融捷股份(002192) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's management guarantees the truthfulness, accuracy, and completeness of the report content, noting that forward-looking statements do not constitute substantive commitments, and no profit distribution is planned for the reporting 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 corresponding legal responsibilities[1] - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[2] Table of Contents This report comprises ten main chapters, covering core content such as the company's basic information, financial indicators, management discussion and analysis, corporate governance, significant matters, and financial reports Definitions This section defines key company entity abbreviations, industry terms, and financial periods used in the report, such as 'Rongda Lithium' referring to the company's wholly-owned subsidiary, and 'Reporting Period' to January 1 to June 30, 2024 - Key abbreviations for the company's main subsidiaries (e.g., Rongda Lithium, Changhe Huali, Dongguan Derui) and related parties (e.g., Rongjie Group, BYD) are clarified[5] - The reporting period is defined as January 1, 2024, to June 30, 2024[5] Company Profile and Key Financial Indicators Company Profile Rongjie Co., Ltd. (stock code: 002192) is listed on the Shenzhen Stock Exchange, with Lu Xiangyang as its legal representative, and no significant changes in company contact information or disclosure locations occurred during the reporting period Item | Item | Content | | :--- | :--- | | 股票简称 | 融捷股份 | | 股票代码 | 002192 | | 上市交易所 | 深圳证券交易所 | | 法定代表人 | 吕向阳 | Key Accounting Data and Financial Indicators In the first half of 2024, the company's performance significantly declined due to market conditions, with operating revenue decreasing by 60.54% and net profit attributable to parent company shareholders by 45.09% year-over-year, while net cash flow from operating activities increased by 140.33%, indicating strong cash flow management 2024 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | 营业收入 (CNY) | 250,639,711.34 | 635,231,914.67 | -60.54% | | 归属于上市公司股东的净利润 (CNY) | 165,968,597.06 | 302,260,731.38 | -45.09% | | 归属于上市公司股东的扣非净利润 (CNY) | 142,154,841.35 | 276,457,181.76 | -48.58% | | 经营活动产生的现金流量净额 (CNY) | 280,644,085.11 | 116,773,384.74 | 140.33% | | 基本每股收益 (CNY/股) | 0.6392 | 1.1641 | -45.09% | | 加权平均净资产收益率 | 5.02% | 9.32% | Decrease 4.30 percentage points | | 总资产 (CNY) | 4,327,279,151.68 | 4,393,883,505.23 | -1.52% (较上年度末) | | 归属于上市公司股东的净资产 (CNY) | 3,308,565,132.03 | 3,220,365,686.71 | 2.74% (较上年度末) | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 23.81 million, primarily from fair value changes and disposal gains of wealth management products (CNY 22.20 million) and government grants (CNY 2.61 million) 2024 Semi-Annual Non-recurring Gains and Losses Items | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | 非流动性资产处置损益 | 329,486.10 | Mainly gains/losses from asset disposal | | 计入当期损益的政府补助 | 2,609,797.97 | Mainly government grants received and asset-related government grants recognized over periods | | 金融资产/负债公允价值变动及处置损益 | 22,203,947.79 | Mainly fair value changes and disposal gains from wealth management products | | 受托经营取得的托管费收入 | 566,037.74 | Mainly custody fees received from entrusted operation of Chengdu Rongjie Lithium's lithium salt business | | 其他营业外收支 | -1,297,239.58 | Mainly other non-daily operating expenses | | Total | 23,813,755.71 | | Management Discussion and Analysis Overview of Principal Businesses During the Reporting Period The company's main businesses include lithium ore mining and beneficiation, lithium salt production and processing, and lithium battery equipment manufacturing, positioning it in the mid-to-upstream of the new energy lithium battery industry chain; in the first half of 2024, despite continued growth in new energy vehicle and energy storage terminal demand, faster growth in lithium salt supply led to low lithium product prices, pressuring the company's performance, which it addresses through synergistic industrial chain layout and monitoring policy dynamics - The company's main businesses cover lithium ore mining and beneficiation, lithium salt production and processing, and lithium battery equipment manufacturing, forming an industrial chain from resources to materials[16][22] - In the first half of 2024, domestic new energy vehicle sales increased by 32.5% year-over-year, and power battery installations increased by 33.7%, maintaining growth in terminal demand[17] - Affected by supply-demand dynamics, the average price of battery-grade lithium carbonate in China was approximately CNY 103,700/ton in the first half, a year-over-year decline of approximately 69%, compressing industry profit margins[21] - The company's performance drivers include industrial policy support, growth in new energy industry demand, and the company's comprehensive industrial chain layout[29][30][31][32] Analysis