四通股份(603838) - 2025 Q2 - 季度财报

Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators for the reporting period Company Basic Information During the reporting period, the company's basic information remained largely unchanged, with its stock abbreviation changing to *ST Sitong due to 2024 financial performance - The company's legal representative is Deng Jianhua[13] - The company's stock abbreviation changed from "Sitong Shares" to "ST Sitong"[18] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 75.88% due to the consolidation of Dalian Yiwei New Material Co., Ltd., while net profit attributable to shareholders expanded to a loss of RMB 16.20 million, and net cash flow from operating activities significantly decreased to RMB -62.66 million Key Accounting Data | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 173,729,613.67 RMB | 98,776,497.04 RMB | 75.88 | | Net Profit Attributable to Listed Company Shareholders | -16,200,587.94 RMB | -9,084,720.46 RMB | - | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | -21,326,688.99 RMB | -16,974,184.53 RMB | - | | Net Cash Flow from Operating Activities | -62,657,859.07 RMB | 2,002,935.84 RMB | -3,228.30 | | Balance Sheet Indicators | End of Current Period | End of Prior Year | Change from Prior Year-End (%) | | Net Assets Attributable to Listed Company Shareholders | 955,598,620.77 RMB | 986,182,871.12 RMB | -3.10 | | Total Assets | 1,033,745,734.29 RMB | 1,044,406,686.85 RMB | -1.02 | Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.0506 | -0.0284 | - | | Weighted Average Return on Net Assets (%) | -1.6811 | -0.9170 | - | - The increase in operating revenue is primarily due to the consolidation of the newly acquired controlling subsidiary, Dalian Yiwei New Material Co., Ltd[20] - Total non-recurring gains and losses for the reporting period amounted to RMB 5.13 million, mainly from government subsidies and fair value changes in financial assets[22][23] Management Discussion and Analysis This section provides a detailed discussion and analysis of the company's industry, business operations, core competencies, and key financial performance during the reporting period Industry and Main Business The company's main business is ceramic product development, production, and sales, with recent expansion into zirconium-titanium ore refining, facing industry green transformation and intense competition - The company is a new type of home ceramic supplier integrating R&D, design, production, and sales, with products covering daily-use, sanitary, and artistic ceramics[24] - During the reporting period, the company expanded into zirconium-titanium ore product refining, establishing a new growth driver[24] - The ceramic industry faces green transformation pressure under "carbon peaking and carbon neutrality" goals, with a clear trend towards industry consolidation and competition shifting to brand, quality, and technological innovation[26] Discussion and Analysis of Operations In the first half of 2025, the company achieved RMB 174 million in operating revenue, a 75.88% increase, but reported a net loss attributable to shareholders of RMB 16.20 million, focusing on market expansion, cost reduction, and investor relations - The company adopted a diversified business strategy, entering the new materials sector, with the zirconium-titanium ore refining business of its controlling subsidiary, Yiwei New Material, contributing stable performance growth[29] - The company strengthened lean management, optimizing processes across production, operations, and management to control non-essential expenses, reduce costs, and improve efficiency[29] Analysis of Core Competencies The company's core competencies include its high-tech enterprise status with 55 patents, comprehensive product lines, significant energy-saving achievements, and successful expansion into upstream new materials - The company is a National High-Tech Enterprise, holding 55 authorized patents and participating in the formulation and revision of 23 national and local technical standards[32] - The company is one of the few domestic enterprises capable of large-scale production across daily-use, artistic, and sanitary home ceramics, offering customers one-stop procurement services[33] - The company achieved significant energy-saving results, with unit comprehensive energy consumption for daily-use ceramics and sanitary ceramics