海目星(688559) - 2024 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This section defines common terms used in the report to ensure accuracy and consistency of information disclosure - Reporting Period: January 1, 2024 to June 30, 2024[7] - The company's main business covers industrial laser and medical laser two major fields[19] Section II Company Profile and Key Financial Indicators I. Basic Company Information This section outlines Hymson Laser Technology Group Co., Ltd.'s basic information, including company name, registration details, and legal representative - The company's Chinese name is Hymson Laser Technology Group Co., Ltd., with the Chinese abbreviation Hymson[8] - The company's legal representative is Zhao Shengyu, and its registered address is in Longhua District, Shenzhen[8] II. Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Luo Xiaoxi, the Securities Affairs Representative is Sun Xiaodong, and their contact number is 0755-23325470[10] III. Information Disclosure and Changes in Document Availability Location This section specifies the company's designated newspapers and website for information disclosure, along with the location for the semi-annual report - The company's designated information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily, with the website being the **Shanghai Stock Exchange website (www.sse.com.cn)**[11](index=11&type=chunk) IV. Company Stock/Depositary Receipts Overview This section introduces the company's stock listing status and clarifies the absence of depositary receipts - The company's stock type is A-shares, listed on the Shanghai Stock Exchange STAR Market, with stock abbreviation "Hymson" and stock code "688559"[12] - The company has no depositary receipts[13] VI. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the reporting period, explaining changes in critical metrics, with revenue growth but declines in net profit and net operating cash flow Key Accounting Data (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,394,792,191.73 yuan | 2,146,309,798.90 yuan | 11.58 | | Net Profit Attributable to Shareholders of Listed Company | 152,132,606.14 yuan | 184,774,909.07 yuan | -17.67 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 127,953,659.26 yuan | 153,442,126.61 yuan | -16.61 | | Net Cash Flow from Operating Activities | -689,632,103.90 yuan | -504,051,172.04 yuan | N/A | Key Financial Indicators (Consolidated Statements) | Indicator | Current Period-End | Prior Year-End | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 2,490,795,968.65 yuan | 2,345,035,767.33 yuan | 6.22 | | Total Assets | 10,956,628,286.40 yuan | 10,884,656,995.20 yuan | 0.66 | - Operating revenue growth was primarily due to an increase in acceptance projects for photovoltaic laser and automation equipment and 3C consumer electronics laser and automation equipment[15] - The decline in net profit was mainly due to lower gross profit margin for power battery laser and automation equipment, increased investment in overseas market expansion, and higher financial expenses[16] - Net cash flow from operating activities was negative, primarily due to intense competition in the downstream power battery and photovoltaic industries, leading to delayed customer payment collection[16] VIII. Non-recurring Gains and Losses Items and Amounts This section lists non-recurring gains and losses items and their amounts for the reporting period, totaling 24.18 million yuan Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 115,204.08 | | Government Subsidies Included in Current Profit and Loss | 25,693,338.83 | | Gains and Losses from Entrusted Investment or Asset Management | 3,028,679.55 | | Other Non-operating Income and Expenses | -1,572,007.51 | | Other Gains and Losses Items Meeting the Definition of Non-recurring Gains and Losses | 1,464,961.85 | | Less: Income Tax Impact | 4,512,912.62 | | Impact on Minority Interests (After Tax) | 38,317.30 | | Total | 24,178,946.88 | Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business during the Reporting Period This section details the company's main businesses, products, and their uses, operating model, and industry trends, focusing on industrial and medical lasers for consumer electronics, power and energy storage batteries, and photovoltaic cells - The company's main business focuses on industrial laser and medical laser fields, aiming to become a global leader in laser technology innovation[19] - Industrial laser products include 3C industry laser and automation equipment, lithium battery industry laser and automation equipment (e.g., solid-state battery assembly lines), and photovoltaic industry laser and automation equipment (e.g., TOPCon, XBC battery equipment)[20][21] - Medical laser business focuses on mid-infrared laser wavelengths, having successfully developed a new high-power long-wavelength tunable mid-infrared femtosecond solid-state laser, a globally pioneering product[22] - The company's operating model combines "build-to-order" and "strategic inventory reserves", with sales modes divided into standardized and non-standardized custom equipment[27][28] - China's laser industry is entering a "platinum decade" of accelerated development, with market sales revenue reaching 91 billion yuan in 2023, a 5.6% year-on-year increase, projected to reach 96.5 billion yuan in 2024[31] - The lithium battery industry is upgrading from liquid to solid-state batteries, and the company is actively developing new business directions such as cylindrical and solid-state battery assembly lines[21][34][35] 1. Main Business, Main Products, and Their Uses The company's main business focuses on industrial and medical laser fields, with products covering consumer electronics, power and energy storage batteries, photovoltaic cells, and medical lasers - The company is committed to becoming a global leader in laser technology innovation, primarily focusing on R&D in industrial and medical laser fields[19] - Industrial laser business products include 3C industry laser and automation equipment, lithium battery industry laser and automation equipment (e.g., cylindrical assembly lines, solid-state battery assembly lines), and photovoltaic industry laser and automation equipment (e.g., TOPCon, XBC battery precision laser processing equipment)[20][21] - Medical laser business focuses on mid-infrared laser wavelengths, having successfully developed and launched a new high-power long-wavelength tunable mid-infrared femtosecond solid-state laser, a globally pioneering product[22] 2. Operating Model The company adopts an integrated product development