浩通科技(301026) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board assures report accuracy, warns on forward-looking statements, and outlines the current period's profit distribution plan - The company's board of directors and senior management guarantee the report's content is true, accurate, and complete, assuming legal responsibility[3] - Forward-looking statements in the report are subject to uncertainties and do not constitute substantive commitments to investors[3] - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year period[4] Definitions This chapter defines key company abbreviations, industry terms like precious metal recycling and secondary resources, and business models such as self-production and entrusted processing, providing a basis for understanding the report - Key business terms are defined, including "precious metal recycling" for comprehensive utilization of secondary resources, "self-production and sales" for purchasing raw materials to produce and sell products, and "entrusted processing" for providing processing services and charging fees[10] Company Profile and Key Financial Indicators Company Profile This chapter provides basic company information, including stock abbreviation "Haotong Technology", stock code "301026", listing exchange (Shenzhen Stock Exchange), and legal representative Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Haotong Technology | | Stock Code | 301026 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xia Jun | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 22.13% year-on-year, while net profit attributable to shareholders increased by 9.45%; net cash flow from operating activities turned negative, decreasing by 130.60% year-on-year, and total assets grew by 35.35% from the end of the previous year Key Financial Performance | Key Financial Indicators | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,346,811,521.06 | 1,729,663,281.92 | -22.13% | | Net Profit Attributable to Shareholders | 84,087,251.06 | 76,826,298.80 | 9.45% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 70,654,020.66 | 61,285,862.06 | 15.29% | | Net Cash Flow from Operating Activities | -137,586,812.81 | 449,570,284.96 | -130.60% | | Basic Earnings Per Share (RMB/share) | 0.5332 | 0.4859 | 9.73% | | Weighted Average Return on Net Assets | 5.47% | 5.01% | 0.46% | Key Asset Indicators | Asset Indicators | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 4,119,464,384.02 | 3,043,455,043.58 | 35.35% | | Net Assets Attributable to Shareholders | 1,540,995,548.65 | 1,501,851,920.66 | 2.61% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 13,433,230.40, primarily from fair value changes of financial assets and liabilities held by non-financial enterprises, and gains/losses from entrusted investments Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises | 9,403,156.21 | | Gains/Losses from Entrusted Investments or Asset Management | 6,802,986.81 | | Government Grants | 50,000.00 | | Other Non-operating Income and Expenses | -75,333.02 | | Total After Income Tax and Minority Interest Impact | 13,433,230.40 | Management Discussion and Analysis Principal Business The company's core business involves precious metal recycling, new materials, and trade, utilizing self-production and entrusted processing models for platinum, palladium, rhodium, and silver recovery - The company's business core revolves around the recycling and value-added utilization of precious metals, forming three synergistic business segments: recycling, new materials, and trade[24][25] - Flexible operating models include "self-production and sales" where raw materials are purchased and products sold, and "entrusted processing" where recycling services are provided to customers for a fee[29][34] Analysis of Core Competencies The company's core competencies span brand, technology, integrated supply chain, intelligent information systems, capital, and customer resources, fostering strong partnerships and innovation - Brand Advantage: Long-term collaborations with renowned petrochemical enterprises like Sinopec and PetroChina establish high brand recognition within the industry[42][50] - Technological Advantage: Possesses multiple leading self-developed core technologies, participated in formulating 44 national and industry standards, and holds 32 patents (10 of which are invention patents)[43][44] - Industrial Chain Advantage: Offers integrated services from precious metal raw material supply and new material manufacturing to recycling, enhancing customer loyalty[45] - Intelligentization Advantage: Utilizes ERP, DCS, MES, and other systems to streamline, automate, and transparentize operational management information, improving efficiency[46] Analysis of Principal Business Operating revenue decreased by 22.13% due to reduced silver agent recycling, but operating profit increased by 42.63% from higher-margin products and price increases; precious metal recycling boasts the highest gross margin at 20.46% Key Financial Data and Changes | Key Financial Data | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,346,811,521.06 | 1,729,663,281.92 | -22.13% | Decrease in fast-moving silver agent recycling business | | Operating Cost | 1,247,578,151.02 | 1,623,916,306.37 | -23.17% | Decrease in fast-moving silver