华测导航(300627) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, with forward-looking statements not constituting substantive commitments - Company management guarantees the report's truthfulness, accuracy, and completeness, advising investors of associated risks[3] - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this semi-annual period[4] Definitions This section defines key company, industry, and technical terms used in the report, such as "Huace Navigation," "Reporting Period," "Beidou," "GNSS," and "High-Precision Positioning," providing a basis for understanding the content - The reporting period is defined as January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators Company Profile This section provides the company's basic information, including its stock abbreviation (Huace Navigation), stock code (300627), listing exchange (Shenzhen Stock Exchange), full company name, and legal representative - The company's stock abbreviation is "Huace Navigation," stock code is 300627, listed on the Shenzhen Stock Exchange[14] Key Accounting Data and Financial Indicators The company achieved strong performance growth in the first half of 2025, with operating revenue up 23.54% and net profit attributable to shareholders up 29.94%, while net cash flow from operating activities significantly improved to 133.76 million Yuan 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,833,371,046.90 | 1,484,084,929.06 | 23.54% | | Net Profit Attributable to Shareholders (Yuan) | 326,468,107.63 | 251,239,693.01 | 29.94% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan) | 299,059,491.26 | 210,897,310.76 | 41.80% | | Net Cash Flow from Operating Activities (Yuan) | 133,757,437.42 | -128,578,423.60 | 204.03% | | Basic Earnings Per Share (Yuan/share) | 0.5946 | 0.4625 | 28.56% | | Total Assets (Yuan) | 5,447,253,301.29 | 5,124,410,823.89 | 6.30% (Period-end vs. Year-start) | | Net Assets Attributable to Shareholders (Yuan) | 3,785,230,888.95 | 3,516,956,347.39 | 7.63% (Period-end vs. Year-start) | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 27.41 million Yuan, primarily from government subsidies and entrusted wealth management income Non-Recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit/loss | 17,802,060.19 | | Gains/losses from entrusted investment or asset management | 13,862,899.53 | | Net non-operating income and expenses | -1,625,053.34 | | Fair value change gains/losses | -401,320.67 | | Total | 27,408,616.37 | Management Discussion and Analysis Principal Business Activities The company focuses on high-precision navigation and positioning core technologies, building two core platforms: high-precision positioning chips and global satellite-ground integrated augmentation services, serving four major segments Two Core Platforms The company has built two core technology platforms: a high-precision positioning chip technology platform based on self-developed "Xuanji" chips, and a global satellite-ground integrated augmentation service platform - The company has developed and mass-produced high-precision GNSS baseband chip "Xuanji" and various boards and modules, achieving independent control of core technologies[29] - The company has built a global satellite-ground integrated augmentation service platform, providing centimeter-level high-precision positioning services for surveying, precision agriculture, and autonomous driving, covering areas like oceans and deserts[30] Industry Application Segments The company's business has made good progress across four application segments: Resources & Public Utilities, Construction & Infrastructure, Geospatial Information, and Robotics & Autonomous Driving - In Resources & Public Utilities, agricultural machinery auto-steering products lead the domestic market and are exported to over 70 countries, with over 80,000 geological disaster monitoring devices in large-scale national application[34][35] - In Construction & Infrastructure, innovative products like "Video Surveying RTK" were launched, high-precision receiver sales grew steadily, and digital construction business expanded rapidly in international markets[38][40] - In Geospatial Information, LiDAR, UAVs, and unmanned vessels achieved good market penetration domestically and internationally, driving rapid revenue growth for the segment[45][46] - In Robotics & Autonomous Driving, the company became a designated supplier for autonomous driving positioning units for multiple automakers, with cumulative deliveries exceeding 600,000 sets[50] Analysis of Core Competencies The company's core competencies are rooted in its independently controllable core technologies, chips, and