新莱应材(300260) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The Board of Directors, Supervisory Board, and senior management assure the report's truthfulness, accuracy, and completeness, with no cash dividends, bonus shares, or capital reserve conversions planned for H1 2024[1] Company Profile and Key Financial Indicators This section presents the company's fundamental information and key financial performance metrics for the reporting period Company Profile This chapter provides the company's basic information, including its stock abbreviation "Xinlai Yingcai", stock code "300260", and its full Chinese and English names, and legal representative Company Profile | Item | Information | | :--- | :--- | | Stock Abbreviation | Xinlai Yingcai | | Stock Code | 300260 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Kunshan Xinlai Clean Application Materials Co., Ltd. | | Legal Representative | Li Shuibo | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of CNY 1.418 billion, a 11.83% increase, and net profit attributable to shareholders of CNY 140 million, a 26.91% increase 2024 Semi-Annual Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,418,163,364.18 | 1,268,145,518.13 | 11.83% | | Net Profit Attributable to Shareholders | 140,480,355.13 | 110,690,448.85 | 26.91% | | Net Cash Flow from Operating Activities | 91,969,229.06 | 108,174,676.25 | -14.98% | | Basic Earnings Per Share (CNY/share) | 0.3445 | 0.27 | 27.59% | | Weighted Average Return on Net Assets | 7.63% | 6.71% | 0.92% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | YoY Change | | Total Assets | 4,537,026,901.76 | 4,350,299,415.85 | 4.29% | | Net Assets Attributable to Shareholders | 1,895,771,979.78 | 1,779,788,600.99 | 6.52% | Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses amounted to CNY 8.348 million, primarily from government subsidies recognized in current profit and loss Non-Recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Losses from disposal of non-current assets | -106,240.34 | | Government subsidies recognized in current profit and loss | 11,358,990.94 | | Other non-operating income and expenses | -1,066,219.33 | | Individual income tax refunds | 165,058.83 | | Less: Income tax impact | 2,003,499.54 | | Less: Impact of minority interests (after tax) | 5.38 | | Total | 8,348,085.18 | Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period Principal Business The company's main business involves R&D, production, and sales of clean and ultra-high purity application materials for food safety, biopharmaceuticals, and pan-semiconductor industries - The company's principal business covers food safety, biopharmaceuticals, and pan-semiconductor sectors, providing clean and high-purity application materials[17] - Wholly-owned subsidiary Shandong Bihai offers integrated services for aseptic packaging materials and filling equipment for liquid food[17] - Net profit increased due to recovering market demand in the semiconductor industry and growing domestic market share in the food sector[22] Analysis of Core Competencies The company's core strengths include stringent quality management, extensive international certifications, strong R&D capabilities, diverse customer resources, and leading intelligent and digital transformation - The company operates across food, pharmaceutical, and pan-semiconductor industries, boasting a stringent quality management system, advanced technology, and numerous domestic and international certifications[23][26] - The company possesses strong R&D capabilities and core process technologies, holding 295 authorized patents by the end of the reporting period[27] - Actively promoting "intelligent transformation and digital upgrade," the company achieved significant results in digitalization and intelligence, earning honors such as Jiangsu Provincial Demonstration Intelligent Workshop and National 5G Factory[29][30] Core Competencies by Application Area | Application Area | Core Competency Summary | | :--- | :--- | | Food Safety | Full industry chain layout, offering aseptic packaging materials, aseptic filling machines, integrated services, and clean materials, with FDA, 3A, EHEDG, and other certifications | | Biopharmaceuticals | Specializing in aseptic solutions with a comprehensive product line, the first in Asia to achieve ASME BPE pipe and fitting dual certification, with materials and processes meeting biopharmaceutical grade requirements | | Semiconductor Vacuum | "AdvanTorr" brand offers a rich product line, achieving vacuum levels up to 10⁻¹² Torr, with materials and processes