瀚川智能(688022) - 2024 Q4 - 年度财报(更正)

Definitions This section provides definitions for key terms, company entities, and technical concepts used throughout the report - This section defines key professional terms and company abbreviations, including the company and its subsidiaries, major customers, technical terms (e.g., ADAS, flat wire motors), and reporting periods[12][13] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and a detailed analysis of its key financial performance over the past three years, highlighting significant declines in revenue and profit in 2024 Company Basic Information This section provides the company's basic business registration information, contact details, information disclosure channels, and stock overview - The company's Chinese abbreviation is Han'chuan Intelligent, stock code is 688022, listed on the Shanghai Stock Exchange STAR Market[15][19] - The company's auditing firm is Rongcheng Certified Public Accountants (Special General Partnership), and the sponsor is Guotai Haitong Securities Co., Ltd[20][21] Key Accounting Data and Financial Indicators for the Past Three Years In 2024, the company experienced a severe performance decline, with operating revenue decreasing by 64.61% year-over-year and net profit attributable to shareholders expanding from a loss of 84.54 million yuan to a loss of 1.10 billion yuan Key Accounting Data (Unit: Yuan) | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期增减(%) | 2022年 | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 473,967,699.24 | 1,339,433,032.22 | -64.61 | 1,142,804,160.14 | | 归属于上市公司股东的净利润 | -1,102,988,258.03 | -84,536,018.41 | -1,204.76 | 73,513,154.23 | | 归属于上市公司股东的扣除非经常性损益的净利润 | -1,098,488,421.59 | -125,406,158.16 | -775.94 | 25,795,306.48 | | 经营活动产生的现金流量净额 | -188,948,309.31 | -325,148,228.93 | 41.89 | -197,222,406.14 | | 总资产 | 2,980,935,415.04 | 4,075,688,982.34 | -26.86 | 3,005,765,202.31 | | 归属于上市公司股东的净资产 | 650,848,643.58 | 1,763,717,522.34 | -63.10 | 1,029,974,428.91 | Key Financial Indicators | 主要财务指标 | 2024年 | 2023年 | 本期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 基本每股收益（元／股） | -6.27 | -0.49 | -1,179.59 | | 加权平均净资产收益率（%） | -91.03 | -5.03 | 减少86个百分点 | | 研发投入占营业收入的比例（%） | 10.59 | 7.96 | 增加2.63个百分点 | - The company attributes the significant loss to strategic adjustments and market changes leading to large impairment provisions for inventory, fixed assets, accounts receivable, and goodwill; increased one-time expenses from strategic contraction like factory lease terminations and personnel optimization; and the reversal of deferred income tax assets based on prudence[25] 2024 Quarterly Financial Data The company's 2024 performance showed a deteriorating trend quarter-over-quarter, with operating revenue declining from 267.03 million yuan in Q1 to 6.50 million yuan in Q4, and net profit turning into significant losses from Q2 onwards 2024 Quarterly Financial Data (Unit: Yuan) | | 第一季度 (1-3月) | 第二季度 (4-6月) | 第三季度 (7-9月) | 第四季度 (10-12月) | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 267,027,199.05 | 153,898,131.15 | 46,538,492.68 | 6,503,876.36 | | 归属于上市公司股东的净利润 | 12,049,122.07 | -138,100,015.37 | -187,771,387.15 | -789,165,977.58 | | 经营活动产生的现金流量净额 | -54,541,794.64 | -119,775,623.36 | -11,594,669.28 | -3,036,222.03 | Management Discussion and Analysis This section provides management's insights into the company's operational performance, strategic adjustments, and future development plans amidst challenging market conditions Discussion and Analysis of Operations In 2024, the company strategically adjusted its focus to core electrical connection intelligent equipment, expanded into overseas markets and AI computing centers, while divesting underperforming new energy businesses to optimize resources and improve efficiency - The company strategically focuses on electrical connection intelligent equipment, emphasizing automotive equipment and AI computing centers, and actively expands into international markets, having established a subsidiary in Morocco[36][37] - Strategic contraction of new energy businesses, including lithium battery equipment and charging/swapping equipment, with a future focus on high-end overseas clients (e.g., Panasonic, SKON) to enhance order quality and profitability[39] - Divestment of non-core assets, including the transfer of 81% equity in Suzhou Borui Automotive