中国卫星(600118) - 2024 Q2 - 季度财报

Section I. Definitions This chapter defines key terms and company abbreviations used in the report, such as "China Satellite" and "China Aerospace Science and Technology Corporation", providing a foundation for understanding the report content - This section defines key terms and company abbreviations like "China Satellite" and "CASC" for report clarity[11] Section II. Company Profile and Key Financial Indicators This section provides the company's basic information and key financial performance indicators, highlighting a significant decline in revenue and net profit due to market and operational challenges I. Company Information This chapter provides basic business information about the company, including its Chinese and English names, legal representative, contact details, and registered and office addresses - The company's full name is China Spacesat Co., Ltd., with stock abbreviation China Satellite and stock code 600118, listed on the Shanghai Stock Exchange[12][17] VII. Key Accounting Data and Financial Indicators During the reporting period, the company's performance significantly declined, with operating revenue decreasing by 57.10% and net profit attributable to shareholders sharply dropping by 93.90% Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,032,019,925.13 RMB | 2,405,664,053.14 RMB | -57.10 | | Net Profit Attributable to Shareholders of Listed Company | 8,501,296.90 RMB | 139,443,561.87 RMB | -93.90 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 2,311,507.26 RMB | 141,587,388.17 RMB | -98.37 | | Net Cash Flow from Operating Activities | -692,842,976.93 RMB | -604,469,565.15 RMB | -14.62 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.12 | -91.67 | | Weighted Average Return on Net Assets (%) | 0.13 | 2.20 | Decreased by 2.07 percentage points | - The company attributed the performance decline primarily to a concentrated customer base, intense market competition, delayed user demand adjustments, and product upgrades, leading to fewer new and existing orders, resulting in a significant decrease in revenue and profit for the period[19] IX. Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 6.19 million RMB, primarily from government subsidies recognized in current profit and loss, totaling 11.75 million RMB Non-recurring Gains and Losses | Non-recurring Gain/Loss Item | Amount (RMB) | | :--- | :--- | | Government subsidies recognized in current profit and loss | 11,750,291.40 | | Less: Income tax impact | 1,761,678.52 | | Less: Impact on minority interests (after tax) | 4,046,344.60 | | Total | 6,189,789.64 | Section III. Management Discussion and Analysis This section discusses the company's industry, core competencies, and operating performance, detailing the reasons for significant revenue and profit decline and outlining key risks I. Description of Industry and Main Business During the Reporting Period The company's main businesses are aerospace manufacturing and satellite applications, with progress in small/micro-satellite launches and satellite application systems, despite increasing commercial aerospace competition - The company focuses on two main businesses: aerospace manufacturing and satellite applications, committed to the integrated development of satellite communication, navigation, and remote sensing industries[23] - Aerospace Manufacturing Business: In the first half of the year, 12 small/micro-satellites were successfully launched, including the Queqiao-2 relay satellite serving the lunar exploration project and the Beijing-3C satellite constellation[23] - Satellite Application Business: Progress is being made in satellite communication terminals, large-scale ground application system integration (e.g., Egypt-2 project), UAV system integration (e.g., national park monitoring project), and integrated satellite operation services[25][26] II. Analysis of Core Competencies During the Reporting Period The company's core competitiveness lies in its integrated space-ground design, development, integration, and operation capabilities, supported by two national-level platforms and significant R&D personnel - The company possesses two national-level platforms: the "National Engineering Research Center for Small Satellites and Their Applications" and the "National Key Laboratory of Integrated Space-Ground Information Technology"[27] - In aerospace manufacturing, the company has developed a complete series of small/micro-satellite common platform spectrums and possesses core capabilities such as complex constellation system design and batch production[28] - In satellite applications, the company has developed a series of competitive core products, such as the Anovo satellite communication system and high-throughput airborne satellite communication terminals, and can provide integrated information platform construction and operation services for industry users[28] - As of the end of the reporting period, the company had 2,629 R&D personnel, accounting for 80.05% of total employees, and added 121 new patents and software copyrights during the period[28] III. Discussion and Analysis of Operating Performance In the first half of 2024, the company's operating revenue decreased by 57.10% to 1.032 billion RMB, and net profit attributable to shareholders dropped by 93.90% to 8.50 million RMB, primarily