金奥博(002917) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents and Definitions The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and bear legal responsibility - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and bear legal responsibility. The company's responsible person, chief accountant, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial report[1] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2024[1] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial performance indicators for the reporting period I. Company Profile Shenzhen Jin'aobo Technology Co., Ltd. (stock abbreviation: Jin'aobo, stock code: 002917) is a company listed on the Shenzhen Stock Exchange, with Ming Gang as its legal representative Company Profile | Project | Content | | :--- | :--- | | Stock Abbreviation | Jin'aobo | | Stock Code | 002917 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市金奥博科技股份有限公司 | | Legal Representative | Ming Gang | IV. Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 747 million yuan, a year-on-year increase of 14.33%; net profit attributable to shareholders of listed company was 71.72 million yuan, a year-on-year increase of 54.11%. Net cash flow from operating activities significantly decreased by 99.87% Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 746,609,430.56 | 653,013,609.59 | 14.33% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 71,724,893.28 | 46,541,227.10 | 54.11% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (yuan) | 67,970,490.41 | 42,395,573.59 | 60.32% | | Net Cash Flow from Operating Activities (yuan) | 58,804.29 | 44,022,664.40 | -99.87% | | Basic Earnings Per Share (yuan/share) | 0.2086 | 0.1343 | 55.32% | | Weighted Average Return on Net Assets | 4.66% | 3.15% | 1.51% | | Total Assets (yuan) | 3,174,951,816.96 | 3,167,657,066.63 | 0.23% (compared to end of prior year) | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 1,560,680,922.05 | 1,512,616,168.02 | 3.18% (compared to end of prior year) | VI. Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 3.7544 million yuan, primarily from government subsidies and wealth management income Non-recurring Gains and Losses and Amounts | Project | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government subsidies included in current profit and loss | 3,947,735.40 | Accounts for 4.47% of net profit for the reporting period, mainly government subsidies received by the company and its controlled subsidiaries | | Gains and losses from entrusted investment or asset management | 836,125.39 | Accounts for 0.95% of net profit for the reporting period, mainly investment income from the company's wealth management with temporarily idle funds | | Total | 3,754,402.87 | - | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risks during the reporting period I. Company's Main Business During the Reporting Period The company is a leading domestic intelligent equipment enterprise in the civil explosive industry, developing four major business segments: civil explosive integration, fine chemicals, intelligent manufacturing, and Jin'aobo Smart Cloud - The company's core business segments include civil explosive integration, fine chemicals, intelligent manufacturing, and Jin'aobo Smart Cloud, forming a full industry chain operation model integrating R&D, production, sales, transportation, and blasting services[15] Business Segment Revenue Year-on-Year Change | Business Segment | Revenue Year-on-Year Change | | :--- | :--- | | Special Equipment | +29.25% | | Civil Explosive Products | +18.20% | | Chemical Materials | +6.98% | - Profit growth is primarily due to increased production and sales driven by market expansion, coupled with optimized operational management, strengthened cost control, and synergistic effects leading to improved gross margins[16] - The civil explosive industry is influenced by the macro economy, with upstream raw materials like ammonium nitrate and downstream sectors including mining and infrastructure. In the first half of 2024, the industry's total profit increased by 16.22% year-on-year, but total production value decreased by 5.49%. Electronic detonator output accounted for 93.59%[39] - Industry policies continue to promote enterprise restructuring and integration, encouraging the application of intelligent production processes and equipment, aiming to achieve "mechanization replacing manual labor, automation reducing personnel" and "robots replacing humans" to enhance intrinsic safety levels in the industry[40][42][43] II. Analysis of Core Competencies The company's core competitiveness is reflected in six major advantages: intelligent equipment and technological innovation, integrated R&D and production, one-stop service, information service system, extensive customer resources, and a professional talent team - The company holds a leading domestic position in complete process technology, equipment, and software systems for civil explosive materials, possessing multiple patents and high-tech projects, and is recognized as a national "Specialized, Refined, Unique, and New 'Little Giant' Enterprise"[44] - Through industry mergers and acquisitions, the company has strengthened the deep integration of intelligent equipment technology and production resources, building a complete industrial ecosystem integrating "production, supply, blasting, research, and application"[45] - The company provides customized products and integrated comprehensive solutions to customers, including technical consulting, solution design, installation and commissioning, and maintenance, forming a one-stop service ecosystem[46] - The company possesses extensive domestic and international customer resources, having built over 200 production lines domestically and undertaken production lines in over 20 countries and regions overseas, demonstrating strong brand influence[49] III. Analysis of Main Business During the reporting period, the company's main business revenue achieved comprehensive growth, with special equipment and civil explosive products showing particularly significant increases of 29.25% and 18.20% respectively. The gross margin of civil explosive products increased by nearly 5 percentage points, boosting overall profitability. Overseas business revenue saw a substantial increase of over 500% Key Financial Indicators | Financial Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 746,609,430.56 | 653,013,609.59 | 14.33% | | Operating Cost | 490,479,461.64 | 450,501,958.54 | 8.87% | | R&D Investment | 40,042,215.18 | 30,786,995.14 | 30.06% | | Net Cash Flow from Operating Activities | 58,804.29 | 44,022,664.40 | -99.87% | Revenue and Gross Margin by Industry/Product | Industry/Product | Operating Revenue (yuan) | Year-on-Year Change | Gross Margin | Gross Margin Change from Prior Year Period | | :--- | :--- | :--- | :--- | :--- | | Special Equipment | 91,185,684.75 | 29.25% | 57.34% | -1.19% | | Chemical Materials | 206,903,529.76 | 6.98% | 20.12% | 0.90% | | Civil Explosive Products | 437,453,198.69 | 18.20% | 36.05% | 4.99% | | - Industrial Explosives | 205,093,721.06 | 23.62% | 34.61% | 5.00% | | - Initiating Devices | 232,359,477.63 | 13.81% | 37.32% | 5.08% | | Blasting Engineering | 5,800,728.53 | -57.92% | - | - | - By region, domestic revenue increased by 13.21% year-on-year, accounting for 98.79% of total revenue; overseas revenue increased by 506.69%, demonstrating strong overseas market expansion momentum[54] V. Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 3.175 billion yuan, a slight increase of 0.23% from the end of the previous year. The asset and liability structure remained stable with no significant changes. The company invested 310 million yuan in wealth management products using temporarily idle funds - As of the end of the reporting period, the company's total assets were 3.175 billion yuan, and net assets attributable to shareholders of the listed company were 1.561 billion yuan, with a stable asset and liability structure and no significant changes[59] Investment in Financial Assets | Project | Beginning Balance (yuan) | Amount Purchased During Period (yuan) | Amount Sold During Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 100,000,000.00 | 310,000,000.00 | 410,836,125.39 | 0.00 | | Other Equity Instrument Investments | 26,686,961.91 | 0.00 | 0.00 | 26,686,961.91 | VI. Analysis of Investment Status During the reporting period, the company's investment amounted to 22.8477 million yuan, a year-on-year decrease of 58.55%. For the raised funds projects, "Blasting Engineering Service Project" and "Northern Region Operations Center and Industry Information Service Industrialization Project" experienced slower-than-expected progress due to macroeconomic environment impacts - Investment during the reporting period was 22.8477 million yuan, a 58.55% decrease compared to 55.1242 million yuan in the same period last year[63] Progress of Raised Funds Projects | Raised Funds Committed Project | Committed Investment Total (million yuan) | Cumulative Investment as of Period End (million yuan) | Investment Progress | Reason for Not Meeting Expectations | | :--- | :--- | :--- | :--- | :--- | | Blasting Engineering Service Project | 32,057.68 | 522.02 | 1.63% | Impact of changes in macroeconomic environment | | Civil Explosive Material Production Line Technical Transformation and Informatization Construction Project | 15,208.91 | 6,956.14 | 45.74% | - | | Northern Region Operations Center and Industry Information Service Industrialization Project | 21,226.28 | 0 | 0.00% | Impact of changes in macroeconomic environment | - As of June 30, 2024, the company used 77.00 million yuan of idle raised funds to temporarily supplement working capital and 510 million yuan of temporarily idle raised funds for cash management[69][71][72] VIII. Analysis of Major Holding and Participating Companies During the reporting period, major holding subsidiaries Shandong Shengshida, Anhui Jin'aobo, and Beijing Jin'aobo Jingmei all achieved profitability, contributing significant profit sources to the company Performance of Major Holding and Participating Companies | Company Name | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Shandong Shengshida Chemical Co., Ltd. | 206,912,179.96 | 21,876,893.77 | 19,857,020.33 | | Anhui Jin'aobo New Material Technology Co., Ltd. | 146,051,529.97 | 9,321,144.34 | 8,950,217.17 | | Beijing Jin'aobo Jingmei Technology Co., Ltd. | 213,221,808.23 | 19,592,441.46 | 14,193,668.07 | X. Risks Faced by the Company and Countermeasures The company faces major risks including macroeconomic fluctuations, industry market competition, management risks from supply chain extension, safety