贝斯特(300580) - 2024 Q2 - 季度财报

Important Notices, Table of Contents and Definitions Important Notices The board ensures the report's accuracy and assumes legal liability, with a profit distribution plan proposed for the period - The company's board of directors has approved the 2024 semi-annual profit distribution plan, proposing a cash dividend of ¥0.30 (tax included) per 10 shares based on a total of 499,153,912 shares, with no bonus shares or capitalization of public reserves[2] Company Profile and Key Financial Indicators Company Profile Wuxi Best Precision Machinery Co, Ltd (stock code: 300580) is a company listed on the Shenzhen Stock Exchange Key Accounting Data and Financial Indicators The company achieved revenue of ¥697.35 million and net profit of ¥143.73 million, with significant growth in cash flow from operations | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 697,345,035.52 | 633,605,486.61 | 10.06% | | Net Profit Attributable to Shareholders (Yuan) | 143,729,264.70 | 129,645,713.52 | 10.86% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | 134,496,882.86 | 99,749,270.44 | 34.83% | | Net Cash Flow from Operating Activities (Yuan) | 218,751,274.11 | 145,970,482.96 | 49.86% | | Basic Earnings Per Share (Yuan/Share) | 0.2879 | 0.2934 | -1.87% | | Weighted Average Return on Equity | 4.89% | 5.88% | -0.99% | | Total Assets (Yuan) | 3,524,134,217.81 | 3,557,717,664.04 | -0.94% | | Net Assets Attributable to Shareholders (Yuan) | 2,945,658,682.17 | 2,863,057,594.87 | 2.89% | Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled ¥9.23 million, mainly from fair value changes in financial assets and government subsidies | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -142,463.37 | | Government Grants Recognized in Current Profit or Loss | 1,244,422.69 | | Fair Value Changes and Disposal Gains from Financial Assets/Liabilities | 9,377,795.92 | | Other Non-operating Income and Expenses | 101,110.37 | | Less: Income Tax Effect | 1,348,229.89 | | Less: Effect on Minority Interests (After Tax) | 253.88 | | Total | 9,232,381.84 | Management Discussion and Analysis Principal Business Activities The company's business is structured around a "three-tier industry" strategy, expanding into new energy vehicles and robotics - The company's strategy is clearly defined across three industrial tiers: - First Tier: Core businesses such as precision parts, intelligent equipment, and tooling fixtures, serving as the company's foundation[35] - Second Tier: New energy vehicle components, focusing on lightweight structural parts, high-value precision parts, and core components for hydrogen/natural gas vehicles[35] - Third Tier: Industrial machines and humanoid robots, with a comprehensive layout of high-precision linear motion components like ball/roller screws and guide rails[35] - Through its subsidiary "Wuxi Yuhua Precision Machinery Co, Ltd", the company is targeting new sectors like high-end machine tools, automation, humanoid robots, and intelligent vehicles with its linear motion components[36] - To expand capacity for new energy vehicle parts, the "Anhui Best" subsidiary has commenced operations, while a new subsidiary in Thailand was established in May 2024 to deepen international market presence[37] Analysis of Core Business Revenue grew 10.06% to ¥697.35 million in H1 2024, driven by strong domestic sales growth of 21.86% | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 697,345,035.52 | 633,605,486.61 | 10.06% | | Operating Costs | 454,577,642.77 | 422,183,448.36 | 7.67% | | Financial Expenses | -3,605,989.70 | -188,422.43 | 1,813.78% | | R&D Investment | 27,692,178.37 | 22,697,273.35 | 22.01% | | Net Cash Flow from Operating Activities | 218,751,274.11 | 145,970,482.96 | 49.86% | | Product/Service | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Automotive Parts | 629,003,885.63 | 423,298,158.30 | 32.70% | 8.14% | | Region | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Domestic | 455,137,961.94 | 299,817,388.22 | 34.13% | 21.86% | | Overseas | 242,207,073.58 | 154,760,254.55 | 36.10% | -6.88% | Analysis of Assets and Liabilities Total assets remained stable at ¥3.52 billion, with a minor decrease due to the redemption of wealth management products | Asset Item | Closing Balance (Yuan) | % of Total Assets | Opening Balance (Yuan) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 233,700,814.46 | 6.63% | 206,480,579.18 | 5.80% | 0.83% | | Accounts Receivable | 458,928,365.34 | 13.02% | 441,495,141.44 | 12.41% | 