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恒拓开源(834415) - 2023 Q4 - 年度财报(更正)

Important Notice, Table of Contents and Definitions The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report content, free from false records, misleading statements, or significant omissions - The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report content, free from false records, misleading statements, or significant omissions11 - ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company12 - During the reporting period, the company faced no delisting risk, and no significant changes occurred in major risks14 Company Profile Hengtuo Open Source Information Technology Co., Ltd. (stock code: 834415), listed on the Beijing Stock Exchange, primarily provides software open-source technology development and consulting services to enterprise clients, and offers wireless mobile broadband private network solutions for airports - Hengtuo Open Source Information Technology Co., Ltd. (stock code: 834415), listed on the Beijing Stock Exchange, primarily provides software open-source technology development and consulting services to enterprise clients, and offers wireless mobile broadband private network solutions for airports1922 - The company has no controlling shareholder, with Ma Yue as the actual controller, whose concerted parties are Wu Zhou and Liu Deyong23 Accounting Data and Financial Indicators In 2023, the company achieved operating revenue of CNY 190.76 million, a 6.55% increase year-on-year; net profit attributable to shareholders significantly grew by 191.20% to CNY 20.08 million, with basic earnings per share increasing by 200% to CNY 0.15. Net cash flow from operating activities increased by 159.16%, indicating significant improvements in profitability and operational efficiency, though gross margin slightly declined. Total assets increased by 4.44%, and total liabilities increased by 29.96% Key Profitability Indicators for 2023 | Indicator | 2023 | 2022 | YoY Change % | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 190,760,405.83 | 179,037,969.88 | 6.55% | | Net Profit Attributable to Listed Company Shareholders (CNY) | 20,083,860.42 | 6,896,865.86 | 191.20% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Items) (CNY) | 10,046,759.29 | 3,285,012.86 | 205.84% | | Gross Margin (%) | 39.28% | 39.83% | -0.55 percentage points | | Basic Earnings Per Share (CNY) | 0.15 | 0.05 | 200.00% | Key Balance Sheet and Operating Indicators as of 2023 Year-End | Indicator | 2023 Year-End/2023 | 2022 Year-End/2022 | YoY Change % | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 623,444,823.75 | 596,955,700.31 | 4.44% | | Total Liabilities (CNY) | 105,271,421.44 | 81,000,633.52 | 29.96% | | Net Assets Attributable to Listed Company Shareholders (CNY) | 518,173,402.31 | 515,955,066.79 | 0.43% | | Asset-Liability Ratio (%) (Consolidated) | 16.89% | 13.57% | 3.32 percentage points | | Net Cash Flow from Operating Activities (CNY) | 27,683,658.82 | 10,682,015.91 | 159.16% | - In 2023, the company's net non-recurring gains and losses amounted to CNY 10.0371 million, primarily from gains/losses on entrusted investments or asset management (CNY 5.1275 million) and fair value changes and investment income from held-for-trading financial assets (CNY 4.2288 million)3536 Management Discussion and Analysis The management discusses the company's 2023 operational performance, including revenue and profit growth, asset and liability changes, cash flow, and outlines future strategies and key risks Business Overview The company is a core software supplier for China's civil aviation industry, with business covering airline operational control, safety, marketing, and maintenance IT systems, and has expanded into areas like healthcare. Its main businesses include aviation (smart aviation, smart airport solutions) and other industries (customized software development, IT service outsourcing). Revenue models include software development and technical services, system integration and services, and operation and maintenance services - The company is a core software supplier for China's civil aviation industry, with business covering critical IT systems such as operational control, flight safety, marketing, and aircraft maintenance, and has expanded into areas like healthcare4041 - The company and several subsidiaries are recognized as National High-Tech Enterprises or Beijing 'Specialized, Refined, Unique, and New' SMEs, enjoying relevant tax incentives53 Review of Operations In 2023, despite the civil aviation industry's recovery but not full profitability, the company achieved stable operations by deepening aviation business, expanding into new sectors like healthcare, acquiring Yixun Information, and optimizing internal management. Revenue grew by 6.55% year-on-year, and net profit significantly increased by 191.20%. The company actively explores emerging fields