雪天盐业(600929) - 2025 Q2 - 季度财报

Definitions Company Profile and Key Financial Indicators Company Basic Information This section details Xueshan Salt Industry Group Co., Ltd.'s fundamental company information and stock overview Company Basic Information Table | Item | Information | | :--- | :--- | | Chinese Name | Xueshan Salt Industry Group Co., Ltd. | | Chinese Abbreviation | Xueshan Salt Industry | | Stock Code | 600929 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Ma Tianyi | Key Accounting Data and Financial Indicators Company performance significantly declined due to market price drops, leading to reduced revenue and profitability Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.276 billion RMB | 3.018 billion RMB | -24.57 | | Total Profit | 90.88 million RMB | 371.61 million RMB | -75.55 | | Net Profit Attributable to Parent Company Shareholders | 70.45 million RMB | 328.60 million RMB | -78.56 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 41.01 million RMB | 266.90 million RMB | -84.63 | | Net Cash Flow from Operating Activities | 287.05 million RMB | 269.46 million RMB | 6.53 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0427 | 0.1981 | -78.45 | | Diluted Earnings Per Share (RMB/share) | 0.0427 | 0.1981 | -78.45 | | Weighted Average Return on Net Assets (%) | 0.92 | 4.20 | Decrease of 3.28 percentage points | - Performance decline is primarily attributed to a significant year-on-year decrease in market prices of some main products; despite cost controls through lean management, cost reduction was less than price reduction, leading to weakened profitability[20] Management Discussion and Analysis Industry and Main Business Overview The company's main business involves salt and salt chemical products, facing market shifts towards healthier salt and challenges in the soda ash and caustic soda sectors - Consumer preferences in the salt industry are shifting towards healthier and high-end products, with surging demand for ecological well-mined salt and increasing importance of online channels[29][30] - The salt chemical industry faces market challenges, with soda ash prices fluctuating downwards due to supply-demand imbalance in H1 2025, and caustic soda prices impacted by downstream alumina capacity controls[31][32] - The company's main products include edible salt, industrial salt, daily chemical salt, animal husbandry salt, and salt chemical products like soda ash, caustic soda, and ammonium chloride, operating with an integrated production and sales model across domestic and 14 overseas markets[37][39] - The company is expanding into the new energy sector by investing in Meite New Materials, which has achieved ton-scale sales of its independently developed MT-N20 cathode material for sodium-ion batteries[36] Discussion and Analysis of Operations Despite market pressures from declining product prices, the company maintained stable operations through increased sales volumes, product optimization, and strategic investments - Despite price downturns, the company's main products (salt, mirabilite, and salt chemical products) achieved increased production and sales volumes, with production reaching 4.6485 million tons (up 8.67% YoY) and sales reaching 3.602 million tons (up 3.42% YoY)[41] - The company actively optimized its product structure and brand building, launching new low-sodium edible salt products for the healthy salt market and achieving an AAA corporate credit rating[42][47] - Key project construction progressed effectively, with the Xiangyu Salt Chemical battery-grade soda ash project now operational and the Hengyang Green Low-Carbon Salt-Alkali Industrial Park project (Hengjian Project) making significant strides[42] - The company continued to increase R&D investment, with expenditures reaching 84.5484 million RMB during the reporting period, accounting for 3.71% of operating revenue, and securing 29 new patents[43] - Through lean management, the company achieved extreme cost reductions, with period expenses decreasing by over 70 million RMB, and production enterprises saving over 20 million RMB in comprehensive energy consumption, electricity, and maintenance costs, alongside over 20 million RMB in coal centralized procurement savings[45] Analysis of Core Competencies The company's core strengths include abundant high-quality salt resources, strong brand recognition, advanced technology, and a diversified industrial cluster - Resource Advantage: Possesses high-quality salt mine resources with over 1.3 billion tons of sodium chloride and over 300 million tons of mirabilite reserves[46] - Brand Advantage: The "Xueshan" brand is valued at 11.818 billion RMB, ranking among China's Top 500 Brands for three consecutive years, and recently achieved an AAA corporate credit rating[47] - Technological Advantage: Holds 503 authorized patents and led the development of two industry-leading group standards: "Technical Specification for Evaluation of Ecological Well-Mined Salt" and "Battery-Grade Sodium Carbonate"[48] - Industrial Cluster Advantage: Formed a circular economy model integrating salt-mirabilite co-production, salt-alkali co-production, and cogeneration, extending into high-value-added fine