星星科技(300256) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the reporting period was RMB 427.67 million, a 31.65% increase compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was RMB -77.79 million, a 56.61% improvement compared to the same period last year[12] - Operating cash flow decreased by 50.07% to RMB 13.07 million compared to the same period last year[12] - Total assets decreased by 4.24% to RMB 2.06 billion compared to the end of the previous year[12] - Non-recurring gains and losses amounted to RMB 6.86 million, including government subsidies of RMB 8.14 million[15] - Revenue increased by 31.65% to 427,671,126.11 yuan, driven by growth in electric vehicle sales[48] - Operating costs rose by 18.29% to 391,767,130.51 yuan, primarily due to increased electric vehicle sales[48] - Sales expenses surged by 105.73% to 17,222,209.21 yuan, reflecting higher market investments in electric vehicle and consumer electronics businesses[48] - R&D investment grew by 7.42% to 25,525,403.76 yuan, with increased focus on electric vehicle and consumer electronics sectors[48] - Net cash flow from operating activities decreased by 50.07% to 13,068,913.82 yuan, mainly due to increased prepayments for materials in the electric vehicle business[48] - Electric bicycle revenue skyrocketed by 36,304.34% to 67,746,483.49 yuan, with a 12.26% gross margin[49] - Electric motorcycle revenue reached 29,785,120.71 yuan, marking a 100% increase compared to the previous year[49] - Asset impairment losses amounted to -9,544,503.00 yuan, primarily due to inventory and fixed asset write-downs[50] - Prepayments increased by 1.29% to 40,508,380.35 yuan, driven by higher material procurement prepayments[52] - The fair value of financial assets at the end of the period is RMB 11,538,057.69, with a decrease of RMB 34,121.69 in fair value changes during the period[53] - Restricted monetary funds amount to RMB 14,417,205.62, primarily used for bank acceptance bills, letter of credit guarantees, and judicial freezes[54] - Total assets decreased from 2,154,993,787.57 yuan to 2,063,532,210.51 yuan, a decline of 4.24%[120][122] - Current assets decreased from 1,098,459,694.42 yuan to 1,090,993,830.04 yuan, a slight decline of 0.68%[120] - Accounts receivable decreased from 209,767,508.66 yuan to 189,503,898.96 yuan, a decline of 9.66%[120] - Inventory increased from 140,976,461.05 yuan to 147,252,369.39 yuan, an increase of 4.45%[120] - Fixed assets decreased from 587,625,101.49 yuan to 528,575,500.97 yuan, a decline of 10.05%[121] - Total liabilities decreased from 699,597,731.58 yuan to 685,792,501.42 yuan, a decline of 1.97%[122] - Shareholders' equity decreased from 1,455,396,055.99 yuan to 1,377,739,709.09 yuan, a decline of 5.34%[122] - Net profit attributable to the parent company decreased from -7,325,969,674.70 yuan to -7,403,763,286.84 yuan, a further loss increase of 1.06%[122] - Total operating revenue for the first half of 2024 increased to 427,671,126.11 RMB, up 31.7% compared to 324,847,298.48 RMB in the same period of 2023[126] - Operating costs for the first half of 2024 rose to 503,113,225.47 RMB, a 12.7% increase from 446,427,308.50 RMB in the first half of 2023[127] - Net profit for the first half of 2024 was -78,296,233.85 RMB, an improvement from -179,977,656.46 RMB in the same period of 2023[128] - R&D expenses for the first half of 2024 increased to 25,525,403.76 RMB, up 7.4% from 23,763,207.77 RMB in the first half of 2023[127] - Total liabilities as of the first half of 2024 decreased to 1,151,264,796.50 RMB, down 35.7% from 1,790,286,438.47 RMB in the same period of 2023[125] - Accounts payable decreased to 38,572,430.48 RMB in the first half of 2024, a 67.5% drop from 118,720,791.89 RMB in the first half of 2023[125] - Total equity increased to 2,158,949,171.07 RMB in the first half of 2024, up 3.9% from 2,245,781,102.76 RMB in the same period of 2023[125] - Basic earnings per share improved to -0.03 RMB in the first half of 2024, compared to -0.08 RMB in the first half of 2023[128] - Financial expenses showed a net income of 10,281,357.42 RMB in the first half of 2024, compared to 12,048,648.67 RMB in the same period of 2023[127] - Total comprehensive income for the first half of 2024 was -78,330,355.54 RMB, an improvement from -179,977,656.46 RMB in the same period of 2023[128] - Sales revenue from goods and services received in cash increased to RMB 492.44 million, up 53.8% compared to RMB 320.14 million in the same period last year[131] - Net cash flow from operating activities decreased to RMB 13.07 million, down 50.1% from RMB 26.18 million in the previous year[131] - Net cash flow from investing activities was negative RMB 12.58 million, compared to negative RMB 10.09 million in the same period last year[132] - Net cash flow from financing activities was negative RMB 8.04 million, compared to negative RMB 242,325.07 in the previous year[132] - Total comprehensive income for the period was negative RMB 86.83 million, compared to negative RMB 4.43 million in the same period last year[130] - Research and development expenses amounted to RMB 1.30 million, reflecting the company's continued investment in innovation[129] - Financial expenses showed a net benefit of RMB 5.99 million, primarily due to interest income of RMB 5.60 million[129] - Total cash and cash equivalents at the end of the period were RMB 503.95 million, down from RMB 508.37 million at the beginning of the period[132] - Cash received from tax refunds increased to RMB 5.44 million, up 12.9% from RMB 4.82 million in the previous year[131] - Cash paid for goods and services increased significantly to RMB 355.43 million, up 149.2% from RMB 142.63 million in the