上海新阳(300236) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice, Table of Contents, and Definitions The company's board and management guarantee the report's accuracy, with no plans for cash dividends or bonus shares during the period - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility; during the reporting period, the company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[2] - This section provides definitions of key terms used in the report, covering company entities, industry terms such as semiconductor manufacturing, wafer-level packaging, photoresist, and material science terms like fluorocarbon coatings and PVDF, laying the foundation for understanding the report content[5][6][7] Company Profile and Key Financial Indicators Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance, including revenue, net profit, and cash flow metrics Company Profile Shanghai Sinyang Semiconductor Materials Co., Ltd. (stock code: 300236) is a Shenzhen Stock Exchange-listed company specializing in semiconductor materials Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Shanghai Sinyang | | Stock Code | 300236 | | Listed Exchange | Shenzhen Stock Exchange | | Company Full Name | Shanghai Sinyang Semiconductor Materials Co., Ltd. | | Legal Representative | Wang Fuxiang | Key Accounting Data and Financial Indicators During the reporting period, revenue increased by 19.78%, while net profit attributable to shareholders decreased by 32.14%, but net profit excluding non-recurring items grew by 51.77% Key Financial Performance | Key Financial Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 660,897,505.06 | 551,752,184.59 | 19.78% | | Net Profit Attributable to Shareholders | 58,904,090.14 | 86,805,323.87 | -32.14% | | Net Profit Excluding Non-recurring Items | 80,365,638.74 | 52,952,332.45 | 51.77% | | Net Cash Flow from Operating Activities | 33,074,091.65 | -15,593,344.54 | 312.10% | | Basic Earnings Per Share (Yuan/share) | 0.1895 | 0.2805 | -32.44% | | Weighted Average Return on Net Assets | 1.46% | 1.96% | -0.50% | | | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | YoY Change | | Total Assets | 5,201,304,529.34 | 5,588,589,806.19 | -6.93% | | Net Assets Attributable to Shareholders | 3,821,445,162.85 | 4,188,533,225.02 | -8.76% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled -21.46 million Yuan, primarily due to fair value changes in financial assets and R&D expenses related to government subsidies Non-recurring Gains and Losses | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Government Subsidies | 9,170,853.27 | - | | Fair Value Change Gains/Losses on Financial Assets | -26,552,934.23 | Fair value changes from financial products held by the company | | Other Non-operating Income/Expenses | 1,339,978.88 | - | | Other Defined Gains/Losses | -9,185,134.29 | Primarily R&D expenses corresponding to government subsidy projects | | Income Tax Impact | -3,778,425.49 | - | | Impact on Minority Interests (after tax) | 59,991.55 | - | | Total | -21,461,548.60 | - | Management Discussion and Analysis Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors during the reporting period Principal Businesses During the Reporting Period The company operates in two main segments: integrated circuit materials and advanced packaging, and environmentally friendly functional coatings, with semiconductor business revenue growing 36.44% - The company's core businesses are divided into two major segments: integrated circuit materials, including electroplating solutions and additives, cleaning solutions, photoresists, and polishing slurries; and functional coatings, including fluorocarbon coating series products[25][26] Business Segment Revenue (H1 2024) | Business Segment | H1 2024 Revenue (Billion Yuan) | YoY Growth Rate | | :--- | :--- | :--- | | Semiconductor Business | 0.463 | 36.44% | | Coating Business | 0.197 | -5.24% | - The company increased R&D investment, totaling 99.06 million Yuan during the reporting period, a 36.97% increase year-on-year, accounting for 14.99% of revenue, primarily for photoresist, advanced wet etching solutions, and cleaning solutions projects[35] - The company is actively expanding production capacity, with 19,000 tons at the Shanghai Songjiang plant completed, 17,000 tons at Hefei Phase I entering trial production, and plans for a new 60,000-ton capacity in Shanghai Chemical Industrial Park, mainly for photoresist and related materials industrialization[37] Analysis of Core Competencies The company's core competencies lie in its leading technologies in electronic electroplating and cleaning, strong customer relationships, and localized integrated solutions - The