泰尔股份(002347) - 2024 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section covers the report's foundational elements, including key disclaimers, the full table of contents, and essential definitions Important Notice The board, supervisory board, and senior management ensure report accuracy, with the company planning no cash dividends or bonus share distributions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report[2] - The company's head, chief accountant, and head of the accounting department declare the financial report is true, accurate, and complete[2] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[2] Table of Contents This section outlines the report's structure, covering key areas from company profile to financial statements List of Reference Documents Reference documents, including financial statements and original disclosures, are available at the company's board office - Reference documents include signed and sealed financial statements, original publicly disclosed documents, and the original report text signed by the legal representative[4] - Reference documents are available at the company's board of directors' office[4] Definitions Key terms are defined, the reporting period is specified as H1 2024, and company abbreviations are listed - The reporting period is defined as January 1, 2024, to June 30, 2024[5] - Abbreviations for the company and its main subsidiaries, such as Taier Co., Ltd., Shentai Intelligent, and Zhongmai Technology, are listed[5] Part II Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance metrics for the reporting period 1. Company Profile Taier Heavy Industry Co., Ltd. (002347) is listed on the Shenzhen Stock Exchange, with Tai Zipeng as legal representative - Company stock abbreviation: Taier Co., Ltd., stock code: 002347[6] - The company is listed on the Shenzhen Stock Exchange[6] - The company's legal representative is Tai Zipeng[6] 2. Contact Person and Information Board Secretary Yang Xiaoming and Securities Affairs Representative Huang Gang are located at 669 Chaoshan Road, Ma'anshan - Board Secretary: Yang Xiaoming, Securities Affairs Representative: Huang Gang[7] - Contact address: 669 Chaoshan Road, Ma'anshan Economic and Technological Development Zone[7] 3. Other Information No changes occurred in company contact details, information disclosure, or other relevant data during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[8] - Information disclosure and availability locations remained unchanged during the reporting period[9] 4. Key Accounting Data and Financial Indicators Operating revenue decreased by 11.66%, with net profit attributable to shareholders falling 345.36% to a 9.9155 million yuan loss Key Accounting Data and Financial Indicators (Current Period vs Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 482,460,551.48 | 546,127,301.71 | -11.66% | | Net Profit Attributable to Shareholders of the Listed Company | -9,915,540.69 | 4,041,184.91 | -345.36% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -26,899,763.09 | -10,159,399.52 | -164.78% | | Net Cash Flow from Operating Activities | -31,914,029.60 | -45,464,035.28 | 29.80% | | Basic Earnings Per Share (yuan/share) | -0.0196 | 0.0080 | -345.00% | | Diluted Earnings Per Share (yuan/share) | -0.0196 | 0.0080 | -345.00% | | Weighted Average Return on Net Assets | -0.83% | 0.33% | -1.16% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End vs Prior Year-End Change (%) | | Total Assets | 2,431,394,450.12 | 2,478,061,900.04 | -1.88% | | Net Assets Attributable to Shareholders of the Listed Company | 1,183,323,746.14 | 1,192,350,249.25 | -0.76% | 5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards No differences in net profit or net assets exist between domestic and overseas accounting standards during the reporting period - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[12] 6. Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses were 16.9842 million yuan, mainly from government subsidies and non-operating income Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 44,887.82 | | Government Subsidies Included in Current Profit and Loss | 13,991,806.49 | | Other Non-Operating Income and Expenses Apart from the Above Items | 4,954,002.88 | | Less: Income Tax Impact | 626,492.57 | | Minority Interest Impact (After Tax) | 1,379,982.22 | | Total | 16,984,222.40 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[13] Part III Management Discussion and Analysis This section analyzes the company's main operations, core competencies, financial performance, and risk factors 1. Main Businesses During the Reporting Period The company provides high-end equipment R&D, production, sales, and intelligent O&M services, primarily through direct sales and long-term steel industry partnerships - The company's main business involves the R&D, production, sales, and intelligent operation and maintenance services of high-end equipment[15] - Key products include universal shafts, couplings, packaging robots, laser remanufacturing services, and battery