科远智慧(002380) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential information, the report's structure, and definitions of key terms used throughout the document Company Profile and Key Financial Indicators The company achieved strong performance in H1 2024, with operating revenue up 16.24% and net profit attributable to shareholders surging 153.55%, driven by core business growth Company Profile Nanjing Keyuan Smart Technology Group Co., Ltd. (stock code: 002380) is a company listed on the Shenzhen Stock Exchange, with Liu Guoyao as its legal representative Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Keyuan Smart | | Stock Code | 002380 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Nanjing Keyuan Smart Technology Group Co., Ltd. | | Legal Representative | Liu Guoyao | Key Accounting Data and Financial Indicators The company reported H1 operating revenue of 805.11 million yuan, up 16.24%, and net profit attributable to shareholders of 110.33 million yuan, up 153.55%, with improved operating cash flow Key Financial Indicators | Key Financial Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 805,114,432.43 | 692,654,905.34 | 16.24% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 110,333,395.66 | 43,514,901.46 | 153.55% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses (yuan) | 99,506,473.20 | 34,913,305.76 | 185.01% | | Net Cash Flow from Operating Activities (yuan) | -29,353,086.85 | -50,472,230.37 | 41.84% | | Basic Earnings Per Share (yuan/share) | 0.4597 | 0.1813 | 153.56% | | Weighted Average Return on Net Assets | 5.60% | 2.49% | Increased by 3.11 percentage points | | | End of Current Period | End of Prior Year | Year-on-Year Change | | Total Assets (yuan) | 3,430,940,801.88 | 3,220,544,040.69 | 6.53% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 2,086,012,672.22 | 1,966,750,327.73 | 6.06% | Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for the period were 10.83 million yuan, mainly from fair value changes in financial assets and government subsidies - Total non-recurring gains and losses for the reporting period amounted to 10.83 million yuan, primarily composed of fair value changes in financial assets (9.07 million yuan) and government subsidies (3.93 million yuan)[13][14] Management Discussion and Analysis In H1 2024, the company achieved strong revenue and net profit growth, driven by industrial automation and industrial internet platforms, while maintaining a stable asset structure and addressing key risks Principal Business The company is a leading domestic provider of industrial automation and information technology, products, and solutions, with its business closely aligned with the industrial internet platform architecture, covering edge, platform, and application layers to enhance industrial users' digitalization, networking, and intelligence - The company's core business revolves around the industrial internet platform, structured into three main layers[15] - Edge Layer: The foundational layer, providing products like DCS, PLC, and robots for data acquisition and edge computing - Platform Layer: The core layer, building industrial PaaS and offering real-time databases and integrated plant-level information management platforms - Application Layer: The critical layer, delivering industrial apps and AI software for industries such as smart power plants and smart metallurgy Analysis of Core Competencies The company's core competencies are strong brand recognition, a comprehensive product platform, leading R&D and technological advantages, and mature market expansion capabilities - The company's core competencies include[16] - Brand Advantage: A national well-known trademark, ranking among the top three in the industry, with multiple domestic and international certifications - Product Platform Advantage: Providing comprehensive intelligent manufacturing solutions from automation systems to industrial software - R&D and Technology Advantage: Mastering core technologies such as control systems, real-time databases, and artificial intelligence, possessing multiple high-standard R&D platforms - Market Expansion Advantage: Building an efficient sales network and strong customer relationships through 17 national business unit-based marketing teams Analysis of Main Business In H1 2024, main business revenue grew 16.24% to 805.11 million yuan, with net profit up 153.55%, driven by industrial automation and strong regional expansion Key Financial Performance | Financial Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 805,114,432.43 | 692,654,905.34 | 16.24% | | Operating Cost | 482,018,853.02 | 443,427,800.63 | 8.70% | | R&D