孚日股份(002083) - 2024 Q2 - 季度财报

Important Notes, Table of Contents and Definitions The board approved the 2024 interim profit distribution plan, proposing a cash dividend of 1.5 RMB per 10 shares to all shareholders - The company's board of directors approved the 2024 interim profit distribution plan, proposing a cash dividend of 1.5 RMB per 10 shares (tax inclusive) to all shareholders, with no bonus shares or capital reserve conversions[1] Company Profile and Key Financial Indicators This section provides an overview of the company's key financial performance and position during the reporting period Key Accounting Data and Financial Indicators The company reported 2.67 billion RMB in operating revenue, a 2.01% increase, with net profit attributable to shareholders surging 75.16% to 221.53 million RMB, while operating cash flow decreased by 31.22% Key Financial Indicators for H1 2024 | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 2,668,337,962.80 | 2,615,847,023.04 | 2.01% | | Net Profit Attributable to Shareholders (RMB) | 221,532,844.55 | 126,476,701.68 | 75.16% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses (RMB) | 216,330,248.79 | 123,519,235.32 | 75.14% | | Net Cash Flow from Operating Activities (RMB) | 150,031,056.55 | 218,138,426.46 | -31.22% | | Basic Earnings Per Share (RMB/share) | 0.2700 | 0.1500 | 80.00% | | Weighted Average Return on Net Assets | 5.58% | 3.27% | Increased by 2.31 percentage points | | Indicator | Period-End | Prior Year-End | Year-on-Year Change | | Total Assets (RMB) | 7,880,581,301.28 | 8,196,444,864.55 | -3.85% | | Net Assets Attributable to Shareholders (RMB) | 3,974,748,156.84 | 3,894,281,810.73 | 2.07% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 5.20 million RMB, primarily comprising government subsidies of 5.28 million RMB and losses from disposal of non-current assets of 2.94 million RMB Non-recurring Gains and Losses for H1 2024 | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -2,941,293.54 | | Government Subsidies Included in Current Profit/Loss | 5,276,760.79 | | Net Other Non-operating Income and Expenses | 2,458,122.98 | | Net Other Items | 886,604.44 | | Less: Income Tax and Minority Interest Impact | 477,598.91 | | Total | 5,202,595.76 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook Company's Main Businesses The company implements a dual-core business strategy focusing on home textiles and new materials, with home textiles as the foundation and new materials, including functional coating materials and lithium battery electrolyte additives, serving as a second growth curve to capitalize on new energy and domestic substitution opportunities - While maintaining its leading position in the global home textile industry, the company is developing new materials businesses, including functional coating materials and lithium battery electrolyte additives, through collaborations with universities to create a second growth curve[18] - The home textile business operates with an integrated R&D, production, and sales model, encompassing a complete industry chain from raw material procurement to global sales[19] - The new materials business adopts an independent R&D model in collaboration with universities, with functional coating materials using a direct sales approach and lithium battery electrolyte additives focusing on developing leading electrolyte enterprise clients[22][23] Analysis of Main Business In H1 2024, the company's dual-core strategy yielded significant results, with net profit increasing by 75.16%; home textile gross margin improved by 5.39 percentage points due to product optimization and cost control, while coating material revenue grew over 50%, and lithium battery additive business achieved cost-benefit balance in June - Home textile business profitability significantly improved, with gross margin reaching 23.36%, a 5.39 percentage point year-on-year increase, primarily driven by a higher proportion of high-value-added product sales and lower cotton prices[24] - Domestic home textile business achieved 370 million RMB in revenue, a 6.36% year-on-year increase, with the company enhancing brand influence through brand serialization, refined channel management, and celebrity endorsements[24] - The functional coating materials business entered a rapid development phase, with H1 revenue reaching 82.13 million RMB, a 54.16% year-on-year increase[24] - During the market downturn, the lithium battery