奥特迅(002227) - 2024 Q2 - 季度财报(更正)

Important Notes, Table of Contents, and Definitions Important Notes The company's management guarantees the report's truthfulness and accuracy, noting that no profit distribution is planned for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[2] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[2] Definitions This section defines key terms, including company abbreviations, the reporting period, and core product terminology - The reporting period is defined as January 1, 2024, to June 30, 2024[5] - "Charging Stack" is a self-developed electric vehicle charging device that uses computer control for centralized management and dynamic power allocation of smart charging modules[5] Company Profile and Key Financial Indicators Company Profile This section provides basic corporate information, including stock code, listing exchange, and legal representative Company Information | Item | Information | | :--- | :--- | | Stock Ticker | ATC | | Stock Code | 002227 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Liao Xiaoxia | Key Accounting Data and Financial Indicators The company's H1 2024 revenue grew 19.11%, with net loss narrowing, while operating cash flow turned significantly negative Financial Performance Summary | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 170,517,323.10 | 143,153,846.42 | 19.11% | | Net Profit Attributable to Shareholders (Yuan) | -17,453,320.86 | -20,166,049.08 | 13.45% | | Net Cash Flow from Operating Activities (Yuan) | -30,677,518.62 | 19,293,684.27 | -259.00% | | Basic Earnings Per Share (Yuan/Share) | -0.0704 | -0.0814 | 13.51% | | Total Assets (Yuan) | 1,605,035,139.72 | 1,541,404,330.29 | 4.13% (vs. Year-End) | | Net Assets Attributable to Shareholders (Yuan) | 1,039,598,227.86 | 1,057,053,802.00 | -1.65% (vs. Year-End) | Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled RMB 3.96 million, primarily driven by government subsidies offset by asset disposal losses Breakdown of Non-recurring Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -911,751.63 | | Government Grants Recognized in Current P&L | 6,304,281.54 | | Other Non-operating Income and Expenses | 120,074.62 | | Less: Income Tax Effect | 1,297,423.86 | | Less: Effect on Minority Interests (After Tax) | 257,882.06 | | Total | 3,957,298.61 | Management Discussion and Analysis Principal Business, Industry Position, and Progress The company's core business covers industrial power, new energy (EV charging), and energy storage, with leading positions in each sector Industry Overview The company's three main sectors—industrial power, EV charging, and energy storage—all demonstrated positive growth trends during the period - As of June 2024, China's new energy vehicle (NEV) ownership reached 24.72 million, accounting for 7.18% of total vehicles; H1 new NEV registrations were 4.40 million, a 39.41% YoY increase[19] - Shenzhen's "Supercharging City" initiative, aiming for a world-class network by 2025, creates significant market potential for the company's "Matrix Flexible Charging Stack" products[19] - Driven by "dual carbon" goals, China's cumulative installed capacity of power storage projects is expected to exceed 100GW, with the "new energy + storage" market projected to reach the hundred-billion-yuan level by 2025[20][21] Company's Industry Position The company holds a leading position in its segments, being a top industrial power supplier and a pioneer in high-power EV charging technology - The company is a leader in the power automation supply sub-sector and currently the only supplier in China with nuclear-grade qualifications for high-frequency switching power supplies[22][23] - The company is the largest public charging operator in Shenzhen and the only supplier nationwide with mature operational experience in megawatt-level charging stacks, ranking among the top in high-power/supercharging (600kW) network scale[25] - Subsidiary Xi'an ATC has supplied over 20,000 sets of converter valve power supplies for major national VSC-HVDC projects (e.g., Yu-E, Zhangbei, Rudong Offshore Wind Power)[29] Major Business Progress The industrial power segment launched new products, the new energy segment expanded overseas, and the energy storage business continued its development - The new "DC Guardian Power System for Electric Power" product, launched in 2023, has fully entered the market, with its key technology identified as internationally leading[33] - After obtaining TUV Rheinland CE and US UL certifications, the company's megawatt-level flexible charging stack products have expanded their overseas sales network to countries including Finland, Norway, Iceland, Switzerland, Germany, and the United States[35] Core Competitiveness Analysis The company's core competitiveness stems from innovation, standard-setting