GRKJ(SZ:300600)2024-08-28 12:37Financial Performance - Revenue for the reporting period reached RMB 124.09 million, a year-on-year increase of 51.85%[13] - Net profit attributable to shareholders of the listed company was RMB -11.91 million, a year-on-year increase of 29.91%[13] - Net cash flow from operating activities was RMB 3.35 million, a year-on-year decrease of 86.73%[13] - Total assets at the end of the reporting period were RMB 1.144 billion, a year-on-year decrease of 1.79%[13] - Revenue from the ship power distribution system business reached RMB 84.30 million, a year-on-year increase of 87.09%[18] - Revenue from the ship automation system business reached RMB 37.68 million, a year-on-year increase of 16.50%[18] - Revenue increased by 51.85% to 124,089,367.26 yuan compared to the same period last year, driven by increased order deliveries[22] - Operating costs rose by 68.35% to 89,076,584.91 yuan, reflecting higher production and delivery expenses[22] - R&D investment increased by 65.01% to 8,805,304.28 yuan due to more projects being undertaken[23] - Cash flow from operating activities decreased by 86.73% to 3,350,209.22 yuan, primarily due to delayed payment receipts[23] - Cash flow from financing activities improved by 81.44% to -11,154,830.54 yuan, as short-term borrowings decreased[23] - Accounts receivable increased by 2.67% to 335,158,139.35 yuan, indicating higher sales on credit[23] - Inventory remained stable at 199,537,611.40 yuan, with a slight increase of 0.03%[23] - Revenue for the first half of 2024 was RMB 124.09 million, compared to RMB 81.72 million in the same period last year, representing a 51.8% increase[80] - Total operating costs for the first half of 2024 were RMB 130.13 million, a 37.2% increase from RMB 94.90 million in the same period last year[80] - R&D expenses increased by 65.0% to RMB 8.81 million in the first half of 2024, up from RMB 5.34 million in the same period last year[80] - Net loss for the first half of 2024 was RMB 12.46 million, an improvement from a net loss of RMB 18.24 million in the same period last year[81] - Basic and diluted earnings per share for the first half of 2024 were both RMB -0.04, compared to RMB -0.0578 in the same period last year[81] - Parent company revenue for the first half of 2024 was RMB 104.15 million, a 42.4% increase from RMB 73.12 million in the same period last year[83] - Parent company net loss for the first half of 2024 was RMB 5.93 million, an improvement from a net loss of RMB 17.44 million in the same period last year[83] - Credit impairment losses for the first half of 2024 were RMB 5.70 million, a decrease from RMB 7.41 million in the same period last year[80] - Interest income for the first half of 2024 was RMB 2.01 million, a significant increase from RMB 538,299.30 in the same period last year[80] - Other income for the first half of 2024 was RMB 656,077.65, a decrease from RMB 1.97 million in the same period last year[80] - Operating cash flow from sales of goods and services decreased to 106.1 million yuan in H1 2024 from 137.09 million yuan in H1 2023, a decline of 22.6%[85] - Total operating cash inflow dropped to 109.79 million yuan in H1 2024 from 146.34 million yuan in H1 2023, a decrease of 25%[85] - Net cash flow from operating activities fell sharply to 3.35 million yuan in H1 2024 from 25.25 million yuan in H1 2023, an 86.7% decline[85] - Cash paid for goods and services decreased to 41.99 million yuan in H1 2024 from 59.86 million yuan in H1 2023, a 29.8% reduction[85] - Net cash flow from investing activities improved to -6.8 million yuan in H1 2024 from -11.08 million yuan in H1 2023[87] - Cash received from borrowings decreased significantly to 18 million yuan in H1 2024 from 79.27 million yuan in H1 2023, a 77.3% drop[87] - Net cash flow from financing activities improved to -11.15 million yuan in H1 2024 from -60.11 million yuan in H1 2023[87] - Cash and cash equivalents at period-end decreased to 179.74 million yuan in H1 2024 from 194.35 million yuan at the beginning of the period[87] - Parent company's operating cash flow from sales of goods and services dropped to 82.2 million yuan in H1 2024 from 133.35 million yuan in H1 2023, a 38.4% decrease[88] - Parent company's net cash flow from operating activities fell sharply to 0.42 million yuan in H1 2024 from 45.52 million yuan in H1 2023, a 99.1% decline[88] - The company's comprehensive income for the current period decreased by RMB 11,911,905.24, resulting in a total decrease of RMB 12,455,748.33[91] - The company's total equity at the end of the period was RMB 937,175,582.30, down from RMB 949,631,330.63 at the beginning of the period[92] - The company's undistributed profit decreased by RMB 16,995,214.24 during the period, contributing to a total decrease in equity of RMB 13,238,031.36[93] - The company received RMB 5,000,000 in capital from other sources, partially offset by a decrease of RMB 1,242,817.12 in minority shareholders' equity[94] - The company's total equity at the end of the period was RMB 856,863,211.87, with a capital reserve of RMB 322,554,380.01[95] - The company's total owner's equity at the beginning of the period was 942,687,100 yuan, with a decrease of 5,931,212.35 yuan in comprehensive income during the period[96] - The company's total owner's equity