like AI large models and low-altitude economy, laying a foundation for future development - In 2023, the company implemented multiple measures to address challenges, including deepening existing aviation business, expanding into new industry lines like healthcare, enhancing product capabilities through M&A, and internally optimizing personnel structure and improving efficiency55 - The company closely monitors AI technology development, explores the integration of large models with industry applications, and has made active preparations for strategic deployment in the low-altitude economy56 - In May 2023, the company acquired a 40% equity stake in Yixun Information Technology Co., Ltd. for CNY 84.1604 million in cash, expanding its product lines and business capabilities788 Asset and Liability Structure Analysis As of the end of 2023, the company's total assets were CNY 623 million, a 4.44% year-on-year increase. The asset structure changed significantly, primarily due to the acquisition of a 40% equity stake in Yixun Information, adding CNY 85.6692 million in long-term equity investments; simultaneously, new short-term bank loans of CNY 10.0031 million were added. Accounts receivable decreased by 11.56% from the beginning of the period - Long-term equity investments increased from CNY 0 to CNY 85.6692 million, primarily due to the acquisition of a 40% equity stake in Yixun Information during the period61 - Short-term borrowings increased from CNY 0 to CNY 10.0031 million, representing new Beijing Bank loans during the period61 - Accounts receivable balance was CNY 124 million, a 11.56% decrease from the beginning of the period, with its proportion of total assets decreasing from 23.54% to 19.93%59 Operating Performance Analysis In 2023, operating revenue reached CNY 190.76 million, a 6.55% year-on-year increase, and operating profit significantly grew by 203.12%. Profit growth was mainly driven by a substantial increase in investment income and fair value change gains, with investment income growing by 225.10%, primarily from gains on disposal of financial assets and equity method accounting for long-term equity investments. By business segment, system integration and operation and maintenance services saw faster revenue growth, while software development business revenue remained largely flat but with a slight decrease in gross margin - Investment income and fair value change gains were the main drivers of profit growth. Investment income increased by CNY 7.0928 million year-on-year (+225.10%), primarily due to increased gains from disposal of held-for-trading financial assets and new equity method accounting for long-term equity investments of CNY 5.1643 million. Fair value change gains increased by CNY 4.3797 million70 Revenue Composition by Product Category in 2023 | Product Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin % | Operating Revenue YoY % | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Software Development and Technical Services | 118,808,207.83 | 80,310,326.46 | 32.40% | -0.20% | Decrease 2.56 percentage points | | System Integration and Services | 43,640,037.08 | 23,751,923.33 | 45.57% | 23.30% | Increase 0.21 percentage points | | Operation and Maintenance Services | 28,312,160.92 | 11,766,785.44 | 58.44% | 15.12% | Increase 3.07 percentage points | - Sales to the top five customers accounted for 50.30% of total annual sales, with major clients including large state-owned aviation enterprises such as China Aviation Oil Group and China National Aviation Holding Corporation81 Cash Flow Status In 2023, the company's net cash flow from operating activities was CNY 27.6837 million, a significant year-on-year increase of 159.16%, primarily due to the company's intensified efforts in sales collection. Net cash outflow from investing activities was CNY 23.1925 million, mainly for the payment of investment in acquiring Yixun Information. Net cash outflow from financing activities was CNY 5.2133 million, primarily including dividend payments and share repurchase payments Cash Flow Status in 2023 | Item | 2023 (CNY) | 2022 (CNY) | Change Rate % | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 27,683,658.82 | 10,682,015.91 | 159.16% | | Net Cash Flow from Investing Activities | -23,192,487.89 | -130,645,474.01 | -82.25% | | Net Cash Flow from Financing Activities | -5,213,304.70 | -5,982,272.82 | -12.85% | - Net cash inflow from operating activities significantly increased, primarily due to the company's intensified sales collection efforts, with sales receipts reaching CNY 232 million in 2023, an increase of CNY 21.6610 million year-on-year86 - Net outflow from investing activities was primarily for the payment of CNY 71.5363 million for the acquisition of Yixun Information86 Future Outlook The company anticipates the civil aviation industry to achieve full profitability in 2024, with robust development in the low-altitude