同有科技(300302) - 2023 Q2 - 季度财报

Owner's Equity and Comprehensive Income - Total comprehensive income for the period decreased by 44.5 million yuan[3] - Owner's equity at the beginning of the period was 525.798 million yuan[2] - Owner's equity at the end of the period was 484.525 million yuan[2] - Comprehensive income for the period included a decrease of 41.8 million yuan[3] - Total owner's equity at the end of the period was 1.51 million yuan[2] - The company's comprehensive income for the first half of 2023 was RMB 634.676 million[4] - The total owner's equity at the end of the period was RMB 1.398 billion[4] - The company's undistributed profit at the end of the period was RMB 1.398 billion[4] - The company's total owner's equity at the beginning of the period was RMB 1.398 billion[4] - The company's total owner's equity at the end of the period was RMB 1.398 billion[7] - Share capital increased by 2,823,000.00, reaching 484,525,798.00[9] - Comprehensive income for the period amounted to 10,955,503.73[9] - Total owner's equity at the end of the period was 1,270,068,242.54[10] - Retained earnings decreased to 153,987,309.85 from 165,177,353.41[9][10] - Owner's equity at the beginning of the period was 1,279,393,106.53[9] - The company's total comprehensive income for the current period is 10,517,100 RMB[13] - The company's total owner's equity at the end of the period is 1,277,789,816.22 RMB[14] - The company's equity attributable to shareholders decreased by 2.66% to RMB 1.47 billion[100] Capital Reserves and Profit Distribution - Capital reserves increased by 2.82 million yuan due to owner's investment[3] - Profit distribution to owners decreased by 0.63 million yuan[3] - The company's capital reserve decreased by RMB 2.838 million due to owner's capital reduction[6] - The company's capital reserve decreased by RMB 10.678 million due to owner's capital reduction[6] - The company's capital reserve decreased by RMB 2.838 million due to owner's capital reduction[7] - Capital reserve decreased by 8,983,840.26, totaling 618,526,208.33[9] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[65] Accounting Policies and Adjustments - Accounting policy changes resulted in an adjustment of 257.812 million yuan[2] - Accounting policy changes resulted in an adjustment of 234,539.83[9] - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance, ensuring true and complete reflection of the company's financial status as of June 30, 2023, and its operating results and cash flows for the first half of 2023[26] - The company's accounting year follows the Gregorian calendar, starting from January 1 and ending on December 31 each year[27] - The company defines its normal operating cycle as 12 months, which is used as the standard for classifying the liquidity of assets and liabilities[28] - The company's financial statements are prepared based on the going concern assumption, following the actual transactions and events, and in accordance with the major accounting policies and estimates described in the notes[25] - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and the "Regulations on the Disclosure of Information by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports" (2014 Revision) issued by the China Securities Regulatory Commission[24] - The company's financial statements are prepared based on the actual transactions and events, following the "Accounting Standards for Business Enterprises" and the major accounting policies and estimates described in the notes[25] - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and the "Regulations on the Disclosure of Information by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports" (2014 Revision) issued by the China Securities Regulatory Commission[24] - The company's financial statements are prepared based on the going concern assumption, following the actual transactions and events, and in accordance with the major accounting policies and estimates described in the notes[25] - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and the "Regulations on the Disclosure of Information by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports" (2014 Revision) issued by the China Securities Regulatory Commission[24] - The company's financial statements are prepared based on the actual transactions and events, following the "Accounting Standards for Business Enterprises" and the major accounting policies and estimates described in the notes[25] - The company implemented the new accounting standard "Interpretation No. 16 of Enterprise Accounting Standards" starting from January 1, 2023, which affects deferred tax treatment for single transactions related to leases[182] Risk Provisions and Reserves - General risk provision increased by 1.63 million yuan[3] - The company's general risk reserve remained unchanged at RMB 36.506 million[4] - The company's general risk reserve remained unchanged at RMB 36.506 million[7] - Special reserve remained unchanged at 36,526,406.62[9][10] Other Comprehensive Income - Other comprehensive income decreased by 27.4 million yuan[3] - Other comprehensive income showed no significant changes[9] Revenue and Profit - Revenue for the reporting period was RMB 202.45 million, a decrease of 12.05% compared to the same period last year[100] - Net profit attributable to shareholders of the listed company was RMB -44.56 million, a significant decrease of 1,695.61% compared to the same period last year[100] - Basic earnings per share (EPS) decreased by 1,715.79% to RMB -0.0921[100] - Revenue for the reporting period was 202.45 million yuan, a year-on-year decrease of 12.05%[139] - Comprehensive gross margin was 40.15%, a slight decrease of 3.95 percentage points[139] - Net profit was -44.65 million yuan, a decrease of 47.35 million yuan compared to the same period last year[139] - Revenue for the reporting period decreased by 12.05% year-over-year to RMB 202.45 million[178] - Solid-state storage revenue increased by 95.93% year-over-year to RMB 131.98 million[180] - Government clients accounted for RMB 173.06 million in revenue, representing a year-over-year decrease of 11.05%[181] - The company's gross margin for solid-state storage