一诺威(834261) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides important notices, the table of contents, and defines key terms used throughout the report Important Notice The company's management guarantees the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions, and confirms no delisting risks - The company's directors, supervisors, and senior management ensure the report's content is true, accurate, and complete, assuming corresponding legal responsibilities[3] - This semi-annual report has not been audited by an accounting firm[3][4] - The company confirms there are no delisting risks[5] Definitions This chapter defines key terms used in the report, including abbreviations for the company and its subsidiaries, regulatory bodies, the reporting period (January 1 to June 30, 2024), and professional chemical abbreviations related to the polyurethane industry - The reporting period is defined as January 1, 2024, to June 30, 2024[6] - Key definitions for the company's main subsidiaries and critical chemical raw materials (e.g., EO, PO, MDI, TDI, PPG, AA) are clarified[6] Section II Company Profile This section provides an overview of the company's basic information, including its stock code, main business, and controlling shareholder Basic Information Shandong Inov Polyurethane Co., Ltd. (stock code: 834261) is a chemical raw material and product manufacturing enterprise listed on the Beijing Stock Exchange, primarily engaged in R&D, production, and sales of polyurethane raw materials and EO, PO downstream derivatives, with Xu Jun as the controlling shareholder and actual controller Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Inov (834261) | | Company Full Name | Shandong Inov Polyurethane Co., Ltd. | | Listing Exchange | Beijing Stock Exchange | | Listing Date | April 3, 2023 | | Main Business | R&D, production, and sales of polyurethane raw materials and EO, PO downstream derivatives | | Total Share Capital | 291,132,748 shares | | Controlling Shareholder/Actual Controller | Xu Jun | Section III Accounting Data and Operating Performance This section presents the company's key financial data, operating results, and a review of its business performance during the reporting period Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 3.318 billion Yuan, a 10.17% year-on-year increase, and net profit attributable to the parent company of 72.325 million Yuan, a 24.45% increase, despite a decrease in gross profit margin from 7.09% to 5.71%, while net cash flow from operating activities significantly decreased by 73.68% Profitability Indicators (H1 2024) | Indicator | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 3,318,178,235.65 | 3,011,866,932.90 | 10.17% | | Net Profit Attributable to Parent Company (Yuan) | 72,325,040.88 | 58,114,683.76 | 24.45% | | Net Profit Attributable to Parent Company (Excluding Non-Recurring Items) (Yuan) | 65,134,072.79 | 52,548,865.16 | 23.95% | | Gross Profit Margin (%) | 5.71% | 7.09% | - | | Basic Earnings Per Share (EPS) (Yuan) | 0.25 | 0.19 | 31.58% | Solvency and Operating Capability Indicators | Indicator | End of Current Period/Current Period | End of Prior Period/Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 2,372,962,246.76 | 2,314,620,499.29 | 2.52% | | Asset-Liability Ratio (Consolidated, %) | 39.61% | 37.79% | - | | Net Cash Flow from Operating Activities (Yuan) | 13,390,299.53 | 50,878,783.91 | -73.68% | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's net non-recurring gains and losses amounted to 7.191 million Yuan, primarily from government grants of 8.170 million Yuan recognized in current profit or loss Non-Recurring Gains and Losses (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Government Grants | 8,169,732.92 | | Gains/Losses from Disposal of Non-Current Assets | -245,891.54 | | Other Non-Operating Income/Expenses | 213,007.42 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held for Trading | 317,849.92 | | Total Non-Recurring Gains and Losses | 8,454,698.72 | | Less: Income Tax Impact | 1,263,730.63 | | Net Non-Recurring Gains and Losses | 7,190,968.09 | Business Overview The company is a professional manufacturer of polyurethane raw materials and EO, PO downstream derivatives, with products widely used in light industry, construction, machinery, and other sectors, operating on a "production based on sales, payment in advance" model, focusing on direct sales in domestic markets while actively expanding internationally, and possessing strong independent R&D capabilities with 520 authorized invention patents and participation in drafting 28 national standards - The company's core business is the R&D, production, and sales of polyurethane raw materials and EO, PO downstream derivatives[17] - The core business model is "production based on sales, payment in advance," effectively controlling operational risks[17] - The company boasts strong