of Core Competencies The company's core competencies are primarily in three areas: possessing large reserves of high-grade spodumene ore with excellent mining conditions at the Jiajika mine; forming a complete industrial chain layout with its controlling shareholder, enabling synergistic effects; and continuous R&D investment, holding 188 intellectual property rights as of the end of the reporting period - The company holds the mining right for the No. 134 vein of the Kangding Jiajika spodumene mine, with mineral reserves of 28.995 million tons and an average grade exceeding 1.42%, forming the company's core resource base[33] - The company and its controlling shareholder have formed a complete layout in the lithium battery industrial chain, acting as upstream and downstream partners, which helps leverage synergistic effects and mitigate market risks[34] - During the reporting period, 16 new intellectual property rights were added, bringing the cumulative total of patents and software copyrights to 188, primarily from lithium battery equipment and lithium salt businesses[35] Analysis of Principal Business In the first half of 2024, influenced by a significant drop in lithium product prices and reduced investment income, the company's revenue and net profit both declined year-over-year, with total revenue at CNY 251 million, down 60.54%, and net profit attributable to parent company shareholders at CNY 166 million, down 45.09%, while lithium concentrate business remained the main revenue source despite a substantial decrease in gross margin, and Q2 performance showed significant sequential growth from Q1 2024 H1 vs 2023 H1 Financial Data Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 250,639,711.34 | 635,231,914.67 | -60.54% | Revenue decreased across all business segments | | 营业成本 | 139,029,030.35 | 279,416,077.92 | -50.24% | Decreased in line with operating revenue | | 经营活动现金流量净额 | 280,644,085.11 | 116,773,384.74 | 140.33% | Payments for goods purchased and taxes decreased YoY | | 投资活动现金流量净额 | -906,487,549.11 | 197,141,858.60 | -559.81% | Due to purchase of wealth management products and payment for mining rights resources | 2024 H1 Principal Business Revenue Composition | By Product | Revenue Amount (CNY) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | 锂精矿 | 172,425,080.49 | 68.80% | -50.84% | | 锂盐 | 39,787,479.48 | 15.87% | -72.19% | | 锂电池设备 | 37,289,967.14 | 14.88% | -73.33% | 2024 H1 Principal Business Gross Margin Changes | By Product | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | | 锂精矿 | 63.20% | Decrease 26.75 percentage points | | 锂盐 | 3.87% | Decrease 0.93 percentage points | | 锂电池设备 | 0.22% | Decrease 22.65 percentage points | Analysis of Non-Principal Business During the reporting period, non-principal businesses significantly contributed to profit, with investment income reaching CNY 112 million, accounting for 65.93% of total profit, primarily from equity method accounting for associate companies, and fair value change gains of CNY 12.65 million, mainly from wealth management products 2024 H1 Non-Principal Business Profit and Loss | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | 投资收益 | 112,340,883.30 | 65.93% | Mainly equity method investment income and gains from disposal of financial assets | | 公允价值变动损益 | 12,650,626.12 | 7.42% | Mainly fair value changes of wealth management products | | 资产减值 | -4,027,257.01 | -2.36% | Mainly provision for inventory impairment | | 信用减值损失 | -4,073,518.79 | -2.39% | Mainly provision for doubtful accounts like accounts receivable | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were CNY 4.33 billion, a slight decrease of 1.52% from the beginning of the year, with significant changes in asset structure: cash and cash equivalents decreased by 16.48 percentage points due to investment payments and dividends; financial assets held for trading increased by 16.18 percentage points due to wealth management product purchases; and receivables financing decreased by 4.15 percentage points due to bank acceptance bill discounting Significant Changes in Key Balance Sheet Items | Item | Proportion of Total Assets at Period-End | Proportion of Total Assets at Year-Start | Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | 货币资金 | 9.06% | 25.54% | -16.48 pp | Payment for investments and dividend distribution | | 交易性金融资产 | 25.32% | 9.14% | +16.18 pp | Purchase of wealth management products | | 应收款项融资 | 0.07% | 4.22% | -4.15 pp | Discounting of bank acceptance bills | | 在建工程 | 6.16% | 3.21% | +2.95 pp | Increased investment in cathode material project | | 长期应付款 | 6.16% | 9.11% | -2.95 pp | Payment for mining rights resources | Analysis of Investment Status During the reporting period, the company's investment amounted to CNY 235 million, a year-over-year increase of 253.96%, with significant non-equity investment projects including the 2.5 million tons/year lithium ore beneficiation project, the Lithium