辰安科技(300523) - 2024 Q2 - 季度财报

Important Notice, Table of Contents and Definitions Company Profile and Key Financial Indicators Company Profile This chapter provides basic company information, including stock abbreviation 'Chenan Technology', stock code '300523', and the company's full Chinese and English names, and legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | 辰安科技 | | Stock Code | 300523 | | Listing Exchange | 深圳证券交易所 | | Chinese Name | 北京辰安科技股份有限公司 | | Legal Representative | 郑家升 | Key Accounting Data and Financial Indicators During the reporting period, the company's performance significantly declined, with operating revenue decreasing by 47.08% year-over-year, and net profit attributable to shareholders turning from profit to loss, down 434.58% year-over-year; net cash flow from operating activities, though still negative, improved by a 28.31% reduction in outflow compared to the prior year, while total assets and net assets slightly decreased from the end of the previous year H1 2024 Key Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 435,776,552.94 | 823,424,343.65 | -47.08% | | Net Profit Attributable to Parent Company Shareholders (Yuan) | -117,305,802.05 | 35,060,190.74 | -434.58% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Gains and Losses) (Yuan) | -127,215,615.80 | 30,910,319.58 | -511.56% | | Net Cash Flow from Operating Activities (Yuan) | -184,621,027.39 | -257,538,340.24 | 28.31% | | Basic EPS (Yuan/share) | -0.50 | 0.15 | -433.33% | | Weighted Average ROE (%) | -8.04% | 2.42% | -10.46% | | Indicator | Current Period End | Prior Year End | YoY Change | | Total Assets (Yuan) | 4,125,662,668.08 | 4,267,611,776.13 | -3.33% | | Net Assets Attributable to Parent Company Shareholders (Yuan) | 1,399,878,255.58 | 1,517,722,730.84 | -7.76% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 9.91 million Yuan, primarily from government subsidies (7.45 million Yuan) and other items like VAT additional deductions and individual income tax handling fee refunds (2.73 million Yuan) Non-recurring Gains and Losses Items | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Government subsidies included in current profit/loss | 7,447,584.09 | Primarily due to receipt of 2024 central government funds for local science and technology development from Anhui Provincial Department of Science and Technology | | Other income/loss items meeting the definition of non-recurring gains and losses | 2,727,580.16 | Primarily due to VAT additional deductions and individual income tax handling fee refunds | | Disposal gains/losses on non-current assets | 613,702.15 | - | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,338,906.17 | - | | Total | 9,909,813.75 | - | Management Discussion and Analysis Main Businesses Engaged by the Company During the Reporting Period The company focuses on public safety and emergency management, with core businesses spanning urban safety, emergency management, equipment and fire protection, consumer business, and overseas public safety; despite significant market expansion and a nearly 60% year-over-year increase in contract value in the first half, revenue and profit declined due to project delays, seasonality, and fixed investments, while the company continued to advance technological innovation, launching the 'Star-Chens' public safety industry large model - The company's main business focuses on public safety and emergency management, covering five major areas: urban safety, emergency management, equipment and fire protection, consumer business, and overseas public safety[18] - Benefiting from major policies like the trillion-yuan special treasury bonds and equipment upgrades, the company achieved significant market expansion in the first half of 2024, with contract value growing by nearly 60% year-over-year[18] - Despite significant growth in contract value, operating revenue and profit in the first half of 2024 decreased year-over-year due to project delays, seasonal factors, and fixed investments in market expansion and technological innovation[18] - The company achieved significant results in technological innovation, jointly releasing the 'Star-Chens' public safety industry large model with China Telecom AI Technology Co., Ltd., and enabling product and solution upgrades across multiple business areas[23] Analysis of Core Competencies The company's core competencies include strong scientific and technological capabilities backed by Tsinghua University, active participation in national emergency platform construction and major event security, a comprehensive product ecosystem from urban safety to consumer products, and extensive market coverage with numerous successful case applications, fostering strong brand influence - The company is a technology commercialization entity of Tsinghua University in the public safety sector, leveraging its joint research institute for strong scientific research capabilities, having won multiple national-level science and technology awards, and