同洲电子(002052) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice Management guarantees the truthfulness, accuracy, and completeness of this semi-annual report, which contains no profit distribution plan[4][5] - The Board of Directors, Supervisory Committee, and all senior executives ensure the truthfulness, accuracy, and completeness of the report and bear corresponding legal responsibilities[4] - Forward-looking statements regarding future plans and development strategies do not constitute substantive commitments to investors, who should be aware of the associated risks[4] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of 2025[5] Definitions This section defines key terminology and abbreviations used throughout the report, covering corporate entities and industry-specific technical terms - The reporting period is defined as January 1, 2025, to June 30, 2025[12] - Detailed explanations are provided for broadcasting industry terms such as DVB, OTT, and IPTV, clarifying their technical meanings and applications[12] - Definitions are provided for terms in the energy and technology sectors, including high-power supplies, 18650 lithium batteries, IoT, and smart cities[14] Company Profile and Key Financial Indicators Company Profile Shenzhen Coship Electronics Co, Ltd is listed on the Shenzhen Stock Exchange, and its basic corporate information remained unchanged during the reporting period Corporate Information | Item | Content | | :--- | :--- | | Stock Ticker | Coship Electronics | | Stock Code | 002052 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Name | Shenzhen Coship Electronics Co, Ltd | | Legal Representative | Zhang Chunyin | Key Accounting Data and Financial Indicators The company achieved explosive performance growth, with revenue and net profit soaring, though total assets and operating cash flow significantly declined Key Financial Indicators | Key Financial Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 539,769,532.34 | 76,397,876.23 | 606.52% | | Net Profit Attributable to Shareholders (Yuan) | 203,071,375.87 | -36,084,109.06 | 662.77% | | Net Cash Flow from Operating Activities (Yuan) | -115,415,860.89 | 2,029,955.74 | -5,785.63% | | Basic Earnings Per Share (Yuan/Share) | 0.2722 | -0.0484 | 662.40% | | Weighted Average Return on Equity | 107.66% | -399.07% | 506.73% | | Total Assets (Yuan) | 685,153,485.82 | 1,239,630,927.40 (Prior Year-End) | -44.73% | | Net Assets Attributable to Shareholders (Yuan) | 290,173,885.87 | 87,079,501.17 (Prior Year-End) | 233.23% | Non-recurring Gains and Losses The company's non-recurring items resulted in a net loss of 5.37 million Yuan, primarily due to provisions for pending litigation Details of Non-recurring Gains and Losses | Item | Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gain/Loss from Debt Restructuring | 1,123,667.93 | Debt reduction from creditor agreements | | Government Grants Included in Current Profit/Loss | 817,899.64 | - | | Other Non-operating Income and Expenses | -7,150,421.70 | Mainly provisions for pending litigation | | Total | -5,372,807.65 | - | Management Discussion and Analysis Principal Business Activities During the Reporting Period The company's business comprises energy and set-top box segments, with a strategic focus on high-power supplies for computing servers driving growth - The company's main business is divided into two segments: the energy sector (high-power supplies, lithium batteries) and the set-top box sector (set-top boxes, smart terminals)[30] - The current strategic focus is on the high-power supply business, with products primarily used in computing servers, which is the main reason for the significant improvement in revenue and profit[31] - The company employs a "produce-to-order" manufacturing model and a direct sales-oriented marketing model, serving domestic and international operators and customers directly[32][33] Core Competitiveness Analysis Core competencies are built on brand, R&D, management, marketing, product quality, and supply chain integration, highlighted by a successful pivot to high-power supplies - The company has a well-recognized brand in the digital video industry, which provides a foundation for expanding into new business areas like energy[35] - High-power supply products feature advanced technologies like high-efficiency circuit topology and full digital control, ensuring stable operation in extreme environments[37] - The company successfully transformed its original "Power Supply Business Unit" into the "Power Supply and Server Business Unit," developing technologically advanced