets of 11,570.39 million yuan, with a net profit of 680.52 million yuan[39] - Subsidiary Anhui Chunxing Light Alloy Technology Co., Ltd. reported total assets of 16,991.29 million yuan, with a net loss of 192.69 million yuan[40] - Subsidiary Shenzhen Fuchang Electronic Technology Co., Ltd. reported total assets of 4,428.15 million yuan, with a net profit of 223.30 million yuan[41] - Subsidiary Xianyou Yuansheng Zhihui Technology Co., Ltd. reported total assets of 135,006.46 million yuan, with a net loss of 2,603.17 million yuan[41] - Newly established subsidiary Xianyou Chunyuan Property Management Co., Ltd. had no significant impact on overall operations and performance[44] - Subsidiary Shanghai Junxing Communication Equipment Co., Ltd. was deregistered with no significant impact on overall operations and performance[44] - The company's investment in the reporting period was RMB 185.37 million, a decrease of 2.99% compared to the same period last year[30] - The company's derivative investments totaled RMB 52.93 million, accounting for 45.54% of the company's net assets at the end of the reporting period[32] - The company's futures hedging business generated a profit of RMB 236,500 during the reporting period, aimed at reducing the impact of raw material price fluctuations[33] - No speculative derivative investments were made during the reporting period[35] - No major asset or equity sales occurred during the reporting period[37] Risks and Challenges - The company faces risks from rapid technological upgrades in the communication and automotive industries, which could impact its performance if it fails to keep up with customer demands[46] - Environmental regulations pose a risk, requiring increased investment in pollution control facilities such as wastewater treatment stations and dust removal devices[46] - Exchange rate fluctuations, particularly between the RMB and USD, could affect the company's overseas sales performance[46] - The company has transferred some businesses to focus on its core industries, but internal management risks remain due to numerous subsidiaries[46] Shareholder and Governance - The company held four shareholder meetings in 2024, with investor participation rates ranging from 29.96% to 30.35%[48] - Several board members and supervisors were replaced or elected during the reporting period, including the departure of two directors and the election of new ones[49] - The company did not implement any profit distribution, capital reserve transfers, or employee incentive plans during the reporting period[50] - The company has established a comprehensive internal control system to protect shareholder rights and ensure fair treatment of all shareholders[51] - Employee rights are protected through training programs, a supportive work environment, and initiatives like the "Chunxing Cultivation Base" for talent development[51] - The company emphasizes environmental sustainability by implementing ISO14001 standards and measures such as wastewater recycling and pollution prevention[53] Debt and Guarantees - The company has been actively urging Suzhou Kaen Lian Te and related parties to fulfill the equity transfer contract, with multiple meetings and communications held to discuss feasible solutions[54] - The company has issued multiple demand letters to Suzhou Kaen Lian Te and Sun Jiexiao, urging them to fulfill the contract and pay the equity transfer and business transaction amounts[58] - Sun Jiexiao holds 60% equity in Suzhou Yunpu Communication Technology Co., Ltd., which achieved revenue of 4.8498 million yuan and a net loss of 1.5007 million yuan in 2023[59] - The company has conducted multiple meetings to discuss the resolution of Suzhou Kaen Lian Te's debt issues and to analyze risks to protect the interests of the company and minority shareholders[59] - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties during the reporting period[55] - The company has not engaged in any illegal external guarantees during the reporting period[56] - The semi-annual financial report has not been audited[57] - The company has not undergone any bankruptcy restructuring during the reporting period[60] - The company has received a total of 50.5638 million yuan from Huizhou Anton Hardware Plastic Electronics Co., Ltd., with the remaining execution still uncertain[62] - The court ruled that Anton International Co., Ltd. and Huizhou Anton Hardware Plastic Electronics Co., Ltd. must return 41 million yuan to Suzhou Chunxing Precision Co., Ltd., with interest calculated at 1.5 times the loan market quoted rate from January 21, 2021[63] - The company has 10 cases under execution, 4 cases in the process of applying for execution, and 15 cases that have been terminated from execution[65] - The