安徽凤凰(832000) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section includes important declarations regarding report accuracy and unaudited status, along with definitions of key terms and the reporting period for clarity Important Notice The company's management assures the report's accuracy and completeness, noting it is unaudited and forward-looking statements are not commitments - Company management ensures the truthfulness, accuracy, and completeness of this semi-annual report[3] - This semi-annual report has not been audited by an accounting firm[3][4] Definitions This section defines key terms, abbreviations, market types, and the reporting period to facilitate understanding of the report content - The reporting period is defined as January 1, 2024, to June 30, 2024[6] - Key market terms such as OEM (Original Equipment Manufacturer) and AM (Aftermarket) are clearly defined[6] Section II Company Profile This section provides the company's fundamental information, including its stock details, full name, listing exchange, and primary business activities Company Basic Information This section details the company's core information, including its stock ticker, full name, listing exchange, and primary business operations Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Anhui Phoenix | | Stock Code | 832000 | | Listing Exchange | Beijing Stock Exchange | | Main Business | R&D, production, and sales of automotive filters and filter materials | | Controlling Shareholder | Wu Jieshu | | Actual Controllers | Wu Jieshu, Wu Wenhan, Wu Wenhua | Section III Accounting Data and Operating Performance This section details the company's financial performance, key operating metrics, business overview, and outlines significant risks with corresponding mitigation strategies Key Accounting Data and Financial Indicators The company demonstrated enhanced profitability with revenue and net profit growth, stable solvency, but a significant decrease in operating cash flow indicating working capital pressure Key Financial Indicators for H1 2024 | Indicator | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 217,419,410.91 | 189,894,243.99 | 14.49% | | Net Profit Attributable to Shareholders | 28,902,995.93 | 26,263,577.84 | 10.05% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 27,179,544.98 | 22,764,908.00 | 19.39% | | Basic Earnings Per Share | 0.32 | 0.28 | 14.29% | | Net Cash Flow from Operating Activities | 4,396,425.75 | 25,702,106.54 | -82.89% | Period-End Solvency Indicators | Indicator | Current Period-End (CNY) | Prior Period-End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 729,600,127.52 | 717,760,850.43 | 1.65% | | Total Liabilities | 152,779,705.30 | 160,774,926.89 | -4.97% | | Asset-Liability Ratio (Consolidated) | 20.94% | 22.40% | - | Business Overview The company, a national 'Little Giant' enterprise, specializes in automotive filters and materials, maintaining its business model and core competitiveness with new patents - The company is a national-level 'Specialized, Refined, Unique, and New' 'Little Giant' enterprise, primarily engaged in the R&D, production, and sales of automotive filters and filter materials[18][19] - Products cover four major series of filters: air, cabin, oil, and fuel, totaling over 9,000 varieties[18] - During the reporting period, 2 new invention patents and 1 new utility model patent were added, bringing the total effective patents held to 129[18] Operating Performance Review The company achieved dual growth in revenue and profit through overseas market expansion, R&D innovation, and internal management, despite challenges from new energy vehicles Operating Results for H1 2024 | Indicator | Amount (CNY in thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 21,741.94 | 14.49% | | Net Profit Attributable to Shareholders | 2,890.30 | 10.05% | | R&D Expenses | 774.30 | 14.73% | - Market Expansion: Increased overseas promotional efforts and participation in multiple international exhibitions led to significant growth in overseas sales[20] - Industry Challenges: The increasing penetration of new energy vehicles impacts demand for traditional filters, but the vast aftermarket for existing fuel vehicles still offers significant market potential[23][26] Financial Analysis Financial analysis reveals a stable asset-liability structure, increased sales and finance expenses, significant overseas revenue growth, and a sharp decline in operating cash flow due to increased procurement and shipping costs - Sales expenses increased by 41.43% year-on-year, primarily due to increased conference fees from hosting the national dealer conference this period[33] - Financial expenses increased by 75.73% year-on-year, mainly due to exchange losses from currency fluctuations this period, compared to exchange gains in the prior period[33] Revenue by Region (CNY) | Region | Operating Revenue | Year-on-Year Growth (%) | Gross Margin (%) | Gross Margin Year-on-Year Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Domestic | 99,729,234.47 | 2.91% | 17.04% | Increased 4.10 | | Overseas | 117,690,176.44 | 26.57% | 32.96% | Decreased 0.60 | - Net cash flow from operating activities decreased by 82.89% year-on-year, primarily due to increased raw material procurement and rising sea freight costs[37][38] Company Risks and Countermeasures The company faces risks from market competition, policy changes, currency fluctuations, raw material