金龙羽(002882) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines key risks, and details the proposed profit distribution plan for the first half of 2025 - The company's board of directors, supervisory board, and all senior executives guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4] - Forward-looking statements, including future plans contained in this report, do not constitute a substantive commitment to investors, who should be aware of relevant risks[4] - The company has highlighted multiple risks including raw material price fluctuations, market competition, solid-state battery industry layout, and liquidity[4] - The company's proposed profit distribution plan for the first half of 2025 is: no cash dividends, no bonus shares, and no capitalization of reserves[5] Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance and position for the reporting period Company Profile Jinlongyu Group Co., Ltd. (stock code: 002882) is a company listed on the Shenzhen Stock Exchange, with Zheng Youshui as its legal representative Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jinlongyu | | Stock Code | 002882 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | Jinlongyu Group Co., Ltd. | | Legal Representative | Zheng Youshui | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 32.98%, while net profit attributable to shareholders decreased by 20.19% Key Financial Performance | Key Financial Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 2,156,526,582.22 | 1,621,693,231.55 | 32.98% | | Net Profit Attributable to Shareholders (yuan) | 66,715,982.84 | 83,594,004.57 | -20.19% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (yuan) | 62,380,469.52 | 81,046,515.63 | -23.03% | | Net Cash Flow from Operating Activities (yuan) | -359,393,441.36 | -367,675,070.82 | 2.25% | | Basic Earnings Per Share (yuan/share) | 0.1541 | 0.1931 | -20.20% | | Weighted Average Return on Net Assets | 3.10% | 3.94% | -0.84% | | Total Assets (yuan) | 4,537,480,653.33 | 3,815,854,100.51 | 18.91% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders (yuan) | 2,077,731,222.47 | 2,138,123,696.14 | -2.82% (Period-end vs. Prior Year-end) | - During the reporting period, the company's total non-recurring gains and losses amounted to 4.34 million yuan, primarily from debt restructuring gains, government subsidies, and fair value changes in financial assets[21] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors Principal Business and Operations Overview The company's main business is R&D, production, and sales of wires and cables, with revenue growth driven by market expansion despite a decline in net profit due to increased competition and R&D investment - The company's principal business involves the R&D, production, sales, and service of wires and cables, covering both ordinary and special types[25] - The company is also engaged in the R&D of solid-state batteries and their key materials, committed to promoting their industrialization[28] Key Financial Performance and Reasons for Change | Financial Indicator | 2025 H1 | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.16 billion yuan | +32.98% | Active expansion into central enterprises, state-owned enterprises, and overseas markets | | Net Profit Attributable to Shareholders | 66.72 million yuan | -20.19% | Intensified market competition leading to decreased profitability; increased R&D investment in solid-state battery projects | Analysis of Core Competencies The company's core competencies are rooted in its product quality, established brand, advanced technology, experienced management, and strategic geographical location - The company possesses five core competencies: - Product Quality Advantage: Achieved multiple stringent domestic and international certifications such as ISO9001, TUV, and BASEC, with quality control throughout all production and operation stages[34] - Brand Advantage: The "Jinlongyu" brand has been deeply cultivated in South China for many years, recognized as a "Guangdong Famous Trademark," with clients including State Grid, China Southern Power Grid, and numerous well-known enterprises[36] - Technological Advantage: Capable of producing 3,500mm² large-cross-section power cables, with leading flame-retardant and fire-resistant technology domestically, and participation in multiple industry standard formulations[38] - Management Advantage: A stable and experienced core management team with strong cost control and production organization capabilities[39] - Geographical Advantage: Located in Shenzhen, benefiting from continuous market demand driven by the Guangdong-Hong Kong-Macao Greater Bay Area development[42] Analysis of Principal Business Operating revenue and costs significantly increased, with foreign trade revenue up 139.04%, while R&D investment surged due to solid-state battery projects Key Financial Data and Reasons for Change | Key Financial Data | Current Reporting Period | Prior Year Period | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2.16 billion yuan | 1.62 billion yuan | 32.98% | Active expansion into major clients and overseas markets | | Operating Costs | 1.92 billion yuan | 1.40 billion yuan | 36.50% | Increase in costs due to revenue growth | | R&D Investment | 40.62 million yuan | 15.75 million yuan | 