Engineering Technology Research Institute project, and the lithium-ion battery cathode material project, all currently under construction and not yet generating revenue Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Amount Invested in Current Period (CNY) | Cumulative Investment as of Period-End (CNY) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | 250万吨/年锂矿精选项目 | Self-built | 2,321,625.80 | 67,429,009.76 | 9.37% | | 锂工程技术研究院项目 | Self-built | 8,291,809.83 | 85,406,336.69 | 53.38% | | 锂离子电池正极材料项目 | Self-built | 73,097,818.32 | 161,266,131.66 | 17.92% | Analysis of Major Controlled and Associate Companies Affected by market conditions, the performance of major controlled and associate companies generally declined; Rongda Lithium's profit decreased year-over-year due to falling lithium prices and increased costs; Dongguan Derui's revenue and profit both declined due to slower investment in the lithium battery industry and reduced orders; and associate company Chengdu Rongjie Lithium's profit also significantly decreased Major Controlled and Associate Companies' 2024 H1 Operating Performance (Unit: CNY 10,000) | Company Name | Type | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | 融达锂业 | Subsidiary | Lithium ore mining and beneficiation | 20,812.71 | 10,820.80 | 9,152.35 | | 长和华锂 | Subsidiary | Lithium salt production and processing | 3,985.83 | -379.75 | -309.64 | | 东莞德瑞 | Subsidiary | Lithium equipment manufacturing | 3,731.66 | -2,033.15 | -1,864.79 | | 成都融捷锂业 | Associate Company | Lithium salt production and smelting | 65,312.18 | 3,107.23 | 2,814.14 | Risks Faced by the Company and Countermeasures The company faces key risks including changes in industrial policy, volatile lithium product prices, reliance on a few customers and related parties (e.g., BYD), external environmental and safety risks in lithium mining, and uncertainty regarding the commissioning time of the 2.5 million tons/year lithium ore beneficiation expansion project, which the company addresses by monitoring policies, strengthening cost control, expanding customer base, and advancing projects - Key risks include changes in industrial policy, volatile lithium product prices, reliance on a few customers and related parties, external environmental and safety risks in lithium mining, and uncertainty regarding the commissioning time of expansion projects[51][52][53][55][56][57] Corporate Governance Information on Annual and Extraordinary General Meetings Held During the Reporting Period During the reporting period, the company held two shareholders' meetings, the first extraordinary general meeting of 2024 and the 2023 annual general meeting, which approved various proposals including estimated daily related party transactions, the annual report, and the profit distribution plan - One extraordinary general meeting and one annual general meeting were held in the first half of 2024[59] Changes in Directors, Supervisors, and Senior Management During the reporting period, the company appointed Feng Zhimin as its Chief Financial Officer on May 16, 2024 - The company appointed Feng Zhimin as its Chief Financial Officer on May 16, 2024[60] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the first half of 2024 - The company's semi-annual profit distribution plan is 'three noes': no cash dividends, no bonus shares, and no capital reserve conversions to share capital[61] Environmental and Social Responsibility (ESG) Significant Environmental Issues The company's subsidiary, Changhe Huali, is designated as a key water pollutant discharge unit; the company strictly adheres to environmental regulations, with all operations having passed environmental assessments; during the reporting period, Changhe Huali invested approximately CNY 0.1 million in environmental protection, and Rongda Lithium invested approximately CNY 3.55 million in ecological restoration, including mine re-greening efforts, with no administrative penalties for environmental issues incurred by the company - Subsidiary Changhe Huali is designated as a key water pollutant discharge unit in Chengdu[62] - During the reporting period, Changhe Huali invested approximately CNY 0.1 million in environmental protection, and Rongda Lithium invested approximately CNY 3.55 million in ecological restoration, with a re-greening area of approximately 80,000 square meters[69] - No administrative penalties for environmental issues were incurred during the reporting period[71] Social Responsibility The company actively fulfills its social responsibilities, investing in shareholder rights protection, employee care, production safety, environmental protection, and rural revitalization; during the reporting period, the company completed its 2023 equity distribution and formulated a three-year dividend plan, additionally donating CNY 2 million to the Kangding mountain flood disaster area in Sichuan for relief and reconstruction - The company protects