recycling and dismantling[16][17][18][21] - The company adopts a production model primarily based on self-production with supplementary outsourcing, a direct sales model, and establishes long-term cooperative relationships with key customers[22][23] 2. Analysis of Core Competencies Core competencies include strong R&D, efficient production, strategic marketing, and an experienced talent pool, supported by national honors and patents - The company holds national-level enterprise technology centers, postdoctoral workstations, and other honors, with a cumulative total of 477 authorized patents, including 90 invention patents[25] - The company possesses complete process flows, mature product technology management capabilities, and refined on-site management, particularly competitive in ultra-heavy-duty couplings[26] - The company has established long-term strategic partnerships with large steel enterprises such as Baowu Group and Shougang Group, and is actively transforming into a solution provider[27] - The company has an experienced team, encouraging technological innovation through performance evaluations and significant rewards[29] 3. Analysis of Main Business Operating revenue decreased by 11.66% due to declines in core equipment, remanufacturing, and new energy, while general contracting services grew by 31.30%, leading to a net profit decline Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 482,460,551.48 | 546,127,301.71 | -11.66% | | | Operating Cost | 380,363,261.17 | 431,462,109.70 | -11.84% | | | Selling Expenses | 29,131,399.72 | 33,377,905.28 | -12.72% | | | Administrative Expenses | 54,106,579.65 | 41,145,774.21 | 31.50% | New business expansion, increased personnel; increased asset depreciation | | Financial Expenses | 409,042.54 | -449,594.18 | 190.98% | Decrease in foreign exchange gain | | R&D Investment | 26,635,209.88 | 29,188,067.31 | -8.75% | | | Net Cash Flow from Operating Activities | -31,914,029.60 | -45,464,035.28 | 29.80% | | | Net Cash Flow from Investing Activities | -10,576,216.15 | -31,846,767.05 | 66.79% | Decrease in cash paid for fixed asset acquisition | | Net Cash Flow from Financing Activities | 1,522,240.39 | 5,654,003.80 | -73.08% | Decrease in cash received related to financing activities | | Net Increase in Cash and Cash Equivalents | -40,616,406.98 | -70,851,116.33 | 42.67% | Decrease in cash paid for fixed asset acquisition | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Amount (yuan) | % of Operating Revenue | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | Core Spare Parts | 179,794,506.07 | 37.26% | 202,498,192.40 | 37.08% | -11.21% | | | Core Equipment | 73,415,095.73 | 15.22% | 116,675,020.51 | 21.36% | -37.08% | | | Remanufacturing Business | 67,006,906.42 | 13.89% | 84,324,836.13 | 15.44% | -20.54% | | | General Contracting Services | 104,783,199.24 | 21.72% | 79,803,968.41 | 14.61% | 31.30% | | | New Energy Business | 19,627,989.44 | 4.07% | 23,236,497.91 | 4.25% | -15.53% | | By Region | Domestic Market | 458,528,260.64 | 95.04% | 514,679,828.03 | 94.24% | -10.91% | | | International Market | 23,932,290.84 | 4.96% | 31,447,473.68 | 5.76% | -23.90% | 4. Analysis of Non-Core Businesses Non-core businesses significantly impacted total profit, with government subsidies and non-operating income contributing positively, while asset and credit impairment losses exceeded 10 million yuan Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | % of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 1,027,703.83 | -78.98% | Yes | | Asset Impairment | -2,127,543.72 | 163.49% | Yes | | Non-Operating Income | 5,633,394.73 | -432.90% | No | | Non-Operating Expenses | 679,391.85 | -52.21% | No | | Other Income | 13,991,806.49 | -1,075.22% | Yes | | Credit Impairment Losses | -8,420,449.07 | 647.08% | Yes | - Non-operating income primarily resulted from the transfer of advance receipts from customer cancellations, which is not sustainable[34] - Credit impairment losses primarily consisted of 6.7786 million yuan in bad debt losses from accounts receivable and 1.6418 million yuan in bad debt losses from other receivables[34] 5. Analysis of Assets and Liabilities Total assets slightly decreased by 1.88%, with inventory share increasing, borrowings decreasing, and lease liabilities rising, alongside restricted assets from pledges Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | % of Total Assets | Prior Year-End Amount (yuan) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 341,390,965.95 | 14.04% | 375,152,711.01 | 15.14% | -1.10% | | Accounts Receivable | 667,182,107.76 | 27.44% | 695,194,748.40 | 28.05% | -0.61% | | Inventories | 487,543,149.58 | 20.05% | 437,954,535.31 | 17.67% | 2.38% | | Short-term Borrowings | 54,800,000.00 | 2.25% | 66,290,406.33 | 2.68% | -0.43% | | Long-term Borrowings | 2,579,643.80 | 0.11% | 5,469,018.71 | 0.22% | -0.11% | | Lease Liabilities | 20,401,068.03 | 0.84% | 18,106,215.81 | 0.73% | 0.11% | - Total restricted assets at period-end amounted to 183 million yuan, primarily due to the pledging of