金银河(300619) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential notices, the report's table of contents, and definitions of key terms for comprehensive understanding Important Notice The board and senior management ensure report accuracy, with no interim profit distribution planned, and highlight major risks for investors - Company management guarantees the report's truthfulness, accuracy, and completeness, highlighting six major risks including raw material price fluctuations, macroeconomic volatility, gross margin decline, accounts receivable bad debts, new technology R&D, and technology leakage risks[5] - The company's 2025 half-year profit distribution plan includes no cash dividends, bonus shares, or capital reserve conversions[6] Definitions This chapter defines key terms used in the report, including the company, its subsidiaries, and core business-related professional terminology - The report clarifies "Company" refers to Foshan Jinyihe Intelligent Equipment Co., Ltd., listing its wholly-owned and controlled subsidiaries like Tianbaoli, Jiangxi Anderli, and Jiangxi Jindeli[14] - Technical terms related to core businesses are defined, including organosilicon, high-temperature adhesive, lithium battery, electrode slurry, and rare metal materials rubidium and cesium salts[14][16] - The reporting period is defined as January 1, 2025, to June 30, 2025[16] Company Profile and Key Financial Indicators This section outlines the company's basic information and presents its key financial performance metrics for the reporting period Company Profile This chapter provides the company's basic commercial information, including its stock name, code, listing exchange, and legal representative Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Jinyihe | | Stock Code | 300619 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhang Qifa | Key Accounting Data and Financial Indicators The company's financial performance significantly declined, with revenue down 17.70% and net loss widening to 42.17 million yuan, despite improved operating cash flow Key Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 660,199,765.60 | 802,183,922.03 | -17.70% | | Net Profit Attributable to Shareholders (RMB) | -42,165,009.80 | -13,004,485.82 | -224.23% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (RMB) | -43,975,397.69 | -19,978,483.14 | -120.11% | | Net Cash Flow from Operating Activities (RMB) | -38,495,503.55 | -394,871,069.04 | 90.25% | | Basic Earnings Per Share (RMB/share) | -0.2423 | -0.0747 | -224.36% | | Weighted Average Return on Net Assets | -2.74% | -0.78% | -1.96% | | Indicator | Period-End (RMB) | Prior Year-End (RMB) | YoY Change | | Total Assets (RMB) | 4,326,834,909.82 | 4,206,844,685.96 | 2.85% | | Net Assets Attributable to Shareholders (RMB) | 1,523,510,906.74 | 1,553,834,897.27 | -1.95% | Non-Recurring Gains and Losses and Amounts The company's non-recurring gains and losses totaled 1.81 million yuan, primarily from government subsidies recognized in the current period Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -72,720.00 | | Government Subsidies Recognized in Current Period P&L | 2,052,051.28 | | Other Non-Operating Income and Expenses | -75,143.64 | | Less: Income Tax Impact | 93,799.75 | | Total | 1,810,387.89 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and risk management strategies Principal Business Activities During the Reporting Period The company's core business encompasses high-end intelligent equipment manufacturing for new energy batteries and organosilicon, alongside new material production - The company's main business is divided into two segments: high-end intelligent equipment manufacturing (new energy battery equipment, organosilicon equipment) and new material production (organosilicon materials, new energy alkali metal materials, etc.)[30] - In the new energy equipment sector, the company is a leading domestic supplier of continuous automatic slurry mixing lines for lithium/sodium batteries, offering integrated intelligent manufacturing solutions for positive and negative electrode sheets[30] - In the organosilicon equipment sector, the company is a leading domestic enterprise, providing fully automatic production lines for various materials including solar photovoltaic adhesive, high-temperature adhesive, and liquid silicone rubber[30][31] - Through its subsidiary Jiangxi Jindeli, the company possesses green high-value full-element extraction technology for lepidolite, producing battery-grade lithium carbonate and high-value-added by-products like rubidium and cesium salts[31][41] Analysis of Core Competencies The company's core strengths lie in its leading technology, strong R&D, intelligent products, brand advantage, and 'equipment + materials' dual-driven strategy - Core technological advantage: The company's independently developed twin-screw fully automatic continuous production line technology, successfully applied in organosilicon and lithium battery slurry production, holds a leading position in the industry[56] - Leading lepidolite extraction technology: The independently developed "sulfate mineral phase reconstruction-phase equilibrium control" lepidolite high-value clean utilization process and equipment project has been evaluated by two academicians as reaching international leading levels, achieving efficient and low-cost extraction of lithium, rubidium, and cesium elements[56][57] - Strong R&D and intellectual