恒拓开源(834415) - 2024 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report structure, and defines key terms used throughout the document Important Notes This unaudited semi-annual report assures content accuracy while cautioning investors on forward-looking statements and confirms no delisting risk - This semi-annual report has not been audited by an accounting firm[6] - The company has no delisting risk[8] Definitions This section defines key terms, including company entities, related parties, and the reporting period from January 1 to June 30, 2024, for report clarity - The reporting period is defined as January 1, 2024, to June 30, 2024[9] Company Profile This section provides an overview of the company's fundamental information and significant post-reporting period updates Company Basic Information Hengtuo Open Source, listed on the Beijing Stock Exchange, provides software and IT services, primarily to the aviation industry, with Ma Yue as the actual controller Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Hengtuo Open Source (834415) | | Listing Exchange | Beijing Stock Exchange | | Industry Classification | Software and Information Technology Services | | Main Business | Provides software open-source technology development, technical consulting services, airport wireless mobile broadband private network deployment and services, and software/terminal sales/leasing to enterprise clients | | Controlling Shareholder | None | | Actual Controller | Ma Yue (Concerted Parties: Wu Zhou, Liu Deyong) | Post-Reporting Period Updates Post-reporting period, the actual controller Ma Yue and concerted parties plan to dissolve their agreement, with Ma Yue transferring 5.02% shares, leading to Jiang Hailin becoming the new actual controller - On August 19, 2024, the company's actual controller Ma Yue and concerted parties signed a termination agreement, with Ma Yue planning to transfer 7.05 million shares (approximately 5.02%) to Tibet Zhihang[15] - Upon completion of the aforementioned changes, the company's actual controller will change to Jiang Hailin[15] Accounting Data and Operating Performance This section presents key financial metrics, an overview of business operations, and a detailed review of the company's financial performance Key Accounting Data and Financial Indicators In H1 2024, revenue grew 1.57% to CNY 81.54 million, net profit increased 8.32% to CNY 8.26 million, with core profitability and operating cash flow significantly improving Profitability Indicators | Profitability Indicators | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 81,539,405.24 | 80,275,668.60 | 1.57% | | Net Profit Attributable to Parent (CNY) | 8,257,734.80 | 7,623,750.34 | 8.32% | | Net Profit Attributable to Parent (Excl. Non-recurring Items) (CNY) | 1,895,958.92 | 1,360,713.05 | 39.34% | | Gross Margin (%) | 46.93% | 45.01% | Increase of 1.92 percentage points | | Basic Earnings Per Share (CNY) | 0.06 | 0.05 | 20.00% | - Net cash flow from operating activities improved significantly, turning from -CNY 1.98 million in the prior period to CNY 5.39 million in the current period[18] - Net non-recurring gains and losses amounted to CNY 6.36 million, primarily from wealth management income and government subsidies, significantly contributing to current net profit[21] Business Overview As a core software supplier to China's civil aviation, the company offers comprehensive smart aviation and airport solutions, alongside customized software development for other sectors, with multiple high-tech enterprise recognitions - The company's core business is providing IT system solutions for the civil aviation industry, serving as a domestic alternative to foreign software vendors like Sabre and Jeppesen in certain areas[23] - Business is divided into two major segments: aviation (smart aviation and smart airport solutions) and other industries (customized software development and IT outsourcing for pharmaceutical, healthcare, automotive, and government sectors)[23][25] - The company and its subsidiaries Hengying Zhihang, Zhishi Dongli, Sanying Weiye, and Smart Aviation are all recognized as National High-Tech Enterprises, with Hengying Zhihang also being a Beijing 'Specialized, Refined, Unique, and New' SME[28][29] Operating Performance Review In H1 2024, driven by civil aviation recovery and low-altitude economy initiatives, the company achieved revenue growth of 1.57% and net profit growth of 8.32%, with improved operating cash flow and stable asset structure Operating Plans and Achievements H1 2024 strategy focused on strengthening civil aviation IT, expanding into new sectors, commercializing AI, and