丰元股份(002805) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the table of contents, and definitions of key terms for report comprehension - This section includes the report's disclaimers, table of contents, and definitions of key terms, providing a foundation for understanding the report content and explaining company-related subsidiaries, business, and financial terms[1][2][4] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period Company Profile This section provides the company's basic business registration information, including its stock ticker "Fengyuan Shares", stock code "002805", listing exchange (Shenzhen Stock Exchange), and legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | Fengyuan Shares | | Stock Code | 002805 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhao Xiaomeng | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue significantly decreased by 58.71% to 597 million RMB, while net profit attributable to shareholders narrowed its loss to -81 million RMB, and net cash flow from operating activities improved significantly to 303 million RMB 2024 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 596,772,684.33 | 1,445,236,587.73 | -58.71% | | Net Profit Attributable to Shareholders (RMB) | -80,737,488.95 | -106,867,383.23 | Not Applicable | | Net Cash Flow from Operating Activities (RMB) | 303,476,362.35 | -1,013,722,754.26 | 129.94% | | Basic Earnings Per Share (RMB/share) | -0.29 | -0.38 | Not Applicable | | Weighted Average Return on Net Assets | -3.98% | -4.43% | 0.45% | | Total Assets (RMB) | 5,208,171,806.33 | 5,927,361,094.86 | -12.13% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders (RMB) | 1,990,372,520.02 | 2,070,124,567.49 | -3.85% (Period-end vs. Prior Year-end) | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 4.37 million RMB, primarily from government subsidies recognized in current profit Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies Recognized in Current Profit or Loss | 4,583,851.36 | | Net Non-Operating Income and Expenses | 291,402.14 | | Less: Income Tax Impact | 69,977.36 | | Less: Impact on Minority Interests (After Tax) | 442,790.61 | | Total | 4,369,578.57 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook Principal Businesses The company's main businesses are lithium battery cathode materials and oxalic acid, serving the new energy vehicle, energy storage, pharmaceutical, and electronic ceramics sectors - Company's two main businesses are lithium battery cathode materials and oxalic acid, targeting new energy and traditional chemical/emerging electronics sectors[15] - Lithium battery cathode materials business: Products include lithium iron phosphate and ternary materials, primarily used in power batteries and energy storage. The company adopts a direct sales model, establishing stable cooperative relationships with downstream customers[18][24] - Oxalic acid business: Total capacity of 100,000 tons/year, products include industrial-grade, refined-grade oxalic acid, and derivatives, applied in pharmaceuticals, rare earths, and fine chemicals[27] Analysis of Core Competencies The company's core competencies lie in its lithium battery cathode materials and oxalic acid businesses, featuring strong R&D, customer relationships, product diversification, and production scale - Lithium battery materials business advantages: - R&D Innovation: Collaborates with Chinese Academy of Sciences, developing cutting-edge materials like solid-state and cobalt-free, holding 85 authorized patents - Customer Engagement: Established stable cooperative relationships with leading downstream enterprises like BYD - Product Completeness: Covers mainstream lithium iron phosphate and ternary materials, with reserves in lithium manganese iron phosphate and sodium-ion battery cathode materials - Production Capacity: 190,000 tons built, 100,000 tons under construction - Industrial Chain Layout: Actively developing upstream resources to mitigate raw material price fluctuations[34][35][36] - Oxalic acid business advantages: - Market and Customers: Industry leader with 100,000 tons/year capacity and a long-term stable domestic and international customer base - Technology and Environmental Protection: Utilizes advanced processes like "improved carbohydrate oxidation method," demonstrating industry-leading advantages in product quality, cost, and environmental performance[37][38] Analysis of Principal Business Operations In H1 2024, operating revenue decreased by 58.71% to 597 million RMB, with a net loss of 81 million RMB, primarily due to lower product prices and insufficient equipment utilization impacting manufacturing costs Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 596,772,684.33 | 1,445,236,587.73 | -58.71% | Sales price fluctuations | | Operating Cost | 653,701,384.75 | 1,360,531,401.96 | -51.95% | Raw material price fluctuations | | Net Cash Flow from Operating Activities | 303,476,362.35 | -1,013,722,754.26 | 129.94% | Collection of matured customer payments | | Net Cash Flow from Investing Activities | -79,620,507.30 | -426,283,597.93 | Not Applicable | Decrease in project investments | | Net Cash Flow from Financing Activities | -345,626,374.00 | 1,083,708,518.21 | -131.89% | Repayment of