meeting ISO, ASTM, and other international standards, applied in semiconductors, displays, and photovoltaics | | UHP Applications | "Nanopure" brand products include ultra-high purity pipes, fittings, valves, etc., using VIM+VAR materials, with surface roughness Ra ≤ 0.13µm, and cleanroom packaging in Class 100 environments | Analysis of Principal Business During the reporting period, operating revenue increased by 11.83%, operating costs by 10.72%, with a slight improvement in overall gross margin, driven by strong growth in pan-semiconductor business Year-on-Year Changes in Key Financial Data | Item | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,418,163,364.18 | 1,268,145,518.13 | 11.83% | | Operating Cost | 1,055,590,267.43 | 953,371,992.82 | 10.72% | | Net Cash Flow from Financing Activities | 65,583,442.65 | 7,445,595.70 | 780.84% | Revenue by Product/Service | By Product or Service | Operating Revenue (CNY) | YoY Change in Operating Revenue | Gross Margin | | :--- | :--- | :--- | :--- | | Clean Application Materials | 232,627,291.94 | 5.95% | 25.09% | | High Purity and Ultra-High Purity Application Materials | 446,919,124.16 | 48.01% | 28.34% | | Aseptic Packaging Materials | 647,829,760.56 | 9.81% | 24.56% | | Food Equipment | 90,787,187.52 | -42.06% | 20.32% | | By Industry | Operating Revenue (CNY) | YoY Change in Operating Revenue | Gross Margin | | Food Category | 802,674,728.44 | 0.07% | 22.74% | | Pharmaceutical Category | 168,569,511.58 | 2.76% | 31.67% | | Pan-Semiconductor | 446,919,124.16 | 48.01% | 28.34% | Analysis of Assets and Liabilities As of the end of the reporting period, total assets were CNY 4.537 billion, a 4.29% increase from the previous year-end, with inventory being the largest component at 35.02% Asset Composition | Item | Amount at End of Current Period (CNY) | % of Total Assets | Amount at End of Prior Year (CNY) | % of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 362,003,107.73 | 7.98% | 295,991,638.48 | 6.80% | | Accounts Receivable | 824,387,277.85 | 18.17% | 753,559,366.17 | 17.32% | | Inventories | 1,588,774,222.45 | 35.02% | 1,583,131,091.53 | 36.39% | | Fixed Assets | 879,951,431.85 | 19.39% | 892,759,806.28 | 20.52% | Analysis of Major Holding and Participating Companies Shandong Bihai Packaging Materials Co., Ltd. was a significant profit contributor, achieving a net profit of CNY 80.398 million during the reporting period Operating Performance of Major Subsidiaries | Company Name | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Shandong Bihai Packaging Materials Co., Ltd. | 747,277,742.75 | 95,239,733.90 | 80,398,306.58 | | Xinlai Application Materials Technology Co., Ltd. | 65,525,890.91 | 6,210,407.04 | 5,147,792.91 | Risks and Countermeasures The company identified six major risks, including supply chain security, operational management, accounts receivable, industry policy, talent management, and goodwill impairment, with corresponding mitigation strategies in place - The company faces key risks including: - Supply Chain Security Risk: Reliance on foreign raw material procurement, potentially affected by international trade frictions - Operational Management Risk: Increased management complexity due to company expansion - Accounts Receivable Risk: Long settlement cycles for business operations, posing bad debt risks - Industry Policy Risk: Potential impact from changes in national regulatory policies for the clean application materials industry - Talent Management Risk: High demand for core technical and management talent due to rapid growth - Goodwill Impairment Risk: Goodwill formed from the acquisition of Shandong Bihai, with uncertainties in its future operating performance[43][44][45][47][48][49] Corporate Governance This section details the company's corporate governance structure, including shareholder meetings and profit distribution plans Shareholders' Meeting Information The company held its 2023 Annual Shareholders' Meeting on May 22, 2024, with a 57.82% investor participation rate - The company held its 2023 Annual Shareholders' Meeting on May 22, 2024[53] Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital reserve conversions for the 2024 semi-annual period - The company has no profit distribution or capital reserve conversion plans for the 2024 semi-annual period[55] Environmental and Social Responsibility This section outlines the company's environmental protection measures and its commitment to social responsibility, including charitable contributions Environmental Protection The company is a key polluting entity, strictly