金溢科技(002869) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents and Definitions This section provides essential preliminary information, including the table of contents and key definitions for the report Section II Company Profile and Key Financial Indicators This section outlines the company's basic information and presents a summary of its key financial performance and position during the reporting period I. Company Profile Shenzhen Goldcard Technology Co., Ltd. (stock code: 002869) is a company listed on the Shenzhen Stock Exchange, with Luo Ruifa as its legal representative Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Goldcard Technology | | Stock Code | 002869 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Name | Shenzhen Goldcard Technology Co., Ltd. | | Legal Representative | Luo Ruifa | IV. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue was RMB 228.04 million, increasing by 2.52% year-on-year, while net profit attributable to shareholders significantly grew by 90.19% to RMB 15.56 million, despite a 341.56% decrease in net cash flow from operating activities to -RMB 100 million due to reduced sales collections and increased procurement payments Key Financial Data | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 228,037,558.63 | 222,427,022.45 | 2.52% | | Net Profit Attributable to Shareholders (RMB) | 15,563,875.81 | 8,183,426.73 | 90.19% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Gains/Losses) (RMB) | 2,611,188.72 | -275,833.36 | 1,046.65% | | Net Cash Flow from Operating Activities (RMB) | -99,999,270.37 | 41,397,243.73 | -341.56% | | Basic Earnings Per Share (RMB/share) | 0.0897 | 0.0456 | 96.71% | | Total Assets (RMB) | 2,559,016,926.70 | 2,698,351,695.63 | -5.16% (vs. end of prior year) | VI. Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 12.95 million during the reporting period, primarily driven by RMB 10.77 million from wealth management product investments and RMB 4.74 million in government subsidies, significantly contributing to the company's net profit growth Non-recurring Gains and Losses | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Fair value changes in financial assets held by non-financial enterprises | 10,766,870.86 | Income from the company's wealth management products | | Government grants recognized in current profit/loss | 4,742,894.97 | Industrial Internet development support program subsidies, etc | | Total | 12,952,687.09 | - | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, core competencies, financial position, and risk management strategies during the reporting period I. Principal Businesses Engaged in During the Reporting Period The company specializes in smart transportation, offering integrated solutions, IoT smart hardware, and edge systems across smart highways, urban digital transportation, vehicle-road coordination, and automotive electronics, benefiting from policy-driven industry growth, particularly in 'vehicle-road-cloud integration' - The company's business focuses on four major areas: smart highways, urban digital transportation, vehicle-road coordination, and automotive electronics, providing integrated vehicle-side, road-side, and cloud-side products and services[39][42][43] - Industry development is significantly policy-driven, with 'vehicle-road-cloud integration' becoming an industry consensus, supported by joint ministerial documents and pilot applications in 20 cities like Beijing and Shanghai, signaling accelerated industrialization[37][38] (1) Smart Highway Business The smart highway business, a core segment, offers comprehensive solutions including smart tolling, ETC vehicle-road coordination, holographic perception, smart tunnels, smart service areas, and smart maintenance, aiming to enhance intelligent management and ensure smooth, safe road networks (2) Urban Digital Transportation Business This business addresses urban dynamic and static traffic management, providing application solutions centered on holographic perception, RFID electronic identification, and ETC technology, such as holographic smart intersections, RFID electric two-wheeler management, and expanded ETC applications (parking, refueling, charging), to promote refined urban traffic governance (3) Vehicle-Road Coordination Business The company holds a first-mover advantage in V2X technology R&D, leading the Ministry of Transport's Intelligent Vehicle-Road Coordination R&D Center, having established a complete 'vehicle-road-cloud integration' product system and ecosystem, and collaborating with automakers and highway operators (4) Automotive Electronics Business The company actively develops new energy and intelligent connected vehicle electronics, with a product matrix covering ETC, V2X, and smart body electronics (e.g., electronic rearview mirrors, digital keys), providing automotive-grade electronic product customization and manufacturing services to vehicle manufacturers II. Core