金杯电工(002533) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents and Definitions Important Notice The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions, with future plans not constituting substantial commitments, and no profit distribution planned for this reporting period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] - Company head Wu Xueyu, accounting supervisor Zhong Hua, and accounting department head Wu Zhaochun declare and guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4] Table of Contents The report's table of contents clearly lists nine major chapters, covering all statutory disclosures from important notices and company overview to management discussion and financial reports Report Chapter Directory | Chapter | Page Number | | :--- | :--- | | Part I Important Notice, Table of Contents and Definitions | 1 | | Part II Company Profile and Key Financial Indicators | 5 | | Part III Management Discussion and Analysis | 7 | | Part IV Corporate Governance, Environment, and Society | 21 | | Part V Significant Matters | 24 | | Part VI Share Changes and Shareholder Information | 32 | | Part VII Bond-Related Information | 34 | | Part VIII Financial Report | 35 | | Part IX Other Submitted Data | 169 | Definitions This section defines key terms and abbreviations used in the report, such as "Jinbei Electric" referring to Jinbei Electric Co., Ltd., and "Nengxiang Investment" referring to the controlling shareholder Shenzhen Nengxiang Investment Development Co., Ltd., providing a basis for understanding the report content - Clarifies the company's controlling shareholder as Shenzhen Nengxiang Investment Development Co., Ltd. (Nengxiang Investment) and actual controllers as Mr. Wu Xueyu and Ms. Sun Wenli[12] Part II Company Profile and Key Financial Indicators Company Profile Jinbei Electric Co., Ltd. (stock code: 002533) is a company listed on the Shenzhen Stock Exchange, with Wu Xueyu as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jinbei Electric | | Stock Code | 002533 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Jinbei Electric Co., Ltd. | | Legal Representative | Wu Xueyu | Key Accounting Data and Financial Indicators In H1 2025, the company achieved operating revenue of 9.335 billion yuan, a 17.50% year-on-year increase, and net profit attributable to parent company of 296.276 million yuan, a 7.46% year-on-year increase, demonstrating growth in both revenue and profit, while net cash flow from operating activities was -1.183 billion yuan, a 34.85% year-on-year decrease, indicating increased working capital pressure, with total assets and net assets both increasing compared to the end of the previous year 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 9,334,936,354.66 | 7,944,505,718.63 | 17.50% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 296,276,308.01 | 275,705,843.07 | 7.46% | | Net Cash Flow from Operating Activities (yuan) | -1,183,441,340.70 | -877,571,485.30 | -34.85% | | Basic Earnings Per Share (yuan/share) | 0.4037 | 0.3757 | 7.45% | | Weighted Average Return on Net Assets | 7.26% | 6.99% | 0.27% | | Indicator | End of Current Period | End of Prior Year | YoY Change | | Total Assets (yuan) | 11,330,890,479.47 | 10,345,250,213.07 | 9.53% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 4,102,526,779.02 | 3,937,203,993.94 | 4.20% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled 25.3819 million yuan, mainly from fair value changes in financial assets (17.5441 million yuan) and government grants (14.2880 million yuan) Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -61,793.22 | | Government Grants Recognized in Current Profit/Loss | 14,288,021.44 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities | 17,544,120.52 | | Other Non-operating Income/Expenses and Debt Restructuring Gains/Losses | -503,994.66 | | Total | 25,381,855.10 | Part III Management Discussion and Analysis Principal Businesses During the Reporting Period The company's core business involves R&D, production, and sales of flat electromagnetic wires and wires & cables, achieving 9.335 billion yuan in revenue (up 17.50%) and 296.276 million yuan in net profit attributable to parent company (up 7.46%) in H1 2025, driven by a 27.55% increase in electromagnetic wire revenue from UHV and NEV demand, a 12.04% steady growth in cable revenue, a 37.99% increase in direct exports with a new Czech base, and ongoing R&D and Huawei-led process management reform for operational efficiency 