leadership, superior product technology, and a strong brand presence - Adhering to the philosophy of "possessing independent intellectual property rights and creating industry-disrupting products," the company has developed multiple products that fill domestic technology gaps[40] - As of June 2024, the company holds 158 authorized patents, 149 software copyrights, and has led the drafting of 34 and participated in 43 IEC international, national, industry, local, and group standards[42] - The patented "Matrix Flexible Charging Stack" (ATC Stack) enables dynamic power allocation, achieving a maximum output of 600kW per port with high technological maturity[44] Main Business Analysis Revenue growth of 19.11% was driven by the industrial segment, while the new energy charging business remained unprofitable Key Financial Metrics Analysis | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 170,517,323.10 | 143,153,846.42 | 19.11% | - | | Operating Costs | 132,187,605.44 | 109,522,443.74 | 20.69% | - | | Income Tax Expense | 1,231,336.35 | -173,483.33 | 809.77% | Mainly due to changes in deferred tax expenses | | Net Cash Flow from Operating Activities | -30,677,518.62 | 19,293,684.27 | -259.00% | Mainly due to the release of frozen funds in the prior period | | Credit Impairment Loss | -1,808,022.98 | -716,433.54 | -152.36% | Mainly due to increased bad debt provisions for accounts receivable | Revenue Breakdown by Product | Product Segment | Operating Revenue (Yuan) | % of Total Revenue | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | DC and AC Integrated UPS for Power Utilities | 103,233,307.49 | 60.54% | 30.98% | 28.42% | | New Energy EV Charging | 54,686,234.80 | 32.07% | -7.19% | 16.83% | | Energy Storage and Others | 92,176.99 | 0.05% | 8.11% | -88.00% | Analysis of Assets and Liabilities Total assets grew to RMB 1.61 billion, primarily due to increases in inventory and fixed assets, while other payables rose significantly Asset and Liability Structure | Item | Period-End Amount (Yuan) | % of Total Assets | Year-End Amount (Yuan) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 98,607,348.72 | 6.14% | 147,329,139.09 | 9.56% | -3.42% | | Inventories | 213,202,379.26 | 13.28% | 190,227,957.84 | 12.34% | 0.94% | | Fixed Assets | 373,591,958.51 | 23.28% | 335,927,262.40 | 21.79% | 1.49% | | Construction in Progress | 387,502,117.54 | 24.14% | 348,498,678.56 | 22.61% | 1.53% | | Other Payables | 92,303,498.01 | 5.75% | 23,748,741.34 | 1.54% | 4.21% | Investment Analysis Investment activities centered on the 'ATC Industrial Park' and an EV charging station demonstration project, with significant progress in both Major Investment Projects | Project Name | Investment Method | Investment in Current Period (Yuan) | Cumulative Investment to Date (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | ATC Industrial Park | Self-construction | 76,281,137.81 | 471,051,151.09 | 95.99% | Use of Raised Funds | Committed Project | Total Committed Investment (RMB 10k) | Cumulative Investment to Date (RMB 10k) | Investment Progress | | :--- | :--- | :--- | :--- | | EV Intensive Flexible Public Charging Station Construction Project | 24,683.95 | 16,906.38 | 68.49% | | Supplementary Working Capital | 10,578 | 10,591.06 | 100.12% | Analysis of Major Subsidiaries and Investees The core new energy subsidiary posted significant losses despite revenue generation, negatively impacting the company's overall performance Performance of Key Subsidiaries | Company Name | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Xi'an ATC Power Electronics Technology Co., Ltd. | R&D, Production | 1,428,485.75 | -3,992,364.09 | | Shenzhen Qianhai ATC New Energy Service Co., Ltd. | Energy Technology Development, Investment, Management | 52,214,259.75 | -17,178,230.12 | | Shenzhen Pengdian Yuenneng Energy Technology Co., Ltd. | Technology Development, Promotion | 17,513,678.26 | -2,363,093.88 | Risks and Countermeasures The company faces risks related to policy, technology, market competition, and management, with corresponding countermeasures in place - The company faces four main risks: policy risk, technological innovation risk, market competition risk, and operational management risk[70][71][72][74] Corporate Governance The company held its annual general meeting and made a board change, with no profit distribution or equity incentive plans for the period - The company held its 2023 Annual General Meeting on May 9, 2024[76] - The company plans no semi-annual cash dividend, bonus shares, or conversion of capital reserves into share capital[77] Environmental and Social Responsibility The company, not classified as a major polluter, fulfills its social responsibilities toward stakeholders, employees, and the community - The company and its subsidiaries are not designated as key polluting