model, with procurement guided by sales and sales plans, production primarily "on-demand" supplemented by "strategic inventory reserves," and sales divided into standardized and non-standardized customization - The R&D model adopts a cross-departmental integrated product development approach, ensuring strict review and archiving of technical solutions through market research, conceptual design, and development verification stages[24] - The procurement model combines sales-guided production and sales plan-based purchasing, controlling costs and ensuring timely material delivery and quality inspection through market inquiries and public bidding[26] - The production model is based on "build-to-order" principles, supplemented by "strategic inventory reserves", providing customized services and shortening delivery times for standard products[27] - The sales model is divided into standardized equipment (prototype testing, price negotiation, contract signing) and non-standardized equipment or production lines (bidding, solution comparison, business negotiation, customized production)[28][29] 3. Description of the Company's Industry The company operates in the laser processing equipment manufacturing sub-segment of the special equipment manufacturing industry, with laser technology benefiting from policy support for accelerated development and continuous innovation in 3C, lithium battery, photovoltaic, and medical fields - The company is classified under Manufacturing (C) — Special Equipment Manufacturing (C35), specializing in laser processing equipment manufacturing[30] - China's laser industry is entering a "platinum decade" of accelerated development, with market sales revenue reaching 91 billion yuan in 2023, a 5.6% year-on-year increase, projected to reach 96.5 billion yuan in 2024[31] - Industrial laser technology is rapidly developing in the 3C industry (ultrafast lasers, welding inspection), lithium battery industry (high-power annular spot lasers, solid-state batteries, large cylindrical batteries), and photovoltaic industry (laser cutting, doping, film opening, thinning)[34][36] - Medical laser applications are extensive, covering diagnosis, treatment, aesthetics, and detection, demanding higher technical specifications for pulse width, duration, and laser power[37] II. Core Technologies and R&D Progress This section details the company's core technologies, R&D achievements, investment, and ongoing projects, highlighting continuous innovation in laser optics and automation, significant patent growth, and strategic advanced R&D initiatives - The company's core technologies include laser optics and control technology and automation technology supporting laser systems[38] - During the reporting period, laser optical application technologies underwent upgrades, including tab laser die-cutting technology (height increased to 40mm), positive and negative electrode laser cleaning technology, and turret flying welding technology[38][39] - Automation technology has accumulated expertise in PLC frameworks, equipment system control, virtual simulation debugging, industrial CT inspection, visual inspection, host computer frameworks, and intelligent software, achieving a leapfrog upgrade in laser control technology[40] - As of June 30, 2024, the company had accumulated 931 authorized patents and 342 authorized software copyrights, with 198 new authorized patents and 42 new software copyrights in the first half of 2024[41] - In the first half of 2024, the company's laser die-cutting machine was awarded the "Manufacturing Single Champion Enterprise" by the Ministry of Industry and Information Technology[41] R&D Investment Status | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 249,239,923.37 | 240,564,856.31 | 3.61 | | Capitalized R&D Investment | 2,907,467.77 | 3,112,237.44 | -6.58 | | Total R&D Investment | 252,147,391.14 | 243,677,093.75 | 3.48 | | Ratio of Total R&D Investment to Operating Revenue (%) | 10.53 | 11.35 | Decrease of 0.82 percentage points | - The company has 35 ongoing R&D projects with a total budget of 485 million yuan, covering cutting-edge technologies such as five-axis platform control software, precision laser welding, and high-power long-wavelength infrared tunable femtosecond laser medical equipment[44][56] - The number of R&D personnel increased to 1,981, accounting for 31.07% of the company's total workforce, with an average R&D personnel salary of 108,900 yuan[57] 1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period The company continuously innovates in laser optics, control, and automation technologies, achieving breakthroughs in several key areas during the reporting period, enhancing product performance and market competitiveness - Laser optical application technologies have been upgraded, including tab laser die-cutting technology (height increased from 25mm to 40mm), positive and negative electrode laser cleaning process (no damage, no residue), roll laser cleaning technology (start-stop, flying), and laser drilling and scribing technology (breaking through the challenge of drilling high-density positive electrode surfaces)[38][39] - Turret flying welding technology has been introduced into processes such as current collector welding, cover plate penetration welding, and pole penetration welding, ensuring welding stability (within ±3 layers) and melt depth fluctuation (within ±0.1mm)[39] - Supporting automation technology has accumulated expertise in PLC frameworks, equipment system control, virtual simulation debugging, industrial CT inspection, visual inspection, host computer frameworks, and intelligent software, achieving a leapfrog upgrade in laser control technology[40] - Key breakthroughs in galvanometer technology support 2/3D galvanometer control, XY2-100E protocol, optical distortion correction, and grid error compensation, with correction accuracy reaching 10um[40] 2. R&D Achievements During the Reporting Period The company achieved significant R&D results during the reporting period, with continuous growth in patents and software copyrights, and received national-level honors - As of June 30, 2024, the company had accumulated 931 authorized patents and 342 authorized software copyrights[41] - In the first half of 2024, 198 new authorized patents and 42 new authorized software copyrights were obtained[41] - In the first half of 2024, the company's laser die-cutting machine was awarded the "Manufacturing Single Champion Enterprise" by the Ministry of Industry and Information Technology[41] 3. R&D Investment Table The company continuously increased R&D