monetary funds and notes receivable for bills, letters of credit, and guarantee deposits[37] 6. Analysis of Investment Status Total investment increased by 500% to 60 million yuan, mainly for new subsidiaries and capital increases, with 227 million yuan of raised funds utilized Investment Amount for the Reporting Period | Indicator | Investment Amount for the Reporting Period (yuan) | Investment Amount for the Prior Year (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 60,000,000.00 | 10,000,000.00 | 500.00% | - Established wholly-owned subsidiary Taicui (Shandong) Metallurgical Technology Co., Ltd. with an investment of 5 million yuan[39] - Increased capital in wholly-owned subsidiary Taier Smart (Shanghai) Laser Technology Co., Ltd. by 55 million yuan, with an investment loss of 13.8979 million yuan for the current period[39] - Raised funds totaling 227 million yuan have been cumulatively used, with the "Intelligent Operation and Maintenance General Contracting Service Platform Construction Project" terminated and remaining funds permanently transferred to working capital[41][42][43] 7. Significant Asset and Equity Sales No significant asset or equity sales occurred during the reporting period - The company did not sell significant assets during the reporting period[43] - The company did not sell significant equity during the reporting period[43] 8. Analysis of Major Holding and Participating Companies Several major subsidiaries saw significant net profit growth due to improved margins or lower expenses, while others experienced declines from new business expansion and increased R&D Financial Performance of Major Holding and Participating Companies | Company Name | Company Type | Net Profit (yuan) | Year-on-Year Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Anhui Shentai Intelligent Equipment Co., Ltd. | Subsidiary | 7,250,039.14 | 88.06% increase | Gross profit margin increase | | Shanghai Taicui Industry and Trade Co., Ltd. | Subsidiary | 4,693,746.43 | 61.22% decrease | Increased operating expenses | | Shenzhen Zhongmai Technology Co., Ltd. | Subsidiary | 2,785,907.98 | 9.52 times increase | Decreased period expense ratio | | Taier (Qiqihar) Technology Co., Ltd. | Subsidiary | -2,248,206.51 | 12.95 times decrease | Gross profit margin decrease | | Taier Smart (Shanghai) Laser Technology Co., Ltd. | Subsidiary | -13,897,862.22 | 8.05 times decrease | Increased R&D investment and operating expenses | | Taizhi Weixin (Shanghai) Digital Technology Co., Ltd. | Subsidiary | -4,207,057.08 | 8.65 times decrease | Increased R&D investment and operating expenses | | Shanghai Xitai Industry and Trade Co., Ltd. | Subsidiary | 5,703,479.01 | 3.55 times increase | Decreased period expense ratio | | Taier (Anhui) Industrial Technology Service Co., Ltd. | Subsidiary | 3,288,751.96 | 56.58% decrease | Gross profit margin decrease | | Taier (Anhui) Robot Co., Ltd. | Subsidiary | -505,914.03 | 37.70% increase | Revenue generated from new business orders | 9. Information on Structured Entities Controlled by the Company No structured entities were controlled by the company during the reporting period - The company did not control any structured entities during the reporting period[47] 10. Risks Faced by the Company and Countermeasures The company addresses risks from steel industry cycles, raw material price volatility, and accounts receivable bad debts through R&D, market expansion, and risk management - Facing cyclical fluctuations in the steel industry, countermeasures include strengthening new product R&D, expanding overseas markets, and cost reduction and efficiency improvement[47] - Facing raw material price volatility, countermeasures include establishing strategic cooperation with key suppliers, strengthening supplier management, and managing consignment purchases[47] - Facing accounts receivable bad debt risk, countermeasures include integrating accounts receivable management into the CRM system, monthly analysis and supervision, and strengthening risk control[47] 11. Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed its "Dual Improvement in Quality and Returns" action plan announcement - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[47] Part IV Corporate Governance This section details the company's governance structure, shareholder meetings, and changes in key personnel 1. Information on Annual General Meetings and Extraordinary General Meetings Held During the Reporting Period The company held three shareholder meetings, including two extraordinary and one annual, with investor participation around 31%, and all resolutions were disclosed Shareholder Meetings During the Reporting Period | Meeting Session | Meeting Type | Investor Participation Rate (%) | Date Held | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | | 2024 First Extraordinary General Meeting | Extraordinary General Meeting | 31.29% | January 17, 2024 | January 18, 2024 | | 2023 Annual General Meeting | Annual General Meeting | 31.34% | May 17, 2024 | May 18, 2024 | | 2024 Second Extraordinary General Meeting | Extraordinary General Meeting | 31.06% | June 19, 2024 | June 20, 2024 | 2. Changes in Directors, Supervisors, and Senior Management Board Secretary and Deputy General Manager Dong Wenkui resigned on May 23, 2024, for personal reasons - Board Secretary and Deputy General Manager Dong Wenkui resigned on May 23, 2024, due to personal reasons[49] 3. