硅宝科技(300019) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential preliminary information, including the report's structure and key definitions Company Profile and Key Financial Indicators This section introduces the company's background and presents its key financial performance metrics Company Profile Chengdu Guibao Science and Technology Co., Ltd. (stock code: 300019) is a company listed on the Shenzhen Stock Exchange, with Wang Youzhi as its legal representative | Item | Content | | :--- | :--- | | Stock Abbreviation | Guibao Technology | | Stock Code | 300019 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Chengdu Guibao Science and Technology Co., Ltd. | | Legal Representative | Wang Youzhi | Key Accounting Data and Financial Indicators In the first half of 2024, the company's operating revenue decreased by 2.95% to 1.158 billion RMB, and net profit attributable to shareholders decreased by 23.12% to 101.70 million RMB, with key financial indicators showing overall decline and net cash flow from operating activities significantly decreasing by 58.82% 2024 Semi-Annual Key Financial Data | Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,158,473,630.81 | 1,193,632,969.21 | -2.95% | | Net Profit Attributable to Shareholders (RMB) | 101,700,176.46 | 132,281,281.80 | -23.12% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Gains/Losses) (RMB) | 92,747,127.05 | 131,098,570.60 | -29.25% | | Net Cash Flow from Operating Activities (RMB) | 78,018,654.08 | 189,449,940.02 | -58.82% | | Basic Earnings Per Share (RMB/share) | 0.2601 | 0.3382 | -23.09% | | Weighted Average Return on Net Assets | 4.15% | 5.87% | -1.72% | | Total Assets (RMB) | 3,190,126,964.16 | 3,220,515,119.98 | -0.94% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders (RMB) | 2,437,912,882.84 | 2,438,572,229.53 | -0.03% (Period-end vs. Prior Year-end) | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 8.95 million RMB, primarily from government subsidies and reversal of impairment provisions for receivables Non-recurring Gains and Losses Item Details | Item | Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit and loss | 6,639,699.18 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 1,671,721.02 | | Other gains and losses conforming to the definition of non-recurring gains and losses | 2,418,004.67 | | Gains and losses from disposal of non-current assets | -209,349.02 | | Other non-operating income and expenses | -19,508.34 | | Less: Income tax impact | 1,547,518.10 | | Total | 8,953,049.41 | Management Discussion and Analysis This section provides a comprehensive review of the company's operations, financial condition, and future outlook Overview of Main Business Operations The company primarily engages in the R&D, production, and sales of silicone sealants and silane coupling agents, widely used in construction and industrial sectors, achieving significant growth in industrial adhesives despite macroeconomic challenges and competition in H1 2024, while actively pursuing capacity expansion, digital transformation, and business diversification through a Shanghai subsidiary and the acquisition of Jiahao shares (I) Company's Main Business and Products The company's core business is silicone new materials, with main products including silicone sealants and silane coupling agents, applied in both construction and industrial fields Main Products and Uses | Product Category | Subdivision | Main Uses | | :--- | :--- | :--- | | Silicone Sealant | Construction | Building curtain walls, insulating glass, energy-efficient doors and windows, prefabricated buildings, interior decoration, etc. | | | Industrial | Photovoltaics, electronics and electrical appliances, power, automotive, etc. | | Silane Coupling Agent | - | Key additive in sealants, photovoltaic EVA films, artificial quartz stone, glass fiber, coatings, inks, etc. | (III) Industry Overview and Trends The silicone industry is rapidly developing, supported by national policies and growth in downstream new energy and electronic information sectors, with strong demand from photovoltaics and new energy vehicles driving industrial adhesive market growth despite a slowdown in construction in H1 2024, leading to increased industry concentration and price pressure - Silicone materials are advanced basic materials prioritized for development in national plans like "Made in China 2025"[20] - In the first half of 2024, new photovoltaic installations reached 102.48 