杉杉股份(600884) - 2023 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2023 decreased by 12.11% to RMB 9,467,775,923.82 compared to the same period last year[18] - Net profit attributable to shareholders of the listed company dropped by 39.01% to RMB 1,013,091,536.67 year-on-year[18] - Net profit attributable to shareholders after deducting non-recurring gains and losses fell by 58.62% to RMB 587,813,365.37[18] - Operating cash flow turned negative, with a net outflow of RMB 1,464,124,850.13, a decrease of 193.83% compared to the same period last year[18] - Basic earnings per share decreased by 29.96% to RMB 0.542[19] - Diluted earnings per share also decreased by 29.96% to RMB 0.542[19] - Weighted average return on equity (ROE) decreased by 4.079 percentage points to 4.340%[19] - Return on equity after deducting non-recurring gains and losses decreased by 4.681 percentage points to 2.518%[19] - The company achieved a revenue of 9,467.7759 million yuan in the first half of 2023, a year-on-year decrease of 12.11%, and a net profit attributable to shareholders of 1,013.0915 million yuan, a year-on-year decrease of 39.01%[47] - Total operating income for the reporting period was 9,467.78 million yuan, a year-on-year decrease of 12.11%[57] - Net profit attributable to shareholders of the parent company was 1,013.09 million yuan, a year-on-year decrease of 39.01%[57] - Net profit attributable to parent company shareholders decreased to 1,013,091,536.67 RMB in H1 2023 from 1,661,149,050.47 RMB in H1 2022, a decline of 39%[137] - Basic earnings per share dropped to 0.542 RMB in H1 2023 from 0.774 RMB in H1 2022[137] - Comprehensive income totaled 1,151,052,827.78 RMB in H1 2023, down from 1,740,436,679.35 RMB in H1 2022[137] - Sales revenue from goods and services in 2023 H1 decreased to RMB 8,059,700,800.33, down 13.3% compared to RMB 9,295,922,303.60 in 2022 H1[140] - Net cash flow from operating activities in 2023 H1 was negative RMB 1,464,124,850.13, a significant decline from positive RMB 1,560,449,276.28 in 2022 H1[140] - Cash outflow for purchasing goods and services increased to RMB 8,137,001,872.27 in 2023 H1, up 19.8% from RMB 6,792,585,869.74 in 2022 H1[140] - Net cash flow from investing activities improved slightly to negative RMB 3,604,210,851.32 in 2023 H1, compared to negative RMB 3,858,715,569.46 in 2022 H1[141] - Cash inflow from financing activities increased to RMB 8,756,040,674.05 in 2023 H1, up 11.3% from RMB 7,866,362,795.11 in 2022 H1[141] - Net cash flow from financing activities turned positive at RMB 4,599,271,044.86 in 2023 H1, a significant improvement from negative RMB 1,708,344,209.76 in 2022 H1[141] - Cash and cash equivalents decreased by RMB 478,359,696.03 in 2023 H1, compared to a larger decrease of RMB 3,989,821,867.84 in 2022 H1[141] - Parent company's operating cash flow turned negative at RMB -85,415,304.73 in 2023 H1, down from positive RMB 30,823,207.29 in 2022 H1[142] - Parent company's investment cash outflow decreased to RMB 1,195,624,739.85 in 2023 H1, down 37.3% from RMB 1,907,571,505.50 in 2022 H1[142] - Parent company's financing cash inflow decreased to RMB 1,946,000,000.00 in 2023 H1, down 50.2% from RMB 3,908,089,216.00 in 2022 H1[142] Business Operations - The company is a global leader in high-tech industries, focusing on the development of anode materials and polarizer businesses, and aims to become a global leader in these two niche markets[21] - The company's anode materials business includes products such as artificial graphite, natural graphite, silicon-based anode, and hard carbon, primarily used in new energy vehicles, consumer electronics, and energy storage industries[22] - In 2023 H1, the company's artificial graphite production accounted for the largest share in the industry, maintaining its leading position[27] - The company's polarizer business includes R&D, production, and sales of polarizers, which are core optical film materials for display panels, widely used in TVs, monitors, laptops, tablets, smartphones, and commercial displays[30] - The company's sales model involves collaboration between sales, R&D, quality, and technical support departments, forming a customer-focused approach to provide high-cost-performance products and services[26] - The company's production model follows a make-to-order principle, with monthly production planning based on sales forecasts and flexible production adjustments to meet market demand[25] - The company's procurement model combines centralized and decentralized approaches, ensuring efficient supply chain management and strategic partnerships with key suppliers[24] - Polarizer shipment area market share ranked first globally in the TFT-LCD polarizer market in the first half of 2023[33] - The company has completed a strategic layout of approximately 700,000 tons of graphite-based anode material capacity, including 100,000 tons (already in production), 200,000 tons, and 300,000 tons in Inner Mongolia, Sichuan, and Yunnan respectively[40] - The company is constructing a 4,000-ton silicon-based anode production base in Ningbo, with the first phase expected to start trial production in early 2024[41] - The company has 245 authorized patents for