being only 53.35% and 70.86% of national advanced standards, respectively[36] - Through its controlling subsidiary, Dalian Yiwei New Material Co., Ltd., the company expanded into zirconium-titanium ore product refining, with products like titanium concentrate and zircon sand having broad market prospects[37] Analysis of Key Operating Performance During the reporting period, the company experienced revenue growth without profit, with operating revenue increasing by 75.88% driven by domestic market expansion and new zirconium-titanium ore business, but operating costs rose faster, impacting profitability and cash flow Key Income Statement Items | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 173,729,613.67 | 98,776,497.04 | 75.88 | Domestic order growth and new zirconium-titanium ore business | | Operating Cost | 170,018,378.45 | 88,811,282.89 | 91.44 | Increased in line with product sales revenue | | Administrative Expenses | 11,860,894.70 | 16,611,864.25 | -28.60 | Decrease in expense amortization | | Net Cash Flow from Operating Activities | -62,657,859.07 | 2,002,935.84 | -3,228.30 | Increase in payments for raw materials and employee salaries | Key Balance Sheet Items | Item | End of Current Period (RMB) | End of Prior Year (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 91,476,334.71 | 23,276,611.47 | 293.00 | Increase due to redemption of wealth management products in current period | | Inventory | 207,994,227.08 | 144,196,049.25 | 44.24 | Increase in raw materials for subsidiary Yiwei New Material | | Contract Liabilities | 15,696,024.91 | 9,283,922.75 | 69.07 | Increase in advance receipts in current period | - The company established Dalian Yiwei New Material Co., Ltd. in September 2024 as a joint venture with Yihe Mining Development Co., Ltd., holding an 80% controlling stake and consolidating it into its financial statements[46] Subsidiary Performance | Company Name | Business Type | Operating Revenue (RMB 10k) | Net Profit (RMB 10k) | | :--- | :--- | :--- | :--- | | Chaozhou Lvhuan Ceramic Resource Comprehensive Utilization Co., Ltd. | Waste Ceramic Recycling | 401.06 | -82.42 | | Guangdong Sitong Ceramic Co., Ltd. | Ceramic Manufacturing and Sales | - | -18.27 | | Dalian Yiwei New Material Co., Ltd. | Ore Dressing, Ore Sales | 6,779.48 | -617.24 | Risk Warnings The company faces significant risks including foreign exchange fluctuations, inventory impairment, project implementation delays, and a major delisting risk warning due to its 2024 financial performance - Exchange Rate Risk: Export business is primarily settled in USD, and exchange rate fluctuations may impact revenue and competitiveness[50] - Inventory Impairment Risk: A large inventory scale across diverse products may lead to significant impairment if sales fall short of expectations[50] - Project Implementation Risk: The "SMC Composite Material Lightweight Civil Air Defense Door Project" has not yet commenced due to the downturn in the real estate market and policy reforms[51] - Delisting Risk: The company's stock trading has been subject to delisting risk warning because its audited net profit for 2024 was negative and operating revenue was below RMB 300 million[51] Corporate Governance This section details changes in the company's senior management and its proposed profit distribution plan for the reporting period Executive Changes and Profit Distribution During the reporting period, three Vice General Managers resigned for personal reasons, and the company proposed no profit distribution or capital reserve conversion for the half-year - Company Vice General Managers Cai Zhenmao, Cai Zhenpeng, and Cai Zhenfeng resigned from all their positions in the company and its subsidiaries on June 5, 2025, due to personal reasons[54] - The company's proposed half-year profit distribution plan is to make no distribution and no capital reserve conversion[55] Significant Matters This section covers the company's fulfillment of commitments and the share increase plan initiated by the controlling shareholder to boost market confidence Commitment Fulfillment and Share Increase by Shareholders The company and related parties strictly fulfilled all commitments, while the controlling shareholder initiated a share increase plan, having already increased holdings by 1,124,100 shares to boost market confidence - All commitments made by the company's actual