利和兴(301013) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board and management ensure report accuracy, with forward-looking statements not being commitments, and no dividend distribution planned for H1 2025 - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of the report, bearing legal responsibility; forward-looking statements do not constitute substantive commitments[6][7] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 half-year period[8] Company Profile and Key Financial Indicators This section provides an overview of the company, its key financial performance, and details on non-recurring gains and losses Company Profile Shenzhen Lihe Technology Co., Ltd. (stock code: 301013) is a company listed on the Shenzhen Stock Exchange, with Lin Yipan as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Lihe Technology | | Stock Code | 301013 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 深圳市利和兴股份有限公司 | | Legal Representative | Lin Yipan | Key Accounting Data and Financial Indicators During the reporting period, the company's performance significantly declined, with revenue decreasing by 30.78% year-on-year, net profit attributable to shareholders turning from profit to loss, down 382.13% to a net loss of approximately CNY 37.94 million, and net cash flow from operating activities turning negative, down 179.34% year-on-year Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 186,701,093.08 | 269,718,669.13 | -30.78% | | Net Profit Attributable to Shareholders (CNY) | -37,935,548.61 | 13,445,990.52 | -382.13% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Gains/Losses) (CNY) | -38,594,767.63 | 11,431,983.96 | -437.60% | | Net Cash Flow from Operating Activities (CNY) | -18,007,557.16 | 22,697,233.58 | -179.34% | | Basic Earnings Per Share (CNY/share) | -0.16 | 0.06 | -366.67% | | Weighted Average Return on Net Assets | -4.60% | 1.59% | -6.19% | | Asset Indicators | End of Current Period | End of Prior Year | Year-on-Year Change | | Total Assets (CNY) | 1,565,538,595.91 | 1,530,123,755.79 | 2.31% | | Net Assets Attributable to Shareholders (CNY) | 794,721,379.44 | 843,747,994.57 | -5.81% | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 0.66 million, primarily from government grants and entrusted investment income Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -74,638.14 | | Government Grants Recognized in Current Profit/Loss | 674,357.75 | | Gains/Losses from Entrusted Investments or Asset Management | 149,240.21 | | Other Non-operating Income and Expenses | 16,119.17 | | Total | 659,219.02 | Management Discussion and Analysis This section provides a detailed analysis of the company's main operations, core competencies, financial performance, asset and liability status, investment activities, subsidiary performance, and identified risks with corresponding countermeasures Main Business Activities During the Reporting Period The company's main business comprises intelligent equipment and electronic components, with the former focusing on automation and intelligent device R&D for mobile intelligent terminals and new energy vehicles, while the latter, via Lihe Technology Electronics, specializes in MLCC products, achieving AEC-Q200 automotive-grade certification in March 2025 - The company has expanded into the electronic components sector, with MLCC as its main product, having completed AEC-Q200 automotive-grade certification and focusing on developing high-value medium-high voltage and high-frequency microwave products[33][41] - The intelligent equipment business primarily serves mobile intelligent terminals, new energy vehicles, servers, and digital energy sectors, with clients including Huawei, Honor, BYD, and ZTE[36][37] Core Competitiveness Analysis The company's core competitiveness stems from its strong technological capabilities, skilled talent, premium client base, robust quality control, comprehensive service, and reputable brand, recognized as a national "Little Giant" enterprise with extensive intellectual property - The company was recognized as a national "Little Giant" enterprise specializing in niche, sophisticated, and new products in 2024[55] - As of June 30, 2025, the company holds 44 invention patents, 143 utility model patents, 28 design patents, and 275 software copyrights[55] - Subsidiary Lihe Technology Electronics obtained IATF 16949:2016 quality management system certification, enhancing the quality control of its MLCC products[58] Main Business Analysis During the reporting period, the company's operating revenue decreased by 30.78% year-on-year, primarily due to a 58.47% drop in intelligent manufacturing equipment revenue; despite a 59.16% increase in electronic components revenue, its -36.19% gross margin significantly impacted overall profitability, and financial expenses rose by 31.67% due to increased interest costs Operating Performance by Product | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Intelligent Manufacturing Equipment | 78,062,981.05 | 71,411,228.21 | 8.52% | -58.47% | | Special Accessories | 42,673,282.72 | 40,754,262.63 | 4.50% | 15.71% | | Electronic Components | 56,305,329.30 | 76,680,308.61 | -36.19% | 59.16% | - The decrease in operating revenue was primarily due to a reduction in intelligent manufacturing equipment product revenue compared to the prior year[62] Non-main Business Analysis Non-main business activities significantly impacted profit during the period, with a CNY 7.01 million reversal of credit impairment losses due to sales collection, a CNY 5.15 million asset impairment loss from inventory write-downs, and other income primarily from government grants and VAT refunds Non-main Business Gains and Losses Items | Item | Amount (CNY) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 149,240.21 | -0.28% | Investment income from cash management products | | Asset Impairment | -5,150,894.16 | 9.79% | Inventory write-down provision | | Credit Impairment Loss | 7,007,490.41 | -13.32% | Due to collection of some sales receivables | | Other Income | 3,754,555.90 | -7.14% | Government grants and immediate VAT refunds | Assets and Liabilities Analysis As of the end of the reporting period, the company's total assets were CNY 1.57 billion, a 2.31% increase from the prior year-end, with accounts receivable, inventory, fixed assets, and construction in progress forming a significant portion, and CNY 480.17 million in restricted assets primarily pledged for bank credit and finance leases - As of the end of the reporting period, accounts receivable, inventory, fixed assets, and construction in progress collectively accounted for 81.24% of total assets[68] Restricted Assets at Period End | Item | Book Value at Period End (CNY) | Type of Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 19,406,565.49 | Bill deposit | | Fixed Assets | 193,910,642.25 | Bank credit/finance lease collateral | | Intangible Assets | 15,414,121.90 | Bank credit collateral | | Construction in Progress | 251,436,279.23 | Bank credit/finance lease collateral | | Total | 480,167,608.87 | | Investment Analysis During the reporting period, the company's investment amounted to CNY 33.33 million, a 390.14% year-on-year increase, primarily for the Jiangmen Intelligent Manufacturing Equipment Base self-construction project; CNY 277 million of IPO proceeds have been utilized (98.64%), mainly for the intelligent equipment manufacturing base, R&D center, and working capital, with an additional CNY 155 million of self-owned funds used for entrusted wealth management - The Jiangmen Intelligent Manufacturing Equipment Base project has utilized CNY 175 million in raised funds, achieving 100% investment progress, but has not yet reached expected benefits due to unreleased production capacity[81][82] - Due to delays in early-stage approval and infrastructure construction, the "R&D Center Construction Project" estimated completion date has been postponed to October 28, 2025[82] - During the reporting period, the company used CNY 155 million of its own funds to purchase bank and brokerage wealth management products, all of which have matured[86] Analysis of Major Holding and Participating Companies During the reporting period, among major subsidiaries, Lihe Technology Jiangmen incurred a loss of CNY 3.13 million, while Lihe Technology Electronics, responsible for electronic components, suffered a significant net loss of CNY 23.17 million, contributing substantially to the company's overall loss; the company also established Lihehui and acquired Suzhou Yangzefeng Precision Technology Co., Ltd Operating Performance of Major Subsidiaries (Unit: CNY 10,000) | Company Name | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Lihe Technology Jiangmen | R&D, production, and sales of automation equipment | 4,212.14 | -416.62 | -312.63 | | Lihe Technology Electronics | R&D, production, and sales of new electronic components | 2,126.77 | -3,188.95 | -2,316.50 | Risks and Countermeasures The company faces multiple risks, including intensified market competition, underperforming electronic components business, declining performance, large accounts receivable and inventory, fluctuating operating cash flow, gross margin volatility, and rising asset-liability ratio; it plans to address these through enhanced core competitiveness, cost optimization, market penetration, strengthened accounts receivable management, and diversified financing channels - The company explicitly states that its electronic components business is still small-scale, lacks significant industry standing, and its products have not yet gained a clear competitive advantage, posing a risk of underperformance[94] - The company's net profit attributable to shareholders for the past three years and the current reporting period was -CNY 41.36 million, -CNY 37.73 million, CNY 7.08 million, and -CNY 37.94 million, respectively, indicating a risk of continuous performance decline[95] - As of the end of the reporting period, the company's asset-liability ratio was 49.50%, showing an upward trend compared to previous years, which brings certain debt repayment pressure and the risk of increased financial expenses[100] Corporate Governance, Environment, and Society This section details the company's corporate governance practices, including equity incentive plans, and its commitment to environmental and social responsibilities Implementation of Equity Incentive Plans The company continued its 2023 restricted stock incentive plan, approving the cancellation of 1.61 million unvested restricted shares in April 2025, aiming to attract and retain talent while motivating employees - On April 24, 2025, the company's board of directors and supervisory board approved the cancellation of 1.6124 million restricted shares, including both initial and reserved grants, that had been granted but not yet vested[118] Social Responsibility During the reporting period, the company actively fulfilled its social responsibilities, protecting investor and employee rights, maintaining client and supplier relations, prioritizing environmental protection and safety, and engaging in public welfare, having established quality, environmental, and occupational health and safety management systems - The company has obtained ISO 9001 quality management, ISO 14001 environmental management, and ISO 45001 occupational health and safety management system certifications, emphasizing environmental protection and production safety[124] Significant