157.83% | Increased R&D investment in solid-state battery projects | | Net Cash Flow from Investing Activities | -137 million yuan | 10 million yuan | -1,421.97% | Investment in the construction of solid-state battery project production base | Revenue Composition by Industry | Revenue Composition (by Industry) | Operating Revenue (yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Civilian Use | 1,968,402,890.16 | 91.28% | 32.34% | | Power Grid | 43,201,363.34 | 2.00% | -34.71% | | Foreign Trade | 124,386,706.52 | 5.77% | 139.04% | Revenue Composition by Product | Revenue Composition (by Product) | Operating Revenue (yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Ordinary Wires | 441,323,054.85 | 20.46% | 21.46% | | Special Wires | 308,239,322.04 | 14.29% | 29.73% | | Special Cables | 1,354,130,863.33 | 62.79% | 37.40% | - Gross profit margins for civilian use business, ordinary wires, special wires, and special cables, each accounting for over 10% of revenue, all experienced year-on-year declines, with special wires seeing the largest decrease of 4.37 percentage points[48] Analysis of Non-Principal Business Non-principal business activities negatively impacted total profit, primarily due to significant credit impairment losses, partially offset by investment income Non-Principal Business Impact on Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | | :--- | :--- | :--- | :--- | | Investment Income | 6,724,035.98 | 7.44% | Primarily from financial asset investment income, debt restructuring gains, etc. | | Fair Value Change Gains/Losses | -1,178,427.18 | -1.30% | Primarily from fair value changes in copper hedging futures | | Credit Impairment Losses | -23,569,100.07 | -26.08% | Primarily from provisions for bad debts on accounts receivable, notes receivable, etc. | Analysis of Assets and Liabilities Total assets increased, driven by higher accounts receivable, inventory, and construction in progress, while liabilities rose to support operations and investments - Period-end inventory balance increased by 45.61% compared to the end of the previous year, with its proportion of total assets rising from 16.86% to 20.64%, primarily due to increased stock preparation driven by higher sales orders[51] - Period-end construction in progress balance surged by 286.12% compared to the end of the previous year, with its proportion of total assets increasing from 0.58% to 1.89%, mainly due to increased investment in plant and equipment for the solid-state battery project[51] - Short-term borrowings and notes payable balances increased by 55.25% and 46.33% respectively compared to the end of the previous year, primarily to meet increased working capital needs and optimize payment methods for procurement[51] - As of the end of the reporting period, the company had 866 million yuan in restricted assets, primarily comprising margin deposits for bill discounting, bank acceptance bills, and pledged notes[56] Analysis of Investment Status Investment increased significantly, primarily directed towards solid-state battery projects, with additional investments in copper futures for hedging purposes Major Non-Equity Investment Projects | Major Non-Equity Investment Project | Amount Invested in Current Period (yuan) | Cumulative Actual Investment Amount (yuan) | | :--- | :--- | :--- | | Solid-State Batteries and Key Materials | 82,139,912.52 | 232,447,002.73 | | Huidong Solid-State Battery Materials Project | 83,308,106.38 | 83,308,106.38 | - The company engaged in copper futures derivative investments for hedging purposes, with a period-end investment amount of 14.98 million yuan, accounting for 0.72% of the company's net assets. The actual gain/loss from hedging activities during the reporting period was 0.97 million yuan[63] Analysis of Major Holding and Participating Companies The primary profit contributor is Huizhou Cable, while the solid-state battery subsidiary, Shenzhen New Energy, incurred losses due to ongoing R&D investments Key Subsidiaries' Performance | Company Name | Type | Principal Business | Operating Revenue (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Huizhou Jinlongyu Cable Industrial Development Co., Ltd. | Subsidiary | R&D, production, and sales of wires and cables | 2124.9965 | 76.3020 | | Jinlongyu New Energy (Shenzhen) Co., Ltd. | Subsidiary | R&D, production, and sales of solid-state batteries and key materials | 0.1911 | -24.9921 | - Huizhou Cable's operating revenue increased by 44.22% year-on-year, but due to intensified market competition, its net profit growth of 8.02% was significantly lower than its revenue growth[70] - Shenzhen New Energy incurred significant losses during the reporting period as its solid-state battery business is still in a critical R&D investment phase and has not yet generated stable revenue[71] Risks and Countermeasures The company faces risks from raw material price volatility, market competition, single market reliance, management challenges, and solid-state battery industrialization uncertainties - The company faces several major risks, including: - Raw Material Price Volatility Risk: Significant fluctuations in the price of copper, a primary raw material, are managed through hedging and safety stock strategies[72] - Market Competition Risk: Intense