economy and digital economy. The company has established a development strategy of 'rooted in civil aviation, multi-pillar development; fully embracing artificial intelligence; vigorously deploying low-altitude economy.' The operational targets for 2024 are to achieve operating revenue of CNY 210 million (10% growth) and net profit of CNY 27.32 million (36% growth) - The company's development strategy is: rooted in civil aviation, multi-pillar development; fully embracing artificial intelligence; vigorously deploying the low-altitude economy122 2024 Operating Targets | Indicator | 2024 Forecast | Growth Rate % | | :--- | :--- | :--- | | Operating Revenue | CNY 210 million | 10% | | Net Profit | CNY 27.32 million | 36% | - To achieve its goals, the company will consolidate its leading position in aviation IT, cultivate new growth poles such as healthcare, promote the commercial application of AI large models in the civil aviation industry, and establish a low-altitude economy business unit for comprehensive strategic deployment124125 Risk Factors The company faces key risks including accounts receivable bad debt risk (year-end balance of CNY 124 million), loss of core technical personnel, dependence on the aviation industry and profit volatility, as well as intensified market competition and rapid technological upgrades. No new significant risk factors were identified during the reporting period - Accounts receivable bad debt risk: As of the end of 2023, accounts receivable amounted to CNY 124 million, accounting for 19.93% of total assets, a significant amount that, if not collected timely, will affect the company's cash flow127 - Industry dependence risk: The company's operating revenue has a certain dependence on the development of civil aviation industry informatization, and the prosperity of the aviation industry and the stability of client cooperation may lead to fluctuations in the company's performance128 - Technology upgrade and iteration risk: Software development technology upgrades and iterations are rapid; if the company fails to accurately grasp new technology trends, it may face the risk of declining core competitiveness130 Significant Events During the reporting period, the company completed the acquisition of a 40% equity stake in Yixun Information Technology Co., Ltd., implemented an employee stock ownership plan, and completed share repurchases. Additionally, the company had minor litigation and arbitration matters and disclosed office space lease transactions with related parties Acquisitions, Disposals of Assets, External Investments Approved by Shareholders' Meeting, and Business Combinations During the Reporting Period The company acquired a 40% equity stake in Yixun Information Technology Co., Ltd. for CNY 84.1604 million in cash, aiming to enter new industries, establish a multi-industry revenue structure, and enhance profitability. This acquisition helps extend the company's product lines and broaden its business scope Significant Asset Acquisition | Event Type | Disclosure Date | Counterparty | Target | Transaction Method | Consideration Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Asset Acquisition | May 11, 2023 | Changzhou Tongguo Software, etc | 40% Equity Stake in Yixun Information | Cash | CNY 84,160,400 | - The acquisition of Yixun Information aims to quickly enter new industries, form a multi-industry revenue structure to reduce dependence on the aviation industry, and enhance the company's profitability and risk resistance capabilities151 Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures During the reporting period, the company canceled some stock options that did not meet exercise conditions, leaving no remaining options in the equity incentive plan by year-end. Concurrently, the company successfully implemented an employee stock ownership plan, where 65 holders subscribed for 3.5065 million repurchased shares through non-trading transfer, totaling approximately CNY 6.9078 million - The company implemented an employee stock ownership plan, with 65 holders subscribing for a total of 3,506,500 shares, representing 2.50% of the total share capital, at a subscription price of CNY 1.97 per share, funded by the company's repurchased shares160 - As of the end of the reporting period, the company's equity incentive plan launched in 2021 had no remaining stock options, with some options canceled due to not meeting exercise conditions157 Share Repurchase Status The company completed its share repurchase plan on May 8, 2023, cumulatively repurchasing 4,562,789 shares, representing 3.25% of the total share capital, with a total payment of CNY 17.9534 million. The repurchased shares were used for the employee stock ownership plan, of which 3,506,500 shares were transferred via non-trading means during the reporting period - As of May 8, 2023, the company completed its share repurchase, cumulatively repurchasing 