第一拖拉机股份(00038) - 2021 - 中期财报

Definitions This chapter defines key terms used in the report, including A-shares, H-shares, agricultural machinery, subsidiaries, and related parties, providing a foundation for understanding the content - This section defines key terms used in the report, including A-shares, H-shares, agricultural machinery, holding subsidiaries, related companies (e.g., Sinomach Group, China YTO), and various business entities (e.g., Finance Company, Diesel Engine Company), providing a basis for understanding the report content[6][8][9] Company Profile and Key Financial Indicators The company achieved strong performance growth in the first half of 2021, with significant increases in total operating revenue and net profit attributable to shareholders Company Basic Information This section provides the company's basic business registration information, including names, legal representative, addresses, website, and contact details for the Board Secretary - The company's Chinese abbreviation is "YTO Group", and its legal representative is Li Xiaoyu[11] - The company's A-shares are listed on the Shanghai Stock Exchange (stock code 601038); H-shares are listed on the Hong Kong Stock Exchange (stock code 0038)[15] Key Financial Data and Indicators The company achieved strong performance growth in the first half of 2021, with total operating revenue increasing by 36.80% and net profit attributable to shareholders by 58.15% 2021 H1 Key Accounting Data (Unit: RMB Yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,631,797,809.93 | 4,116,725,509.00 | 36.80 | | Net Profit Attributable to Shareholders of Listed Company | 511,381,288.30 | 323,361,690.16 | 58.15 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 484,770,421.11 | 290,273,866.74 | 67.00 | | Net Cash Flow from Operating Activities | 674,240,684.93 | 452,641,885.46 | 48.96 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 5,475,833,783.72 | 4,338,179,097.26 (Prior Year-end) | 26.22 | | Total Assets (Period-end) | 12,387,174,665.07 | 12,342,608,882.99 (Prior Year-end) | 0.36 | 2021 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.4646 | 0.3280 | 41.65 | | Diluted Earnings Per Share (Yuan/share) | 0.4646 | 0.3280 | 41.65 | | Weighted Average Return on Net Assets (%) | 9.90 | 7.64 | Increased by 2.26 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 9.38 | 6.86 | Increased by 2.52 percentage points | Non-recurring Gains and Losses During the reporting period, the company's non-recurring gains and losses totaled RMB 26.61 million, primarily from government subsidies and financial asset gains 2021 H1 Non-recurring Gains and Losses Items (Unit: RMB Yuan) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 3,388,682.05 | | Government Subsidies Included in Current Profit/Loss | 17,264,604.55 | | Fair Value Changes and Investment Income from Trading Financial Assets/Liabilities | 11,474,045.71 | | Other Non-operating Income and Expenses | 5,445,870.66 | | Other Gains and Losses Meeting the Definition of Non-recurring | -6,656,530.68 | | Impact on Minority Interests | -2,432,331.17 | | Income Tax Impact | -1,873,473.93 | | Total | 26,610,867.19 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, industry trends, core competencies, and potential risks Industry and Principal Business The company focuses on advanced agricultural machinery manufacturing, with principal businesses including R&D, manufacturing, and sales of agricultural and power machinery - The company's principal businesses are the R&D, manufacturing, and sales of agricultural machinery (tractors and key components) and power machinery (non-road diesel engines and components)[21] Core Competencies The company's core competencies include technological R&D, a complete core component manufacturing system, efficient production, and strong brand influence - The company's core competitive advantages include technological R&D, core component manufacturing system, production organization capabilities, product quality, marketing channels, and the "Dongfanghong" brand influence[22] Discussion and Analysis of Operations In H1 2021, the company achieved significant revenue and profit growth, driven by increased demand for large and medium-sized tractors and strategic product development - Benefiting from national policies and market demand, domestic sales of large and medium-sized tractors increased by 14.9% year-on-year in the first half of 2021[23] 2021 H1 Company Key Performance | Indicator | Value | Year-on-year Growth (%) | | :--- | :--- | :--- | | Total Operating Revenue | 5.632 billion Yuan | 36.80 | | Net Profit Attributable to Parent | 511 million Yuan | 58.15 | | Sales of Large and Medium-sized Tractors | 45.4 thousand units | 40.55 | - The company sold 1,103 large and medium-sized wheeled tractors through finance leasing, a 38.05% year-on-year increase, effectively easing users' purchasing capital pressure[26] - The company accelerated strategic product R&D, advancing the development of power shift, continuously variable transmission, and full-series National IV tractors; the "High-Horsepower Intelligent Tractor R&D Project" has been approved for initiation[26] - In the second half of the year, the company will focus on "seeking growth from the existing market," improving economic operational quality, and accelerating technological innovation, particularly advancing the commercialization of large-scale efficient tractors and the R&D of National IV and National V diesel engines[29] Analysis of Major Operating Conditions This section analyzes operating conditions through financial statement changes, asset-liability status, investment, and key subsidiaries, highlighting revenue growth and the impact of French subsidiary liquidation Potential Risks The company faces market, operational, and technological upgrade risks, including potential slowdown in domestic demand, rising raw material costs, and challenges from new emission standards - Market risks: Domestic market growth may be constrained by prior demand release, and international market expansion is hindered by the COVID-19 pandemic[52] - Operational risks: Facing cost pressure from high raw material prices, intensified industry competition, and potential impact on current performance from disposal of inefficient assets[53] - Technology upgrade risks: The transition to National IV emission standards for non-road diesel engines poses higher requirements for the company's product R&D, manufacturing technology, and supply chain[54] Corporate Governance This section details the company's governance structure, including shareholder meetings, board and supervisory board changes, and compliance with securities regulations Corporate Governance Status During the reporting period, the company held two