津上机床中国(01651) - 2025 - 年度业绩

Full Year Performance Overview The company achieved strong growth in FY2025, driven by market recovery and internal efficiency improvements Financial Highlights For the fiscal year ended March 31, 2025, the company achieved robust performance with total revenue increasing by 36.6% to RMB 4.26 billion and net profit significantly growing by 63.0% to RMB 782 million, primarily due to cyclical market recovery and internal cost reduction measures Key Financial Indicators for FY2025 | Indicator | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 4.26 billion | RMB 3.12 billion | +36.6% | | Gross Profit | RMB 1.41 billion | RMB 896 million | +57.5% | | Gross Margin | 33.1% | 28.7% | +4.4pp | | Profit for the Year (Net Profit) | RMB 782 million | RMB 480 million | +63.0% | | Net Profit Margin | 18.4% | 15.4% | +3.0pp | | Basic Earnings Per Share | RMB 2.08 | RMB 1.26 | +65.1% | - Performance growth was primarily driven by the recovery of demand for CNC machine tools in the manufacturing sector, especially strong demand from the automotive industry, and the company's cost reduction and efficiency improvement measures, which enhanced product cost-effectiveness and profitability amidst fierce price competition[48][49] Consolidated Financial Statements This fiscal year's financial statements show comprehensive improvement across all core company metrics, with significant growth in both revenue and profit, and a robust overall financial position despite increased working capital tied up by business expansion Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the company's revenue reached RMB 4.262 billion, gross profit was RMB 1.410 billion, and net profit was RMB 782 million, reflecting substantial year-on-year increases Key Consolidated Statement of Profit or Loss Data (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 4,261,557 | 3,119,674 | | Gross Profit | 1,410,433 | 895,539 | | Profit Before Tax | 1,137,179 | 702,734 | | Profit for the Year | 782,417 | 479,970 | | Earnings Per Share (RMB) | | | | - Basic | 2.08 | 1.26 | | - Diluted | 2.07 | 1.26 | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets increased to RMB 4.255 billion, primarily driven by trade receivables and bills, with net assets growing to RMB 3.134 billion, indicating a steady increase in asset scale and shareholders' equity Key Consolidated Statement of Financial Position Data (RMB thousands) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 659,512 | 669,217 | | Total Current Assets | 3,594,974 | 2,963,018 | | Total Assets | 4,254,486 | 3,632,235 | | Total Current Liabilities | 973,945 | 806,208 | | Total Non-current Liabilities | 146,379 | 124,438 | | Total Liabilities | 1,120,324 | 930,646 | | Net Assets | 3,134,162 | 2,701,589 | Consolidated Statement of Cash Flows Net cash inflow from operating activities for this fiscal year decreased to RMB 353 million, primarily due to a significant increase in trade receivables and bills, leading to a year-end decrease in cash and cash equivalents to RMB 390 million Key Consolidated Statement of Cash Flows Data (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 352,914 | 505,814 | | Net Cash Outflow from Investing Activities | (281,265) | (154,789) | | Net Cash Outflow from Financing Activities | (359,592) | (311,590) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (287,943) | 39,435 | | Cash and Cash Equivalents at Year-End | 390,064 | 678,007 | Management Discussion and Analysis Management attributes the strong FY2025 growth to macroeconomic recovery and successful strategic execution, maintaining competitive advantage and improving profit margins despite price competition, with a robust financial position and plans for capacity expansion to seize future opportunities Business Review During the review period, the company achieved sales and profit growth by capitalizing on the recovering domestic manufacturing demand for CNC machine tools, particularly in automotive parts, and by implementing internal cost control and efficiency improvements amidst intense market price competition - The market environment shows divergence, with traditional industries adjusting, while strategic sectors such as new energy vehicles and high-end equipment maintain growth, driving the recovery of CNC machine tool demand[48] - The company implemented company-wide improvement activities to reduce costs and enhance efficiency across all operational segments, enabling proactive price reductions to gain advantage in price wars while improving its own profitability[49] Financial Performance Analysis This fiscal year's revenue grew by 36.6%, primarily driven by increased sales of core products, with precision machining centers seeing the largest increase, and gross margin improved to 33.1% due to cost reduction and efficiency measures, leading to a 63.0% increase in net profit Revenue by Product Category (RMB thousands) | Product Category | FY2025 Sales | % of Total | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Precision Lathes | 3,624,492 | 85.1% | 36.5% | | Precision Machining Centers | 243,618 | 5.7% | 57.3% | | Precision Grinding Machines | 208,359 | 4.9% | 44.4% | | Others | 185,088 | 4.3% | 11.8% | | Total | 4,261,557 | 100% | 36.6% | - Gross margin increased from 28.7% in the previous fiscal year to 33.1%, primarily due to the company's extensive cost reduction and efficiency improvement measures[53] - Selling and distribution expenses and administrative expenses increased by 21.9% and 34.1% respectively, mainly due to increased employee compensation, warranty expenses, and administrative office expenses resulting from business expansion[55][56] Liquidity, Financial Resources and Gearing The Group maintained a robust financial position, primarily relying on internal cash flow with no outstanding bank loans and a low gearing ratio of 0.07%, while improving inventory management efficiency with turnover days decreasing from 157 to 114 days - As of March 31, 2025, the Group had no outstanding bank loans, and its gearing ratio (total liabilities/total equity) was approximately 0.07%, indicating low financial risk[63] Analysis of Key Liquidity Ratios | Ratio | 2025 | 2024 | | :--- | :--- | :--- | | Average Inventory Turnover Days | 114 | 157 | | Average Trade Receivables and Bills Turnover Days | 109 | 105 | | Average Trade Payables and Bills Turnover Days | 73 | 95 | | Current Ratio | 3.7 | 3.7 | Outlook Management anticipates improved industry demand in FY2026 and aims for the Group's best historical performance, leveraging domestic manufacturing upgrades and emerging sectors like AI and humanoid robots, supported by proactive capacity expansion plans including new factory operations and future plant construction - Despite external uncertainties, the company maintains its estimate that industry demand in FY2026 will be better than the review year, and strives to challenge the Group's best performance since its establishment[75] - Future growth opportunities arise from technological upgrades and transformation in the automotive industry, as well as demand for small precision component manufacturing driven by AI and humanoid robot development[76] - To address future growth, the company continues to expand capacity: Pinghu Fifth Factory commenced operations in October 2024, expected to increase annual production by 3,000-4,000 machine tools; new land has been acquired for a new plant area, projected to add approximately 3,000 machine tools to annual production capacity[76] Corporate Actions and Governance The company actively rewards shareholders through recommended dividends and ongoing share repurchases, while largely adhering to corporate governance codes, with noted deviations like the combined Chairman and CEO roles deemed beneficial for consistent leadership - The Board recommends a final dividend of HKD 0.50 per share for the year ended March 31, 2025[78] - The company repurchased 1,982,000 shares during this fiscal year and continued repurchases after the fiscal year, with the Board believing share repurchases are beneficial to the company and shareholders[86][87] - The company deviates from the corporate governance code requiring separation of Chairman and CEO roles; the Board believes having the same person in both roles helps ensure consistent leadership and improve operational efficiency[81]