艾为电子(688798) - 2024 Q2 - 季度财报

Item 1. Definitions This section provides definitions for key terms and abbreviations used throughout the report Item 2. Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and presents its key financial performance indicators 1. Basic Company Information This section provides fundamental information about Shanghai Awinic Technology Co., Ltd., including its name, legal representative, and contact details - The company's Chinese name is Shanghai Awinic Technology Co., Ltd., abbreviated as Awinic, with Sun Hongjun as its legal representative[12] 6. Key Accounting Data and Financial Indicators In the first half of 2024, the company achieved significant performance growth, turning losses into profits with a 56.77% increase in operating revenue and CNY 91.49 million in net profit attributable to shareholders Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,581,449,032.03 CNY | 1,008,741,215.91 CNY | 56.77% | | Net Profit Attributable to Shareholders of Listed Company | 91,486,648.21 CNY | -69,702,939.67 CNY | Not Applicable (Turned Loss to Profit) | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 67,536,219.64 CNY | -186,362,280.03 CNY | Not Applicable (Turned Loss to Profit) | | Net Cash Flow from Operating Activities | 20,919,305.46 CNY | 18,733,572.28 CNY | 11.67% | | Asset Information | End of Current Period | End of Prior Year | Change from End of Prior Year (%) | | Net Assets Attributable to Shareholders of Listed Company | 3,759,806,015.09 CNY | 3,622,053,913.90 CNY | 3.80% | | Total Assets | 4,994,015,848.56 CNY | 4,935,797,732.71 CNY | 1.18% | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.39 | -0.30 | Not Applicable | | Weighted Average Return on Net Assets (%) | 2.48% | -1.95% | Increased by 4.43 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 1.83% | -5.22% | Increased by 7.05 percentage points | | R&D Investment as % of Operating Revenue (%) | 15.99% | 32.51% | Decreased by 16.52 percentage points | - The turnaround to profitability was primarily driven by operating revenue growth and enhanced economies of scale, leading to improved profit margins, gradual inventory digestion and increased comprehensive gross margin, and reduced labor, engineering development, and share-based payment expenses due to management reforms[17] - During the reporting period, total non-recurring gains and losses amounted to CNY 23.95 million, mainly from changes in fair value of financial assets held (CNY 21.22 million) and government grants (CNY 6.21 million)[19] Item 3. Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, industry landscape, core competencies, and key financial results 1. Industry and Main Business Overview for the Reporting Period The company, specializing in high-performance analog-digital mixed-signal, power management, and signal chain chips, achieved business growth in H1 2024, driven by global semiconductor market recovery and strong demand across consumer electronics, AIoT, industrial, and automotive sectors - The global semiconductor industry is recovering in 2024, with SIA forecasting a 16.0% year-on-year increase in full-year sales, while the Chinese market's Q1 sales grew by 27.4% year-on-year, leading global growth[20] - The company's core business involves integrated circuit chip R&D and sales, offering high-performance analog-digital mixed-signal, power management, and signal chain chips for consumer electronics, AIoT, industrial, and automotive applications[22] - The company boasts a strong customer base, including major brands like Xiaomi, OPPO, vivo, Transsion, Microsoft, Samsung, Meta, Amazon, Google, and ODM manufacturers such as Huaqin and Wingtech, while actively expanding its presence with leading automotive clients like Avatr, Leapmotor, Chery, Geely, and Hyundai[22][42] 2. Core Technologies and R&D Progress The company continued technological innovation, holding 36 core technologies and 1,320 patents by June 30, 2024, with CNY 253 million in H1 R&D investment and 27 ongoing projects totaling nearly CNY 2 billion in budget R&D Investment Overview | Indicator | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 252,892,817.20 CNY | 327,905,240.48 CNY | -22.88% | | Total R&D Investment | 252,892,817.20 CNY | 327,905,240.48 CNY | -22.88% | | Total R&D Investment as % of Operating Revenue (%) | 15.99% | 32.51% | Decreased by 16.52 percentage points | R&D Achievements (Cumulative as of June 30, 2024) | Category | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | | Invention Patents | 980 | 372 | | Utility Model Patents | 246 | 230 | | Software Copyrights | 127 | 123 | | Others (Integrated Circuit Layouts, etc.) | 597 | 590 | | Total | 1,957 | 1,320 | - The company possesses 36 core technologies, including high current high surge capability, low noise amplifiers, dynamic high efficiency, LIN communication, intelligent