长城电工(600192) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 was RMB 740.46 million, a decrease of 30.15% compared to the same period last year[12] - Net profit attributable to shareholders was RMB -80.98 million, a decrease of 141.95% year-on-year[12] - Operating cash flow was RMB -54.63 million, compared to RMB 93.92 million in the same period last year[12] - Basic earnings per share were RMB -0.1833, a decrease of 141.95% year-on-year[13] - Weighted average return on equity was -5.8687%, a decrease of 3.70 percentage points compared to the same period last year[13] - Revenue decreased by 30.15% to RMB 740.46 million compared to the same period last year[20][22] - Net loss attributable to shareholders widened by RMB 47.51 million to RMB 80.98 million[20] - Total comprehensive income for the first half of 2024 was a loss of RMB 90.46 million, compared to a loss of RMB 42.59 million in the same period last year[60] - Credit impairment loss for the first half of 2024 was RMB -22.93 million, compared to RMB -23.52 million in the same period last year[59] - Revenue for the first half of 2024 reached RMB 9,851,339.45, compared to RMB 7,452,854.64 in the same period of 2023[62] - Operating profit for the first half of 2024 was a loss of RMB 820,818.79, an improvement from a loss of RMB 3,562,645.44 in the same period of 2023[62] - Net cash flow from operating activities for the first half of 2024 was a negative RMB 54,633,879.61, compared to a positive RMB 93,923,374.64 in the same period of 2023[63] - Total comprehensive income for the first half of 2024 was a loss of RMB 7,105,670.76, compared to a loss of RMB 7,479,232.02 in the same period of 2023[62] - Comprehensive income for the first half of 2024 was -87,267,738.85 yuan, contributing to the decrease in owner's equity[67] - The comprehensive income for the period was -37,385,810.93 yuan, contributing to the overall decrease in owner's equity[68] - The comprehensive income for the period was -7,105,670.76 yuan, contributing to the overall decrease in owner's equity[69] - The company's comprehensive income for the period was a loss of RMB 7,479,232.02, primarily due to a decrease in other comprehensive income of RMB 3,914,386.94 and a decrease in undistributed profits of RMB 3,564,845.08[71] Market and Competition - The company faced intensified market competition and difficulties in securing orders, leading to a decline in revenue and continued losses[14] - Some signed orders were delayed due to customer project postponements, further impacting revenue[14] - The company faces market risks due to macroeconomic factors, industry competition, and trade barriers, which could impact its performance[28] - The company faces risks from fluctuations in raw material prices, particularly steel and non-ferrous metals, which have led to persistently high costs and low product prices due to intense market competition[29] Government Subsidies and Non-Recurring Items - Non-recurring gains and losses totaled RMB 14,065,673.35, including RMB 5,473,469.53 from disposal of non-current assets and RMB 11,072,699.32 from government subsidies[15] - Government subsidies related to COVID-19 prevention equipment investment amounted to RMB 24,999.00, while subsidies for the "National Key Laboratory of Large Electrical Drive Systems and Equipment Technology" innovation platform project reached RMB 112,500.00[16] - Net cash flow from operating activities decreased by 148.56 million yuan, primarily due to reduced sales revenue and the absence of a government relocation subsidy[23] - Net cash flow from financing activities increased by 278.08 million yuan, mainly due to a 60 million yuan financial aid from the controlling shareholder for a national laboratory project[23] - Government grants are recognized as other income if related to daily activities, and as non-operating income if unrelated to daily activities[130] Assets and Liabilities - Total assets decreased by 1.49% to RMB 4.86 billion compared to the end of the previous year[12] - Monetary funds increased by 35.65% to 434.67 million yuan, accounting for 8.95% of total assets, largely due to the financial aid received[24] - Accounts receivable decreased by 8.00% to 1.44 billion yuan, mainly due to reduced revenue[25] - Short-term borrowings increased by 13.76% to 1.26 billion yuan, primarily due to new bank loans[25] - Long-term borrowings increased by 16.34% to 69.76 million yuan, due to a new 3-year bank loan of 10 million yuan[25] - Total current assets amounted to 3,521,780,403.62 yuan, a slight decrease from 3,584,868,354.42 yuan in the previous period[55] - Total non-current assets amounted to 1,336,995,962.02 yuan, a slight decrease from 1,347,311,183.10 yuan in the previous period[55] - Total assets amounted to 4,858,776,365.64 yuan, a slight decrease from 4,932,179,537.52 yuan in the previous period[55] - Short-term borrowings increased to 1,262,401,080.74 CNY, up from 1,109,735,085.71 CNY in the previous