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[48] 4. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[48] Part V Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and its various social responsibility initiatives 1. Significant Environmental Issues The company and its subsidiaries are not key pollutant-discharging entities, received no environmental penalties, and fully complied with environmental regulations - The company and its subsidiaries are not classified as key pollutant-discharging entities by environmental protection authorities[50] - No administrative penalties were received for environmental issues during the reporting period[50] - The company strictly complied with environmental laws and regulations, with no environmental violations[50] 2. Social Responsibility The company actively fulfills social responsibilities by protecting investor, employee, and customer rights, promoting green development, and making charitable donations - The company ensures investor rights through strict information disclosure and diverse communication channels, guaranteeing shareholders' right to know, participate, and vote on significant matters[51] - The company complies with labor laws, values employee training and corporate culture development, and protects employees' legitimate rights and interests[51] - The company adheres to principles of integrity and mutual benefit, strengthens internal control mechanisms, and protects the legitimate rights and interests of suppliers and customers[51] - The company practices a green, energy-saving, low-carbon, and high-efficiency development strategy, increasing R&D investment to enhance environmental technological innovation capabilities[51] - During the reporting period, the company donated 500,000 yuan to Ma'anshan Charity Federation and 110,000 yuan to Shanghai Lianquan Public Welfare Foundation[51] Part VI Significant Matters This section details various significant events and issues impacting the company, including commitments, related party transactions, and litigation 1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No commitments by the controlling shareholder, shareholders, or related parties were overdue or unfulfilled during the reporting period - The company had no overdue or unfulfilled commitments by relevant parties during the reporting period[52] 2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company No non-operating funds were occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[52] 3. Irregular External Guarantees No irregular external guarantees were made by the company during the reporting period - The company had no irregular external guarantees during the reporting period[52] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[52] 5. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Period No explanations from the board or supervisory board regarding a "non-standard audit report" were issued during the reporting period - The company had no explanations from the board of directors or supervisory board regarding the accounting firm's "non-standard audit report" for the current period[52] 6. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year No explanations from the board regarding the previous year's "non-standard audit report" were issued during the reporting period - The company had no explanations from the board of directors regarding the "non-standard audit report" for the previous year[52] 7. Bankruptcy and Reorganization Matters No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[52] 8. Litigation Matters The company is involved in multiple significant lawsuits and arbitration matters, including asset purchase and profit compensation disputes, with some cases settled or ongoing - The company, as plaintiff, filed lawsuits against Cao Linbin, Pan Zhe, Yang Wenlong, and Li Junyi regarding asset purchases and profit compensation, involving an amount of 69.442 million yuan, with some payments already executed or continuously under enforcement[52] - The company, as plaintiff, filed a lawsuit for the second performance compensation payment from Zhongmai, involving an amount of 45.6941 million yuan, with the defendant ordered to pay profit compensation and overdue interest, and payments continuously under enforcement[52][53] - The company is also involved in multiple sales contract disputes, with some cases settled through mediation (e.g., Qinghai Xigang New Material Co., Ltd.) or currently under trial (e.g., Xiangshui Juhe Metal Products Co., Ltd., Jiangsu Delong Nickel Industry Co., Ltd.)