金奥博(002917) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's management assures the accuracy and completeness of this semi-annual report and financial statements, with no profit distribution planned for the period - Company management guarantees the truthfulness, accuracy, and completeness of this report and financial statements[4] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period[5] Definitions This section defines key terms and abbreviations of company entities and industry-specific terminology used throughout the report - The reporting period is defined as January 1, 2025, to June 30, 2025[13] - Abbreviations for the company and its main wholly-owned and controlling subsidiaries, such as Jin'aobo Information, Shandong Shengshida, and Beijing Jin'aobo Jingmei, are clarified[13] Company Profile and Key Financial Indicators Company Profile Shenzhen Jin'aobo Technology Co., Ltd. (stock code 002917) is a Shenzhen Stock Exchange-listed company with Ming Gang as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jin'aobo | | Stock Code | 002917 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ming Gang | Key Accounting Data and Financial Indicators In H1 2025, the company achieved robust growth with operating revenue up 10.47% to 825 million yuan and net profit attributable to shareholders up 20.91% to 86.725 million yuan, while operating cash flow significantly improved Key Accounting Data and Financial Indicators | Key Financial Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 824,799,273.49 | 746,609,430.56 | 10.47% | | Net Profit Attributable to Shareholders | 86,725,007.79 | 71,724,893.28 | 20.91% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 84,841,705.21 | 67,970,490.41 | 24.82% | | Net Cash Flow from Operating Activities | 142,887,362.79 | 58,804.29 | 242,887.99% | | Basic Earnings Per Share (Yuan/Share) | 0.2534 | 0.2086 | 21.48% | | Total Assets (End of Reporting Period) | 3,280,802,661.03 | 3,187,684,244.98 (End of Prior Year) | 2.92% | | Net Assets Attributable to Shareholders (End of Reporting Period) | 1,669,694,860.62 | 1,570,825,767.46 (End of Prior Year) | 6.29% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 1.8833 million yuan, primarily from government grants and wealth management income, partially offset by asset disposal losses and other non-operating items Non-recurring Gains and Losses Items | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -223,901.64 | Primarily from disposal of fixed assets by controlling subsidiaries | | Government Grants Recognized in Current Profit/Loss | 2,962,793.10 | Government grants received by the company and controlling subsidiaries | | Gains/Losses from Entrusted Investment or Asset Management | 993,471.42 | Investment income from wealth management using temporarily idle funds | | Net Other Non-operating Income and Expenses | -473,536.62 | - | | Total | 1,883,302.58 | - | Management Discussion and Analysis Principal Business and Operations The company, a leader in civil explosive intelligent equipment, achieved revenue growth of 10.47% and net profit growth of 20.91% driven by strong performance in specialized equipment and chemical materials, alongside strategic acquisitions and technological advancements - The company's core business revolves around four major segments: civil explosive integration, fine chemicals, intelligent manufacturing, and Jin'aobo Smart Cloud[28] Revenue Growth by Business Segment | Business Segment | YoY Revenue Growth | | :--- | :--- | | Specialized Equipment | 62.46% | | Chemical Materials | 28.23% | - During the reporting period, the acquisition of 100% equity in Shijiazhuang Chenggong Electromechanical Co., Ltd. was completed, deepening resource integration in the intelligent equipment business segment[30] - The company's co-developed 'JWL-ZW Emulsion Explosive Intelligent Unmanned Production Process Technology and Equipment' project passed scientific and technological achievement appraisal, with overall technology reaching international leading levels[31] Core Competitiveness Analysis The company's core competitiveness stems from its leading intelligent equipment, integrated R&D and production, customized solutions, advanced industrial internet systems, robust customer base, and expert talent team - Technological innovation advantage: The company is a leading enterprise in domestic civil explosive intelligent equipment system integration, possessing multiple core technology patents and scientific awards, and recognized as a national-level 'Specialized, Refined, Unique, and New 'Little Giant' Enterprise'[88][89] - Information service advantage: The company's 'Industrial Internet + Safety Production' system and 'Electronic Detonator Production Execution