electrolyte additive business focused on increasing capacity and reducing costs, achieving a monthly output of 500 tons through technical transformation and process integration, and reaching cost-benefit balance for key cost items in June[25] Analysis of Core Competencies The company's core competencies span home textiles and new materials, with home textiles maintaining industry leadership through product quality, global market presence, and efficient operations, while new materials build new growth drivers via strong R&D, efficient market operations, and comprehensive cost advantages - Core advantages of the home textile business include leading product quality, balanced global market presence, a complete integrated R&D, production, and sales value chain, agile and efficient integrated operations, and continuous innovation and lean manufacturing capabilities[27][28] - Advantages of the functional coating materials business include a strong research team led by renowned professors, efficient market operations (land acquisition and production in the same year), and a diverse product portfolio with balanced layouts across petrochemical energy, marine engineering, and other sectors[29] - Advantages of the lithium battery electrolyte additive business include R&D innovation through deep integration of industry, academia, research, and application, and significant comprehensive cost advantages achieved by leveraging industrial support and internal resources to establish a complete value chain[29] Financial Data Analysis Operating revenue for the reporting period was 2.67 billion RMB, up 2.01%, with home textile revenue accounting for 71.56% and coating materials growing 54.16%; home textile gross margin significantly increased by 5.39 percentage points to 23.36%, driving profit growth, while income tax expense rose 106.87% due to increased profit Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,668,337,962.80 | 2,615,847,023.04 | 2.01% | - | | Income Tax Expense | 67,687,896.25 | 32,719,454.31 | 106.87% | Increased income tax due to higher profit | | Net Cash Flow from Operating Activities | 150,031,056.55 | 218,138,426.46 | -31.22% | Increased tax payments | | Net Cash Flow from Investing Activities | -77,453,605.77 | -362,344,804.86 | -78.62% | Decreased cash payments for investments | | Net Cash Flow from Financing Activities | -436,650,830.52 | -83,645,107.12 | 422.03% | Increased cash payments for debt repayment and profit distribution | Revenue and Gross Margin by Industry and Product | Category | Item | Operating Revenue (RMB) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Home Textile Industry | 1,909,403,363.17 | 23.36% | 0.14% | +5.39% | | | Coating Materials Industry | 82,128,448.58 | 10.12% | 54.16% | -2.57% | | By Product | Towel Series | 1,722,400,294.10 | 24.12% | 2.73% | +6.69% | | | Bedding Series | 187,003,069.07 | 16.38% | -18.75% | -5.59% | Analysis of Assets and Liabilities As of the reporting period end, total assets were 7.88 billion RMB, a 3.85% decrease from year-end, with fixed assets comprising 39.73%; monetary funds decreased while accounts receivable increased, and total liabilities were 3.88 billion RMB, resulting in a debt-to-asset ratio of 49.28%, down from 52.17% Changes in Key Balance Sheet Items | Item | Period-End Amount (RMB) | % of Total Assets | Period-Start Amount (RMB) | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 928,516,170.59 | 11.78% | 1,403,399,249.39 | 17.12% | -5.34% | | Accounts Receivable | 896,556,495.63 | 11.38% | 646,620,474.94 | 7.89% | 3.49% | | Fixed Assets | 3,131,085,867.48 | 39.73% | 3,069,451,099.47 | 37.45% | 2.28% | | Short-term Borrowings | 1,599,605,639.79 | 20.30% | 1,947,115,806.08 | 23.76% | -3.46% | - As of the reporting period end, 1.74 billion RMB of the company's assets were restricted, primarily fixed and intangible assets pledged for loans, and monetary funds used as deposits[49] Risks and Countermeasures The company faces operational risks in both home textiles, including raw material price volatility, market competition, and international trade barriers, and new materials, encompassing raw material price fluctuations, technology development, sales and management challenges from expansion, and intensified market competition - Home textile business risks include fluctuations in key raw material (cotton) prices, intense domestic and international market competition, and potential technical and environmental