2025 H1 Segment Performance | Segment | Revenue YoY Growth | Key Drivers | | :--- | :--- | :--- | | Electromagnetic Wire | 27.55% | UHV transformer sales grew 241.18%, NEV motor flat wire sales grew 67.77% | | Cable | 12.04% | Grid market winning bids grew 167%, industrial cable business grew 310.19% | | Overseas Business | 37.99% | Direct exports reached 262 million yuan, initiated Czech plant construction plan | - The company's products are widely applied in key areas such as UHV, smart grids, new energy vehicles, and wind/solar/storage, with two flat electromagnetic wire bases in Xiangtan and Wuxi, and six cable industry bases including Changsha and Hengyang[26][29] - The company officially launched a Huawei-led process management reform project, aiming to build a control model adapted for future development and create an efficient, autonomous process-oriented organization[51] Analysis of Core Competencies The company's core competencies are reflected in six key areas: a strong multi-brand matrix (e.g., "Jinbei", "Tapa"), stable key customer relationships, leading technical R&D capabilities (e.g., PEEK insulated electromagnetic wire patent), strict product quality control, scaled production layout, and an experienced, stable core management team - Brand advantage: Possesses six regional core brands including "Jinbei", "Tapa", "Feihe", and "Ganchang", forming a "multi-brand, cross-regional, synergistic development" pattern[52][53] - Technical R&D advantage: Holds a series of industry core technologies, such as 10 million cycle ultra-flexible industrial robot drag chain cables and PEEK insulated electromagnetic wire invention patents[56] - Product scale advantage: Operates two flat electromagnetic wire production bases and six cable production bases, with products covering hundreds of varieties and nearly ten thousand specifications, demonstrating significant capacity scale and regional layout advantages[58][59] Analysis of Main Business During the reporting period, the company's operating revenue increased by 17.50% and operating costs by 18.38%, with clean energy application revenue growing fastest at 54.25%, and electromagnetic wire product revenue increasing by 29.67%, significantly outpacing wire and cable products at 11.10%, while financial expenses surged by 65.73% due to increased bank financing interest Key Financial Data Year-on-Year Change | Item | Current Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,334,936,354.66 | 17.50% | - | | Operating Cost | 8,371,305,878.56 | 18.38% | - | | Financial Expenses | 26,282,221.67 | 65.73% | Due to increased bank financing interest in this period | | Net Cash Flow from Operating Activities | -1,183,441,340.70 | -34.85% | Increased proportion of direct sales business led to higher operating receivables | | Net Cash Flow from Investing Activities | -288,645,250.22 | -107.82% | Increased investment in bank wealth management products and acquisition of long-term assets | | Net Cash Flow from Financing Activities | 630,964,536.24 | 549.78% | Increased net bank borrowings and discounted acceptance bills | Operating Revenue Composition Analysis | Category | Current Period Revenue (yuan) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | By Industry | | | | | Clean Energy Application | 1,195,735,082.26 | 12.81% | 54.25% | | Smart Grid Application | 2,600,041,826.65 | 27.85% | 19.40% | | Green Building Application | 2,877,674,448.78 | 30.83% | 3.26% | | By Product | | | | | Wire and Cable Products | 5,538,350,534.53 | 59.33% | 11.10% | | Electromagnetic Wire Products | 3,745,660,112.97 | 40.13% | 29.67% | | By Region | | | | | Overseas | 261,625,932.44 | 2.80% | 37.99% | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets reached 11.331 billion yuan, a 9.53% increase from the beginning of the year, with significant changes in asset structure including a 43.85% decrease in monetary funds, while inventories and construction in progress increased by 43.76% and 92.38% respectively, reflecting the company's strategy of expanding production and increasing stock, and short-term borrowings surged by 174.68% on the liability side, mainly to support business expansion Balance Sheet Key Items Change | Item | Period-end Amount (yuan) | Change from Prior Year-end | Key Change Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,226,811,625.50 | -43.85% | Increased bill payments, wealth management product purchases, and salary payments | | Inventories | 1,915,572,449.23 | 