4,562,789 shares, representing 3.25% of total share capital, for a total of CNY 17.95 million, at an average repurchase price of CNY 3.94 per share167 - The repurchased shares were used for the employee stock ownership plan, with 3,506,500 shares transferred to the employee stock ownership plan's dedicated account on November 16, 2023167 Changes in Shares and Shareholder Information As of the end of 2023, the company's total share capital increased to 140,511,487 shares. The company has no controlling shareholder, with Ma Yue as the actual controller. The top two shareholders are Tibet Zhihang Transportation Technology Co., Ltd. (16.18%) and Beijing Yinghui Internet Technology Co., Ltd. (15.28%). The employee stock ownership plan became the sixth largest shareholder, holding 2.50% of shares Top Ten Shareholders' Holdings (as of 2023 Year-End) | Rank | Shareholder Name | Holding Percentage % | Share Nature | Pledged/Frozen Shares | | :--- | :--- | :--- | :--- | :--- | | 1 | Tibet Zhihang Transportation Technology Co., Ltd | 16.18% | Domestic Non-State-Owned Legal Person | 0 | | 2 | Beijing Yinghui Internet Technology Co., Ltd | 15.28% | Domestic Non-State-Owned Legal Person | 4,260,000 | | 3 | Ma Yue (Actual Controller) | 7.04% | Domestic Natural Person | 5,067,568 | | 4 | Beijing Yabang Weiye Technology Co., Ltd | 6.01% | Domestic Non-State-Owned Legal Person | 0 | | 6 | Employee Stock Ownership Plan | 2.50% | Other | 0 | - The company has no controlling shareholder; actual controller Ma Yue directly holds 7.04% and indirectly controls 15.27% through Beijing Yinghui Internet Technology Co., Ltd., collectively controlling 22.31% of the company's shares, and expands influence through concerted action agreements190193575 Financing and Profit Distribution During the reporting period, the company had no new stock issuance financing. The proceeds from the public offering in 2020 used CNY 12.0870 million this year, with cumulative usage of CNY 88.0157 million. The company obtained new bank credit loans of CNY 10 million. Regarding profit distribution, the company implemented the 2022 equity distribution, paying a cash dividend of CNY 0.60 per 10 shares, totaling CNY 8.1569 million. Additionally, the company proposed a 2023 dividend plan of CNY 0.70 per 10 shares - Proceeds from the 2020 public offering used CNY 12.0870 million during this reporting period, primarily for the Flight Operations Control (FOC) series product upgrade project and supplementing working capital198 - In July 2023, the company implemented the 2022 annual equity distribution, paying shareholders a cash dividend of CNY 0.60 per 10 shares, totaling CNY 8.1569 million203 - The company proposed a 2023 annual profit distribution plan, intending to pay a cash dividend of CNY 0.70 per 10 shares (tax inclusive)206 Directors, Supervisors, Senior Management and Employees During the reporting period, the company's board of directors, supervisors, and senior management team remained stable with no significant changes. As of year-end, the company and its controlled subsidiaries had a total of 546 employees, with technical personnel accounting for the highest proportion at 473. The company has established comprehensive compensation policies and training programs to incentivize and retain core talent - During the reporting period, no changes occurred in key senior management personnel, including the company's Chairman, General Manager, Board Secretary, and Chief Financial Officer210 Employee Structure (as of 2023 Year-End) | By Job Nature | Number at Period End | Percentage % | | :--- | :--- | :--- | | Technical Personnel | 473 | 86.63% | | Administrative Personnel | 32 | 5.86% | | Sales Personnel | 25 | 4.58% | | Financial Personnel | 10 | 1.83% | | Management Personnel | 6 | 1.10% | | Total Employees | 546 | 100.00% | Industry Information As a software and information technology services company, Hengtuo Open Source and its subsidiaries hold multiple key qualifications, including National High-Tech Enterprise certification, CMMI3 certification, and various ISO management system certifications. In 2023, the company acquired 32 new computer software copyrights. The company adheres to an independent innovation R&D model, with key R&D projects including the Aviation Smart Integrated Platform and Vehicle Positioning and Operation Monitoring Platform. During the reporting period, the company upgraded versions of core products such as FOC, PLM, and iCrew - The company and its subsidiaries hold multiple business licenses and qualifications, including National High-Tech Enterprise, CMMI3, ISO90001, and ISO27001, demonstrating their capabilities in software development, information security, and quality management223224 - In 2023, the company acquired 32 new computer software copyrights, covering various fields such as aviation e-commerce, cargo freight rates, smart flight operations control, digital