trade barriers in major export markets[55][56][57] - Coating materials business risks include raw material price fluctuations influenced by crude oil prices, technology development risks due to increasing technical demands from downstream industries, and sales and management risks arising from capacity expansion[58][60][61] - Electrolyte additive business risks include price fluctuations of key raw materials (e.g., ethylene carbonate) and intensified market competition due to the gradual release of new industry capacity[62][63] Corporate Governance This section details the company's governance structure and key decisions, including profit distribution Profit Distribution Plan The company proposed a 2024 interim profit distribution plan to pay a cash dividend of 1.5 RMB per 10 shares (tax inclusive) to all shareholders, with the total cash dividend, including other methods like share repurchase, estimated at 180.35 million RMB, representing 100% of the total profit distribution 2024 Interim Profit Distribution Plan | Item | Amount | | :--- | :--- | | Dividend per 10 shares (RMB) (tax inclusive) | 1.5 | | Bonus shares per 10 shares (shares) | 0 | | Cash Dividend Amount (RMB) (tax inclusive) | 117,152,783.40 | | Cash Dividend Amount by Other Means (RMB) | 63,193,762.35 | | Total Cash Dividend (including other means) (RMB) | 180,346,545.75 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | Environmental and Social Responsibility This section outlines the company's commitment and performance regarding environmental protection and social responsibility Significant Environmental Issues The company and its subsidiaries are key polluting entities, strictly adhering to environmental regulations with valid discharge permits, operating two compliant wastewater treatment facilities, investing 41.50 million RMB in environmental protection, and paying 0.97 million RMB in environmental taxes, with no administrative penalties during the reporting period Major Pollutant Discharge Information | Pollutant Name | Discharge Concentration/Intensity | Execution Standard | Total Discharge | Approved Total Discharge | Exceeding Standard | | :--- | :--- | :--- | :--- | :--- | :--- | | COD | 71.64 mg/L | GB4287-2012 | 234.58 Tons | 2465.95 Tons | Compliant | | Ammonia Nitrogen | 0.254 mg/L | GB4287-2012 | 0.833 Tons | 246.59 Tons | Compliant | | Total Nitrogen | 9.79 mg/L | GB4287-2012 | 32.06 Tons | 369.89 Tons | Compliant | - During the reporting period, the company's total environmental protection investment amounted to 41.50 million RMB, and it paid 0.97 million RMB in environmental protection taxes[69] Significant Matters This section covers significant events and transactions impacting the company during the reporting period Significant Related Party Transactions During the reporting period, the company did not engage in significant related party transactions involving asset or equity acquisitions/disposals, with major ongoing related party transactions primarily involving its wholly-owned subsidiary Wanren Thermal Power's sales of electricity and steam to Gaomi Fengcheng Pipeline Construction Investment Co., Ltd., totaling 70.63 million RMB - During the reporting period, subsidiary Wanren Thermal Power sold electricity, steam, heat, and water to related party Gaomi Fengcheng Pipeline Construction Investment Co., Ltd., totaling 70.63 million RMB[76] Share Changes and Shareholder Information This section details changes in the company's share capital and information about its shareholders Share Change Information During the reporting period, the company's total share capital decreased from 823 million shares to 781 million shares, primarily due to the cancellation of 41.57 million shares repurchased for approximately 200 million RMB Share Change Information | Item | Before This Change | Increase/Decrease in This Change | After This Change | | :--- | :--- | :--- | :--- | | Total Shares | 822,591,144 | -41,572,588 | 781,018,556 | - The change in total shares was primarily due to the company's cancellation of 41,574,150 shares repurchased through centralized bidding transactions, with a total payment of 200.02 million RMB[80] Number of Shareholders and Shareholding Information As of the reporting period end, the company had 40,943 common shareholders, with Gaomi Huarong Industrial Development Co., Ltd. as the controlling shareholder holding 21.77% of shares, and some top ten shareholders having related