decreased by 5.71 percentage points year-over-year to 41.20%[180] Cash Flow and Financial Position - Net cash flow from operating activities improved by 99.54%, from RMB -97.87 million to RMB -454,877.54[100] - Total assets decreased by 1.19% to RMB 1.875 billion compared to the end of the previous year[100] - Operating cash flow increased by 97.41 million yuan, significantly improving cash flow conditions[139] - The company's investment activities resulted in a cash outflow of RMB 78.94 million, primarily due to increased investment in the Changsha storage industrial park project[179] - The company's other income increased by 278.41% year-over-year to RMB 10.41 million, mainly due to increased VAT refunds[179] - The company's total monetary funds decreased from RMB 144,303,784.04 at the beginning of the period to RMB 112,626,099.49 at the end of the period, with restricted funds totaling RMB 83,283.68[188] - The company's trading financial assets increased from RMB 13,342,778.44 at the beginning of the period to RMB 26,381,205.49 at the end of the period, with debt instrument investments and equity instrument investments both showing significant growth[189] - The company's notes receivable decreased from RMB 69,425,912.00 at the beginning of the period to RMB 45,220,411.82 at the end of the period, with a bad debt provision rate of 4.95%[190] - The company's bad debt provision for notes receivable was RMB 2,353,705.88, representing 4.95% of the total notes receivable[192] R&D and Innovation - The company's R&D investment in H1 2023 was 34.0477 million yuan, a 16.38% increase YoY, with R&D personnel accounting for over 45% of total employees[129] - Cumulative R&D investment over the past three years reached nearly 200 million yuan, with an average annual R&D investment exceeding 15% of revenue[130] - The company has developed a fully autonomous controllable all-flash storage system, replacing high-end X86 products, with over 200 intellectual property rights[130] - R&D investment amounted to 34.05 million yuan, a year-on-year increase of 16.38%, accounting for 16.82% of total revenue[163] - The company has invested nearly 200 million yuan in R&D over the past three years, with an average R&D investment ratio exceeding 15%[168] - The company has over 200 intellectual property rights in key storage technologies[168] - R&D investment increased by 16.38% year-over-year to RMB 34.05 million[179] Market and Industry Trends - The Chinese all-flash array (AFA) market grew by 7.9% in Q1 2023, reaching a market size of USD 219 million, with a projected market size of USD 2.94 billion by 2027[110] - The global data volume is predicted to reach 175ZB by 2025, with over 80% being unstructured data, driving the need for advanced data processing technologies[128] - The distributed storage market in China reached $386 million in Q1 2023, with an 11.7$3.845 billion by 2027[128] Subsidiaries and Investments - The company's consolidated subsidiaries include Hunan Tongyou Feiji Technology Co., Ltd. and Tongyou Technology (Hong Kong) Co., Ltd.[23] - Investment losses from equity-accounted companies amounted to 29.10 million yuan, mainly due to equity incentives and industry downturn pressures[141] - Hongqin Technology, a subsidiary, achieved revenue of 132.11 million yuan in the military solid-state storage sector[163] - The company's subsidiary, Hunan Tongyou Feiji Technology Co., Ltd., was recognized as a high-tech enterprise with a corporate income tax rate of 15% for 2021, 2022, and 2023[183] - The company's subsidiary, Nanjing Hongsu Electronics Technology Co., Ltd., qualifies as a small and micro-profit enterprise, benefiting from reduced corporate income tax rates on taxable income up to RMB 1 million and between RMB 1-3 million[184] Government Subsidies and Tax Benefits - The company received government subsidies of RMB 1.49 million, which are closely related to its normal business operations[105] - The company and its subsidiaries enjoy a value-added tax (VAT) refund policy for software products, with a VAT refund of RMB 8,924,208.17 recorded as other income this year[185] Financial Instruments and Credit Risk - The company assesses credit risk of financial instruments at each balance sheet date and categorizes them into three stages based on credit impairment, with different accounting treatments for each stage[38] - For financial instruments with low credit risk, the company assumes no significant increase in credit risk since initial recognition and does not compare it with initial credit risk[38] - Accounts receivable and lease receivables with significant financing components are measured for loss provisions using the general "three-stage" model[39] - The company groups accounts receivable by debtor type and initial recognition date to assess credit risk and determine expected credit losses[40] - Expected credit loss rates for accounts receivable by aging are: 1 year or less (5%), 1-2 years (10%), 2-3 years (25%), 3-4 years (50%), 4-5 years (80%), over 5 years (100%)[45] - Financial assets are initially classified into three categories: 1) financial assets measured at amortized cost, 2) financial assets measured at fair value with changes recognized in other comprehensive income, and 3) financial assets measured at fair value with changes recognized in profit or loss[195] - Financial liabilities are initially classified into four categories: 1) financial liabilities measured at fair value with changes recognized in profit or loss, 2) financial liabilities arising from financial asset transfers that do not meet derecognition criteria or continue to be involved in transferred financial assets, 3) financial guarantee contracts and loan commitments not included in the above categories, and 4) financial liabilities measured at amortized cost[195] - The company recognizes a financial asset or liability when it becomes a party to the financial instrument contract, initially measured at fair value[197] - For financial assets and liabilities measured at fair value with changes recognized in profit or loss, related transaction costs are directly recognized in profit or loss[197] - Financial assets measured at amortized cost