high-power supply products and establishing a stable business model[39] Main Business Analysis Revenue surged due to the new high-power supply business, which now dominates sales and has shifted the company's focus to overseas markets Key Financial Data YoY Comparison | Key Financial Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 539,769,532.34 | 76,397,876.23 | 606.52% | Significant growth from new high-power supply business | | Operating Costs | 294,373,724.50 | 79,596,788.64 | 269.83% | Costs increased in line with revenue growth | | Financial Expenses | 11,954,905.03 | 5,939,548.78 | 101.28% | Impact of exchange rate fluctuations | | Net Cash Flow from Operating Activities | -115,415,860.89 | 2,029,955.74 | -5,785.63% | Increased cash payments for operating activities | Revenue Breakdown by Business Segment | Business Segment | Current Period Revenue (Yuan) | % of Total Revenue | Prior Year Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Energy Sector Business | 507,600,480.89 | 94.04% | 47,824,213.36 | 62.60% | 961.39% | | Of which: High-Power Supply | 487,023,042.16 | 90.23% | - | - | - | | Set-Top Box Sector Business | 2,494,200.61 | 0.46% | 10,515,848.23 | 13.76% | -76.28% | Revenue Breakdown by Region | Region | Current Period Revenue (Yuan) | % of Total Revenue | Prior Year Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Overseas | 487,023,042.16 | 90.23% | 3,317,729.60 | 4.34% | 14,579.41% | | Domestic | 52,746,490.18 | 9.77% | 73,080,146.63 | 95.66% | -27.82% | Analysis of Assets and Liabilities Total assets decreased by 44.73% to 685 million Yuan, driven by a significant reduction in inventory following successful sales during the period Asset Composition Analysis | Asset Item | Period-End Balance (Yuan) | % of Total Assets | Prior Year-End Balance (Yuan) | % of Total Assets | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 223,218,837.60 | 32.58% | 455,705,063.40 | 36.76% | Collection of opening receivables during the period | | Inventory | 11,323,979.77 | 1.65% | 227,427,253.67 | 18.35% | Sale of opening inventory during the period | - As of the period-end, 45.94 million Yuan of the company's assets were restricted, primarily including investment properties (45.23 million Yuan) and bank deposits (0.71 million Yuan) subject to litigation preservation measures[51] Analysis of Major Subsidiaries and Investees The Hong Kong subsidiary was a key platform for overseas business, while several new energy battery subsidiaries reported losses Performance of Major Subsidiaries | Company Name | Type | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Coship Technology (HK) Co, Limited | Subsidiary | R&D consulting, import/export trade | 635,753,913.52 | 905,719.69 | | Nanping Tongxin New Energy Technology Co, Ltd | Subsidiary | New energy battery production and sales | 2,565,330.58 | -1,893,507.72 | | Huizhou Changsheng Technology Co, Ltd | Subsidiary | Battery manufacturing | 19,150,110.02 | -1,270,173.65 | Company Risks and Countermeasures The company faces market, management, technical, and currency risks, which it plans to mitigate through diversification, talent retention, R&D, and financial instruments - Market Risk: Macroeconomic slowdowns and industry shifts could impact business growth; the company will respond by optimizing its product mix and diversifying operations[60] - Technical Risk: The company faces risks from the loss of key technical personnel and poor R&D decisions; it will strengthen its talent pool and market trend analysis[60] - Exchange Rate Risk: With significant exports and raw material imports, currency fluctuations impact costs and profits; the company will use financial instruments and timely currency settlement to manage this risk[61] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management The company underwent changes in its board and senior management due to term-of-office elections, including the appointment of a new General Manager Personnel Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Chunyin | Director | Elected | 2025-03-31 | Term-of-office election | | You Xintang | General Manager | Appointed | 2025-04-02 | Term-of-office election | | Liu Yongteng | Director | Resigned upon term completion | 2025-03-31 | Term-of-office election | Implementation of Equity Incentive Plan The company canceled 2.61 million stock options due to employee departures, while conditions for the second exercise period of its 2023 plan were met - On April 18, 2025, the company approved the cancellation of 2.61 million stock options held by 9 incentive recipients who had resigned[69] - The