System' were successfully included in the Ministry of Industry and Information Technology's 'List of Typical Cases for Digital Transformation in Key Scenarios of the Civil Explosives Industry'[94] - Customer resource advantage: The company has over 300 production line application cases domestically and has expanded its business to multiple overseas countries and regions, undertaking over 30 production lines[96] Main Business Analysis Main business revenue shifted with 62.46% growth in specialized equipment and 28.23% in chemical materials, while civil explosive products declined; overseas revenue surged 701.73% to 8.75% of total, and civil explosive gross margin improved due to cost control Key Financial Indicators and Changes | Financial Indicator | Current Reporting Period (Yuan) | YoY Change | Primary Reason for Change | | :--- | :--- | :--- | :--- | | Financial Expenses | 4,715,441.34 | -30.22% | Decrease in borrowing interest expenses | | Income Tax Expense | 15,299,894.48 | 165.50% | Increase in total profit and full utilization of deductible losses by some subsidiaries | | Net Cash Flow from Operating Activities | 142,887,362.79 | 242,887.99% | Increase in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -135,194,870.41 | -297.40% | Increase in investment payments for newly consolidated subsidiaries and purchase of wealth management principal | Revenue Composition by Industry Segment | Revenue Composition (by Industry) | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Specialized Equipment | 148,141,822.65 | 17.96% | 62.46% | | Chemical Materials | 265,302,811.66 | 32.17% | 28.23% | | Civil Explosive Products | 388,091,729.14 | 47.05% | -11.28% | | Engineering Blasting | 16,007,470.37 | 1.94% | 175.96% | - Overseas business revenue reached 72.1403 million yuan, accounting for 8.75% of total revenue, a 701.73% year-on-year increase, indicating a gradual expansion of overseas business scale[103][111] Analysis of Assets and Liabilities Total assets reached 3.281 billion yuan, up 2.92% from year-end, with stable asset structure, while long-term borrowings increased from 43 million yuan to 89 million yuan - Long-term borrowings increased by 46 million yuan compared to the end of the previous year, representing the only significant change in the balance sheet[112] Analysis of Investment Status Investments totaled 25.6804 million yuan, up 12.40%, with several major non-equity projects delayed; of the 685 million yuan raised in 2022, 434 million yuan remains unused, primarily for cash management and working capital - Multiple fundraising projects, including the 'Blasting Engineering Service Project' and 'Civil Explosive Material Production Line Technical Transformation and Informatization Project,' have been resolved to be postponed[118][128] - As of the end of the reporting period, 434 million yuan of the funds raised from the 2022 non-public offering remain unused, with 430 million yuan allocated for cash management and 38 million yuan for temporary working capital replenishment[123][125] Analysis of Major Holding and Participating Companies Major controlling subsidiaries Shandong Shengshida, Anhui Jin'aobo, and Beijing Jin'aobo Jingmei were profitable, while the acquisition of Shijiazhuang Chenggong Electromechanical added 3.6140 million yuan in net profit, and Shandong Shengshida Technology Service Co., Ltd. was deregistered Performance of Major Subsidiaries | Major Subsidiary | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Shandong Shengshida Chemical Co., Ltd. | 198,004,952.45 | 14,140,950.10 | | Anhui Jin'aobo New Material Technology Co., Ltd. | 167,573,459.54 | 9,580,996.87 | | Beijing Jin'aobo Jingmei Technology Co., Ltd. | 192,719,371.60 | 14,907,372.52 | - During the reporting period, the newly acquired subsidiary, Shijiazhuang Chenggong Electromechanical Co., Ltd., contributed 3.6140 million yuan in net profit, accounting for 4.14% of consolidated net profit attributable to the parent company[137] Risks and Countermeasures The company addresses risks such as macroeconomic volatility, market competition, supply chain management, production safety, and raw material price fluctuations through strategic market analysis, continuous innovation, and robust internal controls - The company identified five major risks: macroeconomic fluctuations, industry and market competition, supply chain extension and expansion, production safety, and raw material price volatility[137][138][139][140] Corporate Governance, Environment, and Society Corporate Governance and Social Responsibility No changes occurred in the company's governance or profit distribution plans, while the company and four subsidiaries were listed for environmental disclosure, actively fulfilling