安集科技(688019) - 2024 Q2 - 季度财报

Section I. Definitions Section II. Company Profile and Key Financial Indicators I. Company Overview This section provides Anji Microelectronics Technology (Shanghai) Co., Ltd.'s basic corporate information, including company names, legal representative, registered address, website, and contact details Company Basic Information | Item | Information | | :--- | :--- | | Company Chinese Name | Anji Microelectronics Technology (Shanghai) Co., Ltd. | | Company Chinese Abbreviation | Anji Technology | | Legal Representative | Shumin Wang | | Registered Address | Ground Floor, Building T6-9, Jinqiao Export Processing Zone (South), No. 5001 Huadong Road, Pudong New Area, Shanghai | | Company Website | www.anjimicro.com | VI. Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant revenue growth of 38.68%, driven by product R&D and market expansion, while net profit attributable to shareholders slightly decreased by 0.43% due to a high base from prior-year government subsidies, though net profit excluding non-recurring items increased by 46.07%, and operating cash flow grew by 23.41% Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 797.27 million CNY | 574.91 million CNY | 38.68% | | Net Profit Attributable to Shareholders of Listed Company | 233.99 million CNY | 235.01 million CNY | -0.43% | | Net Profit Excluding Non-Recurring Items | 234.84 million CNY | 160.77 million CNY | 46.07% | | Net Cash Flow from Operating Activities | 195.29 million CNY | 158.24 million CNY | 23.41% | | Total Assets (Period-end) | 2.999 billion CNY | 2.603 billion CNY (Prior Year-end) | 15.22% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 1.82 | 1.84 | -1.09% | | Basic EPS Excluding Non-Recurring Items (CNY/share) | 1.82 | 1.26 | 44.44% | | Weighted Average Return on Net Assets (%) | 10.38% | 13.47% | Decrease of 3.09 percentage points | | Weighted Average ROE Excluding Non-Recurring Items (%) | 10.42% | 9.21% | Increase of 1.21 percentage points | | R&D Investment as % of Operating Revenue (%) | 18.13% | 17.62% | Increase of 0.51 percentage points | - Revenue growth primarily resulted from the company's continuous increase in product R&D and commercialization efforts, active expansion of product categories, and smooth product introduction and ramp-up in advanced process fields, closely following customer pace[18] - The decrease in net profit attributable to shareholders was mainly due to the concentrated completion of some government subsidy project acceptances in the prior period, recognizing approximately 80 million CNY in other income, leading to a higher comparative base[19] Section III. Management Discussion and Analysis I. Description of the Company's Industry and Main Business Operations During the Reporting Period The company's main business involves R&D and industrialization of critical semiconductor materials, including CMP slurries, functional wet electronic chemicals, and electroplating solutions, widely applied in IC manufacturing and advanced packaging, with the global market projected to exceed 88 billion USD by 2028 - The company's main business is the R&D and industrialization of critical semiconductor materials, including chemical mechanical polishing (CMP) slurries, functional wet electronic chemicals, electroplating solutions, and additives, primarily applied in integrated circuit manufacturing and advanced packaging[23][39] - According to TECHCET forecasts, the global semiconductor materials market size will exceed 88 billion USD by 2028, with Taiwan and mainland China being the top two consumers in 2023, accounting for approximately 29% and 20% of sales respectively[23][26] - The company has successfully established three core technology platforms: "Chemical Mechanical Polishing Slurries," "Functional Wet Electronic Chemicals," and "Electroplating Solutions and Additives," covering the three key processes of "polishing, cleaning, and deposition" in integrated circuit manufacturing[30] II. Core Technologies and R&D Progress The company increased R&D investment by 42.72% to 144.57 million CNY, achieving significant progress in advanced CMP slurries with self-developed ceria abrasives and strengthening core raw material self-sufficiency, accumulating 295 authorized invention patents R&D Investment Overview | R&D Investment | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment (CNY) | 144.57 million | 101.30 million | 42.72% | | Total R&D Investment (CNY) | 144.57 million | 101.30 million | 42.72% | | Total R&D Investment as % of Revenue (%) | 18.13% | 17.62% | Increase of 0.51 percentage points | - R&D investment increased by 42.72%, primarily