杭叉集团(603298) - 2022 Q2 - 季度财报

Definitions This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its key financial performance metrics for the reporting period Basic Company Information This chapter provides basic information about Hangcha Group Co., Ltd., including contact details for key personnel, registered addresses, website, and information disclosure channels - The company's legal representative is Zhao Limin[13] - The designated information disclosure newspaper is Securities Times, and the website is the Shanghai Stock Exchange website (http://www.sse.com.cn)[16](index=16&type=chunk) Key Accounting Data and Financial Indicators In the first half of 2022, the company's operating revenue slightly increased by 2.14%, while net profit attributable to shareholders decreased by 9.62%, with a significant 177.48% improvement in net cash flow from operating activities Main Accounting Data | Main Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7,524,396,799.30 | 7,366,806,668.45 | 2.14 | | Net Profit Attributable to Shareholders of the Listed Company | 456,123,111.33 | 504,663,932.02 | -9.62 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 439,048,035.27 | 491,746,374.53 | -10.72 | | Net Cash Flow from Operating Activities | 443,440,834.70 | 159,812,478.31 | 177.48 | | | Current Period End | Prior Year End | Change from Prior Year End (%) | | Net Assets Attributable to Shareholders of the Listed Company | 5,711,284,101.59 | 5,599,820,055.26 | 1.99 | | Total Assets | 10,910,249,020.57 | 10,397,249,158.85 | 4.93 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.53 | 0.58 | -8.62 | | Diluted Earnings Per Share (CNY/share) | 0.52 | 0.58 | -10.34 | | Weighted Average Return on Net Assets (%) | 7.90 | 9.67 | Decreased by 1.77 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 7.61 | 9.42 | Decreased by 1.81 percentage points | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 17.08 million CNY, primarily from government subsidies and fair value changes of financial assets and liabilities Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit/loss | 25,720,797.65 | | Gains and losses from entrusted investments or asset management | 6,877,976.41 | | Gains and losses from changes in fair value of trading financial assets, liabilities, etc. | -25,381,969.14 | | Total | 17,075,076.06 | Management Discussion and Analysis This section provides an in-depth review of the company's operational performance, industry trends, core competencies, and risk factors during the reporting period Industry and Main Business Overview The company specializes in R&D, production, and sales of industrial vehicles and key components, along with smart logistics solutions, maintaining its industry leadership amidst a shift towards electrification and intelligence - The company's main business includes R&D, production, and sales of industrial vehicles such as forklifts, warehouse trucks, AGVs, and aerial work platforms, along with their key components, and provides smart logistics system integration and aftermarket services[23] - The industrial vehicle industry shows a clear trend towards electrification and intelligence, with electric product growth exceeding 20% and internal combustion product sales decreasing by approximately 10% in the first half of the year[24] - According to Modern Material Handling magazine in the United States, the company has consistently ranked eighth globally since 2017[25] Analysis of Core Competencies The company's core competencies encompass strong R&D, a global marketing network, a forward-looking new energy strategy, advanced intelligent manufacturing, efficient supply chain integration, and a unique corporate culture - The company has established a 'one core, two wings' technological innovation system, focusing on 'intelligence, greening, and service-orientation,' mastering key technologies such as lithium battery application, autonomous navigation, and permanent magnet synchronous motors for industrial vehicles[27] - The company actively implements its new energy strategy, collaborating with CATL and others to develop specialized lithium batteries, investing in motor and electronic control technologies, mastering core technologies like lithium battery application and high-voltage permanent magnet synchronous motors, and achieving batch sales of hydrogen fuel cell forklifts[29] - The company has built a green future factory comprising over 600 intelligent robots and more than 20 smart production lines, with