technical capabilities, holding 520 invention patents and participating in the formulation of numerous national and industry standards[17][20] - The company and several subsidiaries are recognized as national or provincial "Specialized, Refined, Unique, and Innovative" enterprises, and have received national "Individual Champion" and "High-Tech Enterprise" certifications[18][19] Operating Performance Review In the first half of 2024, the company focused on its main business, leveraging its industrial chain advantages to achieve growth in both revenue and profit, with total assets reaching 2.373 billion Yuan, operating revenue of 3.318 billion Yuan (a 10.17% year-on-year increase), and net profit of 72.325 million Yuan (a 24.45% year-on-year increase), steadily enhancing its development momentum through quality improvement, cost reduction, efficiency enhancement, and new product/technology deployment, despite the overall low-profit environment in the chemical industry 2024 H1 Operating Performance | Indicator | Amount (billion Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 3.318 | 10.17% | | Operating Profit | 0.086 | 23.70% | | Net Profit | 0.072 | 24.45% | - The company continuously increased R&D investment, accumulating 520 authorized invention patents and leading or participating in drafting 28 national standards as of the end of the reporting period[20] - At the industry level, industrial upgrading and concentration enhancement under the carbon neutrality backdrop are key themes, with policy support bringing development opportunities for the polyurethane industry[21] Operating Performance Analysis During the reporting period, the company's operating revenue increased by 10.17% year-on-year, primarily driven by a 15.97% growth in main business revenue, with significant increases in polyurethane elastomers and EO, PO downstream derivatives revenue by 28.13% and 38.95% respectively, while domestic revenue grew by 17.79% and international revenue decreased by 8.34%, and positive changes in financial expenses, credit impairment losses, investment income, and fair value change gains collectively contributed to the growth in operating profit Revenue Composition by Product Category (H1 2024) | Product Category | Operating Revenue (Yuan) | YoY Revenue Change | | :--- | :--- | :--- | | Polyurethane Elastomers | 1,157,642,058.17 | 28.13% | | Polyester/Polyether Polyols and Blended Polyols | 1,264,046,238.52 | 4.12% | | EO, PO Downstream Derivatives | 206,885,412.48 | 38.95% | | Other Business Income | 689,584,539.05 | -7.46% | Revenue Composition by Region (H1 2024) | Region | Operating Revenue (Yuan) | YoY Revenue Change | | :--- | :--- | :--- | | Domestic | 2,513,045,195.37 | 17.79% | | International | 805,133,040.28 | -8.34% | - Several profit and loss items showed significant positive changes: financial expenses decreased by 68.07% due to increased exchange gains; investment income increased by 86.81% due to reduced losses from foreign exchange derivative business; and fair value change gains turned positive from negative, increasing by 102.15%, due to fair value adjustments of foreign exchange derivatives[26] Cash Flow Status During the reporting period, the company's net cash flow from operating activities was 13.390 million Yuan, a significant 73.68% year-on-year decrease, primarily due to increased inventories, decreased contract liabilities, and a higher proportion of bank acceptance bill settlements, while net cash flow from investing activities turned positive with a 294.10% increase mainly from the recovery of matured wealth management products, and net cash flow from financing activities showed a substantial outflow, decreasing by 131.30% year-on-year, mainly due to the inflow of public offering funds in the prior period Major Cash Flow Statement Items (H1 2024) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 13,390,299.53 | 50,878,783.91 | -73.68% | | Net Cash Flow from Investing Activities | 37,539,186.69 | -19,340,256.70 | 294.10% | | Net Cash Flow from Financing Activities | -86,312,690.44 | 275,717,413.19 | -131.30% | - The decrease in operating cash flow was mainly influenced by changes in working capital, including an increase in inventories by 79.825 million Yuan and a decrease in contract liabilities by 22.845 million Yuan[31] Analysis of Major Holding and Associate Companies The company's major holding subsidiaries all achieved profitability, with Inov New Materials, a core subsidiary, reporting a net profit of 16.224 million Yuan and Dongda Chemical achieving a net profit of 10.633 million Yuan during the reporting period, as each subsidiary contributed to the company's overall performance through synergistic development in areas such as blended polyols and specialty polyether monomers Major Holding Subsidiary Operating Performance (H1 2024) | Company Name | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Inov