price competition in the mid-to-low-end product segments of the industry is addressed by focusing on quality, brand, and differentiated high-end products[73] - Single Market Risk: Sales are primarily concentrated in Shenzhen, with new markets being explored through fundraising projects to diversify risk[74] - Management Risk: Business expansion demands higher management capabilities, which the company addresses through training and refined management practices[75] - Solid-State Battery Industry Risk: Uncertainties exist regarding industrialization progress, technological routes, and customer expansion, leading the company to adopt a phased investment strategy[75] - Liquidity Risk: Increased investment expenditures for the solid-state battery project create financial pressure, which the company mitigates by improving operational quality and diversifying financing channels[75] Corporate Governance, Environment, and Society This section details changes in senior management, the company's governance structure, and its commitment to environmental and social responsibilities Executive Changes and Corporate Governance The company experienced changes in key executive positions while maintaining a robust governance structure and actively fulfilling its social responsibilities - During the reporting period, personnel changes occurred in several key senior management positions, including the Board Secretary and Deputy General Manager[78] - The company's semi-annual plan is to not distribute cash dividends, issue bonus shares, or capitalize reserves[79] - The company actively fulfills its social responsibilities, emphasizing shareholder rights protection, employee legal rights, supply chain relationships, and environmental protection, with its subsidiary Cable Industry recognized as a national-level "Green Factory"[81][82][84][85][86] Significant Matters This section covers major legal proceedings, related party transactions, significant contracts, and the progress of key investment projects Litigation and Penalties The company is involved in significant litigation, including a major contract dispute with Shenzhen Evergrande, and received a public reprimand for information disclosure issues - In the sales contract dispute with Shenzhen Evergrande, involving 272 million yuan, the court ruled in favor of the company, and the case has entered the enforcement stage. The company has made a 100% bad debt provision for this amount, and the judgment has no significant adverse impact on current period profit[94] - The company, its chairman, general manager, and board secretary received a public reprimand from the Shenzhen Stock Exchange for publicly disseminating information through other channels that could significantly impact stock prices[95] Significant Related Party Transactions and Contracts The company engaged in routine related party transactions and significant contracts, including leasing out its industrial park and providing substantial guarantees for subsidiaries - The company engaged in related party transactions with Guangdong Yongxiangteng Chemical Co., Ltd. and Shenzhen Jinhecheng Investment Development Co., Ltd. for raw material procurement and office building leases, totaling approximately 10.22 million yuan[98][99] - The company leased out its entire Shenzhen Industrial Park for a 6-year term, recognizing 14.61 million yuan in rental income during the reporting period, which positively impacted the company's profit[110] - As of the end of the reporting period, the company's actual guarantee balance for its subsidiaries was 951 million yuan, accounting for 45.75% of the company's net assets[112] Solid-State Battery Project Progress The company is actively advancing solid-state battery R&D and industrialization, with initial customer orders and material evaluations, though it currently has no significant impact on overall performance - The company plans a total investment of 1.2 billion yuan to construct a solid-state battery key material mass production line project in Huizhou New Material Industrial Park[121] - Project Progress: - Battery Cells: Semi-solid-state battery series have passed customer testing and received orders[123] - Key Materials: Oxide electrolytes, ion conductive membranes, silicon-based anode materials, and others have completed sampling and evaluation by multiple customers and passed[123] - Cathode: Lithium manganese iron phosphate cathode material has completed hundred-kilogram scale preparation, with performance meeting standards[123] - The company notes that while the solid-state battery business has received orders, it has not yet generated long-term stable revenue, currently has no significant impact on the company's overall performance, and carries risks of industrialization and commercialization falling short of expectations[123] Changes in Share Capital and Shareholder Information This section outlines changes in the company's share capital structure and provides details on its major shareholders Changes in Share Capital and Shareholder Structure The company's total share capital remained stable, with minor adjustments in restricted shares, and a highly concentrated shareholder structure dominated by the actual controller and his concerted parties - The total share capital remained