Electrical Co., Ltd., and the divestment of Suzhou Feiteng Electrical Technology Co., Ltd.'s charging pile business during the reporting period[40] - Strengthened internal operational management to reduce costs and increase efficiency through enhanced accounts receivable collection, clearing of slow-moving inventory, and optimization of organizational structure and personnel[42][43] Description of Main Business, Operating Model, Industry, and R&D The company's core business is electrical connection intelligent equipment, serving automotive intelligent manufacturing and AI computing centers with a "production-to-order" model, operating in a high-growth, high-tech barrier industry with continuous R&D investment Main Business, Products, and Services The company focuses on electrical connection intelligent equipment, primarily serving automotive intelligent manufacturing and AI computing centers, offering six major product lines of automation solutions, while strategically contracting its new energy business - The company's core business is electrical connection intelligent equipment, comprising 6 major intelligent manufacturing product lines: pin insertion machines, high-speed wire harnesses, board-side connectors, wire-side connectors, sensors, and electrical control automation solutions[48] - The company's business has expanded from automotive intelligent manufacturing to AI computing centers, securing multiple production line orders from clients[36][46] Main Operating Model The company primarily adopts a customized direct sales model based on "production-to-order" and "procurement-to-production," fulfilling customer needs through a "design-procure-produce" approach after contract signing - The company adopts a customized operating model of "production-to-order and procurement-to-production", with production and operations centered around customer orders[53] - The sales model is primarily direct sales, acquiring orders through technical exchanges, customer relationship maintenance, and market promotion[54] Industry Overview The company operates in the specialized equipment manufacturing sector, a strategic emerging industry benefiting from strong policy support and market demand, characterized by high technical barriers and significant growth potential driven by new energy vehicles and AI computing centers - The intelligent manufacturing equipment industry shows rapid growth, benefiting from national policy support (e.g., "new quality productive forces", "equipment renewal"), with immense market potential[57] - The industry has high technical barriers, requiring multi-faceted technical accumulation in electromechanical, control, and IT, with some core components (e.g., high-end CNC systems) still relying on imports[60][61] - The explosive growth of the AI industry and computing centers, along with the development of new energy vehicles and robots, brings significant market increments for electrical connection products like high-speed and precision connectors[68][70] - The company holds a leading position in electrical connection intelligent equipment, having established long-term partnerships with globally renowned enterprises like Tyco and Amphenol, and expanded its business from automotive to AI computing centers[62][63] Core Technologies and R&D Progress The company continued R&D innovation in the reporting period, developing 15 core technologies, investing 50.19 million yuan in R&D (10.59% of revenue), and achieving significant breakthroughs in technical platforms and product lines R&D Investment (Unit: Yuan) | | 本年度 | 上年度 | 变化幅度（%） | | :--- | :--- | :--- | :--- | | 费用化研发投入 (元) | 50,189,005.23 | 96,361,661.24 | -47.92 | | 资本化研发投入 (元) | 0 | 10,294,200.86 | -100 | | 研发投入合计 (元) | 50,189,005.23 | 106,655,862.10 | -52.94 | | 研发投入总额占营业收入比例（%） | 10.59 | 7.96 | 增加 2.63 个百分点 | - During the reporting period, the company and its subsidiaries newly applied for 54 patents (including 12 invention patents) and obtained 86 new authorized patents (including 19 invention patents)[41] - The number of R&D personnel decreased from 365 in the previous period to 146 in the current period, with their proportion of total company employees falling from 23.66% to 21.89%[88] - Major R&D achievements include: completing V2.0 and V2.1 technical platform development, uploading 302 standard modules; completing development