units and had no environmental pollution incidents or related penalties during the period[78] - The company protects shareholder rights through enhanced information disclosure and investor interaction, responding to 19 investor questions with a 100% response rate in H1[79] Significant Events Litigation The company is involved in a major construction contract lawsuit with a total disputed amount of approximately RMB 382 million, awaiting a verdict Major Litigation | Counterparty | Amount in Dispute (RMB 10k) | Litigation Status | | :--- | :--- | :--- | | Company vs. China Huaxi Enterprise Co., Ltd. | 38,180 | First-instance hearing concluded, awaiting judgment | Material Related-Party Transactions Routine related-party transactions totaled RMB 5.41 million, remaining within the approved annual limit Summary of Related-Party Transactions | Related Party | Transaction Type | Transaction Amount (RMB 10k) | Approved Limit (RMB 10k) | | :--- | :--- | :--- | :--- | | Shenzhen Aodian High Voltage Electric Co., Ltd. | Purchase of goods | 419 | 3,000 | | Shenzhen Aohuayuan Electric Power Engineering Design Consulting Co., Ltd. | Receipt of services | 81.28 | 500 | | Shenzhen Aodian High Voltage Electric Co., Ltd. | Lease of office space | 36.48 | 100 | | Shenzhen Aohuayuan Electric Power Engineering Design Consulting Co., Ltd. | Lease of office space | 3.81 | 25 | | Total | -- | 540.57 | 3,625 | Material Contracts and Their Performance The company holds significant leasing contracts and has provided guarantees to its subsidiaries with an outstanding balance of RMB 51 million - As a lessor, the company's annual rental income from the ATC Power Building is RMB 18,634,770.13[98] Guarantee Status | Guarantee Information | Amount (RMB 10k) | | :--- | :--- | | Approved guarantee limit for subsidiaries at period-end | 17,000 | | Actual outstanding guarantee balance for subsidiaries at period-end | 5,100 | | Ratio of total actual guarantees to company's net assets | 4.91% | Share Capital Changes and Shareholder Information Share Capital Changes Total share capital remained unchanged, with a minor structural shift due to the release of some executive lock-up shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start | Shares Released from Restriction | Restricted Shares at Period End | | :--- | :--- | :--- | :--- | | Li Zhigang | 83,812 | 20,625 | 63,187 | | Yuan Gang | 20,000 | 20,000 | 0 | | Total | 208,062 | 40,625 | 167,437 | Shareholder Information The company had 30,403 shareholders, with the controlling shareholder holding a 51.25% stake under the actual control of Ms. Liao Xiaoxia Top Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Ou Hua Industrial Co., Ltd. | Foreign Legal Entity | 51.25% | 127,003,614 | | Li Pan | Domestic Individual | 1.30% | 3,209,200 | | Shenzhen Ouli Electronics Co., Ltd. | Domestic Non-State-Owned Legal Entity | 0.93% | 2,313,370 | | Liao Xiaoxia | Foreign Individual | 0.92% | 2,269,289 | - The controlling shareholder, Ou Hua Industrial Co., Ltd., is 100% owned by Ms. Liao Xiaoxia; shareholders of other top 10 entities (Ningtai Technology, Ouli Electronics, Dafang Zhengxiang) are relatives of Ms. Liao Xiaoxia[107][109] Preferred Shares Information The company had no preferred shares during the reporting period Bond Information The company had no bonds during the reporting period Financial Report Audit Report The company's 2024 semi-annual financial report has not been audited - The semi-annual financial report is unaudited[116] Financial Statements This section includes the consolidated and parent company financial statements for the period ending June 30, 2024 Company Profile and Basis of Preparation for Financial Statements The company's financial statements are prepared on a going concern basis, reflecting its business in power equipment and new energy solutions - The company's ultimate actual controller is Ms. Liao Xiaoxia[150] - The financial statements are prepared on a going concern basis, with no material uncertainties identified that would cast significant doubt on this ability[155] Significant Accounting Policies and Estimates This section outlines key accounting policies, including revenue recognition, expected credit loss models, and R&D expenditure capitalization - The company uses an expected credit loss (ECL) model to provide for impairment of financial assets such as notes and accounts receivable[191] - Revenue recognition principle: Revenue for products requiring installation and commissioning is recognized upon customer acceptance; for other products, it is recognized upon customer sign-off[246] - R&D expenditures in the development phase are capitalized when five conditions are met, including technical feasibility, intent to complete, ability to use or sell, and probability of generating economic benefits[236]