haptic feedback algorithms, and OIS optical image stabilization system solutions[25][27][29] - The company has 27 ongoing R&D projects with an estimated total investment of CNY 1.976 billion, CNY 213 million invested in the current period, and a cumulative investment of CNY 1.329 billion, focusing on automotive analog/digital audio amplifier chips, high-performance automotive LED drivers, and 5G RF switches and modules[34][35][36][37] 3. Analysis of Core Competencies for the Reporting Period The company's core competencies include leading technology, a strong talent team, diverse product markets, high-quality customer resources, and robust business continuity, supported by extensive technical accumulation and strategic operational measures - Technological Advantage: The company possesses rich technological accumulation and strong product extensibility, holding a first-mover advantage in niche markets like audio amplifiers and motor drivers (Haptic feedback, Camera OIS)[40][41] - Talent Advantage: The company employs 664 technical personnel, representing 74% of its total workforce, with core technical staff averaging over ten years of experience, supported by a comprehensive talent management and training system[42] - Product and Customer Advantage: The company offers over 1,300 product models across consumer electronics, AIoT, industrial, and automotive sectors, serving clients such as Samsung, Xiaomi, OPPO, Microsoft, Meta, and various prominent automotive brands and ODM manufacturers[42] - Business Continuity Advantage: The company ensures robust business continuity through strategies like multi-supplier sourcing for single part numbers, domestic equipment adoption, multi-platform data backup, and distributed warehousing centers to navigate complex market conditions[42] 4. Discussion and Analysis of Operations In H1 2024, the company achieved a strong recovery, with CNY 1.581 billion in operating revenue and CNY 91.49 million in net profit, driven by significant progress across its core product lines and enhanced operational efficiency - High-Performance Analog-Digital Mixed-Signal Chips: Flagship, medium-power, and automotive-grade digital audio amplifiers successfully integrated with leading clients, while camera motor driver (OIS) business volume accelerated, and magnetic and SAR sensors achieved mass production[44] - Power Management Chips: DCDC products achieved breakthroughs in 5G RedCap and automotive T-box applications, LDO PMIC volume accelerated, and AMOLED power solutions gained traction with multiple leading customers, with mass production anticipated in H2[44][45] - Signal Chain Chips: Achieved significant revenue and shipment growth, introducing multiple domestically manufactured switches and LNAs, with operational amplifiers, level shifters, and high-speed switches gaining traction with leading customers across various sectors[45] - Operational Efficiency Improvement: The launch of Phase One of the R&D digitalization platform enhanced R&D efficiency, comprehensive testing platform upgrades reduced costs, and the adoption of ISO56005 innovation management international standard strengthened intellectual property protection[46][47] - Major Project Progress: Construction of the automotive-grade reliability testing center in Shanghai Lingang is progressing smoothly, with the main building structure anticipated to be topped out by December 2024[48] 5. Risk Factors The company faces significant risks across technological iteration, operations (including consumer electronics concentration and intense competition), finance (gross margin, inventory, exchange rates), industry cyclicality, and macroeconomic factors like international trade friction - Technological Iteration Risk: The integrated circuit industry's rapid technological advancements pose a risk of market share loss or R&D failure if the company's development efforts do not align with market demands[50] - Operational Risk: The company faces significant revenue dependence on the downstream consumer electronics market, making it vulnerable to market demand contraction, alongside intense competition from both domestic and international manufacturers[51] - Financial Risk: The company is exposed to risks including gross margin fluctuations, large inventory scale and impairment (book value of CNY 724 million), and exchange rate fluctuations (foreign currency translation difference of CNY 34.75 million)[53][54] - Industry and Macroeconomic Risk: The integrated circuit industry is susceptible to cyclical fluctuations, and international trade friction could adversely impact the production and operations of the entire supply chain[55][56] 6. Key Operating Performance for the Reporting Period This section analyzes the company's H1 2024 operating results through financial statement changes, highlighting significant increases