0.61% | | Inventories | 277,234,406.48 | 7.87% | 290,272,173.25 | 8.16% | -0.29% | | Fixed Assets | 1,201,968,891.99 | 34.11% | 1,220,150,802.52 | 34.30% | -0.19% | | Trading Financial Assets | 651,660,701.11 | 18.49% | 712,613,608.67 | 20.03% | -1.54% | | Item | Book Value at 2024-6-30 (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 15,278,314.03 | Bank acceptance bill margin | | Notes Receivable | 8,009,681.12 | Pledged for issuing bank acceptance bills | | Total | 23,287,995.15 | | Investment Analysis Total investment increased by 136.88% to ¥166.90 million, primarily allocated to wealth management products | | Investment in Reporting Period (Yuan) | Investment in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 166,904,068.39 | 70,458,535.89 | 136.88% | | Type | Entrusted Wealth Management Amount (Million Yuan) | Outstanding Balance (Million Yuan) | Overdue Unrecovered Amount (Million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 272.31 | 272.31 | 0 | | Brokerage Wealth Management Products | 552.96 | 361.88 | 0 | | Total | 825.27 | 634.18 | 0 | Risks and Countermeasures The company addresses risks from trade, industry cycles, and price volatility through diversification and innovation - International Trade Environment Risk: The company's exports are subject to international political and trade environments; countermeasures include monitoring policy changes, expanding the domestic market, and establishing overseas production bases (e.g., Thailand) to enhance global competitiveness[71] - Automotive Industry Cyclical and Policy Risk: Business performance is closely tied to macroeconomic conditions and automotive industry policies; countermeasures involve aligning with industry trends, developing a three-tier industrial chain, and diversifying into new sectors like industrial machines and humanoid robots[72] - Raw Material Price Volatility and Product Price Reduction Risk: Profits are impacted by raw material price fluctuations and annual price reductions common in the auto parts industry; countermeasures include strengthening supply chain management and pursuing continuous cost reduction through R&D and process optimization[73][75] - Exchange Rate Fluctuation Risk: With exports primarily settled in USD, the company faces risks from RMB exchange rate volatility; countermeasures include expanding the domestic market and utilizing financial instruments to mitigate exchange losses[76] Corporate Governance Profit Distribution and Capitalization of Capital Reserve The board proposed a 2024 interim cash dividend of ¥0.3 per 10 shares, totaling approximately ¥14.97 million | Distribution Plan | Details | | :--- | :--- | | Dividend per 10 shares (Yuan) (tax included) | 0.3 | | Share base for distribution plan (shares) | 499,153,912 | | Cash dividend amount (Yuan) (tax included) | 14,974,617.36 | | Distributable profit (Yuan) | 1,223,840,761.93 | Environmental and Social Responsibility Environmental Protection The company adheres to environmental regulations, achieving "zero" wastewater discharge and earning national "Green Factory" recognition - Adhering to a green development philosophy, the company's Phase V factory incorporates eco-design and advanced technologies such as waste sand and heat recovery, and rooftop solar power to achieve sustainable production[87][88] Social Responsibility The company actively fulfills its social responsibilities by protecting stakeholder rights and has received awards for investor and labor relations - The company maintains excellent investor communication and was awarded the "2023 Best Practice Award for Investor Relations Management" by the China Association for Public Companies[89] - The company prioritizes employee rights and safety, providing comprehensive benefits and training, and was recognized as a "Wuxi Harmonious Labor Relations Enterprise"[90][91] Significant Events Significant Matters Concerning Subsidiaries The company advanced its global strategy by establishing new subsidiaries in Singapore and Thailand during the reporting period - During the reporting period, the company established a wholly-owned subsidiary in Singapore, "BYH SCIENCE TECHNOLOGY PTE. LTD.", with a registered capital of $1 million for import/export and holding activities[111] - Through its Singapore subsidiary, the company established a sub-subsidiary in Thailand, "BYH NEW TECHNOLOGY CO.,LTD.", with a registered capital of 5 million THB for the R&D, manufacturing, and sale of automotive parts[111] Changes in Share Capital and