Important Notes, Table of Contents, and Definitions The report ensures accuracy and completeness, includes forward-looking statements, and outlines the 2025 interim profit distribution plan - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility; all directors attended the review meeting2 - Forward-looking statements, including future plans, do not constitute substantial commitments to investors, who should be aware of associated risks2 - The board of directors approved the 2025 interim profit distribution plan: based on a total share capital of 80,000,000 shares, a cash dividend of RMB 4.00 per 10 shares (tax inclusive) will be distributed2 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, key financial performance, and non-recurring gains and losses for the reporting period Company Profile Zhejiang Huaye Plastic Machinery Co., Ltd. (stock abbreviation: Zhejiang Huaye, stock code: 301616) is a company listed on the Shenzhen Stock Exchange, with Xia Zengfu as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Zhejiang Huaye | | Stock Code | 301616 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xia Zengfu | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 10.56% year-on-year, and net profit attributable to shareholders grew by 6.66%; however, net cash flow from operating activities significantly decreased by 197.05% due to increased purchases of goods and services, while total assets and net assets attributable to shareholders increased by 22.03% and 43.84% respectively from the end of the prior year, primarily benefiting from IPO proceeds Key Financial Data for H1 2025 | Indicator | Current Reporting Period | Prior Year Period | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 478.49 million | 432.79 million | 10.56% | | Net Profit Attributable to Shareholders (RMB) | 47.67 million | 44.69 million | 6.66% | | Net Cash Flow from Operating Activities (RMB) | -53.58 million | -18.04 million | -197.05% | | Basic Earnings Per Share (RMB/share) | 0.68 | 0.74 | -8.11% | | Indicator | End of Current Reporting Period | End of Prior Year | Year-on-year Change | | Total Assets (RMB) | 1.85 billion | 1.52 billion | 22.03% | | Net Assets Attributable to Shareholders (RMB) | 1.33 billion | 922.10 million | 43.84% | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to -0.89 million RMB, primarily comprising 6.48 million RMB from disposal of non-current assets and 5.15 million RMB in listing-related service and consulting fees Non-recurring Gains and Losses Items | Item | Amount (million RMB) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 6.48 | | Government grants | 0.43 | | Other non-operating income and expenses | -2.80 | | Other items meeting the definition of non-recurring gains and losses | -5.15 | | Total | -0.89 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, core strengths, financial position, investment activities, and strategic risk management during the reporting period Overview of Main Business The company specializes in R&D, production, and sales of core components for plastic molding equipment, including screws, barrels, and tie bars; in H1 2025, driven by 'trade-in' policies and demand from new energy vehicles and 3C electronics, the company achieved RMB 478 million in revenue, a 10.56% year-on-year increase, maintaining its leading position in China's plastic machinery screw and barrel market for three consecutive years - The company's main business involves the R&D, production, and sales of core components for plastic molding equipment, primarily applied in automotive, home appliance, 3C products, and plastic packaging sectors23 Operating Results for H1 2025 | Indicator | Amount (million RMB) | Year-on-year Growth | | :--- | :--- | :--- | | Operating Revenue | 478.49 | 10.56% | | Net Profit Attributable to Shareholders | 47.67 | 6.66% | | Orders on Hand | 188.89 | -8.48% | - According to statistics from the China Plastics Machinery Industry Association, from 2022 to 2024, the company's market share for plastic machinery screws and barrels in China was 12%, 12.5%, and 13.2% respectively, ranking first in the market for all three years42 Analysis of Core Competencies The company's core competencies span six areas: R&D technology, customer resources, production management, product quality, customized production capabilities, and leading key technical indicators; it holds multiple core patents, maintains long-term partnerships with leading plastic molding equipment manufacturers globally, and delivers customized products exceeding industry standards through advanced information management and stringent quality control - The company holds 132 patents, including 17 invention patents, mastering core technologies such as wear-resistant manufacturing for barrels and screws47 - The company has established long-term and stable cooperative relationships with leading domestic and international plastic molding equipment manufacturers such as Engel, Husky, Yizumi, and Haitian International49 - The