period[56] - Accounts payable decreased to 917,078,277.82 CNY from 993,773,851.50 CNY[56] - Contract liabilities decreased to 101,579,694.93 CNY from 108,927,924.87 CNY[56] - Total current liabilities slightly decreased to 3,106,861,689.00 CNY from 3,161,720,005.73 CNY[56] - Long-term borrowings increased to 69,761,358.33 CNY from 59,961,563.89 CNY[56] - Total non-current liabilities increased to 387,891,160.31 CNY from 315,761,540.65 CNY[56] - Total liabilities slightly increased to 3,494,752,849.31 CNY from 3,477,481,546.38 CNY[56] - Total equity increased to 1,364,023,516.33 CNY from 1,454,697,991.14 CNY[56] - Total assets increased to 4,858,776,365.64 CNY from 4,932,179,537.52 CNY[56] - Parent company's total assets increased to 2,920,720,230.85 CNY from 2,819,407,848.26 CNY[57] - Monetary funds increased from RMB 320,437,378.03 at the beginning of the period to RMB 434,673,274.00 at the end of the period, with a significant increase in bank deposits from RMB 138,364,380.89 to RMB 281,381,477.98[139] - Accounts receivable decreased from RMB 1,941,028,320.73 at the beginning of the period to RMB 1,837,334,859.15 at the end of the period, with a notable decrease in the 1-year category from RMB 1,061,990,288.00 to RMB 908,022,322.36[140] - The company's bad debt provision for accounts receivable increased from RMB 371,093,205.92 at the beginning of the period to RMB 393,056,216.45 at the end of the period, with a significant increase in the provision for individual accounts from RMB 73,709,849.02 to RMB 73,409,849.02[141] - The total bad debt provision for individual assessment is RMB 73,409,849.02, with a provision ratio of 96.43%[142] - The total accounts receivable under the general combination is RMB 1,746,238,199.11, with a bad debt provision of RMB 319,197,383.99[143] - The bad debt provision for the general combination increased by RMB 23,236,116.24, reaching RMB 319,197,383.99[144] - The top five accounts receivable and contract assets total RMB 248,818,886.70, accounting for 13.34% of the total[145] - The contract warranty assets have a book balance of RMB 42,057,707.39, with a bad debt provision of RMB 1,785,553.07, representing a provision ratio of 4.25%[146] - The general combination of contract assets has a book balance of RMB 41,863,830.89, with a bad debt provision of RMB 1,779,736.78, representing a provision ratio of 4.25%[147] - The total contract assets have a book balance of RMB 42,057,707.39, with a bad debt provision of RMB 1,785,553.07, representing a provision ratio of 4.25%[148] - Contract warranty provision for the period amounted to RMB 153,220.84[149] - Notes receivable at the end of the period decreased to RMB 224,987,915.79 from RMB 274,039,467.24 at the beginning of the period[149] - Pledged notes receivable at the end of the period totaled RMB 21,279,752.71[150] - Bank acceptance bills not yet due at the end of the period amounted to RMB 121,765,649.32[151] - Prepayments within 1 year accounted for 76.14% of total prepayments, amounting to RMB 98,893,712.25[152] - The top five prepayment recipients accounted for 24.27% of total prepayments, totaling RMB 31,524,234.60[154] - Other receivables increased to RMB 66,188,106.28 from RMB 61,146,798.47 at the beginning of the period[154] - Other receivables within 1 year amounted to RMB 49,486,531.33, accounting for 52.94% of total other receivables[156] - Bid security deposits in other receivables increased to RMB 27,897,418.55 from RMB 26,346,055.22 at the beginning of the period[157] - Unit receivables in other receivables increased to RMB 45,334,442.65 from RMB 39,119,853.95 at the beginning of the period[157] - Bad debt provision increased by 964,110.51 RMB in the first half of 2024, with the total provision reaching 27,254,291.32 RMB as of June 30, 2024[158][159] - The top five other receivables accounted for 26.86% of the total other receivables, with a combined balance of 25,096,772.35 RMB[159] - Inventory balance as of June 30, 2024, was 1,201,702,233.14 RMB, with inventory impairment provision of 22,470,276.20 RMB[160] - Inventory impairment provision for finished goods decreased by 1,605,942.82 RMB during the period, ending at 22,238,507.77 RMB[161] - Raw materials inventory increased to 188,809,934.59 RMB, up from 172,860,806.40 RMB at the beginning of the year[160] - Work-in-progress inventory rose significantly to 295,348,798.25 RMB, compared to 208,368,314.89 RMB at the start of the year[160] - Finished goods inventory remained stable at 659,251,014.25 RMB, with a slight decrease in impairment provision[160] - Deferred input tax and prepaid taxes decreased to 2,270,078.17 RMB from 11,961,866.07 RMB at the beginning of the year[162] - The largest other receivable was from Gansu First Construction Group Co., Ltd., with a balance of 10,749,500.00 RMB and a provision of 5,374,750.00 RMB[159] - The second-largest other receivable was from Zhouqu County Lianghekou Hydropower Development Co., Ltd., with a balance