[54][55] 9. Penalties and Rectification No penalties or rectification situations occurred during the reporting period - The company had no penalties or rectification situations during the reporting period[55] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller No integrity issues were reported for the company, its controlling shareholder, or actual controller during the reporting period - The company had no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[55] 11. Significant Related Party Transactions No significant related party transactions, including those for daily operations, asset/equity deals, or joint investments, occurred during the reporting period - The company had no related party transactions related to daily operations during the reporting period[55] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[55] - The company had no related party creditor-debtor relationships during the reporting period[55] 12. Significant Contracts and Their Performance No significant contracts, including trusteeship or guarantees, were reported, but leasing matters are detailed in financial report notes - The company had no trusteeship, contracting, significant guarantees, entrusted wealth management, or other significant contracts during the reporting period[56][57] - The company has leasing matters, with relevant information detailed in Financial Report VII, Notes to Consolidated Financial Statement Items, Note 82 on Leases[57] 13. Explanation of Other Significant Matters No other significant matters requiring explanation occurred during the reporting period - The company had no other significant matters requiring explanation during the reporting period[57] 14. Significant Matters of Company Subsidiaries No significant matters concerning company subsidiaries occurred during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[57] Part VII Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, and shareholder structure 1. Share Changes Total share capital remained unchanged at 504,702,276 shares, with restricted shares at 2.24% and unrestricted shares at 97.76% Share Changes | Item | Number Before Change (shares) | Percentage (%) | Increase/Decrease in Current Change (＋, －) | Number After Change (shares) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,319,375 | 2.24% | 0 | 11,319,375 | 2.24% | | II. Unrestricted Shares | 493,382,901 | 97.76% | 0 | 493,382,901 | 97.76% | | III. Total Shares | 504,702,276 | 100.00% | 0 | 504,702,276 | 100.00% | - The company's total share capital remained unchanged during the reporting period[58] 2. Issuance and Listing of Securities No issuance or listing of securities occurred during the reporting period - The company had no issuance and listing of securities during the reporting period[59] 3. Number of Shareholders and Shareholding Status The company had 45,496 common shareholders, with Tai Zhengbiao as the largest at 27.81%, and stable top ten shareholdings with no pledges - At the end of the reporting period, the total number of common shareholders was 45,496[59] Top Ten Common Shareholders' Shareholding Status at Period-End | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Common Shares Held at Period-End (shares) | Number of Restricted Common Shares Held (shares) | Number of Unrestricted Common Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Tai Zhengbiao | Domestic Natural Person | 27.81% | 140,368,202 | 0 | 140,368,202 | | Huang Chunyan | Domestic Natural Person | 3.38% | 17,075,200 | 0 | 17,075,200 | | Tai Zipeng | Domestic Natural Person | 2.90% | 14,633,500 | 10,975,125 | 3,658,375 | - Tai Zhengbiao is Tai Zipeng's father, Huang Chunyan is Tai Zipeng's mother, and Anhui Taier Holding Group Co., Ltd. is an enterprise actually controlled by Tai Zhengbiao[59][60] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[61] 5. Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[61] - The company's actual controller remained unchanged during the reporting period[61] Part VIII Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[62] Part IX Bonds The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[63] Part X Financial Report This section presents the company's comprehensive financial statements and related notes for the reporting period 1. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[64] 2. Financial Statements This section presents the company's consolidated and parent company financial statements for H1 2024, showing decreased revenue, a net loss, and reduced assets Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,815,311,374.02 | 1,845,717,531.14 | | Total Non-Current Assets | 616,083,076.10 | 632,344,368.90 | | Total Assets | 2,431,394,450.12 | 2,478,061,900.04 | | Total Current Liabilities | 1,169,660,316.47 | 1,213,217,598.18 | | Total Non-Current Liabilities | 46,208,456.78 | 43,862,931.36 | | Total Liabilities | 1,215,868,773.25 | 1,257,080,529.54 | | Total Equity Attributable to Owners of the Parent Company | 1,183,323,746.14 | 1,192,350,249.25 | | Minority Interests | 32,201,930.73 | 28,631,121.25 | | Total Equity | 1,215,525,676.87 | 1,220,981,370.50 | | Total Liabilities and Equity | 2,431,394,450.12 | 2,478,061,900.04 | Consolidated