company's screw and barrel products surpass both industry standards and Zhejiang Manufacturing Group Standards in key technical indicators such as nitrided surface hardness, quenched and tempered hardness, and surface roughness5455 Main Business Analysis During the reporting period, the company's main business revenue grew steadily, with core products barrel and screw, and tie bars, increasing by 13% and 10% respectively; administrative expenses surged by 60.89% due to listing fees and increased employee compensation, while financial expenses significantly decreased by 89.04% due to reduced loan balances; net cash flows from operating and investing activities were negative, primarily due to increased purchases of goods and services and structured deposits, while net cash flow from financing activities surged due to IPO proceeds Year-on-year Changes in Key Financial Data | Item | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | | Administrative expenses | 60.89% | Primarily due to increased listing expenses and employee compensation | | Financial expenses | -89.04% | Primarily due to reduced interest expenses from decreased loan balances | | Net cash flow from operating activities | -197.05% | Primarily due to increased purchases of goods and services | | Net cash flow from investing activities | -276.16% | Primarily due to the purchase of structured deposits | | Net cash flow from financing activities | 1,995.46% | Primarily due to the issuance of tradable shares and proceeds from fundraising | Operating Revenue by Product (RMB) | Product | Operating Revenue (million RMB) | Year-on-year Change in Operating Revenue | | :--- | :--- | :--- | | Barrel and screw | 322.03 | 13.00% | | Tie bars | 149.85 | 10.00% | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets reached RMB 1.85 billion, a 22.03% increase from the prior year-end; significant asset changes included a substantial increase in cash and cash equivalents due to the IPO, raising its proportion by 7.94 percentage points, and RMB 70.04 million in new financial assets held for trading from structured deposits; on the liability side, both short-term and long-term borrowings significantly decreased, primarily due to bank loan repayments and reclassification of long-term borrowings to current liabilities Changes in Key Balance Sheet Items | Item | Percentage of Total Assets (Period-end) | Percentage of Total Assets (Year-start) | Change in Proportion (percentage points) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 25.79% | 17.85% | 7.94% | Primarily due to the issuance of tradable shares and proceeds from fundraising | | Financial assets held for trading | 3.78% | 0.00% | 3.78% | Due to the purchase of structured deposits | | Short-term borrowings | 4.21% | 9.31% | -5.10% | Primarily due to repayment of bank loans | | Long-term borrowings | 0.00% | 2.59% | -2.59% | Primarily due to reclassification of long-term borrowings to non-current liabilities due within one year | - As of the end of the reporting period, the company had RMB 112 million in restricted assets, primarily comprising fixed assets and intangible assets pledged for borrowings, and cash and cash equivalents held as collateral6768 Analysis of Investment Activities During the reporting period, the company's investment amounted to RMB 101 million, a 614.17% year-on-year increase, primarily due to using RMB 70 million of raised funds to purchase structured deposits; the company completed its IPO in March 2025, raising net proceeds of RMB 383 million, of which RMB 117 million has been utilized for projects such as production base construction and intelligent technological upgrades, with some projects delayed due to implementation schedule adjustments - Investment during the reporting period was RMB 100.54 million, a significant increase of 614.17% compared to RMB 14.08 million in the prior year period69 - The company used RMB 70 million of raised funds to purchase other financial products (structured deposits), resulting in a fair value change gain of RMB 44,780 during the reporting period71 - The company listed on March 27, 2025, with net proceeds from fundraising of RMB 382.95 million; as of the end of the reporting period, RMB 116.74 million has been cumulatively utilized, representing 30.49% of the total, with RMB 266.38 million of unutilized raised funds remaining7475 Risks and Countermeasures The company faces three main risks: core technology leakage and loss of key technical personnel, insufficient innovation capability, and intensified market competition; to mitigate these, the company plans to attract and cultivate talent through improved incentive mechanisms, increase R&D investment in core technologies, and leverage existing customer resources and quality advantages to continuously strengthen its industry leadership - Core risks include: technology leakage and talent loss, inability of innovation capabilities to keep pace with market trends, and intensified competition due to low