of 4,393,693.63 RMB and a full provision[159] - Long-term equity investments totaled 1,301,816,243.00 yuan at the end of the period, with a total impairment provision of 59,531,887.40 yuan[165] - The company's investment in Lanzhou Electric Co., Ltd. decreased by 3,878,494.46 yuan, resulting in a year-end balance of 126,366,794.55 yuan[166] - The company's investment in Xinyuan Power Co., Ltd. decreased by 2,482,623.73 yuan, resulting in a year-end balance of 8,369,226.97 yuan[166] - The company's investment in Gansu Xinglong Advanced Equipment Manufacturing Venture Capital Fund Co., Ltd. increased by 76,266.21 yuan, resulting in a year-end balance of 5,911,867.42 yuan[166] - The company's investment in Tianshui Changcheng Juice Group Co., Ltd. increased by 1,320,880.78 yuan, resulting in a year-end balance of 34,516,075.27 yuan[165] - The company's investment in Tianshui Tianli Special Pipe Co., Ltd. increased by 747,969.57 yuan, resulting in a year-end balance of 17,991,920.17 yuan[165] - The company's investment in Gansu Gonghanglu Changcheng Electric Co., Ltd. increased by 140,405.79 yuan, resulting in a year-end balance of 1,493,719.71 yuan[165] - The company's investment in Shanghai Changkai Information Technology Co., Ltd. remained unchanged at 5,953,188.74 yuan[165] - The company's investment in Xiangtangxia Hydropower Development Co., Ltd. decreased by 1,102,339.64 yuan, resulting in a year-end balance of 35,747,812.33 yuan[165] - The company's investment in Qinghai Huangrun Hydropower Co., Ltd. increased by 548,899.12 yuan, resulting in a year-end balance of 16,226,937.03 yuan[165] - Fixed assets increased by RMB 19.49 million, with machinery and equipment accounting for RMB 16.56 million of the increase[169] - The total book value of fixed assets at the end of the period was RMB 694.01 million, a decrease of RMB 17.75 million compared to the beginning of the period[169] - The company has RMB 146.28 million in construction in progress, an increase of RMB 16.55 million from the beginning of the period[171] - The industrial park power transmission and transformation equipment industry expansion and upgrade project has a budget of RMB 583.98 million, with RMB 139.78 million invested, accounting for 23.94% of the budget[173] - The Tianshui logistics service center construction project has a budget of RMB 185 million, with only RMB 8.42 million invested, accounting for 4.55% of the budget[173] - The large-scale electrical transmission system and equipment technology national key laboratory project has a budget of RMB 130 million, with RMB 1.71 million invested, accounting for 1.32% of the budget[173] - The company has RMB 53.45 million in fixed assets without property certificates, including the B1 factory building of the Changkai factory[170] - The cumulative depreciation of fixed assets increased by RMB 35.72 million during the period, with machinery and equipment accounting for RMB 23.71 million of the increase[169] - The company disposed of fixed assets worth RMB 19.20 million during the period, including RMB 14.55 million in machinery and equipment[169] - The company's fixed assets impairment provision decreased by RMB 6,223.56 during the period[169] - The book value of use rights assets at the end of the period is 5,742,955.73 yuan, compared to 5,991,023.17 yuan at the beginning of the period[175] - The total intangible assets at the end of the period amount to 159,909,999.97 yuan, with an increase of 466,784.41 yuan during the period[176] - The accumulated amortization of intangible assets at the end of the period is 60,624,504.84 yuan, with an increase of 1,838,472.23 yuan during the period[176] - The book value of intangible assets at the end of the period is 99,285,495.13 yuan, compared to 100,657,182.95 yuan at the beginning of the period[176] - The deferred tax assets at the end of the period total 81,082,675.65 yuan, with a decrease of 1,636,322.51 yuan compared to the beginning of the period[179] - The deferred tax liabilities at the end of the period amount to 3,213,093.88 yuan, with a decrease of 457,831.20 yuan compared to the beginning of the period[180] - The total long-term deferred expenses at the end of the period are 5,971,306.83 yuan, with a decrease of 701,238.06 yuan compared to the beginning of the period[178] - Deferred tax assets and liabilities net offset amount at the end of the period: 937,967.28 RMB, with a net deferred tax asset balance of 81,082,675.65 RMB[181] - Unrecognized deferred tax assets details: total unrecognized deferred tax assets of 767,103,193.80 RMB, including deductible temporary differences of 191,700,211.55 RMB and deductible losses of 575,402,982.25 RMB[182] - Deductible losses expiring in 2024: 29,381,283.77 RMB, with total deductible losses of 575,402,982.25 RMB[183] - Other non-current assets: total book value of 38,855,020.60 RMB, including contract assets of 35,500,939.91 RMB and engineering equipment payments of 3,354,080.69 RMB[