五方光电(002962) - 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. During the reporting period, the company plans no cash dividends, bonus shares, or capital reserve conversions - The company declares this semi-annual report's content is true, accurate, and complete, confirmed by the company's responsible person, chief accountant, and accounting department head[4] - The company's 2025 semi-annual profit distribution plan proposes no cash dividends, bonus shares, or capital reserve conversions[5] Definitions This section defines key terms and entity abbreviations used in the report, including the company itself (Wufang Optoelectronic), its main subsidiaries (e.g., Wufang Materials, Wufang Crystal), major customers (e.g., Ofilm, Sunny Optical Technology), and specifies the reporting period from January 1 to June 30, 2025 Definitions of Key Entities and Terms | Term | Definition | | :--- | :--- | | Wufang Optoelectronic, The Company | Hubei Wufang Optoelectronic Co., Ltd. | | Wufang Materials | Suzhou Wufang Optoelectronic Materials Co., Ltd. | | Wufang Crystal | Hubei Wufang Crystal Co., Ltd. | | Ofilm | Ofilm Group Co., Ltd. (002456.SZ) and its subsidiaries | | Sunny Optical Technology | Sunny Optical Technology (Group) Company Limited (02382.HK) and its subsidiaries | | Reporting Period | January 1, 2025 to June 30, 2025 | Company Profile and Key Financial Indicators Company Profile This section provides basic company information, including stock abbreviation 'Wufang Optoelectronic', stock code '002962', listing exchange Shenzhen Stock Exchange, legal representative Liao Binbin, and contact details for the Board Secretary and Securities Affairs Representative Basic Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Wufang Optoelectronic | | Stock Code | 002962 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | Hubei Wufang Optoelectronic Co., Ltd. | | Legal Representative | Liao Binbin | Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 7.32% to 612.00 million yuan, but net profit attributable to shareholders decreased by 32.33% to 27.61 million yuan. Net cash flow from operating activities significantly decreased by 81.14%, with basic earnings per share at 0.0951 yuan, down 32.07% Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 612,004,410.31 | 570,242,181.92 | 7.32% | | Net Profit Attributable to Shareholders (yuan) | 27,606,766.91 | 40,796,656.53 | -32.33% | | Net Profit Excluding Non-recurring Items (yuan) | 21,852,897.31 | 36,575,960.91 | -40.25% | | Net Cash Flow from Operating Activities (yuan) | 7,902,300.46 | 41,909,271.23 | -81.14% | | Basic Earnings Per Share (yuan/share) | 0.0951 | 0.14 | -32.07% | | Weighted Average Return on Net Assets | 1.51% | 2.21% | -0.70% | | Total Assets (yuan) | 2,056,200,618.14 | 2,122,236,671.17 | -3.11% (vs. end of prior year) | | Net Assets Attributable to Shareholders (yuan) | 1,762,106,344.89 | 1,827,986,458.51 | -3.60% (vs. end of prior year) | Non-recurring Gains and Losses and Amounts During the reporting period, total non-recurring gains and losses amounted to 5.75 million yuan, with government grants being the primary positive contributor at 6.88 million yuan, while asset disposal and other non-operating items had a negative impact - Total non-recurring gains and losses for the reporting period amounted to 5.75 million yuan[23] - Government grants recognized in current profit and loss totaled 6.88 million yuan, representing the primary source of non-recurring income[22] Management Discussion and Analysis Main Business Activities During the Reporting Period During the reporting period, the company achieved steady development amidst moderate growth in the smartphone market, with revenue up 7.32% but net profit down 32.33%. The company deepened its core business, with infrared cut-off filter revenue growing 9.04%, and new micro-prism products achieving mass production. Additionally, the company actively expanded diversified markets, with domestic market revenue surging 52.23%, and continued to increase R&D investment, up 10.94% year-on-year - The company's main business developed steadily, with new micro-prism products achieving stable mass production, while actively expanding into intelligent driving, AR/VR, and other fields[25] Revenue Performance by Product and Region | Category | Sales Revenue (million yuan) | YoY Growth | | :--- | :--- | :--- | | By Product | | | | Infrared Cut-off Filters | 571.52 | 9.04% | | Biometric Filters | 24.02 | -41.21% | | By Region | | | | Domestic Market | 110.86 | 52.23% | | Overseas Market | 501.15 | 0.75% | - R&D investment during the reporting period was 30.34 million yuan, a 10.94% year-on-year increase, continuously advancing micro-prism, micro-nano optical semiconductor lithography, and other projects[26] Core Competitiveness Analysis The company's core competitiveness lies in technology R&D and rapid response synergistic