leading the development of 14 national, industry, and local standards[36] - The company is deeply involved in the construction of the national emergency platform system, with its 'Emergency Command Map' system providing critical technical support in numerous major disaster relief efforts and ensuring security for major events like the Beijing Olympics, Winter Olympics, and G20 Summit[37][38] - The company's business covers 32 provinces and over 300 prefecture-level cities and counties domestically, and more than 30 countries and regions internationally, with numerous benchmark projects in urban lifeline and emergency management[40] Analysis of Main Business During the reporting period, the company's main business financial indicators showed significant year-over-year changes due to project recognition progress, with operating revenue decreasing by 47.08% and operating costs by 43.65%; all major business segments experienced revenue declines, notably equipment and fire protection down 58.17% with a 21.18 percentage point drop in gross margin, while emergency management revenue fell 55.83% but its gross margin increased by 15.47 percentage points Key Financial Data Year-over-Year Changes | Item | Current Period | Prior Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 435,776,552.94 | 823,424,343.65 | -47.08% | Primarily due to fewer projects meeting revenue recognition conditions compared to the prior period | | Operating Cost | 276,858,584.47 | 491,279,235.07 | -43.65% | Corresponding reduction in cost recognition | | Financial Expenses | 10,513,947.56 | 14,977,360.04 | -29.80% | - | | Income Tax Expense | -10,514,908.57 | 1,702,528.24 | -717.61% | Primarily due to reduced profit in the current period, leading to lower income tax accrual | | Net Cash Flow from Investing Activities | -15,131,249.84 | 33,295,208.41 | -145.45% | Primarily due to the purchase of structured deposits in the current period | | Net Cash Flow from Financing Activities | 112,684,341.51 | 83,830,805.18 | 34.42% | Primarily due to an increase in short-term borrowings in the current period | Segment Performance by Product or Service (Over 10% of Revenue) | Product/Service Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Operating Revenue YoY Change (%) | Operating Cost YoY Change (%) | Gross Margin YoY Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Urban Safety | 171,868,068.48 | 113,012,453.78 | 34.24% | -35.38% | -24.49% | -9.49% | | Emergency Management | 83,800,995.11 | 42,384,573.38 | 49.42% | -55.83% | -66.18% | 15.47% | | Equipment and Fire Protection | 109,108,930.65 | 74,646,997.36 | 31.58% | -58.17% | -39.43% | -21.18% | Analysis of Assets and Liabilities At the end of the reporting period, total assets were 4.13 billion Yuan, a 3.33% decrease from the prior year-end, with no significant change in asset composition; accounts receivable remained the largest asset at 45.40%, and 47.06 million Yuan in assets were restricted, primarily for bank guarantees and pledged notes and accounts receivable - During the reporting period, there were no significant changes in the company's asset composition; accounts receivable, inventories, and cash and cash equivalents were the main assets, accounting for 45.40%, 9.62%, and 16.28% of total assets, respectively[47] Asset Rights Restrictions at Period End | Item | Period-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 38,506,704.30 | Guarantees, bank acceptance bill deposits, etc | | Notes Receivable | 2,712,699.51 | Not derecognized due to endorsement or discounting before maturity | | Accounts Receivable | 5,842,500.00 | Used for bank pledge | | Total | 47,061,903.81 | -- | Analysis of Investment Status During the reporting period, the company's investment amounted to 0.92 million Yuan, a 100% year-over-year increase; the 'Smart Fire Integrated Cloud Service Platform Project', with a total raised capital of 151.59 million Yuan, has seen cumulative investment of 140.00 million Yuan (92.36% progress), achieved its intended usable state by end of 2023, generated cumulative benefits of 110.29 million Yuan, and the remaining 14.66 million Yuan in raised funds has been permanently used to supplement working capital Committed Fundraising Project Status | Project Name | Committed Investment (10k Yuan) | Cumulative Investment at Period End (10k Yuan) | Investment Progress (%) | Benefits Realized Current Period (10k Yuan) | Cumulative Benefits Realized (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Fire Integrated Cloud Service Platform Project | 15,158.89 | 14,000.29 | 92.36% | 362.04 | 11,028.87 | - The company's fundraising project, 'Smart Fire Integrated Cloud Service Platform Project', has been completed, and the remaining 14.66 million Yuan (including interest) has been permanently used to supplement the working capital of the company and its subsidiary Keda Li'an[56] Analysis of Major Holding and Participating Companies During the reporting period, among major subsidiaries, Hefei ZeZhong Urban