激智科技(300566) - 2024 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential preliminary information, the report's structure, and definitions of key terms Company Profile and Key Financial Indicators This chapter provides basic company information, contact details, and highlights core financial data for the first half of 2024, demonstrating strong profitability and operational improvement Key Accounting Data and Financial Indicators In the first half of 2024, the company achieved significant year-on-year growth in operating revenue, net profit, and net cash flow from operating activities Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,118,882,067.07 | 976,897,193.20 | 14.53% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 124,574,455.88 | 49,976,830.83 | 149.26% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) (Yuan) | 101,142,156.38 | 29,277,927.35 | 245.46% | | Net Cash Flow from Operating Activities (Yuan) | 125,778,277.01 | -84,333,102.48 | 249.14% | | Basic Earnings Per Share (Yuan/Share) | 0.47 | 0.19 | 147.37% | | Weighted Average Return on Net Assets | 6.60% | 2.95% | Increase 3.65 percentage points | | Total Assets (Yuan) | 3,689,584,195.00 | 3,955,951,405.79 | -6.73% | | Net Assets Attributable to Shareholders of Listed Company (Yuan) | 1,901,295,631.90 | 1,835,827,404.08 | 3.57% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 23.43 million yuan, primarily from government subsidies and disposal gains on non-current assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal Gains/Losses on Non-Current Assets | 5,951,031.54 | | Government Subsidies Recognized in Current Profit/Loss | 22,578,756.86 | | Net Other Non-Operating Income/Expenses | -520,118.64 | | Total Non-Recurring Gains and Losses | 23,432,299.50 | Management Discussion and Analysis This chapter provides an in-depth analysis of the company's operations, core competencies, financial condition, and future risks, highlighting significant performance improvements driven by high-end optical film sales and new photovoltaic products Overview of Principal Businesses The company's performance growth was primarily driven by a 57.43% year-on-year increase in sales of high-end display optical films and the mass production of new photovoltaic products - Company business is divided into three segments: optical films, photovoltaic films, and automotive films; optical film products include diffusion film, brightness enhancement film, quantum dot film, etc.; photovoltaic film products include various backsheets, encapsulant films, and gap reflective films[21][24][26] Sales by Product Category | Product Category | Sales (Jan-Jun 2024, Ten Thousand Yuan) | Sales (Jan-Jun 2023, Ten Thousand Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | High-End Display Optical Film Products (Quantum Dot Film, Composite Film, etc.) | 39,500.52 | 25,090.18 | 57.43% | | Brightness Enhancement Film | 13,869.01 | 14,910.02 | -6.98% | | Diffusion Film | 10,331.00 | 9,901.15 | 4.34% | | Backsheet and Reflective Film | 35,911.82 | 38,095.50 | -5.73% | | Window Film | 3,885.02 | 4,009.07 | -3.09% | | Encapsulant Film | 5,626.54 | 4,547.71 | 23.72% | - Photovoltaic segment new products continue to scale up: solar backsheet and reflective film sales reached 359.12 million yuan; encapsulant films (EVA, EPE) have achieved mass production, with sales of 56.27 million yuan; new gap reflective film achieved mass production and delivery in Q2, improving the photovoltaic segment's profit margin[27][28] Analysis of Core Competencies The company's core competencies include technological leadership, forward-looking strategic planning, a strong core team, and robust R&D capabilities - As an early domestic developer and producer of display optical films, the company has successfully achieved stable mass production of diffusion film, brightness enhancement film, quantum dot film, COP, and composite optical films, with product quality leading internationally and established customer certification barriers[29] - The company has proactively positioned itself with two-in-one and three-in-one composite optical films (LOP, POP, DOP, etc.) to address the display industry's trend towards thinner designs, and has also strategically invested in quantum dot films, COP, and OLED light-emitting materials to capitalize on the increasing penetration of high-end display technologies[29] - The company possesses unique capabilities in independent equipment modification, formulation design, and precision coating processes, demonstrating strong new product conversion and rapid mass production capabilities[29] Analysis of Main Business Operations The company's main business revenue grew steadily, primarily driven by the optical film segment, while the photovoltaic segment saw mixed results Operating Performance by Product or Service | By Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Y-o-Y Change in Operating Revenue | Y-o-Y Change