same period last year[131] - Investment cash outflow totaled 1,379,100.00 yuan, with a net cash flow from investment activities of 620,900.00 yuan[134] - Net cash and cash equivalents decreased by 28,644,414.25 yuan, with an ending balance of 314,075,613.83 yuan[134] - Total comprehensive income for the period was -77,793,612.14 yuan, contributing to a decrease in owner's equity[136] - Owner's equity at the end of the period was 1,377,739,709.09 yuan, reflecting a decrease from the beginning balance[137] - Capital reserve increased by 54,500,000.00 yuan during the period[135] - The company's total assets at the end of the period were 2,268,393,386.00 yuan, with a capital reserve of 6,669,337,132.59 yuan[137] - The company's undistributed profit decreased by 7,403,763,286.84 yuan, reflecting a significant reduction in retained earnings[137] - The minority shareholder's equity decreased by 57,195,021.55 yuan, indicating a reduction in non-controlling interests[135] - The company's total equity at the end of the period was 2,268,393,386.00 yuan[140] - The capital reserve decreased by 619,506.00 yuan during the period[141] - The undistributed profit decreased by 86,831,931.69 yuan during the period[141] - The total comprehensive income for the period was -86,831,931.69 yuan[141] - The total equity at the beginning of the period was 2,245,781,102.76 yuan[141] - The total equity at the end of the previous period was 2,357,639,383.17 yuan[143] - The undistributed profit at the beginning of the period was -5,386,728,216.01 yuan[141] - The capital reserve at the beginning of the period was 5,463,279,498.13 yuan[141] - The total equity at the end of the period was 2,158,949,171.07 yuan[142] - The undistributed profit at the end of the previous period was -5,264,028,084.97 yuan[143] - The company's total equity at the end of the period was RMB 2,363,287,295.45, with a decrease of RMB 42,855,912.99 in capital and a decrease of RMB 52,935,813.00 in retained earnings[144][145] - The company's comprehensive income for the period was a loss of RMB 4,431,987.73[144] Business Operations - The company operates in the display device manufacturing industry, which is a core part of the information optoelectronics technology field[17] - The touch display module market is expected to grow steadily due to the expansion of downstream industries and increased application scenarios[18] - The precision structural parts industry is driven by the development of downstream electronics, communication, and automotive industries[19] - The electric two-wheeler industry is experiencing rapid growth due to policies promoting green travel and the implementation of new national standards[21] - The electric two-wheeler industry is expected to trend towards high-end, intelligent, lithium-powered, and international development[21] - The company has pioneered the technology of applying explosion-proof film on glass sheets, reducing the risk of injury from broken glass and enhancing the protective function of windows[22] - The company possesses mature 2D, 2.5D, and 3D cover glass technologies, along with advanced NCVM technology (PVD for vacuum non-conductive multilayer dielectric film deposition)[22] - The company is focusing on the application of new materials in window protection, including microcrystalline glass, anti-glare (AG), anti-reflective (AR), anti-fingerprint (AF) glass, and diamond-like coatings[22] - The company has developed advanced technologies such as large-size soft-to-hard/hard-to-hard multi-screen automatic alignment for automotive applications and ultra-thin, ultra-hard protective screens with active pen touch modules[23] - The company has achieved high-color gamut and high-brightness Mini LED backlight application technology in display modules[23] - The company has obtained TS16949 and ISO14000 certifications for automotive parts production and is collaborating with new energy vehicle manufacturers[23] - The company's electric two-wheeler business, under Jiangxi Lima, began production and sales of electric bicycles in June 2023 and launched its first electric motorcycle in December 2023[24] - Jiangxi Lima has achieved full-series production capabilities for electric bicycles, light electric motorcycles, and electric motorcycles, with leading production scale and efficiency[24] - The company integrates its "park economy" model with intelligent and digital advantages to explore the future of electric two-wheelers[24] - The company benefits from supportive policies for the consumer electronics and electric vehicle industries, including the "Strategic Emerging Industries Key Products and Services Guidance Catalog (2016)" and the "Three-Year Action Plan for Expanding and Upgrading Information Consumption (2018-2020)"[25] - The company's main businesses include R&D, production, and sales of window protection screens, touch display modules, precision structural components, and electric two-wheelers, with applications in consumer electronics, automotive electronics, industrial control, and medical devices[28] - The window protection screen business operates on a direct sales model, with products often customized based on client orders, and production is only initiated when there is a high certainty of order placement[29] - The company maintains a competitive edge in the window protection screen market by prioritizing raw material quality and conducting comprehensive evaluations of suppliers' qualifications, reputation, service, and pricing[31] - The company ensures production continuity by maintaining reasonable inventory for imported raw materials with long lead times[31] - The electric two-wheeler business involves the production of complete vehicles