adhering to environmental regulations, implementing various pollution control measures, and reporting no administrative penalties for environmental issues - The company is designated as a key polluting entity by environmental protection authorities and strictly adheres to all environmental laws and regulations[56] - The company has implemented various measures to treat wastewater, exhaust gas, solid waste, and noise, and has established emergency plans for environmental incidents[58][60][61][62][66] - To reduce carbon emissions, the company adopted digital management, optimized production processes, and installed solar photovoltaic panels, reducing carbon emissions by approximately 774 tons in 2023[66] Social Responsibility The company actively fulfills its social responsibilities by operating legally, protecting shareholder and employee rights, and engaging in social welfare initiatives - The company prioritizes shareholder rights protection, communicates with investors through various channels, and implemented the 2023 profit distribution and share repurchase plan[70] - The company safeguards employees' legal rights, strictly adheres to labor laws, and provides various benefits and training opportunities[71] - During the reporting period, the company and its subsidiaries donated a total of CNY 540,000 to public welfare initiatives, including the Taiwan Hualien earthquake disaster area and Project Hope schools[72] Significant Matters This section covers important commitments made by the company and its related parties, as well as significant guarantees provided during the reporting period Commitments The company's controlling shareholders and related parties fully complied with their commitments regarding share lock-up, avoiding competition, and regulating related-party transactions - The company's controlling shareholders and related parties have complied with commitments such as share lock-up and avoiding horizontal competition, demonstrating good performance[73][74] Significant Guarantees The company primarily provided guarantees for its subsidiary, Shandong Bihai Packaging Materials Co., Ltd., with an actual guarantee balance of CNY 292.76 million at period-end Guarantees Provided to Subsidiaries | Item | Amount (Ten Thousand CNY) | | :--- | :--- | | Total approved guarantee limit for subsidiaries during the reporting period | 74,500 | | Total approved guarantee limit for subsidiaries at the end of the reporting period | 74,500 | | Total actual guarantee balance for subsidiaries at the end of the reporting period | 29,276 | | Ratio of total actual guarantees to the company's net assets | 15.44% | Share Changes and Shareholder Information This section details changes in the company's share capital and the composition of its shareholders during the reporting period Share Change Information The company's total share capital remained unchanged, but 8,760,240 restricted shares were converted to unrestricted shares due to executive departures, while share repurchases continued - Due to executive departures, 8,760,240 restricted shares were converted to unrestricted shares, changing the share structure while total share capital remained constant[89][90] - The company continued its share repurchase plan, having repurchased 2,013,571 shares, representing 0.4938% of total share capital, for a total of CNY 53.5621 million as of June 30, 2024[90] Shareholder Numbers and Shareholding Information As of the reporting period end, the company had 27,329 common shareholders, with the top four shareholders, including the actual controllers, holding over 55%, indicating a concentrated and stable equity structure Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Li Shuibo | Foreign Natural Person | 25.06% | 102,200,850 | | Shen Anyun | Foreign Natural Person | 16.71% | 68,145,300 | | Li Baihua | Foreign Natural Person | 6.90% | 28,127,089 | | Li Baiyuan | Foreign Natural Person | 6.88% | 28,068,894 | | Southern Information Innovation Mixed Securities Investment Fund | Other | 2.16% | 8,798,726 | - Li Shuibo and Shen Anyun are a married couple and the company's actual controllers; Li Baihua and Li Baiyuan are their eldest and second sons, acting in concert[92][93] Information on Preferred Shares This section confirms that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[97] Information on Bonds This section confirms that the company had no bond-related activities during the reporting period - The company had no bond-related situations during the reporting period[98] Financial Report This section includes the