social responsibilities across various stakeholder and environmental areas - The company and its major subsidiaries, including Jiangsu Tianming, Zhangjiakou Ziyun, Shandong Taishan Civil Explosives, and Shimen Chenggong Polymer, totaling four enterprises, were included in the list of enterprises required to disclose environmental information by law[147] - The company actively participated in rural revitalization, donating 50 computers to Nimu Township Primary School in Nimu County, while its subsidiary Jiangsu Tianming donated funds and supported the installation of streetlights in its paired assistance village[150] Significant Matters Overview of Significant Matters The company had no unfulfilled commitments or illegal fund occupation by controlling shareholders, and its share repurchase plan, initiated in February 2024, was completed in February 2025, repurchasing 3.062 million shares for 25.0073 million yuan - The company completed its share repurchase plan on February 18, 2025, cumulatively repurchasing 3,062,000 shares, accounting for 0.88% of total share capital, with a total transaction amount of 25,007,260.00 yuan[176][177] - The company has no non-operating fund occupation by controlling shareholders or other related parties, nor any illegal external guarantees[153][154] Share Changes and Shareholder Information Share Change Status The company's total share capital remained unchanged at 347,614,197 shares, with minor transfers between restricted and unrestricted shares due to changes in executive share lock-up rules - The company's total share capital remained unchanged at 347,614,197 shares[181] Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 39,764 common shareholders, with Ming Gang (24.36%) and Sichuan Yahua Industrial Group Co., Ltd. (11.79%) as top holders, and the repurchase account holding 5.4206 million shares - The total number of common shareholders at the end of the reporting period was 39,764[189] Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Ming Gang | 24.36% | 84,678,273 | | Sichuan Yahua Industrial Group Co., Ltd. | 11.79% | 41,000,000 | | Ming Jinggu | 9.02% | 31,352,182 | Bond-Related Information Bond Status The company had no bond-related matters during the reporting period - The company had no bond-related matters during this reporting period[196] Financial Report Financial Statements This unaudited semi-annual financial report shows total assets of 3.281 billion yuan and equity attributable to parent company owners of 1.670 billion yuan, with operating revenue of 825 million yuan and net profit attributable to parent company owners of 86.725 million yuan Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 415,595,839.77 | 439,420,894.63 | | Accounts Receivable | 720,346,387.06 | 587,904,782.33 | | Total Assets | 3,280,802,661.03 | 3,187,684,244.98 | | Short-term Borrowings | 516,900,000.00 | 536,800,000.00 | | Total Liabilities | 1,355,854,524.39 | 1,361,359,151.02 | | Total Equity Attributable to Parent Company Owners | 1,669,694,860.62 | 1,570,825,767.46 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 824,799,273.49 | 746,609,430.56 | | Total Operating Costs | 718,385,122.28 | 665,855,866.03 | | Total Profit | 112,942,177.48 | 93,981,646.12 | | Net Profit | 97,642,283.00 | 88,218,971.73 | | Net Profit Attributable to Parent Company Shareholders | 86,725,007.79 | 71,724,893.28 | Notes to Consolidated Financial Statements This section details consolidated financial statement items, noting a 22.5% increase in accounts receivable, 8.9945 million yuan in new goodwill from acquisition, strong revenue growth from specialized equipment and chemical materials, and an 18.63% increase in R&D expenses to 47.5 million yuan - As of period-end, 80.3119 million yuan in company assets had restricted ownership or usage rights, primarily cash, fixed assets, and intangible assets used for deposits and collateral[422] - During the reporting period, the company acquired Shijiazhuang Chenggong Electromechanical Co., Ltd. for a cost of 66.2424 million yuan through a non-common control business combination, resulting in goodwill of 8.9945 million yuan[512] - The company deregistered its wholly-owned subsidiary, Shandong Shengshida Technology Service Co., Ltd[514] Other Submitted Data Other Significant Information The company reported no major social safety issues or administrative penalties, hosted two institutional site visits in March 2025 to discuss operations and strategy, and detailed fund movements with controlling shareholders and related parties - The company hosted two institutional site visits during the reporting period, engaging with multiple brokerage and fund companies to discuss its basic situation and development strategy[607]