chemicals and sodium battery cathode materials[51] Analysis of Main Operating Conditions Operating revenue and costs decreased due to product price declines and lower coal costs, while accounts receivable and notes payable saw significant increases Operating Income and Expenses Analysis | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,276,303,488.66 | 3,017,893,435.32 | -24.57 | Decrease in main product prices | | Operating Cost | 1,742,605,174.59 | 2,172,296,424.37 | -19.78 | Decrease in coal prices and reduced unit consumption | | Selling Expenses | 153,615,890.02 | 182,758,980.80 | -15.95 | Decrease in advertising and staff remuneration | | Administrative Expenses | 166,323,917.70 | 206,251,406.52 | -19.36 | Decrease in staff remuneration and information maintenance fees | | R&D Expenses | 84,548,383.15 | 95,345,359.97 | -11.32 | Decrease in labor costs for R&D projects | | Net Cash Flow from Operating Activities | 287,051,144.63 | 269,456,589.35 | 6.53 | Lean management reduced expenditures, and decreased remuneration and taxes | Asset and Liability Changes | Item | Current Period End (RMB) | Prior Year End (RMB) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 132,902,925.71 | 86,658,044.79 | 53.36 | Increase in customer receivables within credit period | | Notes Payable | 394,789,430.36 | 171,149,742.51 | 130.67 | Increased use of notes for settlement in current period | - The performance of key subsidiaries, Xiangyu Salt Chemical and Xiangheng Salt Chemical, declined due to significant price drops in products like soda ash, ammonium chloride, and industrial salt, where cost reductions could not fully offset price declines, leading to reduced revenue and profit[66] Other Disclosures The company faces various risks including policy, economic cycles, and energy prices, while actively implementing measures to enhance investor returns - The company's main risks include national industrial policies and investment risks, macroeconomic cyclical risks, energy (coal) price fluctuation risks, and safety and environmental protection risks[68][69] - The company actively implements its "Quality Improvement, Efficiency Enhancement, and Investor Returns" action plan, with directors and controlling shareholders cumulatively increasing holdings by 111 million RMB, repurchasing and canceling 18.46 million shares, and distributing 475 million RMB in cash dividends through two payouts[71][72][73] Corporate Governance, Environment, and Society Corporate Governance and Personnel Changes The company's governance structure saw a change with the retirement of Vice Chairman Li Zhiyong, and no profit distribution or capital reserve transfer plans were proposed - In March 2025, Mr. Li Zhiyong, a director and vice chairman of the company, resigned from all his positions due to retirement[76] Equity Incentive and Employee Incentive Plans The company continued its equity incentive plans, with some restricted shares released, while the 2023 plan was terminated and shares repurchased - Approximately 3.46 million shares from the 2021 restricted stock incentive plan (reserved and initial grants) were unlocked and listed for trading during this reporting period[78][136][137] - The company terminated its 2023 restricted stock incentive plan and completed the repurchase and cancellation of 17.65 million shares on March 6, 2025[78][136] Environmental and Social Responsibility The company and its key subsidiaries are listed for environmental information disclosure, demonstrating significant progress in rural revitalization initiatives - The company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information, with reports available on respective provincial and municipal environmental information disclosure systems[80] - The company achieved significant results in rural revitalization, including improving tourist service centers, constructing convenient bridges, adding photovoltaic power generation projects, and expanding selenium-rich rice cultivation (planting area increased by 347%)[81] Significant Matters Fulfillment of Commitments The company and its related parties consistently fulfilled all commitments made during major asset restructurings, public offerings, and equity incentives - The company and its related parties strictly fulfilled all commitments during the reporting period, including share lock-ups, avoiding horizontal competition, and standardizing related-party transactions[83] Major Related-Party Transactions Routine related-party transactions proceeded as planned, with the board approving the 2025 estimated transaction amounts to ensure compliance - The company's board of directors has reviewed and approved the estimated daily related-party transaction amounts for 2025, with relevant transactions proceeding as planned[117] Progress of Raised Funds Utilization As of the reporting period, the company has utilized 88.23% of its 2023 private placement funds, with some project changes to align with strategic development Raised Funds Utilization Summary | Source of Raised Funds | Net Amount of Raised Funds (RMB) | Cumulative Investment Amount (RMB) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | 2023 Private Placement of Shares | 