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机科股份(835579) - 2025 Q1 - 季度财报

Section I Important Notice Important Declarations and Audit Status The company's directors, supervisors, and senior management guarantee the report's authenticity, accuracy, and completeness, while the financial report remains unaudited and does not constitute a substantive commitment to investors - The company's directors, supervisors, and senior management bear individual and joint liability for the authenticity, accuracy, and completeness of the report content3 - The company's person in charge, head of accounting, and head of accounting department guarantee the financial report's authenticity, accuracy, and completeness3 - This quarterly report is unaudited by an accounting firm4 - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors4 Section II Company Profile I. Key Financial Data As of March 31, 2025, total assets decreased by 2.51% year-over-year, while net assets attributable to shareholders increased by 0.94%, with operating cash flow significantly improving by 47.01% despite a 43.47% drop in net profit Overview of Key Financial Data (Consolidated Statements) | Indicator | Period End (March 31, 2025) (RMB) | Previous Year End (December 31, 2024) (RMB) | Change % from Previous Year End | | :--- | :--- | :--- | :--- | | Total Assets | 1,121,785,959.88 | 1,150,674,888.40 | -2.51% | | Net Assets Attributable to Shareholders | 526,531,312.44 | 521,603,717.40 | 0.94% | | Asset-Liability Ratio % (Consolidated) | 53.19% | 54.78% | - | | Indicator | Year-to-Date (Jan-Mar 2025) (RMB) | Prior Period (Jan-Mar 2024) (RMB) | YTD Change % from Prior Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 76,497,832.44 | 81,756,030.24 | -6.43% | | Net Profit Attributable to Shareholders | 4,478,610.22 | 7,921,939.01 | -43.47% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 3,927,011.24 | 7,921,108.70 | -50.42% | | Net Cash Flow from Operating Activities | -36,999,918.99 | -69,822,430.12 | 47.01% | | Basic Earnings Per Share (RMB/share) | 0.03 | 0.06 | -50.00% | | Weighted Average ROE % (Based on Net Profit Attributable to Shareholders) | 0.85% | 1.55% | - | | Weighted Average ROE % (Based on Net Profit Attributable to Shareholders, Excluding Non-Recurring Items) | 0.75% | 1.55% | - | Significant Changes in Consolidated Balance Sheet Items | Item | Period End (March 31, 2025) (RMB) | Change % | Explanation of Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 208,177,977.89 | -41.08% | Use of raised funds to purchase land, increasing intangible assets and decreasing cash and cash equivalents | | Notes Receivable | 5,729,358.54 | -70.92% | Decrease due to some notes receivable maturing or being transferred | | Prepayments | 44,602,549.32 | 42.91% | Payments made to suppliers based on project implementation and procurement contracts, goods not yet delivered | | Intangible Assets | 112,186,359.98 | 2,778.84% | Increase in intangible assets due to the use of raised funds to purchase land | | Employee Benefits Payable | 9,290,454.78 | -55.49% | Payment of employee benefits payable | | Taxes Payable | 1,947,345.32 | -76.39% | Payment of taxes payable | | Other Current Liabilities | 7,738,504.64 | -40.82% | Maturity and settlement of some notes receivable transferred to suppliers with lower credit ratings | Significant Changes in Consolidated Income Statement Items | Item | Year-to-Date (Jan-Mar 2025) (RMB) | Change % | Explanation of Change | | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 169,154.87 | -66.41% | Primarily due to a year-over-year decrease in operating revenue | | Selling Expenses | 984,081.14 | 66.31% | The company strengthened product promotion and industry exhibitions | | Financial Expenses | 134,116.81 | -77.81% | Shortened lease terms for some leased properties, new leases adopted short-term lease method | | Other Income | 2,395,698.67 | 573.57% | Benefited from tax and fee reduction policies | | Investment Income | 624,832.88 | 922.00% | Investment income obtained from purchasing wealth management products | | Credit Impairment Losses | 37,029.56 | 97.07% | Increase in credit impairment losses due to longer aging of accounts receivable and other receivables | | Asset Impairment Losses | -410,305.96 | 213.20% | Increase in asset impairment losses due to longer aging of contract assets | | Income Tax