property strength: As of June 30, 2025, the company and its subsidiaries collectively hold 83 invention patents, 251 utility model patents, and 55 computer software copyrights[60][105] - Brand and market position: The company is a dual-leader in domestic lithium battery continuous pulping equipment and organosilicon equipment, honored as a national "Little Giant" enterprise specializing in niche sectors and a National Intellectual Property Advantage Enterprise[65][66] Analysis of Principal Business Principal business revenue decreased by 17.70%, primarily due to a 24.74% drop in equipment manufacturing, while material businesses showed resilience with slight growth Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 660,199,765.60 | 802,183,922.03 | -17.70% | | Operating Cost | 543,479,807.90 | 662,789,968.63 | -18.00% | | Net Cash Flow from Operating Activities | -38,495,503.55 | -394,871,069.04 | 90.28% | | Net Cash Flow from Investing Activities | -86,069,271.68 | -123,430,636.37 | 30.27% | Operating Performance by Product or Service | Product/Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Production Equipment | 320,885,619.40 | 240,600,276.95 | 25.02% | -25.99% | | Organosilicon Production Equipment | 118,940,993.28 | 97,971,077.72 | 17.63% | -21.14% | | Organosilicon Products | 129,372,414.42 | 120,398,276.37 | 6.94% | 2.80% | | Lepidolite Full-Element High-Value Comprehensive Utilization Products | 59,051,745.99 | 53,343,004.42 | 9.67% | 16.04% | Analysis of Assets and Liabilities Total assets increased by 2.85% to 4.33 billion yuan, with inventory and construction in progress rising, and 546.07 million yuan of assets restricted - Inventory as a percentage of total assets increased from 14.15% at year-end to 19.03%, while construction in progress rose from 5.92% to 8.02%[77][78] - Contract liabilities as a percentage of total assets increased from 3.16% at year-end to 5.51%, indicating an increase in customer prepayments[78] Asset Restriction Status | Item | Book Value at Period-End (RMB) | Restriction Type | | :--- | :--- | :--- | | Cash and Cash Equivalents | 172,568,014.03 | Guarantees, Deposits | | Fixed Assets | 238,726,382.10 | Mortgage | | Intangible Assets | 131,653,324.52 | Mortgage | | Investment Properties | 3,124,089.46 | Mortgage | | Total | 546,071,810.11 | | Analysis of Investment Status No new major investments were made, with significant ongoing non-equity investments in Jindeli's plant and rubidium-cesium salt projects, totaling 843.64 million yuan Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Amount Invested in Current Period (RMB) | Cumulative Actual Investment at Period-End (RMB) | Project Progress | | :--- | :--- | :--- | :--- | | Jindeli Plant and Equipment Project | 2,016,290.02 | 604,225,402.14 | 99.99% | | Jindeli Rubidium and Cesium Salt and By-product Processing Project | 73,546,418.17 | 239,414,516.02 | 79.80% | | Total | 75,562,708.19 | 843,639,918.16 | | - The net proceeds from the 2023 private placement of shares were 632 million yuan, with 162 million yuan cumulatively used as of the reporting period end, representing a utilization rate of 25.60%, leaving 475 million yuan unused[87] Analysis of Major Holding and Participating Companies Major subsidiaries, including Tianbaoli, Jiangxi Anderli, and Jiangxi Jindeli, all reported net losses during the reporting period, despite varying revenue levels Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Foshan Tianbaoli Silicon Engineering Technology Co., Ltd. | 182,065,837.00 | -3,965,743.13 | -4,059,701.44 | | Jiangxi Anderli High-Tech Co., Ltd. | 290,766,425.68 | -25,422,558.88 | -25,625,725.11 | | Jiangxi Jindeli New Energy Technology Co., Ltd. | 76,343,335.95 | -25,569,890.85 | -22,257,486.01 | Risks Faced by the Company and Countermeasures The company addresses six key risks, including raw material price volatility, macroeconomic downturns, gross margin decline, and bad debts, through strategic management - Raw material price fluctuation risk: Direct material costs constitute a high proportion of product costs, making price volatility significantly impact profitability; countermeasures include diversifying procurement channels and improving supplier management[101] - Macroeconomic fluctuation risk: Slowdown in downstream organosilicon and lithium battery industries' investment may lead to decreased product demand; countermeasures involve strengthening technological innovation and lean management[102] - Accounts receivable bad debt risk: As of June 2025, net accounts receivable reached 1.173 billion yuan, accounting for 27.12% of total assets, posing bad debt risks; countermeasures include strengthening customer credit management and collection efforts[103] Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including board and supervisory committee appointments, and its environmental and social responsibilities Changes in the Company's Directors, Supervisors, and Senior Management Due to re-election, the company's board and supervisory committee members changed, with new appointments and departures of several directors and supervisors - On January 15, 2025, due to re-election, several directors, independent directors, and supervisors changed, including new appointments and departures upon term expiration[108][109] Significant Matters This section details significant events and transactions, including major contracts, litigation, and other material developments