investment, with total R&D expenditure growing by 3.48% year-on-year during the reporting period, accounting for 10.53% of operating revenue R&D Investment Status | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 249,239,923.37 | 240,564,856.31 | 3.61 | | Capitalized R&D Investment | 2,907,467.77 | 3,112,237.44 | -6.58 | | Total R&D Investment | 252,147,391.14 | 243,677,093.75 | 3.48 | | Ratio of Total R&D Investment to Operating Revenue (%) | 10.53 | 11.35 | Decrease of 0.82 percentage points | | Proportion of Capitalized R&D Investment (%) | 1.15 | 1.28 | Decrease of 0.13 percentage points | 4. Status of R&D Projects The company has 35 ongoing R&D projects with a total budget of 485 million yuan, covering cutting-edge technologies such as five-axis platform control software, precision laser welding, and high-power long-wavelength infrared tunable femtosecond laser medical equipment, aiming to enhance product performance, efficiency, and market competitiveness - Ongoing R&D projects include five-axis platform control software, precision laser welding development, and high-power long-wavelength infrared tunable femtosecond laser medical equipment development, totaling 35 items[44][45][46][47][48][49][50][51][52] - The estimated total investment is 485 million yuan, with a total current period investment of 191 million yuan[56] - Multiple projects aim to address industry technical challenges, such as five-axis high-precision calibration, 3D line scan automatic trajectory generation, reduced cost of annular spot welding, and technological breakthroughs in solid-state battery assembly lines[44] - The medical laser equipment development project represents domestically leading technology, which will fill the gap in long-wavelength femtosecond laser technology for minimally invasive treatment[44] 5. R&D Personnel Status The company's R&D personnel significantly increased, with a predominantly bachelor's degree educational background and a younger age structure, providing talent assurance for technological innovation Basic Information of R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 1,981 | 1,573 | | Ratio of R&D Personnel to Total Company Staff (%) | 31.07 | 19.59 | | Total R&D Personnel Compensation (ten thousand yuan) | 15,899.05 | 16,645.74 | | Average R&D Personnel Compensation (ten thousand yuan) | 10.89 | 10.58 | Educational Background of R&D Personnel | Educational Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Doctoral Candidates | 13 | 0.66 | | Master's Candidates | 146 | 7.37 | | Bachelor's Degree | 1,707 | 86.17 | | Associate Degree | 63 | 3.18 | | High School and Below | 52 | 2.62 | | Total | 1,981 | 100 | Age Structure of R&D Personnel | Age Range | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Under 30 years old (excluding 30) | 877 | 44.27 | | 30-40 years old (including 30, excluding 40) | 932 | 47.05 | | 40-50 years old (including 40, excluding 50) | 151 | 7.62 | | 50-60 years old (including 50, excluding 60) | 19 | 0.96 | | 60 years old and above | 2 | 0.10 | | Total | 1,981 | 100 | III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its keen market insight, excellent R&D innovation, professional talent team, extensive customer resources, and refined business service advantages, enabling continuous technological upgrades and product innovation - Leveraging leading technology and keen market insight, the company continuously drives technological upgrades and product innovation in niche markets, becoming a platform-based laser technology innovation enterprise spanning consumer electronics, lithium batteries, photovoltaics, and medical sectors[59] - The company consistently increases R&D investment, with its R&D expense ratio long remaining at an industry-leading level, possessing multiple laser optics and automation core technologies, and having accumulated 931 authorized patents and 342 software copyrights[60][61] - The company boasts a composite talent team with rich management experience and industry background, and cultivates professional talent through collaborations with universities and vocational institutions[62] - The company has accumulated industry-leading or renowned enterprise clients such as Tesla, CATL, Apple, Foxconn, and Jinko Solar[63] - The company is customer-demand oriented, providing rapid feedback at all stages of R&D, manufacturing, and sales, offering customized and non-standardized products and solutions[64] IV. Discussion and Analysis of Operations During the reporting period, the company actively addressed global economic slowdown and intensified market competition, achieving operating revenue growth by strengthening technological innovation, expanding overseas markets, and optimizing internal management, notably breaking into the overseas lithium battery market and continuing new product and medical laser development - In the first half of 2024, the company achieved operating revenue of 2.395 billion yuan, a 11.58% year-on-year increase[65] - Overseas new orders for lithium battery business grew by over 14 times year-on-year, with new subsidiaries established in Germany and Switzerland, and products passing EU CE and US UL certification tests[65][68] - In the lithium battery sector, the company launched a new online CT product to meet high-precision inspection needs for stacked batteries, and signed a strategic cooperation agreement for solid-state battery equipment with Shenzhen Xinjie Energy Technology Co., Ltd[68][69] - 3C consumer electronics business orders grew rapidly, with the development of fully automatic steel-shell battery assembly lines and aluminum-shell camera welding processes and equipment[67] - Photovoltaic business launched BR-PS series picosecond lasers and BR-FS series industrial femtosecond lasers, developing BC large-spot laser film opening equipment and fully automatic junction box laser welding machines[70] - Medical laser business product development for long-wavelength mid-infrared femtosecond lasers met expectations, with multiple tabletop system prototypes built and applications for Class II and Class III medical device certificates progressing[71][73] - The company completed its 2023 annual profit distribution, implemented a share repurchase plan, and successfully raised 1.011 billion yuan through a private placement of shares to specific investors[74][75][76] 1. Industrial Laser Industrial laser business made progress in 3C consumer, lithium battery, and photovoltaic sectors, with 3C benefiting from market recovery, lithium battery achieving breakthroughs in overseas markets and solid-state battery