Expense | 362,242.02 | -73.38% | Primarily due to a year-over-year decrease in operating revenue | Significant Changes in Consolidated Cash Flow Statement Items | Item | Year-to-Date (Jan-Mar 2025) (RMB) | Change % | Explanation of Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -36,999,918.99 | 47.01% | Increased cash inflow due to sales contracts reaching collection milestones | | Net Cash Flow from Investing Activities | -107,858,268.14 | -46.09% | The company purchased land for 108 million RMB during the reporting period; in the prior period, 200 million RMB in wealth management products had not yet matured and been redeemed | | Net Cash Flow from Financing Activities | -271,345.11 | -100.74% | In the prior period, the company obtained 37.44 million RMB in over-allotment funds | Non-Recurring Gains and Losses (Jan-Mar 2025) | Item | Amount (RMB) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 24,000.00 | | Gains/Losses from Entrusted Investments or Asset Management | 624,832.88 | | Other Non-Operating Income and Expenses | 107.10 | | Total Non-Recurring Gains and Losses | 648,939.98 | | Income Tax Impact | 97,341.00 | | Net Non-Recurring Gains and Losses | 551,598.98 | - The company implemented the 'Compilation of Application Guidelines for Enterprise Accounting Standards 2024' from January 1, 2024, clarifying that guarantee-type quality assurance expenses are recorded in 'Cost of Goods Sold' and other accounts, with retrospective adjustments applied to comparable period financial statements14 Impact of Accounting Policy Changes on Consolidated Financial Statements (Jan-Mar 2024) | Affected Item | Before Adjustment (RMB) | Adjustment Amount (RMB) | After Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Operating Cost | 62,046,533.61 | 1,635,120.60 | 63,681,654.21 | | Selling Expenses | 2,226,831.18 | -1,635,120.60 | 591,710.58 | II. Ordinary Share Capital Structure and Top Shareholders at Period End At period end, the company's total share capital was 129.48 million shares, with 65.57% restricted, and the top two shareholders collectively holding over 65% of restricted shares, with no significant changes or encumbrances among the top ten Ordinary Share Capital Structure (Period End) | Share Type | Quantity (shares) | Proportion % | | :--- | :--- | :--- | | Total Unrestricted Shares | 44,574,420 | 34.43% | | Total Restricted Shares | 84,905,580 | 65.57% | | Of which: Controlling Shareholder, Actual Controller | 57,055,580 | 44.07% | | Total Share Capital | 129,480,000 | - | | Number of Ordinary Shareholders | 8,767 | - | Top 5% or Top Ten Shareholders (Period End) | No. | Shareholder Name | Shareholder Type | Shares Held at Period End (shares) | Holding Proportion % at Period End | Restricted Shares Held at Period End (shares) | Unrestricted Shares Held at Period End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | China Academy of Machinery Science and Technology Group Co., Ltd. | State-owned Legal Person | 57,055,580 | 44.07% | 57,055,580 | 0 | | 2 | Beijing Jike Huizhong Intelligent Technology Co., Ltd. | Domestic Non-State-owned Legal Person | 27,850,000 | 21.51% | 27,850,000 | 0 | | 3 | Beijing Machine Tool Research Institute Co., Ltd. | State-owned Legal Person | 2,134,050 | 1.65% | 0 | 2,134,050 | | ... | ... | ... | ... | ... | ... | ... | | Total (Top Ten) | - | 91,349,059 | 70.56% | 84,905,580 | 6,443,479 | - No related party relationships exist among the company's top ten shareholders19 - No shares held by shareholders with 5% or more or the top ten shareholders are pledged or judicially frozen20 Section III Significant Events Compliance Status of Significant Matters During the reporting period, the company engaged in litigation, arbitration, and routine related-party transactions, with all disclosed commitments being fulfilled, and no external guarantees, loans, or asset encumbrances present Compliance Status of Significant Matters | Matter | Existed During Reporting Period | Underwent Internal Review Procedures | Timely Disclosure Fulfilled | | :--- | :--- | :--- | :--- | | Litigation, Arbitration Matters | Yes | Not Applicable | Not Applicable | | External Guarantees | No | Not Applicable | Not Applicable | | Forecast and Execution of Routine Related-Party Transactions | Yes | Yes, timely prior fulfillment | Yes | | Disclosed Commitments | Yes | Yes, timely prior