Income Statement (Current Period) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 482,460,551.48 | 546,127,301.71 | | Total Operating Costs | 493,232,260.82 | 539,525,753.14 | | Operating Profit | -6,255,303.99 | 10,783,084.87 | | Total Profit | -1,301,301.11 | 10,112,753.66 | | Net Profit | -6,338,101.49 | 5,350,996.69 | | Net Profit Attributable to Owners of the Parent Company | -9,915,540.69 | 4,041,184.91 | | Basic Earnings Per Share | -0.0196 | 0.0080 | Consolidated Cash Flow Statement (Current Period) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -31,914,029.60 | -45,464,035.28 | | Net Cash Flow from Investing Activities | -10,576,216.15 | -31,846,767.05 | | Net Cash Flow from Financing Activities | 1,522,240.39 | 5,654,003.80 | | Net Increase in Cash and Cash Equivalents | -40,616,406.98 | -70,851,116.33 | | Cash and Cash Equivalents at Period-End | 273,353,597.12 | 249,945,822.15 | 3. Company Basic Information Taier Heavy Industry Co., Ltd., registered on September 26, 2007, with 504,702,276.00 yuan capital, listed on Jan 28, 2010, specializes in general equipment manufacturing - The company's registered capital is 504,702,276.00 yuan, with a total of 504,702,276 shares[86] - The company's shares were listed on the Shenzhen Stock Exchange on January 28, 2010[86] - The main business is the R&D, production, and sales of metallurgical couplings, with products covering universal couplings, shear blades, remanufacturing services, and battery electrolyte filling equipment[86] 4. Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue for the next 12 months - Financial statements are prepared on a going concern basis[86] - There are no matters or circumstances that would cast significant doubt on the ability to continue as a going concern[86] 5. Significant Accounting Policies and Estimates The company follows Enterprise Accounting Standards, using the calendar year and RMB, detailing policies for financial instruments, inventories, and revenue, with no significant impact from new accounting interpretations - The company adheres to Enterprise Accounting Standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar, and uses the Renminbi as its functional currency[86] - The company has established specific accounting policies and estimates for financial instrument impairment, inventories, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition[86] - Effective January 1, 2024, the company implemented "Interpretation No. 17 of Enterprise Accounting Standards," and this accounting policy change will not have a significant impact on the company's financial position, operating results, or cash flows[139] 6. Taxation Main taxes include VAT and Enterprise Income Tax, with the company and some subsidiaries benefiting from a 15% high-tech enterprise tax rate Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 6% etc | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 15%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company and subsidiaries such as Shentai Intelligent, Zhongmai Technology, and Taier Industrial enjoy preferential policies for high-tech enterprises, paying Enterprise Income Tax at a rate of 15%[143][144][145] 7. Notes to Consolidated Financial Statement Items This section details consolidated financial statement items, including monetary funds, accounts receivable, inventories, and long-term equity investments, with specific notes on pledges, top customers, and impairment - The period-end balance of monetary funds primarily consists of bills, letters of credit, and acceptance deposits, with overseas funds remittances subject to foreign exchange controls[145] - The top five accounts receivable balances at period-end collectively accounted for 20.44% of the total accounts receivable and contract assets, with full bad debt provisions made for Shenzhen OptimumNano Energy Co., Ltd. due to bankruptcy[153][155] - The period-end inventory balance was 488 million yuan, with total inventory impairment provisions and contract performance cost impairment provisions amounting to 27.2602 million yuan, an increase of 2.1160 million yuan for the current period[165][166] - The period-end book value of long-term equity investments was 39.0212 million yuan, primarily an investment in the associate Anhui Nuotai Engineering Technology Co., Ltd., with investment income of 1.6630 million yuan recognized for the current period[169] - The period-end book value of fixed assets was 243 million yuan, with depreciation of 18.0477 million yuan recognized for the current period[171] - The period-end book value of intangible assets was 142 million yuan, with amortization of 7.0687 million yuan for the current period[176] - The period-end balance of employee compensation payable was 34.3466 million yuan, with an increase of 116 million yuan and a decrease of 124 million yuan for the current period[190] - The period-end balance of deferred income was 23.2277 million yuan, primarily consisting of government subsidies related to assets[196] 8. R&D Expenses Total R&D expenses were 26.6352 