industry concentration878889 - Countermeasures include: establishing multi-level incentive mechanisms to retain talent, increasing investment in core technology products, and improving the quality system to consolidate industry leadership878890 Corporate Governance, Environment, and Society This section details the company's profit distribution plan and its commitment to environmental protection and social responsibility initiatives Profit Distribution Plan The company proposed a 2025 interim profit distribution plan to distribute a cash dividend of RMB 4.00 per 10 shares (tax inclusive) to all shareholders, based on a total share capital of 80 million shares, totaling RMB 32 million in cash dividends, with no bonus shares or capital reserve conversions involved 2025 Interim Profit Distribution Plan | Item | Content | | :--- | :--- | | Dividend per 10 shares (RMB, tax inclusive) | 4.00 | | Bonus shares per 10 shares (shares) | 0 | | Share capital base for distribution plan (shares) | 80,000,000 | | Cash dividend amount (RMB, tax inclusive) | 32,000,000.00 | Environmental and Social Responsibility The company and its main subsidiaries are included in the list of enterprises required to disclose environmental information; regarding social responsibility, the company actively fulfills its information disclosure obligations, communicates with investors through diverse channels, adheres to a 'people-oriented' talent philosophy, safeguards employee rights, and actively participates in public welfare activities to give back to society - The company has been included in the 'Zhoushan City 2025 Annual Enterprise Environmental Information Disclosure List,' with relevant information available on the Zhejiang Provincial Department of Ecology and Environment website96 - The company actively fulfills its social responsibilities, including standardizing investor relations management, safeguarding employee rights, and participating in community building and charitable activities9798 Significant Matters This section addresses the company's ongoing commitments, significant related party transactions, and the status of major contracts during the reporting period Commitments During the reporting period, commitments made by the company, its actual controllers, shareholders holding over 5% equity, and directors, supervisors, and senior management regarding share lock-up, reduction intentions, share price stabilization, avoidance of horizontal competition, and standardization of related party transactions during the initial public offering were all being fulfilled normally, with no overdue unfulfilled commitments - The company's actual controllers Xia Zengfu, Xia Yujian, Shen Chunyan, and other core shareholders and senior executives committed to a 36-month lock-up period for their shares starting from the listing date (March 27, 2025)99100 - The company, controlling shareholders, directors (excluding independent directors), and senior management have all committed to stabilizing the share price, pledging to initiate buyback or增持 measures if the share price consistently falls below net asset value per share within three years of listing107108 Significant Related Party Transactions During the reporting period, the company's significant related party transactions primarily involved purchasing steel from Zhejiang Jinxin Trading Co., Ltd., a related party, totaling RMB 15.81 million, accounting for 9.37% of similar transactions; other related party transactions included factory leasing and scrap material sales, all within the annual estimated limits Key Recurring Related Party Transactions | Related Party | Type of Related Party Transaction | Transaction Content | Transaction Amount (million RMB) | Percentage of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinxin Trading Co., Ltd. | Purchase of goods | Purchase of steel | 15.81 | 9.37% | | Zhoushan Jinji Material Co., Ltd. | Factory lease | Property lease | 0.70 | 22.25% | | Zheng Guojin | Sale of goods | Sale of scrap materials | 3.06 | 57.13% | Major Contracts and Their Performance During the reporting period, the company had several lease contracts, including leasing out part of its factory rooftops for photovoltaic power generation and leasing in production workshops and office spaces for operational needs; additionally, the company provided a general guarantee of RMB 10 million for its wholly-owned subsidiary, Zhejiang Huading Machinery Co., Ltd - The company leased out part of its factory rooftops to Zhoushan Haiye New Energy Co., Ltd. for a photovoltaic project, with priority use of the generated electricity129 - The company provided a guarantee for its subsidiary, Zhejiang Huading Machinery Co., Ltd., with an actual guarantee balance of RMB 10 million at the end of the reporting period132133 Share Changes and Shareholder Information This section details the company's share capital changes and the ownership structure of its shareholders during the reporting period Share Capital Changes