an annual production capacity exceeding 400,000 industrial vehicles[31] Discussion and Analysis of Operations Despite complex economic conditions, the company achieved stable operational performance in H1 2022, with significant progress in R&D, marketing, and smart manufacturing, notably achieving over 50% growth in export sales volume and over 80% growth in export revenue - In terms of technology R&D, the company focused on its new energy strategy, completing the development of over 30 major categories and nearly 100 models of new products in the first half of the year, including National IV emission internal combustion forklifts and solid-state metal hydrogen storage fuel cell forklifts[40] - On April 15, the company globally launched its XH full series of heavy-duty high-voltage lithium-ion forklifts, achieving a historic breakthrough for electric forklifts against traditional internal combustion models[40] - Marketing efforts advanced against the trend, with export sales volume increasing by over 50% and export revenue growing by over 80%[42] - The company initiated a new round of management reform, with the SAP project for group information system upgrade officially launched on May 1, aiming to enhance unified data management and agile supply chain response capabilities[44] Analysis of Key Operating Performance This section analyzes the company's financial position, highlighting significant improvements in operating cash flow, a shift to positive investing cash flow due to wealth management product redemptions, and increases in receivables, prepayments, and short-term borrowings, alongside a new joint venture for smart logistics Potential Risks The company faces risks from macroeconomic fluctuations, intensified industry competition, foreign exchange rate volatility due to expanding overseas business, and potential supply chain disruptions for core imported components - External operating environment risk: Significant fluctuations in the macroeconomic environment and industry may adversely affect the company's operations[55] - Industry competition risk: Products are highly homogenized, and the company faces competition from new entrants, with increasing competition as the market shifts towards new energy and smart logistics[56][57] - Exchange rate fluctuation risk: The rapid increase in overseas market sales exposes the company's international receipts and payments to significant exchange rate volatility[58] - Core component supply risk: Some core components and imported parts face difficulties, delays, or disruptions in delivery due to the pandemic and geopolitical conflicts[59] Corporate Governance This section details the company's corporate governance structure, including shareholder meetings, board and supervisory committee composition, senior management changes, and profit distribution policies Shareholder Meetings, Changes in Directors, Supervisors, Senior Management, and Profit Distribution During the reporting period, the company held two shareholder meetings, with no changes in directors, supervisors, or senior management, and no profit distribution or capital reserve capitalization plans proposed - Two shareholder meetings were held during the reporting period: the 2021 Annual General Meeting (April 28, 2022) and the First Extraordinary General Meeting of 2022 (July 1, 2022)[60] - There were no changes in the company's directors, supervisors, or senior management during the reporting period[61] - The board's resolution on profit distribution or capital reserve capitalization plan for the current reporting period is not applicable[62] Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and social responsibility, including pollution control measures, compliance with environmental regulations, and community engagement initiatives Environmental Information As a key pollution-controlled entity, the company disclosed detailed information on wastewater, exhaust gas, noise, and hazardous waste emissions, all within standards, with established pollution control facilities, emergency plans, and no environmental penalties during the period - The company and its subsidiaries, Hangcha Group and Hangzhou Forklift Mast Co., Ltd., are listed as key pollution-discharging units, with main pollutants being wastewater, exhaust gas, and hazardous waste[65][66] - The company has established a wastewater treatment plant and installed dust removal facilities to ensure compliant discharge of wastewater and exhaust gas, with solid waste