solutions, strong brand advantage, "struggle-oriented" corporate culture, and extensive marketing network - The company has applied for over 1,000 intellectual property rights and holds over 900 authorized independent intellectual property rights, forming a solid technological barrier[51] - The company has established a nationwide marketing system and branches in 12 overseas countries/regions, building a strong global dealer network[56] Analysis of Principal Business During the reporting period, the company's operating revenue increased by 23.54%, with Geospatial Information and Robotics & Autonomous Driving segments showing the fastest growth at 87.61% and 43.80% respectively Key Financial Data Year-on-Year Change | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,833,371,046.90 | 1,484,084,929.06 | 23.54% | | Operating Cost | 767,550,401.51 | 616,831,195.50 | 24.43% | | Selling Expenses | 374,722,156.58 | 290,069,063.53 | 29.18% | | R&D Investment | 266,870,680.41 | 242,332,014.94 | 10.13% | | Net Cash Flow from Operating Activities | 133,757,437.42 | -128,578,423.60 | 204.03% | Operating Revenue by Industry Segment | Industry | Operating Revenue (Yuan) | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | | Resources & Public Utilities | 702,056,952.42 | 3.09% | | Construction & Infrastructure | 658,539,025.76 | 23.67% | | Geospatial Information | 358,608,349.95 | 87.61% | | Robotics & Autonomous Driving | 114,166,718.77 | 43.80% | Operating Revenue by Region | Region | Operating Revenue (Yuan) | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | | Domestic | 1,231,689,019.93 | 18.58% | | International | 601,682,026.97 | 35.09% | Risks and Countermeasures The company faces risks including intensified market competition, technological innovation, talent loss, internal control, investment and M&A, macroeconomic fluctuations, and exchange rate risks - Market Risk: Intense domestic competition may slow performance growth if market share is not maintained or new opportunities are missed[83] - Technology Risk: Rapid integration of high-precision positioning with emerging technologies means products may lose competitiveness if the company fails to keep pace[84] - Exchange Rate Risk: International business accounts for approximately 33% of revenue, and exchange rate fluctuations may lead to losses; the company mitigates this through foreign exchange derivative transactions[90] Corporate Governance, Environment, and Society Implementation of Equity Incentive Plans During the reporting period, the company continued to advance multiple equity incentive plans, with partial vesting completed for the 2021, 2022, and 2023 restricted stock incentive plans, and a new plan launched in March 2025 - Partial vesting conditions for the 2021, 2022, and 2023 restricted stock incentive plans were met, with a total of approximately 7.21 million shares vested during the reporting period[103][105][108] - The company launched a new restricted stock incentive plan in March 2025, granting 2.0039 million restricted shares to 24 incentive recipients on April 1[109] Social Responsibility The company actively fulfills its social responsibilities, participating in emergency monitoring and rescue efforts for landslides in Yibin, Sichuan, and Bijie, Guizhou, and its controlling shareholder's related party donated company shares to Zhejiang University Education Foundation - The company's emergency support team repeatedly participated in geological disaster emergency monitoring, providing data support for rescue operations[111] - The company's controlling shareholder's related party donated 512,700 company shares (valued at 20 million Yuan) to Zhejiang University Education Foundation to support the development of the College of Optical Science and Engineering[111] Significant Matters Fulfillment of Commitments During the reporting period, all commitments made by the company, its controlling shareholder, actual controller, directors, supervisors, and senior management during the initial public offering and refinancing were being fulfilled normally, with no overdue unfulfilled commitments - Mr. Zhao Yanping, the company's controlling shareholder and actual controller, is normally fulfilling long-term commitments regarding avoiding horizontal competition, standardizing related-party transactions, and not occupying company funds[113][114] Significant Contracts and Their Fulfillment During the reporting period, the company provided a total guarantee limit of 650 million Yuan to non-related downstream customers and subsidiaries, with an actual outstanding guarantee balance of 155.04 million Yuan at period-end, representing 