production risks, and raw material price fluctuation risks - Risks faced by the company include: - Macroeconomic fluctuation risk: Demand in the civil explosive industry is closely related to macroeconomic activities such as infrastructure and mining[76] - Industry and market competition risk: Rapid technological iteration requires continuous R&D investment to maintain a leading position[77] - Supply chain extension and expansion risk: Business expansion places higher demands on management capabilities and talent resources[78] - Safety production risk: The nature of the civil explosive industry dictates inherent safety risks in the production process - Raw material price fluctuation risk: Price fluctuations of major raw materials such as ammonium nitrate and compound wax affect costs[78] Section IV Corporate Governance This section details the company's corporate governance structure and the conduct of its shareholder meetings during the reporting period I. Information on Annual and Extraordinary General Meetings Held During the Reporting Period During the reporting period, the company held its 2023 Annual General Meeting on May 17, 2024, with an investor participation rate of 40.65% - The company held its 2023 Annual General Meeting on May 17, 2024[80] Section V Environmental and Social Responsibility This section outlines the company's commitment and actions regarding environmental protection and social responsibility initiatives I. Significant Environmental Protection Issues The company and some of its subsidiaries are key pollutant discharge units, strictly complying with national environmental laws and regulations during the reporting period, with environmental facilities operating normally and no environmental accidents or administrative penalties due to environmental issues - The company and its subsidiaries are listed as key pollutant discharge units, strictly complying with all environmental laws, regulations, and emission standards[83] - During the reporting period, the company did not receive administrative penalties for environmental issues[88] II. Social Responsibility The company actively fulfills its social responsibilities, taking proactive measures in protecting shareholder rights, employee rights, supplier and customer relations, environmental protection, and social welfare, committed to achieving harmonious development between the enterprise and society - The company safeguards shareholder rights through improved corporate governance, protects employee rights by adhering to a people-oriented approach, establishes long-term stable relationships with suppliers and customers, advocates green environmental protection, and actively participates in social welfare initiatives[89][90] Section VI Significant Matters This section reports on significant events and transactions that occurred during the reporting period, including related party transactions and share repurchases XI. Significant Related Party Transactions During the reporting period, the company engaged in related party transactions for raw material procurement with Chongqing Yunming Technology Co., Ltd. amounting to 31.0636 million yuan, which did not exceed the annual estimated amount Significant Related Party Transactions | Related Party | Related Transaction Content | Related Transaction Amount (million yuan) | Approved Transaction Limit (million yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Chongqing Yunming Technology Co., Ltd. | Procurement of raw materials from related party | 31.0636 | 12,000 | No | XIII. Explanation of Other Significant Matters The company initiated a share repurchase plan in February 2024, intending to use 25 million to 50 million yuan of its own funds to repurchase shares. As of June 30, it had cumulatively repurchased 3.062 million shares, accounting for 0.88% of total share capital, with a total transaction amount of 25.0073 million yuan, reaching the lower limit of the repurchase plan amount - The company initiated a share repurchase, with a planned total fund of not less than 25 million yuan and not exceeding 50 million yuan, and a repurchase price not exceeding 12.37 yuan/share[107] - As of June 30, 2024, the company had cumulatively repurchased 3,062,000 shares, accounting for 0.88% of total share capital, with a total payment of 25,007,260.00 yuan[108] Section VII Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure and major shareholders I. Share Changes During the reporting period, the company's total share capital remained unchanged at 347,614,197 shares. The company implemented a share repurchase, having cumulatively repurchased 3,062,000 shares as of the end of the period - During the reporting period, the company's total share capital was 347,614,197 shares, with restricted shares accounting for 25.05% and unrestricted shares for 74.95%, and no change in share capital structure[111] - As of June 30, 2024, the company had cumulatively repurchased 3,062,000 shares through centralized bidding transactions, accounting for 0.88% of total share capital[112] III. Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had a total of 18,044 common shareholders. The actual controllers, Ming Gang and Ming Jinggu (father and son), collectively held 33.38% of shares. Among the top ten shareholders, Sichuan Yahua Industrial Group Co., Ltd. and its concerted parties collectively held 14.91% Shareholding Information of Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Ming Gang | 24.36% | 84,678,273 | | Sichuan Yahua Industrial Group Co., Ltd. | 11.79% | 41,000,000 | | Ming Jinggu | 9.02% | 31,352,182 | | Yahua Group Mianyang Industrial Co., Ltd. | 3.12% | 10,840,000 | | Shenzhen Aobo Heli Investment Partnership (Limited Partnership) | 2.81% | 9,762,850 | - Shareholders Ming Gang and Ming Jinggu are father and son and are the actual controllers of the company. Sichuan Yahua Industrial Group Co., Ltd. and Yahua Group Mianyang Industrial Co., Ltd. are concerted parties[114] Section VIII Preferred Shares Information This section confirms that the company had no preferred shares during the reporting period Section VIII Preferred Shares Information During the reporting period, the company had no preferred shares - During the reporting period, the company had no preferred shares[119] Section IX Bond Information This section confirms that the company had no bond-related information during the reporting period Section IX Bond Information During the reporting period, the company had no bond-related information - During the reporting period, the company had no bond-related information[120] Section X Financial Report This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2024, including balance sheets, income statements, and cash flow statements II. Financial Statements This section includes the company's consolidated and parent company balance sheets as of June 30, 2024, and the consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2024. The financial report is unaudited - The company's 2024 semi-annual financial report is unaudited[122] 1. Consolidated Balance Sheet As of June 30, 2024, the company's total assets were 3.175 billion yuan, total liabilities were 1.355 billion yuan, and total equity attributable to parent company owners was 1.561 billion yuan Consolidated Balance Sheet | Project | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,174,951,816.96 | 3,167,657,066.63 | | Total Liabilities | 1,355,088,814.70 | 1,411,530,932.20 | | 归属于母公司所有者权益合计 | 1,560,680,922.05 | 1,512,616,168.02 | 3. Consolidated Income Statement In the first half of 2024, the company achieved total operating revenue of 747 million yuan, total operating costs of 666 million yuan, total profit of 93.98 million yuan, and net profit attributable to parent company shareholders of 71.72 million yuan Consolidated Income Statement | Project | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 746,609,430.56 | 653,013,609.59 | | Total Operating Cost | 665,855,866.03 | 602,444,241.53 | | Total Profit | 93,981,646.12 | 54,385,677.89 | | Net Profit Attributable to Parent Company Shareholders | 71,724,893.28 | 46,541,227.10 | 5. Consolidated Cash Flow Statement In the first half of 2024, the company's net cash flow from operating activities was 58,804.29 yuan, a significant year-on-year decrease. Net cash outflow from investing activities was 34.02 million yuan, and net cash outflow from financing activities was 81.14 million yuan, resulting in a net decrease of 115 million yuan in cash and cash equivalents Consolidated Cash Flow Statement | Project | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 58,804.29 | 44,022,664.40 | | Net Cash Flow from Investing Activities | -34,020,210.54 | -205,385,414.03 | | Net Cash Flow from Financing Activities | -81,137,906.88 | -40,316,254.96 | | Net Increase/Decrease in Cash and Cash Equivalents | -114,950,086.42 | -200,727,624.41 | VII. Notes to Consolidated Financial Statements This section provides detailed explanations of the composition, changes, and accounting treatment of major accounts in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, intangible assets, goodwill, short-term borrowings, accounts payable, and revenue and cost - As of the end of the period, the book balance of accounts receivable was 678 million yuan, with a provision for doubtful accounts of 66.67 million yuan, resulting in a book value of 611 million yuan. Accounts receivable within 1 year accounted for approximately 80%[221][222][223] - The book value of goodwill at period-end was 147 million yuan, primarily from the acquisition of Hebei Taihang Company (64.99 million yuan) and Taishan Civil Explosive Company (45.71 million yuan). Impairment provision of 27.26 million yuan has been made, entirely for Hebei Taihang Company[259][260] - Operating revenue is broken down by business type, with special equipment, chemical materials, industrial explosives, and initiating devices being the main sources of revenue[296] XVI. Notes to Major Items of Parent Company Financial Statements This section provides detailed notes to major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, and the composition of operating revenue and costs - The book value of the parent company's long-term equity investments at period-end was 769 million yuan, including 746 million yuan in investments in subsidiaries and 22.66 million yuan in investments in associates and joint ventures[368] - The parent company achieved operating revenue of 118 million yuan and operating costs of 69.48 million yuan in the first half of 2024. The main revenue sources were special equipment (94.30 million yuan) and chemical materials (23.10 million yuan)[372][373]