due to reduced orders and compressed profit margins Operating Performance Summary | Indicator | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 1.032 billion RMB | -57.10% | | Net Profit Attributable to Shareholders of Listed Company | 8.50 million RMB | -93.90% | - Key reasons for the performance decline include: concentrated customer base, intense market competition, delayed adjustments in user demand plans, reduced new and existing orders due to product upgrades, and compressed profit margins due to industry policy adjustments[29] IV. Key Operating Performance During the Reporting Period This chapter details the changes in financial statement items and the asset and liability status during the reporting period, showing significant declines in revenue and costs, and shifts in monetary funds and inventories 1. Analysis of Changes in Financial Statement Items During the reporting period, several income statement items experienced significant changes, with operating revenue and costs sharply decreasing due to reduced orders and deliveries, leading to an over 88% decline in net profit | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,032,019,925.13 | 2,405,664,053.14 | -57.10 | Reduced orders, fewer delivered projects | | Operating Cost | 815,166,320.67 | 2,022,532,323.13 | -59.70 | Consistent with revenue changes | | Selling Expenses | 17,931,716.88 | 34,808,433.54 | -48.48 | Subsidiary organizational structure and function optimization | | R&D Expenses | 25,686,685.31 | 69,805,151.37 | -63.20 | Decreased capitalized R&D investment | | Credit Impairment Loss | -5,771,340.77 | 8,339,805.85 | -169.20 | Increase in related party accounts receivable over one year | | Asset Impairment Loss | -14,924,609.76 | -2,233,388.21 | -568.25 | Increase in specific user contract assets over one year | | Net Profit | 19,332,417.86 | 175,627,226.15 | -88.99 | Due to significant revenue decline | | Net Cash Flow from Operating Activities | -692,842,976.93 | -604,469,565.15 | -14.62 | Reduced collections from aerospace manufacturing business | 1. Asset and Liability Status As of the end of the reporting period, the company's total assets were 13.435 billion RMB, with monetary funds decreasing by 31.42% and inventories increasing by 32.11% due to in-progress project costs | Item Name | Current Period End Amount (RMB) | Prior Period End Amount (RMB) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,675,904,099.96 | 2,443,597,261.02 | -31.42 | Payments to suppliers and daily operating expenses | | Notes Receivable | 24,879,956.06 | 176,543,823.12 | -85.91 | Commercial acceptance bills matured and collected | | Inventories | 2,484,991,250.87 | 1,880,993,364.45 | 32.11 | Increased costs of in-progress projects | | Notes Payable | 117,192,796.21 | 307,071,666.43 | -61.84 | Decreased commercial acceptance bills paid | (VI) Analysis of Major Holding and Investee Companies The company owns 11 wholly-owned and controlled subsidiaries, with China Spacesat Oriental Red and Aerospace Hi-Tech significantly contributing to net profit, achieving 7.93 million RMB and 16.91 million RMB respectively Major Holding and Investee Companies | Company Name | Business Nature | Net Profit (million RMB) | | :--- | :--- | :--- | | China Spacesat Oriental Red Satellite Co., Ltd. | Aerospace Manufacturing | 7.93 | | Aerospace Hi-Tech Co., Ltd. | Satellite Application | 16.91 | | Shenzhen China Spacesat Oriental Red Satellite Co., Ltd. | Aerospace Manufacturing and Satellite Application | 4.56 | | Tianjin Hengdian Space Power Co., Ltd. | Satellite Application | 15.65 | (I) Potential Risks The company faces multiple risks, including industry policy adjustments, customer concentration, intensified market competition, rapid technological innovation, and continuous related party transactions, which may adversely affect its operations - Industry Policy Adjustment and Customer Concentration Risk: National policy adjustments in commercial aerospace and changes in major users' procurement plans significantly impact the company's performance[47] - Market Competition Risk: Rapid development of commercial aerospace, diversified market participants, and competitive procurement becoming the norm increase the company's profitability pressure[47] - Technology Innovation Risk: Rapid technological iteration in aerospace manufacturing and satellite application fields; failure to timely meet market demand for technological innovation will adversely affect operations[47][48] - Related Party Transaction Risk: Due to business characteristics, the company has continuous daily operating related party transactions with entities within the China Aerospace Science and Technology Corporation system[49] Section IV. Corporate Governance This section outlines the company's corporate governance practices, including its decision regarding profit distribution for the reporting period III. Profit Distribution or Capital Reserve to Share Capital Increase Plan The company plans no profit distribution or capital reserve to share capital increase for the first half of 2024 - The proposed semi-annual profit distribution plan and capital reserve to share capital increase plan are "No"[52] Section V. Environmental and Social Responsibility This section details the company's commitment to social responsibility, particularly its efforts in supporting rural revitalization through consumption assistance II. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts The company actively fulfills its social responsibility as a central state-owned enterprise by supporting rural revitalization through consumption assistance, procuring 0.53 million RMB in agricultural products in H1 2024 - In the first half of 2024, the company participated in consumption assistance activities through its centralized procurement platform, purchasing agricultural products and various other materials totaling 0.53 million RMB, to support the consolidation of poverty alleviation achievements and rural revitalization efforts[59] Section VI. Significant Matters This section covers significant events, including major related party transactions and the implementation of the annual equity distribution plan X. Significant Related Party Transactions During the reporting period, the company's daily operating related party transactions were within approved limits, with sales and services provided totaling 325.96 million RMB and purchases, leases, and entrusted services totaling 159.92 million RMB - The company's estimated annual daily operating related party transaction limits for 2024 are: sales and services provided not exceeding 3.2 billion RMB; purchases, leases, and entrusted services not exceeding 3.4 billion RMB[70] Related Party Transactions | Related Party Transaction Type | Amount Incurred During Reporting Period (million RMB) | | :--- | :--- | | Sales and Services Provided | 325.96 | | Purchases, Leases, and Entrusted Services | 159.92 | - The company's year-end deposit balance with related party Aerospace Science and Technology Finance Co., Ltd. was 1.639 billion RMB, not exceeding the daily maximum deposit limit of 3.5 billion RMB[80] - The company's year-end loan balance with Aerospace Science and Technology Finance Co., Ltd. was 241.2 million RMB, not exceeding the loan limit of 2.278 billion RMB[81][82] XIII. Explanation of Other Significant Matters The company implemented its 2023 annual equity distribution plan in June 2024, distributing a cash dividend of 0.40 RMB per 10 shares to all shareholders, totaling 47.30 million RMB - The company implemented its 2023 profit distribution plan, distributing a cash dividend of 0.40 RMB (tax inclusive) per 10 shares based on a total share capital of 1,182,489,135 shares, totaling 47.30 million RMB[87] Section VII. Share Changes and Shareholder Information This section provides an overview of the company's shareholder structure, including the total number of shareholders and the holdings of major shareholders II. Shareholder Information As of the end of the reporting period, the company had 134,222 common shareholders, with the controlling shareholder, China Academy of Space Technology, holding a stable 51.46% stake - As of the end of the reporting period, the company had a total of 134,222 common shareholders[90] Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | China Academy of Space Technology | 608,541,176 | 51.46 | | Zheng Wenbao | 10,528,587 | 0.89 | | Hong Kong Securities Clearing Company Limited | 9,310,674 | 0.79 | Section X. Financial Report This section presents the company's unaudited consolidated and parent financial statements, along with detailed notes on key financial items and related party transactions II. Financial Statements This chapter provides unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position and operating results - The financial report in this semi-annual report is unaudited[3] - Provides consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[98][100][102][103][104][106][107][109] VII. Notes to Consolidated Financial Statement Items This chapter provides detailed explanations of key items in the consolidated financial statements, showing accounts receivable and contract assets as main assets, and significant inventories, short-term borrowings, accounts payable, and contract liabilities Key Balance Sheet Items | Key Balance Sheet Item | Year-End Balance (RMB) | | :--- | :--- | | Monetary Funds | 1,675,904,099.96 | | Accounts Receivable | 1,966,427,844.95 | | Inventories | 2,484,991,250.87 | | Contract Assets | 3,259,608,058.04 | | Short-term Borrowings | 263,042,977.86 | | Accounts Payable | 3,051,062,045.51 | | Contract Liabilities | 1,165,824,276.46 | XIV. Related Parties and Related Party Transactions The company's controlling shareholder is China Academy of Space Technology, with China Aerospace Science and Technology Corporation as the ultimate controlling party, engaging in extensive related party transactions, including 94.67 million RMB in purchases and 325.96 million RMB in sales during the period - The company's controlling shareholder is China Academy of Space Technology, holding 51.46%; the ultimate controlling party is China Aerospace Science and Technology Corporation[412][413] Related Party Transaction Amounts | Related Party Transaction Type | Amount Incurred in Current Period (million RMB) | Amount Incurred in Prior Period (million RMB) | | :--- | :--- | :--- | | Purchase of Goods/Acceptance of Services | 94.67 | 691.66 | | Sale of Goods/Provision of Services | 325.96 | 701.30 | - The company borrowed funds from related party Aerospace Science and Technology Finance Co., Ltd., with a year-end balance of 241.2 million RMB[423]