GW (up 30.68% YoY), and new energy vehicle production and sales reached 4.929 million and 4.944 million vehicles respectively (up 30.1% and 32% YoY), creating development opportunities for industrial adhesives[21][22] - Industry concentration is increasing, with market share consolidating towards leading enterprises, while competition in areas like silane coupling agents intensifies, leading to declining market prices[21][23] (IV) Key Performance Drivers During the reporting period, revenue decreased by 2.95% and net profit by 23.12% due to lower product prices influenced by low raw material costs and intensified market competition; while construction adhesive revenue declined by 9.77%, industrial adhesive business showed strong performance with a 16.50% increase, driven by 35.49% growth in electronics and electrical adhesives and 45.30% in automotive adhesives Revenue by Business Segment (H1 2024) | Business Segment | Operating Revenue (million RMB) | YoY Growth Rate | | :--- | :--- | :--- | | Construction Adhesives | 698.55 | -9.77% | | Industrial Adhesives | 341.04 | 16.50% | | └ Solar Photovoltaic | 111.09 | -0.98% | | └ Electronics & Electrical | 169.81 | 35.49% | | └ Automotive | 32.37 | 45.30% | | Silane Coupling Agents | 112.70 | 13.22% | (V) Capacity Enhancement and Digital Transformation The company has established a 210,000 tons/year high-end silicone material production capacity, with a 50,000 tons/year silicon-carbon anode material project for lithium batteries currently undergoing equipment installation and commissioning, while also advancing digital factory construction through systems like EAM, WMS, and QCS to enhance lean production and management - The company has built Asia's largest high-end silicone sealant production base, with a 210,000 tons/year production capacity[27][32] - The 50,000 tons/year silicon-carbon anode material and specialized adhesive project for lithium batteries has completed infrastructure and entered the equipment installation and commissioning phase[27] (VI) Investments and Mergers & Acquisitions During the reporting period, the company undertook two significant investment and M&A activities: investing 150 million RMB to establish a subsidiary in Shanghai for an advanced silicone materials R&D and industrialization project, and initiating a cash acquisition of 100% equity in Jiangsu Jiahao Hot Melt Adhesive Co., Ltd. to expand its business scope - The company invested 150 million RMB to establish Guibao (Shanghai) New Material Co., Ltd. in Shanghai, building an R&D center, marketing center, and a 5,000 tons/year production line for electronic and optical encapsulation materials[29] - The company initiated a cash acquisition of 100% equity in Jiangsu Jiahao, a leading hot melt pressure-sensitive adhesive enterprise, with the first closing completed, bringing Jiahao into the company's consolidated financial statements[29] Analysis of Core Competencies The company's core competencies are rooted in its technology, scale, brand, talent, and distribution channels, boasting a national-level technology innovation platform, Asia's leading production capacity, widespread brand recognition, and a diversified sales network spanning nationwide and overseas - Technological Advantage: Possesses a National Enterprise Technology Center, with 331 authorized patents and having led or participated in the formulation of 118 standards as of the end of the reporting period[31] - Scale Advantage: Operates 6 major production bases with a 210,000 tons/year high-end silicone material production capacity, making it the largest in Asia[32] - Brand Advantage: "Guibao" is a well-known Chinese trademark, with products used in key national projects like Beijing Daxing International Airport, and deep collaborations with industry leaders such as Longi, BYD, and CATL[34] - Channel Advantage: Established 7 sales branches nationwide, with over 500 distributors, and products exported to more than 20 countries and regions[37] Analysis of Main Business Operations During the reporting period, the company's operating revenue decreased by 2.95% primarily due to lower product prices, while selling and administrative expenses increased by 19.05% and 37.12% respectively, driven by market expansion and equity incentive costs; industrial adhesive revenue grew by 16.50% with a 1.17% increase in gross margin, contrasting with a 9.77% decline in construction adhesive revenue and a 3.06% decrease in gross