developing low-altitude economy, achieving CNY 81.54 million revenue and CNY 8.26 million net profit - The company is actively developing the low-altitude economy, having established a dedicated business unit, planned a series of products, and accumulated partners, aiming to build a crucial pillar for future growth[30] - In H1 2024, operating revenue reached CNY 81.54 million, a 1.57% year-on-year increase; net profit attributable to parent reached CNY 8.26 million, an 8.32% year-on-year increase[30] Financial Analysis Financial analysis reveals a stable asset structure, with 19.39% growth in operation and maintenance service revenue and 105.09% surge in Southwest region revenue, while operating cash flow significantly improved to CNY 5.39 million net inflow Revenue Composition (by Product) | Revenue Composition (by Product) | Operating Revenue (CNY) | YoY Change | | :--- | :--- | :--- | | Software Development and Technical Services | 47,029,957.84 | -5.26% | | System Integration and Services | 19,729,397.59 | 8.09% | | Operation and Maintenance Services | 14,780,049.81 | 19.39% | Revenue Composition (by Region) | Revenue Composition (by Region) | Operating Revenue (CNY) | YoY Change | | :--- | :--- | :--- | | Southeast Region | 42,105,769.42 | -9.93% | | North China Region | 19,124,671.10 | -13.49% | | Southwest Region | 16,877,485.44 | 105.09% | | Other Regions | 3,431,479.28 | 7.57% | Cash Flow Status | Cash Flow Status (CNY) | H1 2024 | H1 2023 | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 5,393,564.36 | -1,984,065.65 | 371.84% | | Net Cash Flow from Investing Activities | -13,879,979.31 | -9,393,570.89 | -47.76% | | Net Cash Flow from Financing Activities | -11,478,432.29 | -12,526,757.32 | 8.37% | Analysis of Major Holding and Associate Companies Major subsidiaries Hengying Zhihang and Smart Aviation performed steadily, with Smart Aviation achieving CNY 3.66 million net profit, while associate Yixun Information reported CNY 6.33 million net profit, and a new grandchild company was consolidated Major Holding and Associate Companies Performance | Company Name | Type | H1 2024 Operating Revenue (CNY) | H1 2024 Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Hengying Zhihang | Holding Subsidiary | 42,759,877.32 | 534,384.05 | | Smart Aviation | Holding Subsidiary | 33,373,051.90 | 3,662,833.31 | | Yixun Information | Associate Company | 67,565,696.70 | 6,328,299.81 | - During the reporting period, the company newly established a grandchild company, Guangzhou Hengying Commercial Services Co., Ltd., which has been included in the consolidated financial statements since April 28, 2024[48][49] Risks Faced by the Company and Countermeasures Key risks include CNY 112 million in accounts receivable bad debt, core talent loss, aviation industry over-reliance, market competition, and technology iteration, with countermeasures in place - Risk of accounts receivable bad debt: End-of-period accounts receivable reached CNY 112 million, accounting for 18.04% of total assets, posing liquidity pressure if not collected promptly[53] - Risk of core technical personnel loss: As an intellectual-intensive industry, the company's development relies on professional talent, and the loss of core personnel would impact operations[53] - Risk of reliance on the aviation industry and profit fluctuations: The company's operating revenue is dependent on the development of aviation industry informatization, and fluctuations in industry prosperity may affect company performance[54] Significant Events This section details significant events during the reporting period, including litigation, related party transactions, and compliance with commitments Details of Significant Events The company had minor lawsuits totaling CNY 0.72 million, a significant related party lease transaction, and its employee stock ownership plan remained unchanged, with all listing commitments fulfilled - The company is a defendant in lawsuits totaling CNY 723,300.92, representing 0.14% of net assets at period-end, which does not constitute major litigation[58] - The company's wholly-owned subsidiary entered into a significant related party transaction with Beijing Hongruida Technology Co., Ltd. for the lease of office space and server cabinets[58] - The employee stock ownership plan completed non-trading transfer in November 2023, with 65 holders subscribing to 3,506,500 shares, representing 2.50% of total share capital, with no changes during the reporting period[65] Share Changes and Financing This section details the company's share capital structure, major shareholders, and the utilization of raised funds during the reporting period