agent recycling business | | Operating Profit | 104,115,332.85 | 72,995,780.21 | 42.63% | Higher proportion of high-margin product revenue, price increase | | Net Profit | 84,722,578.11 | 76,349,560.50 | 10.97% | Increase in operating profit | | Net Cash Flow from Operating Activities | -137,586,812.81 | 449,570,284.96 | -130.60% | Increase in outright purchase business, acquisition of revolving inventory | Operating Performance by Product or Service | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Precious Metal Recycling | 392,199,686.28 | 311,954,367.27 | 20.46% | -41.29% | +10.74% | | Trading | 932,967,439.81 | 919,025,219.25 | 1.49% | -10.78% | -1.87% | | New Materials | 18,344,961.21 | 16,361,522.06 | 10.81% | 516.27% | -22.73% | Analysis of Assets and Liabilities Total assets reached RMB 4.119 billion, a 35.35% increase, driven by higher monetary funds and financial assets due to bill issuance guarantees, while short-term borrowings significantly increased to fund payments Asset and Liability Changes | Item | Amount at End of Current Period (RMB) | % of Total Assets | Amount at End of Prior Year (RMB) | End of Prior Year % of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 882,067,664.01 | 21.41% | 289,642,372.07 | 9.52% | +11.89% | Increase in bill issuance guarantee deposits (fixed deposits) | | Trading Financial Assets | 582,354,746.52 | 14.14% | 120,707,090.65 | 3.97% | +10.17% | Increase in bill issuance guarantee deposits (structured deposits) | | Accounts Receivable | 45,067,231.14 | 1.09% | 155,291,240.17 | 5.10% | -4.01% | Prior period receivables collected, timely current period collections | | Prepayments | 255,108,481.36 | 6.19% | 452,326,779.74 | 14.86% | -8.67% | Raw materials put into storage offset prepayments | | Short-term Borrowings | 1,550,680,000.00 | 37.64% | 568,900,000.00 | 18.69% | +18.95% | Increase in acceptance and letter of credit payments for goods | Analysis of Investment Status The company has completed all fundraising projects with 99.34% utilization, while also engaging in bank wealth management and futures investments to hedge precious metal price risks Use of Raised Funds The company has utilized RMB 468 million, or 99.34% of its raised funds, completing all pledged investment projects, with remaining funds allocated for final project payments - The company has substantially utilized its initial public offering funds, with a cumulative use of RMB 467.7514 million, representing 99.34% of the total[64] - All committed investment projects are completed, with the "Haobo New Materials Precious Metal Secondary Resource Comprehensive Utilization Project" and "New Precious Metal Secondary Resource Comprehensive Utilization Project" generating benefits in this reporting period[66][68] Entrusted Wealth Management, Derivative Investments, and Entrusted Loans The company invested RMB 93 million in bank wealth management and RMB 405.77 million in futures for hedging, representing 25.14% of net assets, managed under strict internal controls - The company invested RMB 93 million of its own funds in bank wealth management products during the reporting period, with RMB 32 million remaining outstanding[72] - To hedge risks, the company engaged in futures investments, with an outstanding investment amount of RMB 405.7705 million at period-end, accounting for 25.14% of the company's net assets[73] Analysis of Major Holding and Participating Companies Key subsidiaries Haotong Metal (trading) and Haobo (recycling) were primary profit contributors, while Singaporean subsidiary Haoxin reported a loss Performance of Major Subsidiaries | Company Name | Type | Principal Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Haotong Metal | Subsidiary | Precious Metal Trading | 714,538,131.81 | 12,924,594.65 | | Haobo | Subsidiary | Precious Metal Secondary Resource Recycling | 204,177,714.75 | 2,267,049.32 | | Haoxin | Subsidiary | Precious Metal Trading | 0.00 | -3,536,171.28 | Risks Faced by the Company and Countermeasures The company faces risks from precious metal price volatility, high customer concentration with major petrochemical firms, intensifying market competition, and evolving environmental policy impacts - Precious metal price volatility is a core risk, directly impacting the gross margin and profitability of the company's self-production and sales business[79] - High customer concentration, primarily relying on large petrochemical enterprises like Sinopec and PetroChina, means their operational or policy changes could affect the company[80] - The company faces intensified competition from international giants like Heraeus expanding their presence in the domestic market[81] - Stricter environmental policies may increase operating costs, while looser policies could diminish the company's competitive advantage in environmental compliance[82][84] Corporate Governance, Environment, and Society Corporate Governance The company's governance saw three supervisors depart due to the supervisory board's cancellation, the 2023 restricted stock incentive plan terminated due to unmet performance targets, and no half-year profit distribution planned - Due to the cancellation of the supervisory board, Chairman Yang Yong and two supervisors resigned on May 16, 2025[87] - The company terminated its 