赢时胜(300377) - 2024 Q2 - 季度财报

Important Notices, Contents and Definitions This section provides important notices, the table of contents, and definitions of terms used in the report Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key financial performance indicators for the period Company Profile Shenzhen Ysstech Info-tech Co, Ltd (Ysstech) is a company listed on the Shenzhen Stock Exchange under stock code 300377 - The company's stock short name is "Ysstech" and its stock code is 300377, listed on the Shenzhen Stock Exchange[6] Key Accounting Data and Financial Indicators The company's revenue declined while net loss attributable to shareholders narrowed, indicating some success in cost control | Indicator | Current Period (Jan-Jun 2024) | Prior Year Period (Jan-Jun 2023) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 627,243,148.75 | 679,866,037.33 | -7.74% | | Net Profit Attributable to Shareholders (Yuan) | -54,152,587.90 | -55,550,379.80 | 2.52% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | -54,793,826.99 | -66,933,052.53 | 18.14% | | Net Cash Flow from Operating Activities (Yuan) | -241,688,830.29 | -262,082,686.46 | 7.78% | | Basic Earnings Per Share (Yuan/share) | -0.0721 | -0.0740 | 2.57% | | Weighted Average ROE | -1.82% | -1.87% | 0.05% | | Total Assets (Yuan) | 3,209,109,912.10 | 3,315,906,179.35 (Prior Year-End) | -3.22% (vs Prior Year-End) | | Net Assets Attributable to Shareholders (Yuan) | 2,925,302,697.10 | 3,008,092,434.86 (Prior Year-End) | -2.75% (vs Prior Year-End) | Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss for the period totaled RMB 0.64 million, primarily from government subsidies | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 4,458.85 | | Government Subsidies Included in Current Profit/Loss | 1,647,536.09 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities | 10,157.72 | | Other Non-operating Income and Expenses | -691,309.92 | | Less: Income Tax Effect | 145,936.29 | | Less: Effect on Minority Interests (After Tax) | 183,667.36 | | Total | 641,239.09 | Management Discussion and Analysis This section details the company's business operations, core competitiveness, financial performance, and risk factors Principal Business Review The company focused on IT solutions for asset management and custody, navigating industry pressures through cost control and R&D investment - Industry Challenges: Due to economic slowdown and capital market volatility, financial institutions have reduced their IT budgets and slowed down project approvals, putting pressure on the company's revenue[19][32] - Response Strategies: The company implemented refined internal management to continuously reduce costs and increase efficiency, while externally increasing R&D investment in Fin-creation (Financial Technology Application Innovation) and AI to strengthen its market position[20][21][33] | Financial Indicator | H1 2024 (RMB 10,000) | YoY Change | Key Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 62,724.31 | -7.74% | Adjustments in the scale and progress of IT investment by financial institutions | | Operating Costs | 36,832.48 | -6.79% | Decreased in line with the decline in revenue | | Administrative Expenses | 5,829.09 | -24.36% | Positive results from the company's cost reduction and efficiency improvement measures | | R&D Expenses | 22,088.84 | -10.74% | Optimized R&D investment structure to focus on key areas | | Net Profit Attributable to Parent | -5,415.26 | 2.52% | Effective cost and expense control led to a narrower loss | | Net Profit Attributable to Parent (Excl. Non-recurring items) | -5,479.38 | 18.14% | A greater reduction in losses from core business operations | - Core Business Segment Progress: - Asset Management Systems: Maintained a solid market share, with 95% penetration among the Top 20 public funds and over 50% in the insurance asset management industry - Asset Custody Systems: Sustained a market share of over 90% among state-owned and joint-stock commercial banks and successfully integrated large model technology into the custody domain - Fin-creation and AI: Core business products have completed full-stack adaptation for domestic hardware and software, and have launched applications like intelligent customer service and document element extraction using the AI-AGENT model[22][23][28][29] Core Competitiveness Analysis The company's core strengths lie in its extensive client base, composite talent pool, and high R&D investment in key technologies - Client Resource Advantage: Long-term service in the domestic financial asset management and custody market has established stable cooperative relationships with over 400 financial institutions, ensuring high customer stickiness[33] - Talent Team Advantage: The company possesses a stable core management team and an excellent team of composite talents skilled in both business and technology R&D[34] - R&D Investment Advantage: Maintains high R&D investment in core business lines and continues to invest in new technology applications like big data, cloud computing, and AI to meet the demands of digital transformation and financial innovation[34] Analysis of Main Business Operations The main business comprises software development and services, with significant variations in gross margins and regional performance | By Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Customized Software Development and Sales | 300,910,238.71 | 102,640,565.26 | 65.89% | -11.73% | | Service Fee Income | 326,332,910.04 | 265,684,284.01 | 18.58% | -3.73% | | By Customer Industry | Operating Revenue (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | | Financial Industry | 613,297,401.80 | 41.54% | -5.96% | | Non-financial Industry | 13,945,746.95 | 29.86% | -49.63% | | By Region | Operating Revenue (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | | North China Region | 463,158,684.00 | 36.60% | 10.21% | | East China Region | 102,090,832.84 | 54.07% | -32.18% | | South China Region | 61,993,631.91 | 55.16% | -43.17% | - Operating costs are primarily composed of labor costs, which amounted to RMB 358 million in this period, accounting for 97.31% of total operating costs, a year-on-year decrease of 6.34%[38] Risks and Countermeasures The company faces risks including seasonal performance fluctuations, bad debt from receivables, and talent retention challenges - Risk of Seasonal Fluctuations in Operating Performance: The company's