company has developed two independently controllable core technologies: electronic electroplating and electronic cleaning, and is actively advancing two new core technologies: electronic lithography and electronic polishing[41] - The company is a leading domestic enterprise capable of meeting the electroplating and cleaning product requirements for 90-14nm copper processes, breaking foreign monopolies[41] - The company has established long-term partnerships with most domestic semiconductor packaging enterprises and many well-known wafer manufacturing companies, forming significant customer and brand advantages[43][44] - Compared to international competitors, the company possesses a localization advantage, enabling quick response to customer needs and providing integrated solutions covering materials, equipment, processes, and on-site services[46] Analysis of Principal Business Principal business revenue grew 19.78%, with semiconductor process materials showing strong performance (revenue up 44.81%, gross margin up 5.64%), while supporting equipment and coating products saw declines or slight decreases Key Financial Performance Indicators | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 660,897,505.06 | 551,752,184.59 | 19.78% | - | | Operating Cost | 398,871,742.12 | 364,187,447.48 | 9.52% | - | | R&D Investment | 99,062,431.68 | 64,000,675.69 | 54.78% | Company increased R&D investment | | Net Cash Flow from Operating Activities | 33,074,091.65 | -15,593,344.54 | 312.10% | Increase in accounts receivable collection | | Net Cash Flow from Investing Activities | -43,802,210.79 | 217,319,220.24 | -120.16% | Decrease in proceeds from disposal of trading financial assets and increase in external investments | Performance by Product or Service | By Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Revenue Change | YoY Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Semiconductor Process Materials | 439,108,386.43 | 227,211,398.49 | 48.26% | 44.81% | 30.59% | 5.64% | | Semiconductor Process Material Supporting Equipment | 24,321,221.26 | 16,161,891.42 | 33.55% | -33.23% | -26.21% | -6.32% | | Coating Products | 197,467,897.37 | 155,498,452.21 | 21.25% | -5.24% | -7.21% | 1.67% | Analysis of Non-Principal Business Non-principal businesses significantly impacted profit negatively, with investment losses from associates at 7.59 million Yuan and fair value changes in financial products at 27.04 million Yuan Non-Principal Business Impact on Profit | Item | Amount (Yuan) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | -7,592,035.28 | -12.61% | Investment losses recognized from associates | | Fair Value Change Gains/Losses | -27,043,925.00 | -44.92% | Fair value change losses from financial products held | Analysis of Assets and Liabilities Total assets decreased by 6.93% to 5.201 billion Yuan, driven by increased accounts receivable, construction in progress, and a significant decrease in other comprehensive income due to financial asset revaluation - Accounts receivable balance at period-end was 579 million Yuan, an increase from the beginning of the period, mainly due to increased semiconductor business revenue[53] - Construction in progress balance at period-end was 495 million Yuan, an increase from the beginning of the period, mainly due to investment and construction of the Hefei base[53] - Other comprehensive income balance at period-end was 1.097 billion Yuan, a significant decrease from the beginning of the period, mainly due to the decrease in fair value of financial assets held[54] - As of the end of the reporting period, 244 million Yuan of the company's assets were restricted, primarily pledged and mortgaged for bank loans and notes, including monetary funds, notes receivable, fixed assets, and intangible assets[57] Analysis of Investment Status Total investment for the period was 33.13 million Yuan, a 310.25% increase, with 544 million Yuan of raised funds cumulatively invested, and some fund uses changed to adapt to market and technology needs - Investment amount for the reporting period was 33.13 million Yuan, an increase of 310.25% compared to 8.0759 million Yuan in the prior year period[58] - Total raised funds were 788 million Yuan, with 101 million Yuan invested during the reporting period and a cumulative investment of 544 million Yuan; 243 million Yuan (30.87%) of the raised funds' uses were changed[59] - The company changed part of the raised funds' use for the "High-end Photoresist R&D and Industrialization Project for Integrated Circuit Manufacturing," adding "ArF Immersion Photoresist R&D Project" and "Repayment of Project Loans"[65][66] Analysis of Major Holding and Participating