sorted and hazardous waste entrusted to qualified third parties for disposal[67][68] - The company has revised and filed its 'Emergency Plan for Environmental Incidents' and conducts at least one emergency drill annually[72] - During the reporting period, the company received no administrative penalties for environmental issues[74] Significant Matters This section covers significant events and disclosures, including the fulfillment of commitments made by the company and its related parties, and details of major related party transactions Fulfillment of Commitments During the reporting period, the company, its controlling shareholder, and actual controller strictly fulfilled all commitments made during major asset restructurings, IPOs, and refinancing activities, including those related to avoiding horizontal competition, standardizing related party transactions, and share lock-ups - The company's controlling shareholder, Hangcha Holdings, and actual controller, Qiu Jianping, both committed not to engage in horizontal competition with the listed company and to minimize related party transactions[80][82] - The company's directors, supervisors, and senior management made relevant commitments regarding share lock-ups and the truthfulness of the prospectus[84][86] - All relevant parties timely and strictly fulfilled their respective commitments during the reporting period[80][82][84][86] Significant Related Party Transactions During the reporting period, the company engaged in daily operational purchase, sale, and lease transactions with associated companies and other related parties, totaling approximately 1.27 billion CNY, all conducted at market prices Related Party Transactions | Related Party | Relationship | Transaction Type | Amount (Million CNY) | | :--- | :--- | :--- | :--- | | Zhejiang Xinchai Co., Ltd. | Other | Purchase of Goods | 428.77 | | Hangzhou Pengcheng New Energy Technology Co., Ltd. | Associate | Purchase of Goods | 268.99 | | Zhejiang Huachang Hydraulic Machinery Co., Ltd. | Associate | Purchase of Goods | 251.28 | | Zhongce Rubber Group Co., Ltd. | Other | Purchase of Goods | 122.14 | | Henan Jiachen Intelligent Control Co., Ltd. | Associate | Purchase of Goods | 82.30 | | HANGCHA SOUTHEAST ASIA CO.,LTD | Associate | Sale of Goods | 15.95 | - The company's ordinary related party transactions arose from normal production, operation, and sales activities, with fair and just pricing policies and bases, ensuring transaction fairness and no detriment to the company's interests[92] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including the total number of shareholders and the top ten shareholders Share Capital Changes During the reporting period, the company's total share capital increased by 561 shares to 866,397,144 shares due to the conversion of a portion of 'Hangcha Convertible Bonds' into A-shares - During the reporting period, the company's total share capital increased by 561 shares due to the conversion of convertible corporate bonds, resulting in an ending total share capital of 866,397,144 shares[98][100] Shareholder Information As of the end of the reporting period, the company had 18,333 common shareholders, with Zhejiang Hangcha Holdings Co., Ltd. and Hangzhou Industrial Investment Group Co., Ltd. as the two largest shareholders - As of the end of the reporting period, the company had a total of 18,333 common shareholders[100] Top Shareholders | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhejiang Hangcha Holdings Co., Ltd. | 386,744,960 | 44.64 | Domestic Non-State-Owned Legal Person | | Hangzhou Industrial Investment Group Co., Ltd. | 190,722,646 | 22.01 | State-Owned Legal Person | | Zhao Limin | 20,200,613 | 2.33 | Domestic Natural Person | | China Construction Bank Corporation - Oriental Red Qidong Three-Year Holding Mixed Securities Investment Fund | 16,833,539 | 1.94 | Other | | China Merchants Bank Co., Ltd. - Ruiyuan Growth Value Mixed Securities Investment Fund | 16,343,855 | 1.89 | Other | Bond-Related Information This section provides details on the company's bond instruments, specifically its convertible corporate bonds, including issuance, conversion activity, and credit ratings Convertible Corporate Bonds The company issued 1.15 billion CNY in 'Hangcha Convertible Bonds' in March 2021, with 13,000 CNY converted to shares during the period, and the conversion price was adjusted downwards to 15.45 CNY/share on July 5, 2022, maintaining an 'AA+' credit rating - On March 