margin Major Financial Data Year-on-Year Changes | Item | Current Reporting Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,158,473,630.81 | -2.95% | Due to decrease in sales prices | | Selling Expenses | 58,644,256.14 | 19.05% | Increase in business development and promotional expenses | | Administrative Expenses | 48,956,066.66 | 37.12% | Increase in equity incentive expenses | | Financial Expenses | -6,213,451.16 | -194.71% | Increase in interest income | | Net Cash Flow from Operating Activities | 78,018,654.08 | -58.82% | Decrease in cash receipts | | Net Cash Flow from Investing Activities | -219,753,639.81 | -272.21% | Increase in investment in wealth management products and construction in progress | Performance by Product or Service | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Adhesives | 698,551,612.71 | 544,764,840.85 | 22.02% | -9.77% | -3.06% | | Industrial Adhesives | 341,037,107.78 | 242,927,586.80 | 28.77% | 16.50% | 1.17% | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 3.19 billion RMB, a slight decrease of 0.94% from the beginning of the period, with changes in asset structure including a 29.11% reduction in monetary funds due to dividend distribution and project investments, while accounts receivable and construction in progress increased by 23.58% and 40.09% respectively, with no significant changes on the liability side Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (RMB) | Percentage of Total Assets | Change from Prior Year-end | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 636,804,247.04 | 19.96% | -29.11% | Due to increased dividend distribution, investment in construction in progress, and purchase of wealth management products | | Accounts Receivable | 584,338,968.97 | 18.32% | 23.58% | Due to increase in accounts receivable within customer credit period | | Inventories | 345,883,072.82 | 10.84% | 9.84% | Due to increased reserves of raw materials and inventory goods | | Fixed Assets | 644,696,050.56 | 20.21% | 5.24% | Due to completion and capitalization of "100,000 tons/year High-end Sealant Intelligent Manufacturing Project" | | Construction in Progress | 249,607,382.12 | 7.82% | 40.09% | Due to increased investment in projects such as silicon-carbon anode materials for lithium batteries | Analysis of Investment Status During the reporting period, the company had no new significant equity or non-equity investments, with total raised funds of 840 million RMB and cumulative investment of 511 million RMB; 320 million RMB of remaining raised funds from completed projects were reallocated to partially cover the cash consideration for the acquisition of Jiangsu Jiahao Hot Melt Adhesive Co., Ltd., and the company also utilized 619 million RMB in idle raised funds and自有资金 for entrusted wealth management - The "100,000 tons/year High-end Sealant Intelligent Manufacturing Project" and "National Enterprise Technology Center Expansion Project" have been completed, with 320 million RMB in remaining raised funds[49][52] - The purpose of the remaining raised funds has been changed to partially pay the cash consideration for the acquisition of 100% equity in Jiangsu Jiahao Hot Melt Adhesive Co., Ltd[52] Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Funds | Entrusted Wealth Management Amount (million RMB) | Unmatured Balance (million RMB) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 279 | 80 | | Bank Wealth Management Products | Own Funds | 340 | 120 | | Total | | 619 | 200 | Analysis of Major Holding and Participating Companies During the reporting period, among the major subsidiaries, Guibao New Material and Tuoli Technology were the company's primary profit contributors, achieving net profits of 40.46 million RMB and 15.61 million RMB respectively, while Anhui Guibao incurred a loss with a net profit of -3.99 million RMB, and the company newly established a wholly-owned subsidiary, Guibao (Shanghai) New Material Co., Ltd. Major Subsidiary Operating Performance (million RMB) | Company Name | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Guibao New Material | Silicone Sealant | 527.20 | 45.88 | 40.46 | | Tuoli Technology | Chemical Product Production, Sales | 112.33 | 17.07 | 15.61 | | Anhui Guibao | Silane Coupling Agent | 117.96 | -3.96 | -3.99 | Risks Faced by the Company and Countermeasures The company faces key risks including macroeconomic fluctuations, raw material price volatility, increasing accounts receivable, and new project