赞宇科技(002637) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, defines key terms, and outlines the report's structure - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and bear corresponding legal responsibilities[2] - The company plans no cash dividends, bonus shares, or capital increase from provident funds for the first half of 2024[2] - The reporting period is defined as January 1, 2024, to June 30, 2024[5] Company Profile and Key Financial Indicators This section provides an overview of the company and presents its key financial performance metrics for the reporting period Company Profile Zanyu Technology Group Co., Ltd. (stock code: 002637) is a Shenzhen Stock Exchange-listed company primarily engaged in the R&D, production, and sales of chemical products Company Profile | Item | Content | | :--- | :--- | | Stock Abbreviation | Zanyu Technology | | Stock Code | 002637 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 赞宇科技集团股份有限公司 | | Company Full English Name | ZANYU TECHNOLOGY GROUP CO., LTD. | Key Accounting Data and Financial Indicators In the first half of 2024, the company's operating revenue decreased by 4.20% to 4.624 billion yuan, while net profit attributable to shareholders significantly increased by 105.81% to 91.4 million yuan Key Financial Indicators | Key Financial Indicators | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,623,831,960.61 | 4,826,372,098.42 | -4.20% | | Net Profit Attributable to Shareholders of Listed Company | 91,397,767.01 | 44,409,361.41 | 105.81% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 65,788,154.24 | 24,157,497.07 | 172.33% | | Net Cash Flow from Operating Activities | 78,684,955.17 | 142,520,627.40 | -44.79% | | Basic Earnings Per Share (RMB/share) | 0.21 | 0.10 | 110.00% | | Weighted Average Return on Net Assets | 2.50% | 1.21% | Increase 1.29 percentage points | | Total Assets (RMB) | 7,749,038,372.94 | 7,857,110,864.39 (End of Prior Year) | -1.38% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 3,616,100,447.79 | 3,699,558,456.91 (End of Prior Year) | -2.26% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled 25.61 million yuan, primarily from government subsidies and interest income from funds provided to non-financial enterprises Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -498,815.41 | - | | Government Subsidies Included in Current Period P&L | 18,728,044.88 | Primarily government subsidies received in the current period | | Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 298,253.24 | - | | Interest Income from Funds Provided to Non-financial Enterprises Included in Current Period P&L | 7,636,552.68 | Interest income from other receivables for fund lending | | Other Non-operating Income and Expenses | -158,732.35 | - | | Total | 25,609,612.77 | - | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, financial performance, and key business segments during the reporting period Principal Businesses Engaged in During the Reporting Period The company's core businesses are surfactants, oleochemicals, and personal care product OEM/ODM processing, which contributed over 98% of total revenue, with net profit significantly increasing despite a slight revenue decline - The company is a leading enterprise in China's surfactant and oleochemical industries, with its main products (AES, LAS, AOS) ranking first in domestic production and sales volume[16][18] - The company's annual production capacity exceeds 1.2 million tons for surfactants, 1 million tons for oleochemicals, and 1.1 million tons for personal care product OEM/ODM processing services[18] Business Segment Performance (2024H1) | Business Segment | 2024H1 Operating Revenue (RMB 100 million) | Year-on-Year Growth | 2024H1 Gross Margin | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Daily Chemical Business (Surfactants and Personal Care Products) | 19.13 | +26.23% | 4.85% | -1.51 percentage points | | Oleochemical Business | 26.25 | -13.69% | 7.85% | +1.60 percentage points | Analysis of Core Competencies The company's core competencies include strong R&D capabilities, a synergistic dual-business model, strategic production base layout, brand reputation, and robust supply chain and management systems - Technological Advantage: Transformed from a research institute, the company possesses national and provincial engineering technology research centers, leading the industry in scientific research innovation and industrialization capabilities[22] - Model Advantage: Synergistic development of dual core businesses in surfactants and oleochemicals, establishing an integrated industrial chain of 'surfactant raw material production + personal care product OEM/ODM services' to enhance customer stickiness and consolidate market share[23][24] - Geographical Advantage: Production bases are established across multiple locations in China and Jakarta, Indonesia, strategically located near markets or raw material sources to effectively control costs, with overseas bases offering significant advantages in palm oil procurement[25] Analysis of Principal Business The company's principal business revenue structure shifted, with daily chemical business revenue increasing by 26.23% and external sales growing by 10.02%, while financial expenses significantly decreased due to exchange