revenue and profit exhibit clear seasonal patterns, with a higher proportion of revenue in the fourth quarter, making single-quarter results not indicative of full-year performance[51] - Risk of Bad Debt from Accounts Receivable: As of the end of 2023, the book value of accounts receivable was RMB 938 million, representing 28.30% of total assets, which poses a certain risk of bad debt[52] - Talent and Technology Risks: The software industry's high talent mobility presents a risk of losing key technical personnel; meanwhile, rapid technological advancements could risk the company's market position if it fails to keep pace[53] Corporate Governance This section covers corporate governance practices, including the implementation of employee incentive plans Equity Incentives and Employee Stock Ownership The company repurchased and cancelled restricted stocks from departed employees, resulting in a decrease in total share capital - The company repurchased and cancelled 90,000 restricted shares held by 11 departed employees under the 2020 restricted stock incentive plan, at a repurchase price of RMB 5.12 per share[58][59] - Following this repurchase and cancellation, the company's total share capital decreased by 90,000 shares to 751,075,080 shares[59] Environment and Social Responsibility This section addresses the company's environmental protection policies and practices Environmental Responsibility The company is not classified as a key pollutant-discharging entity and complies with national environmental regulations - The company and its subsidiaries are not classified as key pollutant-discharging units and received no environmental administrative penalties during the reporting period[61] Important Matters This section discloses significant events during the reporting period, including major litigation Litigation Matters The company is involved in significant litigation concerning commercial factoring contract disputes with substantial amounts at stake | Litigant | Opponent | Cause of Action | Amount Involved (RMB 10,000) | Status | | :--- | :--- | :--- | :--- | :--- | | Subsidiary Shanghai Win-Zhi-Tai | Hongxuan Industrial, et al | Commercial Factoring Contract Dispute | 1,816.3 | Second-instance judgment effective, retrial application planned | | Subsidiary Shanghai Win-Zhi-Tai | Jiangsu Hongxuan Ecological Agriculture, et al | Commercial Factoring Contract Dispute | 12,648.66 | Under second-instance review | - The series of lawsuits involving subsidiaries and "Yongda Company" and "Hongxuan Company" are ongoing, with some defendants entering bankruptcy reorganization, creating significant uncertainty for related debt recovery[81][82][83] Share Capital Changes and Shareholder Information This section details changes in the company's share structure and provides information on its major shareholders Share Capital Changes Total share capital decreased due to the cancellation of restricted stocks, while the number of restricted shares increased due to new director appointments - The company repurchased and cancelled 90,000 restricted shares held by 11 departed incentive plan participants, reducing total share capital from 751,165,080 to 751,075,080 shares[85] - Due to the new election of Yan Jianhong and Yan Jianbing as directors, their combined 28,490,278 shares were converted to executive lock-up shares, increasing the number of restricted shares[85][86] Number of Shareholders and Shareholding Status The company had 43,247 shareholders, with the largest shareholder and related parties acting in concert | Shareholder Name | Shareholding Ratio | Number of Shares | Number of Restricted Shares | | :--- | :--- | :--- | :--- | | Tang Qiu | 13.62% | 102,290,131 | 76,717,598 | | Hundsun Technologies Inc | 4.73% | 35,520,800 | 0 | | Yan Jianhong | 3.81% | 28,617,288 | 21,462,966 | | Zhou Yunshan | 2.14% | 16,072,250 | 0 | | Yan Jianbing | 1.25% | 9,369,750 | 7,027,312 | - Shareholder Relationships: Tang Qiu and Yan Jianhong are husband and wife; Yan Jianhong and Yan Jianbing are sister and brother[89] Financial Report This section presents the audited financial statements and detailed notes for the reporting period Financial Statements The financial statements show total assets of RMB 3.21 billion, a net loss of RMB 58.44 million, and a net cash outflow from operations Consolidated Income Statement Core Data (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 627,243,148.75 | | Total Operating Costs | 668,216,905.39 | | Operating Profit | -62,057,022.43 | | Total Profit | -62,905,492.01 | | Net Profit | -58,437,791.12 | | Net Profit Attributable to Parent Company Shareholders | -54,152,587.90 | Consolidated Balance Sheet Core Data (as of June 30, 2024) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 3,209,109,912.10 | | Total Current Assets | 1,407,945,578.04 | | Total Non-current Assets | 1,801,164,334.06 | | Total Liabilities | 305,125,893.35 | | Total Current Liabilities | 260,883,241.08 | | Total Equity | 2,903,984,018.75 | | Total Equity Attributable to Parent Company Shareholders | 2,925,302,697.10 | Consolidated Cash Flow Statement Core Data (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -241,688,830.29 | | Net Cash Flow from Investing Activities | -931,116.40 | | Net Cash Flow from Financing Activities | -4,028,678.65 | | Net Increase in Cash and Cash Equivalents | -246,648,625.34 | | Cash and Cash Equivalents at End of Period | 185,274,110.43 | Notes to Consolidated Financial Statements Notes reveal a significant accounts receivable balance with substantial bad debt provisions and details on tax benefits - Accounts receivable balance is substantial, with a year-end gross value of RMB 1.38 billion and a bad debt provision of RMB 292 million. Receivables with specific provisions for bad debt amount to RMB 152 million, primarily related to Jiangsu Hongxuan Ecological Agriculture and Hongxuan Industrial, for which a 100% provision has been made[226][227] - Other receivables include advances totaling RMB 174 million to three Yongda-affiliated companies, for which a 100% bad debt provision has been made[235][236] - Tax Benefits: The company and some of its subsidiaries are recognized as High-Tech Enterprises, qualifying for a preferential corporate income tax rate of 15%. The company also benefits from a policy of immediate refund of VAT for software products on the portion of the actual tax burden exceeding 3%[220][221]