惠伦晶体(300460) - 2024 Q2 - 季度财报(更正)

Important Notice, Table of Contents and Definitions This section provides important notices, the table of contents, and definitions relevant to the report Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance metrics Company Profile Guangdong Huilun Crystal Technology Co., Ltd. (stock code: 300460) is a company listed on the Shenzhen Stock Exchange, with Zhao Jiqing as its legal representative Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Huilun Crystal | | Stock Code | 300460 | | Listing Exchange | Shenzhen Stock Exchange | | Full Company Name | Guangdong Huilun Crystal Technology Co., Ltd. | | Legal Representative | Zhao Jiqing | Key Accounting Data and Financial Indicators The company achieved significant performance improvement during the reporting period, with revenue up 58.73% and net profit attributable to shareholders turning profitable, increasing by 107.72% Key Financial Indicators | Key Financial Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 287,395,037.34 | 181,064,044.80 | 58.73% | | Net Profit Attributable to Listed Company Shareholders | 2,581,356.79 | -33,445,651.68 | 107.72% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | -4,931,900.19 | -49,434,367.55 | 90.02% | | Net Cash Flow from Operating Activities | 33,351,169.69 | 14,473,646.32 | 130.43% | | Basic Earnings Per Share (RMB/share) | 0.01 | -0.12 | 108.33% | | Weighted Average Return on Net Assets | 0.31% | -3.24% | Increased by 3.53 percentage points | | Asset Status | End of Current Period (RMB) | End of Prior Year (RMB) | YoY Change | | Total Assets | 1,726,572,662.79 | 1,782,210,443.43 | -3.12% | | Net Assets Attributable to Listed Company Shareholders | 826,970,379.83 | 888,850,227.80 | -6.96% | - During the reporting period, the company's non-recurring gains and losses totaled RMB 7.51 million, primarily from government subsidies, significantly contributing to current net profit[27][28] Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook Principal Businesses Engaged in by the Company During the Reporting Period The company specializes in the R&D, production, and sales of quartz crystal components, benefiting from strategic national support and growing demand from emerging applications - The company primarily engages in the research, development, production, and sales of quartz crystal components, falling under the "Computer, Communication, and Other Electronic Equipment Manufacturing" industry[30] Global Quartz Crystal Component Market Forecast | Market Forecast | 2023 Scale (USD) | 2030 Estimated Scale (USD) | 2024-2030 CAGR | | :--- | :--- | :--- | :--- | | Global Quartz Crystal Components | 3.576 billion | 7.326 billion | 10.26% | | Sub-Application Areas | | | 2024-2030 CAGR | | Automotive Electronics | 712 million | 1.641 billion | 12.26% | | Wearable Devices | 367 million | 920 million | 13.19% | | IoT | 421 million | 999 million | 12.70% | - The company's high-value-added products, TSX thermal crystals and TCXO oscillators, had a combined shipment volume exceeding 214 million units in the first half of the year, a year-on-year increase of approximately 94.58%, becoming a core supplier in fields such as satellite communication mobile phones[47] - The company's performance in the first half of 2024 primarily benefited from the recovery in demand in the consumer electronics and communication markets, leading to increased orders and improved capacity utilization, forming economies of scale[59] Operating revenue reached RMB 287 million, a year-on-year increase of 58.73%, and net profit attributable to parent company shareholders was RMB 2.58 million, a year-on-year increase of 107.72%[60] Analysis of Core Competencies The company's core competencies include advanced lithography technology, rapid product development, efficient digital manufacturing, and strong market access with key IC platform certifications - The company has mastered lithography process production technology, enabling the production of high-fundamental frequency, miniaturized MHz quartz crystal wafers, breaking through the limitations of traditional mechanical grinding[61] - The company is currently the only enterprise in mainland China to be included in MediaTek (MTK) mobile chip reference design list, and the first crystal oscillator manufacturer to be included in Qualcomm's automotive-grade chip certification reference design list[50][67] - The company has achieved large-scale, high-quality, and high-efficiency mass production of mid-to-high-end products such as miniaturized SMD resonators, TCXO oscillators, and TSX thermal crystals through the construction of a digital factory[65] Analysis of Principal Business The company's principal business showed strong performance with significant revenue growth, improved cost control, and robust operating cash flow due to market recovery Principal Business Performance | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 287,395,037.34 | 181,064,044.80 | 58.73% | Market demand recovery, order growth | | Operating Cost | 221,970,688.39 | 160,882,425.98 | 37.97% | Increased capacity utilization, economies of scale | | Selling Expenses | 10,537,875.78 | 13,698,584.67 | -23.07% | Decrease in advertising and promotional expenses | | Net Cash Flow from Operating Activities | 33,351,169.69 | 14,473,646.32 | 130.43% | Increase in operating revenue, increased sales collection | Revenue and Cost by Product | Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY | Cost YoY | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SMD | 274,040,528.55 | 213,886,665.52 | 21.95% | 63.99% | 39.68% | Increased by 13.59 percentage points | Analysis of Assets and Liabilities The company's asset and liability structure remained stable, with an increase in inventory proportion and certain assets restricted due to collateral or guarantees - Inventory as a percentage of total assets increased from 15.49% at the end of the previous year to 19.31%, while fixed assets decreased from 52.58% to 49.88%[77] Restricted Assets | Restricted Asset Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 31,107,361.53 | Margin | | Fixed Assets | 912,446,979.68 | Finance lease, building mortgage | | Construction in Progress | 34,266,186.78 | Loan collateral | Analysis of Major Holding and Participating Companies Among the company's major subsidiaries, Huilun Crystal (Chongqing) Technology Co., Ltd. recorded a significant net loss despite being the largest in asset size, while others were profitable Major Subsidiaries' Financial Performance | Company Name | Type | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huilun (Hong Kong) Industrial Co., Ltd. | Subsidiary | 31,565,577.87 | 23,926,181.96 | 7,233,414.00 | -1,532,275.79 | | Guangzhou Chuangxiangyun Technology Co., Ltd. | Subsidiary | 93,487,367.50 | 72,087,522.29 | 12,036,028.57 | 578,648.03 | | Huilun Crystal (Chongqing) Technology Co., Ltd. | Subsidiary | 1,094,774,969.24 | 387,106,165.05 | 115,783,764.31 | -31,520,339.93 | Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic downturns, market competition, price fluctuations, and operational challenges, which it plans to address through strategic expansion, R&D, and improved management - Macroeconomic market risk: A global economic downturn could impact industries like consumer electronics, affecting the company's performance, which the company plans to address by expanding business areas and reducing costs and increasing efficiency[89] - Increased market competition risk: Technological iteration and new entrants may intensify competition, which the company will counter by increasing R&D investment and deepening customer cooperation[90] - Accounts receivable recovery risk: A large balance of accounts receivable poses liquidity risk, which the company will manage by strengthening monitoring and contract enforcement[94] - Slow inventory turnover risk: Inventory at period-end increased by 22.93% compared to the beginning of the period, which the company will address by strengthening production-sales coordination and promoting timely customer pickup[95] Corporate Governance This section details changes in the company's senior management and its profit distribution plan for the reporting period Changes in Senior Management and Profit Distribution Vice General Manager Jiang Jianwei resigned during the reporting period, and the company plans no profit distribution for the first half of 2024 - On January 15, 2024, Vice General Manager Jiang Jianwei was dismissed due to resignation[100] - The company's 2024 semi-annual profit distribution plan is to not distribute cash dividends, not send bonus shares, and not convert capital reserves into share capital[101] Environmental and Social Responsibility The company is not a key polluting entity and actively fulfills its environmental and social responsibilities, ensuring stakeholder rights and legal compliance Environmental and Social Responsibility Practices The company is not a key polluting entity and actively fulfills its environmental and social responsibilities, ensuring stakeholder rights and legal compliance - The company is not classified as a key polluting entity by environmental protection authorities and received no administrative penalties for environmental issues during the reporting period[104] - In terms of social responsibility, the company fully safeguards the rights and interests of shareholders, employees, suppliers, and customers, actively participates in social welfare, and adheres to legal tax compliance[104][105][106] Significant Matters This section covers significant events including related party transactions, guarantees, and major subsidiary developments Occupation of Funds by Controlling Shareholder and Related Party Transactions The controlling shareholder occupied company funds, and there are outstanding related party receivables and payables Controlling Shareholder Fund Occupation | Occupying Party | Occupied Amount (RMB million) | Percentage of Latest Audited Net Assets | | :--- | :--- | :--- | | Xinjiang Huilun Equity Investment Partnership (Limited Partnership) | 59.47 | 7.20% | Related Party Receivables and Payables | Related Party | Related Party Relationship | Nature of Debt | Balance at Period End (RMB million) | | :--- | :--- | :--- | :--- | | Receivables | | | | | Shenzhen Ruicheng Weiye Technology Co., Ltd. | Minority shareholder of subsidiary | Investment in subsidiary | 1.75 | | Payables | | | | | Xinjiang Huilun Equity Investment Partnership (Limited Partnership) | Controlling shareholder | Loan | 33.63 | Significant Guarantees The company provided significant guarantees primarily to its subsidiaries, totaling RMB 448.27 million, representing 54.21% of its net assets Guarantee Information | Guarantee Situation | Amount (RMB million) | | :--- | :--- | | Total approved guarantee limit for subsidiaries during the reporting period | 1,000 | | Total actual guarantee balance for subsidiaries at period-end | 448.27 | | Percentage of total actual guarantee to company's net assets | 54.21% | Significant Matters of Subsidiaries Two significant subsidiary matters, including an equity transfer and a capital increase, are still pending completion - The company intends to transfer 40% equity in its subsidiary Chuangxiangyun to a related party, but as of the report disclosure date, the equity transfer payment has not yet been made[135] - The wholly-owned subsidiary Shenzhen Huilun plans to introduce an employee stock ownership platform for capital increase and share expansion, but as of the report disclosure date, the capital increase has not yet been completed[136] Changes in Shares and Shareholder Information This section details the company's share capital changes and information on its shareholders Shareholder Information As of the reporting period end, the company had 30,113 common shareholders, with significant portions of shares held by the controlling shareholder and actual controller pledged or frozen - As of the end of the reporting period, the company had 30,113 common shareholders[141] Major Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Xinjiang Huilun Equity Investment Partnership (Limited Partnership) | 14.36% | 40,327,380 | Pledged 19,803,200 shares, Frozen 933,402 shares | | Zhao Jiqing | 5.34% | 15,000,000 | Pledged 4,750,000 shares | | Shijin International Limited | 3.23% | 9,079,723 | Pledged 5,000,000 shares | Information on Preferred Shares This section confirms the absence of preferred shares during the reporting period Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[147] Information on Bonds This section confirms the absence of bond-related matters during the reporting period Bond Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[149] Financial Report This section presents the company's financial statements and related notes for the reporting period Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[151] Financial Statements This section provides the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet As of June 30, 2024, the company's total assets were RMB 1.73 billion, total liabilities were RMB 898.33 million, and total owners' equity attributable to the parent company was RMB 826.97 million Consolidated Balance Sheet Summary | Item | Balance at Period End (RMB) | Balance at Period Beginning (RMB) | | :--- | :--- | :--- | | Total Assets | 1,726,572,662.79 | 1,721,906,206.72 | | Total Liabilities | 898,327,765.01 | 896,200,036.13 | | Total Owners' Equity | 828,244,897.78 | 825,706,170.59 | Consolidated Income Statement In the first half of 2024, the company achieved total operating revenue of RMB 287.40 million, total operating costs of RMB 293.57 million, total profit of RMB 2.67 million, and net profit attributable to parent company shareholders of RMB 2.58 million Consolidated Income Statement Summary | Item | 2024 Half-Year (RMB) | 2023 Half-Year (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 287,395,037.34 | 181,064,044.80 | | Total Operating Cost | 293,571,993.52 | 232,540,488.78 | | Total Profit | 2,668,231.61 | -33,445,633.09 | | Net Profit | 2,538,727.19 | -33,445,651.68 | | Net Profit Attributable to Parent Company Shareholders | 2,581,356.79 | -33,445,651.68 | Consolidated Cash Flow Statement In the first half of 2024, net cash flow from operating activities significantly increased to RMB 33.35 million, while investing and financing activities resulted in net outflows Consolidated Cash Flow Statement Summary | Item | 2024 Half-Year (RMB) | 2023 Half-Year (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 33,351,169.69 | 14,473,646.32 | | Net Cash Flow from Investing Activities | -4,433,937.98 | -18,864,620.26 | | Net Cash Flow from Financing Activities | -49,645,203.33 | -10,284,510.19 | | Net Increase in Cash and Cash Equivalents | -18,805,115.42 | -13,843,160.72 | Notes to Consolidated Financial Statements This section provides detailed explanations for various items in the consolidated financial statements, including the composition, changes, and impairment of major assets and liabilities, as well as breakdowns of income, costs, and expenses