gains Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,623,831,960.61 | 4,826,372,098.42 | -4.20% | Insignificant change | | Financial Expenses | 13,964,750.40 | 55,357,976.78 | -74.77% | Primarily due to increased exchange gains in the current period | | Net Cash Flow from Operating Activities | 78,684,955.17 | 142,520,627.40 | -44.79% | Primarily due to increased balances of accounts receivable from sales and prepayments for purchases | | Net Cash Flow from Investing Activities | -92,337,323.89 | -291,142,292.08 | 68.28% | Primarily due to ongoing projects being successively transferred to fixed assets, reducing cash paid for fixed asset acquisition | | Net Cash Flow from Financing Activities | -279,831,194.69 | 353,406,498.38 | -179.18% | Primarily due to repayment of bank loans in the current period | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Daily Chemical | 1,913,328,906.35 | 41.38% | 26.23% | | Oleochemical | 2,624,504,520.39 | 56.76% | -13.69% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Domestic Sales | 2,718,481,203.33 | 58.79% | -12.15% | | Export Sales | 1,905,350,757.28 | 41.21% | 10.02% | Analysis of Non-Principal Business Non-principal business activities had a minor impact on total profit during the reporting period, with investment income being negative due to losses from long-term equity investments Non-Principal Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | -6,436,456.67 | -5.89% | Primarily losses from long-term equity investments accounted for using the equity method | | Gains/Losses from Changes in Fair Value | -82,470.00 | -0.08% | Losses from fair value changes of futures | | Non-operating Income | 211,149.96 | 0.19% | Primarily gains from disposal of non-current assets and confiscated income in the current period | | Non-operating Expenses | 865,957.95 | 0.79% | Primarily losses from destruction and scrapping of non-current assets in the current period | Analysis of Assets and Liabilities As of the end of the reporting period, total assets decreased by 1.38% to 7.749 billion yuan, with significant changes in cash due to debt repayment and accounts receivable due to increased sales - Cash and cash equivalents balance at period-end was 413 million yuan, a 3.62 percentage point decrease from the beginning of the year, primarily due to repayment of bank loans, dividend distribution, and share repurchases[33] - Accounts receivable balance at period-end was 675 million yuan, a 3.60 percentage point increase from the beginning of the year, primarily due to increased trade receivables[33] - Changes in fixed assets and construction in progress were primarily due to the completion and transfer of construction in progress to fixed assets[33][34] Asset Rights Restricted at Period-End | Item | Carrying Amount (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 117,387,556.04 | Pledge | Letter of credit margin, bank acceptance bill margin, futures margin, and judicial freeze | | Fixed Assets | 251,234,794.36 | Mortgage | Mortgaged for bank loan guarantees | | Intangible Assets | 292,491,642.60 | Mortgage | Mortgaged for bank loan guarantees | | Investment Properties | 85,474,251.42 | Mortgage | Mortgaged for bank loan guarantees | | Total | 748,962,228.10 | - | - | Analysis of Investment Status The company's investment decreased significantly by 73.17% to 95.53 million yuan, with major non-equity projects nearing completion in the daily chemical sector, and derivative investments used for hedging commodity and exchange rate risks - Investment during the reporting period totaled 95.53 million yuan, a 73.17% decrease compared to 356.02 million yuan in the prior year[37] - Significant ongoing non-equity investment projects include personal care product projects in Meishan and Henan (98% complete), and daily chemical product projects in Cangzhou and Jiangsu[41][42] - The company engaged in derivative investments for hedging purposes, primarily commodity futures and foreign exchange derivatives, to mitigate price and exchange rate fluctuation risks, with actual hedging gains of 0.21 million yuan during the reporting period[44][45][47] Analysis of Major Holding and Participating Companies Among major subsidiaries, Dukuda (Indonesia) contributed the highest net profit of 68.79 million yuan, while Henan Zanyu incurred a loss of 22.97 million yuan Operating Performance of Major Subsidiaries (2024H1) | Company Name | Principal Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Jiaxing Zanyu | Daily Chemical | 454,470,908.89 | 17,142,044.97 | | Henan Zanyu | Daily Chemical | 318,277,570.84 | -22,965,195.15 | | Hangyou Technology | Oleochemical | 790,214,826.46 | 32,887,419.87 | | Hangzhou Zanyu | Oleochemical | 604,736,009.75 | 10,306,301.94 | | Dukuda (Indonesia) | Oleochemical | 1,762,764,908.62 | 68,794,572.57 | Risks Faced by the Company and Countermeasures The company faces risks from raw material price volatility, market competition, exchange rate fluctuations, and environmental regulations, which it addresses through pricing adjustments, hedging, industry consolidation, and enhanced safety and environmental management - Raw Material Price Volatility Risk: Prices of key raw materials like palm oil fluctuate, impacting costs; the company addresses this by adjusting pricing models and engaging in hedging