Companies Jiangsu Kople (coatings) reported 9.10 million Yuan net profit, while Shanghai Xinke Micro (photoresist) and Shanghai Huiyan (polishing) incurred losses, and Hefei Sinyang (second production base) began trial production Major Subsidiaries and Associates Performance (H1 2024) | Company Name | Principal Business | H1 2024 Operating Revenue (Yuan) | H1 2024 Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Jiangsu Kople New Materials Co., Ltd. | Environmentally friendly functional coatings | 190,652,385.84 | 9,101,253.46 | | Shanghai Xinke Micro Materials Technology Co., Ltd. | ArF immersion photoresist R&D | 0.00 | -5,044,880.61 | | Shanghai Huiyan Materials Technology Co., Ltd. | Polishing technology product R&D | 0.00 | -1,116,236.08 | | Sinyang (Guangdong) Semiconductor Technology Co., Ltd. | Semiconductor wet process development | 13,208,534.06 | -1,836,967.65 | | Hefei Sinyang Semiconductor Materials Co., Ltd. | Second production base | 0.00 | -262,466.80 | Risks Faced by the Company and Countermeasures The company faces risks including new product development uncertainty, industry cyclicality, environmental safety, technology leakage, investment returns, and market competition, addressed through R&D, quality control, and diversified product strategies - The company faces operating risks including: new product development and promotion risks (long R&D cycles, high investment, strict customer certification), industry and market fluctuation risks (semiconductor industry cyclicality, international trade friction), safety and environmental risks (waste discharge, production safety), core technology leakage risks, investment project return risks, and intensified industry competition risks[80][82][84] Corporate Governance Corporate Governance This section details the company's corporate governance structure and the implementation of equity incentive and employee stock ownership plans Equity Incentive and Employee Stock Ownership Plans The company adjusted performance targets for existing equity incentive plans, launched a 2024 stock appreciation rights plan, and implemented the "Xinzhengtu (Phase III)" employee stock ownership plan to align employee interests with company growth - The company adjusted the performance assessment targets of its previous equity incentive plans to adapt to the cyclical fluctuations in the semiconductor market and the downturn in the construction industry[93] - The 2024 Stock Appreciation Rights Incentive Plan was launched, proposing to grant 257,800 stock appreciation rights to 6 directors, supervisors, and senior executives, with an exercise price of 17.34 Yuan/share[94] - The "Xinzhengtu (Phase III)" employee stock ownership plan was implemented, with 1,766,800 repurchased shares transferred to its dedicated account via non-trading transfer[99] - The first unlocking condition for the "Xinzhengtu (Phase II)" employee stock ownership plan was not met due to 2023 operating revenue failing to reach the target[98] Environmental and Social Responsibility Environmental and Social Responsibility This section outlines the company's environmental protection efforts, including compliance as a key polluter, significant investments in environmental management, and no administrative penalties during the period Significant Environmental Issues The company and its subsidiaries are designated key polluters, with 3.3038 million Yuan invested in environmental protection and 2,203.59 Yuan in environmental taxes paid, with no administrative penalties for environmental issues - The company and its subsidiaries (Shanghai Sinyang, Jiangsu Kople, Sinyang Guangdong, Hefei Sinyang) are all designated as key polluting units by environmental protection authorities[101] - The company has established comprehensive waste gas, wastewater, and solid waste treatment facilities, conducting regular third-party monitoring, with all pollutant emissions meeting standards during the reporting period[108][109][110] - During the reporting period, the company's total environmental investment was 3.3038 million Yuan, environmental taxes paid were 2,203.59 Yuan, and no administrative penalties were incurred due to environmental issues[113][115] Significant Matters Significant Matters This section covers important events affecting the company, including regulatory penalties and subsequent rectification measures Penalties and Rectification The company received a warning letter from the Shanghai Securities Regulatory Bureau for an un-pre-disclosed share reduction of Huali Microelectronics stock, which has since been rectified by repurchasing shares and surrendering profits - The company received a warning