technology, and photovoltaic innovating in laser sources and applications - 3C consumer electronics business orders grew rapidly, with the development of fully automatic steel-shell battery assembly lines and aluminum-shell camera welding processes and equipment, continuously securing orders from international leading clients[67] - Overseas new orders for lithium battery business grew by over 14 times year-on-year, with new subsidiaries established in Germany and Switzerland, and products passing EU CE and US UL certification tests[68] - In the lithium battery sector, the company launched a new online CT product to meet high-precision inspection needs for stacked batteries, achieved quasi-solid-state battery mass production line contracts, and signed a strategic cooperation framework agreement with Shenzhen Xinjie Energy Technology Co., Ltd[68][69] - Photovoltaic business launched BR-PS series picosecond lasers and BR-FS series industrial femtosecond lasers, developing BC large-spot laser film opening equipment and fully automatic junction box laser welding machines[70] 2. Medical Laser: Business Capabilities Continuously Enhanced, Product Development Meets Expectations Medical laser business made progress in long-wavelength mid-infrared femtosecond laser product development, building multiple tabletop system prototypes and advancing Class II and Class III medical device certificate applications, focusing on hair regeneration and collagen regeneration products - The company has successfully developed and is about to launch a new high-power long-wavelength tunable mid-infrared femtosecond laser product, which is a globally pioneering product[71] - This laser globally achieved watt-level average power and 5-11 micron freely tunable long-wavelength mid-infrared femtosecond pulse output for the first time[71] - The company is advancing applications for Class II and Class III medical device certificates, focusing on hair regeneration and collagen regeneration therapeutic products, and conducting human efficacy verification trials with expert teams from top-tier hospitals[71][72] 3. New Product Development Status The company continuously develops cutting-edge laser technologies and advantageous products across power battery, 3C, photovoltaic, and medical aesthetics industries, achieving multiple new product development results - In the power battery laser and automation equipment sector, the company developed 15m/min laser drilling machines, 25m/min wide-format scribing machines, 200m/min positive and negative electrode laser die-cutting machines, and current collector/casing wall-adhering welding machines, and completed the delivery of X-ray inspection equipment prototypes[73] - In the 3C sector, the company developed fully automatic steel-shell battery assembly lines (efficiency 15PPM) and aluminum-shell camera welding processes and equipment[73] - In the photovoltaic sector, the company launched backside laser thinning equipment and junction box laser welding equipment[73] - In the medical aesthetics sector, the company is conducting product development and trial production of high-power long-wavelength mid-infrared femtosecond lasers and medical equipment, along with biological basic experiments[73] 4. Capital Operations During the reporting period, the company completed profit distribution, share repurchases, and successfully implemented a private placement of shares for refinancing, effectively optimizing its capital structure and incentive mechanisms - On May 31, 2024, the company implemented an equity distribution, distributing a cash dividend of 1.00 yuan (tax inclusive) per 10 shares to all shareholders, totaling 20,113,048.00 yuan[74] - The company's share repurchase plan has been completed, with a cumulative repurchase of 2,831,520 shares, accounting for 1.3883% of the total share capital, and a payment of 115,182,953.48 yuan[75] - The company successfully issued 40,000,000 shares to specific investors, raising a net amount of 1,010,523,023.38 yuan, which was fully received by August 19, 2024[76] 5. Management Operations The company continuously optimizes its management system, enhances operational efficiency, and supports its globalization strategy through multiple measures including supply chain management, talent and organizational development, process transformation, and digital transformation - In supply chain management, the company promotes strategic sourcing and procurement, expands strategic cooperation with core suppliers, implements a senior management responsibility system for key components, and achieves effective cost reduction[77] - In talent and organizational development, the company promotes job rotation to enhance internal communication and collaboration efficiency; it also advances overseas organizational layout and core talent discovery to support its global expansion strategy[77] - In process transformation and digitalization, the company continuously promotes information technology application construction and business digital transformation, enhancing R&D and operational efficiency through digital means[78] V. Risk Factors The company faces multiple risks, including core competitiveness risks from new technology development and loss of key talent, operational risks like order execution and gross margin fluctuations, financial risks such as inventory impairment and accounts receivable bad debts, and industry cyclicality and macroeconomic (e.g., international trade policy) risks - Core competitiveness risks include new technology development risk (failure to timely master technology or maintain leadership) and loss of core technical talent risk[79][81][82] - Operational risks include order execution or delivery delay risk (affected by macroeconomic conditions, customer investment plans) and gross profit margin fluctuation risk (affected by market competition, product structure, cost control)[83][84] - Financial risks include inventory impairment risk (due to long equipment installation and commissioning cycles) and accounts receivable bad debt risk (due to downstream customer financial strain or industry downturn)[85][86] - Industry risks primarily involve cyclical risks and technological iteration risks in the industrial laser and manufacturing sectors (3C, power batteries, photovoltaics)[87] - Macroeconomic environment risks mainly stem from the complex international trade environment and escalating geopolitical conflicts, which may impact the company's global investment and overseas expansion strategies[88] VI. Key Operating Performance During the Reporting Period This section