New Materials | 359,882,083.15 | 1,022,794,983.29 | 16,224,412.48 | | Dongda Chemical | 166,997,276.22 | 388,718,343.68 | 10,632,921.26 | | Dongda Polyurethane | 125,830,924.05 | 275,036,523.05 | 6,492,248.87 | Corporate Social Responsibility The company actively fulfills its social responsibilities, emphasizing safety, quality, environmental, and occupational health management while operating legally and compliantly, participating in various social welfare and charitable activities during the reporting period, and promoting green sustainable development by advancing cleaner production, constructing regenerative thermal oxidizers for ultra-low VOC emissions, and conducting environmental training - The company actively participates in social welfare and charitable initiatives, including targeted assistance and donations[34] - In environmental protection, the company vigorously promotes cleaner production audits and invests in environmental facilities such as Regenerative Thermal Oxidizers (RTO) to achieve ultra-low waste gas emissions, moving towards a "zero" emission goal[35] Company Risks and Countermeasures The company faces key risks including product technology upgrades, raw material price fluctuations, exchange rate volatility, changes in tax incentive policies, and production safety and environmental protection risks, which it actively addresses through continuous R&D investment, annual contracts with suppliers, optimized procurement channels, financial tools to mitigate exchange rate risk, and enhanced safety and environmental management - Product technology upgrade risk: The countermeasure is continuous R&D investment, leveraging the postdoctoral research workstation and collaborations with universities to maintain technological leadership[36] - Raw material price fluctuation risk: Addressed by signing annual contracts with leading suppliers, adjusting procurement through import/export channels, and improving processes for cost reduction and efficiency gains[36][37] - Exchange rate fluctuation risk: Mitigated by choosing USD or RMB settlement and timely foreign exchange settlement[37] - Production safety and environmental protection risk: Managed through company-wide safety management, increased investment in environmental facilities, and implementation of cleaner production measures[37][38] Section IV Significant Events This section details significant events during the reporting period, including litigation, fund occupation, and assets with restricted rights Details of Significant Events During the reporting period, the company had no significant litigation or arbitration matters, nor any instances of shareholders or their related parties occupying company funds, while certain assets had restricted rights, primarily for bank loan mortgages and acceptance bill margins/pledges, totaling 339 million Yuan in book value, representing 14.27% of total assets, with no adverse impact on the company - During the reporting period, the company had no significant litigation or arbitration matters, nor any instances of shareholders or their related parties occupying company funds or assets[40] Assets with Restricted Rights | Asset Name | Type of Restriction | Book Value (Yuan) | % of Total Assets | Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | Frozen | 2,922,611.76 | 0.12% | Acceptance Bill Margin | | Notes Receivable | Pledged/Endorsed | 236,976,208.07 | 9.98% | Pledged for Issuance/Endorsed for Payment | | Fixed Assets | Mortgaged | 76,688,927.31 | 3.23% | Mortgage Loan | | Intangible Assets | Mortgaged | 22,064,562.93 | 0.93% | Mortgage Loan | | Total | - | 338,652,310.07 | 14.27% | - | Section V Share Changes and Financing This section outlines changes in the company's common stock capital structure and the utilization of raised funds Common Stock Capital Structure As of the end of the reporting period, the company's total share capital was 291,132,748 shares, with no changes in its capital structure, where unrestricted shares accounted for 43.65% and restricted shares for 56.35%, and controlling shareholder Xu Jun held 39.79%, with the top ten shareholders collectively holding 65.66% Share Capital Structure (as of June 30, 2024) | Share Nature | Quantity (shares) | Proportion (%) | | :--- | :--- | :--- | | Unrestricted Shares | 127,076,933 | 43.65% | | Restricted Shares | 164,055,815 | 56.35% | | Total Share Capital | 291,132,748 | 100.00% | Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Proportion (%) | | :--- | :--- | :--- | | Xu Jun | 115,843,039 | 39.79% | | Li Jian | 32,480,034 | 11.16% | | Shanghai Haoxin Venture Capital Enterprise | 20,645,160 | 7.09% | Issuance of Common Stock and Use of Raised Funds During the Reporting Period During the reporting period, the company invested 18.1375 million Yuan of raised funds into fund-raising investment projects, with cumulative investment reaching 102 