controller, shareholders, directors, supervisors, and senior management, whether during or continuing into the reporting period, were strictly and timely fulfilled[58][59][60] - Controlling shareholder and actual controller Huang Jianping and his concerted parties plan to increase their holdings in the company's shares, with a total amount of no less than RMB 10 million and no more than RMB 20 million. As of the end of the reporting period, Mr. Huang Jianping had increased his holdings by 1,124,100 shares, accounting for 0.35% of the total share capital[52] Share Changes and Shareholder Information This section provides an overview of the company's shareholder structure, including the total number of shareholders and the holdings of its top ten shareholders Shareholder Structure As of the reporting period end, the company's total shares and capital structure remained unchanged, with 8,325 common shareholders, and controlling shareholder Huang Jianping's stake increasing to 28.02% - As of the end of the reporting period, the company had a total of 8,325 common shareholders[69] Top Ten Shareholders | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | | :--- | :--- | :--- | | Huang Jianping | 89,658,132 | 28.02 | | Cai Zhencheng | 14,476,995 | 4.52 | | Cai Zhenhuang | 14,437,101 | 4.51 | | Cai Zhenfeng | 14,436,351 | 4.51 | | Cai Zhenmao | 14,436,351 | 4.51 | | Li Weixiang | 14,436,351 | 4.51 | | Cai Zhentong | 14,436,351 | 4.51 | | Xie Yuezen | 13,334,000 | 4.17 | | Deng Jianhua | 13,334,000 | 4.17 | | Ma Yan Jun | 4,533,500 | 1.42 | - Explanation of shareholder relationships: Huang Jianping, Xie Yuezen, and Deng Jianhua are concerted parties; Cai Zhencheng, Cai Zhenmao, Cai Zhenfeng, Cai Zhentong, Cai Zhenhuang, and Li Weixiang's spouse Cai Zhenpeng are siblings and also concerted parties[72] Financial Report This section presents the company's unaudited consolidated financial statements, including key figures from the balance sheet, income statement, and cash flow statement, along with selected notes Financial Statement Summary This half-year financial report is unaudited, showing total assets of RMB 1.034 billion, owner's equity attributable to parent company of RMB 955.60 million, operating revenue of RMB 173.73 million, net loss attributable to parent company of RMB 16.20 million, and net cash outflow from operating activities of RMB 62.66 million, indicating financial challenges - This half-year report is unaudited[5][78] Consolidated Financial Statement Summary | Consolidated Statement Summary | June 30, 2025 / Jan-Jun 2025 (RMB) | | :--- | :--- | | Balance Sheet | | | Total Assets | 1,033,745,734.29 | | Total Liabilities | 78,424,008.00 | | Owner's Equity Attributable to Parent Company | 955,598,620.77 | | Income Statement | | | Total Operating Revenue | 173,729,613.67 | | Total Operating Costs | 193,394,665.53 | | Net Profit Attributable to Parent Company Shareholders | -16,200,587.94 | | Cash Flow Statement | | | Net Cash Flow from Operating Activities | -62,657,859.07 | Notes to Consolidated Financial Statements (Selected) Financial notes reveal operating details, with revenue growth from zirconium industry and daily-use ceramics, significant inventory increase due to new materials, and the newly consolidated Dalian Yiwei New Material Co., Ltd. reporting a loss Operating Revenue Breakdown (by Product Type) | Product Type | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Daily-Use Ceramics | 65,046,532.17 | 61,572,677.50 | | Sanitary Ceramics | 27,148,106.44 | 26,235,830.69 | | Artistic Ceramics | 11,719,594.66 | 10,817,896.63 | | Zirconium Industry | 67,794,819.09 | 69,847,857.34 | | Total | 173,729,613.67 | 170,018,378.45 | Inventory Classification | Inventory Category | Book Value at Period-End (RMB) | Book Value at Period-Start (RMB) | | :--- | :--- | :--- | | Raw Materials | 42,167,216.20 | 39,719,409.11 | | Inventory Goods | 150,208,775.91 | 99,898,025.73 | | Total | 207,994,227.08 | 144,196,049.25 | - The company established a new controlling subsidiary, "Dalian Yiwei New Material Co., Ltd.", primarily engaged in non-ferrous metal mining and dressing, with the company directly holding an 80% stake[327] - Dalian Yiwei New Material Co., Ltd., a significant non-wholly owned subsidiary, has a 20% minority interest, and the loss attributable to minority shareholders for this period was RMB -1.23 million[329]