details the company's key operating performance during the reporting period, including changes in financial statement items, asset-liability status, investment activities, and analysis of major subsidiaries and associates, showing revenue growth but pressure on profit and cash flow, with adjustments to the asset-liability structure and multiple investments Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,394,792,191.73 | 2,146,309,798.90 | 11.58 | | Operating Costs | 1,748,599,170.26 | 1,492,160,349.61 | 17.19 | | Sales Expenses | 132,511,577.14 | 100,489,147.44 | 31.87 | | Administrative Expenses | 144,167,914.34 | 123,569,696.55 | 16.67 | | Financial Expenses | 21,268,466.38 | -16,185,856.47 | N/A | | R&D Expenses | 249,239,923.37 | 240,564,856.31 | 3.61 | | Net Cash Flow from Operating Activities | -689,632,103.90 | -504,051,172.04 | N/A | | Net Cash Flow from Investing Activities | -282,791,515.55 | -155,621,357.88 | N/A | | Net Cash Flow from Financing Activities | 1,173,122,658.48 | 196,522,010.66 | 496.94 | - Operating revenue growth was primarily due to an increase in acceptance projects for photovoltaic laser and automation equipment and 3C consumer electronics laser and automation equipment[91] - The increase in sales and administrative expenses was mainly due to the company's intensified overseas market expansion, establishment of overseas subsidiaries, and management reforms leading to higher employee compensation and professional service expenditures[91] - Financial expenses turned from negative to positive, mainly due to increased interest expenses from higher borrowings and increased discounting of unexpired notes payable this year[91] - Net cash flow from operating activities was negative, primarily due to intense competition in downstream industries, leading to delayed customer payment collection[91] Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Proportion of Current Period-End Amount to Total Assets (%) | Prior Year-End Amount (yuan) | Proportion of Prior Year-End Amount to Total Assets (%) | Percentage Change of Current Period-End Amount vs. Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 142,271,950.58 | 1.30 | 75,848,026.21 | 0.70 | 87.58 | | Receivables Financing | 99,746,025.88 | 0.91 | 26,517,609.82 | 0.24 | 276.15 | | Prepayments | 138,388,852.89 | 1.26 | 76,524,706.86 | 0.70 | 80.84 | | Short-term Borrowings | 2,842,244,630.74 | 25.94 | 2,000,558,944.45 | 18.38 | 42.07 | | Notes Payable | 630,251,546.22 | 5.75 | 926,159,781.35 | 8.51 | -31.95 | | Employee Compensation Payable | 90,774,922.24 | 0.83 | 190,997,571.04 | 1.75 | -52.47 | | Other Payables | 24,459,292.57 | 0.22 | 16,009,713.46 | 0.15 | 52.78 | | Long-term Borrowings | 621,659,514.02 | 5.67 | 405,169,937.80 | 3.72 | 53.43 | | Lease Liabilities | 28,246,431.01 | 0.26 | 41,149,538.41 | 0.38 | -31.36 | - The company's restricted assets totaled 419 million yuan at period-end, primarily including monetary funds, notes receivable, other current assets, and non-current assets, with restrictions due to guarantees, pledges, and litigation freezes[94][95] - During the reporting period, the company's total investment was 22.3148 million yuan, a year-on-year decrease of 88.33%[97] - The company plans to invest 1.01 billion yuan in a new high-end laser and intelligent equipment R&D center and manufacturing base project[97] - The company holds 35 million yuan in Jingdezhen Hive Lingxuan New Energy Industry Investment Center (Limited Partnership), held for long-term strategic purposes[99] - Major controlled and associated companies include Hymson (Jiangmen) Laser Intelligent Equipment Co., Ltd., Hymson Laser Intelligent Equipment (Jiangsu) Co., Ltd., and Shenzhen Haixing Zhizao Information Technology Co., Ltd.[100] 1. Analysis of Main Business This section analyzes changes and reasons for key financial statement items, indicating revenue growth but profit pressure from increased sales, administrative, and financial expenses, with negative net operating cash flow Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,394,792,191.73 | 2,146,309,798.90 | 11.58 | | Operating Costs | 1,748,599,170.26 | 1,492,160,349.61 | 17.19 | | Sales Expenses | 132,511,577.14 | 100,489,147.44 | 31.87 | | Administrative Expenses | 144,167,914.34 | 123,569,696.55 | 16.67 | | Financial Expenses | 21,268,466.38 | -16,185,856.47 | N/A | | R&D Expenses | 249,239,923.37 | 240,564,856.31 | 3.61 | | Net Cash Flow from Operating Activities | -689,632,103.90 | -504,051,172.04 | N/A | | Net Cash Flow from Investing Activities | -282,791,515.55 | -155,621,357.88 | N/A | | Net Cash Flow from Financing Activities | 1,173,122,658.48 | 196,522,010.66 | 496.94 | - Operating revenue growth was primarily due to an increase in acceptance projects for photovoltaic laser and automation equipment and 3C consumer electronics laser and automation equipment[91] - The increase in sales and administrative expenses was mainly due to the company's intensified overseas market expansion, establishment of overseas subsidiaries, and management reforms leading to higher employee compensation and professional service expenditures[91] - Financial expenses turned from negative to positive, mainly due to increased interest expenses from higher borrowings and increased discounting of unexpired notes payable this year[91] - Net cash flow from operating activities was negative, primarily due to intense competition in downstream industries, leading to delayed customer payment collection[91] 2. Analysis of Assets and Liabilities The company's asset-liability structure adjusted at period-end, with significant increases in short-term and long-term borrowings, decreases in notes payable and employee compensation payable, and disclosure of major restricted assets Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Proportion of Current Period-End Amount to Total Assets (%) | Prior Year-End Amount (yuan) | Proportion of Prior Year-End Amount to Total Assets (%) | Percentage Change of Current Period-End Amount vs. Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 142,271,950.58 | 1.30 | 75,848,026.21 | 0.70 | 87.58 | | Receivables Financing | 99,746,025.88 | 0.91 | 26,517,609.82 | 0.24 | 276.15 | | Prepayments | 138,388,852.89 | 1.26 | 76,524,706.86 | 0.70 | 80.84 | | Short-term Borrowings | 2,842,244,630.74 | 25.94 | 2,000,558,944.45 | 18.38 | 42.07 | | Notes Payable | 630,251,546.22 | 5.75 | 926,159,781.35 | 8.51 | -31.95 | | Employee Compensation Payable | 90,774,922.24 | 0.83 | 190,997,571.04 | 1.75 | -52.47 | | Other Payables | 24,459,292.57 | 0.22 | 16,009,713.46 | 0.15 | 52.78 | | Long-term Borrowings | 621,659,514.02 | 5.67 | 405,169,937.80 | 3.72 | 53.43 | | Lease Liabilities | 28,246,431.01 | 0.26 | 41,149,538.41 | 0.38 | -31.36 | - Short-term borrowings increased by 42.07%, mainly due to the growth in notes discounted borrowings this year[93] - Long-term borrowings increased by 53.43%, mainly due to an increase in bank borrowings during the current period[93] - The company's restricted assets totaled 419 million yuan at period-end, primarily including monetary funds, notes receivable, other current assets, and non-current assets, with restrictions due to commercial bill guarantees, electricity account restricted funds and escrow deposits, litigation-frozen property preservation funds, and pledges[94][95] 3. Analysis of Investment Status During the reporting period, the company's total investment significantly decreased year-on-year, but it plans to invest 1.01 billion yuan in a new high-end laser and intelligent equipment R&D and manufacturing base project, while continuing private equity fund investments - Investment during the reporting period was 22,314,761.07 yuan, a decrease of 88.33% compared to the same period last year[97] - The company plans to invest 1.01 billion yuan in a new high-end laser and intelligent equipment R&D center and manufacturing base project[97] - The company holds 35 million yuan in Jingdezhen Hive Lingxuan New Energy Industry Investment Center (Limited Partnership), planned for long-term strategic holding[99] 5. Analysis of Major Controlled and Associated Companies This section lists basic information, main businesses, and financial status of the company's major controlled and associated companies, with Hymson (Jiangmen) Laser Intelligent Equipment Co., Ltd. and Shenzhen Haixing Zhizao Information Technology Co., Ltd. significantly impacting the company's net profit Financial Information of Major Controlled and Associated Companies | No. | Company Name | Shareholding Ratio | Registered Capital (ten thousand yuan) | Main Business | Total Assets (yuan) | Net Assets (yuan) | Net Profit (yuan) | Whether Net Profit Impact on Company Reaches 10% | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Hymson (Jiangmen) Laser Intelligent Equipment Co., Ltd. | 100% | 8,000.00 | Production and sales of power battery laser and automation equipment, 3C consumer electronics laser and automation equipment, photovoltaic industry laser and automation equipment, and sheet metal laser cutting equipment | 3,902,017,439.27 | 596,238,485.87 | -14,768,224.50 | Yes | | 2 | Hymson Laser Intelligent Equipment (Jiangsu) Co., Ltd. | 100% | 21,000.00 | Production and sales of power battery laser and automation equipment, 3C consumer electronics laser and automation equipment, photovoltaic industry laser and automation equipment, and sheet metal laser cutting equipment | 3,876,245,435.55 | 905,495,716.63 | 12,175,211.50 | No | | 3 | Hymson Laser Intelligent Equipment (Chengdu) Co., Ltd. | 100% | 10,000.00 | Production and sales of power battery laser and automation equipment, 3C consumer electronics laser and automation equipment, photovoltaic industry laser and automation equipment, and sheet metal laser cutting equipment | 319,414,890.26 | 102,976,510.00 | 1,179,832.37 | No | | 4 | Shenzhen Haixing Zhizao Information Technology Co., Ltd. | 100% | 2,000.00 | Production and sales of software for power battery laser and automation equipment, 3C consumer electronics laser and automation equipment, photovoltaic industry laser and automation equipment, and sheet metal laser cutting equipment | 289,482,298.07 | 135,700,153.16 | 131,179,045.85 | Yes | Section IV Corporate Governance I. Overview of Shareholders' Meetings This section outlines the company's shareholders' meetings during the reporting period, including session, date, resolution publication website, and disclosure date, confirming the legality and effectiveness of meeting procedures - The First Interim Shareholders' Meeting of 2024 was held on February 26, 2024, approving resolutions related to the 2024 Restricted Stock Incentive Plan[101] - The 2023 Annual Shareholders' Meeting was held on May 6, 2024, approving various proposals including the annual report, board of directors' work report, and profit distribution plan[101] - During the reporting period, the convening, holding procedures, convener qualifications, attendee qualifications, and voting procedures and results of the company's shareholders' meetings all complied with laws, regulations, and the Articles of Association, being legal and effective[102] II. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel This section discloses changes in the company's senior management during the reporting period and explains the criteria for identifying core technical personnel - On April 11, 2024, the company appointed Ms. Luo Xiaoxi as Deputy General Manager and Board Secretary[103] - The company selects core technical personnel by comprehensively considering factors such as employee education, professional qualifications, research capabilities, job roles, and contributions to the company[103] III. Profit Distribution or Capital Reserve Conversion Plan This section states that the company has no profit distribution or capital reserve conversion plan for the current reporting period - The company has no profit distribution or capital reserve conversion plan for the current reporting period[104] IV. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section details the progress of the company's 2024 Restricted Stock Incentive Plan, including board and supervisory board reviews, incentive recipient公示, and shareholder approval, with restricted shares already granted to incentive recipients - On February 7, 2024, the company's Board of Directors and Supervisory Board convened and approved the "2024 Restricted Stock Incentive Plan (Draft)" and its summary and assessment management measures[105] - The list of incentive recipients was publicly disclosed, and the Supervisory Board received no objections[106] - On February 26, 2024, the company's Shareholders' Meeting approved this incentive plan, and the Board of Directors was authorized to handle related matters[106] - On February 28, 2024, the company's Board of Directors and Supervisory Board approved the "Proposal on Granting Restricted Shares to Incentive Recipients"[106] Section V Environmental and Social Responsibility I. Environmental Information The company has established environmental protection mechanisms, investing 2.23 million yuan in environmental funds during the reporting period, and its main business is not a