management. Technologically, it possesses core technologies like precision optical coating and 183 patents. Managerially, it quickly responds to customer 'multi-batch, small-volume' customized demands. Furthermore, the company has established stable customer relationships with major camera module manufacturers like Sunny Optical and Qtech, and boasts a comprehensive quality assurance system - Technology R&D advantage: As of June 30, 2025, the company holds 183 patents, including 31 invention patents, with core technologies encompassing precision optical coating and laser cutting[28] - Rapid response advantage: The company can flexibly and systematically organize production to meet downstream customers' 'multi-batch, small-volume' procurement needs, co-designing with clients to quickly adapt to market changes[29] - Stable customer resource advantage: Established close cooperative relationships with major domestic camera module manufacturers such as Sunny Optical Technology, Qtech, and Ofilm[29] Main Business Analysis During the reporting period, the company's main business revenue grew by 7.32%, but operating costs increased by 11.56%, leading to a 3.31 percentage point decrease in gross margin to 12.56%. Core product infrared cut-off filters saw revenue growth of 9.04% with stable gross margin, while biometric filters experienced a significant 41.21% revenue decline and a 15.54 percentage point drop in gross margin. Domestic market revenue grew by 52.23%, but with a very low gross margin of 1.12% Key Financial Data Year-on-Year Changes | Item | Current Period (yuan) | Prior Period (yuan) | YoY Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 612,004,410.31 | 570,242,181.92 | 7.32% | - | | Operating Cost | 535,152,124.94 | 479,719,073.07 | 11.56% | - | | Financial Expenses | -14,340,366.84 | -9,874,062.14 | -45.23% | Yen exchange rate rebound, generating exchange gains | | Net Cash Flow from Operating Activities | 7,902,300.46 | 41,909,271.23 | -81.14% | Increase in raw material, labor, and other costs | | Operating Profit | 30,524,228.38 | 43,671,775.34 | -30.11% | Decreased gross margin due to price reduction of mature products | | Credit Impairment Loss | -3,895,641.71 | -1,918,275.10 | -103.08% | Increase in accounts receivable balance, leading to higher bad debt provision | Gross Margin by Product/Region | Category | Operating Revenue (yuan) | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | | By Product | | | | | Infrared Cut-off Filters | 571,522,320.26 | 12.22% | -0.19% | | Biometric Filters | 24,022,922.56 | 39.88% | -15.54% | | By Region | | | | | Overseas | 501,145,356.48 | 15.09% | -2.43% | | Domestic | 110,859,053.83 | 1.12% | -3.54% | Non-Core Business Analysis During the reporting period, non-core business significantly impacted total profit. Government grants contributed 7.72 million yuan to other income, accounting for 25.65% of total profit, while credit impairment losses and asset impairment losses combined negatively impacted total profit by over 20%, mainly due to provisions for accounts receivable and inventory write-downs Key Non-Core Business Profit and Loss Items | Item | Amount (yuan) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Other Income | 7,723,948.65 | 25.65% | Primarily government grants | | Credit Impairment Loss | -3,895,641.71 | -12.94% | Primarily provision for bad debts on accounts receivable | | Asset Impairment | -2,248,368.50 | -7.47% | Primarily provision for inventory write-downs | Assets and Liabilities Analysis As of the end of the reporting period, the company's total assets were 2.06 billion yuan, a 3.11% decrease from the end of the previous year. The asset structure changed, with accounts receivable increasing by 3.64 percentage points due to higher revenue, while monetary funds decreased by 6.14 percentage points. Additionally, the company made a new long-term equity investment in Beijing Zhige Technology Co., Ltd. Restricted assets totaled 87.38 million yuan at period-end, mainly comprising bill deposits and pledged receivables - Accounts receivable as a percentage of total assets increased from 4.53% to 8.17%, primarily due to increased operating revenue in the current period[36] - Long-term equity investments increased by 10 million yuan, mainly due to a new investment in Beijing Zhige Technology Co., Ltd. during the period[36] Restricted Asset Status at Period-End | Item | Book Value at Period-End (yuan) | Type of Restriction | | :--- | :--- | :--- | | Monetary Funds | 46,192,970.23 | Bill deposits, interest receivable on large-denomination certificates of deposit | | Accounts Receivable | 10,553,503.25 | Pledged for loans | | Receivables Financing | 30,629,243.24 | Pledged bills | | Total | 87,375,716.72 | - | Investment Analysis During the reporting period, the company's investment amounted to 19.36 million yuan, a 33.76% year-on-year decrease. The company continued to advance the 