Investment | 79,154,000.71 | 67,576,109.35 | 17.13% | | Net Cash Flow from Operating Activities | -29,353,086.85 | -50,472,230.37 | 41.84% | Business Segment Performance | Business Segment | Operating Revenue (yuan) | Year-on-Year Change | Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Industrial Automation | 692,811,626.91 | 28.97% | 39.75% | 5.14% | | Industrial Internet and Industrial Software | 105,916,777.76 | -23.35% | 43.69% | 2.10% | - Regional market performance showed significant differentiation, with rapid revenue growth in South China and Southwest regions[19] - South China Region: Revenue increased by 103.89% year-on-year - Southwest Region: Revenue increased by 197.44% year-on-year Analysis of Assets and Liabilities Total assets reached 3.43 billion yuan, up 6.53%, with significant increases in contract assets and other non-current assets, while short-term borrowings rose and employee compensation payable decreased Major Balance Sheet Item Changes | Balance Sheet Item | End of Current Period (yuan) | End of Prior Year (yuan) | Change Description | | :--- | :--- | :--- | :--- | | Contract Assets | 64,291,821.00 | 36,639,412.17 | Due to increased sales revenue | | Other Non-current Assets | 230,334,740.93 | 132,477,522.53 | Due to increased time deposits | | Short-term Borrowings | 35,822,427.92 | 11,899,400.00 | Due to increased bill discounting | | Employee Compensation Payable | 29,508,998.25 | 84,649,569.60 | Due to payment of prior year's bonuses | Analysis of Investment Status Investments totaled 156 million yuan, up 27.04%, with several energy internet projects terminated due to market changes, rising fuel costs, and delayed subsidies - Several energy internet demonstration projects funded by raised capital did not meet expected returns, with some already terminated; key reasons include continuously rising biomass fuel prices and supply issues, as well as persistent delays in national power generation subsidy payments leading to operational funding gaps and losses[33][35] - The "Energy Internet Smart Application Peixian Demonstration Project" and "Energy Internet Smart Application Lingbi Demonstration Project" are currently suspended and have been decided for termination[39] - The 125 million yuan of raised funds belonging to the company's wholly-owned subsidiary, deposited in a time deposit account at SPD Bank Nantong Branch, is currently frozen and controlled due to a pledge, with the related lawsuit still ongoing and no judgment yet rendered[36] Analysis of Major Holding and Participating Companies Nanjing Tuoyunda Smart Technology performed strongly, while some biomass power generation subsidiaries reported negative net assets and losses, impacting overall performance Key Subsidiary Performance | Subsidiary Name | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Nanjing Tuoyunda Smart Technology Co., Ltd. | 113,425,980.42 | 82,513,186.96 | 16,126,554.44 | | Nanjing Keyuan Drive Technology Co., Ltd. | 46,594,611.57 | 22,675,781.31 | 5,835,197.77 | | Zhongji Clean Energy Peixian Co., Ltd. | -185,297,626.13 | - | -1,970,479.16 | | Lingbi Guozhen Biomass Thermal Power Co., Ltd. | -233,435,487.57 | - | -1,640,937.93 | Risks and Countermeasures The company faces four main risks: macroeconomic and policy fluctuations, intense market competition, loss of core talent, and a major lawsuit with SPD Bank Nantong Branch, which it plans to address through internal optimization, policy monitoring, increased innovation, improved talent mechanisms, and active litigation participation - The company faces several key risks, including[52][53] - Macroeconomic and Policy Risks: Industry development is closely tied to macroeconomic conditions and policies - Market Competition Risk: Facing intense competition from both domestic and international brands - Talent Loss Risk: As a high-tech enterprise, the company heavily relies on high-caliber talent - Major Litigation Risk: The lawsuit with SPD Bank Nantong Branch regarding a deposit contract dispute is ongoing, with no judgment yet rendered, and the outcome remains uncertain Corporate Governance Corporate governance remained stable, with an executive appointment and the third employee stock ownership plan, representing 2.08% of shares, maturing on June 21, 2024 Equity Incentive and Employee Stock Ownership Plans The third employee stock ownership plan, covering 2.08% of shares, matured on June 21, 2024, resulting in 8.29 million yuan in share-based payment expenses - The lock-up period for the company's third employee stock ownership plan expired on June 21, 2024, with a total of 5,000,900 shares unlocked, representing 