1,097,345,009.01 | 968,232,699.62 | 88.23 | - The "Xiangyu Salt Chemical Coal Gasification Energy-Saving Upgrade Project" and "Jiuer Salt Industry Cogeneration (Phase I) Project" have reached their intended operational status and achieved their expected sales revenue targets[127] - A portion of the funds from the original "Warehousing and Logistics Base Project" has been reallocated to five energy-saving renovation projects, including the "Xiangyu Salt Chemical Battery-Grade Soda Ash Project," to better align with the company's strategic development[128] Share Changes and Shareholder Information Share Capital Changes The company's total share capital decreased from 1.658 billion to 1.641 billion shares due to restricted share releases and the repurchase and cancellation of 17.65 million shares Share Capital Changes | Share Class | Before This Change (shares) | Change (shares) | After This Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 417,068,752 | -415,982,600 | 1,086,152 | | Unrestricted Tradable Shares | 1,241,292,898 | +398,332,600 | 1,639,625,498 | | Total Shares | 1,658,361,650 | -17,650,000 | 1,640,711,650 | - The primary reason for the share capital reduction was the termination of the 2023 restricted stock incentive plan and the completion of the repurchase and cancellation of 17.65 million restricted shares[136] Shareholder Information As of the reporting period, the company had 41,315 common shareholders, with a concentrated ownership structure dominated by its top three shareholders - As of the end of the reporting period, the company had 41,315 common shareholders[141] Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hunan Salt Industry Group Co., Ltd. | 466,784,250 | 28.45 | State-owned Legal Person | | Salt Industry - CITIC Securities - 23 Qingyan E1 Guarantee and Trust Property Account | 415,000,000 | 25.29 | Other | | Hunan Qingyan Shengfu Salt Chemical Industry Private Equity Fund Partnership | 95,578,867 | 5.83 | Other | | Hunan Qingyan Venture Capital Management Co., Ltd. | 26,258,502 | 1.60 | State-owned Legal Person | Bond-Related Information Corporate Bonds and Financing Instruments During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company had no corporate bonds or non-financial enterprise debt financing instruments during this reporting period[150] Financial Report Financial Statements The financial statements show total assets of 10.869 billion RMB and net profit attributable to parent company shareholders of 70.45 million RMB for H1 2025 Consolidated Balance Sheet | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 10,869,485,657.48 | 10,969,955,712.53 | | Total Liabilities | 2,724,076,119.78 | 2,772,573,621.36 | | Equity Attributable to Parent Company Shareholders | 7,571,806,152.21 | 7,629,183,868.77 | Consolidated Income Statement | Item | Jan-Jun 2025 (RMB) | Jan-Jun 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,276,303,488.66 | 3,017,893,435.32 | | Operating Profit | 90,663,786.18 | 370,987,736.37 | | Total Profit | 90,876,227.12 | 371,609,602.56 | | Net Profit | 77,215,763.09 | 324,975,243.92 | | Net Profit Attributable to Parent Company Shareholders | 70,451,268.41 | 328,604,547.27 | Consolidated Cash Flow Statement | Item | Jan-Jun 2025 (RMB) | Jan-Jun 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 287,051,144.63 | 269,456,589.35 | | Net Cash Flow from Investing Activities | -169,723,301.40 | -347,399,748.38 | | Net Cash Flow from Financing Activities | -237,487,039.70 | 239,897,717.91 | | Net Increase in Cash and Cash Equivalents | -119,990,438.91 | 161,990,763.18 | Company Basic Information and History Xueshan Salt Industry Group Co., Ltd., established in 2011, has undergone significant capital operations since its 2018 listing, resulting in a concentrated ownership structure - The company was first listed on the stock exchange through an initial public offering in March 2018[189] - In 2021, the company completed a major asset restructuring by acquiring 100% equity of Chongqing Xiangyu Salt Chemical Co., Ltd. through share issuance[194] - As of June 30, 2025, the controlling shareholder, Hunan Salt Industry Group, and its concerted parties directly and indirectly held 61.17% of the company's shares[202] Notes to Consolidated Financial Statement Items This section provides detailed explanations for key consolidated financial statement items, including cash, receivables, inventory, fixed assets, goodwill, and borrowings - Cash and cash equivalents at period-end totaled 1.831 billion RMB, with 126 million RMB restricted as bill deposits[305] - Accounts receivable balance at period-end was 147 million RMB, a significant increase from 99 million RMB at the beginning of the period, with a bad debt provision of 14.55 million RMB[316][317] - Goodwill had a book value of 105 million RMB with no impairment provision, primarily arising from the acquisitions of Jiangxi Jiuer Salt Industry (12.31 million RMB) and Chongqing Xiangyu Salt Chemical (92.32 million RMB)[394] - During the reporting period, the company's total R&D expenses amounted to 84.55 million RMB, all expensed, primarily allocated to direct inputs (39.66 million RMB) and personnel costs (27.64 million RMB)[477]