heavily polluting industry, strictly adhering to environmental laws and regulations, and implementing various measures to reduce carbon emissions - The company has established environmental protection mechanisms, investing 2.23 million yuan in environmental funds during the reporting period[107] - The company's main business is not classified as a heavily polluting industry by the state, and its production and operation activities do not involve environmental pollution, noise pollution, or industrial wastewater[108] - The company strictly adheres to environmental laws and regulations such as the Environmental Protection Law, formulating management measures like the "Waste Management Measures" and "Wastewater Management Measures" to ensure the effective operation of its environmental management system[109] - The company implements multiple carbon reduction measures, including promoting clean production, replacing energy-efficient and environmentally friendly air compressors, fully utilizing LED energy-saving lighting, and using photovoltaic and energy storage power generation in some factory areas[110][111] - The company's products involve technologies and equipment for new energy industries such as lithium batteries, photovoltaics, and 3C, and are also key areas for carbon neutrality in product application[112] Section VI Significant Matters I. Fulfillment of Commitments This section details the fulfillment of various commitments by the company's actual controller, shareholders, related parties, and the company itself, both during and continuing into the reporting period, confirming all commitments were timely and strictly met - The share lock-up commitments of the company's actual controller Zhao Shengyu and his controlled enterprises, company directors, supervisors, senior management, and other shareholders have all been timely and strictly fulfilled[115] - The company and related parties' commitments regarding the truthfulness of the prospectus, fraudulent issuance, compensation for immediate returns, and profit distribution have all been timely and strictly fulfilled[129][133][136][139] - The company, its actual controller, directors, and senior management's commitments regarding avoiding fund occupation, illegal guarantees, supplementary social security and housing fund payments, defects in leased properties, and incomplete environmental procedures have all been timely and strictly fulfilled[147][148][149][150] - The commitments regarding equity incentives by both equity incentive recipients and the company have also been timely and strictly fulfilled[155][156] X. Significant Related Party Transactions This section discloses significant related party transactions during the reporting period, including purchases and sales of goods, provision of services, related party leases, and joint external investments - The company has transactions involving purchases of goods/acceptance of services with related parties such as Shenzhen Guohua Optoelectronics Technology Co., Ltd. and Changzhou Changrong Hymson Intelligent Equipment Co., Ltd[472] - As a lessor, the company leases properties to related parties such as Changzhou Changrong Hymson Intelligent Equipment Co., Ltd. and Guangdong Haigao Laser Intelligent Equipment Co., Ltd., and recognizes lease income[474] - The company's wholly-owned subsidiary, Hymson Laser Intelligent Equipment (Chengdu) Co., Ltd., jointly invested with Mr. LIANGHOUKUN (Liang Houkun), a company director, and Mr. He Changtao, a supervisor, to establish Chengdu Huachuan Xingguang Enterprise Management Center (Limited Partnership), constituting a related party transaction[159] XI. Significant Contracts and Their Fulfillment This section discloses significant guarantees fulfilled by the company and its subsidiaries during the reporting period, primarily joint and several liability guarantees for subsidiaries, with the total guarantee amount accounting for 22.69% of the company's net assets - The total guarantee amount by the company and its subsidiaries for subsidiaries is 565.23 million yuan, accounting for 22.69% of the company's net assets[170] - All guarantees are joint and several liability guarantees, with the main guaranteed parties being Hymson (Jiangmen) Laser Intelligent Equipment Co., Ltd., Hymson Laser Intelligent Equipment (Jiangsu) Co., Ltd., and Hymson Laser Intelligent Equipment (Chengdu) Co., Ltd.[164][165][166][167][168][169][170] XII. Explanation of Progress in Use of Raised Funds This section details the overall use of the company's raised funds, including specifics and changes to investment projects, with initial public offering funds largely invested and some projects completed or adjusted Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (yuan) | Net Raised Funds After Issuance Expenses (yuan) | Total Committed Investment of Raised Funds in Prospectus or Offering Document (yuan) | Total Raised Funds Cumulatively Invested as of Reporting Period-End (yuan) | Cumulative Investment Progress of Raised Funds as of Reporting Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 728,000,000.00 | 649,087,900.00 | 800,000,000.00 | 655,256,473.62 | 100.95 | - The "Laser and Automation Equipment Expansion Project (Jiangsu)" and "Laser and Automation Equipment Expansion Project (Jiangmen)" have been completed, with remaining raised funds invested in the "Laser and Automation Equipment Expansion Project (Jiangmen)" for unpaid engineering final payments[175] - The internal investment structure of the "Laser and Automation Equipment R&D Center Construction Project" was adjusted, and its expected operational readiness date was extended to June 2024[175][176][177] 1. Overall Use of Raised Funds The company's initial public offering funds have been largely invested, with cumulative investment exceeding the net raised funds and a high proportion of annual investment Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (yuan) | Net Raised Funds After Issuance Expenses (yuan) | Total Committed Investment of Raised Funds in Prospectus or Offering Document (yuan) | Total Raised Funds Cumulatively Invested as of Reporting Period-End (yuan) | Cumulative Investment Progress of Raised Funds as of Reporting Period-End (%) | Amount Invested This Year (yuan) | Proportion of Amount Invested This Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 728,000,000.00 | 649,087,900.00 | 800,000,000.00 | 655,256,473.62 | 100.95 | 63,806,171.88 | 9.83 | 2. Details of Investment Projects with Raised Funds The company's raised fund investment projects, including laser and automation equipment expansion