4.10% of net assets Significant Guarantees (Unit: 10,000 Yuan) | Guarantee Type | Approved Limit During Reporting Period | Actual Outstanding Guarantee Balance at Period-End | | :--- | :--- | :--- | | External Guarantees (Non-Related Parties) | 60,000 | 15,077.97 | | Guarantees to Subsidiaries | 5,000 | 426.3 | | Total | 65,000 | 15,504.27 | - The actual total guarantee amount at period-end accounted for 4.10% of the company's net assets[142] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital increased from 549 million shares to 782 million shares, primarily due to the 2024 annual equity distribution (4 shares for every 10 shares) and the vesting and granting of multiple restricted stock incentive plans - The company implemented its 2024 annual equity distribution, transferring 223 million shares from capital reserves to all shareholders at a rate of 4 shares for every 10 shares[151] - Due to the vesting of the 2021, 2022, and 2023 restricted stock incentive plans and the granting of the new 2025 incentive plan, the company's share capital increased by approximately 9.2173 million shares in total[150][151] Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 27,421 common shareholders, with a relatively concentrated equity structure due to the high combined shareholding of controlling shareholder Mr. Zhao Yanping and his concerted parties Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Zhao Yanping | 19.84% | 155,102,534 | | Shanghai Taihehang Enterprise Development Partnership (Limited Partnership) | 11.36% | 88,776,393 | | Ningbo Shangyu Venture Capital Partnership (Limited Partnership) | 4.99% | 38,991,883 | | Ningbo Shangkun Investment Management Partnership (Limited Partnership) | 2.44% | 19,050,373 | | Pu Dongguo | 1.76% | 13,769,146 | | E Fund ChiNext ETF | 1.57% | 12,268,636 | | Wang Xiangzhong | 1.34% | 10,494,890 | | Hou Yongtao | 1.27% | 9,888,703 | | National Council for Social Security Fund Portfolio 114 | 1.23% | 9,628,513 | | National Council for Social Security Fund Portfolio 413 | 1.19% | 9,287,383 | Bond-Related Information Bond-Related Information The company had no bond-related matters during this reporting period - No bond-related information requires disclosure for the reporting period[172] Financial Report Financial Statements This semi-annual financial report is unaudited, showing total assets steadily growing to 5.447 billion Yuan, operating revenue of 1.833 billion Yuan (up 23.54%), and net profit attributable to shareholders of 326.47 million Yuan (up 29.94%) Consolidated Balance Sheet Summary (Unit: Yuan) | Item | Period-End Balance | Period-Start Balance | | :--- | :--- | :--- | | Total Assets | 5,447,253,301.29 | 5,124,410,823.89 | | Total Liabilities | 1,636,232,318.11 | 1,601,022,500.32 | | Equity Attributable to Parent Company Owners | 3,785,230,888.95 | 3,516,956,347.39 | Consolidated Income Statement Summary (Unit: Yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Total Operating Revenue | 1,833,371,046.90 | 1,484,084,929.06 | | Operating Profit | 367,052,499.50 | 261,381,095.78 | | Total Profit | 368,001,211.46 | 265,165,596.67 | | Net Profit Attributable to Parent Company Shareholders | 326,468,107.63 | 251,239,693.01 | Consolidated Cash Flow Statement Summary (Unit: Yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 133,757,437.42 | -128,578,423.60 | | Net Cash Flow from Investing Activities | -37,211,976.59 | -10,387,344.12 | | Net Cash Flow from Financing Activities | -66,971,725.15 | -143,623,958.24 | | Net Increase in Cash and Cash Equivalents | 50,877,574.28 | -288,175,016.18 | Significant Accounting Policies and Estimates This section details the company's fundamental accounting principles, including accounting standards, period, and functional currency, along with specific policies and key estimates for financial instruments, revenue recognition, long-term equity investments, inventory, fixed assets, intangible assets, and government grants - Financial statements are prepared on a going concern basis, in accordance with Chinese Enterprise Accounting Standards[212][213][215] - Revenue recognition policy: The company recognizes revenue when customers obtain control of related goods or services; high-precision positioning equipment revenue is recognized upon dispatch and customer sign-off, while system application and solution revenue is recognized after installation, debugging, and customer acceptance[292][297] - Financial instrument impairment is assessed using the expected credit loss model, requiring consideration of all reasonable and supportable information, including forward-looking information[243][318]