company's unaudited semi-annual financial statements, comprising balance sheets, income statements, cash flow statements, and notes Audit Report The company's 2024 semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[99] Financial Statements This chapter presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2024 Consolidated Balance Sheet As of June 30, 2024, total assets were CNY 4.537 billion, total liabilities CNY 2.634 billion, and owners' equity attributable to the parent company CNY 1.896 billion, maintaining a stable structure Key Items from Consolidated Balance Sheet | Item | Balance at Period-End (CNY) | Balance at Period-Beginning (CNY) | | :--- | :--- | :--- | | Total Assets | 4,537,026,901.76 | 4,350,299,415.85 | | Inventories | 1,588,774,222.45 | 1,583,131,091.53 | | Accounts Receivable | 824,387,277.85 | 753,559,366.17 | | Fixed Assets | 879,951,431.85 | 892,759,806.28 | | Total Liabilities | 2,633,815,846.09 | 2,562,878,150.66 | | Short-term Borrowings | 703,909,182.44 | 705,432,989.46 | | Long-term Borrowings | 428,711,786.79 | 478,568,692.03 | | Total Owners' Equity Attributable to Parent Company | 1,895,771,979.78 | 1,779,788,600.99 | Consolidated Income Statement In H1 2024, total operating revenue reached CNY 1.418 billion, up 11.83%, and net profit was CNY 140 million, up 27.34% (based on net profit from continuing operations), indicating enhanced profitability Key Items from Consolidated Income Statement | Item | H1 2024 (CNY) | H1 2023 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,418,163,364.18 | 1,268,145,518.13 | | Total Operating Cost | 1,269,791,725.85 | 1,144,391,802.31 | | R&D Expenses | 50,132,370.49 | 44,582,138.28 | | Operating Profit | 159,755,189.48 | 128,381,576.97 | | Total Profit | 158,688,970.15 | 124,049,360.57 | | Net Profit | 140,286,766.82 | 110,473,498.57 | | Net Profit Attributable to Parent Company Shareholders | 140,480,355.13 | 110,690,448.85 | Consolidated Cash Flow Statement In H1 2024, net cash flow from operating activities was CNY 91.9692 million, a 14.98% decrease, with net cash outflow from investing activities of CNY 136 million and net cash inflow from financing activities of CNY 65.5834 million Consolidated Cash Flow Statement Summary | Item | H1 2024 (CNY) | H1 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 91,969,229.06 | 108,174,676.25 | | Net Cash Flow from Investing Activities | -135,640,582.58 | -154,985,748.34 | | Net Cash Flow from Financing Activities | 65,583,442.65 | 7,445,595.70 | | Net Increase in Cash and Cash Equivalents | 23,956,541.62 | -38,303,059.93 | Notes to Consolidated Financial Statement Items This chapter provides detailed breakdowns and explanations for significant consolidated financial statement items, including cash, accounts receivable, inventories, fixed assets, and borrowings - As of period-end, accounts receivable had a book balance of CNY 874 million, with a bad debt provision of CNY 49.1582 million, resulting in a book value of CNY 824 million; approximately 94% of accounts receivable were within one year[244][245][246] - As of period-end, inventory book value was CNY 1.589 billion, largely unchanged from the beginning of the period, with raw materials and merchandise inventory each accounting for approximately CNY 628 million and CNY 625 million respectively[260] - As of period-end, short-term borrowings totaled CNY 704 million, and long-term borrowings amounted to CNY 429 million[288][300] Notes to Parent Company Financial Statement Items This chapter provides detailed notes on the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, and revenue and cost composition - The parent company's long-term equity investments in subsidiaries had a book value of CNY 853 million at period-end, an increase of CNY 15 million from the beginning of the period, primarily due to additional investment in Kunshan Fangxin Precision Technology Co., Ltd[356][357] - The parent company achieved operating revenue of CNY 553 million and operating costs of CNY 412 million for the current period[359] - The parent company recognized investment income of CNY 30 million for the current period, derived from long-term equity investments accounted for using the cost method[359] Supplementary Information This chapter provides a detailed statement of non-recurring gains and losses, along with supplementary financial indicators such as return on net assets and earnings per share Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 7.63% | 0.3445 | 0.3445 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 7.18% | 0.324 | 0.324 |