activities[52][53] - Market Competition and Gross Margin Decline Risk: Intense industry competition is mitigated by promoting industry consolidation and increasing market concentration to reduce the impact of vicious competition[53] - Exchange Rate Fluctuation Loss Risk: Foreign currency procurement of bulk raw materials and export of certain products expose the company to exchange rate risks, which are mitigated through foreign exchange hedging and controlling the scale of interest-bearing liabilities[53] - Safety and Environmental Risk: Production processes involve safety and environmental concerns, with increasingly stringent policy requirements; the company prioritizes safety and environmental protection and fully implements its primary responsibilities[53] Corporate Governance This section details the company's corporate governance structure and the implementation of its employee incentive plans Implementation of Employee Incentive Plans The company is implementing its second phase employee stock ownership plan, covering 157 core employees holding 3.59% of total shares, with a 9.87 million yuan expense impacting net profit in H1 2024 - The company implemented its second phase employee stock ownership plan, involving 157 employees holding a total of 16,893,749 shares, representing 3.59% of the company's total share capital[56] - According to share-based payment accounting standards, the amortization expense for the employee stock ownership plan in the first half of 2024 was 9.87 million yuan, impacting net profit[57] Environmental and Social Responsibility This section outlines the company's commitment and actions regarding environmental protection and social welfare initiatives Significant Environmental Issues The company and its subsidiaries are designated key polluting units, investing 7.52 million yuan in environmental governance and paying 0.08 million yuan in environmental taxes, with no administrative penalties for environmental issues during the reporting period - The company and its subsidiaries are designated key polluting units by environmental protection authorities and have obtained necessary pollutant discharge permits[59] - All subsidiaries have constructed wastewater and exhaust gas treatment facilities, and have developed emergency response plans for environmental incidents and self-monitoring programs to ensure pollutant discharge meets standards[66][69][70][71] - During the reporting period, the company and its subsidiaries invested a total of 7.52 million yuan in environmental governance and protection, paid 0.08 million yuan in environmental taxes, and received no administrative penalties for environmental issues[70][73] Social Responsibility The company actively fulfills its social responsibilities by participating in charitable donations, supporting poverty alleviation, rural revitalization, and local river protection initiatives - The company actively participates in social welfare initiatives, supporting poverty alleviation, rural revitalization, and ecological environmental protection through donations and other means[73] Significant Matters This section covers significant events, including the fulfillment of commitments, major related-party transactions, and the status of major contracts and other important corporate actions Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, and related parties strictly adhered to long-term commitments regarding avoiding horizontal competition, regulating related-party transactions, and maintaining company independence - Commitments made by the company's actual controller Zhang Huiqi, Henan Zhengshang Enterprise Development Group Co., Ltd., and other related parties regarding avoiding horizontal competition, regulating related-party transactions, and maintaining company independence are long-term effective and were strictly adhered to during the reporting period[74][78] Major Related-Party Transactions The company had a significant non-operating related-party receivable from joint venture Xintiandamei, with a period-end balance of 376.09 million yuan, arising from historical operating transactions after Xintiandamei ceased to be consolidated Related-Party Receivables and Payables | Related Party | Related-Party Relationship | Reason for Formation | Beginning Balance (RMB 10,000) | Newly Added in Current Period (RMB 10,000) | Recovered in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xintiandamei | Joint Venture | Historical operating related-party receivable, subsequently reclassified as related party after loss of control | 36,850 | 809.47 | 50 | 37,609.47 | Major Contracts and Their Fulfillment As of the reporting period end, the company's total external guarantees amounted to 208 million yuan, and guarantees to subsidiaries totaled 1.832 billion yuan, with the combined total representing 56.41% of net assets, all within approved limits Total Company Guarantees | Type of Guarantee | Approved Guarantee Limit at Period-End (RMB 10,000) | Actual Guarantee Balance at Period-End (RMB 10,000) | | :--- | :--- | :--- | | External Guarantees | 35,000 | 20,800 | | Guarantees to Subsidiaries | 494,000 | 183,190.57 | | Total | 529,000 | 203,990.57 | - The total actual guarantee amount represents 56.41% of the company's net assets[101] Other Significant Matters The company is