due to the company's increased investment in human resources, facilities, and R&D activities to maintain technological leadership, leading to faster growth in labor costs, depreciation and amortization, and material consumption[47] - Significant R&D achievements during the reporting period include the first application of polishing slurries using self-developed domestic ceria abrasives for oxide polishing, achieving a technological breakthrough and mass production sales at client sites, significantly improving customer yield[42] - As of June 30, 2024, the company and its subsidiaries have obtained a total of 295 authorized invention patents, with 19 new additions in the current period[44][45] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its deep expertise in high-end semiconductor materials, robust R&D capabilities with 295 patents, reliable self-controlled raw material supply, a diverse talent pool with over 50% R&D personnel, customer-centric service, and strong operational management - The company possesses a "3+1" technology platform and, as of the end of the reporting period, holds 295 authorized invention patents both domestically and internationally, deeply cultivating the high-end semiconductor materials sector[55] - R&D investment consistently remains at a high level, with R&D expenses as a percentage of revenue being 22.30%, 14.99%, 19.11%, and 18.13% for the past three years and the current reporting period, respectively[56] - The company accelerates the establishment of self-controlled core raw material supply capabilities through self-construction and cooperation, ensuring long-term supply reliability[57] - The company boasts an international and diversified talent team, with 264 R&D personnel as of the end of the reporting period, accounting for 50.09% of the total workforce[58] IV. Discussion and Analysis of Operations During the reporting period, the company achieved 38.68% revenue growth to 797 million CNY and 46.07% growth in net profit excluding non-recurring items to 235 million CNY, strengthening its "3+1" technology platform, enhancing raw material self-sufficiency, and implementing an equity incentive plan - During the reporting period, the company's operating revenue was 797 million CNY, a year-on-year increase of 38.68%; net profit attributable to shareholders was 234 million CNY, a year-on-year decrease of 0.43%; and net profit excluding non-recurring items was 235 million CNY, a year-on-year increase of 46.07%[64] - The technology platform continues to strengthen, and the self-controlled capability for upstream raw materials has improved, with self-developed and produced domestic ceria abrasive polishing slurries achieving technological breakthroughs and mass production, and multiple silica sol products developed by investee companies also achieving mass production sales[65] - The company launched its 2024 restricted stock incentive plan, granting 253,162 restricted shares to 70 incentive recipients to establish a long-term incentive mechanism[66] V. Risk Factors The company faces various operational risks, including product development, core technology leakage, personnel loss, high customer concentration (top five clients account for 75.81% of sales), raw material supply and price volatility, safety and environmental concerns, inventory management, changes in tax incentives and government subsidies, and semiconductor industry cyclical fluctuations - High customer concentration: In the first half of 2024, sales to the top five customers accounted for 75.81% of total sales[69] - Raw material supply risk: Some key raw materials are primarily imported, with purchases from the top five suppliers accounting for 46.75% of total procurement[70] - Reliance on tax incentives and government subsidies: In the first half of 2024, tax incentives accounted for 19.31% of total profit, and government subsidies recognized as other income accounted for 7.48% of total profit[73] - Industry cyclical risk: The global semiconductor industry has entered a phase of decelerated growth, and if the industry recovery falls short of expectations, it will adversely affect the company's operations[76] VI. Key Operating Performance During the Reporting Period This section details the period's financial statement changes, showing 38.68% revenue growth and 30.57% cost growth due to scale and product optimization, with increased management and R&D expenses reflecting investment in production, R&D, and inventory, while liabilities grew to support procurement and capital structure Income Statement Key Items Analysis | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 