million yuan, all expensed, primarily for personnel and direct inputs, representing an 8.75% year-on-year decrease R&D Expense Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Personnel Costs | 11,461,526.89 | 8,873,438.54 | | Direct Input Costs | 10,421,974.83 | 15,613,784.71 | | Depreciation and Long-term Deferred Expenses | 1,618,436.53 | 2,456,715.41 | | Other Expenses | 3,133,271.63 | 2,244,128.65 | | Total | 26,635,209.88 | 29,188,067.31 | | Of which: Expensed R&D Expenditure | 26,635,209.88 | 29,188,067.31 | - All R&D expenses were expensed during the reporting period, with no capitalized projects[225] 9. Changes in Consolidation Scope The consolidation scope expanded with the new subsidiary Shandong Taicui, 100% owned by Taier Industrial, with no other changes in control - The consolidation scope increased with the establishment of a new subsidiary, Shandong Taicui, 100% owned by Taier Industrial[226] - During the reporting period, there were no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control[226] 10. Interests in Other Entities The company holds varying interests in subsidiaries, including controlling Yaotai Engineering via voting rights, and a 32% stake in associate Anhui Nuotai Engineering Technology Co., Ltd Major Subsidiary Shareholdings | Subsidiary Name | Shareholding Percentage (Direct) (%) | Acquisition Method | | :--- | :--- | :--- | | Shentai Intelligent | 64.00% | Business combination under common control | | Shanghai Industry and Trade | 100.00% | Establishment | | Taier Industrial | 97.89% | Establishment | | Zhongmai Technology | 64.73% | Business combination not under common control | | Yaotai Engineering | 40.00% | Establishment | - The company holds a 40% stake in Yaotai Engineering but achieves control through a voting rights entrustment[227] Minority Interests in Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | Profit/Loss Attributable to Minority Shareholders for the Current Period (yuan) | Minority Interests Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | | Shentai Intelligent | 36.00% | 2,610,014.09 | 29,926,793.24 | | Zhongmai Technology | 35.27% | 982,589.74 | 2,291,032.13 | | Taier Robot | 10.00% | -50,591.40 | 160,824.15 | - The company holds a 32% equity stake in the associate Anhui Nuotai Engineering Technology Co., Ltd., accounted for using the equity method[231] 11. Government Grants Government grant liabilities primarily comprise deferred income totaling 23.2277 million yuan, with 4.9225 million yuan in new grants and 1.8075 million yuan transferred to other income Liability Items Related to Government Grants | Accounting Account | Beginning Balance (yuan) | Amount of New Grants for the Current Period (yuan) | Amount Transferred to Other Income for the Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 19,762,696.84 | 4,922,516.00 | 1,807,467.90 | 22,877,744.94 | Asset Related | | Deferred Income | 525,000.00 | 0 | 174,999.99 | 350,000.01 | Income Related | - Other income for the current period amounted to 5.8758 million yuan, compared to 4.4991 million yuan in the previous period[235] 12. Risks Related to Financial Instruments The company manages credit, liquidity, and market risks through strategies like depositing funds in highly-rated institutions, diverse financing, and primarily RMB-denominated operations - The company faces credit risk, liquidity risk, and market risk[236] - Credit risk is managed by depositing funds in highly-rated financial institutions and conducting regular credit assessments of customers; the top five accounts receivable customers account for 20.44%, indicating no significant concentration of credit risk[241][242] - Liquidity risk is controlled through various financing methods such as bill settlement and bank borrowings, and by optimizing the financing structure[242] - Market risk primarily includes interest rate risk and foreign exchange risk, which the company manages through an appropriate portfolio of financial instruments and by primarily conducting business in Renminbi to manage foreign exchange risk[243][244][245] 13. Disclosure of Fair Value Assets measured at fair value, primarily trading financial assets and accounts receivable financing, totaled 203 million yuan, with no changes in valuation techniques or hierarchy levels Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Financial Assets Held for Trading | 113,216,694.18 | 113,216,694.18 | | Accounts Receivable Financing | 89,717,946.66 | 89,717,946.66 | - For equity instrument investments, the company uses investment cost or zero yuan as a reasonable estimate of fair value, based on the operating conditions of the investee[247] - There were no changes in valuation techniques or transfers between fair value hierarchy levels during the reporting period[247] 14. Related Parties and Related Party Transactions Tai Zhengbiao is the ultimate controlling party; the company engaged in daily related party transactions, paid 3.8151 million yuan to key management, and had related party payables - The company's ultimate controlling