43.76% | Increased finished goods inventory, work-in-progress, and rising copper prices | | Construction in Progress | 288,335,241.66 | 92.38% | Increased investment in subsidiary capacity expansion and equipment upgrades | | Short-term Borrowings | 605,685,232.50 | 174.68% | Increased bank loans and discount financing | | Trading Financial Assets | 295,628,023.22 | 1378.14% | Increased purchases of bank wealth management products and floating gains from hedging instruments | | Employee Compensation Payable | 101,804,424.07 | -43.17% | Year-end bonus accrued last year-end disbursed in current period | | Other Comprehensive Income | 49,025,005.35 | 1044.50% | Due to changes in floating gains/losses from cash flow hedges | Analysis of Major Holding and Participating Companies The company's main profits are derived from its core subsidiaries, with Jinbei Electric Electromagnetic Wire Co., Ltd. being the most prominent, achieving a net profit of 192.161 million yuan during the reporting period, while Jinbei Electric Hengyang Cable Co., Ltd. and Wuhan Second Wire and Cable Co., Ltd. also contributed 79.322 million yuan and 47.080 million yuan in net profit respectively, serving as important pillars of the group's performance Major Subsidiary Operating Performance (H1 2025) | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Jinbei Electric Electromagnetic Wire Co., Ltd. | 3,736,092,093.07 | 192,161,100.21 | | Jinbei Electric Hengyang Cable Co., Ltd. | 2,831,076,525.78 | 79,321,788.57 | | Wuhan Second Wire and Cable Co., Ltd. | 1,286,046,414.76 | 47,079,587.68 | Risks Faced by the Company and Countermeasures The company faces four main risks: macroeconomic uncertainty, fierce market competition, raw material price fluctuations, and large accounts receivable balances, which it addresses through diversified market expansion (especially in emerging and overseas markets), strengthened R&D, futures hedging for raw material price risk, and enhanced customer credit management and accounts receivable collection - Macroeconomic risk: Global economic recovery divergence, trade protectionism, and geopolitical conflicts bring uncertainty, which the company will flexibly address by focusing on emerging fields like wind/solar/storage, AI, and robotics[81][82] - Raw material price fluctuation risk: Core raw materials like copper and aluminum account for approximately 80% of total costs, a risk the company mitigates through centralized procurement, dynamic management, and futures hedging[85] - Accounts receivable risk: As the proportion of direct sales business increases, accounts receivable also rise, a risk the company aims to reduce through digital transformation, proactive risk control, and intensified collection efforts[86] Part IV Corporate Governance, Environment, and Society Corporate Governance and Internal Control During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with no semi-annual profit distribution or capital reserve to share capital conversion planned, nor any new equity incentive plans, while the corporate governance structure remains stable, and a new Strategy and ESG Committee was established to promote sustainable development - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[89] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90] - During the reporting period, the company established a Strategy and ESG (Environmental, Social, and Governance) Committee to improve strategic decision-making mechanisms and promote sustainable high-quality development[94] Environmental and Social Responsibility The company actively fulfills its social responsibilities, adhering to high dividend payouts to shareholders, with cumulative cash dividends reaching 1.929 billion yuan, while promoting green development with several subsidiaries recognized as national green factories, releasing its first ESG report in 2025 and achieving a Wind ESG A-rating, and concurrently consolidating poverty alleviation achievements and aiding rural revitalization through industrial, consumption, and employment initiatives - Subsidiary Wuxi Tongli Electric Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[92] - The company released its first "2024 Environmental, Social, and Corporate Governance (ESG) Report" in 2025, achieving a Wind ESG A-rating from Wind ESG[101] - Since its listing, the company has distributed cash dividends 16 times, totaling 1.929 billion yuan, accounting for 56.70% of the cumulative net profit attributable to parent