in Operating Cost | Y-o-Y Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Optical Film | 637,005,326.25 | 433,137,886.35 | 32.00% | 27.65% | 17.00% | 6.19% | | Backsheet and Reflective Film | 359,118,230.92 | 302,389,146.15 | 15.80% | -5.73% | -8.93% | 2.96% | | Encapsulant Film | 56,265,430.53 | 65,692,444.94 | -16.75% | 23.72% | 31.76% | -7.12% | | Window Film | 38,850,225.85 | 19,886,153.90 | 48.81% | -3.09% | -5.13% | 1.10% | Operating Performance by Region | By Region | Amount (Current Period, Yuan) | Proportion of Operating Revenue | Amount (Prior Period, Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 780,927,438.42 | 69.80% | 694,401,378.00 | 71.08% | 12.46% | | International | 337,954,628.65 | 30.20% | 282,495,815.20 | 28.92% | 19.63% | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets decreased, with shifts in asset structure due to wealth management product purchases and debt repayments, maintaining a stable overall financial position Asset and Liability Changes | Asset and Liability Item | Amount (End of Current Period, Yuan) | Proportion of Total Assets | Amount (End of Prior Year, Yuan) | Proportion of Total Assets | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 588,732,322.41 | 15.96% | 913,296,445.33 | 23.09% | Primarily due to purchase of wealth management products | | Financial Assets Held for Trading | 150,482,988.40 | 4.08% | 750,000.00 | 0.02% | Primarily due to purchase of wealth management products | | Accounts Receivable | 703,825,545.63 | 19.08% | 645,067,914.83 | 16.31% | Primarily due to increased sales revenue | | Short-Term Borrowings | 423,643,228.97 | 11.48% | 573,866,529.87 | 14.51% | Primarily due to repayment of bank loans | | Long-Term Borrowings | 176,707,147.20 | 4.79% | 226,000,000.00 | 5.71% | Primarily due to repayment of bank loans | - As of the end of the reporting period, the company had 377 million yuan in restricted assets, primarily comprising 213 million yuan in cash and cash equivalents for deposits, and pledged/mortgaged notes, fixed assets, and intangible assets[39][40] Analysis of Investment Status The company's investment decreased by 46.41% year-on-year, with raised funds primarily allocated to production base construction and working capital, though the solar encapsulant film project underperformed expectations Committed Investment Projects from Raised Funds | Committed Investment Project | Total Committed Investment from Raised Funds (Ten Thousand Yuan) | Cumulative Investment as of Period End (Ten Thousand Yuan) | Investment Progress | Profit/Loss Generated in Current Period (Ten Thousand Yuan) | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | :--- | | Optical Film Production Base Construction Project | 30,000 | 18,037.95 | 60.13% | N/A | N/A | | Solar Encapsulant Film Production Base Construction Project | 20,000 | 14,817.69 | 74.09% | -2,271.64 | No | | Supplement Working Capital | 19,800 | 18,900.00 | 95.45% | N/A | N/A | - During the reporting period, the company used 150 million yuan of raised funds for entrusted wealth management, including 100 million yuan in brokerage wealth management products and 50 million yuan in bank wealth management products[50] Analysis of Major Holding and Participating Companies The company's main profit contributions came from Jiangbei Jizhi and Ningbo Jiyang, while Anhui Jizhi incurred a loss, and new subsidiaries were established for international expansion Major Holding and Participating Companies Performance | Company Name | Principal Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Jiangbei Jizhi | Optical Film, Functional Film Materials | 419,029,471.77 | 54,495,698.85 | | Ningbo Jiyang | Solar Photovoltaic Materials | 360,306,842.78 | 34,346,717.08 | | Zhejiang Ziguang | Window Film Products | 39,365,155.69 | 7,252,801.90 | | Anhui Jizhi | Solar Photovoltaic Encapsulant Film | 63,405,795.50 | -22,716,431.15 | - During the reporting period, the company established two new subsidiaries, Singapore Jizhi and Malaysia Jizhi, which had no significant impact on overall production, operations, or performance[56] Risks and Countermeasures The company faces risks including declining gross margins, intensifying market competition, bad debt from accounts receivable, and management challenges from rapid expansion, which it plans to address through various strategic measures - The company's main risks include: gross margin decline risk, intensifying market competition risk, accounts receivable bad debt risk, and management risks arising from rapid expansion[57][58][59] - As of June 2024, the book value of the company's accounts receivable was 704 million yuan, accounting for 32.03% of current assets, indicating a significant scale that requires attention to collection risk[59] Corporate Governance This chapter outlines the company's governance during the reporting period, including shareholder meeting details, stable management, and no