company's controlling shareholder, Sun Jiexiao, has 303.56 million shares frozen, accounting for 26.91% of the company's total shares[67] - The company has accepted an interest-free guarantee of up to 2.3 billion yuan from its controlling shareholder and actual controller, Sun Jiexiao, and his concerted actor, Yuan Jing[72] - The company has accepted an interest-free guarantee of up to 32 million yuan from Sun Jiexiao for its wholly-owned subsidiary, Chunxing Precision (Wuhu Fanchang) Co., Ltd., valid for 20 months[72] - The company has approved a total external guarantee quota of 131,821.46 million yuan, with an actual guarantee balance of 130,821.46 million yuan at the end of the reporting period[76] - The total external guarantee quota approved during the reporting period is 3,500 million yuan, with an actual occurrence of 2,500 million yuan[76] - The company provided a guarantee of 90,000 million yuan for Maite Communication Equipment (Suzhou) Co., Ltd., with actual guarantees issued at various dates ranging from 0 to 5,000 million yuan[77] - The company provided a guarantee of 89,600 million yuan for Xianyou County Xiancai State-owned Assets Investment and Operation Co., Ltd., with an actual guarantee of 84,486 million yuan[76] - The company provided a guarantee of 20,000 million yuan for Sun Jiexiao, with an actual guarantee of 1,535.46 million yuan[76] - The company provided a guarantee of 1,000 million yuan for Anhui Jinyuan Asset Operation and Management Co., Ltd., with an actual guarantee of 1,000 million yuan[76] - The company provided a guarantee of 2,300 million yuan for Anhui Jinyuan Asset Operation and Management Co., Ltd., with an actual guarantee of 2,300 million yuan[76] - The company provided a guarantee of 1,000 million yuan for Anhui Jinyuan Asset Operation and Management Co., Ltd., with an actual guarantee of 1,000 million yuan[76] - The company provided a guarantee of 2,000 million yuan for Wuhu Jinfan Financing Guarantee Co., Ltd., with an actual guarantee of 1,000 million yuan[76] - The company provided a guarantee of 500 million yuan for Xuancheng Kaisheng Financing Guarantee Co., Ltd., with an actual guarantee of 500 million yuan[76] - Metton Communication Equipment (Suzhou) Co., Ltd. provided a total of 90,000 in guarantees, with individual amounts ranging from 150 to 4,900, and percentages ranging from 0.50% to 1.01%[78][79] - Metton Communication Equipment (Suzhou) Co., Ltd. issued guarantees on multiple dates in 2023 and 2024, with amounts varying from 150 to 4,800, and percentages ranging from 0.50% to 1.01%[78][79] - Jinzhai Chunxing Precision Machinery Co., Ltd. provided guarantees totaling 20,000 in 2019, with individual amounts ranging from 500 to 7,500, and percentages ranging from 5.00% to 5.07%[80] - Jinzhai Chunxing Precision Machinery Co., Ltd. issued guarantees in 2020 and 2021, with amounts ranging from 75.81 to 6,000, and percentages ranging from 3.00% to 6.00%[80] - Jinzhai Chunxing Precision Machinery Co., Ltd. provided a guarantee of 1,000 in 2022, with a percentage of 2.03%[80] - The total approved guarantee amount for subsidiaries during the reporting period was 166,200 thousand RMB, with actual guarantee amount of 22,118.85 thousand RMB[82] - The total approved guarantee amount for subsidiaries at the end of the reporting period was 207,460.44 thousand RMB, with actual guarantee balance of 94,223.35 thousand RMB[82] - A subsidiary, Maite Communication Equipment (Suzhou) Co., Ltd., received a guarantee of 120,000 thousand RMB on December 24, 2022, with actual guarantee amounts of 3,000 thousand RMB and 2,000 thousand RMB in December 2023[82] - Jinzhai Chunxing Precision Co., Ltd. received multiple guarantees totaling 60,000 thousand RMB, with actual guarantee amounts ranging from 200 thousand RMB to 6,784.29 thousand RMB between 2022 and 2024[81] - Suzhou Chunxing Precision Co., Ltd. provided a guarantee of 11,222.22 thousand RMB on September 19, 2023, with no actual guarantee amount as of December 24, 2023[82] - Maite Communication Equipment (Suzhou) Co., Ltd. received a guarantee of 5,653.41 thousand RMB on September 19, 2023, with no actual guarantee amount as of December 24, 2023[82] - Suzhou Chunxing Commercial Factoring Co., Ltd. received a guarantee of 367.78 thousand RMB on September 19, 2023, with no actual guarantee amount as of December 24, 2023[82] - Chunxing Casting (Suzhou Industrial Park) Co., Ltd. received a guarantee of 17.03 thousand RMB on September 19, 2023, with no actual guarantee amount as of December 24, 2023[82] - Anhui Chunxing Light Alloy Technology Co., Ltd. received a guarantee of 3,000 thousand RMB on October 29, 2020, with an actual guarantee amount of 159 thousand RMB[82] - Total guarantee amount approved during