anode materials, including 4 international patents, 189 domestic invention patents, and 52 utility model patents as of June 30, 2023[38] - The company has achieved batch supply of 4C fast-charging products for power batteries and is supplying leading power battery companies with third-generation liquid-phase coating technology products[38] - The company's silicon-oxygen anode products have achieved large-scale applications in consumer electronics and power markets, with second-generation silicon-oxygen anode products already supplied to overseas leading customers[38] - The company is building a thousand-ton-level hard carbon production line, expected to start trial production in Q3 2023[38] - The company has established long-term stable cooperative relationships with global mainstream lithium battery manufacturers including CATL, LGES, ATL, BYD, and others[39] - The negative electrode material business generated a revenue of 3,160.7824 million yuan, a year-on-year decrease of 9.69%, with a net profit of 430.9116 million yuan, a year-on-year increase of 1.03%[48] - The company has applied for over 1,000 LCD polarizer-related patents globally, with 1,017 patents authorized, including 944 invention patents[44] - The company operates 5 ultra-wide front-end production lines, including a 2600mm ultra-wide production line, the largest in the world, capable of mass-producing polarizers for screens over 115 inches[45] - The company has installed over 20 RTP production lines globally, enhancing production efficiency and product yield[45] - The company's fast-charging products have achieved mass production of 5C products and sample verification of 6C products, with 4C products rapidly growing in shipments[49] - The company's silicon-based negative electrode products have achieved technological breakthroughs and are being supplied in bulk to overseas customers[49] - The company has established strategic partnerships with leading domestic raw material suppliers to ensure stable and secure supply of raw materials[42] - The company has developed and is promoting VR display polarizers and automotive polarizers, with VR polarizers undergoing customer certification and mass production[43] - The company has released three group standards for polarizers, contributing to the standardization and high-quality development of the polarizer industry[43] - The company's anode material business achieved significant sales growth with major head clients in the first half of 2023, further increasing client concentration[51] - Polarizer business revenue in the first half of 2023 was 5,306.06 million yuan, a year-on-year decrease of 7.36%, with net profit attributable to shareholders of 606.89 million yuan, down 24.12%[52] - The company achieved mass production of several high-end LCD polarizers for TV, IT, and mobile applications, maintaining a leading position in large-size TV polarizers[53] - The company completed the development of VR display polarizers and is actively promoting customer certification and mass production[53] Market and Industry Trends - In 2023 H1, China's power lithium battery shipments reached 270GWh, a 33% YoY increase, while energy storage lithium battery shipments reached 87GWh, a 67% YoY increase, driving demand for lithium battery materials[27] - Global lithium battery anode material shipments in 2023 H1 were 748,000 tons, a 17.4% YoY increase, with China's global market share further rising to 97%[27] - Global and China mainland TFT-LCD panel production line utilization rates increased to 82% and 86% respectively in Q2 2023, up 3 percentage points year-on-year and 13 percentage points quarter-on-quarter[33] - TV panel average shipment size reached 47.8 inches in the first half of 2023, up 2.2 inches year-on-year and 1.6 inches quarter-on-quarter[35] Financial Position and Assets - Total assets increased by 5.03% to RMB 47,186,207,292.63 compared to the end of the previous year[18] - Total assets increased to 47.19 billion yuan as of June 30, 2023, compared to 44.93 billion yuan at the end of 2022[131][133] - Total liabilities rose to 22.96 billion yuan from 20.80 billion yuan over the same period[133] - Current assets decreased slightly to 19.21 billion yuan from 19.24 billion yuan[131] - Non-current assets grew to 27.98 billion yuan from 25.98 billion yuan[131] - Long-term loans increased significantly to 5.99 billion yuan from 4.18 billion yuan[133] - Inventory rose to 5.59 billion yuan from 5.03 billion yuan[131] - Accounts receivable decreased to 4.52 billion yuan from 4.69 billion yuan[131] - Construction in progress expanded to 7.32 billion yuan from 4.95 billion yuan[132] - Short-term borrowings increased to 4.79 billion yuan from 3.93 billion yuan[133] - Retained earnings grew to 12.37 billion yuan from 12.03 billion yuan[133] - Total assets as of June 30, 2023, were 21.28 billion, a slight decrease from 21.91 billion at the end of 2022[134] - Total liabilities as of June 30, 2023, were 8.86 billion, compared to 8.62 billion at the end of 2022[135] - Short-term borrowings as of June 30, 2023, were 1.65 billion, an increase from 1.10 billion at the end of 2022[134] - Long-term borrowings as of June 30, 2023, were 2.89 billion, a slight