borrowings | Principal Business by Segment | Segment | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Cathode Materials | 534,173,097.73 | 599,425,894.82 | -12.22% | -59.61% | -51.68% | -18.43% | | Oxalic Acid Products | 62,515,430.62 | 53,910,044.69 | 13.77% | -46.13% | -46.50% | 0.59% | Analysis of Assets and Liabilities At the end of the reporting period, total assets decreased by 12.13% to 5.21 billion RMB, with significant changes including a 64.17% reduction in accounts receivable and a 55.56% decrease in short-term borrowings Changes in Key Balance Sheet Items | Item | Current Period End (RMB) | % of Total Assets | Prior Year End (RMB) | Prior Year End % of Total Assets | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 537,082,865.58 | 10.31% | 1,498,644,867.40 | 25.28% | Primarily due to collection of matured payments during the reporting period | | Fixed Assets | 1,927,207,561.35 | 37.00% | 1,615,159,189.91 | 27.25% | Primarily due to transfer of new production capacity construction in progress to fixed assets during the reporting period | | Short-term Borrowings | 514,087,083.32 | 9.87% | 1,156,777,995.21 | 19.52% | Primarily due to reduced financing needs and repayment of borrowings during the reporting period | - As of the end of the reporting period, the company had 751 million RMB in restricted assets, primarily including monetary funds for deposits, un-derecognized endorsed notes, and fixed and intangible assets pledged for bank credit[51] Analysis of Investment Status During the reporting period, the company's investment decreased by 61.15% to 290 million RMB, primarily focused on significant non-equity investments in lithium battery cathode material production lines and commodity futures hedging - Investment during the reporting period was 290 million RMB, a 61.15% year-on-year decrease, primarily for construction in progress[52] Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Investment Amount in Current Period (RMB) | Cumulative Actual Investment Amount as of Period End (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | 50,000-ton/year Lithium Iron Phosphate Cathode Material Project (Anhui) | Self-built | 16,760,330.93 | 752,124,196.69 | 79.46% | | 50,000-ton/year High-Energy Lithium-ion Battery Cathode Material Project | Self-built | 126,875,800.85 | 147,224,072.88 | 18.98% | | 50,000-ton/year Lithium Iron Phosphate Cathode Material Production Line Project (Phase I) (Yunnan) | Self-built | 89,512,330.62 | 554,077,292.30 | 93.77% | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Production Line Project (Phase II) (Yunnan) | Self-built | 56,840,662.28 | 329,308,915.03 | 18.54% | - The company conducts commodity futures hedging with its own funds to mitigate price fluctuation risks of key raw materials like lithium salts, recognizing a fair value change gain of 1.20 million RMB during the reporting period[57] Risks and Countermeasures The company faces operational risks including raw material and product price volatility, intensified competition, technological iteration, policy changes, and customer concentration, addressed through supply chain management, R&D, and customer structure optimization - Key Risk Points: - Price Risk: Significant price fluctuations in upstream raw materials (e.g., lithium salts) and downstream products - Competition Risk: Increased competition due to new industry capacity, posing risks of unabsorbed new production capacity - Technology Risk: Rapid technological iteration in lithium battery cathode materials; failure to keep up with new technologies may impact competitiveness - Customer Dependence: Strong reliance on leading battery enterprises; changes in major customer orders may adversely affect performance[72][73] - Countermeasures: - Cost and Supply Chain: Strengthen cost and price management, utilize futures hedging to mitigate risks - Technology and Market: Increase R&D investment, develop high-value customers, and enhance product competitiveness - Customer Structure: While consolidating existing customer relationships, actively explore other leading battery enterprises to optimize customer structure[72][73][74] Corporate Governance This section details the company's corporate governance structure, including shareholder meetings and profit distribution policies Shareholders' Meeting Information During the reporting period, the company held its 2023 Annual Shareholders' Meeting on May 24, 2024, approving the annual report, profit distribution plan, credit lines, and external guarantee plans - The company held its 2023 Annual Shareholders' Meeting on May 24, 2024, with an investor participation rate of 31.07%[77] Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital reserve to share capital conversion for the 2024 semi-annual period - The 2024 semi-annual profit distribution plan is "no distribution, no conversion"[78] Environmental and Social Responsibility This section outlines the company's environmental compliance, pollution control measures, and social responsibility initiatives Significant Environmental Issues The company is designated as a key pollutant-discharging unit, adhering to environmental regulations with valid permits, and has implemented comprehensive pollution control measures