亚太股份(002284) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's management ensures the semi-annual report's truthfulness and completeness, with forward-looking statements not constituting substantive commitments, and no profit distribution planned - Company management guarantees the truthfulness, accuracy, and completeness of the report content and assumes legal responsibility[2] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[3] Definitions This section defines abbreviations for key companies, subsidiaries, and related parties used in the report Company Profile and Key Financial Indicators Company Profile This section provides the company's basic information, including its stock abbreviation 'Aptiv Stock', stock code '002284', and legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Aptiv Stock | | Stock Code | 002284 | | Listed Exchange | Shenzhen Stock Exchange | | Company Name | Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. | | Legal Representative | Huang Weizhong | Key Accounting Data and Financial Indicators In H1 2024, the company achieved significant performance growth, with revenue up 14.28% to 2.005 billion yuan and net profit up 53.90% Key Accounting Data and Financial Indicators | Metric | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,005,055,670.72 | 1,754,542,474.78 | 14.28% | | Net Profit Attributable to Shareholders of Listed Company | 104,412,199.09 | 67,844,224.18 | 53.90% | | Net Profit Excluding Non-recurring Items | 92,109,349.09 | 40,928,294.43 | 125.05% | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.09 | 55.56% | | Weighted Average Return on Net Assets | 3.70% | 2.51% | Growth of 1.19 percentage points | | Net Cash Flow from Operating Activities | 431,189,442.30 | 500,581,076.53 | -13.86% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 12.30 million yuan, mainly from government grants and entrusted wealth management income Non-recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Total Non-recurring Gains/Losses | 12,302,850.00 | | Of which: Government Grants | 10,837,200.28 | | Gains/Losses from Entrusted Investments or Asset Management | 3,330,136.99 | | Gains/Losses from Fair Value Changes of Financial Assets | -798,659.00 | Management Discussion and Analysis Principal Business and Operations Overview The company specializes in automotive braking and chassis systems, expanding into intelligent connected and new energy vehicles, achieving 14.28% revenue growth and 53.9% net profit growth in H1 2024 - The company's main business involves the development, production, and sales of automotive braking systems, chassis electronic intelligent control systems, in-wheel motors, and steer-by-wire chassis, establishing it as a leading enterprise in China's automotive parts braking industry[16] - The company's client base includes renowned domestic and international vehicle manufacturers, having entered global procurement platforms such as Volkswagen, General Motors, Honda, Nissan, and Stellantis[16] Key Financial Performance | Financial Metric | 2024 Jan-Jun Amount (yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 2,005,000,000 | 14.28% | | Net Profit Attributable to Parent Company | 104,000,000 | 53.9% | - During the reporting period, the company initiated 75 new projects, with 37 related to automotive electronic control systems, and commenced mass production for 46 projects, serving clients including Leapmotor, FAW Hongqi, Changan, and Geely[17] Analysis of Core Competencies The company's core competencies include R&D, scaled production, advanced equipment, testing, quality, and talent, supported by national platforms, patents, and industry recognition - The company possesses strong R&D and technical capabilities, operating a national accredited laboratory, an academician workstation, and a postdoctoral research station, and has participated in drafting multiple national and industry standards. As of the end of the reporting period, it held 767 valid patents, including 121 invention patents[18][20] - The company has a scaled and specialized production advantage, being one of the few domestic Tier-1 suppliers capable of R&D and production of complete automotive braking systems, with products covering both passenger and commercial vehicles[21] - The company possesses industry-leading processes and equipment, having introduced advanced automated production lines and testing equipment from countries such as Japan, Germany, and the United States, and utilizes MES systems to enhance production efficiency and quality[22][23] - The company's testing and inspection capabilities are outstanding, with road test bases in Huangshan