at the end of the period was 936,755,895.22 yuan[97] - The company's total owner's equity at the beginning of the previous period was 861,790,402.96 yuan, with a decrease of 12,436,942.87 yuan in comprehensive income during the period[98] - The company's total owner's equity at the end of the previous period was 849,353,460.09 yuan[99] Dividend and Capital Distribution - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] - The company plans no cash dividends, stock dividends, or capital reserve to share capital conversion for the first half of the year[37] Subsidiaries and Investments - Subsidiary Hangzhou Haichuang Automation Co., Ltd. reported a net loss of RMB 3,085,435.84 with total assets of RMB 174,584,252.76 and revenue of RMB 39,744,489.89[30] - Subsidiary Suzhou Haite Electric Co., Ltd. reported a net loss of RMB 2,119,293.81 with total assets of RMB 37,185,817.22 and revenue of RMB 10,810,200.51[30] Risks and Challenges - The company faces risks from market demand fluctuations due to its reliance on the shipbuilding industry, which is influenced by global macroeconomic conditions[31] - The company has a significant accounts receivable risk due to long industry settlement cycles, which could impact cash flow[32] - The company's inventory turnover rate is low, increasing liquidity risk, especially if market conditions or customer demands change[32] - The company faces technological substitution risks as the manufacturing industry evolves, necessitating continuous R&D investment[32] Corporate Governance and Meetings - The company held its 2023 Annual General Meeting with a 51.97% investor participation rate on May 23, 2024[35] - The company held its 2024 First Extraordinary General Meeting with a 51.97% investor participation rate on March 29, 2024[35] Environmental and Compliance - The company has no significant environmental issues or penalties reported during the period[38] - The company's semi-annual financial report for 2024 was not audited[41] - The company received a "non-standard audit report" with an emphasis of matter paragraph for its 2023 financial statements due to pending regulatory penalties[41] - The company received a "Administrative Penalty Decision" from the China Securities Regulatory Commission on May 17, 2024, regarding false disclosure in its 2020 annual report[44] - The company plans to restate its 2020 financial report and apply to remove the risk warning 12 months after the penalty decision[41] - The company will strengthen compliance management and internal control systems to mitigate the impact of the penalty[41] - The company reported no significant litigation, arbitration, or bankruptcy restructuring during the reporting period[42][43] Shareholder and Equity Information - Limited-sale shares decreased by 15,872,481 shares, from 63,943,525 shares (21.73%) to 48,071,044 shares (16.34%)[61] - Unlimited-sale shares increased by 15,872,481 shares, from 230,290,955 shares (78.27%) to 246,163,436 shares (83.66%)[61] - Total shares remained unchanged at 294,234,480 shares (100.00%)[62] - Shareholder Gong Ruiliang's restricted shares decreased by 15,985,881 shares, from 63,943,525 shares to 47,957,644 shares due to administrative penalties[62] - Zhejiang Erqing Group Co., Ltd. holds 93,518,575 shares, representing 31.78% of the total shares[64] - Gong Ruiliang holds 63,943,525 shares, representing 21.73% of the total shares, with 49,000,000 shares pledged[64] - Changzhou Zhongke Jiangnan Equity Investment Center (Limited Partnership) holds 6,754,300 shares, representing 2.30% of the total shares[64] - Wang Hua holds 6,516,000 shares, representing 2.21% of the total shares[64] - Yang Baoguo holds 3,832,800 shares, representing 1.30% of the total shares[64] - Suzhou Kairui Investment Enterprise (Limited Partnership) holds 3,374,798 shares, representing 1.15% of the total shares[64] Asset and Liability Information - The company's total assets at the end of the reporting period were RMB 1,144,486,850.58, a decrease from RMB 1,165,334,116.55 at the beginning of the period[72] - The company's monetary funds decreased from RMB 201,019,724.87 at the beginning of the period to RMB 193,292,609.65 at the end of the period[72] - Accounts receivable increased from RMB 310,048,158.12 at the beginning of the period to RMB 335,158,139.35 at the end of the period[72] - Inventory decreased slightly from RMB 202,742,772.78 at the beginning of the period to RMB 199,537,611.40 at the end of the period[72] - The company's short-term borrowings remained relatively stable at RMB 68,655,816.66 at the end of the period compared to RMB 68,667,886.10 at the beginning of the period[73] - Accounts payable increased from RMB 60,940,913.07 at the beginning of the period to RMB 63,146,363.85 at the end of the period[73] - Contract liabilities decreased from RMB 54,207,369.88 at the beginning of the period to RMB 47,938,977.51 at the end of the period[73] - The company's fixed assets decreased from RMB 253,854,169.14 at the beginning of the period to RMB 244,824,511.41 at the end of the period[73] - The company's investment property decreased from RMB 30,835,577.43 at the beginning of the period to RMB 29,735,747.55 at the end of the period[73] - The company's intangible assets decreased slightly from RMB 46,667,378.26 at the beginning of the