25, 2021, the company publicly issued 1.15 billion CNY in convertible corporate bonds, known as 'Hangcha Convertible Bonds,' with stock code '113622'[105] - During the reporting period (January 1 to June 30, 2022), 13,000 CNY of 'Hangcha Convertible Bonds' were converted into company shares, totaling 561 shares, with an unconverted balance of 1.14997 billion CNY at period end[108][109] - Due to meeting the downward revision conditions, the company adjusted the conversion price of 'Hangcha Convertible Bonds' from 22.68 CNY/share to 15.45 CNY/share on July 5, 2022[111][113] - China Chengxin Pengyuan rated the company's corporate credit as 'AA+' and 'Hangcha Convertible Bonds' as 'AA+', with a 'stable' outlook[112] Financial Report This section presents the company's comprehensive financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, reflecting its financial position and performance Financial Statements This section provides the company's consolidated and parent company financial statements for the first half of 2022, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial status, operating results, and cash flows Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | H1 2022 (CNY) | H1 2021 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 7,524,396,799.30 | 7,366,806,668.45 | | II. Total Operating Costs | 6,989,834,745.64 | 6,816,112,618.44 | | III. Operating Profit | 570,524,915.15 | 627,846,105.81 | | IV. Total Profit | 570,281,514.42 | 627,486,457.56 | | V. Net Profit | 491,960,060.20 | 545,636,339.49 | | Net Profit Attributable to Parent Company Shareholders | 456,123,111.33 | 504,663,932.02 | Consolidated Cash Flow Statement Key Items | Consolidated Cash Flow Statement Key Items | H1 2022 (CNY) | H1 2021 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 443,440,834.70 | 159,812,478.31 | | Net Cash Flow from Investing Activities | 288,452,836.67 | -223,823,561.09 | | Net Cash Flow from Financing Activities | -202,991,015.82 | 1,056,712,406.28 | | Net Increase in Cash and Cash Equivalents | 555,355,459.58 | 992,570,003.09 | Notes to Consolidated Financial Statements This section provides detailed notes on key items in the consolidated financial statements, including accounts receivable, inventory, construction in progress, and the composition of operating revenue - The ending balance of accounts receivable was 1.547 billion CNY, with approximately 92.4% aged within one year, and the top five debtors by ending balance accounted for 14.54% of the total[236][242] - The ending book value of inventory was 1.562 billion CNY, a decrease from 1.854 billion CNY at the beginning of the period, primarily consisting of raw materials, work-in-progress, and finished goods[256] - The ending book value of construction in progress was 284 million CNY, with the 'Annual Production of 60,000 New Energy Forklifts Construction Investment Project' accounting for 217 million CNY, making it the largest ongoing project[279] Revenue and Cost Breakdown | Revenue Type | Current Period Amount (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 7,009,972,549.77 | 5,822,730,071.19 | | Other Business | 514,424,249.53 | 490,073,936.29 | | Total | 7,524,396,799.30 | 6,312,804,007.48 | Related Parties and Related Party Transactions The company's parent is Zhejiang Hangcha Holdings Co., Ltd., with Qiu Jianping as the ultimate controlling party, and during the reporting period, the company engaged in various daily operational transactions with related parties, including significant purchases from Zhejiang Xinchai Co., Ltd. and Zhejiang Huachang Hydraulic Machinery Co., Ltd., all at market prices - The company's parent company is Zhejiang Hangcha Holdings Co., Ltd., holding 44.64% of shares, and the ultimate controlling party is Qiu Jianping[396][397] Purchase of Goods/Acceptance of Services from Related Parties | Purchase of Goods/Acceptance of Services | Current Period Amount (CNY) | | :--- | :--- | | Zhejiang Xinchai Co., Ltd. | 428,771,331.01 | | Hangzhou Pengcheng New Energy Technology Co., Ltd. | 268,998,482.71 | | Zhejiang Huachang Hydraulic Machinery Co., Ltd. | 251,278,303.30 | | Zhongce Rubber Group Co., Ltd. | 122,136,289.25 | Sale of Goods/Provision of Services to Related Parties | Sale of Goods/Provision of Services | Current Period Amount (CNY) | | :--- | :--- | | HANGCHA SOUTHEAST ASIA CO.,LTD | 15,954,439.26 | | Zhejiang Guozhi Robot Technology Co., Ltd. | 7,735,872.56 | | Hangzhou Giant Star Technology Co., Ltd. | 5,485,995.08 |