'Optical Blue Glass and Micro-prism Processing Project' and 'R&D Center Project'. In financial asset investments, the company held Helytai shares and engaged in forward foreign exchange transactions for hedging to mitigate exchange rate fluctuation risks - Investment during the reporting period was 19.36 million yuan, a 33.76% year-on-year decrease[41] - The company is undertaking two significant non-equity investments: the 'Wufang Crystal - Optical Blue Glass and Micro-prism Processing Project' and the 'R&D Center Project'[42] - The company engaged in forward foreign exchange settlement and sales for hedging purposes to mitigate exchange rate fluctuation risks, with related transactions generating a gain of 59,600 yuan during the reporting period[45] Analysis of Major Holding and Participating Companies During the reporting period, both revenue and profit of the main subsidiary, Suzhou Wufang Optoelectronic Materials Co., Ltd., declined, primarily due to a year-on-year decrease in the production and sales volume of its main products, leading to higher unit fixed costs Key Financial Data of Suzhou Wufang Optoelectronic Materials Co., Ltd. | Indicator | Amount (yuan) | | :--- | :--- | | Total Assets | 254,208,248.82 | | Net Assets | 228,619,570.41 | | Operating Revenue | 28,836,686.92 | | Operating Profit | -4,297,655.83 | | Net Profit | -4,739,456.91 | Risks Faced by the Company and Countermeasures The company faces key risks including macroeconomic fluctuations, exchange rate volatility, intensified market competition, high product and customer concentration, rising labor costs, and management risks. The company will actively respond by adjusting operating strategies, utilizing foreign exchange hedging, strengthening technology R&D, expanding new customers and markets, enhancing automation, and optimizing its management system - Macroeconomic and exchange rate risks: Global economic uncertainty and fluctuations in the RMB exchange rate against the USD and JPY may impact the company's performance[52] - Market and customer concentration risks: The smartphone market is highly competitive, and the company's revenue heavily relies on a few products like infrared cut-off filters and major customers[52][53] - Internal operating risks: Facing challenges from continuously rising labor costs and management complexities due to expanding business scale[54] Corporate Governance, Environment, and Society Corporate Governance During the reporting period, the company's governance structure remained stable, with no changes in directors, supervisors, or senior management. The company did not distribute profits for the semi-annual period, nor did it implement equity incentive or employee stock ownership plans - No changes occurred in the company's directors, supervisors, or senior management during the reporting period[57] - The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period[58] - No equity incentive plans, employee stock ownership plans, or other employee incentive measures were in place during the reporting period[59] Significant Matters Significant Related Party Transactions During the reporting period, a significant related party transaction occurred: to support the business development of subsidiary Wufang New Materials, the company's controlling subsidiary Wufang Crystal increased its capital in Wufang New Materials by 20 million yuan using its own funds. After the capital increase, Wufang Crystal's shareholding in Wufang New Materials increased from 77.00% to 84.67% - The company's controlling subsidiary Wufang Crystal increased its capital in Wufang New Materials by 20 million yuan, raising its shareholding to 84.67%[76] Significant Contracts and Their Performance During the reporting period, the company had no significant contracts concerning trusteeship, contracting, major guarantees, or wealth management. Regarding leases, the company acted as a lessee for office space and dormitories, while its subsidiary Wufang Materials, as a lessor, rented out some production facilities, office buildings, and dormitories to other companies - The company had no trusteeship, contracting, major guarantees, entrusted wealth management, or other significant contracts[77][78][82][83][84] - The company engaged in normal operating lease activities, leasing office and accommodation premises as a lessee, and leasing out some factory buildings and dormitories as a lessor (through its subsidiary Wufang Materials)[79][80] Share Changes and Shareholder Information Share Change Status During the reporting period, the company's total share capital remained unchanged at 291,665,352 shares. There was a minor change in share structure, with restricted shares increasing by 67,099 shares due to recalculation of executive lock-up quotas. Additionally, the company completed a share repurchase plan on April 28, 2025, repurchasing a cumulative 3 million shares, accounting for 