Intelligent Technology Co., Ltd. achieved a net profit of 6.89 million Yuan, Hefei Keda Li'an Safety Technology Co., Ltd. a net profit of 2.95 million Yuan, while Beijing Chenan Information Technology Co., Ltd. incurred a loss of 12.13 million Yuan; the company also established Chenan (Cangzhou) Urban Intelligent Technology Co., Ltd. and liquidated Beijing Chenan Weiye Technology Co., Ltd Major Subsidiary Operating Performance | Company Name | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | 合肥泽众城市智能科技有限公司 | 158,892,610.09 | 6,239,891.59 | 6,885,517.35 | | 合肥科大立安安全技术有限责任公司 | 111,911,817.40 | 359,485.30 | 2,946,246.01 | | 北京辰安信息科技有限公司 | 21,894,627.28 | -12,886,203.56 | -12,133,949.55 | Risks Faced by the Company and Countermeasures The company faces key risks including industry policy adjustments, new business development, changes in overseas political and economic situations, seasonal revenue fluctuations, commercialization of R&D outcomes, increasing accounts receivable, operational management and human resources challenges, and intellectual property risks; the company plans to mitigate these through close market monitoring, prudent decision-making, enhanced risk assessment and control, and optimized management and talent incentive systems - The company faces risks including: - Industry Policy Adjustment Risk: Domestic business is highly correlated with government policies and investments[64] - New Business Development Risk: Judgments on new markets may be inaccurate[65] - Overseas Business Risk: Changes in political and economic situations in overseas countries may affect project execution[66] - Seasonal Revenue Fluctuation Risk: Revenue is primarily concentrated in the second half of the year, especially the fourth quarter[68] - R&D Commercialization Risk: R&D investments may not generate operating income as expected[69] - Increasing Accounts Receivable Risk: Expanding business scale may lead to higher accounts receivable and potential bad debts[70] - Operational Management and Human Resources Risk: Business development demands higher requirements for management and talent[71] - Intellectual Property Risk: Risks of intellectual property disputes and infringement exist[72] Corporate Governance Changes in Senior Management During the reporting period, Director Fan Weicheng and Vice President Wang Ping resigned, and Liu Yong was appointed as the Executive Vice President Senior Management Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | 范维澄 | 董事 | Resignation | 2024年04月19日 | Resigned due to relevant management policies and requirements of the Chinese Academy of Engineering | | 刘勇 | 常务副总裁 | Appointment | 2024年04月19日 | Appointed by the Board of Directors | | 王萍 | 副总裁 | Resignation | 2024年04月19日 | Resigned due to reaching statutory retirement age | Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the 2024 half-year period - The company plans no profit distribution for the half-year period, including no cash dividends, no bonus shares, and no capital reserve conversions to share capital[75] Environmental and Social Responsibility Significant Environmental Issues The company and its subsidiaries are not classified as key polluting entities by environmental protection authorities and received no environmental administrative penalties during the reporting period - The company and its subsidiaries are not classified as key polluting entities, and there were no environment-related administrative penalties during the reporting period[78] Significant Matters Significant Related Party Transactions During the reporting period, the company engaged in ordinary course related party transactions, including approximately 14.00 million Yuan in purchases from China Telecom Group and Urban Lifeline Industry Development Group, and 52.18 million Yuan in sales to China Telecom Group, representing 11.97% of similar transactions; the company also held deposits and loans with China Telecom Group Finance Co., Ltd Related Party Transactions in Ordinary Course of Business | Related Party | Related Party Transaction Type | Transaction Amount (10k Yuan) | Percentage of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | 中国电信集团有限公司 | Purchase of Goods, Acceptance of Services | 720.92 | 3.23% | | 城市生命线产业发展集团 | Purchase of Goods, Acceptance of Services | 569.66 | 2.55% | | 清华大学 | Purchase of Goods, Acceptance of Services | 114.62 | 0.51% | | 中国电信集团有限公司 | Sale of Goods, Provision of Services | 5,217.99 | 11.97% | | 天泽智联科技股份公司 | Sale of Goods, Provision of Services | 355.90 | 0.82% | - The company has financial dealings with China Telecom Group Finance Co., Ltd.; as of the period-end, deposit balance was 33.86 million Yuan, and loan balance was 28.66 million Yuan[89] Significant Contracts and Their Performance During the reporting period, the company provided multiple guarantees for its subsidiary Beijing Chenan Information Technology Co., Ltd., with an outstanding guarantee balance of 36.99 million Yuan at period-end; the report also disclosed several