辉煌科技(002296) - 2025 Q2 - 季度财报

Item 1. Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report structure, and defines key terms used throughout the document Important Notice The company's management assures the report's accuracy and completeness, with forward-looking statements not being commitments, and no semi-annual profit distribution planned - The company's management ensures the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4] Definitions This section defines key terms and abbreviations used in the report, covering company entities and industry-specific terminology - The reporting period refers to January to June 2025[11] Item 2. Company Profile and Key Financial Indicators This section provides an overview of the company and presents its key financial performance metrics for the reporting period Company Profile Henan Huihuang Technology Co., Ltd. (002296), listed on the Shenzhen Stock Exchange, maintained its basic corporate information during the period Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Huihuang Technology | | Stock Code | 002296 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Haiying | Key Accounting Data and Financial Indicators In H1 2025, revenue grew 21.34% to 404 million yuan, net profit attributable to parent increased 19.50% to 135 million yuan, while operating cash flow slightly declined Key Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 404,105,708.76 | 333,023,576.96 | 21.34% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 134,524,864.48 | 112,569,331.60 | 19.50% | | Net Profit Attributable to Parent Company (Excluding Non-recurring Items) (Yuan) | 135,297,905.70 | 111,748,317.14 | 21.07% | | Net Cash Flow from Operating Activities (Yuan) | 55,267,355.57 | 56,941,443.52 | -2.94% | | Basic Earnings Per Share (Yuan/Share) | 0.3453 | 0.2903 | 18.95% | | Weighted Average Return on Net Assets | 5.65% | 5.47% | 0.18% | Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -22,568.88 | | Government Grants | 416,308.27 | | Gains/Losses from Debt Restructuring | -1,131,472.17 | | Other Non-operating Income/Expenses | -183,893.65 | | Total | -773,041.22 | Item 3. Management Discussion and Analysis This section provides a comprehensive review of the company's operations, financial performance, and strategic initiatives during the reporting period Principal Business and Industry Development The company focuses on rail transit equipment, with national railway investment growing but urban rail approvals slowing, while actively expanding into new energy storage, particularly all-vanadium redox flow batteries - The company is a leading domestic supplier of rail transit operation and maintenance equipment, primarily engaged in R&D, production, sales, installation, and maintenance of high-end rail transit equipment, serving China Railway Group subsidiaries and local urban rail constructors[25] - In the first half of 2025, national railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%. However, the slowdown in urban rail new planning approvals negatively impacted the company's urban rail product demand in the short term[31][32][33] - The company actively expands into the new energy storage sector, steadily advancing pilot-scale production of all-vanadium redox flow batteries and expanding R&D base construction to foster new business growth points[33][38] Analysis of Core Competencies The company's core competencies include strong R&D, customer-centric innovation, first-mover advantage, robust quality systems, comprehensive product lines, and an efficient corporate culture - The company possesses strong R&D advantages, including a deep understanding of industry needs, scientific R&D processes (CMMI Level 5 certification), comprehensive testing laboratories, and a core intellectual property system developed through continuous R&D investment[40][41] - The company holds a significant first-mover advantage, with products widely applied across 18 railway bureaus and 31 urban rail companies nationwide, having cumulatively activated over 4,000 station signal centralized monitoring systems and more than 14,000 kilometers of high-speed rail disaster prevention monitoring systems[43] - The company holds comprehensive certifications (e.g., IRIS, ISO9001, CRCC) and a rich product line, enabling it to provide customers with integrated full lifecycle solutions from construction to operation and maintenance[44][45] Analysis of Principal Business Operating revenue grew 21.34% driven by national railway business (+43.60%), despite a significant decline in urban rail transit (-82.66%), with monitoring products and East China region as key contributors Key Financial Data Year-on-Year Changes | Item | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 404,105,708.76 | 333,023,576.96 | 21.34% | | Operating Cost | 172,380,755.27 | 141,267,204.48 | 22.02% | | Administrative Expenses | 