projects (Jiangsu, Jiangmen) and the R&D center construction project, are largely completed or operational, yielding significant benefits Details of Raised Fund Investment Projects Usage | Project Name | Project Nature | Total Planned Investment of Raised Funds (yuan) | Amount Invested This Year (yuan) | Total Raised Funds Cumulatively Invested as of Reporting Period-End (yuan) | Cumulative Investment Progress as of Reporting Period-End (%) | Date Project Reached Intended Usable State | Whether Completed | Benefits Achieved This Year (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Laser and Automation Equipment Expansion Project (Jiangsu) | Production Construction | 281,192,500.00 | - | 281,186,488.53 | 100.00 | June 2022 | Yes | 72,291.68 | | Laser and Automation Equipment Expansion Project (Jiangmen) | Production Construction | 176,895,400.00 | 27,924,299.56 | 187,902,090.71 | 106.22 | September 2022 | Yes | 29,079.19 | | Laser and Automation Equipment R&D Center Construction Project | R&D | 191,000,000.00 | 35,881,872.32 | 186,167,894.38 | 97.47 | June 2024 | Yes | - | - The Laser and Automation Equipment Expansion Projects (Jiangsu) and (Jiangmen) have both been completed, with cumulative investment progress exceeding 100%[173][174] - The Laser and Automation Equipment R&D Center Construction Project has a cumulative investment progress of 97.47% and has reached its intended usable state[174] 4. Other Uses of Raised Funds During the Reporting Period During the reporting period, the company completed and adjusted some raised fund investment projects, reallocating surplus funds to other projects and extending the construction period for some - The company completed the raised fund investment projects "Laser and Automation Equipment Expansion Project (Jiangsu)" and "Laser and Automation Equipment Expansion Project (Jiangmen)"[175] - The remaining raised funds of 35.3881 million yuan (including interest income) from the "Laser and Automation Equipment Expansion Project (Jiangsu)" were invested in the "Laser and Automation Equipment Expansion Project (Jiangmen)" for unpaid engineering final payments[175] - The internal investment structure of the "Laser and Automation Equipment R&D Center Construction Project" was adjusted, and its expected operational readiness date was extended to June 2024[175][176][177] Section VII Share Changes and Shareholder Information I. Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[179] II. Shareholder Information This section discloses the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders as of the reporting period-end, along with related party relationships among major shareholders - As of the reporting period-end, the company had a total of 14,890 ordinary shareholders[180] - Among the top ten shareholders, Nanjing Shengshi Haikang Venture Capital Partnership (Limited Partnership), Yancheng Haihe Henghui No. 1 Venture Capital Partnership (Limited Partnership), and Yancheng Haihe Henghui No. 2 Venture Capital Partnership (Limited Partnership) were the top three shareholders[183] - The company's actual controller, Mr. Zhao Shengyu, holds 92.35% equity in Nanjing Shengshi Haikang, 19.74% in Yancheng Haihe Henghui No. 1, and 80.26% in Yancheng Haihe Henghui No. 2, indicating a common control relationship among these three shareholders[184] - The company's dedicated share repurchase securities account holds 2,831,520 shares, accounting for 1.39% of the company's total share capital[184] III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel This section discloses the Class II restricted shares granted to directors, supervisors, senior management, and core technical personnel during the reporting period Class II Restricted Shares Granted to Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Number of Restricted Shares Granted at Period Start (shares) | Number of Restricted Shares Newly Granted During Reporting Period (shares) | Number of Attributable Shares (shares) | Number of Attributed Shares (shares) | Number of Restricted Shares Granted at Period End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhao Shengyu | Chairman, General Manager, Core Technical Personnel | 200,000 | 133,300 | 120,000 | 120,000 | 333,300 | | Guofu Zhou （周国富） | Director | 0 | 80,000 | 0 | 0 | 80,000 | | Zhang Songling | Director, Deputy General Manager, Core Technical Personnel | 150,000 | 80,000 | 90,000 | 90,000 | 230,000 | | Zhou Yuchao | Director, Deputy General Manager, Core Technical Personnel | 100,000 | 80,000 | 60,000 | 60,000 | 180,000 | | Luo Xiaoxi | Director, Deputy General Manager, Board Secretary | 0 | 80,000 | 0 | 0 | 80,000 | | LIANG HOUKUN （梁厚昆） | Director | 0 | 80,000 | 0 | 0 | 80,000 | | Liang Chen | Deputy General Manager | 100,000 | 80,000 | 60,000 | 60,000 | 180,000 | | Han Haoye | Deputy General Manager | 0 | 80,000 | 0 | 0 | 80,000 | | Zeng Changjin | Deputy General Manager, Chief Financial Officer | 100,000 | 80,000 | 60,000 | 60,000 | 180,000 | | Lin Guodong | Core Technical Personnel | 0 | 53,330 | 0 | 0 | 53,330 | | Wen Yanxiu | Core Technical Personnel | 60,000 | 36,385 | 36,000 | 36,000 | 96,385 | | Peng Xinhan | Core Technical Personnel | 60,000 | 33,330 | 36,000 | 36,000 | 93,330 | | Total | / | 770,000 | 896,345 | 462,000 | 462,000 | 1,666,345 | Section VIII Preferred Shares Related Information Preferred Shares Related Information The company has no preferred shares related information - The company has no preferred shares related information[187] Section IX Bonds Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments related information - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments related information[188] II. Convertible Corporate Bonds The company has no convertible corporate bonds related information - The company has no convertible corporate bonds related information[188] Section X Financial Report I. Audit Report This semi-annual report has not been audited - This semi-annual report is unaudited[3] II. Financial Statements This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with significant accounting policies and detailed notes Consolidated Balance Sheet As of June 30, 2024, the company's consolidated total assets were 10.957 billion yuan, with total current assets of 8.523 billion yuan and total non-current assets of 2.433 billion yuan; total current liabilities were 7.709 billion yuan and total non-current liabilities were 766 million yuan Key Data from Consolidated Balance Sheet | Item | June 30, 2024 (yuan) | December 31, 2023 (yuan) | | :--- | :--- | :--- | | Total Assets | 10,956,628,286.40 | 10,884,656,995.20