翔丰华(300890) - 2025 Q2 - 季度财报

Important Notes, Table of Contents and Definitions Important Notes The company's board of directors, audit committee, and all senior executives guarantee the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility for no false statements, misleading representations, or material omissions - Company management ensures the truthfulness, accuracy, and completeness of the report, assuming corresponding legal responsibilities[4] Risk Warnings The company faces five main risks: raw material price fluctuations, product price declines, technology substitution, industry overcapacity, and macroeconomic and policy changes - The company faces key operational risks including: - Raw Material Price Volatility Risk: Fluctuations in primary graphite and coke raw material prices may impact the company's profitability[5] - Product Price Decline Risk: Intense market competition, changes in downstream demand, and industry cost reduction trends may lead to lower anode material prices[6][7] - Technology Substitution Risk: If the company's R&D lags behind the development of new battery material technologies, it may adversely affect future operations[8] - Overcapacity Risk: Industry expansion and new entrants may lead to slower-than-expected market demand growth and overcapacity[9] - Macroeconomic and Policy Change Risk: Adjustments in new energy industry policies and macroeconomic uncertainties may affect the company's performance[10][11] Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period - The company has no plans for cash dividends or share transfers during this reporting period[12] Definitions This section defines professional terms used in the report, covering company entities, key customers, lithium battery industry technologies, and critical performance indicators Company Profile and Key Financial Indicators Company Profile Shanghai Xiangfenghua Technology Co Ltd (stock code 300890) is a Shenzhen Stock Exchange-listed company primarily engaged in the R&D, production, and sales of lithium battery anode materials Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Xiangfenghua | | Stock Code | 300890 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Shanghai Xiangfenghua Technology Co Ltd | | Legal Representative | Zhao Donghui | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 2.80% to RMB 687.59 million, resulting in a net loss of RMB 2.95 million due to product price declines, and operating cash flow significantly decreased by 364.68% Key Financial Indicators | Key Financial Indicators | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 687,591,351.12 | 707,372,276.94 | -2.80% | | Net Profit Attributable to Shareholders | -2,945,933.47 | 38,240,844.00 | -107.70% | | Net Profit Excluding Non-Recurring Items | -14,797,234.41 | 24,807,682.81 | -159.65% | | Net Cash Flow from Operating Activities | -181,443,834.19 | 68,551,196.79 | -364.68% | | Basic Earnings Per Share (RMB/share) | -0.0247 | 0.3497 | -107.06% | | Weighted Average Return on Net Assets | -0.14% | 1.99% | -2.13% | | Total Assets | 4,711,012,343.51 | 4,436,207,714.82 (End of Prior Year) | 6.19% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses totaled RMB 11.85 million, primarily from government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit/loss | 8,773,118.80 | | Fair value changes in financial assets/liabilities | 841,748.38 | | Net other non-operating income and expenses | 4,471,847.50 | | Total | 11,851,300.94 | Management Discussion and Analysis Main Businesses of the Company During the Reporting Period The company's core business is the R&D, production, and sales of lithium battery anode materials, with graphite anode materials widely used in power, 3C consumer electronics, and industrial energy storage - The company's core business is graphite anode materials, applied in new energy vehicles, consumer electronics, and energy storage sectors[35] - The company operates a mature and stable business model, primarily based on production-to-order and direct sales[35] Key Financial Performance | Financial Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 688 million | -2.80% | | Net Profit Attributable to Parent | RMB -2.95 million | -107.70% | - Performance decline is primarily due to a temporary supply-demand imbalance in the graphite anode material industry, intense market competition, leading to product price reductions and lower gross margins[38] Core Competitiveness Analysis The company's core competitiveness stems from its technological R&D, core team, and customer resources, including 71 authorized invention patents and strategic partnerships - Technology and R&D Advantages: The company boasts a complete product line, adheres to a technology roadmap emphasizing both artificial and natural graphite, holds 71 authorized invention patents as of the reporting period end, and collaborates with universities like Tsinghua University Shenzhen Graduate School for industry-academia-research initiatives[39][40] - Core Team Advantages: The core management team, led by individuals with materials science backgrounds from Tsinghua University, possesses over a decade of experience in lithium battery materials[40] - Customer Advantages: The company has cultivated high-quality clients such as LG Energy Solution, Gotion High-tech, and BYD, while actively expanding into international markets including PowerCo SE (Germany) and SK on (South Korea)[41] Main Business Analysis During the reporting period, the company's anode material revenue decreased by 3.04% to RMB 684.12 million, with gross margin falling by 6.23 