release, and medical big data227228 - The company iterated versions of several core products, such as the Digital Release System (iFOC), Pilot Lifecycle Management System (PLM), and Crew Scheduling System (iCrew), to enhance product digitalization, intelligence, and market competitiveness237242243 Corporate Governance, Internal Control and Investor Protection The company has established a sound corporate governance structure, with standardized operations of the three boards, and all major decisions followed prescribed procedures. During the reporting period, the company revised its Articles of Association once to reflect changes in share capital. The company emphasizes investor relations management, communicating with investors through various channels such as performance briefings. Internal control systems are sound, with no significant deficiencies found - The company has established a series of management systems, including the Articles of Association and rules of procedure for the three boards, ensuring standardized operations of the Shareholders' Meeting, Board of Directors, and Board of Supervisors, capable of protecting the equal rights of all shareholders248250 - During the reporting period, the company held 9 Board of Directors meetings, 7 Board of Supervisors meetings, and 3 Shareholders' Meetings, deliberating on significant matters such as asset acquisition, equity incentives, employee stock ownership plans, and profit distribution256257258 - The company strengthens communication with investors through various means, such as performance briefings and an investor relations WeChat mini-program, and all Shareholders' Meetings provide online voting to protect the rights and interests of small and medium shareholders261282 Financial Accounting Report This financial report was audited by ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion. Key audit matters include revenue recognition, impairment of accounts receivable, and impairment of goodwill. The financial statements show that as of the end of 2023, the company's total assets were CNY 623 million, total liabilities CNY 105 million, and owners' equity attributable to the parent company CNY 518 million. For the full year, operating revenue was CNY 191 million, and net profit attributable to the parent company was CNY 20.08 million Audit Report ZhongShen ZhongHuan Certified Public Accountants issued a standard unqualified audit opinion on the company's 2023 annual financial statements. Key audit matters include revenue recognition, impairment of accounts receivable, and impairment of goodwill - The auditing firm is ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion289 - Key audit matters are: - Revenue Recognition: Due to significant management judgments involved in recognizing revenue, such as performance obligations and timing, there is a risk of manipulation - Impairment of Accounts Receivable: Accounts receivable are material (19.93% of total assets), and their impairment provision involves significant management judgment - Impairment of Goodwill: Goodwill net value reached CNY 45.3904 million, and its impairment testing process is complex and involves management estimates and judgments109110111 Financial Statements As of December 31, 2023, the company's consolidated total assets were CNY 623 million, including CNY 448 million in current assets; total liabilities were CNY 105 million; and owners' equity attributable to the parent company was CNY 518 million. For the 2023 fiscal year, operating revenue was CNY 191 million, net profit was CNY 20.08 million, and net cash flow from operating activities was CNY 27.68 million Key Items from Consolidated Balance Sheet (2023-12-31) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 623,444,823.75 | | Cash and Cash Equivalents | 51,036,393.92 | | Held-for-Trading Financial Assets | 220,875,100.33 | | Accounts Receivable | 124,263,831.90 | | Long-term Equity Investments | 85,669,236.29 | | Total Liabilities | 105,271,421.44 | | Total Owners' Equity Attributable to Parent Company | 518,173,402.31 | Key Items from Consolidated Income Statement (2023 Fiscal Year) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 190,760,405.83 | | Total Operating Costs | 181,497,471.33 | | Operating Profit | 23,538,820.88 | | Net Profit | 20,083,860.42 | | Net Profit Attributable to Parent Company Owners | 20,083,860.42 | Reference Documents Catalog The catalog lists reference documents including signed financial statements, the original audit report, and all publicly disclosed documents during the reporting period, available at the company's office - Reference documents include financial statements bearing the signatures and seals of the company's responsible person and chief financial officer, the original audit report, and the originals of all publicly disclosed documents during the reporting period, available at the company's office615616617618