sold directly to consumers through dealers[28] - The company collaborates closely with clients to develop products that meet market demands, emphasizing continuous communication on market needs and product functionality[29] - The company selects at least two suppliers for each material to ensure quality and timely supply, with regular assessments of supplier performance[31] - For conventional materials, the company has agreements with suppliers to maintain appropriate stock levels to meet production needs[31] - The company's production model is based on customer orders, organized by product type and dedicated production lines, ensuring quality and efficiency through systematic employee training and quality-linked wages[32] - The company has a stable procurement system, evaluating suppliers based on multiple criteria including quality, delivery speed, and price, with at least two suppliers for each material to mitigate risks[34] - The company's touch display business leverages its integrated industry chain to provide cost-effective, high-value products, with a customer management system that includes regular communication and close monitoring of new product developments[33] - The company's precision structural components business involves close collaboration with customers during the development and testing phases, ensuring product quality before mass production[37] - The company's electric two-wheeler business focuses on strict supplier evaluation and inventory control, with production plans based on dealer orders and continuous process optimization to improve efficiency and quality[41][42] - The company has developed advanced technologies in various fields, including AG/AR/AF composite technology for smart car applications, high-precision transparent circuit etching technology, and nano-injection molding technology[43] - The company has expanded its business from mobile phone window protection screens to touch display modules, precision structural components, and electric two-wheelers, achieving a synergistic effect across its product lines[44] Subsidiaries and Investments - The subsidiary Xingxing Touch Technology (Shenzhen) Co., Ltd. reported a net profit of RMB 51,887,770.22, contributing significantly to the company's overall performance[57] - The subsidiary Xingxing Precision Technology (Shenzhen) Co., Ltd. achieved a net profit of RMB 526,649,152.28, driven by strong performance in precision structural components[57] - The subsidiary Jiangxi Yihong Electronics Technology Co., Ltd. reported a net loss of RMB 964,312.55, reflecting challenges in the display device manufacturing sector[57] - The subsidiary Pingxiang Xingchi Optoelectronics Technology Co., Ltd. recorded a net loss of RMB 9,901,686.96, indicating ongoing difficulties in the optical glass sales business[57] - The subsidiary Taizhou Xingxing Optoelectronics Technology Co., Ltd. reported a net loss of RMB 3,172,563.16, highlighting operational challenges in the display device manufacturing segment[57] - The subsidiary Jiangxi Lima Vehicle Co., Ltd. reported a net loss of RMB 1,286,585.76, reflecting challenges in the electric vehicle R&D and sales sector[57] - The company has established a wholly-owned subsidiary, Jiangxi Lima, with a self-owned capital investment of RMB 50 million (5,000万) to develop the new energy electric vehicle industrial park[87] - The company completed the acquisition of 100% equity of Guangxi Lima for RMB 210 million (21,000万), marking the first phase of electric vehicle asset injection[87] Risks and Challenges - The company faces risks related to technological innovation and product development, with potential impacts on competitiveness if new technologies are not adopted in a timely manner[59] - The company is exposed to risks related to the fulfillment of the Reorganization Investment Agreement, particularly concerning the performance commitments of Jiangxi Lima and the timely injection of assets[62][63] - LIMA Vehicle Group and/or LIMA Technology commit to supporting the listed company with financing of no less than RMB 1 billion within 36 months after obtaining 600,000,000 shares and completing the restructuring plan[64] - The company faces risks related to related-party transactions, particularly in procurement, sales, and services, which could impact financial performance if not properly managed[65] - The company and its controlling shareholder face risks of同业竞争 (competing businesses) until the promised电动车资产注入 (electric vehicle asset injection) is completed[66] - The company is involved in a significant litigation with an involved amount of RMB 620.16 million (62,016.47万), which is still pending[88] - The company has resolved a major arbitration case, requiring it to repay a loan principal of RMB 45 million (4,500万) and related interest, totaling RMB 47.07 million (4,706.96万)[89] - The company has engaged in a significant related-party transaction, purchasing raw materials and finished products for electric two-wheelers, amounting to RMB 113.32 million (11,332.18万), representing 36.64% of similar transactions[93] - The company's actual related-party transactions for raw materials and finished products in the reporting period amounted to 113.32 million yuan, which is 32.38% of the total estimated amount of 350 million yuan[95][96] - The company provided a total of 700 million yuan in guarantees for its subsidiaries during the reporting period, with no actual guarantee amount incurred[104][105] - No significant asset or equity acquisitions, sales, or joint investments occurred during the reporting period[96][97] - The company reported no non-operating related-party debt or credit transactions during the reporting period[98] - No