797.27 million | 574.91 million | 38.68% | Customer usage increase and new product/customer introduction | | Operating Cost | 337.10 million | 258.18 million | 30.57% | Economies of scale and changes in product mix | | Administrative Expenses | 50.35 million | 30.83 million | 63.33% | Increase in share-based payment expenses, asset depreciation/amortization, and labor costs | | R&D Expenses | 144.57 million | 101.30 million | 42.72% | Increase in labor costs, facility depreciation/amortization, and R&D material consumption | | Net Cash Flow from Operating Activities | 195.29 million | 158.24 million | 23.41% | Increase in customer collections due to operating revenue growth | Balance Sheet Key Items Analysis | Asset/Liability Item | Current Period-end (CNY) | Prior Period-end (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 455.99 million | 308.70 million | 47.71% | Accelerated expansion of production and R&D facilities, and project delivery completion | | Prepayments | 47.48 million | 27.55 million | 72.32% | Increased procurement and production inventory demand due to sales growth | | Accounts Payable | 174.82 million | 80.50 million | 117.15% | Increased investment in procurement and engineering project construction | | Long-term Borrowings | 147.82 million | 94.59 million | 56.27% | New long-term bank borrowings to improve capital structure | Section IV. Corporate Governance II. Changes in the Company's Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, the company adjusted its senior management, with Chairperson Shumin Wang stepping down as General Manager, replaced by Zhang Ming, who also assumed the role of General Manager, and Liu Rong appointed as the new Chief Financial Officer - Company Chairperson Shumin Wang (Wang Shumin) resigned from her General Manager position due to work adjustments, continuing to serve as Chairperson[94] - The company appointed Zhang Ming as General Manager, whose previous roles included Director, Deputy General Manager, and Chief Financial Officer[94] - The company appointed Liu Rong as Chief Financial Officer[94] IV. Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company approved and granted 253,162 restricted shares to 70 incentive recipients under its 2024 plan and completed the first vesting period for 458,534 shares under the 2023 plan - On June 20, 2024, the company granted 253,162 restricted shares to 70 incentive recipients at a grant price of CNY 55.26/share[97] - The number of eligible shares for the first vesting period of the company's 2023 restricted stock incentive plan was 458,534 shares, which became tradable on July 24, 2024[97][98] Section V. Environmental and Social Responsibility I. Environmental Information The company invested 3.89 million CNY in environmental protection during the reporting period, is not a key polluter, and reduced 493 tons of CO2 emissions by using photovoltaic power at its Jinqiao base - During the reporting period, the company invested 3.89 million CNY in environmental protection funds[100] - The company reduced carbon emissions by using clean energy (photovoltaic power generation), consuming 864,521 kWh of photovoltaic electricity and reducing carbon dioxide emissions by 493 tons during the reporting period[102] Section VI. Significant Matters I. Fulfillment of Commitments This section details the fulfillment of all commitments made by the company, its controlling shareholders, and related parties during the reporting period, including share lock-ups, avoidance of horizontal competition, and standardized related-party transactions, with no breaches observed - All commitments made during and continuing into the reporting period, including share lock-ups, resolution of horizontal competition, and resolution of related-party transactions, were timely and strictly fulfilled by the relevant parties[105][106][107] XI. Significant Contracts and Their Fulfillment During the reporting period, the company provided guarantees totaling 64.5 million CNY to its wholly-owned subsidiaries, representing 2.75% of its net assets, with no irregular guarantees or guarantees for shareholders or related parties Guarantees Provided | Guarantor | Guaranteed Party | Guaranteed Amount (CNY) | Guarantee Type | | :--- | :--- | :--- | :--- | | Anji Technology | Ningbo Anji Equity Investment Co., Ltd. | 7.5 million | General Guarantee | | Anji Technology | Ningbo Anji Microelectronics Technology Co., Ltd. | 57 million | Joint and Several Liability Guarantee | - As of the end of the reporting period, the company's total guarantees amounted to 64.5 million CNY, accounting for 2.75% of its net assets, all of which