and delivery of automotive Ethernet wire harness products; achieving a breakthrough from 0 to 1 in CCS intelligent manufacturing solutions; and iterating and optimizing pin insertion machine product lines[77] Analysis of Core Competencies The company's core competencies are rooted in its strong R&D innovation, extensive customer resources, efficient production and delivery capabilities, and robust international operational presence - R&D Innovation Advantage: Possesses 15 core technologies, accumulated over 659 core intellectual property rights, and undertakes multiple provincial-level laboratories[89][90] - Customer Resource Advantage: Clients include multiple top ten global automotive parts manufacturers (e.g., Continental, Bosch) and leading connector companies (e.g., Amphenol, Tyco Electronics), demonstrating strong customer stickiness[91] - Production and Delivery Advantage: Possesses over a decade of experience in non-standard customized projects and has established unit and module standard platforms, enhancing development and delivery speed while reducing costs[92][93] - International Operation Advantage: Business covers over 20 countries globally, with subsidiaries in Germany, Hungary, Mexico, and other locations, providing global service capabilities[95] Risk Factors The company faces multiple significant risks, including substantial performance decline, operational challenges, severe liquidity issues, and potential instability in control due to the actual controller's debt disputes Risk of Significant Performance Decline or Loss During the reporting period, the company's operating revenue significantly decreased by 64.61% year-over-year, resulting in a net loss of 1.10 billion yuan, primarily due to underperforming automotive equipment, strategic contraction of new energy business, large asset impairment provisions, and increased one-time expenses - During the reporting period, the company recognized 176 million yuan in credit impairment losses and 558 million yuan in asset impairment losses, which were significant contributors to the substantial decline in profit[97] Financial Risks The company faces severe financial risks, including liquidity issues with overdue debts, persistent negative operating cash flow, and substantial risks related to the recoverability of accounts receivable and inventory impairment - Liquidity Risk: As of March 2025, the company's interest-bearing debt totaled 989 million yuan, with some bank loans and bills already overdue. The company has signed a temporary creditor committee agreement with 11 creditor banks to alleviate debt pressure[102] - Operating Cash Flow Risk: Net cash flow from operating activities was -189 million yuan during the reporting period, primarily due to phased collection models, a high proportion of bill settlements, and timing mismatches between sales and purchases[103] - Accounts Receivable Risk: The year-end accounts receivable balance was 365 million yuan, accounting for 21.73% of current assets, posing a risk of uncollectibility or delayed collection[103] - Inventory Impairment Risk: The year-end inventory book value was 1.24 billion yuan, with inventory impairment provisions of 554 million yuan already recognized, representing 44.70% of the inventory balance, indicating further impairment risk[104] Other Significant Risks The company faces significant risks related to unstable control due to the actual controller's debt disputes and the potential adverse impact on fundraising projects from the failure to return temporary working capital - Due to debt disputes, the actual controller, Mr. Cai Changwei, faces judicial enforcement of his shares in the controlling shareholder and the listed company, posing a significant risk of unstable control or change of control[107] - The company failed to return 240 million yuan of raised funds used to supplement working capital on schedule, which may affect the progress of fundraising projects and potentially lead to the dissolution of the temporary creditor committee, exacerbating debt risks[108] Analysis of Main Business During the reporting period, the company's main business was significantly impacted by the macro environment and strategic adjustments, resulting in a 64.61% year-over-year decline in operating revenue and a negative gross profit margin Analysis of Changes in Income Statement