Common Share Capital As of period-end, total share capital was 140,511,487 shares, with Tibet Zhihang as the largest shareholder at 16.18%, and actual controller Ma Yue's group holding over 22%, with some shares pledged Top Shareholders | Shareholder Name | Shares Held at Period-End | Shareholding Percentage at Period-End | | :--- | :--- | :--- | | Tibet Zhihang Transportation Technology Co., Ltd. | 22,738,823 | 16.1829% | | Beijing Yinghui Internet Technology Co., Ltd. | 21,464,385 | 15.2759% | | Ma Yue | 9,891,882 | 7.0399% | | Beijing Yabang Weiye Technology Co., Ltd. | 8,445,945 | 6.0109% | - Shareholders Beijing Yinghui Internet Technology Co., Ltd. and Ma Yue have pledged shares, totaling 9,327,568 shares[77] Use of Raised Funds No common share issuance occurred; CNY 1.85 million of the CNY 242 million raised in 2020 was used for the FOC product upgrade project, with CNY 89.87 million cumulatively utilized - During the reporting period, the company used CNY 1,850,685.35 of raised funds for the Flight Operations Control (FOC) Series Product Upgrade Project based on Middleware Architecture[77] - As of June 30, 2024, a cumulative CNY 89,866,353.71 of raised funds had been used, with no changes in the intended use of funds[77] Changes in Directors, Supervisors, Senior Management, and Core Employees This section outlines changes in the company's board of directors, supervisors, senior management, and employee structure, including core personnel Changes in Directors, Supervisors, and Senior Management Due to board re-election, independent directors changed, with Huang Jian, Liu Shiru, Yuan Li, and Gao Zhiyong departing, and Zhang Ruiyi, Guan Jizhen, and Xue Qiang newly appointed - Due to board re-election, independent directors changed: Yuan Li and Gao Zhiyong resigned, while Zhang Ruiyi, Guan Jizhen, and Xue Qiang were newly appointed as independent directors[83] Employee Information As of period-end, total employees decreased to 515 from 546, mainly due to technical personnel changes, while the 54 core employees remained stable Employee Count by Category | Employee Category | Number at Period-End | Number at Period-Start | | :--- | :--- | :--- | | Management Personnel | 7 | 6 | | Sales Personnel | 26 | 25 | | Administrative Personnel | 30 | 32 | | Technical Personnel | 444 | 473 | | Financial Personnel | 8 | 10 | | Total | 515 | 546 | - During the reporting period, the number of core employees was 54, with no changes[87] Financial Accounting Report This section presents the company's unaudited consolidated and parent company financial statements, along with detailed notes on accounting policies and key financial items Financial Statements This section presents the company's unaudited consolidated and parent financial statements for H1 2024, including balance sheets, income statements, cash flow statements, and equity changes Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items (CNY) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | 618,134,289.25 | 623,444,823.75 | | Total Liabilities | 99,289,600.88 | 105,271,421.44 | | Total Equity Attributable to Parent Company Shareholders | 518,844,688.37 | 518,173,402.31 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items (CNY) | Jan-Jun 2024 | Jan-Jun 2023 | | :--- | :--- | :--- | | Total Operating Revenue | 81,539,405.24 | 80,275,668.60 | | Operating Profit | 10,119,298.37 | 9,202,740.79 | | Net Profit | 8,257,734.80 | 7,623,750.34 | Notes to Financial Statements These notes detail the company's accounting policies, estimates, and significant financial statement items, including accounts receivable, long-term investments, related party transactions, and post-balance sheet events - During the reporting period, the company newly established a grandchild company, Guangzhou Hengying Commercial Services Co., Ltd., resulting in a change in the scope of consolidation[114] - On June 28, 2024, the company implemented its 2023 equity distribution, distributing a cash dividend of CNY 0.70 per 10 shares to shareholders, totaling CNY 9,761,863.86 in cash dividends[256] - Post-balance sheet events disclosed a significant event regarding the proposed change in the company's actual controller[318] Reference Documents Catalog This section lists the reference documents, including signed financial statements and all publicly disclosed documents and announcements from the reporting period, available at the company's office Reference Documents Catalog This section lists reference documents, including signed financial statements and all original publicly disclosed documents and announcements from the reporting period, available at the company's office