Shareholders Changes in Share Capital Total share capital increased to 499,153,912 shares following a capitalization of capital reserves at a rate of 4.7 shares for every 10 shares held | Item | Before Change | Increase/Decrease | After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 20,224,687 | +9,505,603 | 29,730,290 | | II. Unrestricted Shares | 319,335,798 | +150,087,824 | 469,423,622 | | III. Total Shares | 339,560,485 | +159,593,427 | 499,153,912 | Number of Shareholders and Shareholdings As of the period end, the company had 24,069 shareholders, with the controlling shareholder and related parties maintaining a stable ownership structure | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End | | :--- | :--- | :--- | :--- | | Wuxi Best Investment Co., Ltd. | Domestic Non-State-Owned Legal Entity | 49.80% | 248,599,638 | | Cao Yuhua | Domestic Natural Person | 5.14% | 25,649,662 | | Cao Yi | Domestic Natural Person | 2.80% | 13,990,725 | | Wuxi Xinshi Investment Partnership (LP) | Domestic Non-State-Owned Legal Entity | 2.43% | 12,141,612 | | Xie Sixuan | Domestic Natural Person | 1.40% | 6,995,362 | - Relationship among controlling shareholders and parties acting in concert: Wuxi Best Investment Co., Ltd. is 100% controlled by the actual controller, Cao Yuhua; Xie Sixuan is the spouse of Cao Yuhua, and Cao Yi is their daughter, ensuring a stable and concentrated ownership structure[117] Financial Report Financial Statements The financial statements show stable total assets of ¥3.52 billion, with year-over-year growth in revenue, net profit, and operating cash flow Consolidated Balance Sheet Summary (2024-06-30) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,763,487,722.28 | 1,867,319,755.50 | | Total Non-Current Assets | 1,760,646,495.53 | 1,690,397,908.54 | | Total Assets | 3,524,134,217.81 | 3,557,717,664.04 | | Total Liabilities | 568,212,276.23 | 684,562,416.03 | | Total Equity Attributable to Parent Company | 2,945,658,682.17 | 2,863,057,594.87 | | Total Liabilities and Equity | 3,524,134,217.81 | 3,557,717,664.04 | Consolidated Income Statement Summary (H1 2024) | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 697,345,035.52 | 633,605,486.61 | | Including: Operating Revenue | 697,345,035.52 | 633,605,486.61 | | II. Total Operating Costs | 553,550,938.10 | 511,640,384.33 | | Including: Cost of Goods Sold | 454,577,642.77 | 422,183,448.36 | | R&D Expenses | 27,692,178.37 | 22,697,273.35 | | III. Operating Profit | 162,851,263.04 | 149,248,902.67 | | IV. Total Profit | 162,952,373.41 | 149,358,431.04 | | V. Net Profit | 143,894,870.97 | 130,329,340.63 | | Net Profit Attributable to Parent Company Shareholders | 143,729,264.70 | 129,645,713.52 | Consolidated Cash Flow Statement Summary (H1 2024) | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 218,751,274.11 | 145,970,482.96 | | Net Cash Flow from Investing Activities | -96,057,048.70 | -79,701,884.66 | | Net Cash Flow from Financing Activities | -67,912,097.00 | -79,651,585.20 | | Net Increase in Cash and Cash Equivalents | 55,371,237.77 | -13,366,751.92 | Notes to Consolidated Financial Statement Items Key balance sheet items include ¥233.70 million in cash, ¥490.33 million in accounts receivable, and ¥1.20 billion in fixed assets | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 103,720.95 | 198,198.82 | | Bank Deposits | 218,318,779.48 | 162,853,063.84 | | Other Monetary Funds | 15,278,314.03 | 43,429,316.52 | | Total | 233,700,814.46 | 206,480,579.18 | | Aging | Closing Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 473,506,261.92 | | 1 to 2 years | 8,299,182.57 | | 2 to 3 years | 1,722,368.83 | | Over 3 years | 6,803,415.43 | | Total | 490,331,228.75 | | Item | Book Balance (Yuan) | Inventory Write-down Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 38,785,141.07 | 3,783,841.34 | 35,001,299.73 | | Work in Progress | 125,363,258.12 | 633.26 | 125,362,624.86 | | Finished Goods | 53,937,324.47 | 4,490,545.75 | 49,446,778.72 | | Goods in Transit | 66,504,481.96 | 1,089,026.07 | 65,415,455.89 | | Total | 286,598,452.90 | 9,364,046.42 | 277,234,406.48 | R&D Expenditures R&D expenditure increased by 22.01% year-over-year to ¥27.69 million, all of which was expensed | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 11,883,639.39 | 10,328,114.21 | | Material Consumption | 6,927,226.89 | 6,258,525.23 | | Depreciation and Amortization | 8,544,952.38 | 5,572,730.73 | | Other Expenses | 336,359.71 | 537,903.18 | | Total | 27,692,178.37 | 22,697,273.35 |