letter from the Shanghai Securities Regulatory Bureau on March 20, 2024, for reducing its shares in Huali Microelectronics without prior disclosure of the reduction plan[120][121] - The company committed to repurchasing the 20,000 illegally reduced shares of Huali Microelectronics and surrendering the profits, a commitment completed in April 2024[122] Share Changes and Shareholder Information Share Changes and Shareholder Information This section provides details on the company's share capital structure and the holdings of its major shareholders Number of Shareholders and Shareholding Status As of the reporting period end, the company had 41,881 common shareholders, with Wang Fuxiang, Shanghai Xinhui Asset Management, and Shanghai Xinke Investment as the top three, acting in concert - As of the end of the reporting period, the company had a total of 41,881 common shareholders[138] Top Five Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-End (Shares) | | :--- | :--- | :--- | :--- | | Wang Fuxiang | Domestic Natural Person | 14.37% | 45,032,070 | | Shanghai Xinhui Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.96% | 37,480,276 | | Shanghai Xinke Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.27% | 22,788,086 | | Sun Huiming | Domestic Natural Person | 3.23% | 10,108,938 | | SINYANG INDUSTRIES & TRADING PTE LTD | Overseas Legal Person | 2.94% | 9,216,290 | - Shareholders Wang Fuxiang, Shanghai Xinhui Asset Management Co., Ltd., and Shanghai Xinke Investment Co., Ltd. are related shareholders and act in concert[139] Preferred Shares Information Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[144] Bonds Information Bonds Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[145] Financial Report Financial Report This section presents the company's unaudited semi-annual consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Financial Statements This section provides the company's unaudited H1 2024 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The company's H1 2024 financial report is unaudited[147] Consolidated Balance Sheet As of June 30, 2024, total assets were 5.201 billion Yuan, total liabilities 1.340 billion Yuan, and owners' equity attributable to the parent company 3.821 billion Yuan, with both total assets and owners' equity decreasing from the beginning of the period | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 5,201,304,529.34 | 5,588,589,806.19 | | Total Liabilities | 1,340,289,468.70 | 1,360,963,878.47 | | Owners' Equity Attributable to Parent Company | 3,821,445,162.85 | 4,188,533,225.02 | Consolidated Income Statement In H1 2024, total operating revenue was 660.90 million Yuan (up 19.78%), net profit 59.25 million Yuan (down 32.36%), and net profit attributable to parent company shareholders 58.90 million Yuan (down 32.14%) | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 660,897,505.06 | 551,752,184.59 | | Operating Profit | 59,859,724.35 | 101,768,520.34 | | Total Profit | 60,200,575.49 | 101,122,522.50 | | Net Profit | 59,245,038.81 | 87,592,897.91 | | Net Profit Attributable to Parent Company Shareholders | 58,904,090.14 | 86,805,323.87 | Consolidated Cash Flow Statement H1 2024 net cash flow from operating activities significantly improved to 33.07 million Yuan, while investing and financing activities resulted in net outflows, leading to a 58.37 million Yuan net decrease in cash and cash equivalents | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 33,074,091.65 | -15,593,344.54 | | Net Cash Flow from Investing Activities | -43,802,210.79 | 217,319,220.24 | | Net Cash Flow from Financing Activities | -47,490,572.41 | -145,011,881.82 | | Net Increase/Decrease in Cash and Cash Equivalents | -58,369,422.86 | 57,010,394.47 | Significant Accounting Policies and Estimates This section details the company's accounting standards, financial reporting period, functional currency, and policies for financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, and government subsidies, including a 5% bad debt provision for accounts receivable within one year - The company's financial statements are prepared on a going concern basis and comply with Enterprise Accounting Standards[185][187] - For revenue recognition, income from chemicals and coatings is recognized upon delivery and acceptance; equipment product income is recognized after installation, commissioning, and customer acceptance report signing[250][251] Expected Credit Loss Rates for Accounts Receivable | Age | Expected Credit Loss Rate | | :--- | :--- | | Within 1 Year | 5.00% | | 1-2 Years | 10.00% | | 2-3 Years | 30.00% | | 3-4 Years | 50.00% | | 4-5 Years | 80.00% | | Over 5 Years | 100.00% |