without incurring administrative penalties during the reporting period - The company is a key pollutant-discharging unit and has obtained a discharge permit valid until 2028[80][81] - The company treats exhaust gas from oxalic acid operations using SCR denitrification and low-NOx combustion, and dust-laden exhaust gas from lithium battery operations with bag filters, ensuring all pollutant emissions meet standards[85] - During the reporting period, the company received no administrative penalties for environmental issues[90] Significant Events This section covers significant events including legal proceedings, related party transactions, and major contracts Litigation Matters The company won a second-instance lawsuit against Qinghai Juzhiyuan New Material Co., Ltd. for the return of a 71.60 million RMB deposit, which was fully provisioned for bad debt in 2023 - The company won the second-instance lawsuit against Qinghai Juzhiyuan regarding the deposit refund, with the court ordering the return of 71.60 million RMB plus interest; the case is currently in the enforcement stage[97][98] - The company fully provisioned for bad debt for this amount in 2023, and subsequent recovery of funds will directly increase company profit[98] Significant Related Party Transactions The company's sole significant related party transaction during the reporting period was the lease of office space by its wholly-owned subsidiary Fengyuan Lithium Energy from controlling shareholder Mr. Zhao Guanghui for an annual rent of 1.35 million RMB - The company's wholly-owned subsidiary Fengyuan Lithium Energy leases office space in Qingdao from controlling shareholder Zhao Guanghui for a three-year term, with a total rent of 4.05 million RMB[104] Significant Contracts and Their Performance This section primarily discloses the company's significant guarantees, totaling 313 million RMB at the end of the reporting period, representing 157.26% of net assets, all provided to subsidiaries for operational and project financing Summary of Significant Guarantees | Item | Amount (million RMB) | | :--- | :--- | | Total Approved Guarantee Limit as of Period End | 1,770 | | Total Actual Guarantee Balance as of Period End | 313 | | Ratio of Total Actual Guarantees to Company Net Assets | 157.26% | | Debt Guarantee Balance for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% | 60 | Changes in Share Capital and Shareholder Information This section details changes in the company's share capital structure and provides information on major shareholders Changes in Share Capital During the reporting period, the company's total share capital remained at 280 million shares, with a shift in share structure due to the lifting of restrictions on non-publicly issued shares held by controlling shareholder Mr. Zhao Guanghui - Due to the lifting of restrictions on non-publicly issued shares, the proportion of restricted shares decreased from 30.70% to 0.45%, while unrestricted shares increased from 69.30% to 99.55%[117][118] Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 42,305 common shareholders, with controlling shareholder Mr. Zhao Guanghui holding 30.21% and Anhui Jintong New Energy Vehicle Phase II Fund as the second largest shareholder with 5.43% Top Two Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held as of Period End | | :--- | :--- | :--- | :--- | | Zhao Guanghui | Domestic Natural Person | 30.21% | 84,616,627 | | Anhui Jintong New Energy Vehicle Phase II Fund Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.43% | 15,195,369 | Preferred Shares Information This section confirms the absence of preferred shares within the company during the reporting period - During the reporting period, the company had no preferred shares[125] Bond Information This section confirms the absence of bond-related activities within the company during the reporting period - During the reporting period, the company had no bond-related information[126] Financial Report This section presents the company's unaudited financial statements, including the balance sheet, income statement, and cash flow statement Audit Report The company's 2024 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[128] Financial Statements This section provides the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed notes Consolidated Income Statement Core Data (H1 2024) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 596,772,684.33 | | Total Operating Cost | 711,984,066.50 | | Operating Profit | -129,352,150.88 | | Total Profit | -129,053,655.70 | | Net Profit | -103,134,556.71 | | Net Profit Attributable to Parent Company Shareholders | -80,737,488.95 | Consolidated Balance Sheet Core Data (As of June 30, 2024) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 5,208,171,806.33 | | Total Liabilities | 2,544,017,798.06 | | Total Owners' Equity | 2,664,154,008.27 | | Total Owners' Equity Attributable to Parent Company | 1,990,372,520.02 | Consolidated Cash Flow Statement Core Data (H1 2024) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 303,476,362.35 | | Net Cash Flow from Investing Activities | -79,620,507.30 | | Net Cash Flow from Financing Activities | -345,626,374.00 | | Net Increase in Cash and Cash Equivalents | -121,758,800.47 |