and Cash Flow Statement During the reporting period, both operating revenue and costs significantly decreased, but cost reduction lagged revenue, leading to worsened gross profit; management expenses increased due to one-time charges, while operating cash flow remained negative Major Income Statement and Cash Flow Statement Items (Unit: Yuan) | 科目 | 本期数 (元) | 上年同期数 (元) | 变动比例（%） | | :--- | :--- | :--- | :--- | | 营业收入 | 473,967,699.24 | 1,339,433,032.22 | -64.61 | | 营业成本 | 502,423,551.35 | 1,106,029,637.84 | -54.57 | | 管理费用 | 210,165,489.88 | 156,496,155.41 | 34.29 | | 研发费用 | 50,189,005.23 | 96,361,661.24 | -47.92 | | 经营活动产生的现金流量净额 | -188,948,309.31 | -325,148,228.93 | 41.89 | | 投资活动产生的现金流量净额 | 108,106,258.31 | -581,388,500.62 | 118.59 | | 筹资活动产生的现金流量净额 | 131,141,408.25 | 897,731,818.59 | -85.39 | Revenue and Cost Analysis In 2024, the company's operating revenue declined by 64.61% to 473.97 million yuan, with a negative gross profit margin of -6.06%, as both automotive and new energy intelligent equipment segments experienced significant revenue and margin declines, while the components business saw growth Main Business by Industry Segment (Unit: Yuan) | 分行业 | 营业收入 (元) | 营业成本 (元) | 毛利率（%） | 营业收入比上年增减（%） | | :--- | :--- | :--- | :--- | :--- | | 汽车智能制造装备 | 313,452,604.28 | 320,787,527.20 | -2.34 | -49.81 | | 新能源智能制造装备 | 39,338,478.27 | 81,422,480.92 | -106.98 | -93.60 | | 零部件 | 116,671,428.61 | 96,061,733.91 | 17.66 | 25.50 | Main Business by Region (Unit: Yuan) | 分地区 | 营业收入 (元) | 营业成本 (元) | 毛利率（%） | 营业收入比上年增减（%） | | :--- | :--- | :--- | :--- | :--- | | 国内 | 386,414,653.74 | 432,843,304.26 | -12.02 | -64.68 | | 国外 | 87,302,833.00 | 69,580,247.09 | 20.30 | -64.26 | Major Customers and Suppliers The company exhibits high concentration in both its customer base and supplier network, with the top five customers accounting for 54.86% of total sales and the top five suppliers for 49.28% of total purchases - Sales to the top five customers totaled 260 million yuan, accounting for 54.86% of the annual sales revenue[119][120] - Purchases from the top five suppliers totaled 463 million yuan, accounting for 49.28% of the annual procurement amount[122][124] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 26.86% to 2.98 billion yuan, driven by significant reductions in accounts receivable, inventory, and debt investments, while total liabilities remained stable at 2.34 billion yuan Major Balance Sheet Items (Unit: Yuan) | 项目名称 | 本期期末数 (元) | 上期期末数 (元) | 变动比例（%） | 主要原因 | | :--- | :--- | :--- | :--- | :--- | | 应收账款 | 365,423,947.85 | 743,353,450.43 | -50.84 | 营业收入减少且信用减值增加 | | 存货 | 685,891,303.57 | 1,003,182,711.92 | -31.63 | 存货跌价较多，减值增加 | | 固定资产 | 912,053,239.57 | 645,522,678.22 | 41.29 | 苏相工厂转为固定资产 | | 在建工程 | 0.00 | 222,682,741.61 | -100.00 | 在建工程转为固定资产 | | 商誉 | 0.00 | 4,972,013.69 | -100.00 | 商誉全部减值 | | 应付票据 | 113,419,607.88 | 417,195,850.98 | -72.81 | 营业收入减少，应付货款减少 | | 合同负债 | 468,374,535.76 | 179,744,949.17 | 160.58 | 预收商品款增加 | Discussion and Analysis of Future Development The company plans to focus on electrical connection intelligent equipment, capitalize on smart driving and AI computing center opportunities, pursue product and platform transformation, and steadfastly advance its internationalization strategy - Business Focus: Concentrating on electrical connection intelligent equipment, seizing opportunities in smart driving and AI computing centers[144][145] - Product Strategy: Transitioning from non-standard technology to business standardization, standardizing and platforming core process equipment[146] - Internationalization Strategy: Increasing investment in overseas markets, continuing to expand into Europe, America, and Africa, and enhancing local operational capabilities abroad[148] - 2025 Operating Plan: Focusing on market expansion (key accounts, globalization), product R&D (achieving 85% standardization rate), organizational capability building (talent acquisition and development), and corporate governance (strengthening internal control)[150][151][152][153] Corporate Governance This section details the company's adherence to corporate governance standards, the operational effectiveness of its internal structures, and any regulatory penalties incurred Overview of Corporate Governance During the reporting period, the company maintained a sound corporate governance structure, operating