construction falling short of expectations, which it addresses by strengthening customer credit ratings, ensuring supply chain stability, and forming professional teams to advance projects - The company identified four major risks: macroeconomic fluctuations, raw material price volatility, increasing accounts receivable, and new project construction falling short of expectations[58][59] Corporate Governance This section details the company's governance structure and shareholder meeting activities Information on Annual and Extraordinary General Meetings of Shareholders Held During the Reporting Period During the reporting period, the company convened three shareholder meetings, including one annual general meeting and two extraordinary general meetings, with investor participation rates ranging from 43.99% to 49.06% - In the first half of 2024, a total of 3 shareholder meetings were held, deliberating important proposals such as external investments, annual reports, and the acquisition of Jiangsu Jiahao[63] Environmental and Social Responsibility This section outlines the company's environmental compliance and social responsibility initiatives Significant Environmental Issues The company and some of its subsidiaries are designated as key pollutant-discharging entities, strictly adhering to national environmental regulations during the reporting period, with pollution control facilities operating normally and pollutants discharged in compliance, having also formulated and filed emergency response plans for environmental incidents, achieving a "good" environmental credit rating for 2023, and incurring no administrative penalties for environmental issues - The company and its subsidiaries Guibao New Material, Anhui Guibao, Tuoli Technology, and Meishan Tuoli are listed as key pollutant-discharging entities[65][66] - During the reporting period, the pollution control facilities of the company and its key pollutant-discharging subsidiaries operated normally, with pollutants discharged in compliance and no exceedances occurring[66][67] - To reduce carbon emissions, the company's distributed photovoltaic project has commenced operations[70] Significant Matters This section covers key commitments, major contracts, and other significant corporate events Fulfillment of Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Unfulfilled Commitments as of the End of the Reporting Period During the reporting period, the company and related parties strictly fulfilled various commitments, including those related to equity incentives, share lock-ups, and avoiding horizontal competition, with the non-reduction commitment made by directors, supervisors, senior management, and core personnel completed on April 16, 2024 - The company's controlling shareholder, directors, supervisors, and other related parties are strictly fulfilling commitments regarding avoiding horizontal competition and share lock-ups[71] - The 6-month non-reduction commitment made by the company's directors, supervisors, senior management, and core personnel on October 17, 2023, has been fulfilled[71][73] Major Contracts and Their Performance During the reporting period, the company had no significant contracts related to trusteeship, contracting, or leasing; regarding guarantees, the company provided a total guarantee limit of 130 million RMB for its subsidiaries Guibao New Material and Anhui Guibao, with the actual guarantee balance also at 130 million RMB, representing 5.33% of the company's net assets Guarantees for Subsidiaries | Guaranteed Entity | Guarantee Limit (million RMB) | Actual Guarantee Balance at End of Reporting Period (million RMB) | | :--- | :--- | :--- | | Guibao New Material | 100 | 100 | | Anhui Guibao | 30 | 30 | | Total | 130 | 130 | Explanation of Other Significant Matters During the reporting period, the company advanced two major strategic initiatives: investing 150 million RMB to establish a wholly-owned subsidiary, Guibao (Shanghai) New Material Co., Ltd., for an advanced silicone materials R&D and industrialization project, and initiating a cash acquisition of 100% equity in Jiangsu Jiahao Hot Melt Adhesive Co., Ltd., a leader in the hot melt pressure-sensitive adhesive industry, to optimize its industrial layout, with the first closing already completed - The company invested 150 million RMB to establish a wholly-owned subsidiary in Shanghai, constructing an advanced silicone materials R&D center, marketing center, and