1.03% of total share capital, for a total of 41.33 million yuan - The company's total share capital remained unchanged at 291,665,352 shares[89] - The share repurchase plan has been completed, with a cumulative 3,000,000 shares repurchased, representing 1.03% of total share capital, for a total transaction amount of 41.33 million yuan[91] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 44,603 common shareholders. The controlling shareholder and actual controller, Liao Binbin, held 28.44% of shares. Among the top ten shareholders, Liao Binbin, Wei Lei, and Huan Weiwei were the main individual shareholders, holding 28.44%, 4.88%, and 4.33% respectively - The total number of common shareholders at the end of the reporting period was 44,603[96] Top Three Shareholders' Shareholding | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Liao Binbin | Domestic Individual | 28.44% | 82,954,368 | | Wei Lei | Domestic Individual | 4.88% | 14,222,992 | | Huan Weiwei | Domestic Individual | 4.33% | 12,628,000 | Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related matters during this reporting period[102] Financial Report Audit Report This semi-annual financial report is unaudited - The company's 2025 semi-annual financial report is unaudited[104] Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025 Consolidated Balance Sheet As of June 30, 2025, the company's total assets were 2.06 billion yuan, total liabilities were 292.83 million yuan, and total equity attributable to parent company owners was 1.76 billion yuan, with both total assets and shareholder equity slightly decreasing compared to the beginning of the year Key Items from Consolidated Balance Sheet (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 2,056,200,618.14 | | Total Liabilities | 292,826,621.73 | | Total Equity Attributable to Parent Company Owners | 1,762,106,344.89 | Consolidated Income Statement In the first half of 2025, the company achieved total operating revenue of 612.00 million yuan, operating profit of 30.52 million yuan, total profit of 30.11 million yuan, net profit of 27.43 million yuan, and net profit attributable to parent company shareholders of 27.61 million yuan Key Items from Consolidated Income Statement (H1 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 612,004,410.31 | | Operating Profit | 30,524,228.38 | | Total Profit | 30,113,144.41 | | Net Profit | 27,434,232.16 | | Net Profit Attributable to Parent Company Shareholders | 27,606,766.91 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was 7.90 million yuan, net cash flow from investing activities was -29.12 million yuan, and net cash flow from financing activities was -120 million yuan, resulting in a net decrease in cash and cash equivalents of 139.42 million yuan Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 7,902,300.46 | | Net Cash Flow from Investing Activities | -29,122,100.17 | | Net Cash Flow from Financing Activities | -119,776,839.14 | | Net Increase in Cash and Cash Equivalents | -139,420,152.16 | Notes to Consolidated Financial Statement Items This section provides detailed explanations for key items in the consolidated financial statements. Accounts receivable significantly increased due to higher revenue, with the top five customers accounting for over 80%, indicating high customer concentration. Inventory size increased, with finished goods being the main component. Revenue growth was primarily driven by infrared cut-off filters in the main business Accounts Receivable At period-end, the book value of accounts receivable increased to 168 million yuan, a significant rise from 96.04 million yuan at the beginning of the period. The vast majority of receivables were within one year. Accounts receivable from the top five customers collectively accounted for 80.84% of the total, indicating high customer concentration - The book balance of accounts receivable at period-end was 176.92 million yuan, a significant increase from 101.91 million yuan at the beginning of the period[227][230] - Accounts receivable from the top five debtors by period-end balance collectively accounted for 80.84% of the total, with a corresponding bad debt provision of 7.15 million yuan[236] Inventories At period-end, the book value of inventories was 185 million yuan, an increase from 169 million yuan at the beginning of the period. Finished goods constituted the largest portion at 76.24 million yuan. During this period, an inventory write-down of 2.25 million yuan was recognized Inventory Classification (Period-End) | Item | Book Value (yuan) | | :--- | :--- | | Raw Materials | 60,587,016.68 | | Work-in-Progress | 39,872,098.25 | | Finished Goods | 76,239,535.86 | | Goods in Transit | 8,578,731.29 | | Total | 185,498,577.77 | - An inventory write-down of 2.25 million yuan was recognized this period, while 2.07 million yuan of provisions from the beginning of the period were reversed[268]