decrease from 2.96 billion at the end of 2022[135] - Other receivables as of June 30, 2023, were 6.98 billion, an increase from 6.53 billion at the end of 2022[134] - Accounts receivable financing increased by 68.17% to 861.47 million yuan, mainly due to the settlement method of the negative electrode business being primarily through bills[62] - Other receivables surged by 162.82% to 1.31 billion yuan, primarily due to loans formed before the divestment of Shanshan Photovoltaic and its subsidiaries[62] - Assets held for sale decreased by 86.58% to 176.68 million yuan, mainly due to the completion of the 51% equity sale of Quzhou Shanshan in February 2023[62] - Construction in progress rose by 47.88% to 7.32 billion yuan, driven by new investments in expansion projects for negative electrode and polarizer businesses[62] - Long-term loans increased by 43.53% to 5.99 billion yuan, mainly used for new capacity projects in polarizer and negative electrode businesses[62] - Overseas assets totaled 298.98 million yuan, accounting for 0.63% of total assets[63] - Total external equity investment in the reporting period was 2.13 billion yuan, a decrease of 46.74% year-on-year[65] - Major non-equity investments include the 8 billion yuan lithium-ion battery negative material integrated base project in Meishan, Sichuan, with 36.98% of the total investment completed[67] - The fair value of other equity instrument investments increased by 106.63 million yuan to 856.05 million yuan[69] - Total financial assets measured at fair value reached 1.92 billion yuan, with a net increase of 455.85 million yuan during the reporting period[69] - DEFI TECHNOLOGIES INC's initial investment cost was 9,155,041.01 RMB, with a current book value of 131,483.77 RMB, reflecting a significant decline in fair value[70] - ARDEA RESOURCES LTD's book value decreased from 4,043,079.93 RMB to 2,046,861.35 RMB, with a fair value loss of 1,996,218.58 RMB[70] - Morella Corporation Limited's initial investment cost was 225,883,583.93 RMB, with a current book value of 17,329,383.25 RMB, indicating a substantial fair value loss[70] - Luoyang Molybdenum's book value increased from 682,500,000.00 RMB to 799,500,000.00 RMB, with a fair value gain of 117,000,000.00 RMB[70] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period is 191,366[120] - The largest shareholder, Shanshan Group Co., Ltd., holds 782,222,036 shares, accounting for 34.55% of the total shares[121] - The second-largest shareholder, Ningbo Pengze Trading Co., Ltd., holds 205,264,756 shares, accounting for 9.07% of the total shares[121] - The third-largest shareholder, Ningbo Yinzhou Jielun Investment Co., Ltd., holds 77,873,254 shares, accounting for 3.44% of the total shares[121] - The fourth-largest shareholder, Shanshan Holdings Co., Ltd., holds 72,212,189 shares, accounting for 3.19% of the total shares[121] - The fifth-largest shareholder, Tianan Property Insurance Co., Ltd., holds 54,450,098 shares, accounting for 2.41% of the total shares[121] - The total number of GDRs outstanding as of the reporting period is 1,223,312[123] - Shanshan Group holds 782,222,036 shares, with 553,043,870 shares pledged[122] - The top 10 shareholders with restricted shares include Shanshan Group with 205,264,756 shares, which will be tradable after 2024-12-31[124] - The company plans to repurchase and cancel 4,980,725 restricted shares due to unmet performance targets or departure of incentive recipients[125] - Citibank, National Association holds 6,116,560 shares as the GDR depository[122] - The top 10 shareholders include Hong Kong Securities Clearing Company with 54,389,584 shares[122] - The company's restricted shares are subject to a lock-up period of 36 months from the issuance date[124] - The company's GDR depository, Citibank, National Association, holds shares on behalf of GDR holders[123] - The company's restricted shares are part of the 2022 equity incentive plan, with lock-up periods of 12, 24, 36, and 48 months[124] - The company's restricted shares include those held by key executives and core technical personnel[125] Environmental and Social Responsibility - The company's chemical oxygen demand (COD) emission concentration is 299.2 mg/L, with a total emission of 162.75 t/a, against a permitted total of 705.674 t/a[91] - Ammonia nitrogen emission concentration is 0.56 mg/L, with a total emission of 0.347 t/a, against a permitted total of 3.347 t/a[91] - Total phosphorus emission concentration is 0.21 mg/L, with a total emission of 0.122 t/a, against a permitted total of 0.621 t/a[91] - Total nitrogen emission concentration is 7.9 mg/L, with a total emission of 4.734 t/a[91] - Suspended solids emission concentration is 51 mg/L, with a total emission of 31.859 t/a, against a permitted total of 564.297 t/a[91] - VOCs emission concentration is 6.27 mg/m³, with a total emission of 10.9 t/a, against a permitted total of 99.4785 t/a[91] - Particulate matter emission concentration is 2.4 mg/m³, with a total emission of 1.25 t/a, against a permitted total of 3.446 t/a[91] - BOD5 emission concentration is 175 mg/L, with a total emission of 95.69 t/a[92] - Total phosphorus emission concentration is 0.12 mg/L, with a total emission of