interim profit distribution plans - One annual general meeting (2023 Annual General Meeting) was held during the reporting period, with an investor participation rate of 32.19%[62] - There were no changes in the company's directors, supervisors, or senior management during the reporting period[63] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the first half of 2024[63] Environmental and Social Responsibility This chapter details the company's environmental and social responsibility performance, including compliance as a key pollutant-discharging entity, environmental investments, carbon emission reductions, and active participation in public welfare initiatives Environmental Protection The company and its subsidiaries are designated as key pollutant-discharging entities, ensuring compliance through robust treatment facilities and investing in environmental protection to reduce carbon emissions - The listed company and its subsidiaries are designated as key pollutant-discharging entities by environmental protection authorities, with main pollutants including VOCs, ethyl acetate, and non-methane total hydrocarbons[64] Major Pollutant Emissions | Company or Subsidiary Name | Main Pollutants | Total Emissions | Approved Emission Limit | Exceedance Status | | :--- | :--- | :--- | :--- | :--- | | Ningbo Jizhi Technology Co., Ltd. | VOCs | 8.784t | 46.15t/a | No Exceedance | | Ningbo Jiangbei Jizhi New Material Co., Ltd. | VOCs | 5.7312t | 29.657t/a | No Exceedance | | Xiangshan Jizhi New Material Co., Ltd. | VOCs | 5.508t | 27.436t/a | No Exceedance | - During the reporting period, the company reduced annual carbon emissions by approximately 864.5 tons through measures such as phasing out spray towers and replacing energy-efficient variable frequency water pumps[75] Social Responsibility The company actively fulfills its social responsibilities by establishing scholarships and innovation funds at multiple universities and contributing to public welfare through charitable donations - The company has established scholarships and innovation funds at multiple universities, including 250,000 yuan at the Institute of Materials, Chinese Academy of Sciences, 1 million yuan at Northwestern Polytechnical University, 1 million yuan at Zhejiang Wanli University, 2 million yuan at Xi'an Jiaotong University, and 1 million yuan innovation fund at Zhejiang University of Technology[75][76] - The company signed a 3 million yuan public welfare and charity fund agreement with Xiangshan County Charity Federation for medical assistance, education support, and poverty alleviation, and made a targeted donation of 100,000 yuan to the Ningbo Red Cross[76] Significant Matters This chapter discloses significant matters during the reporting period, including related-party transactions and guarantees provided for subsidiaries, with no overdue commitments or illegal guarantees Significant Related-Party Transactions The company's most significant routine related-party transaction was the purchase of raw materials from Ningbo Qinbang, an affiliated party, totaling 82.31 million yuan, which did not exceed the annual approved limit Significant Related-Party Transactions | Related Party | Related Party Relationship | Type of Related-Party Transaction | Content of Related-Party Transaction | Amount of Related-Party Transaction (Ten Thousand Yuan) | Proportion of Similar Transactions | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Qinbang | Enterprise in which Actual Controller Holds Shares | Procurement | Purchase of Raw Materials | 8,230.66 | 12.77% | No | Significant Contracts and Their Performance The company provided multiple guarantees for its subsidiaries, with the total actual guarantee balance reaching 656 million yuan, accounting for 34.51% of net assets, all within the scope of consolidated financial statements Total Guarantee Status | Total Guarantee Status | Amount (Yuan) | | :--- | :--- | | Total Approved Guarantee Limit as of Period End | 3,318,473,800.00 | | Total Actual Guarantee Balance as of Period End | 656,051,700.00 | | Proportion of Total Actual Guarantee to Company's Net Assets | 34.51% | Share Changes and Shareholder Information This chapter discloses the company's stable share capital structure and shareholder information, including the actual controller's shareholding and pledged shares among top shareholders, alongside an ongoing share repurchase plan Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 22,531 common shareholders, with the actual controller and second-largest shareholder having pledged portions of their shares Top Shareholders and Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Zhang Yan | Domestic Natural Person | 17.75% | 46,827,256 | Pledged 14,320,000 | | Yu Genwei | Domestic Natural Person | 5.79% | 15,272,442 | Pledged 9,340,000 | | Ningbo Jiyang Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.15% | 10,945,420 | Pledged 3,200,000 | | TB Material Limited | Overseas Legal Person | 2.88% | 7,598,427 | N/A | | Xiaomi Technology (Wuhan) Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.21% | 5,820,037 | N/A | Bond-Related Information This chapter discloses the company's bond information, highlighting an outstanding short-term financing bond and improved solvency indicators - The company has one outstanding collective short-term financing bond, "23 Yangtze River Delta Collective CP001," with a total issuance of 100 million yuan, an interest rate of 2.98%, maturing on September 20, 2024, for principal and interest repayment[103] Key Solvency Indicators | Item | End of Current Period | End of Prior Year | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 47.79% | 52.95% | -5.16% | | Current Ratio | 1.47 | 1.37 | 7.30% | | Quick Ratio | 1.20 | 1.11 | 8.11% | | Interest Coverage Ratio | 12.17 | 4.04 | 201.24% | Financial Report This chapter presents the unaudited semi-annual financial report, including consolidated and parent company financial statements and detailed notes on key items, reflecting the company's financial position, operating results, and cash flows Financial Statements This section includes the company's four core financial statements for the first half of 2024, along with corresponding parent company statements, comprehensively reflecting the financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2024, the company's total assets were 3.69 billion yuan, total liabilities were 1.763 billion yuan, and owners' equity attributable to the parent company was 1.901 billion yuan Consolidated Balance Sheet | Item | Balance at Period End (Yuan) | Balance at Beginning of Period (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,689,584,195.00 | 3,955,951,405.79 | | Total Current Assets | 2,197,438,797.95 | 2,442,362,019.84 | | Total Non-Current Assets | 1,492,145,397.05 | 1,513,589,385.95 | | Total Liabilities | 1,763,080,987.66 | 2,094,553,536.03 | | Total Current Liabilities | 1,497,743,644.11 | 1,789,083,739.70 | | Total Non-Current Liabilities | 265,337,343.55 | 305,469,796.33 | | Total Owners' Equity | 1,926,503,207.34 | 1,861,397,869.76 | | Total Owners' Equity Attributable to Parent Company | 1,901,295,631.90 | 1,835,827,404.08 | Consolidated Income Statement In the first half of 2024, the company achieved total operating revenue of 1.119 billion yuan, total operating costs of 996 million yuan, and net profit attributable to parent company shareholders of 125 million yuan Consolidated Income Statement | Item | Half-Year 2024 (Yuan) | Half-Year 2023 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,118,882,067.07 | 976,897,193.20 | | II. Total Operating Costs | 996,308,739.53 | 918,901,488.76 | | Operating Costs | 846,280,937.84 | 781,740,532.86 | | R&D Expenses | 71,685,575.53 | 68,873,246.82 | | III. Operating Profit | 139,473,294.46 | 45,662,194.19 | | IV. Total Profit | 138,967,175.82 | 51,896,854.49 | | V. Net Profit | 124,211,565.64 | 46,381,704.93 | | Net Profit Attributable to Parent Company Shareholders | 124,574,455.88 | 49,976,830.83 | Consolidated Cash Flow Statement In the first half of 2024, net cash flow from operating activities significantly improved to 126 million yuan, while investing and financing activities resulted in net outflows, with cash and cash equivalents totaling 372 million yuan at period end Consolidated Cash Flow Statement | Item | Half-Year 2024 (Yuan) | Half-Year 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 125,778,277.01 | -84,333,102.48 | | Net Cash Flow from Investing Activities | -175,268,143.45 | -322,042,143.73 | | Net Cash Flow from Financing Activities | -231,430,231.84 | 133,878,511.46 | | Net Increase in Cash and Cash Equivalents | -275,463,459.04 | -272,209,909.74 | | Cash and Cash Equivalents at Period End | 372,215,199.45 | 290,114,678.18 | Notes to Consolidated Financial Statement Items This section provides detailed explanations for significant items in the consolidated financial statements, including accounts receivable, inventory, disaggregated operating revenue, and R&D expenses - As of period end, accounts receivable had a book balance of 759 million yuan, with a bad debt provision of 55.69 million yuan, resulting in a book value of 704 million yuan[218] - As of period end, inventory had a book balance of 425 million yuan, with an inventory impairment provision of 36.95 million yuan, resulting in a book value of 388 million yuan[246] Operating Revenue Breakdown | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Revenue from Principal Activities | 1,099,790,904.93 | 969,090,058.35 | | Other Operating Revenue | 19,091,162.14 | 7,807,134.85 | | Total | 1,118,882,067.07 | 976,897,193.20 | R&D Expenses Breakdown | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Materials | 38,227,983.25 | 40,015,485.83 | | Employee Compensation | 20,605,901.21 | 17,684,660.85 | | Total | 71,685,575.53 | 68,873,246.82 |