a 5,000 tons/year production line for electronic and optical encapsulation materials[89] - The company initiated a cash acquisition of 100% equity in Jiangsu Jiahao Hot Melt Adhesive Co., Ltd., with the first closing completed, bringing Jiahao into the company's consolidated financial statements[90][91] Share Changes and Shareholder Information This section details changes in share capital and provides an overview of the company's shareholder structure Share Capital Changes As of the end of the reporting period, the company's total share capital was 391,064,700 shares, remaining unchanged during the period, while restricted shares decreased by 6,000 shares due to changes in senior management quotas, with a corresponding increase in unrestricted shares - As of the end of the reporting period, the company's total share capital was 391,064,700 shares, consistent with the beginning of the period[93] Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 31,736 common shareholders, with the top four being Sichuan Development Leading Capital Management Co., Ltd., Guo Dimin, Wang Youzhi, and Yang Limei, each holding over 5% of shares, and Wang Youzhi, Guo Dimin, and Guo Bin acting in concert Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Sichuan Development Leading Capital Management Co., Ltd. | State-owned Legal Person | 15.21% | 59,495,109 | | Guo Dimin | Domestic Natural Person | 10.63% | 41,580,472 | | Wang Youzhi | Domestic Natural Person | 8.14% | 31,835,825 | | Yang Limei | Domestic Natural Person | 7.87% | 30,771,360 | | Wang Youhua | Domestic Natural Person | 2.95% | 11,535,100 | | Li Buchun | Domestic Natural Person | 2.84% | 11,100,000 | | Yang Liru | Domestic Natural Person | 1.87% | 7,313,335 | | National Social Security Fund 413 Portfolio | Other | 1.61% | 6,310,153 | | Cai Yunqian | Domestic Natural Person | 1.02% | 3,987,914 | | SAIC Qizhen...Private Securities Investment Fund | Other | 0.90% | 3,511,806 | - Shareholders Wang Youzhi, Guo Dimin, and Guo Bin are parties acting in concert; Yang Limei and Yang Liru are parties acting in concert[96] Preferred Shares Information This section confirms the absence of preferred shares within the company's capital structure Preferred Shares Information The company had no preferred shares during the reporting period Bond Information This section confirms the absence of bond-related activities for the reporting period Bond Information The company had no bond-related information during the reporting period Financial Report This section presents the company's financial statements and related notes for the reporting period Audit Report The company's 2024 semi-annual financial report was unaudited Financial Statements As of June 30, 2024, the company's total assets were 3.19 billion RMB, total liabilities were 752.21 million RMB, and owners' equity attributable to the parent company was 2.438 billion RMB, with operating revenue of 1.158 billion RMB and net profit of 101.70 million RMB for the first half of 2024 Consolidated Balance Sheet Summary (June 30, 2024) | Item | Period-end Balance (RMB) | | :--- | :--- | | Total Current Assets | 1,968,506,314.73 | | Total Non-current Assets | 1,221,620,649.43 | | Total Assets | 3,190,126,964.16 | | Total Current Liabilities | 700,573,017.51 | | Total Non-current Liabilities | 51,641,063.81 | | Total Liabilities | 752,214,081.32 | | Total Owners' Equity Attributable to Parent Company | 2,437,912,882.84 | | Total Owners' Equity | 2,437,912,882.84 | Consolidated Income Statement Summary (H1 2024) | Item | H1 2024 (RMB) | | :--- | :--- | | I. Total Operating Revenue | 1,158,473,630.81 | | II. Total Operating Costs | 1,054,999,904.73 | | III. Operating Profit | 114,235,042.38 | | IV. Total Profit | 113,991,861.47 | | V. Net Profit | 101,700,176.46 | | Net Profit Attributable to Parent Company Shareholders | 101,700,176.46 | Notes to Consolidated Financial Statements This section provides detailed explanations of key items in the consolidated financial statements, including monetary funds of 636.80 million RMB at period-end (26.33 million RMB restricted), accounts receivable increasing to 584.34 million RMB with a 68.65 million RMB provision for bad debts, construction in progress significantly rising to 249.61 million RMB primarily due to investments in lithium battery silicon-carbon anode material projects, and goodwill with an original book value of 49.16 million RMB and an impairment provision of 4.59 million RMB