fulfillment | Not Applicable | - All disclosed commitments are being fulfilled normally, with no overdue or violated commitments26 Details, Progress, and Other Significant Matters The company had no major litigation but faced a labor arbitration case of 330.28 thousand RMB, which it is appealing, while routine related-party transactions totaling 292.20 million RMB for 2025 were approved and partially executed - The company had no significant litigation or arbitration matters during the reporting period23 - The company is involved as a defendant/respondent in a labor arbitration case totaling 330.28 thousand RMB, representing 0.06% of net assets at period end24 - The labor arbitration ruled the company pay Liu Qinghai a total of 91.75 thousand RMB for year-end bonus, overtime, unused annual leave, and patent bonuses; the company has filed a lawsuit, and the first instance hearing has not yet commenced24 Forecast and Execution of Routine Related-Party Transactions (Jan-Mar 2025) | Specific Matter Type | Estimated Amount (RMB) | Actual Amount (RMB) | | :--- | :--- | :--- | | Purchase of Raw Materials, Fuel, Power, and Acceptance of Services | 8,200,000.00 | - | | Sale of Products, Goods, and Provision of Services | 28,000,000.00 | 1,427,733.85 | | Other (e.g., Leasing, Services) | 264,000,000.00 | 3,047,390.98 | | Total | 300,200,000.00 | 4,475,124.83 | - The proposal for 2025 routine related-party transactions has been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting25 Section IV Financial Accounting Report I. Audit Status of Financial Report This quarterly financial report remains unaudited - This quarterly financial report is unaudited28 II. Financial Statements This section presents the company's Q1 2025 consolidated and parent company balance sheets, income statements, and cash flow statements, indicating stable asset and liability structures but impacted profitability and significant cash outflows from investing and financing activities (I) Consolidated Balance Sheet As of March 31, 2025, consolidated total assets decreased by 2.51% to 1.12 billion RMB, with cash and cash equivalents down 41.08% to 208.18 million RMB, while intangible assets surged 2778.84% to 112.19 million RMB due to land purchases Consolidated Balance Sheet Key Data (March 31, 2025 vs December 31, 2024) | Item | March 31, 2025 (RMB) | December 31, 2024 (RMB) | Change % | | :--- | :--- | :--- | :--- | | Total Assets | 1,121,785,959.88 | 1,150,674,888.40 | -2.51% | | Cash and Cash Equivalents | 208,177,977.89 | 353,307,510.13 | -41.08% | | Notes Receivable | 5,729,358.54 | 19,704,261.97 | -70.92% | | Prepayments | 44,602,549.32 | 31,210,927.56 | 42.91% | | Intangible Assets | 112,186,359.98 | 3,896,926.08 | 2,778.84% | | Total Liabilities | 596,696,352.49 | 630,338,319.35 | -5.34% | | Total Owners' Equity | 525,089,607.39 | 520,336,569.05 | 0.91% | (II) Parent Company Balance Sheet As of March 31, 2025, parent company total assets decreased by 2.21% to 1.10 billion RMB, with cash and cash equivalents down 92.12% to 27.44 million RMB, while long-term equity investments significantly increased to 283.05 million RMB, reflecting investment activities Parent Company Balance Sheet Key Data (March 31, 2025 vs December 31, 2024) | Item | March 31, 2025 (RMB) | December 31, 2024 (RMB) | Change % | | :--- | :--- | :--- | :--- | | Total Assets | 1,103,710,979.33 | 1,128,662,198.11 | -2.21% | | Cash and Cash Equivalents | 27,444,868.94 | 348,156,541.33 | -92.12% | | Long-Term Equity Investments | 283,048,830.87 | 4,749,965.00 | 5,859.89% | | Total Liabilities | 570,187,394.86 | 600,759,778.82 | -5.09% | | Total Owners' Equity | 533,523,584.47 | 527,902,419.29 | 1.06% | (III) Consolidated Income Statement For Jan-Mar 2025, consolidated operating revenue decreased by 6.43% to 76.50 million RMB, with net profit attributable to parent company owners dropping 43.47% to 4.48 million RMB, despite significant growth in other income and investment income Consolidated Income Statement Key Data (Jan-Mar 2025 vs Jan-Mar 2024) | Item | Jan-Mar 2025 (RMB) | Jan-Mar 2024 (RMB) | YOY Change % | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 76,497,832.44 | 81,756,030.24 | -6.43% | | Operating Cost | 62,226,250.93 | 63,681,654.21 | -2.28% | | Taxes and Surcharges | 169,154.87 | 503,652.57 | -66.41% | | Selling Expenses | 984,081.14 | 591,710.58 | 