Matters This section outlines the company's significant events, including litigation, major contracts and their performance, and other material developments Litigation Matters During the reporting period, the company had no major litigation or arbitration, only minor lawsuits totaling CNY 9.75 million that are not expected to significantly impact operations - As of the report disclosure date, the company has other litigation matters with a total involved amount of CNY 9.7474 million, which are currently progressing as per procedure[133] Significant Contracts and Their Performance During the reporting period, the company provided significant guarantees for its subsidiaries; as per the 2024 annual general meeting resolution, the total guarantee limit for 2025 is CNY 1.5 billion, with actual outstanding guarantees to subsidiaries totaling CNY 190 million as of the period end - The company's total financing and guarantee limit applied from financial institutions for 2025 is expected to not exceed CNY 1.5 billion[150] - As of the end of the reporting period, the company's total actual guarantee balance for its subsidiaries amounted to CNY 189.815 million[148] Other Significant Matters On June 18, 2024, the company announced receiving a bid award notice from a prominent new energy vehicle company for approximately CNY 123 million (excluding tax); as of the report disclosure date, cumulative orders under this project totaled approximately CNY 27.573 million (including tax) - The company received a bid award notice from a well-known new energy vehicle company, with a winning bid amount of approximately CNY 123 million (excluding tax)[151] - As of the report disclosure date, the aforementioned winning bid project has resulted in cumulative orders of approximately CNY 27.573 million (including tax)[151] Share Changes and Shareholder Information This section details changes in the company's share capital structure and provides an overview of its shareholder base and major holdings Share Change Information During the reporting period, the company's total share capital remained unchanged at 233,743,056 shares, with restricted shares accounting for 19.04% and unrestricted shares for 80.96% Share Structure | Share Type | Quantity | Proportion | | :--- | :--- | :--- | | Restricted Shares | 44,501,418 | 19.04% | | Unrestricted Shares | 189,241,638 | 80.96% | | Total Share Capital | 233,743,056 | 100.00% | Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 17,141 common shareholders, with actual controller Mr. Lin Yipan holding 23.45% as the largest shareholder, and China Merchants Bank - Penghua Carbon Neutral Theme Mixed Securities Investment Fund being a new top ten shareholder with 1.14% holding - The total number of common shareholders at the end of the reporting period was 17,141[157] Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | Lin Yipan | 23.45% | 54,806,068 | | Huang Yueming | 1.68% | 3,915,900 | | Chen Chunlian | 1.65% | 3,850,000 | | Lihe Technology Investment | 1.19% | 2,778,978 | | China Merchants Penghua Fund | 1.14% | 2,666,250 | Bond-Related Information The company had no bond-related activities or information to report during the period - During the reporting period, the company had no bond-related information[163] Financial Report This section presents the company's financial statements, including the audit status, key financial performance, and detailed notes to the consolidated financial statements Audit Report The company's 2025 half-year financial report is unaudited - The company's half-year financial report is unaudited[165] Financial Statements The financial statements indicate the company faced operational pressure in H1 2025, with total assets of CNY 1.57 billion, total liabilities of CNY 775 million, an asset-liability ratio of 49.5%, operating revenue of CNY 187 million, and a net loss of CNY 38.44 million; net cash flow from operating activities was -CNY 18.01 million, from investing activities -CNY 20.73 million, and from financing activities CNY 37.10 million Consolidated Income Statement Core Data (H1 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 186,701,093.08 | | Total Operating Cost | 245,033,292.27 | | Operating Profit | -52,635,398.20 | | Total Profit | -52,608,031.63 | | Net Profit | -38,436,889.68 | | Net Profit Attributable to Parent Company Shareholders | -37,935,548.61 | Consolidated Cash Flow Statement Core Data (H1 2025) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -18,007,557.16 | | Net Cash Flow from Investing Activities | -20,732,004.34 | | Net Cash Flow from Financing Activities | 37,103,929.00 | | Net Increase in Cash and Cash Equivalents | -1,639,446.56 | Notes to Consolidated Financial Statements The notes to financial statements provide detailed information on key accounts, showing end-of-period accounts receivable of CNY 402 million with a CNY 50.02 million bad debt provision, and inventory book value of CNY 277 million, a 26% increase from the beginning of the period, with write-downs for raw materials, finished goods, and goods in transit; negative gross profit from main operations is the primary cause of the loss - At period-end, accounts receivable book balance was CNY 402 million, with 43.9% aged over 1 year, and a bad debt provision balance of CNY 50.016 million[316][318] - At period-end, inventory book value was CNY 277 million, a 25.9% increase from CNY 220 million at the beginning of the period, with a CNY 5.73 million inventory write-down provision recognized this period[362][363] - During the reporting period, the company's main business revenue was CNY 185 million, and main business cost was CNY 194 million, resulting in a negative gross profit for the main business[451]