unchanged during the reporting period at 432,900,000 shares. A minor adjustment occurred between restricted and unrestricted shares due to the lock-up of shares upon a senior executive's departure[126] Top Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Zheng Youshui | Domestic Natural Person | 56.83% | 246,000,000 | | Zheng Fenglan | Domestic Natural Person | 5.47% | 23,692,000 | | Wu Yuhua | Domestic Natural Person | 5.32% | 23,015,800 | | Zheng Huijie | Domestic Natural Person | 4.70% | 20,345,942 | - The top five shareholders, Zheng Youshui, Zheng Fenglan, Wu Yuhua, Zheng Huijie, and Zheng Zhongzhou, are parties acting in concert[132] Bond-Related Information This section reports on any bond-related activities or outstanding debt instruments of the company Bond-Related Information During the reporting period, the company had no bond-related matters - During the reporting period, the company had no bond-related matters[138] Financial Report This section presents the company's financial statements, including the audit report and detailed notes to the consolidated financial statements Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[140] Notes to Major Items of Consolidated Financial Statements Financial statement notes detail significant increases in inventory, construction in progress, short-term borrowings, and R&D expenses, primarily driven by solid-state battery investments Cash and Cash Equivalents The period-end cash and cash equivalents balance was 812 million yuan, with a significant portion comprising restricted funds for guarantees and hedging Cash and Cash Equivalents Balances | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 55,814.00 | 21,229.00 | | Bank Deposits | 303,174,662.95 | 362,471,746.25 | | Other Cash and Cash Equivalents | 508,747,539.29 | 548,316,589.48 | | Total | 811,978,016.24 | 910,809,564.73 | Accounts Receivable Period-end accounts receivable increased to 1.50 billion yuan, with approximately 60% due within one year, and a full impairment provision made for 246 million yuan from specific customers - Period-end accounts receivable book balance was 1.89 billion yuan, with bad debt provisions of 386 million yuan, resulting in a book value of 1.50 billion yuan[291] - The balance of accounts receivable for which individual bad debt provisions were made was 246 million yuan, with a 100% provision rate, primarily involving Shenzhen Evergrande and Hainan Hengqian, due to expected uncollectibility[292] Inventories Period-end inventory book value surged by 45.6% to 937 million yuan, primarily due to increased work-in-progress and finished goods to meet rising sales orders Inventory Book Values | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 48,466,972.25 | 34,742,314.48 | | Work in Progress | 153,820,754.72 | 88,122,328.31 | | Finished Goods | 724,886,083.53 | 509,699,794.72 | | Total | 936,628,891.25 | 643,233,771.34 | Construction in Progress Period-end construction in progress increased by 286% to 85.82 million yuan, mainly driven by investments in equipment and new energy workshops for the solid-state battery project Construction in Progress Balances | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Equipment | 56,790,668.29 | 2,142,271.08 | | New Energy Workshop | 29,029,368.34 | 19,846,213.99 | | Total | 85,820,036.63 | 22,224,916.69 | Operating Revenue and Operating Costs Operating revenue increased by 32.98% to 2.16 billion yuan, while operating costs grew faster at 36.50% to 1.92 billion yuan, leading to a decline in gross profit margin Operating Revenue and Costs | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Operating Revenue | 2,156,526,582.22 | 1,621,693,231.55 | | Operating Costs | 1,915,401,332.15 | 1,403,235,171.08 | Research and Development Expenses R&D expenses significantly increased by 157.83% to 40.62 million yuan, primarily due to higher material consumption and personnel costs for the solid-state battery project Research and Development Expenses Breakdown | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | R&D Materials | 15,326,571.11 | 2,967,987.66 | | R&D Salaries | 15,584,426.32 | 6,397,101.38 | | Total | 40,615,763.62 | 15,753,192.22 | Supplementary Information Report period net profit attributable to ordinary shareholders was 66.72 million yuan, with non-recurring gains and losses totaling 4.34 million yuan, mainly from debt restructuring and government subsidies Profit and Return on Equity | Profit for the Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 3.10% | 0.1541 | | Net Profit Attributable to Ordinary Shareholders of the Company (Excluding Non-recurring Gains and Losses) | 2.90% | 0.1441 | Other Submitted Data This section includes information on investor relations activities and significant related party fund movements Investor Relations and Related Party Fund Movements The company held an online investor briefing and engaged in non-operating fund transfers with a subsidiary for working capital purposes - The company held an online performance briefing on April 25, 2025, via the "Hudongyi" website[602] - During the reporting period, the company had 45 million yuan in non-operating fund movements with its controlling subsidiary, Jinlongyu New Energy (Shenzhen) Co., Ltd., for working capital purposes[604]