XJEC(SZ:000400)2024-08-29 09:35Financial Performance - The company's operating revenue for the first half of 2024 was ¥6,835,568,793.06, a decrease of 5.10% compared to the same period last year[13]. - Net profit attributable to shareholders was ¥627,858,221.25, representing an increase of 10.35% year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥611,214,091.40, up by 15.90% compared to the previous year[13]. - The net cash flow from operating activities was ¥332,136,297.51, a significant decrease of 64.75% from the same period last year[13]. - Basic earnings per share were ¥0.6195, reflecting a growth of 9.78% year-on-year[13]. - The company's operating revenue for the reporting period was ¥6,835,568,793.06, a decrease of 5.10% compared to ¥7,203,037,896.77 in the same period last year[25]. - The company's R&D investment was ¥240,500,420.56, down 8.18% from ¥261,927,900.83 year-on-year[25]. - The revenue from smart electric meters increased by 9.90% to ¥1,599,338,839.65, accounting for 23.40% of total revenue[26]. - The revenue from new energy and system integration dropped by 29.74% to ¥999,355,956.58, representing 14.62% of total revenue[26]. - The company's operating revenue for the electrical machinery and equipment manufacturing sector was approximately ¥6.84 billion, a decrease of 5.10% year-over-year[28]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥22,605,074,066.30, an increase of 3.20% from the end of the previous year[13]. - Net assets attributable to shareholders amounted to ¥11,059,048,703.57, up by 3.31% compared to the previous year[13]. - The company's cash and cash equivalents at the end of the reporting period were approximately ¥4.94 billion, accounting for 21.86% of total assets, a decrease of 1.04 percentage points from the previous year[30]. - Accounts receivable amounted to approximately ¥7.35 billion, representing 32.52% of total assets, a decrease of 0.47 percentage points year-over-year[30]. - The company's inventory increased to approximately ¥2.81 billion, accounting for 12.45% of total assets, reflecting a slight increase of 0.08 percentage points year-over-year[30]. - The company's contract liabilities rose to approximately ¥1.49 billion, representing 6.57% of total liabilities, an increase of 0.35 percentage points from the previous year[30]. - Total liabilities reached CNY 10,460,778,537.99, compared to CNY 10,209,761,933.26 at the beginning of the period, showing an increase of about 2.5%[91]. Market and Industry Developments - The company has acknowledged various industry and market risks in its report[2]. - The company made significant breakthroughs in key technologies, including the development of a 40.5 kV/4000 A gas-insulated switch and a 2.5 MW centralized liquid-cooled PCS[18]. - The company secured a contract worth 179 million yuan for the Qinghai-Tibet expansion project, contributing to a solid foundation in the power grid market[19]. - The company successfully entered international markets, with projects in Singapore, Germany, Nigeria, and Chile, enhancing its global business presence[20]. - The company is actively optimizing its industrial layout, focusing on a "source-network-load-storage" based industrial system[21]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥1.86 per share to all shareholders[3]. - The company distributed a cash dividend of CNY 2.96 per 10 shares to shareholders in June 2024[59]. - The company plans to distribute a cash dividend of 1.86 CNY per 10 shares, totaling 189,510,621.48 CNY, which represents 100% of the distributable profit[42]. - The total number of common shareholders at the end of the reporting period is 47,127, with the largest shareholder being China Electric Equipment Group Co., Ltd., holding 37.91% of shares (386,286,454 shares)[80]. Research and Development - The company has established three engineering technology research centers in Henan Province, focusing on power electronics and environmental protection equipment[18]. - The company is committed to enhancing its marketing capabilities and has improved customer service efficiency, leading to higher customer satisfaction[21]. - The company emphasizes continuous innovation to enhance competitiveness and expand market reach despite increasing competition in the electrical machinery sector[37]. - The company has implemented a "Quality Return Dual Improvement" action plan aimed at enhancing core competitiveness and investor relations[39]. Environmental and Compliance Measures - The company has not faced any administrative penalties related to environmental issues during the reporting period[49]. - The company is actively enhancing its environmental protection measures in compliance with national regulations[51]. - The company obtained a wastewater discharge permit from the Xuchang Ecological Environment Bureau, valid until November 2028[53]. - The company achieved compliance with all pollutant discharge standards, with total emissions including 26 tons of COD and 5 tons of nitrogen oxides[53]. - The company has a comprehensive environmental management system certified by GB/T24001-2016, with annual goals set and achieved[57]. Corporate Governance and Management Changes - The company has undergone significant management changes, including the election of Li Juntao as the new chairman on May 29, 2024[41]. - The annual shareholders' meeting had a participation rate of 60.81% on May 29, 2024, indicating strong investor engagement[40]. - The company held its first temporary shareholders' meeting on June 16, 2023, to approve various proposals related to the 2022 restricted stock incentive plan[6]. Related Party Transactions - The total amount of related party transactions for the company was 4,328.38 million yuan, accounting for 0.75% of similar transaction amounts[65]. - The company reported a related party purchase from Xuchang Xujie Electric Technology Co., Ltd. amounting to 16,247 million yuan, which represents 2.80% of similar transaction amounts[65]. - The related party sales to Xujie Group Co., Ltd. reached 16,202.90 million yuan, accounting for 2.37% of similar transaction amounts[66]. - The approved transaction limit for related party transactions was 70,000 million yuan, with no transactions exceeding this limit[66]. Financial Reporting and Accounting Policies - The financial report was approved by the board of directors on August 28, 2024[117]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission[119]. - The company uses RMB as its functional currency[124]. - The company recognizes income when control of goods is transferred to customers, considering factors such as contract approval and payment terms[168].