Competitiveness Analysis The company's core competencies include R&D innovation in ETC, V2X, and RFID technologies, a 'transportation + IT' dual-gene advantage, extensive industry-academia-research collaboration, a nationwide marketing and service network, and an industry-leading smart manufacturing base in Foshan - The company is one of the few in the industry possessing all three core technologies: ETC, V2X, and RFID, participating in multiple national and industry standard formulations, and holding over 670 independent intellectual property rights[71] - The company possesses a 'transportation + IT' dual-gene, building four major technical foundations: 'sensing-fusion perception, computing-full-stack computing, data-digital twin, communication-vehicle-road communication'[72] - The company operates an industry-leading smart manufacturing base in Foshan, recognized as one of Foshan's first 'digital demonstration workshops,' capable of mass-producing automotive-grade electronic and microwave electronic products[78] III. Main Business Analysis During the reporting period, the company's main business structure significantly shifted, with automotive electronics revenue surging by 147.82% to become the primary growth driver, while traditional smart highway business revenue declined by 14.41% despite an improved gross margin Operating Revenue by Product | By Product | Operating Revenue (RMB) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Smart Highway | 162,116,904.32 | 71.09% | -14.41% | | Automotive Electronics | 53,965,610.08 | 23.67% | 147.82% | | Smart City | 7,614,147.92 | 3.34% | 10.74% | Gross Margin by Product | By Product | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | | Smart Highway | 38.98% | 7.85% | | Automotive Electronics | 30.76% | 1.86% | - Reasons for changes in key financial indicators: Net cash flow from operating activities significantly decreased by 341.56% primarily due to reduced sales collections and increased procurement payments; net cash flow from investing activities significantly increased by 445.58% mainly because redemptions of wealth management products exceeded new purchases[80] V. Analysis of Assets and Liabilities As of the end of the reporting period, total assets were RMB 2.56 billion, a 5.16% decrease from the previous year-end, with a notable reduction in trading financial assets due to redemptions and short-term borrowings decreasing to 0% of total assets Key Asset and Liability Changes | Item | % of Total Assets at Period End | % of Total Assets at Prior Year End | Explanation of Change | | :--- | :--- | :--- | :--- | | Trading financial assets | 13.74% | 19.99% | Primarily due to redemption of some wealth management products | | Short-term borrowings | 0.00% | 4.81% | Primarily due to maturity and payment of discounted bills | VIII. Analysis of Major Holding and Participating Companies During the reporting period, key subsidiary Foshan Goldcard generated RMB 172.91 million in operating revenue but incurred a net loss of RMB 1.92 million, while Goldcard Smart City achieved RMB 0.49 million in revenue with a net profit of RMB 0.18 million Major Subsidiaries' Performance | Company Name | Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Foshan Goldcard | Subsidiary | 172,908,566.45 | -1,920,013.29 | | Goldcard Smart City | Subsidiary | 487,716.58 | 180,931.96 | X. Risks and Countermeasures Faced by the Company The company faces significant risks including industry policy fluctuations, intensified market competition, technology leakage and talent loss, accounts receivable collection, and wealth management investment risks, which it addresses through new business expansion, increased R&D, and enhanced risk and talent management systems - The company has identified five major risks: industry policy fluctuations, market competition, technology and talent, accounts receivable collection, and wealth management investment[97][99][100][101][102] Section IV Corporate Governance This section details changes in the company's board, supervisors, and senior management, along with the implementation status of its equity incentive plans II. Changes in the Company's Directors, Supervisors, and Senior Management During the reporting period, independent director Xiang Jiying resigned due to term expiration, and Xu Chenzhong was elected as the new independent director by the shareholders' meeting - On January 9, 2024, independent director Xiang Jiying resigned, and Xu Chenzhong was elected as the new independent director[107] IV. Implementation of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2022 Restricted Stock Incentive Plan continues to advance, with the board approving the achievement of conditions for the second lifting of restrictions on 1.62 million shares held by Director and General Manager Mr. Cai Fuchun on August 23, 2024 - The conditions for the second lifting of restrictions under the 2022 Restricted Stock Incentive Plan have been