million Yuan as of June 30, 2024, leaving a remaining balance of 160 million Yuan, of which 50 million Yuan is used for cash management - As of June 30, 2024, the net amount of publicly raised funds was 287 million Yuan[46] - Cumulative investment in fund-raising investment projects reached 102 million Yuan, with 160 million Yuan remaining unused at period-end, of which 50 million Yuan was used to purchase wealth management products[45][46][47] Section VI Changes in Directors, Supervisors, Senior Management, and Core Employees This section reports on personnel changes within the board of directors, supervisory board, senior management, and core employee team Information on Directors, Supervisors, and Senior Management During the reporting period, the company's board of directors experienced changes, with Mr. Dong Jianguo resigning as director and deputy general manager due to personal reasons, and Mr. Zhu Desheng resigning as independent director due to serving on more than three boards, while Mr. Gao Zhensheng and Mr. Niu Fugang were elected as directors, and Mr. Wu Hengguang as independent director, with key positions such as chairman, general manager, board secretary, and chief financial officer remaining unchanged - During the reporting period, the company's core management, including Chairman Xu Jun and General Manager Li Jian, remained stable[48][51] - The board of directors saw changes: Dong Jianguo (director, deputy general manager) and Zhu Desheng (independent director) departed; Gao Zhensheng and Niu Fugang were newly appointed as directors, and Wu Hengguang as independent director[52][53] Employee Information As of the end of the reporting period, the company and its holding subsidiaries had 1,162 employees, a decrease of 66 from the beginning of the period, including a reduction of 29 R&D personnel to 118, and a decrease of 1 core employee to 45, primarily due to retirement, which had no significant impact on the company's operations Employee Structure Changes | By Job Nature | Number at Beginning of Period | Number at End of Period | | :--- | :--- | :--- | | Management Personnel | 195 | 226 | | Production Personnel | 625 | 577 | | Sales Personnel | 233 | 213 | | R&D Personnel | 147 | 118 | | Financial Personnel | 28 | 28 | | Total Employees | 1,228 | 1,162 | - Core employees decreased from 46 at the beginning of the period to 45, with the change attributed to the retirement of one core employee[57] Section VII Financial Accounting Report This section contains the company's unaudited financial statements and detailed notes, providing a comprehensive view of its financial position and performance Financial Statements This chapter provides the unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in shareholders' equity, with detailed financial data analysis presented in "Section III Accounting Data and Operating Performance" - Consolidated and parent company balance sheets as of June 30, 2024, are provided[59][62] - Consolidated and parent company income statements for January-June 2024 are provided[65][67] - Consolidated and parent company cash flow statements for January-June 2024 are provided[69][71] Notes to Financial Statements The notes to the financial statements detail the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, taxation, and specific details of major items in the consolidated financial statements, with no significant changes in accounting policies or estimates during the reporting period, and also disclose important information such as related party relationships, commitments and contingencies, and post-balance sheet events - During the reporting period, the company implemented the 2023 annual equity distribution, distributing a cash dividend of 3 Yuan (tax inclusive) per 10 shares based on 282,688,556 shares after deducting repurchased shares, totaling 84,806,566.80 Yuan[83] - The company and several subsidiaries are recognized as high-tech enterprises, enjoying a 15% corporate income tax preferential rate[119] - The notes provide detailed breakdowns and changes for key financial statement items such as accounts receivable, inventories, fixed assets, construction in progress, borrowings, and accounts payable[126][137][141] Section VIII List of Documents for Reference This section lists all official documents available for public inspection, including signed financial statements and disclosed announcements List of Documents for Reference This chapter lists the documents available for reference, including financial statements signed and sealed by the company's responsible person and chief accountant, as well as originals of all publicly disclosed documents and announcements during the reporting period, which are kept at the company's Board Secretary Office - Documents for reference include financial statements signed by management and all publicly disclosed documents from the reporting period[223]