percentage points to 12.35% due to lower product unit prices Key Financial Data Changes | Key Financial Data | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 687,591,351.12 | 707,372,276.94 | -2.80% | Increased industry competition, lower product unit prices | | Selling Expenses | 13,440,556.54 | 21,549,360.75 | -37.63% | Decrease in business expenses | | Net Cash Flow from Operating Activities | -181,443,834.19 | 68,551,196.79 | -364.68% | Decrease in customer cash collections | | Net Cash Flow from Financing Activities | 365,011,050.18 | -172,665,603.14 | -311.40% | Increase in bank borrowings | | Construction in Progress | 557,419,741.40 | 361,496,966.29 | 54.20% | Construction of Shanghai North-South Zone projects | | Short-term Borrowings | 566,688,381.64 | 331,492,332.21 | 70.95% | Increase in bank borrowings | | Long-term Borrowings | 586,156,378.93 | 398,511,626.03 | 47.09% | Increase in special loans for Shanghai North-South Zone construction | Revenue and Gross Margin by Product | By Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Operating Revenue Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Anode Materials | 684,122,026.46 | 599,624,124.87 | 12.35% | -3.04% | -6.23% | Analysis of Assets and Liabilities As of the reporting period end, the company's total assets were RMB 4.71 billion, a 6.19% increase from the end of the previous year, with significant growth in construction in progress and borrowings - Construction in progress balance at period-end was RMB 557.42 million, a 54.20% increase from the end of the previous year, primarily due to investment in the Shanghai North-South Zone engineering projects[52] - Short-term and long-term borrowings at period-end were RMB 566.69 million and RMB 586.16 million respectively, increasing by 70.95% and 47.09% from the end of the previous year, mainly due to increased bank borrowings[52] Restricted Assets | Item | Book Value at Period-End (RMB) | Restriction Status | | :--- | :--- | :--- | | Monetary Funds | 115,286,173.04 | Deposits and frozen funds | | Notes Receivable | 51,564,385.23 | Pledged | | Fixed Assets | 129,392,466.54 | Loan collateral | | Intangible Assets | 174,678,904.13 | Loan collateral | | Construction in Progress | 485,631,032.93 | Loan collateral | | Total | 956,552,961.87 | / | Investment Analysis During the reporting period, the company's investment amounted to RMB 862 million, a 7.48% year-on-year increase, primarily focused on significant non-equity projects like R&D center construction and production bases - The investment amount for the reporting period was RMB 862 million, a 7.48% year-on-year increase[58] Major Non-Equity Investment Projects | Major Non-Equity Investment Project | Amount Invested in Current Period (RMB) | Cumulative Investment as of Period-End (RMB) | Project Progress | | :--- | :--- | :--- | :--- | | R&D Center Construction Project | 28,131,301.00 | 113,712,466.00 | 90.97% | | 60,000-ton Artificial Graphite Anode Material Integrated Production Base | 34,260,246.45 | 228,566,908.44 | 66.91% | | Shanghai Tanfeng Sci-Tech Innovation Center | 177,733,150.82 | 467,430,002.63 | 27.48% | - Progress of raised capital projects has slowed due to objective factors: - R&D Center Construction Project: The original implementation site's building load-bearing capacity was insufficient, so the location was changed to Shanghai Tanfeng Sci-Tech Innovation Industrial Park, with an estimated completion time extended to July 2026[72] - 60,000-ton Artificial Graphite Anode Material Integrated Production Base Project: Due to delays in land supply, the estimated completion time has been extended to December 2026[72][73] Analysis of Major Holding and Participating Companies The company's major subsidiaries include Fujian Xiangfenghua and Sichuan Xiangfenghua, with Fujian Xiangfenghua being the primary production base and Sichuan Xiangfenghua under construction Major Subsidiaries' Financial Performance (H1 2025) | Major Subsidiary | Total Assets (RMB ten thousand) | Net Assets (RMB ten thousand) | Operating Revenue (RMB ten thousand) | Net Profit (RMB ten thousand) | | :--- | :--- | :--- | :--- | :--- | | Fujian Xiangfenghua | 313,918.61 | 129,460.04 | 66,861.86 | 710.49 | | Sichuan Xiangfenghua | 103,351.55 | 29,593.36 | 10,898.85 | -243.60 | | Hainan Xiangfenghua | 15,405.40 | 7,304.45 | 11,999.52 | 1,402.66 | | Shanghai Xiangfenghua | 72,565.18 | 20,333.42 | 0.00 | -97.60 | - On July 25, 2025, the company established a new controlling subsidiary, "Sichuan Xiangzhan Zhenhua New Material Technology Co Ltd," with the company holding 60% equity, primarily engaged in new material technology R&D, graphite and carbon product manufacturing, and sales[86][87] Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, the company underwent a board and supervisory board re-election on June 30, 2025, leading to changes in several directors, supervisors, and senior management positions - On June 30, 2025, due to re-election, several directors, supervisors, and senior management personnel changed, including the election of Zhou Pengwei as Chairman and Zhao Donghui as Vice Chairman and General Manager[95] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[96] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, but actively fulfill social responsibilities - The company actively fulfills its social responsibilities, donating RMB 1 million to the Tsinghua University Education Foundation in the first half of the year and providing local employment opportunities[98] Significant Matters Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers, and