27,165,559.37 | 36,773,171.02 | -26.13% | | R&D Investment | 49,255,599.15 | 40,997,134.91 | 20.14% | | Net Cash Flow from Investing Activities | 26,461,270.25 | -34,556,322.09 | 176.57% | | Net Cash Flow from Financing Activities | -77,916,084.00 | 6,235,373.58 | -1,349.58% | Operating Revenue Composition (By Industry) | Industry | Current Period Revenue (Yuan) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | National Railway | 388,425,720.25 | 96.12% | 43.60% | | Factories, Mines, Enterprises, and Local Railways | 7,988,386.83 | 1.98% | -70.27% | | Urban Rail Transit | 6,185,373.31 | 1.53% | -82.66% | Operating Revenue Composition (By Product) | Product Line | Current Period Revenue (Yuan) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Monitoring Product Line | 344,121,444.39 | 85.16% | 29.01% | | Operation Management Product Line | 18,569,920.36 | 4.60% | 41.48% | | Signal Infrastructure Equipment Product Line | 28,542,553.85 | 7.06% | -1.99% | Analysis of Assets and Liabilities Total assets remained stable at 3.194 billion yuan, with accounts receivable, inventory, and monetary funds as key components, while contract liabilities increased and 24.55 million yuan in cash was restricted - The company's total assets and net assets remained largely stable compared to the end of the previous year, with no significant changes[58] - As of the end of the reporting period, 24,554,265.01 yuan in monetary funds were restricted due to their use as guarantee deposits[61] Analysis of Investment Status Investment decreased by 52.91% to 7.377 million yuan, primarily in the "Smart Microgrid and Energy Storage Technology R&D Center" and "New Plant Area (South Park)" self-built projects Progress of Significant Non-Equity Investments During the Reporting Period | Project Name | Investment Method | Investment in Current Period (Yuan) | Cumulative Investment (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Smart Microgrid and Energy Storage Technology R&D Center | Self-built | 6,952,078.49 | 56,825,354.24 | 37.88% | | New Plant Area (South Park) | Self-built | 425,081.13 | 13,762,129.95 | 98.71% | Risks and Countermeasures The company faces risks from policy changes, competition, R&D uncertainties, and accounts receivable, addressed by market follow-up, R&D, prudent new business, and enhanced receivables management - Major risks include: - Macroeconomic and Policy Risks: Tightening urban rail investment approvals and changes in new energy storage policies may affect short-term business development - Competition Risk: Intensified market competition in the rail transit industry - New Technology Risk: Uncertainties in technology routes and industrialization for new businesses like new energy storage - Bad Debt Risk: Large accounts receivable balances due to long project construction cycles[72][73][75][76] - Countermeasures: - Closely monitor policies and increase follow-up on existing equipment upgrade and renovation projects - Adhere to technological innovation, accelerating the integration of new technologies like artificial intelligence with products - Steadily advance new energy technology R&D while prudently assessing market and policy trends - Improve collection enforcement systems and strengthen special management and collection of accounts receivable[73][74][75][76] Item 4. Corporate Governance, Environment, and Society This section details the company's governance practices, environmental initiatives, and social responsibility efforts during the reporting period Implementation of Employee Incentive Plans No new equity incentives were granted; the 2022 employee stock plan terminated, while the 2023 plan sold some shares, retaining 2.845 million shares, with 3.1119 million yuan in share-based payment expenses recognized - The 2022 employee stock ownership plan was fully sold and terminated in January 2025[82][84] - The 2023 employee stock ownership plan sold 7.7634 million unlocked shares during the reporting period, still holding 2.845 million shares, representing 0.73% of the total share capital at period-end[82] - During the reporting period, the total expense recognized for equity-settled share-based payments was 3,111,909.68 yuan, which correspondingly reduced net profit attributable to the parent company[83] Social Responsibility The company actively fulfills social responsibilities, including a 77.916 million yuan cash dividend for 2024 and a 300,000 yuan donation to the Harbin Institute of Technology Education Development Foundation - The company prioritizes investor returns, completing its 2024 annual cash dividend totaling 77,916,084.00 yuan (tax inclusive) in May 2025[87] - The company adheres to a people-oriented approach, establishing long-term incentive mechanisms, such as employee stock ownership plans, to safeguard employee rights[87][88] - During the reporting period, the company donated 300,000 