shareholder meetings, with all proposals passed, and experienced changes in senior management positions - Two shareholder meetings were held during the reporting period, the 2021 First Extraordinary General Meeting and the 2020 Annual General Meeting, approving matters such as the election of supervisors, revision of regulations, and approval of annual reports and profit distribution plans[55] - Senior personnel changes: Mr. Wang Dongxing was elected as Chairman of the Supervisory Board; Mr. Cai Jibo resigned from his positions as Vice Chairman and Executive Director due to work changes[56][57] - The Board of Directors recommended not distributing an interim dividend for the six months ended June 30, 2021[61] Environmental and Social Responsibility The company adheres to environmental protection laws and actively fulfills social responsibilities through poverty alleviation and rural revitalization initiatives Environmental and Social Responsibility The company strictly complies with environmental laws, has robust pollution control measures, and actively contributes to rural revitalization through various support programs - In the first half of 2021, the company received no administrative penalties for environmental issues, and all pollution control facilities operated stably[62][63] - The company actively fulfills its social responsibilities, supporting rural revitalization through consumption-based poverty alleviation and agricultural machinery-based poverty alleviation, organizing the purchase of local specialty agricultural products worth RMB 776,000 since 2021[68] Significant Matters This section covers the company's fulfillment of commitments, related party transactions, and other significant events, including major contracts and litigation status Commitments and Related Party Transactions During the reporting period, the company, its controlling shareholder, and actual controller strictly fulfilled all commitments, with no unfulfilled obligations - The company, its controlling shareholder, and actual controller have all strictly fulfilled various commitments, including those related to resolving horizontal competition[70][71][72] - The company has ongoing daily related party transactions with its controlling shareholder, China YTO, including procurement, sales, comprehensive services, energy supply, asset leasing, and financial services through the finance company (deposits, loans, bills)[78][79] - Significant related party transaction: The controlling shareholder, China YTO, subscribed for all 137,795,275 A-shares issued by the company in a non-public offering in 2020, with a lock-up period of 36 months[105] Major Contracts, Litigation, and Other Matters The company continued to manage Changtuo Company's equity, reappointed its auditor, and reported no significant litigation or share transactions - The company continues to fulfill the agreement to manage 33.33% equity in Changtuo Company held by Sinomach Group[106] - Approved by the General Meeting of Shareholders, Dahua Certified Public Accountants (Special General Partnership) was re-appointed as the company's financial and internal control auditor for 2021[107] - There were no significant lawsuits or arbitrations involving the company during the reporting period[108] Share Changes and Shareholder Information This section details changes in the company's share capital and shareholder structure, including a non-public offering and major shareholder holdings Share Changes and Shareholder Structure During the reporting period, the company's total share capital increased due to a non-public offering to its controlling shareholder, China YTO - The company non-publicly issued 138 million A-shares to its controlling shareholder, China YTO, at an issue price of RMB 5.08/share, raising net proceeds of RMB 694 million for working capital replenishment[115] - After the issuance, the company's total share capital increased from 985.85 million shares to 1.124 billion shares; China YTO's shares have a 36-month lock-up period[115][117] Top Three Shareholders' Holdings as of Report End | Shareholder Name | Shares Held at Period End | Proportion (%) | Share Nature | | :--- | :--- | :--- | :--- | | China YTO Group Corporation | 548,485,853 | 48.81 | State-owned Legal Person | | HKSCC NOMINEES LIMITED | 388,157,319 | 34.54 | Overseas Legal Person | | Hong Kong Securities Clearing Company Limited | 9,803,138 | 0.87 | Overseas Legal Person | Preferred Shares Information This section confirms the absence of preferred shares during the reporting period - The company had no preferred shares during the reporting period[128] Bonds Information This section confirms the absence of corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[128] Financial Report This section presents the company's financial statements and detailed notes, prepared according to China Enterprise Accounting Standards Financial Statements This section provides unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Key Items (June 30, 2021) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 12,387,174,665.07 | | Total Liabilities | 6,277,443,276.67 | | Total Equity Attributable to Parent Company Owners | 5,475,833,783.72 | Consolidated Income Statement Key Items (Jan-Jun 2021) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 5,631,797,809.93 | | Total Profit | 531,167,058.96 | | Net Profit | 513,860,368.97 | | Net Profit Attributable to Parent Company Shareholders | 511,381,288.30 | Consolidated Cash Flow Statement Key Items (Jan-Jun 2021) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 674,240,684.93 | | Net Cash Flow from Investing Activities | -430,148,426.27 | | Net Cash Flow from Financing Activities | 127,284,025.33 | | Net Increase in Cash and Cash Equivalents | 368,584,960.30 | Notes to Financial Statements The notes detail the company's basic information, accounting policies, and estimates, with specific explanations for major financial statement items, including changes in consolidation scope and related party transactions - Change in consolidation scope: Due to the judicial liquidation of its subsidiary, YTO (France) Agricultural Equipment Co., Ltd., the company no longer exercises control and thus excluded it from the consolidation scope this period[530] - Segment information: The company's operations are divided into three reporting segments: agricultural machinery, power machinery, and financial services; in H1 2021, the agricultural machinery segment contributed the majority of operating revenue and profit[668][669] - Financial instrument risks: The company faces primary financial risks including credit risk, liquidity risk, and market risk (mainly exchange rate risk); the company has established corresponding risk management policies to address these risks[553]