in strict compliance with laws and regulations, with standardized operations of its shareholder, board, and supervisory committees, and proper information disclosure - The company's corporate governance structure complies with the requirements of the Company Law, Securities Law, and other regulations, with standardized operations of the general meeting of shareholders, board of directors, and supervisory board[155] - The company strictly implements information disclosure and insider information registration and management systems, ensuring investors' equal right to access information[156] Regulatory Penalties The company, its actual controller, and former CFO received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely disclose a 4.80 million yuan non-operating related party transaction - The company and relevant responsible persons received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely disclose non-operating related party transactions[174] Environmental, Social, and Governance (ESG) This section outlines the company's commitment to ESG principles, emphasizing environmental compliance, employee welfare, and robust corporate governance, with plans to further integrate ESG into its operations ESG Overview The company's board of directors highly values ESG, adhering to core values of customer achievement, employee development, and social contribution, with established mechanisms for environmental compliance, social responsibility, and governance - The company has established corresponding mechanisms in environmental, social, and governance aspects, and is committed to integrating ESG concepts into daily operations[219][220][221] Significant Matters This section covers critical events including major lawsuits, the integrity status of the controlling shareholder and actual controller, and the progress of raised funds utilization Major Litigation and Arbitration Matters During the reporting period, the company was involved in two major lawsuits: a 61.66 million yuan sales contract dispute with Shenzhen Zhengwei Group, for which a second-instance judgment has been issued, and a sales contract dispute with Jiangxi Hualiyuan Lithium Energy Technology, currently under trial - The company filed a lawsuit against Shenzhen Zhengwei (Group) Co., Ltd. and others over a sales contract dispute involving 61.66 million yuan, with a second-instance judgment already rendered[273][274] - The company sued Jiangxi Hualiyuan Lithium Energy Technology Co., Ltd. for payment in a sales contract dispute, with the case currently under trial[274] Integrity Status of Controlling Shareholder and Actual Controller During the reporting period, the company's controlling shareholder and actual controller, Mr. Cai Changwei, exhibited integrity risks due to share pledges related to personal large-amount financing and judicial freezing of shares due to personal lawsuits - Controlling shareholder Han'chuan Investment and actual controller Mr. Cai Changwei have pledged shares due to personal large-amount financing[276] - Actual controller Mr. Cai Changwei's shares in the company's controlling shareholder and parties acting in concert have been judicially frozen due to personal litigation matters[276] Progress of Raised Funds Utilization The company raised 953 million yuan in 2023, with 575 million yuan invested to date (61.17% progress); it temporarily used 240 million yuan of idle funds for working capital and extended the completion dates for two key fundraising projects to June 30, 2026 - The company used up to 240 million yuan of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months[296] - The company extended the completion dates for two major fundraising projects, "Intelligent Battery Swapping Equipment Production Project" and "Intelligent Electric Vehicle Component Intelligent Equipment Production Project," from December 31, 2024, to June 30, 2026[299] Share Changes and Shareholder Information This section details changes in the company's share capital, primarily due to equity incentive vesting, and provides an overview of its major shareholders, including their holdings and any encumbrances Changes in Share Capital During the reporting period, the company's total share capital increased by 521,395 shares to 175,878,324 shares due to the vesting of the first tranche of the 2022 restricted stock incentive plan - Due to equity incentive vesting, the company's total share capital increased by 521,395 shares, with the year-end total share capital being 175,878,324 shares[303][304] Major Shareholder Information As of the end of the reporting period, the company had 8,650 shareholders, with the top three shareholders, all controlled by the actual controller Mr. Cai Changwei, collectively holding 34.45% of shares, some of which are judicially frozen Top Ten Shareholders' Holdings | 股东名称 | 期末持股数量 | 比例(%) | 质押、标记或冻结情况 | | :--- | :--- | :--- | :--- | | 苏州瀚川投资管理有限公司 | 49,123,978 | 27.93 | 冻结 1,309,431 | | 苏州瀚川德和投资管理合伙企业（有限合伙） | 9,354,013 | 5.32 | 无 | | 苏州瀚智远合投资管理合伙企业（有限合伙） | 2,105,006 | 1.20 | 无 | - The top three shareholders, Suzhou Han'chuan Investment, Han'chuan Dehe, and Han'zhiyuanhe, are parties acting in concert controlled by the actual controller Mr. Cai Changwei[313] Financial Report This section presents the company's audited financial statements, including the audit report, balance sheet, income statement, and cash flow statement, reflecting a significant deterioration in financial performance Audit Report Rongcheng Certified Public Accountants issued a standard unqualified audit opinion on the company's 2024 financial statements, highlighting revenue recognition, accounts receivable, and inventory impairment as key audit matters involving significant management judgment - The auditing firm issued a standard unqualified audit opinion[330] - Key audit matters include: * Revenue recognition from intelligent manufacturing equipment sales: Due to its significance as a key performance indicator and inherent risk of misstatement * Provision for bad debts on accounts receivable and long-term receivables: Due to their material amounts and significant management judgment and estimation involved * Provision for inventory impairment: Due to the material balance of inventory and significant management judgment and estimation involved in impairment provision[332][333][335][338] Financial Statement Summary The 2024 financial statements reveal a sharp deterioration in the company's financial health, with total assets decreasing to 2.98 billion yuan, net assets plummeting to 651 million yuan, and a net loss of 1.10 billion yuan, alongside negative operating cash flow Consolidated Balance Sheet Summary As of year-end 2024, total assets were 2.98 billion yuan (down 26.9%), total liabilities were 2.34 billion yuan (up 1.3%), and net assets attributable to shareholders significantly shrank to 651 million yuan (down 63.1%), with inventory, fixed assets, and accounts receivable being major asset components Consolidated Balance Sheet Summary (Unit: 100 Million Yuan) | 项目 | 2024年末 | 2023年末 | 变动 | | :--- | :--- | :--- | :--- | | 总资产 | 29.81 | 40.76 | -26.9% | | 货币资金 | 1.82 | 1.34 | +35.8% | | 应收账款 | 3.65 | 7.43 | -50.9% | | 存货 | 6.86 | 10.03 | -31.6% | | 固定资产 | 9.12 | 6.46 | +41.2% | | 总负债 | 23.39 | 23.10 | +1.3% | | 短期借款 | 7.15 | 7.55 | -5.3% | | 应付票据及账款 | 5.72 | 8.65 | -33.9% | | 合同负债 | 4.68 | 1.80 | +160.0% | | 归母所有者权益 | 6.51 | 17.64 | -63.1% | Consolidated Income Statement Summary In 2024, the company's total operating revenue was 474 million yuan (down 64.6%), with total operating costs reaching 851 million yuan, including significant credit and asset impairment losses, resulting in a net loss of 1.10 billion yuan Consolidated Income Statement Summary (Unit: 100 Million Yuan) | 项目 | 2024年度 | 2023年度 | 变动 | | :--- | :--- | :--- | :--- | | 营业总收入 | 4.74 | 13.39 | -64.6% | | 营业总成本 | 8.51 | 14.85 | -42.7% | | 营业成本 | 5.02 | 11.06 | -54.6% | | 管理费用 | 2.10 | 1.56 | +34.6% | | 研发费用 | 0.50 | 0.96 | -48.1% | | 信用减值损失 | -1.76 | -0.34 | -419.4% | | 资产减值损失 | -5.58 | -0.28 | -1863.3% | | 营业利润 | -11.07 | -1.27 | -771.7% | | 归属于母公司股东的净利润 | -11.03 | -0.85 | -1204.8% | Consolidated Cash Flow Statement Summary In 2024, operating cash flow remained negative at -189 million yuan, while investing cash flow turned positive to 108 million yuan due to investment recovery and subsidiary disposal, and financing cash flow significantly decreased to 131 million yuan Consolidated Cash Flow Statement Summary (Unit: 100 Million Yuan) | 项目 | 2024年度 | 2023年度 | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | -1.89 | -3.25 | | 投资活动产生的现金流量净额 | 1.08 | -5.81 | | 筹资活动产生的现金流量净额 | 1.31 | 8.98 | | 现金及现金等价物净增加额 | 0.53 | -0.08 | | 期末现金及现金等价物余额 | 1.75 | 1.22 |