2023 restricted stock incentive plan due to changes in the industry market environment and failure to meet performance targets for two consecutive years[90] - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year period[88] Environmental and Social Responsibility The company is listed for environmental information disclosure, demonstrating commitment to compliance, and actively fulfills social responsibilities by protecting stakeholders and contributing to society - The company is listed in Xuzhou City's 2025 annual list of enterprises required to disclose environmental information by law[92] - The company actively fulfills its social responsibilities, including protecting the rights of shareholders and creditors, employees, suppliers and customers, as well as operating with integrity and paying taxes according to law[93][94][95] Significant Matters Significant Related Party Transactions The company engaged in routine related party transactions totaling RMB 31.1788 million with Shanghai Jintanglian Metal Co., Ltd. for procurement and sales, within approved limits and at market prices Related Party Transactions with Shanghai Jintanglian | Related Party | Type of Related Party Transaction | Amount of Related Party Transaction (RMB 10,000) | % of Similar Transactions | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Shanghai Jintanglian | Goods Procurement | 2,392.89 | - | No | | Shanghai Jintanglian | Goods Sales | 724.99 | - | No | | Total | - | 3,117.88 | - | - | Other Significant Matters The board approved a plan to issue convertible corporate bonds to unspecified investors, aiming to raise up to RMB 542.2376 million, pending shareholder approval - The company's board of directors has approved a plan to issue convertible corporate bonds, intending to raise a total of no more than RMB 542.2376 million, pending shareholder approval[119] Changes in Share Capital and Shareholder Information Changes in Share Capital The company's total share capital increased from approximately 113 million to 158 million shares due to a capital reserve to share capital transfer (4 shares for every 10), with some restricted shares held by directors, supervisors, and senior management also released - The company's total share capital increased from 113,333,334 shares to 158,273,987 shares due to a capital reserve to share capital transfer (4 shares for every 10 shares)[123][124] Shareholder Information As of the reporting period end, the company had 12,597 common shareholders, with actual controller Xia Jun holding 39.10% as the largest shareholder, and several public funds among the top ten Top Shareholders | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Xia Jun | Domestic Natural Person | 39.10% | 61,892,362 | | Lin Dejian | Domestic Natural Person | 2.63% | 4,165,700 | | Industrial Bank - GF Ruiyi Leading Mixed Fund | Other | 1.79% | 2,837,230 | | Niu Yong | Domestic Natural Person | 1.24% | 1,969,840 | | He Xuechao | Domestic Natural Person | 1.20% | 1,898,680 | Bond-Related Information Bond-Related Information The company has no bond-related matters to report during the current period - The company has no bond-related matters during this reporting period[135] Financial Report Audit Opinion This half-year financial report has not been audited - The company's 2025 half-year financial report is unaudited[137] Financial Statements This chapter presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes Consolidated Balance Sheet As of June 30, 2025, total assets were RMB 4.119 billion, total liabilities RMB 2.505 billion, and owners' equity attributable to the parent company RMB 1.541 billion, showing significant growth from the beginning of the period Consolidated Balance Sheet | Item | Balance at Period-End (RMB) | Balance at Period-Beginning (RMB) | | :--- | :--- | :--- | | Total Assets | 4,119,464,384.02 | 3,043,455,043.58 | | Total Liabilities | 2,505,157,596.23 | 1,468,927,210.83 | | Total Owners' Equity Attributable to Parent Company | 1,540,995,548.65 | 1,501,851,920.66 | Consolidated Income Statement In the first half of 2025, the company achieved total operating revenue of RMB 1.347 billion, total operating costs of RMB 1.296 billion, total profit of RMB 104 million, and net profit of RMB 84.72 million, with RMB 84.09 million attributable to parent company shareholders Consolidated Income Statement | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,346,811,521.06 | 1,729,663,281.92 | | Operating Profit | 104,115,332.85 | 72,995,780.21 | | Total Profit | 104,039,999.83 | 72,995,780.19 | | Net Profit | 84,722,578.11 | 76,349,560.50 | | Net Profit Attributable to Parent Company Shareholders | 84,087,251.06 | 76,826,298.80 | Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities was -RMB 138 million, from investing activities -RMB 734 million, and from financing activities RMB 935 million, resulting in a net increase in cash and cash equivalents of RMB 63.29 million Consolidated Cash Flow Statement | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -137,586,812.81 | 449,570,284.96 | | Net Cash Flow from Investing Activities | -734,461,082.27 | -871,281,889.35 | | Net Cash Flow from Financing Activities | 935,349,001.66 | 390,069,280.41 | | Net Increase in Cash and Cash Equivalents | 63,294,397.15 | -31,623,999.70 |