party or concerted action relationships Top Five Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Gaomi Huarong Industrial Development Co., Ltd. | State-owned Legal Person | 21.77% | 170,000,000 | | Sun Rigui | Domestic Natural Person | 7.71% | 60,221,217 | | Gaomi Anxin Investment Management Co., Ltd. | Domestic Non-state-owned Legal Person | 4.03% | 31,500,000 | | Sun Xiaohui | Domestic Natural Person | 3.84% | 30,000,055 | | Guotai Junan Securities Co., Ltd. Agreed Repurchase Special Account | Domestic Non-state-owned Legal Person | 1.60% | 12,500,000 | Bond-Related Information This section provides details on the company's outstanding bonds, particularly convertible corporate bonds Convertible Corporate Bonds The company's outstanding convertible bond, 'Furi Convertible Bond' (code 128087), has a balance of approximately 644 million RMB and matures in December 2025; its conversion price was adjusted from 4.16 RMB/share to 4.03 RMB/share due to 2023 equity distribution and share cancellation, with a cumulative conversion ratio of 0.15% and 99.12% remaining unconverted as of period-end - Due to the implementation of the 2023 equity distribution and share repurchase cancellation, the conversion price of 'Furi Convertible Bond' was adjusted from 4.16 RMB/share to 4.03 RMB/share during the reporting period[94] Cumulative Convertible Bond Conversion Status | Convertible Bond Abbreviation | Total Issuance Amount (RMB) | Cumulative Converted Amount (RMB) | Unconverted Amount (RMB) | Proportion of Unconverted Amount to Total Issuance Amount | | :--- | :--- | :--- | :--- | :--- | | Furi Convertible Bond | 650,000,000 | 5,731,100 | 644,268,900 | 99.12% | - Dagong Global Credit Rating maintained the company's long-term corporate credit rating at AA- with a negative outlook, and the credit rating of 'Furi Convertible Bond' at AA-, unchanged from 2023[98] Financial Report This section presents the company's detailed financial statements and related notes Notes to Consolidated Financial Statements This section provides detailed explanations and data breakdowns for key consolidated financial statement items, including accounts receivable of 908 million RMB (82.6% within 1 year), inventory of 1.13 billion RMB (primarily work-in-progress and finished goods), and construction in progress of 343 million RMB (mainly Furi New Energy and Wanren Thermal Power projects) Accounts Receivable Aging Distribution | Aging | Period-End Book Balance (RMB) | | :--- | :--- | | Within 1 Year | 750,215,678.75 | | 1 to 2 Years | 149,404,468.11 | | 2 to 3 Years | 2,207,113.85 | | Over 3 Years | 6,539,915.85 | | Total | 908,367,176.56 | Inventory Classification | Item | Period-End Book Value (RMB) | | :--- | :--- | | Raw Materials | 320,914,289.17 | | Work-in-Progress | 403,917,150.84 | | Finished Goods | 345,864,557.11 | | Goods in Transit | 35,649,567.58 | | Total | 1,132,207,008.85 | Major Construction in Progress Projects | Project Name | Period-End Book Balance (RMB) | | :--- | :--- | | Furi New Energy Project | 155,825,923.99 | | Wanren Thermal Power Unit 7 Boiler Project | 127,551,171.17 | | Flue Gas Waste Heat Recovery System | 31,474,966.07 | Other Significant Matters The company is segmented into home textile, thermal power, chemical, motor, and coating materials divisions, with home textiles being the largest contributor, generating 2.26 billion RMB in revenue and 279 million RMB in total profit, while thermal power contributed 515 million RMB in revenue and 40.02 million RMB in total profit during the reporting period Segment Financial Information (H1 2024) | Item | Home Textile Segment (RMB) | Thermal Power Segment (RMB) | Chemical Segment (RMB) | Coating Materials Segment (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,261,132,060.39 | 515,050,863.58 | 153,145,640.91 | 83,210,754.86 | -565,358,081.75 | 2,668,337,962.80 | | Total Profit | 279,142,575.61 | 40,015,542.59 | 11,173,256.98 | -8,585,278.37 | -10,566,347.59 | 280,817,102.22 | Supplementary Information This section provides details on non-recurring gains and losses, and calculations for Return on Equity (ROE) and Earnings Per Share (EPS); the weighted average ROE attributable to common shareholders was 5.58%, and basic EPS was 0.27 RMB for the reporting period Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 5.58% | 0.27 | 0.24 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-recurring Gains and Losses | 5.45% | 0.26 | 0.24 |