prices, and new business expansion, addressed by market development, R&D, and internal management - Market Competition Risk: The filter industry is highly fragmented with numerous domestic and international manufacturers, leading to intense competition[46] - Exchange Rate Fluctuation Risk: Overseas sales are primarily settled in USD and EUR, making the company's performance significantly susceptible to RMB exchange rate fluctuations[46] - New Business Development Risk: The company is actively expanding into new energy vehicle electric air conditioning compressor business, facing uncertainties in technology, market, and management integration[47] Section IV Significant Events This section details significant events, including minor litigation, guarantees provided to subsidiaries, and assets with restricted rights due to pledges Significant Events Details The company had no major litigation but some minor lawsuits, provided a guarantee for a subsidiary, and had certain assets with restricted rights due to pledges - The company has minor lawsuits totaling CNY 1,031,944, representing 0.18% of period-end net assets, with no major litigation[49] - The company provided a joint liability guarantee of CNY 8 million for its subsidiary 'Phoenix Air Conditioning', with an outstanding guarantee balance of CNY 4 million at period-end[50] Assets with Restricted Rights (CNY) | Asset Name | Asset Type | Type of Restriction | Book Value | Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Bank Deposits | Cash and Cash Equivalents | Frozen | 14,675,096.56 | 2.01% | | Buildings | Fixed Assets | Mortgaged | 29,266,552.91 | 4.01% | | Land Use Rights | Intangible Assets | Mortgaged | 5,906,369.16 | 0.81% | | Total | - | - | 49,848,018.63 | 6.83% | Section V Share Changes and Financing This section details the company's stable total share capital, changes in share structure, controlling shareholder's stake, and proposed semi-annual dividend distribution Common Stock Capitalization The company's total share capital remained stable, with a shift in share structure increasing unrestricted shares, and a semi-annual cash dividend proposed - Total share capital at the end of the reporting period was 91,680,000 shares, consistent with the beginning of the period[53] - Controlling shareholder Wu Jieshu holds 47.79% of the company's shares[54] - The company proposed a 2024 semi-annual profit distribution plan: a cash dividend of CNY 0.6 (tax inclusive) per 10 shares[55] Section VI Changes in Directors, Supervisors, Senior Management, and Core Employees This section outlines changes in the board, supervisory board, senior management, and core employee numbers following the fourth board re-election Changes in Directors, Supervisors, Senior Management, and Core Employees The company completed its fourth board re-election, resulting in changes to director, supervisor, and senior management positions, with slight shifts in total and core employee numbers - The company completed the re-election of its fourth board of directors, leading to changes in some director and supervisor positions[60] Employee Headcount Changes | Category | Headcount at Period Start | Headcount at Period End | | :--- | :--- | :--- | | Total Employees | 876 | 891 | | Core Employees | 93 | 92 | Section VII Financial Accounting Report This section presents the company's unaudited financial statements and detailed notes, covering accounting policies, tax benefits, subsidiary mergers, and financial risk analysis Financial Statements This section provides the company's unaudited consolidated and parent financial statements, showing total assets of CNY 730 million, owner's equity of CNY 575 million, revenue of CNY 217 million, and net profit of CNY 29.19 million Key Consolidated Balance Sheet Items (June 30, 2024) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 729,600,127.52 | | Total Liabilities | 152,779,705.30 | | Equity Attributable to Parent Company Owners | 575,494,396.41 | Key Consolidated Income Statement Items (Jan-Jun 2024) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 217,419,410.91 | | Operating Profit | 33,676,458.74 | | Net Profit | 29,190,913.84 | Notes to Financial Statements The notes detail accounting policies, tax benefits, subsidiary mergers, and specific financial item disclosures, including an analysis of financial instrument risks and exchange rate impact on profit - As a high-tech enterprise, the company enjoys a 15% corporate income tax preferential policy from 2022 to 2024[131] - During the reporting period, the company absorbed and merged its wholly-owned subsidiary, 'Bengbu Aike Filter Co., Ltd.'[188][189] - Sensitivity analysis indicates that a 1% depreciation of RMB against USD would increase the company's total profit by approximately CNY 0.7 million; a 1% depreciation against EUR would increase total profit by approximately CNY 0.37 million[200] Section VIII Reference Documents This section lists all available reference documents, including signed financial statements and original public disclosures, stored at the company's board office Reference Documents This section lists available reference documents, including signed financial statements and original public disclosures from the reporting period, stored at the company's board office - Reference documents include financial statements signed and sealed by management, and all publicly disclosed documents from the reporting period[232]