and Heihe, various advanced testing equipment, and a testing center accredited by CNAS and recognized by multiple OEMs' laboratories[24] - The company's quality and brand advantages are significant, having obtained IATF 16949 and other quality system certifications, and received quality, R&D, and supply assurance awards from numerous OEMs including FAW-Volkswagen, SAIC-GM, Changan Automobile, and Geely Automobile[25][26] Analysis of Principal Business Operating revenue reached 2.005 billion yuan, up 14.28%, driven by 30.63% growth in automotive electronic control systems (now 21.85% of revenue), with basic braking systems as the main source at 74.34% Major Financial Data | Item | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,005,055,670.72 | 1,754,542,474.78 | 14.28% | - | | Selling Expenses | 38,863,919.10 | 29,215,931.86 | 33.02% | Sales growth, corresponding increase in warehousing, repair, warranty, and salaries | | Financial Expenses | -27,276,772.26 | -8,972,500.31 | -204.00% | Convertible bonds matured and repaid, leading to reduced bond interest | | R&D Expenses | 141,271,782.34 | 114,663,273.00 | 23.21% | - | Revenue by Business Segment and Region | Business Segment | Current Period Revenue (yuan) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | Automotive Basic Braking Systems | 1,490,598,111.23 | 74.34% | 12.51% | | Automotive Electronic Control Systems | 438,145,553.17 | 21.85% | 30.63% | | Other | 76,312,006.32 | 3.81% | -19.02% | | Domestic Sales | 1,934,555,649.61 | 96.48% | 13.89% | | International Sales | 70,500,021.11 | 3.52% | 26.07% | Analysis of Non-principal Business Non-principal business activities negatively impacted profit due to a 23.68 million yuan provision for inventory impairment losses, representing -21.89% of total profit Non-principal Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | | :--- | :--- | :--- | :--- | | Investment Income | -5,138,884.20 | -4.75% | Mainly income from structured products and wealth management products, and bill discount interest | | Asset Impairment | -23,676,848.58 | -21.89% | Mainly due to provision for inventory impairment losses | Analysis of Assets and Liabilities As of period-end, total assets were 6.43 billion yuan, up 2.95%, with cash and equivalents significantly increasing by 10.86 percentage points due to structured deposit maturities and bill discounting Significant Changes in Asset Composition | Asset Item | Period-end Balance (yuan) | Proportion of Total Assets | Change from Prior Year-end | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 2,917,989,899.88 | 45.40% | 10.86% | Mainly due to maturity of structured deposits and increased bill discounting | | Inventories | 607,320,743.05 | 9.45% | -3.27% | - | | Short-term Borrowings | 1,400,328,454.85 | 21.79% | 1.43% | - | Major Overseas Assets - The company holds a 20% equity stake in Elaphe Propulsion Technologies Ltd. in Slovenia, with an asset size of 70.74 million yuan, accounting for 2.89% of the company's net assets. During the reporting period, the investment yielded a loss of 1.38 million yuan, with no significant impairment risk[33] Restricted Assets | Restricted Asset Item | Period-end Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Equivalents | 705,564,210.13 | Pledged time deposits, deposited margin for bank acceptance bills | | Notes Receivable Financing | 5,000,000.00 | Pledged bank acceptance bills as collateral | | Fixed Assets | 59,982,145.67 | Mortgage collateral for short-term borrowings and notes payable | | Intangible Assets | 50,240,897.65 | Mortgage collateral for short-term borrowings and notes payable | | Total | 820,787,253.45 | - | Investment Analysis The company's investments include a securities stake in Zotye Auto (incurring losses) and the use of 2017 convertible bond proceeds, with raised fund projects behind schedule but deemed feasible for continued implementation Financial Asset Investments - The company holds shares in Zotye Auto (000980), acquired through debt-to-equity conversion due to the counterparty's bankruptcy reorganization. During the reporting period, this investment resulted in a fair value change loss of 0.80 million yuan[37] Use of Raised Funds - In 2017, the company publicly issued convertible bonds, raising a net amount of 982 million yuan. As of the end of the reporting period, 262 million yuan has been cumulatively used, with 720 million yuan remaining unused, primarily held in special accounts for raised funds and temporarily used to supplement working capital[40] Use of Raised Funds for Committed Projects | Committed Investment Project | Committed Investment Amount (yuan) | Cumulative Investment to Period-end (yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | New Energy Vehicle In-wheel Motor Drive Chassis Module Project | 401,790,800.00 | 255,817,500.00 | 63.67% | | Automotive Braking System Electronic Control Module Project | 580,582,700.00 | 6,153,100.00 | 1.06% | - The company explained that the slower-than-expected progress of the raised fund investment projects was due to cautious control over fixed asset investments to mitigate market and performance decline risks. The company has re-evaluated and decided to continue implementing the projects[42] Analysis of Major Holding and Associate Companies Anji Aptiv and Guangde Aptiv were the company's main profit sources, achieving net profits of 68.82 million yuan and 21.53 million yuan, while Beijing Aptiv recorded a 14.99 million yuan net loss Key Subsidiaries and Associates Financial Performance | Company Name | Type | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Anji Aptiv Braking Systems Co., Ltd. | Subsidiary | 1,222,968,935.17 | 68,816,756.67 | | Guangde Aptiv Automotive Intelligent Braking Systems Co., Ltd. | Subsidiary | 392,870,908.36 | 21,531,223.56 | | Liuzhou Zheya Automotive Chassis Components Co., Ltd. | Subsidiary | 198,957,170.70 | 4,526,531.20 | | Beijing Aptiv Automotive Chassis Systems Co., Ltd. | Associate Company | 142,891,895.86 | -14,993,470.54 | Risk Analysis The company faces risks from macroeconomic fluctuations, market competition, declining prices and margins, and slower raised fund project progress, necessitating strategic adjustments - The company's main risks include: - Economic Cycle Fluctuation Risk: The automotive industry is closely linked to the macroeconomic environment, and an economic downturn may affect the company's orders and collections - Intense Market Competition Risk: Capacity expansion by domestic and international parts manufacturers intensifies competition, potentially leading to a decrease in market share - Product Price Decline Risk: Downward pricing pressure from vehicle manufacturers is transmitted upstream, leading to a decrease in parts prices - Gross Margin Decline Risk: Fluctuations in raw material prices and rising labor costs may erode gross margins - Raised Fund Project Implementation Risk: The 2017 raised fund projects are behind schedule, posing a risk of increased depreciation and amortization leading to performance decline[50][51] Corporate Governance Shareholders' Meetings and Executive Changes During the reporting period, the company held its 2023 Annual Shareholders' Meeting on May 8, 2024, with no changes in directors, supervisors, or senior management - The company held its 2023 Annual Shareholders' Meeting on May 8, 2024, with an investor participation rate of 44.75%[53] - During the reporting period, there were no changes in the company's directors, supervisors, or senior management[53] Profit Distribution and Equity Incentives The company plans no profit distribution for H1 2024 and has not implemented any equity incentive or employee stock ownership plans - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[54] - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[54] Environmental and Social Responsibility Environmental Protection The company and its subsidiaries, as key pollutant-discharging entities, comply with environmental regulations, investing approximately 6.40 million yuan in governance and carbon reduction, with no administrative penalties - The company and its subsidiaries are listed as key pollutant-discharging entities and have obtained environmental qualifications such as pollutant discharge permits as required[55][56] - In the first half of 2024, the company and its major subsidiaries collectively invested approximately 6.40 million yuan in environmental governance and protection[62] - The company reduces carbon emissions by phasing out outdated equipment, replacing energy-efficient equipment, and constructing photovoltaic power stations[66] - During the reporting period, the company received no administrative penalties for environmental issues[65] Social Responsibility The company actively fulfills social responsibilities by protecting stakeholder rights, maintaining win-win supplier relationships, ensuring product quality, and engaging in social welfare initiatives - The company focuses on protecting the rights and interests of all stakeholders, including shareholders, creditors, employees, suppliers, and customers[66] - The company actively engages in social welfare and charitable endeavors, adheres to lawful operations, pays taxes in accordance with the law, and supports local economic and social