met, involving 1.62 million shares held by Director and General Manager Mr. Cai Fuchun[110] Section V Environmental and Social Responsibility This section outlines the company's commitments and actions regarding environmental protection, social welfare, and sustainable development initiatives Section VI Significant Matters This section details significant events during the reporting period, including ongoing litigation, major related-party transactions, and the status of entrusted wealth management activities VIII. Litigation Matters The company is involved in a significant arbitration case with Shenzhen Jiahua Microelectronics Co., Ltd., concerning RMB 5.62 million for legal fees from a previous arbitration, with the case heard but not yet ruled, creating uncertainty regarding its impact on profit - The company is involved in a significant arbitration case concerning RMB 5.62 million for legal fee compensation from a prior arbitration, which has been heard but not yet ruled[132] XI. Major Related-Party Transactions During the reporting period, the company engaged in routine related-party transactions with Shenzhen Baoyi Transportation Technology Co., Ltd., primarily involving the sale of ETC-related equipment and services totaling RMB 14.38 million, which remained within the annual approved limit of RMB 80 million Major Related-Party Transactions | Related Party | Related Transaction Content | Related Transaction Amount (RMB 10,000) | % of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Baoyi Transportation Technology Co., Ltd. | Sales of ETC-related equipment and services | 1,438.12 | 6.31% | 8,000 | 3. Entrusted Wealth Management During the reporting period, the company engaged in entrusted wealth management using its own funds, with total transactions amounting to RMB 560 million, primarily invested in bank, brokerage, and trust wealth management products, and an outstanding balance of RMB 340 million at period-end with no overdue unrecovered amounts Entrusted Wealth Management Overview | Specific Type | Entrusted Wealth Management Transaction Amount (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank wealth management products | 29,000 | 13,000 | | Brokerage wealth management products | 24,000 | 21,000 | | Trust wealth management products | 3,000 | 0 | | Total | 56,000 | 34,000 | Section VII Share Changes and Shareholder Information This section provides details on the company's share capital changes, the number of shareholders, and the shareholding structure of its major shareholders III. Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 56,773 common shareholders, with controlling shareholder Shenzhen Minxing Electronics Co., Ltd. holding 17.05% and its controlling shareholder Mr. Luo Ruifa directly holding 3.86%, forming a concerted action relationship - As of the end of the reporting period, the total number of common shareholders was 56,773[157] Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares | | :--- | :--- | :--- | :--- | | Shenzhen Minxing Electronics Co., Ltd. | Domestic Non-State-Owned Legal Person | 17.05% | 30,615,600 | | Liu Yongping | Domestic Natural Person | 6.88% | 12,346,400 | | Cai Fuchun | Domestic Natural Person | 4.33% | 7,775,700 | | Luo Ruifa | Domestic Natural Person | 3.86% | 6,939,350 | Section VIII Preferred Shares Information This section provides details regarding the company's preferred shares, if any, including their issuance, terms, and any related changes Section IX Bonds Information This section provides information on the company's outstanding bonds, including their issuance, terms, and any significant developments Section X Financial Report This section presents the company's unaudited financial statements for the reporting period, including detailed notes on key accounts and their movements II. Financial Statements This semi-annual financial report is unaudited, comprising consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity VII. Notes to Consolidated Financial Statements This section provides detailed notes on the composition and changes of various accounting items, including accounts receivable, inventory, and long-term equity investments, with specific figures and explanations - Accounts receivable balance at period-end was RMB 512 million, an increase from RMB 446 million at the beginning of the period, with approximately 62% being less than 1 year old, and a bad debt provision of RMB 98.98 million[349][352] - Inventory book value at period-end was RMB 140 million, an increase of 14.3% from RMB 123 million at the beginning of the period, with raw materials and merchandise inventory being the main components[408] - Long-term equity investments had a book value of RMB 71.21 million at period-end, entirely comprising investments in associates Baoyi Transportation Technology and Xinlian Payment, with investment income of RMB 1.91 million recognized under the equity method for the current period[426][743]