executing a share repurchase plan of 50 million to 100 million yuan for equity incentives or employee stock ownership, having repurchased 7.35 million shares (1.56% of total capital) for approximately 66 million yuan as of July 31, 2024 - The company is implementing a share repurchase plan, with a total repurchase amount planned to be no less than 50 million yuan and no more than 100 million yuan[104] - As of July 31, 2024, a total of 7,350,600 shares have been repurchased (representing 1.56% of total share capital), with a total payment of approximately 66.0 million yuan[104] Changes in Shares and Shareholder Information This section details changes in the company's share capital structure and provides an overview of its shareholder base Changes in Share Capital The company's total share capital remained at 470.401 million shares, but the structure changed due to the lifting of restrictions on 47.841 million non-publicly issued shares held by Henan Zhengshang Enterprise Development Group Co., Ltd. - During the reporting period, due to the expiration of the lock-up period for non-publicly issued shares, the company's restricted shares decreased by 48,073,989 shares, while unrestricted shares increased by 48,073,989 shares, with no change in total share capital[106] - The main reason for the share capital change was the listing and circulation of 47,841,000 non-publicly issued shares subscribed by Henan Zhengshang Enterprise Development Group Co., Ltd. on February 19, 2024[107] Number of Shareholders and Shareholding Information As of the reporting period end, the company had 14,853 common shareholders, with the top two shareholders, Henan Zhengshang and Hangzhou Yongyin, holding over 33% combined and having an associated relationship - The total number of common shareholders at the end of the reporting period was 14,853[112] Top Ten Common Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Henan Zhengshang Enterprise Development Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 18.60% | 87,497,800 | | Hangzhou Yongyin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 14.88% | 70,000,000 | | Fang Yinjun | Domestic Natural Person | 5.06% | 23,801,840 | | Zanyu Technology Group Co., Ltd. - Second Phase Employee Stock Ownership Plan | Other | 3.59% | 16,893,749 | - The largest shareholder, Henan Zhengshang Enterprise Development Group, and the second largest shareholder, Hangzhou Yongyin Investment Partnership (Limited Partnership), have an associated relationship[113] Preferred Shares Information This section confirms that the company has no preferred shares during the reporting period - The company had no preferred shares during the reporting period[119] Bonds Information This section confirms that the company has no bond-related information during the reporting period - The company had no bond-related information during the reporting period[120] Financial Report This section presents the company's unaudited financial statements, including the balance sheet, income statement, cash flow statement, and significant accounting policies Audit Report The company's 2024 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[121] Financial Statements The financial statements present the company's financial position, operating results, and cash flows as of June 30, 2024, showing total assets of 7.749 billion yuan and net profit of 91 million yuan - The consolidated balance sheet shows total assets of 7.749 billion yuan and total liabilities of 4.089 billion yuan at period-end, with a debt-to-asset ratio of 52.77%[123][124] - The consolidated income statement shows total operating revenue of 4.624 billion yuan, total profit of 109 million yuan, and net profit attributable to parent company shareholders of 91 million yuan during the reporting period[129][130] - The consolidated cash flow statement shows net cash flow from operating activities of 79 million yuan, net cash flow from investing activities of -92 million yuan, and net cash flow from financing activities of -280 million yuan[134][135] Significant Accounting Policies and Estimates The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with key policies covering revenue recognition, inventory valuation, financial instrument impairment, long-term equity investments, investment properties, and R&D expenditure capitalization - Revenue Recognition: Revenue is recognized when the customer obtains control of the related goods or services; domestic sales are recognized upon customer acceptance, while export sales are recognized upon customs declaration and bill of lading acquisition[206][207] - Impairment of Financial Instruments: Loss provisions are recognized for financial assets such as receivables based on expected credit losses; for receivables, the company applies a simplified approach, measuring expected credit losses over the entire lifetime[171] - Inventories: Issued inventories are valued using the weighted average method at month-end, and measured at the lower of cost and net realizable value at period-end[179] - Research and Development Expenditures: Research phase expenditures are expensed, while development phase expenditures are capitalized when conditions such as technical feasibility, intent and ability to complete, and potential for economic benefits are met[194][195]