Company Overview - Dalian Hellon Piston Co., Ltd. was listed on the Beijing Stock Exchange on June 21, 2023, following approval from the exchange on June 15, 2023[7]. - The total share capital of the company is 171 million shares, with no controlling shareholder[23][24]. - The company specializes in manufacturing large-diameter steel top iron skirt combination pistons and other related products, primarily used in marine diesel engines and railway locomotives[23]. - The company operates in the manufacturing sector, specifically in general equipment manufacturing related to internal combustion engines and components[23]. - The company’s main products also include large engineering compressor engine pistons and internal combustion engine cylinder sleeves[23]. Financial Performance - The company's operating revenue for the first half of 2023 was CNY 65,739,602.76, representing a 2.54% increase compared to CNY 64,108,791.77 in the same period last year[30]. - The net profit attributable to shareholders decreased by 4.74% to CNY 16,092,424.07 from CNY 16,893,371.35 year-on-year[30]. - Total assets increased by 50.88% to CNY 368,343,976.05, up from CNY 244,123,796.96 at the end of the previous year[31]. - The company's total liabilities decreased by 32.12% to CNY 31,995,280.81, down from CNY 47,137,054.13 year-on-year[31]. - The gross profit margin decreased to 42.24% from 45.52% year-on-year[30]. - The weighted average return on equity based on net profit attributable to shareholders was 7.85%, down from 8.91% in the previous year[30]. - The company reported a total of CNY 210,640.63 in non-recurring losses, with a net amount of CNY 179,044.54 after tax impacts[35]. Cash Flow and Investments - The net cash flow from operating activities significantly dropped by 99.74% to CNY 49,135.73 compared to CNY 19,264,074.58 in the previous year[32]. - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 138.09 million, an increase of 702.43% compared to CNY 17.21 million at the end of the previous year[54]. - The company reported a total cash inflow from financing activities amounted to 127,783,018.84, while cash outflow was 2,538,730.54, resulting in a net cash flow of 125,244,288.30[118]. - The cash outflow for purchasing fixed assets and other long-term assets was 3,949,969.65, compared to 1,762,208.86 in the previous period[117]. Share Capital and Ownership - The company issued an additional 6.45 million shares on July 20, 2023, increasing the total share capital to 177.45 million shares, which represents 27.87% of the post-issue total[26]. - The actual controllers of the company hold a combined 47.02% of the shares, indicating a relatively concentrated control structure[75]. - Major shareholders include Su Aiqin with 29.88% and Li Ying with 11.59% of shares, collectively holding 74.81% of the company[91]. Research and Development - The company has established a comprehensive R&D system, focusing on new product development and continuous improvement of existing technologies[38]. - The company is focusing on enhancing its R&D capabilities to maintain competitive advantages and protect core technologies[73]. - The company plans to increase investment in product research and development to ensure re-certification as a high-tech enterprise[74]. Risk Management - The company has a risk analysis section in the report, addressing significant risk factors faced during the reporting period[14]. - The company has established measures to mitigate risks associated with foreign exchange fluctuations in export contracts[75]. - The company has a high proportion of accounts receivable, which accounted for a significant portion of total assets, posing a risk of bad debts if the economic situation deteriorates[74]. Corporate Governance - The company has established a corporate governance structure with a board of directors, supervisory board, and various operational departments[138]. - The board of directors consists of 7 members, while the supervisory board has 3 members[98]. - The company has not experienced any changes in its board of directors or senior management during the reporting period[102]. Market and Industry Insights - The global diesel engine market size reached 226 billion USD in 2019 and is projected to grow to 266.3 billion USD by 2027[47]. - The global diesel engine market is experiencing stable growth, driven by stricter emission standards and advancements in engine technology[47]. - In 2022, China's total diesel engine sales were 4.2866 million units, with commercial vehicles accounting for 1.6701 million units[48]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and reflect the company's financial position as of June 30, 2023[145]. - The company’s accounting period follows the calendar year, from January 1 to December 31[146]. - The company did not change its accounting policies or estimates compared to the previous year's financial statements[126].
汇隆活塞(833455) - 2023 Q2 - 季度财报