conditions for the second exercise period of the company's 2023 stock option incentive plan have been met[69] - Following the cancellation, the number of incentive recipients was reduced from 76 to 67, with 16.62 million stock options remaining outstanding under the plan[69] Social Responsibility The company actively fulfilled its social responsibilities by improving corporate governance, protecting stakeholder rights, and focusing on environmental sustainability - The company continuously improves its internal control systems in compliance with laws and regulations to protect the rights of investors and creditors[70] - The company legally protects employee rights, provides support for employees in need, and organizes cultural activities to enhance employee belonging[72][73] - Adhering to a "customer first, quality first" policy, the company maintains ISO9001 and ISO14001 certifications and strong relationships with suppliers and customers[73] Significant Events Commitments The company's largest shareholders fulfilled their commitments regarding non-competition, related-party transactions, share lock-ups, and maintaining corporate independence - The largest shareholder and their concerted parties committed not to engage in business that competes with the company and to prioritize giving business opportunities to the company[76] - A commitment was made not to transfer shares for 18 months following the equity change[78] - A commitment was made to ensure the company's independence in personnel, assets, finance, business, and organization[78][79][80] Litigation The company settled a major 413 million Yuan contract dispute, while other significant lawsuits related to contract disputes and securities misrepresentation remain ongoing Major Litigation Status | Case Details | Amount Involved (Yuan) | Provision Made | Status | Outcome & Impact | | :--- | :--- | :--- | :--- | :--- | | Sales Contract Dispute with Terminus | 412,609,500 | No | Closed | Parties reached a settlement; company withdrew the lawsuit | | Contract Dispute with Xing Bao Trust | 105,461,300 | Yes | First Instance | Awaiting judgment | | Investor Securities Misrepresentation Lawsuits | 125,704,000 | Yes | Partially judged, partially appealed | Some cases have been judged and compensated | Significant Related-Party Transactions The company engaged in 1.02 million Yuan of related-party transactions, including purchasing raw materials from and selling them to related entities at market prices Details of Related-Party Transactions | Related Party | Relationship | Transaction Type | Transaction Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Huayouxintai Technology Co, Ltd | Controlled by a close relative of a director | Purchase of raw materials | 841,000 | | Shenzhen Ailubang Technology Co, Ltd | Former shareholder of a subsidiary | Sale of raw materials | 174,500 | | Total | -- | -- | 1,015,500 | Share Capital Changes and Shareholder Information Share Capital Changes Total share capital remained unchanged, but the proportion of restricted shares increased to 8.31% due to a senior executive's share acquisition - Director and General Manager Mr You Xintang increased his shareholding by 52,219,810 shares through a transfer agreement during the reporting period[110] Share Structure Changes | Share Class | Before Change | After Change | Change in Shares | | :--- | :--- | :--- | :--- | | Restricted Shares | 22,875,182 (3.06%) | 62,040,039 (8.31%) | +39,164,857 | | Unrestricted Shares | 723,084,512 (96.94%) | 683,919,655 (91.69%) | -39,164,857 | | Total Share Capital | 745,959,694 (100%) | 745,959,694 (100%) | 0 | Number and Shareholdings of Shareholders The number of shareholders totaled 25,752, with the largest shareholder holding 16.50% and the General Manager becoming the second largest at 11.09% Top Shareholders | Shareholder Name | Shareholding Ratio | Shares Held at Period-End | | :--- | :--- | :--- | | Ding Xiaoli | 16.50% | 123,107,038 | | You Xintang | 11.09% | 82,720,053 | | Ruihong Life Insurance Co, Ltd - Universal Product | 8.16% | 60,849,000 | - The total number of common shareholders at the end of the reporting period was 25,752[115] - Shareholders You Xintang and Wu Liping signed a Concerted Action Agreement on June 11, 2024, making them parties acting in concert[115] Changes in Shareholdings of Directors, Supervisors, and Senior Management Director and General Manager Mr You Xintang significantly increased his holdings by over 52 million shares during the reporting period Executive Shareholding Changes | Name | Position | Opening Shareholding (Shares) | Shares Increased This Period (Shares) | Closing Shareholding (Shares) | | :--- | :--- | :--- | :--- | :--- | | You Xintang | Director, General Manager | 30,500,243 | 52,219,810 | 82,720,053 | Bond-related Matters Bond-related Matters The company had no bond-related matters during the reporting period Financial Report Financial Statements This section presents the unaudited semi-annual financial statements, showing significant profit growth alongside negative operating cash flow and reduced total assets - The company's semi-annual financial report is unaudited[125] Consolidated Balance Sheet Total assets decreased to 685 million Yuan, while total liabilities fell sharply, and equity attributable to parent company owners grew substantially due to current period profits Balance Sheet Summary | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 685,153,485.82 | 1,239,630,927.40 | | Total Liabilities | 432,624,910.28 | 1,189,465,933.53 | | Total Equity Attributable to Parent Company Owners | 290,173,885.87 | 87,079,501.17 | Consolidated Income Statement The company achieved a successful turnaround, with total operating revenue of 540 million Yuan and a net profit of 202 million Yuan for the first half of 2025 Income Statement Summary | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 539,769,532.34 | 76,397,876.23 | | II. Total Operating Costs | 335,620,672.96 | 116,576,280.93 | | III. Operating Profit | 209,288,254.66 | -38,860,956.22 | | V. Net Profit | 202,126,684.12 | -43,925,834.73 | | Net Profit Attributable to Parent Company Shareholders | 203,071,375.87 | -36,084,109.06 | Consolidated Cash Flow Statement Net cash flow from operating activities was negative 115 million Yuan due to increased payments for goods and services, resulting in a lower cash balance at period-end Cash Flow Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -115,415,860.89 | 2,029,955.74 | | Net Cash Flow from Investing Activities | -1,282,820.41 | -1,157,082.82 | | Net Cash Flow from Financing Activities | -9,039,066.67 | -6,929,000.00 | | Net Increase in Cash and Cash Equivalents | -121,642,951.86 | -6,120,226.32 | Notes to the Consolidated Financial Statements This section details the composition and changes in key financial statement items, including accounts receivable, inventory, revenue, and provisions Accounts Receivable The carrying value of accounts receivable decreased significantly to 223 million Yuan, with a bad debt provision of 136 million Yuan Accounts Receivable by Aging | Aging | Closing Book Balance (Yuan) | | :--- | :--- | | Within 1 year (inclusive) | 207,079,926.77 | | 1 to 2 years | 32,038,172.69 | | 2 to 3 years | 8,705,563.81 | | Over 3 years | 110,989,503.81 | | Total | 358,813,167.08 | - The top five accounts receivable balances totaled 206 million Yuan, representing 57.45% of the total balance[387] Inventory Inventory value plummeted by 95% to 11.32 million Yuan, primarily because opening stock of finished goods was sold during the period Inventory Breakdown | Item | Closing Carrying Value (Yuan) | Opening Carrying Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 4,252,221.13 | 4,327,099.53 | | Finished Goods | 6,377,021.04 | 204,371,627.87 | | Goods in Process | 330,595.75 | 17,492,754.09 | | Total | 11,323,979.77 | 227,427,253.67 | Operating Revenue and Costs The company generated operating revenue of 540 million Yuan and operating costs of 294 million Yuan, driven primarily by its main business activities Revenue and Cost Breakdown | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 534,207,912.68 | 289,494,701.40 | | Other Business | 5,561,619.66 | 4,879,023.10 | | Total | 539,769,532.34 | 294,373,724.50 | Provisions The closing balance of provisions was 34.79 million Yuan, a decrease from the opening balance, entirely related to pending litigation Breakdown of Provisions | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | Reason | | :--- | :--- | :--- | :--- | | Pending Litigation | 34,790,404.31 | 44,722,079.92 | Provisions for pending lawsuits | Other Submitted Data Fund Transactions with Related Parties The company had significant fund transactions with related parties, including a 370 million Yuan operating balance with its Hong Kong subsidiary Related-Party Fund Transactions | Counterparty Name | Transaction Nature | Opening Balance (Yuan) | Current Period Amount (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Coship Technology (HK) Co, Limited | Operating | 347,971,300 | 502,396,200 | 369,600,500 | | Shenzhen E-Hui Software Co, Ltd | Non-operating | 184,109,100 | 396,515,900 | 442,918,900 |