shareholder rights through standardized governance, diversified interaction channels, and a stable dividend return plan[73] - The company prioritizes production safety, with subsidiaries Rongda Lithium and Changhe Huali having prepared and filed emergency response plans for production safety accidents[76] - The company actively participates in social welfare, donating CNY 2 million in August 2024 to the Kangding City severe mountain flood and mudslide disaster[79] Significant Matters Significant Related Party Transactions During the reporting period, the company engaged in significant daily operating related party transactions, primarily selling lithium concentrate (CNY 208 million) and lithium salt (CNY 28.17 million) to associate company Chengdu Rongjie Lithium, and lithium battery equipment (CNY 15.99 million) and lithium salt (CNY 6.68 million) to related party BYD; concurrently, the company purchased lithium salt (CNY 32.19 million) from Chengdu Rongjie Lithium, with all transactions within approved limits and priced on market principles 2024 H1 Major Daily Operating Related Party Transactions (Unit: CNY 10,000) | Related Party | Related Transaction Type | Related Transaction Content | Transaction Amount | Approved Limit | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | 成都融捷锂业 | Sale of Goods | 销售锂精矿 | 20,765.35 | 100,000 | No | | 成都融捷锂业 | Sale of Goods | 销售锂盐 | 2,817.35 | 12,000 | No | | 比亚迪 | Sale of Goods | 销售锂电池设备 | 1,598.61 | 50,000 | No | | 比亚迪 | Sale of Goods | 销售锂盐 | 667.98 | 25,000 | No | | 成都融捷锂业 | Purchase of Raw Materials | 采购锂盐 | 3,218.71 | 5,000 | No | - The company renewed the 'Entrusted Operation Management Agreement' with Chengdu Rongjie Lithium, continuing to manage its lithium salt product business and collecting an annual custody fee of CNY 1.2 million[94] Significant Contracts and Their Performance During the reporting period, the company provided significant guarantees for its controlled subsidiaries, with guarantee limits of CNY 300 million each for Dongguan Derui and Changhe Huali, and a total outstanding guarantee balance of CNY 117 million at period-end; the company also used idle self-owned funds for entrusted wealth management, with an outstanding balance of CNY 1.095 billion at period-end, primarily in bank and brokerage wealth management products Guarantees for Subsidiaries (Unit: CNY 10,000) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | 30,000 | | Total Actual Guarantee Amount for Subsidiaries in Reporting Period | 6,773 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 11,731 | Entrusted Wealth Management (Unit: CNY 10,000) | Specific Type | Amount of Entrusted Wealth Management Occurred | Outstanding Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | | 银行理财产品 | 38,230 | 33,185 | 0 | | 券商理财产品 | 99,918 | 76,362 | 0 | | Total | 138,148 | 109,547 | 0 | Explanation of Other Significant Matters The company completed its 2023 equity distribution in June 2024, with a cash dividend of CNY 3 per 10 shares; the highly anticipated 2.5 million tons/year lithium ore beneficiation project faces uncertainty as site selection requires re-evaluation, though progress continues; additionally, subsidiary Rongda Lithium paid the second installment of mining rights transfer fees as per agreement and distributed CNY 1.32 billion in dividends to the parent company - The 2.5 million tons/year lithium ore beneficiation project faces uncertainty as site selection requires re-evaluation and remains undetermined as of the end of the reporting period[104] - Subsidiary Rongda Lithium paid the second installment of mining rights transfer fees to the Sichuan Provincial Department of Natural Resources during the reporting period, with cumulative payments reaching CNY 267 million[105] - During the reporting period, wholly-owned subsidiary Rongda Lithium distributed cash dividends of CNY 1.32 billion to the company[105] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital remained unchanged at 259,655,203 shares, with unrestricted shares accounting for 99.79% Share Structure | Share Type | Quantity (Shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 534,975 | 0.21% | | II. Unrestricted Shares | 259,120,228 | 99.79% | | III. Total Shares | 259,655,203 | 100.00% | Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 60,282 common shareholders; controlling shareholder Rongjie Investment Holding Group Co., Ltd. held 23.82% of shares; among the top ten shareholders, several funds under SDIC UBS collectively held a significant proportion, forming a concerted party Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shareholding Quantity | | :--- | :--- | :--- | :--- | | 融捷投资控股集团有限公司 | Domestic Non-State-Owned Legal Person | 23.82% | 61,857,992 | | 国投瑞银新能源混合型证券投资基金 | Other | 1.38% | 3,590,538 | | 香港中央结算有限公司 | Overseas Legal Person | 1.16% | 3,011,624 | | 张长虹 | Domestic Natural Person | 1.07% | 2,775,117 | - Controlling shareholder Rongjie