the Company During the reporting period, the company and related parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, with no violations observed - The company and related parties strictly fulfilled all public commitments during the reporting period, with no violations observed[100] Significant Related Party Transactions During the reporting period, the company engaged in routine related party transactions with Yong'an Dingfeng Carbon Technology Co Ltd, totaling RMB 10.33 million, within the approved annual limit Related Party Transactions | Related Party | Related Transaction Content | Amount Incurred in Current Period (RMB ten thousand) | Approved Transaction Limit (RMB ten thousand) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Yong'an Dingfeng Carbon Technology Co Ltd | Acceptance of processing services | 739.66 | 2,000 | No | | Yong'an Dingfeng Carbon Technology Co Ltd | Lease of factory buildings and equipment, sale of electricity | 293.00 | 701 | No | Significant Contracts and Their Performance During the reporting period, the company provided significant guarantees for its subsidiaries, with a total approved guarantee limit of RMB 3.10 billion and an actual outstanding guarantee balance of RMB 1.14 billion Guarantee Information | Guarantee Status | Amount (RMB ten thousand) | | :--- | :--- | | Total approved guarantee limit for subsidiaries at period-end | 310,099.5 | | Total actual guarantee balance for subsidiaries at period-end | 113,989.33 | - The actual total guarantee amount accounts for 52.60% of the company's net assets[157] Changes in Shares and Shareholder Information Changes in Shares During the reporting period, the company's total share capital increased by 673 shares to 119,032,152 shares due to the conversion of "Xiangfeng Convertible Bonds" - During the reporting period, the company's total share capital increased by 673 shares due to the conversion of "Xiangfeng Convertible Bonds"[163] Share Capital Changes | Share Class | Quantity Before Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 12,079,360 | 10,438,885 | 8.77% | | Unrestricted Shares | 106,952,119 | 108,593,267 | 91.23% | | Total Share Capital | 119,031,479 | 119,032,152 | 100.00% | Number of Shareholders and Shareholding Information As of the reporting period end, the company had 24,817 common shareholders, with the top ten shareholders' holdings remaining relatively stable - As of the end of the reporting period, the company had a total of 24,817 common shareholders[167] Top Five Shareholders | Top Five Shareholders | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | | Zhou Pengwei | 11.29% | 13,433,514 | | Zhong Yinghao | 5.00% | 5,951,473 | | Lei Zuyun | 2.00% | 2,377,333 | | Huizhou Zhongcheng Zhiyuan Enterprise Management Center | 1.70% | 2,025,913 | | Golden Eagle Fund - Wu Haiyi - Golden Eagle Optimal 196 | 1.61% | 1,916,900 | Bond-Related Information Convertible Corporate Bonds The company's "Xiangfeng Convertible Bonds" were in their conversion period during the reporting period, with RMB 226.51 million already converted into shares, representing 28.31% of the total issuance - The company's convertible corporate bonds, "Xiangfeng Convertible Bonds" (code 123225), were issued in October 2023, with a total amount of RMB 800 million and a term of 6 years[178][562] Convertible Bond Status | Item | Amount/Quantity | | :--- | :--- | | Unconverted Amount (RMB) | 573,488,100.00 | | Cumulative Converted Amount (RMB) | 226,511,900.00 | | Cumulative Converted Shares (shares) | 8,241,411 | | Proportion of Unconverted Amount to Total Issuance | 71.69% | - The conversion price underwent several adjustments during the reporting period, with the latest conversion price at period-end being RMB 27.44/share[185] - China Chengxin International Credit Rating Co Ltd's latest credit rating for the company and its bonds is AA-, with a stable outlook[188] Financial Report Financial Statements This semi-annual financial report is unaudited, presenting consolidated and parent company statements that show steady asset growth but deteriorating profitability and cash flow Consolidated Financial Statement Summary | Consolidated Statement Key Item | Period-End Balance / Current Period Amount (RMB) | | :--- | :--- | | Total Assets | 4,711,012,343.51 | | Total Liabilities | 2,452,503,616.78 | | Total Owners' Equity | 2,258,508,726.73 | | Total Operating Revenue | 687,591,351.12 | | Net Profit | -3,385,128.92 | | Net Profit Attributable to Parent Company Owners | -2,945,933.47 | | Net Cash Flow from Operating Activities | -181,443,834.19 | Consolidated Balance Sheet As of June 30, 2025, the company's total assets were RMB 4.71 billion, total liabilities RMB 2.45 billion, and owners' equity attributable to the parent company RMB 2.17 billion, with an asset-liability ratio of 52.06% Consolidated Income Statement In the first half of 2025, the company achieved operating revenue of RMB 688 million, with total operating costs of RMB 704 million, resulting in an operating loss of RMB 11.05 million and a net loss of RMB 3.39 million Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was RMB -181.44 million, from investing activities RMB -186 million, and from financing activities RMB 365 million, leading to a net decrease in cash and cash equivalents of RMB 2.36 million Notes to Financial Statements The financial statement notes detail the company's basic information, financial statement preparation basis, significant accounting policies and estimates, and provide detailed explanations for key items in the consolidated financial statements