66.31% | | Administrative Expenses | 7,189,442.36 | 6,311,667.13 | 13.91% | | R&D Expenses | 3,775,853.03 | 3,001,164.43 | 25.81% | | Financial Expenses | 134,116.81 | 604,495.10 | -77.81% | | Other Income | 2,395,698.67 | 355,674.38 | 573.57% | | Investment Income | 624,832.88 | 61,138.36 | 922.00% | | Credit Impairment Losses | 37,029.56 | 1,262,543.61 | -97.07% | | Asset Impairment Losses | -410,305.96 | 362,474.47 | -213.20% | | Operating Profit | 4,666,188.45 | 9,103,517.04 | -48.74% | | Net Profit | 4,304,053.53 | 7,744,169.97 | -44.42% | | Net Profit Attributable to Parent Company Owners | 4,478,610.22 | 7,921,939.01 | -43.47% | | Basic Earnings Per Share (RMB/share) | 0.03 | 0.06 | -50.00% | (IV) Parent Company Income Statement For Jan-Mar 2025, parent company operating revenue decreased by 6.43% to 76.50 million RMB, with net profit dropping 36.46% to 5.17 million RMB, mirroring the consolidated trend of declining revenue but increasing other and investment income Parent Company Income Statement Key Data (Jan-Mar 2025 vs Jan-Mar 2024) | Item | Jan-Mar 2025 (RMB) | Jan-Mar 2024 (RMB) | YOY Change % | | :--- | :--- | :--- | :--- | | Operating Revenue | 76,497,832.44 | 81,756,030.24 | -6.43% | | Operating Cost | 62,226,250.93 | 63,681,654.21 | -2.28% | | Taxes and Surcharges | 106,268.24 | 502,024.60 | -78.84% | | Selling Expenses | 689,281.36 | 379,790.96 | 81.50% | | Administrative Expenses | 6,365,399.07 | 5,984,033.40 | 6.37% | | R&D Expenses | 3,775,853.03 | 3,001,164.43 | 25.81% | | Financial Expenses | 151,536.79 | 604,681.88 | -74.93% | | Other Income | 2,395,698.67 | 354,080.64 | 576.59% | | Investment Income | 624,832.88 | 61,138.36 | 922.00% | | Credit Impairment Losses | -259,153.32 | 1,119,185.12 | -123.15% | | Asset Impairment Losses | -410,305.96 | 362,474.47 | -213.20% | | Net Profit | 5,172,180.37 | 8,139,212.28 | -36.46% | (V) Consolidated Cash Flow Statement For Jan-Mar 2025, consolidated net cash flow from operating activities improved by 47.01% to -37.00 million RMB, while investing activities saw a 46.09% decrease to -107.86 million RMB due to land purchases, and financing activities plummeted 100.74% to -0.27 million RMB Consolidated Cash Flow Statement Key Data (Jan-Mar 2025 vs Jan-Mar 2024) | Item | Jan-Mar 2025 (RMB) | Jan-Mar 2024 (RMB) | YOY Change % | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -36,999,918.99 | -69,822,430.12 | 47.01% | | Net Cash Flow from Investing Activities | -107,858,268.14 | -200,088,561.95 | 46.09% | | Net Cash Flow from Financing Activities | -271,345.11 | 36,828,522.03 | -100.74% | | Net Increase in Cash and Cash Equivalents | -145,129,532.24 | -233,082,470.04 | 37.74% | | Cash and Cash Equivalents at Period End | 208,177,977.89 | 96,666,390.66 | 115.36% | - The improvement in net cash flow from operating activities is primarily due to increased collections from sales contracts1040 - The decrease in net cash flow from investing activities is mainly due to 108 million RMB spent on land purchases this period, compared to 200 million RMB in wealth management products not yet redeemed in the prior period1041 - The significant decrease in net cash flow from financing activities is due to 37.44 million RMB in over-allotment funds received in the prior period1041 (VI) Parent Company Cash Flow Statement For Jan-Mar 2025, parent company net cash flow from operating activities improved by 37.94% to -42.67 million RMB, while investing activities decreased by 38.82% to -277.77 million RMB due to increased investment payments, and financing activities mirrored the consolidated trend with a 100.74% drop Parent Company Cash Flow Statement Key Data (Jan-Mar 2025 vs Jan-Mar 2024) | Item | Jan-Mar 2025 (RMB) | Jan-Mar 2024 (RMB) | YOY Change % | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -42,674,316.27 | -68,756,720.47 | 37.94% | | Net Cash Flow from Investing Activities | -277,766,011.01 | -200,088,561.95 | -38.82% | | Net Cash Flow from Financing Activities | -271,345.11 | 36,959,457.76 | -100.74% | | Net Increase in Cash and Cash Equivalents | -320,711,672.39 | -231,885,824.66 | -38.31% | | Cash and Cash Equivalents at Period End | 27,444,868.94 | 95,664,462.32 | -71.29% | - The decrease in parent company net cash flow from investing activities is primarily due to a significant increase in cash paid for investments, reaching 550 million RMB43