Investment Holding Group Co., Ltd. and shareholder Zhang Changhong are concerted parties; four funds under SDIC UBS are concerted parties[109] Preferred Shares Information Preferred Shares Information During the reporting period, the company had no preferred shares Bonds Information Bonds Information During the reporting period, the company had no bond-related information Financial Report Audit Report The company's 2024 semi-annual financial report is unaudited Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2024 Consolidated Balance Sheet As of June 30, 2024, the company's total assets were CNY 4.33 billion, total liabilities were CNY 949 million, and equity attributable to parent company owners was CNY 3.31 billion, with an asset-liability ratio of 21.92% Consolidated Balance Sheet Summary (June 30, 2024) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 4,327,279,151.68 | | Total Current Assets | 1,831,385,500.18 | | Total Non-Current Assets | 2,495,893,651.50 | | Total Liabilities | 948,740,305.08 | | Total Current Liabilities | 630,905,219.82 | | Total Non-Current Liabilities | 317,835,085.26 | | Total Owners' Equity | 3,378,538,846.60 | | Equity Attributable to Parent Company Owners | 3,308,565,132.03 | Consolidated Income Statement In the first half of 2024, the company achieved total operating revenue of CNY 251 million, total operating costs of CNY 199 million, total profit of CNY 170 million, and net profit of CNY 157 million, with net profit attributable to parent company shareholders at CNY 166 million Consolidated Income Statement Summary (2024 H1) | Item | Amount (CNY) | | :--- | :--- | | I. Total Operating Revenue | 250,639,711.34 | | II. Total Operating Costs | 199,461,176.50 | | Add: Investment Income | 112,340,883.30 | | Add: Fair Value Change Gains | 12,650,626.12 | | III. Operating Profit | 172,288,907.09 | | IV. Total Profit | 170,383,902.24 | | V. Net Profit | 156,955,247.04 | | Net Profit Attributable to Parent Company Shareholders | 165,968,597.06 | Consolidated Cash Flow Statement In the first half of 2024, net cash flow from operating activities was CNY 281 million, net cash flow from investing activities was -CNY 906 million, and net cash flow from financing activities was -CNY 93 million, resulting in a net decrease of CNY 719 million in cash and cash equivalents Consolidated Cash Flow Statement Summary (2024 H1) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 280,644,085.11 | | Net Cash Flow from Investing Activities | -906,487,549.11 | | Net Cash Flow from Financing Activities | -92,666,826.60 | | Net Increase in Cash and Cash Equivalents | -718,510,290.60 | Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including business combinations, financial instruments, revenue recognition, and long-term asset impairment; during the reporting period, due to the implementation of the SAP system, the company changed the valuation method for some inventories (to moving weighted average method) and product cost accounting method (to standard cost method) effective January 1, 2024, applying these changes prospectively, and also made accounting estimate changes to the depreciation periods of some fixed assets - Effective January 1, 2024, due to the implementation of the SAP system, the company changed the valuation method for some inventories from the weighted average method at month-end to the moving weighted average method, and the product cost accounting method from actual cost method to standard cost method; this accounting policy change is applied prospectively[204] - Effective May 1, 2024, the company changed the accounting estimate for the depreciation periods of some fixed assets to more fairly reflect asset conditions[205] Notes to Consolidated Financial Statement Items This section provides detailed notes for key items in the consolidated financial statements; among them, the top five accounts receivable balances collectively accounted for 85.18% of the total, with a 20.00% provision for doubtful accounts; inventories showed higher proportions of merchandise inventory and contract fulfillment costs; and long-term equity investments primarily consisted of investments in associate companies Chengdu Rongjie Lithium and Kangding Tianjie Building Materials - Accounts receivable balance at period-end was CNY 235 million, with a provision for doubtful accounts of CNY 48.51 million; the top five debtors accounted for 97.49% of total accounts receivable[211][212][217] - Inventories book value at period-end was CNY 91.85 million, including CNY 33.58 million in merchandise inventory and CNY 42.92 million in contract fulfillment costs; a total of CNY 11.22 million in inventory impairment provision was made[230][231] - Long-term equity investments book value at period-end was CNY 790 million, entirely comprising investments in associate companies, with the investment in Chengdu Rongjie Lithium having a book value of CNY 776 million[235]