are subsequently measured using the effective interest method, with gains or losses recognized in profit or loss upon derecognition, reclassification, amortization, or impairment[197] - Financial assets measured at fair value with changes recognized in other comprehensive income are subsequently measured at fair value, with interest, impairment losses, gains, and exchange differences recognized in profit or loss[197] Inventory and Asset Management - The company uses the weighted average method at month-end for inventory valuation, except for low-value consumables[51] - Inventory is measured at the lower of cost or net realizable value, with provisions made for any excess of cost over net realizable value[52] - The company uses the perpetual inventory system for inventory management[54] - The company's low-value consumables and packaging materials are amortized using the one-time amortization method[55] - Contract assets and liabilities are presented separately in the balance sheet, with net amounts shown for the same contract[56] - Contract performance costs and contract acquisition costs are recognized as assets when specific conditions are met, including direct labor, materials, and other costs directly related to the contract[58] - Contract performance costs with an initial recognition period of less than one year or a normal operating cycle are classified under "inventory," while those exceeding this period are classified under "other non-current assets"[59] - Contract acquisition costs with an initial recognition period of less than one year or a normal operating cycle are classified under "other current assets," while those exceeding this period are classified under "other non-current assets"[59] - The company classifies non-current assets as held for sale if a resolution has been made for disposal, an irrevocable transfer agreement has been signed, and the transfer will be completed within one year[79] - The company uses the cost method for long-term equity investments where it has control over the investee, and the equity method for investments in associates and joint ventures[80] - For investments in associates, if part of the investment is held indirectly through entities like venture capital firms or mutual funds, the company applies the relevant financial instrument accounting standards, while the remaining portion is accounted for using the equity method[81] - Significant influence over an investee is determined by holding 20% to 50% of the voting rights, or by having representation on the board, participating in policy-making, or having significant transactions with the investee[82] - Investment properties are initially measured at cost and subsequently measured using the cost model, with depreciation or amortization applied based on the nature of the property[83][84] - Fixed assets are depreciated using the straight-line method, with depreciation rates ranging from 1.9% to 19% depending on the asset category[86] - Construction-in-progress is measured at actual cost and capitalized as fixed assets upon completion, with borrowing costs capitalized during the construction period[89] - Borrowing costs are capitalized if they are directly attributable to the acquisition, construction, or production of qualifying assets, with specific methods for calculating the capitalized amount[90] - Intangible assets are initially measured at cost, with subsequent measurement using the straight-line method for assets with finite useful lives[94] - The company determines the useful life of intangible assets based on contractual or legal rights, and reviews the useful life annually[95] - Long-term assets, including goodwill, are tested for impairment at each balance sheet date, with impairment losses recognized if the recoverable amount is less than the carrying amount, and goodwill impairment losses are allocated to asset groups benefiting from the acquisition[114] - Impairment losses for long-term assets, once recognized, are not reversed in subsequent periods even if the value recovers[115] - Long-term prepaid expenses are amortized over their beneficial periods, and any unamortized balances are written off if the expenses no longer provide future benefits[116] Employee Benefits and Liabilities - Short-term employee benefits are recognized as liabilities and expensed in the period they are incurred, with non-monetary benefits measured at fair value[118] - Termination benefits are recognized as liabilities when the company can no longer unilaterally withdraw the offer or when restructuring costs are recognized[119] - Other long-term employee benefits are accounted for as either defined contribution plans or defined benefit plans, depending on the nature of the benefits[120] - Lease liabilities are initially measured based on lease payments, including fixed payments, variable payments linked to indices, and expected payments for purchase or termination options[121] - The discount rate for lease liabilities is determined using the lease's implicit rate or the company's incremental borrowing rate, adjusted for factors such as creditworthiness and lease term[123] Revenue Recognition and Contracts - Revenue is recognized over time if certain criteria are met, such as the customer simultaneously receiving and consuming benefits, control over work-in-progress, or the ability to bill for completed work[126] - Sales revenue is recognized upon delivery and customer acceptance, with installation and debugging completed as per contract terms[143] - Technical service revenue is recognized either upon completion of service or over the service period, typically one year or more[144] - Government grants related to assets are recognized as deferred income and amortized over the asset's useful life[145] - Government grants related to income are recognized as deferred income or directly in current income, depending on the nature of the grant[146] - Lease liabilities and right-of-use assets are initially measured at the present value of lease payments, with subsequent measurement based on fixed periodic interest rates[152] Regional Revenue Performance - The Eastern region accounted for 40.62% of the company's revenue, with