affecting the company Major Contracts and Their Performance The company has various ongoing lease agreements and provided 700 million yuan in guarantees for subsidiaries, with an actual outstanding balance of 352.32 million yuan - The company and its subsidiaries have multiple ongoing property lease contracts, primarily for warehouses, offices, and dormitories[130] Guarantees for Subsidiaries | Item | Amount (10,000 RMB) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period | 70,000 | | Total Actual Guarantees Provided to Subsidiaries During Reporting Period | 19,318.57 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 35,232.17 | | Ratio of Total Actual Guarantees to Company's Net Assets | 23.13% | Share Changes and Shareholder Information This section details changes in the company's share capital, including capital reserve conversions, and provides an overview of its shareholder structure Share Changes The company's total share capital increased from 134 million to 174 million shares due to a capital reserve to share capital conversion, altering share proportions - The company implemented a capital reserve to share capital conversion plan of "3 shares for every 10 shares", increasing total share capital from 133,845,891 shares to 173,999,658 shares[142] - Due to the capital reserve to share capital conversion, the company recalculated prior period's earnings per share, adjusting basic EPS from -0.0972 RMB/share to -0.0747 RMB/share[143] Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 26,119 common shareholders, with the actual controller Zhang Qifa and his concerted parties holding 22.63% - At the end of the reporting period, the company had 26,119 shareholders[146] Top Three Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Shares Held at Period-End | Number of Restricted Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | :--- | | Zhang Qifa | 21.05% | 36,622,024 | 27,466,518 | 15,782,000 | | Guangzhou Haihui Wealth Venture Capital Enterprise (Limited Partnership) | 9.28% | 16,144,628 | 0 | 0 | | Liang Ke | 4.31% | 7,499,490 | 0 | 3,471,390 | - Actual controller Zhang Qifa and Foshan Baoyueshan Enterprise Management Co., Ltd. are concerted parties, holding a combined 22.63% of shares[147][719] Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Not Applicable The company had no bond-related matters during the reporting period - The company had no bond-related matters during this reporting period[153] Financial Report This section presents the company's unaudited semi-annual consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Financial Statements This chapter provides the company's unaudited semi-annual consolidated and parent company financial statements, reflecting its financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, total assets were 4.33 billion yuan, total liabilities 2.69 billion yuan, and equity attributable to parent company 1.52 billion yuan Key Items from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 4,326,834,909.82 | | Accounts Receivable | 1,034,685,382.60 | | Inventories | 823,294,291.33 | | Fixed Assets | 1,098,881,178.30 | | Total Liabilities | 2,690,986,076.80 | | Short-term Borrowings | 1,103,343,310.48 | | Accounts Payable | 507,356,586.55 | | Total Equity Attributable to Parent Company Owners | 1,523,510,906.74 | Consolidated Income Statement In H1 2025, operating revenue was 660 million yuan, resulting in an operating loss of 48.68 million yuan and a net loss of 42.17 million yuan attributable to parent company shareholders Key Items from Consolidated Income Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 660,199,765.60 | | Total Operating Costs | 699,523,862.42 | | Including: Operating Costs | 543,479,807.90 | | R&D Expenses | 40,743,301.76 | | Operating Profit | -48,683,496.34 | | Total Profit | -48,749,801.32 | | Net Profit | -47,314,600.44 | | Net Profit Attributable to Parent Company Shareholders | -42,165,009.80 | Consolidated Cash Flow Statement H1 2025 saw net cash outflow from operating activities of 38.50 million yuan, a significant improvement, with a period-end cash balance of 293 million yuan Consolidated Cash Flow Statement Summary (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -38,495,503.55 | | Net Cash Flow from Investing Activities | -86,069,271.68 | | Net Cash Flow from Financing Activities | 79,644,763.16 | | Net Increase in Cash and Cash Equivalents | -45,059,045.95 | | Cash and Cash Equivalents at Period-End | 292,858,321.21 | Significant Accounting Policies and Estimates This chapter details the company's accounting standards, period, and currency, along with policies for financial instruments, revenue, inventory, and fixed assets - Revenue recognition methods: For equipment requiring installation and commissioning, revenue is recognized upon customer installation, commissioning, and acceptance; for material products, revenue is recognized upon customer acceptance and obtaining the right to receive payment[336] - R&D expenditures: Research phase expenditures are expensed, while development phase expenditures meeting specific conditions are capitalized[311] - Significant accounting policy change: In accordance with "Interpretation No. 18 of Accounting Standards for Business Enterprises", the company retrospectively adjusted the accounting treatment for guarantee-type quality assurance, reclassifying relevant costs from "selling expenses" to "operating costs"[396][397]