2.08% of the company's total share capital[58][60] - The employee stock ownership plan impacted the financial results for the reporting period, with 8.29 million yuan in share-based payment expenses recognized from the beginning of the year to the end of the reporting period[17][60] Environmental and Social Responsibility The company was not classified as a key polluting entity and received no environmental administrative penalties during the reporting period, actively fulfilling its social responsibilities by protecting investor interests, safeguarding employee rights, deepening cooperation with clients and suppliers, and engaging in public welfare, striving for shared development with society Significant Matters The most significant matter is an ongoing 295 million yuan deposit dispute lawsuit with SPD Bank Nantong Branch, with no judgment yet, and the actual controller has pledged to cover any losses Litigation Matters A major lawsuit involving a 295 million yuan deposit dispute with SPD Bank Nantong Branch was re-heard on April 17, 2024, with the outcome still pending - A major lawsuit involving a 295 million yuan deposit dispute was heard on April 17, 2024, but the court has not yet rendered a judgment, leaving the outcome and impact unclear[68][69] Share Changes and Shareholder Information Total share capital remained at 239.99 million shares, with controlling shareholders holding 51.06%, ensuring stable ownership, and the third employee stock ownership plan as the fourth largest shareholder Number of Shareholders and Shareholding Status The company had 24,797 shareholders, with the top three actual controllers holding 51.06% and the third employee stock ownership plan as the fourth largest shareholder Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares (shares) | | :--- | :--- | :--- | | Liu Guoyao | 25.46% | 61,097,400 | | Hu Ximei | 21.95% | 52,689,000 | | Liu Jianyao | 3.65% | 8,750,000 | | Third Employee Stock Ownership Plan | 2.08% | 5,000,900 | | Cao Ruifeng | 1.25% | 3,000,800 | - The actual controllers Liu Guoyao, Hu Ximei (spouse of Liu Guoyao), and Liu Jianyao (brother of Liu Guoyao) collectively hold 51.06% of the company's equity, ensuring stable control[83] Financial Report The unaudited H1 2024 financial report shows total assets of 3.43 billion yuan, equity attributable to parent of 2.09 billion yuan, operating revenue of 805.11 million yuan, and net profit of 112.28 million yuan, with improved operating cash flow Financial Statements Financial statements show significant H1 2024 growth, with total assets rising to 3.43 billion yuan, operating revenue up 16.24% to 805.11 million yuan, and net profit attributable to parent surging 153.55% to 110.33 million yuan Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,430,940,801.88 | 3,220,544,040.69 | | Total Liabilities | 1,403,474,117.96 | 1,310,848,200.12 | | Equity Attributable to Parent Company Owners | 2,086,012,672.22 | 1,966,750,327.73 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 805,114,432.43 | 692,654,905.34 | | Operating Profit | 122,229,097.12 | 42,289,335.33 | | Net Profit | 112,276,850.70 | 41,500,003.04 | | Net Profit Attributable to Parent Company Shareholders | 110,333,395.66 | 43,514,901.46 | Consolidated Cash Flow Statement Key Items | Consolidated Cash Flow Statement Key Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,353,086.85 | -50,472,230.37 | | Net Cash Flow from Investing Activities | -93,307,147.57 | -32,810,357.51 | | Net Cash Flow from Financing Activities | 38,525,809.46 | 27,163,442.67 | | Net Increase in Cash and Cash Equivalents | -84,134,424.96 | -56,119,145.21 | Notes to Consolidated Financial Statements Notes detail key accounts, including 258 million yuan in restricted monetary funds, 820 million yuan in accounts receivable (58.3% current), 695 million yuan in inventory, and 8.29 million yuan in share-based payment expenses - As of the end of the period, 258 million yuan of monetary funds had restricted ownership or use rights, with 255 million yuan being time deposits frozen due to illegal pledging by SPD Bank Nantong Branch[195][258] Accounts Receivable Aging Analysis | Accounts Receivable Aging | Period-End Book Balance (yuan) | Percentage | | :--- | :--- | :--- | | Within 1 year | 477,823,872.90 | 58.3% | | 1 to 2 years | 122,271,606.26 | 14.9% | | 2 to 3 years | 151,122,032.29 | 18.4% | | Over 3 years | 68,490,961.12 | 8.4% | | Total | 819,708,472.57 | 100.0% | - The company recognized a total of 8,293,992.65 yuan in share-based payment expenses for its third employee stock ownership plan during this period, which was recorded in capital reserves[277][334]