period to RMB 45,805,840.72 at the end of the period[73] - Total liabilities increased from 207,311,268.28 yuan to 215,702,785.92 yuan, reflecting a growth of 4.05%[75] - Total owner's equity rose from 937,175,582.30 yuan to 949,631,330.63 yuan, indicating a 1.33% increase[75] - Total assets grew from 1,144,486,850.58 yuan to 1,165,334,116.55 yuan, showing a 1.82% rise[75] - Operating revenue for the first half of 2024 reached 124,089,367.26 yuan, a significant increase from 81,719,487.70 yuan in the same period of 2023, marking a 51.85% growth[79] - Current liabilities decreased slightly from 238,510,088.61 yuan to 236,827,251.52 yuan, a reduction of 0.71%[78] - Non-current liabilities dropped from 495,000.00 yuan to 360,000.00 yuan, a decrease of 27.27%[78] - Total owner's equity for the first half of 2024 was 936,755,895.22 yuan, compared to 942,687,107.57 yuan in the same period of 2023, showing a slight decline of 0.63%[78] - Total assets for the first half of 2024 were 1,173,943,146.74 yuan, slightly down from 1,181,692,196.18 yuan in the same period of 2023, a decrease of 0.66%[78] - Current assets decreased from 684,482,889.97 yuan to 679,669,203.66 yuan, a reduction of 0.70%[77] - Non-current assets declined from 497,209,306.21 yuan to 494,273,943.08 yuan, a decrease of 0.59%[77] Business Operations and Strategy - The company's operating model is direct sales, with no distributors involved[17] - The company focuses on R&D driven by market demand, collaborating with universities and research institutions[17] - The company adopts a "make-to-order" production model, with some processes outsourced[17] - The company is exploring transitioning from customization to small-batch, standardized, and modular production[17] - The company has a strong technical team of over 100 professionals, covering various fields such as electrical, automation, and software[20] - The company possesses a full-chain production capability for ship electrical products, with a production area of 62,000 square meters[20] - The company has 28 projects accredited by CNAS, showcasing its strong testing and inspection capabilities[21] - The company operates in the railway, ship, aerospace, and other transportation equipment manufacturing industry, specializing in ship power distribution systems and cabin automation systems[107] Financial Reporting and Accounting Policies - The company's financial report for the previous year was issued a non-standard audit opinion by the certified public accountant, and the progress of related matters can be found in the "Important Matters" section[2] - The company's semi-annual report is available on the designated website of the China Securities Regulatory Commission and the media, with no changes in the disclosure location during the reporting period[11] - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" and the relevant regulations of the China Securities Regulatory Commission[109] - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts[110] - Important accounting policies and estimates include inventory valuation methods, bad debt provision methods, and depreciation and amortization methods[111] - The company follows the Enterprise Accounting Standards and ensures that the financial statements truly and completely reflect the company's financial status, operating results, and cash flows[113] - The company uses a 12-month operating cycle as the standard for dividing the liquidity of assets and liabilities[115] - The company uses RMB as its functional currency[116] - Significant construction-in-progress projects are those with individual amounts exceeding 2% of total assets[117] - Important investment cash flow items are those exceeding 10% of total assets[119] - The company treats multiple transactions as a single transaction if they are part of a package deal in achieving a business combination[120] - The company recognizes goodwill if the cost of a business combination exceeds the fair value of the identifiable net assets acquired[123] - The company determines control based on the power to influence returns from the investee, participation in relevant activities, and the ability to affect returns through that power[125] - The consolidated financial statements include all subsidiaries controlled by the company, ensuring a unified accounting policy and period across the group[127] - Internal transactions between the company and its subsidiaries are eliminated in the consolidated financial statements to reflect the group's overall financial position[128] - For subsidiaries acquired through business combinations under common control, the company adjusts the consolidated financial statements as if the combination had occurred at the beginning of the earliest period presented[128] - Subsidiaries acquired through non-common control business combinations are included in the consolidated financial statements from the acquisition date, without adjusting the opening balances[129] - When control over a subsidiary is lost, the company re-measures the remaining equity interest at fair value, with any gain or loss recognized in the current period's profit or loss[130] - The company classifies joint arrangements as either joint operations or joint ventures based on the structure, legal form, and contractual terms of the arrangement[133