ongoing significant project contracts, primarily urban lifeline safety engineering projects undertaken by Hefei ZeZhong and its subsidiaries in various cities, with most projects either accepted or undergoing final account audits - As of the end of the reporting period, the company's total outstanding guarantees for its subsidiaries amounted to 36.99 million Yuan, representing 2.64% of the company's net assets[97][98] - The company disclosed several significant urban lifeline engineering contracts undertaken by its subsidiaries (primarily the 'ZeZhong' series companies in various locations), with contract values ranging from tens of millions to hundreds of millions of Yuan; most projects have been accepted or are undergoing final account audits[100][101][102] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital of 232,637,638 shares remained unchanged, with minor structural adjustments due to directors' resignation leading to 90,659 shares being converted to restricted shares and a corresponding decrease in unrestricted shares - During the reporting period, total share capital remained unchanged, with share changes resulting from restricted share regulations following the resignation of directors, supervisors, and senior management[110] Number of Shareholders and Shareholding As of the end of the reporting period, the company had 13,911 common shareholders; the top two shareholders were China Telecom Group Investment Co., Ltd. (18.68% stake) and Xuanyuan Group Industrial Development Co., Ltd. (12.05% stake); the controlling shareholder, Telecom Investment, and its concerted party, Tianfu Qingyuan Holding Co., Ltd., collectively held 26.84% of the company's shares Top Ten Shareholders' Shareholding | Shareholder Name | Nature | Shareholding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | 中国电信集团投资有限公司 | State-owned Legal Person | 18.68% | 43,459,615 | | 轩辕集团实业开发有限责任公司 | Domestic Non-state-owned Legal Person | 12.05% | 28,022,881 | | 天府清源控股有限公司 | State-owned Legal Person | 8.16% | 18,975,126 | | 上海瑞为铁道科技有限公司 | Domestic Non-state-owned Legal Person | 6.27% | 14,580,000 | | 上海谦璞投资管理有限公司 | Other | 5.19% | 12,079,500 | - The controlling shareholder, Telecom Investment (holding 18.68%), and Tianfu Qingyuan (holding 8.16%) are concerted parties[114] Preferred Shares Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[120] Bonds Bonds The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[121] Financial Report Financial Statements This semi-annual financial report is unaudited; as of June 30, 2024, total assets were 4.13 billion Yuan, total liabilities 2.44 billion Yuan, and owners' equity attributable to the parent company 1.40 billion Yuan; for the first half of 2024, operating revenue was 435.78 million Yuan, a 47.08% year-over-year decrease, with a net loss of 119.22 million Yuan, including a net loss attributable to the parent company of 117.31 million Yuan, turning from profit to loss year-over-year; net cash flow from operating activities was -184.62 million Yuan, a reduced net outflow compared to the prior year Consolidated Balance Sheet | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 3,416,051,715.20 | 3,550,916,882.02 | | Including: Cash and Cash Equivalents | 671,601,420.19 | 749,477,809.09 | | Accounts Receivable | 1,873,133,692.27 | 2,132,060,012.23 | | Inventories | 396,747,118.16 | 314,875,438.90 | | Total Non-current Assets | 709,610,952.88 | 716,694,894.11 | | Total Assets | 4,125,662,668.08 | 4,267,611,776.13 | | Total Current Liabilities | 2,366,972,274.42 | 2,374,138,899.43 | | Including: Short-term Borrowings | 809,762,665.80 | 683,184,787.79 | | Accounts Payable | 1,221,296,632.51 | 1,264,546,117.29 | | Total Non-current Liabilities | 70,215,804.16 | 86,071,668.76 | | Total Liabilities | 2,437,188,078.58 | 2,460,210,568.19 | | Total Owners' Equity Attributable to Parent Company | 1,399,878,255.58 | 1,517,722,730.84 | | Total Owners' Equity | 1,688,474,589.50 | 1,807,401,207.94 | Consolidated Income Statement | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 435,776,552.94 | 823,424,343.65 | | Less: Total Operating Costs | 577,412,741.25 | 789,348,973.41 | | Including: Operating Costs | 276,858,584.47 | 491,279,235.07 | | R&D Expenses | 83,192,425.13 | 66,346,803.36 | | III. Operating Profit | -129,211,268.66 | 53,924,006.03 | | IV. Total Profit | -129,730,777.97 | 53,677,242.36 | | Less: Income Tax Expense | -10,514,908.57 | 1,702,528.24 | | V. Net Profit | -119,215,869.40 | 51,974,714.12 | | Net Profit Attributable to Parent Company Shareholders | -117,305,802.05 | 35,060,190.74 | | Minority Interest Income/Loss | -1,910,067.35 | 16,914,523.38 | Consolidated Cash Flow Statement | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -184,621,027.39 | -257,538,340.24 | | Net Cash Flow from Investing Activities | -15,131,249.84 | 33,295,208.41 | | Net Cash Flow from Financing Activities | 112,684,341.51 | 83,830,805.18 | | Net Increase in Cash and Cash Equivalents | -86,881,557.33 | -130,017,463.73 |