company as of the end of 2024[96] Part V Significant Matters Significant Related Party Transactions During the reporting period, the company's daily related party transactions primarily involved purchasing wire and cable insulation and sheath materials from Hunan Weichu Cable Polymer Materials Co., Ltd. and leasing factory buildings to it, with a total transaction amount of 161 million yuan, not exceeding the annual estimated limit of 301 million yuan, and operational creditor-debt relationships also existed between the company and its subsidiaries Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Type | Amount Incurred in Current Period (10k yuan) | Approved Transaction Limit (10k yuan) | | :--- | :--- | :--- | :--- | | Hunan Weichu Cable Polymer Materials Co., Ltd. | Purchase of Goods | 15,995.9 | 29,900 | | Hunan Weichu Cable Polymer Materials Co., Ltd. | Property Lease | 96.57 | 220 | Significant Contracts and Their Performance As of the end of the reporting period, the company provided guarantees totaling 3.427 billion yuan for its subsidiaries, accounting for 83.53% of the company's net assets, all for subsidiaries within the consolidated financial statement scope, aimed at supporting their normal operations and financing needs, with no other significant entrustment, contracting, or leasing matters during the reporting period Guarantees for Subsidiaries | Item | Amount (10k yuan) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | 485,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 342,691.84 | | Ratio of Total Actual Guarantees to Company's Net Assets | 83.53% | Significant Matters of Company Subsidiaries To incentivize its core management team, the company transferred 11.3638% equity of its wholly-owned subsidiary Deli Conductor to the subsidiary's core management in February 2025, reducing the company's shareholding to 88.6362%, though Deli Conductor remains within the company's consolidated financial statement scope - In February 2025, the company transferred 11.3638% equity of Deli Conductor to its core management, changing its shareholding from 100% to 88.6362%, with Deli Conductor remaining a controlled subsidiary[130] Part VI Share Changes and Shareholder Information Share Change Status As of June 30, 2025, the company's total share capital was 733,941,062 shares, with no changes in total share capital during the reporting period, where restricted shares accounted for 13.12% and unrestricted shares for 86.88% Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 96,295,629 | 13.12% | | Unrestricted Shares | 637,645,433 | 86.88% | | Total Share Capital | 733,941,062 | 100.00% | Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 43,782 common shareholders, with controlling shareholder Shenzhen Nengxiang Investment Development Co., Ltd. holding 15.69% and actual controller Mr. Wu Xueyu directly holding 8.18%, indicating a relatively concentrated equity structure with a high aggregate shareholding by the top ten shareholders - The total number of common shareholders at the end of the reporting period was 43,782[136] Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Proportion | Number of Shares Held (shares) | | :--- | :--- | :--- | | Shenzhen Nengxiang Investment Development Co., Ltd. | 15.69% | 115,188,480 | | Wu Xueyu | 8.18% | 60,048,577 | | Zhou Zuqin | 6.23% | 45,718,415 | | Hunan Minneng Investment Co., Ltd. | 4.08% | 29,928,960 | | Fan Zhihong | 2.43% | 17,813,800 | - Shareholders Wu Xueyu, Nengxiang Investment, and Minneng Investment are parties acting in concert[136] Part VII Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related information to disclose - The company had no bond-related matters during this reporting period[142] Part VIII Financial Report Audit Report This semi-annual financial report is unaudited - The company's H1 2025 semi-annual financial report is unaudited[144] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, with data showing continuous growth in total assets, but a decrease in monetary funds, and significant increases in inventories and short-term borrowings, while the income statement reflects year-on-year growth in revenue and profit, and the cash flow statement reveals negative and deteriorating operating cash flow - The consolidated balance sheet shows total assets of 11.331 billion yuan and total liabilities of 6.757 billion yuan at period-end[146][147] - The consolidated income statement shows total operating revenue of 9.335 billion yuan and