yuan to the Harbin Institute of Technology Education Development Foundation to support educational development[89] Item 5. Significant Matters This section outlines key events and developments that occurred during the reporting period, impacting the company's operations or governance Other Significant Matters The company revised its Articles of Association and 21 internal systems per new regulations, completed board re-election, and appointed new senior management - To comply with the new Company Law and other regulatory requirements, the company revised its Articles of Association and twenty-one internal systems, including the Rules of Procedure for Shareholder Meetings and Board of Directors Meetings[113] - The company completed its board re-election in July 2025, electing members for the Ninth Board of Directors and appointing senior management personnel[114] Item 6. Share Changes and Shareholder Information This section provides details on the company's share capital movements and the composition of its shareholder base Share Change Status The company's total share capital remained unchanged at 389,580,420 shares as of the reporting period end - During the reporting period, there were no changes in the company's total share count, nor in the number of restricted or unrestricted shares[118][119] Shareholder Count and Shareholding Status As of period-end, the company had 41,847 common shareholders, with Li Haiying (7.95%) and Xie Chunsheng (5.69%) as top holders, and the 2023 employee stock plan as the seventh largest Top Ten Shareholders' Shareholding Status (As of Reporting Period End) | Shareholder Name | Shareholding Percentage | Number of Shares Held (Shares) | | :--- | :--- | :--- | | Li Haiying | 7.95% | 30,969,300 | | Xie Chunsheng | 5.69% | 22,168,000 | | Li Li | 1.92% | 7,483,474 | | Feng Yunhao | 1.09% | 4,231,400 | | Song Danbin | 0.91% | 3,534,481 | | Chen Zhi'an | 0.90% | 3,495,700 | | Henan Huihuang Technology Co., Ltd. - 2023 Employee Stock Ownership Plan | 0.73% | 2,845,383 | | Wu Xilong | 0.58% | 2,265,600 | | Miao Weidong | 0.54% | 2,100,054 | | BARCLAYS BANK PLC | 0.47% | 1,821,383 | Item 7. Bond-Related Information This section provides details regarding any bond-related activities or outstanding bonds of the company Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during this reporting period[127] Item 8. Financial Report This section presents the company's complete financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements Financial Statements This section presents the company's unaudited 2025 semi-annual consolidated and parent company financial statements, including key financial statements - The company's semi-annual financial report is unaudited[129] Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 3,194,343,634.34 | | Total Liabilities | 799,172,543.07 | | Total Equity Attributable to Owners of the Parent Company | 2,374,108,505.32 | Consolidated Income Statement Summary (H1 2025) | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Total Operating Revenue | 404,105,708.76 | | Operating Profit | 152,058,997.87 | | Total Profit | 151,850,275.28 | | Net Profit | 134,215,485.31 | | Net Profit Attributable to Shareholders of the Parent Company | 134,524,864.48 | Significant Accounting Policies and Accounting Estimates This section details the company's accounting standards, specific policies, and key estimates for financial statement preparation, covering revenue, financial instruments, and assets - Revenue Recognition: For integrated system products, revenue is recognized upon project acceptance or activation; for maintenance and other services, revenue is recognized on a straight-line basis over the performance period[285] - Impairment of Financial Instruments: Loss provisions for accounts receivable, contract assets, etc., are recognized using the expected credit loss model, typically based on the aging portfolio method[212][225] - R&D Expenditures: Research phase expenditures are expensed, while development phase expenditures are capitalized when specific conditions are met[264] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including composition, aging analysis, impairment, and changes for monetary funds, receivables, and liabilities - Accounts receivable had a period-end book balance of 1.263 billion yuan, with bad debt provisions of 212 million yuan, resulting in a carrying value of 1.051 billion yuan. The top five debtors collectively accounted for 44.91% of the total accounts receivable and contract assets[327][331] - Inventories had a period-end carrying value of 506 million yuan, primarily comprising contract performance costs (311 million yuan) and work-in-progress (72 million yuan)[363] - Contract liabilities had a period-end balance of 332 million yuan, an increase from the beginning of the period, primarily due to advances received for goods[431]