party is Tai Zhengbiao, whose shareholding and voting rights percentage in the company are both 27.81%[248] - During the reporting period, the company purchased catering services totaling 1.9079 million yuan from Ma'anshan Taierzhijia Catering Management Co., Ltd[250] - The company leased properties from Anhui Taier Holding Group Co., Ltd. and Ma'anshan Power Transmission Machinery Co., Ltd., with total rental expenses of 2.8772 million yuan incurred during the current period[250] - Remuneration for key management personnel for the current period amounted to 3.8151 million yuan[251] Related Party Payables (Other Payables) | Item Name | Related Party | Period-End Book Balance (yuan) | | :--- | :--- | :--- | | Other Payables | Shanghai Xitai Investment Co., Ltd. | 1,894,166.00 | | Other Payables | Tai Zipeng | 757,669.00 | | Other Payables | Tai Zhengbiao | 611,959.00 | | Other Payables | Anhui Taier Holding Group Co., Ltd. | 539,107.00 | 15. Share-Based Payments No share-based payment activities, including equity-settled or cash-settled, or related expenses, modifications, or terminations, occurred during the reporting period - The company had no share-based payment related matters during the reporting period[252] 16. Commitments and Contingencies As of the balance sheet date, no significant commitments or important contingencies required disclosure - As of the balance sheet date, the company had no significant commitments requiring disclosure[253] - The company had no important contingencies requiring disclosure[253] 17. Events After the Balance Sheet Date No significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events occurred during the reporting period - The company had no significant non-adjusting events during the reporting period[253] - The company had no profit distribution during the reporting period[253] - The company had no sales returns during the reporting period[253] 18. Other Significant Matters The company had no prior period error corrections, debt restructurings, or discontinued operations, and no reportable segments, with supplementary details on parent company receivables and investments - The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations[253] - The company does not have diversified operations or cross-regional operations, thus no reportable segments[253] Parent Company Accounts Receivable (Period-End Balance) | Age | Period-End Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 476,579,687.72 | 542,400,954.49 | | 1 to 2 years | 183,221,572.98 | 138,403,172.37 | | 2 to 3 years | 46,892,464.26 | 43,262,972.22 | | Over 3 years | 43,487,673.12 | 30,141,490.30 | | Total | 750,181,398.08 | 754,208,589.38 | Parent Company Other Receivables (Period-End Balance) | Nature of Payment | Period-End Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Intercompany Payables/Receivables | 138,560,817.63 | 133,502,534.32 | | Deposits and Guarantees | 7,363,145.45 | 6,854,949.90 | | Intercompany Payables/Receivables | 4,001,331.00 | 1,787,121.58 | | Business Loans | 705,363.66 | 121,094.61 | | Total | 150,630,657.74 | 142,265,700.41 | Parent Company Investments in Subsidiaries (Period-End Balance) | Investee | Period-End Balance (Book Value) (yuan) | Impairment Provision at Period-End (yuan) | | :--- | :--- | :--- | | Shentai Intelligent | 21,518,359.39 | 0 | | Zhongmai Technology | 32,200,300.00 | 143,920,000.00 | | Taier Industrial | 95,826,391.00 | 0 | | Taier Laser | 65,000,000.00 | 0 | | Total | 230,009,386.96 | 143,920,000.00 | Part XX Supplementary Information This section provides additional details, including non-recurring gains and losses, and key financial ratios 1. Details of Non-Recurring Gains and Losses for the Current Period Total non-recurring gains and losses were 16.9842 million yuan, mainly from government subsidies, non-operating income, and asset disposal gains/losses Details of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 44,887.82 | | Government Subsidies Included in Current Profit and Loss | 13,991,806.49 | | Other Non-Operating Income and Expenses Apart from the Above Items | 4,954,002.88 | | Less: Income Tax Impact | 626,492.57 | | Minority Interest Impact (After Tax) | 1,379,982.22 | | Total | 16,984,222.40 | 2. Return on Net Assets and Earnings Per Share Weighted average return on net assets was -0.83%, with basic and diluted EPS at -0.0196 yuan/share, and -2.26% and -0.0533 yuan/share respectively after non-recurring items Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -0.83% | -0.0196 | -0.0196 | | Net Profit Attributable to Common Shareholders After Deducting Non-Recurring Gains and Losses | -2.26% | -0.0533 | -0.0533 | 3. Differences in Accounting Data Under Domestic and Overseas Accounting Standards No differences in net profit or net assets exist between domestic and overseas accounting standards during the reporting period - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[274] 4. Other This section contains no other supplementary explanations - This chapter has no other supplementary explanations[274]