development[67] Significant Matters Fulfillment of Commitments During the reporting period, the company's controlling shareholder, actual controller, and other related parties strictly adhered to the share lock-up commitments made during the initial public offering - The company's controlling shareholder, actual controller, and other shareholders have strictly adhered to the share lock-up commitments since the company's listing[68] Major Related Party Transactions Routine related party transactions totaled 71.09 million yuan (sales and procurement) within estimated limits, with an additional 30.61 million yuan in specialized equipment purchases from related parties Major Related Party Transactions | Related Party | Related Party Transaction Type | Related Party Transaction Content | Amount Incurred This Period (yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Aptiv Automotive Chassis Systems Co., Ltd. | Sales | Auto parts, materials | 41,582,800.00 | | Beijing Aptiv Automotive Chassis Systems Co., Ltd. | Sales | Auto parts, technology development | 8,087,000.00 | | Hangzhou Xiaoshan Aptiv Property Management Co., Ltd. | Services Received | Property management services, labor | 3,919,500.00 | | Zhejiang Aptiv Intelligent Connected Vehicle Innovation Center Co., Ltd. | Services Received | Technical service fees | 3,410,600.00 | | Hangzhou Aptiv Intelligent Equipment Co., Ltd. | Purchases | Materials | 4,099,500.00 | - The company jointly invested with Elaphe Propulsion Technologies Ltd. to establish Hangzhou Aptiv Elaphe Power Technology Co., Ltd., which reported a net loss of 0.91 million yuan during the reporting period[76] - The company purchased specialized equipment from related parties Hangzhou Aptiv Intelligent Equipment Co., Ltd. and Zhejiang Qilingling Supply Chain Management Co., Ltd., totaling approximately 30.62 million yuan (excluding tax)[81] Significant Matters of Company Subsidiaries Significant subsidiary events include Changchun Zheya's capital reduction, Hangzhou Yateng's absorption merger, and plans for a 70 million USD Morocco production base via a new Singaporean entity - The registered capital of wholly-owned subsidiary Changchun Zheya Automotive Chassis Co., Ltd. was reduced from 90 million yuan to 50 million yuan[88] - The company absorbed and merged wholly-owned subsidiary Hangzhou Yateng Casting Co., Ltd., which has completed its business deregistration[88] - The company plans to invest up to 70 million USD to establish a wholly-owned grandchild company in Morocco for building a production base. The Singaporean subsidiary for this investment has completed its registration[88] Share Changes and Shareholder Information Share Capital Changes The company's total share capital and structure remained unchanged, with 739,100,348 shares, 1.07% restricted and 98.93% unrestricted Share Capital Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 7,886,175 | 1.07% | | II. Unrestricted Shares | 731,214,173 | 98.93% | | III. Total Shares | 739,100,348 | 100.00% | Shareholder Numbers and Shareholding As of period-end, the company had 59,694 common shareholders; controlling shareholder Aptiv Mechanical & Electrical Group Co., Ltd. holds 37.41% (116 million shares pledged), with Huang Laixing and his sons as actual controllers - As of the end of the reporting period, the total number of common shareholders was 59,694[91] Top Shareholders' Holdings | Shareholder Name | Shareholding Proportion | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | | Aptiv Mechanical & Electrical Group Co., Ltd. | 37.41% | 276,492,517 | Pledged 116,000,000 | | Huang Laixing | 5.34% | 39,488,358 | - | | Huang Weizhong | 1.25% | 9,216,000 | - | - The controlling shareholder, Aptiv Mechanical & Electrical Group Co., Ltd., and the actual controllers, the Huang family (Huang Laixing, Huang Weizhong, Huang Weichao), are parties acting in concert[91][92] Preferred Shares Information During the reporting period, the company had no preferred shares - During the reporting period, the company had no preferred shares[97] Bond Information During the reporting period, the company had no bond-related information requiring disclosure - During the reporting period, the company had no bond-related information[98] Financial Report Audit Report The company's 2024 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[99] Financial Statements This section provides the company's key consolidated and parent company financial statements for H1 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Consolidated Balance Sheet | Item | Period-end Balance (yuan) | Period-start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 