in revenue and costs, decreases in operating expenses, and notable shifts in assets (trading financial assets, construction in progress) and liabilities Analysis of Key Income Statement and Cash Flow Statement Item Changes | Item | Current Period Amount | Prior Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,581,449,032.03 CNY | 1,008,741,215.91 CNY | 56.77% | Market recovery, enriched product categories, and expanded market segments | | Operating Cost | 1,137,276,617.80 CNY | 733,265,744.78 CNY | 55.10% | Increased proportionally with operating revenue growth | | Selling Expenses | 53,505,615.38 CNY | 63,731,071.78 CNY | -16.04% | Decrease in share-based payments and promotional expenses | | General and Administrative Expenses | 71,076,267.10 CNY | 81,567,350.44 CNY | -12.86% | Decrease in share-based payments and office rental expenses | | Financial Expenses | -2,091,991.73 CNY | 3,054,687.50 CNY | -168.48% | Increased exchange gains from exchange rate fluctuations | | R&D Expenses | 252,892,817.20 CNY | 327,905,240.48 CNY | -22.88% | Decrease in share-based payments, employee compensation, and engineering development expenses | | Net Cash Flow from Operating Activities | 20,919,305.46 CNY | 18,733,572.28 CNY | 11.67% | Increased sales collections, but also a significant increase in payments for inventory purchases | Analysis of Key Balance Sheet Item Changes | Item Name | Amount at End of Current Period | Amount at End of Prior Year | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 574,626,442.22 CNY | 1,365,455,424.95 CNY | -57.92% | Cash used to purchase wealth management products | | Trading Financial Assets | 1,749,231,121.48 CNY | 1,126,093,183.17 CNY | 55.34% | Purchased wealth management products | | Accounts Receivable | 103,944,001.24 CNY | 61,659,225.07 CNY | 68.58% | Revenue scale growth, corresponding increase in accounts receivable | | Construction in Progress | 166,289,610.99 CNY | 60,015,237.58 CNY | 177.08% | Investment in automotive-grade reliability testing center project construction | | Non-current Liabilities Due Within One Year | 251,844,836.20 CNY | 27,224,335.60 CNY | 825.07% | Increase in long-term borrowings due within one year | - In April 2024, the company invested CNY 48.38 million in Jiangsu Pangu Semiconductor Technology Co., Ltd., acquiring a 1.72% stake, to strengthen cooperation and synergy in packaging[64] Item 4. Corporate Governance This section details changes in the company's board, supervisors, senior management, and core technical personnel, along with updates on equity incentive plans 2. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, the company completed the re-election of its Board and Supervisors, with Sun Hongjun elected Chairman, and appointed new senior management, while its core technical team of five individuals remained stable - The company completed the re-election of its Board of Directors and Board of Supervisors in February 2024, electing Sun Hongjun as Chairman and appointing new senior management, including a General Manager, Co-General Manager, Deputy General Manager, Board Secretary, and Financial Controller[76] - The company's core technical personnel consist of five individuals: Sun Hongjun, Guo Hui, Cheng Jiantao, Du Liming, and Zhang Zhong[77] 4. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact During the reporting period, the company partially cancelled and adjusted its 2021 and 2022 restricted stock incentive plans, while confirming and completing the share registration for the first vesting period of the 2022 plan's initial grant - The company cancelled a portion of the granted but unvested shares from its 2021 and 2022 restricted stock incentive plans[79] - The conditions for the first vesting period of the initial grant under the 2022 restricted stock incentive plan have been met, and the company has completed the relevant share registration[79] Item 5. Environmental and Social Responsibility This section outlines the company's environmental protection measures and its commitment to social responsibility 1. Environmental Information As an integrated circuit design and sales company, it is not a heavily polluting industry, with CNY 21,500 invested in environmental protection, and all environmental monitoring results met standards, supported by strict waste management - The company's core business is chip design and sales, not a heavily polluting industry, with an environmental protection investment of CNY 21,500 during the reporting period[81][82] - The company regularly conducts environmental monitoring, with all data meeting standards, and has established a strict waste management system[81][84] Item 6. Significant Matters This section details the fulfillment of commitments, significant contracts, and the progress of raised capital utilization 1. Fulfillment of Commitments During the reporting