net profit attributable to parent company shareholders of 296.276 million yuan for this period[153][154] - The consolidated cash flow statement shows net cash flow from operating activities of -1.183 billion yuan for this period[159] Notes to Consolidated Financial Statement Items This section details key items in the consolidated financial statements, noting that 334 million yuan of period-end monetary funds are restricted, mainly for guarantees, accounts receivable increased to 3.587 billion yuan, inventories to 1.916 billion yuan, and short-term borrowings surged to 606 million yuan, with operating revenue growth primarily driven by strong electromagnetic wire product performance and R&D investment continuously increasing to 302 million yuan Monetary Funds Total monetary funds at period-end were 1.227 billion yuan, a significant decrease from 2.185 billion yuan at the beginning of the period, with 334 million yuan being restricted funds, primarily including bank acceptance bill deposits, letter of guarantee deposits, futures margin, and time deposits Monetary Funds Composition | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 178,377.01 | 283,819.74 | | Bank Deposits | 894,302,463.38 | 1,732,436,127.96 | | Other Monetary Funds | 332,330,785.11 | 452,134,968.69 | | Total | 1,226,811,625.50 | 2,184,854,916.39 | - At period-end, there were 334 million yuan in restricted monetary funds, mainly for futures, acceptance bills, letter of guarantee deposits, and time deposits[309][310] Accounts Receivable Accounts receivable book value at period-end was 3.587 billion yuan, a significant increase from 2.817 billion yuan at the beginning of the period, with aging primarily concentrated within 1 year, accounting for 93.27%, and the company has accrued 165 million yuan in bad debt provisions, while the top five customers' accounts receivable collectively accounted for 21.57% of the total Accounts Receivable Aging Distribution | Aging | Period-end Book Balance (yuan) | | :--- | :--- | | Within 1 Year | 3,499,361,112.48 | | 1 to 2 Years | 84,192,210.32 | | 2 to 3 Years | 70,595,535.02 | | Over 3 Years | 97,730,445.54 | | Total | 3,751,879,303.36 | - The top five accounts receivable by debtor at period-end totaled 852 million yuan, accounting for 21.57% of the combined total of accounts receivable and contract assets at period-end[333] Inventories Inventories book value at period-end was 1.916 billion yuan, a significant increase of 43.76% from 1.332 billion yuan at the beginning of the period, primarily due to increased finished goods and work in progress, reflecting the company's strategy of increasing stock to meet market demand and the impact of rising raw material prices, with inventory impairment provisions of 7.17 million yuan accrued at period-end Inventory Classification | Item | Period-end Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 93,340,188.53 | 54,942,328.59 | | Work in Progress | 482,325,533.07 | 253,309,029.53 | | Finished Goods | 1,287,042,797.72 | 982,625,695.49 | | Total | 1,915,572,449.23 | 1,332,465,995.15 | Operating Revenue and Operating Costs In H1 2025, the company achieved operating revenue of 9.335 billion yuan and operating costs of 8.371 billion yuan, with main business revenue exceeding 97%, and clean energy and smart grid applications being key growth drivers, while the domestic market remains dominant, overseas market revenue grew 37.99% year-on-year, showing strong momentum Operating Revenue Breakdown | Contract Classification | Operating Revenue (yuan) | Operating Cost (yuan) | | :--- | :--- | :--- | | Business Type | | | | Clean Energy Application | 1,195,735,082.26 | 1,062,949,737.00 | | Smart Grid Application | 2,600,041,826.65 | 2,290,149,147.61 | | Operating Region | | | | Domestic | 9,073,310,422.22 | 8,152,127,609.57 | | Overseas | 261,625,932.44 | 219,178,268.99 | | Total | 9,334,936,354.66 | 8,371,305,878.56 | - The revenue corresponding to performance obligations from contracts signed at period-end but not yet performed or fully performed was 3.378 billion yuan[544] Part IX Other Submitted Data Investor Relations Activities During the reporting period, on March 31, 2025, the company hosted a teleconference for institutional investors, including CITIC Securities, Southern Fund, and JPMorgan Chase - On March 31, 2025, the company communicated with various institutional investors, including brokers, public funds, private funds, and foreign institutions, via teleconference[728]