6,427,586,920.69 | 6,243,197,494.85 | | Cash and Equivalents | 2,917,989,899.88 | 2,156,494,839.57 | | Accounts Receivable | 761,935,112.92 | 807,482,193.53 | | Inventories | 607,320,743.05 | 793,973,129.91 | | Fixed Assets | 1,408,914,901.23 | 1,441,485,110.66 | | Total Liabilities | 3,598,558,378.38 | 3,441,972,575.18 | | Short-term Borrowings | 1,400,328,454.85 | 1,271,240,691.93 | | Notes Payable | 915,569,349.17 | 768,456,937.71 | | Accounts Payable | 1,043,337,526.22 | 1,105,074,355.91 | | Total Owners' Equity | 2,829,028,542.31 | 2,801,224,919.67 | | Owners' Equity Attributable to Parent Company | 2,813,696,574.76 | 2,785,976,979.11 | Consolidated Income Statement | Item | 2024 Semi-annual (yuan) | 2023 Semi-annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,005,055,670.72 | 1,754,542,474.78 | | Total Operating Costs | 1,918,120,776.75 | 1,687,846,130.60 | | R&D Expenses | 141,271,782.34 | 114,663,273.00 | | Operating Profit | 107,882,711.65 | 72,575,215.38 | | Total Profit | 108,151,666.14 | 73,384,680.68 | | Net Profit | 104,496,226.08 | 67,945,820.88 | | Net Profit Attributable to Parent Company Shareholders | 104,412,199.09 | 67,844,224.18 | Consolidated Cash Flow Statement | Item | 2024 Semi-annual (yuan) | 2023 Semi-annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 431,189,442.30 | 500,581,076.53 | | Net Cash Flow from Investing Activities | 128,650,379.93 | 117,687,618.27 | | Net Cash Flow from Financing Activities | 202,946,804.25 | 141,250,799.27 | | Net Increase in Cash and Cash Equivalents | 763,028,357.13 | 759,519,494.07 | Notes to Consolidated Financial Statements This section explains key consolidated financial statement items: period-end cash and equivalents totaled 2.92 billion yuan (706 million yuan restricted), accounts receivable 762 million yuan (with 93.31 million yuan bad debt provision), inventories 607 million yuan (36.50 million yuan impairment), and short-term borrowings 1.40 billion yuan - Period-end cash and equivalents totaled 2.92 billion yuan, of which 706 million yuan was restricted due to pledged time deposits and margin deposits[190][254][297] - Period-end accounts receivable balance was 855 million yuan, with a bad debt provision of 93.31 million yuan, resulting in a book value of 762 million yuan. Among these, a specific bad debt provision of 44.60 million yuan was made for Beijing Aptiv Co[194][195][196] - Period-end inventory book value was 607 million yuan, with an inventory impairment provision of 36.50 million yuan already made[217][219] - Period-end short-term borrowings amounted to 1.40 billion yuan, primarily consisting of pledged, guaranteed, and mortgaged borrowings[256] Related Parties and Related Party Transactions The company's parent is Aptiv Mechanical & Electrical Group, with Huang Laixing and sons as actual controllers; related party transactions included 53.33 million yuan in sales and 16.48 million yuan in purchases and services - The company's ultimate controlling parties are Huang Laixing and his eldest son Huang Weizhong, and second son Huang Weichao[323] Related Party Transactions | Transaction Type | Transaction Content | Amount Incurred This Period (yuan) | | :--- | :--- | :--- | | Purchases/Services Received | Technology development fees, property, materials, etc. | 16,475,932.32 | | Sales/Services Provided | Brake finished products, materials, utilities, etc. | 53,329,021.51 | Related Party Balances | Receivable/Payable | Related Party | Period-end Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Receivable | Beijing Aptiv Co. | 46,952,563.08 | | Accounts Receivable | Guangzhou Aptiv Co. | 11,727,866.09 | | Accounts Payable | Hangzhou Aptiv Intelligent Equipment Co., Ltd. | 9,648,366.37 | Supplementary Information This section provides non-recurring gains and losses details, return on net assets, and earnings per share calculations; total non-recurring gains and losses were 12.30 million yuan, weighted average return on net assets 3.70%, and basic EPS 0.14 yuan Non-recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 43,070.75 | | Government Grants Recognized in Current Profit/Loss | 10,837,200.28 | | Gains/Losses from Entrusted Investments or Asset Management | 3,330,136.99 | | Gains/Losses from Fair Value Changes of Financial Assets | -798,659.00 | | Total Non-recurring Gains/Losses | 12,302,850.00 | Key Financial Ratios | Metric | Value | | :--- | :--- | | Weighted Average Return on Net Assets | 3.70% | | Weighted Average Return on Net Assets (Excl. Non-recurring) | 3.26% | | Basic Earnings Per Share (yuan/share) | 0.14 | | Diluted Earnings Per Share (yuan/share) | 0.14 |