During the reporting period, the company's total share capital increased from 60 million shares to 80 million shares due to the initial public offering of 20 million new shares on the Shenzhen Stock Exchange ChiNext board on March 27, 2025; unrestricted shares increased from 0 to 20 million shares, accounting for 25% of the total share capital Share Capital Changes (shares) | Share Class | Quantity Before Change (shares) | Change in Current Period (shares) | Quantity After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 60,000,000 | 0 | 60,000,000 | 75.00% | | II. Unrestricted Shares | 0 | +20,000,000 | 20,000,000 | 25.00% | | III. Total Shares | 60,000,000 | +20,000,000 | 80,000,000 | 100.00% | Shareholder Numbers and Shareholding Structure As of the end of the reporting period, the company had 10,996 common shareholders; the top three shareholders are actual controller family members Xia Yujian, Shen Chunyan, and Xia Zengfu, collectively holding over 56% of shares; all top ten shareholders hold restricted shares, indicating a stable shareholding structure - As of the end of the reporting period, the company had a total of 10,996 common shareholders152 Top Five Shareholders' Shareholding Information | Shareholder Name | Shareholding Percentage | Shares Held at Period-end | Restricted Shares Held | | :--- | :--- | :--- | :--- | | Xia Yujian | 28.13% | 22,504,802 | 22,504,802 | | Shen Chunyan | 14.07% | 11,252,401 | 11,252,401 | | Xia Zengfu | 13.89% | 11,114,816 | 11,114,816 | | Zhoushan Archipelago New Area Financial Investment Co., Ltd. | 6.50% | 5,201,110 | 5,201,110 | | Wang Jianli | 4.24% | 3,392,725 | 3,392,725 | Bond-Related Information The company had no bond-related activities or outstanding bonds during the reporting period - During the reporting period, the company had no bond-related information159 Financial Report This section presents the company's unaudited interim financial statements, including key accounting policies and detailed notes on significant financial statement items Financial Statements This section provides the company's unaudited H1 2025 consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in equity; financial data indicates a significant expansion in asset scale post-IPO, sustained growth in revenue and profit, but pressure on operating cash flow - The company's semi-annual financial report is unaudited159 Consolidated Balance Sheet Summary (RMB) | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 1.85 billion | 1.52 billion | | Total Liabilities | 524.78 million | 594.68 million | | Total Equity | 1.33 billion | 924.80 million | Consolidated Income Statement Summary (RMB) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 478.49 million | 432.79 million | | Total Profit | 57.86 million | 51.73 million | | Net Profit | 47.97 million | 45.11 million | Significant Accounting Policies and Estimates This section elaborates on the fundamental principles guiding the company's financial statement preparation, including enterprise accounting standards, accounting period, and functional currency, and describes significant accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, and revenue recognition; the company's accounting policies remained unchanged during the reporting period - Financial statements are prepared on a going concern basis, adhering to enterprise accounting standards190193 - For revenue recognition, the company's product sales represent performance obligations satisfied at a point in time; domestic sales revenue is recognized upon customer acceptance and reconciliation, while export sales revenue is recognized after customs clearance and obtaining the bill of lading283284285 - R&D expenditures are expensed as incurred, primarily including personnel costs, direct inputs, and depreciation expenses263433 Notes to Consolidated Financial Statement Items This section provides detailed notes on key items in the consolidated financial statements; cash and cash equivalents at period-end totaled RMB 478 million, with RMB 28.77 million as restricted deposits; accounts receivable had a period-end balance of RMB 277 million, with a bad debt provision of RMB 7.69 million, resulting in a book value of RMB 269 million; inventories amounted to RMB 284 million, with an impairment provision of RMB 8.82 million; capital reserves significantly increased to RMB 858 million due to the IPO - Period-end cash and cash equivalents totaled RMB 478 million, comprising RMB 449 million in bank deposits and RMB 28.77 million in restricted deposits304384 - Period-end accounts receivable had a book balance of RMB 277 million, with a bad debt provision of RMB 7.69 million, resulting in a book value of RMB 269 million; the top five customers accounted for 32.34% of total accounts receivable320327 - Capital reserves were RMB 521 million at the beginning of the period, increased by RMB 337 million due to the IPO in the current period, reaching RMB 858 million at period-end418
浙江华业(301616) - 2025 Q2 - 季度财报