were guarantees for subsidiaries[121] XII. Explanation of Progress in the Use of Raised Funds As of the reporting period end, the company's net raised funds totaled 679 million CNY, with 567 million CNY invested, achieving an overall progress of 83.63%, with all IPO projects completed and targeted issuance projects progressing as planned Progress of Raised Funds Utilization | Source of Raised Funds | Net Raised Funds (CNY million) | Cumulative Investment (CNY million) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | 474.89 | 452.94 | 95.38% | | Private Placement of Shares | 203.62 | 114.52 | 56.24% | | Total | 678.51 | 567.46 | 83.63% | - All raised fund projects from the Initial Public Offering, including the CMP Slurry Production Line Expansion and Anji Integrated Circuit Materials Base projects, have been completed, reached operational status, and closed out[123][126] Section VII. Share Changes and Shareholder Information I. Share Capital Changes During the reporting period, the company's total share capital increased from 99.07 million to 128.75 million shares due to a capital reserve to share capital transfer of 3 shares for every 10 shares, effective June 7, 2024 - The company implemented its 2023 profit distribution plan, converting capital reserves into share capital by transferring 3 shares for every 10 shares to all shareholders, increasing the total share capital from 99.07 million shares to 128.75 million shares[131][133] II. Shareholder Information As of the reporting period end, the company had 8,927 common shareholders, with Anji Microelectronics Co. Ltd. holding 30.92%, Hong Kong Securities Clearing Company Limited 5.07%, and China National Integrated Circuit Industry Investment Fund Co., Ltd. 4.00% - As of the end of the reporting period, the company had a total of 8,927 common shareholders[134] Top Ten Shareholders | Shareholder Name | Shares Held at Period-end | Proportion (%) | | :--- | :--- | :--- | | Anji Microelectronics Co. Ltd. | 39.81 million | 30.92% | | Hong Kong Securities Clearing Company Limited | 6.52 million | 5.07% | | China National Integrated Circuit Industry Investment Fund Co., Ltd. | 5.15 million | 4.00% | | Shanghai Pudong Development Bank...Invesco Great Wall Electronic Information Industry Stock Fund... | 3.23 million | 2.51% | | Invesco Great Wall Fund...China Life Insurance... | 2.79 million | 2.16% | Section VIII. Preferred Share Information Preferred Share Information The company had no preferred shares during the reporting period - During the reporting period, the company had no preferred share-related information[142] Section IX. Bond Information Bond Information The company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no bond-related information[143] Section X. Financial Report Financial Statements This unaudited semi-annual report shows the company's total assets grew to 2.999 billion CNY, net assets attributable to shareholders increased to 2.348 billion CNY, operating revenue rose by 38.68%, net profit slightly decreased by 0.43% due to a high base, and operating cash flow remained strong at 195.29 million CNY Consolidated Balance Sheet - Key Items | Consolidated Balance Sheet - Key Items | June 30, 2024 (CNY) | December 31, 2023 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 645.72 million | 532.01 million | | Accounts Receivable | 349.03 million | 281.79 million | | Inventories | 501.90 million | 427.21 million | | Fixed Assets | 455.99 million | 308.70 million | | Total Assets | 2.999 billion | 2.603 billion | | Accounts Payable | 174.82 million | 80.50 million | | Total Liabilities | 651.33 million | 479.36 million | | Equity Attributable to Owners of the Parent Company | 2.348 billion | 2.124 billion | Consolidated Income Statement - Key Items | Consolidated Income Statement - Key Items | Jan-Jun 2024 (CNY) | Jan-Jun 2023 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 797.27 million | 574.91 million | | Operating Cost | 337.10 million | 258.18 million | | R&D Expenses | 144.57 million | 101.30 million | | Operating Profit | 250.60 million | 273.53 million | | Total Profit | 250.10 million | 273.53 million | | Net Profit | 233.99 million | 235.01 million | Consolidated Cash Flow Statement - Key Items | Consolidated Cash Flow Statement - Key Items | Jan-Jun 2024 (CNY) | Jan-Jun 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 195.29 million | 158.24 million | | Net Cash Flow from Investing Activities | -115.81 million | -140.10 million | | Net Cash Flow from Financing Activities | 30.50 million | 178.45 million | | Net Increase in Cash and Cash Equivalents | 114.23 million | 201.98 million |