period, the company, its controlling shareholder, actual controller, and management strictly fulfilled all commitments made during the IPO and equity incentive plans, including share lock-up, stock price stabilization, and related party transaction regulations - The company's controlling shareholder and actual controller, Sun Hongjun, committed not to reduce his pre-IPO shares within 72 months from the company's listing date[87][96] - The company, its controlling shareholder, and its directors, supervisors, and senior management have all strictly fulfilled their IPO commitments, including those related to stock price stabilization, share repurchase, diluted immediate return compensation, profit distribution, avoiding horizontal competition, and regulating related party transactions[87][91][92][93] 11. Significant Contracts and Their Fulfillment During the reporting period, the company provided CNY 263 million in guarantees to its wholly-owned subsidiaries, representing 7.00% of net assets, all of which are being fulfilled normally without overdue situations Summary of Guarantees to Subsidiaries | Guarantor | Guaranteed Party | Guarantee Balance (CNY) | % of Net Assets | | :--- | :--- | :--- | :--- | | Awinic Technology | Shanghai Awinic Microelectronics | 114,207,859.82 | - | | Awinic Technology | Shanghai Awinic Semiconductor | 50,000,000.00 | - | | Awinic Technology | Awinic Technology Co., Ltd. | 98,994,086.98 | - | | Total | - | 263,201,946.80 | 7.00% | 12. Progress of Raised Capital Utilization The company's IPO net proceeds were CNY 3.035 billion, with CNY 1.583 billion cumulatively invested (52.15% progress) into R&D and the electronic engineering testing center, whose completion date was extended to March 2026 - As of the end of the reporting period, cumulative raised funds invested amounted to CNY 1.583 billion, representing 52.15% of the net proceeds[138] - Due to external approvals and design adjustments, the completion date for the "Electronic Engineering Testing Center Project" has been extended from August 2024 to March 2026[142][144] - The company utilized up to CNY 600 million of idle raised funds to temporarily supplement working capital and up to CNY 1.3 billion for cash management[146][147] Item 7. Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure 1. Changes in Share Capital During the reporting period, the company's total share capital increased by 660,394 shares to 232,669,339 shares due to the first vesting period of the 2022 restricted stock incentive plan - Due to partial vesting of the 2022 restricted stock incentive plan, the company's total share capital increased by 660,394 shares to 232,669,339 shares[152][153] 2. Shareholder Information As of the reporting period, the company had 8,046 common shareholders, with the top ten stable, and actual controller Sun Hongjun holding 41.88%, while Hong Kong Securities Clearing Company Limited was the fifth largest shareholder at 3.1% Top Ten Shareholders' Shareholding (As of June 30, 2024) | Shareholder Name | Number of Shares Held (shares) | Percentage (%) | | :--- | :--- | :--- | | Sun Hongjun | 97,448,396 | 41.88% | | Guo Hui | 22,680,000 | 9.75% | | Shanghai Aizhun Enterprise Management Center (Limited Partnership) | 9,562,414 | 4.11% | | Cheng Jiantao | 8,269,600 | 3.55% | | Hong Kong Securities Clearing Company Limited | 7,201,601 | 3.10% | | Lou Shengbo | 7,121,520 | 3.06% | | Zhang Zhong | 6,847,620 | 2.94% | | Du Liming | 4,602,180 | 1.98% | | Bank of Communications - HSBC Jintrust Dynamic Strategy Mixed Securities Investment Fund | 3,998,419 | 1.72% | | China Merchants Bank - Excelsior Capital Horun Mixed Securities Investment Fund | 3,535,635 | 1.52% | Item 8. Preferred Shares Information This section confirms that the company has no preferred shares during the reporting period Not Applicable The company had no preferred shares during the reporting period Item 9. Bonds Information This section confirms that the company has no bonds during the reporting period Not Applicable The company had no bonds during the reporting period Item 10. Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity 2. Financial Statements This section presents the company's unaudited 2024 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity 5. Significant Accounting Policies and Estimates This section details the company's enterprise accounting standards, specific accounting policies, and key accounting estimates for financial statement preparation, covering areas like inventory impairment, expected credit losses, and revenue recognition 7. Notes to Consolidated Financial Statement Items This section provides detailed explanations and analyses of major items in the consolidated financial statements, including their composition, changes, and related accounting treatments for cash, receivables, inventory, and other key accounts