众智科技(301361) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides an important notice, outlines the report's structure, and defines key terms for clarity Important Notice The company's board and management assure the report's accuracy and completeness, with no profit distribution planned for the half-year - Company management guarantees the truthfulness, accuracy, and completeness of the report content[5] - The company highlighted potential risks such as declining market demand, intensified industry competition, and raw material price fluctuations[6] - The company plans no cash dividends, bonus shares, or capital reserve conversions for this half-year[7] Definitions This chapter defines professional terms and abbreviations used in the report, covering company entities, reporting period, industry terms, and certification standards - The reporting period refers to January-June 2025[16] - Core technical terms related to new energy and power systems, such as Energy Management System (EMS), Battery Management System (BMS), and Power Conversion System (PCS), are explained[16] Section II Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance and indicators for the reporting period Company Profile Zhengzhou SmartGen Technology Co., Ltd. (stock code: 301361) is a Shenzhen Stock Exchange-listed company, with no changes in basic information during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | SmartGen Technology | | Stock Code | 301361 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yang Xinzheng | Key Accounting Data and Financial Indicators The company achieved strong performance growth, with revenue up 36.58% and net profit attributable to shareholders up 41.19%, indicating healthy profitability 2025 Half-Year Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 131,969,917.34 | 96,624,375.53 | 36.58% | | Net Profit Attributable to Shareholders (RMB) | 42,584,181.68 | 30,160,451.75 | 41.19% | | Net Profit Excluding Non-Recurring Items (RMB) | 38,317,945.66 | 23,596,476.25 | 62.39% | | Net Cash Flow from Operating Activities (RMB) | 24,095,297.73 | 12,871,828.07 | 87.19% | | Basic Earnings Per Share (RMB/share) | 0.3660 | 0.2593 | 41.15% | | Weighted Average Return on Net Assets | 3.66% | 2.75% | Increased by 0.91 percentage points | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 4.266 million yuan, primarily from investment income of 4.663 million yuan from wealth management products Non-Recurring Gains and Losses Items Details | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Government Subsidies | 61,328.00 | Government subsidies received this period | | Gains/Losses from Financial Assets | 4,662,821.51 | Income from wealth management products | | Other Non-Operating Income/Expenses | 294,928.87 | - | | Less: Income Tax Impact | 752,842.36 | - | | Total | 4,266,236.02 | - | Section III Management Discussion and Analysis This section provides management's analysis of the company's operations, financial condition, and future outlook Principal Business The company's core business involves R&D, manufacturing, and sales of control systems for generator sets, engines, and new energy microgrid systems, benefiting from AI data center demand - The company belongs to the electrical machinery and equipment manufacturing industry (C38), with downstream markets primarily involving non-road internal combustion engines, low-voltage power distribution (ATS), and new/hybrid energy systems[31] - Sales of internal combustion engines for generator sets increased by 20.86% year-on-year, with exports up 33.35%, particularly driven by strong demand for backup power from AI-driven smart computing centers[36][37] - Company products are categorized into controllers (core products), components, and others, widely applied in emergency backup, smart computing centers, marine, and industrial/commercial energy storage scenarios[41] - In the new energy sector, the company has launched EMS, BMS, energy storage cabinets, and PCS products, with PCS products having received initial orders[49] Analysis of Core Competencies Core competencies include R&D, manufacturing, product quality, brand reputation, marketing, and corporate culture, supported by 479 patents and 10.50% R&D investment - The company emphasizes independent R&D, with R&D investment accounting for 10.50% of operating revenue during the reporting period[68] - As of the end of the reporting period, the company had obtained 479 authorized patents (including 36 invention patents) and 67 software copyrights[67] - Company products have passed multiple domestic and international certifications, including ISO9001, CE, UL, and CCS (China Classification Society), with marine series products also passing BV (Bureau Veritas) cybersecurity certification during the reporting period[73] - The company has been awarded national "Specialized, Refined, Unique, and New" "Little Giant" enterprise and National High-tech Enterprise honors, with the "SmartGen" brand maintaining high industry recognition[74] Analysis of Principal Business Principal business revenue grew by 36.58%, driven by increased sales of controller and component products, both showing improved gross margins Major Financial Data Year-on-Year Changes | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 131,969,917.34 | 96,624,375.53 | 36.58% | Increased sales demand for controller and component products | | Operating Cost | 54,872,338.44 | 42,044,108.54 | 30.51% | Increased sales volume led to corresponding cost increase | | Financial Expenses | -5,216,207.12 | -2,159,862.41 | -141.51% | Increased deposit interest | | Net Cash Flow from Operating Activities | 24,095,297.73 | 12,871,828.07 | 87.19% | Increased revenue and sales collection | Operating Revenue by Product Category (Over 10% Share) | Product Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue Year-on-Year Change | Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Controller Products | 76,729,817.57 | 23,905,655.62 | 68.84% | 21.41% | 8.95% | 3.56% | | Component Products | 44,916,002.25 | 26,526,310.59 | 40.94% | 76.20% | 63.83% | 4.46% | Analysis of Non-Principal Business Non-principal business gains primarily stemmed from 4.959 million yuan in investment income from wealth management products and 4.120 million yuan in VAT refunds for embedded software products Non-Principal Business Gains and Losses | Item | Amount (RMB) | Proportion of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 4,958,991.38 | 10.38% | Primarily income from bank wealth management products | | Other Income | 4,119,819.80 | 8.62% | Primarily VAT refunds for sales of embedded software products | Analysis of Assets and Liabilities Total assets increased to 1.23 billion yuan, with significant changes including a 41.08 million yuan increase in long-term equity investments and decreases in transactional financial assets and other non-current assets - Long-term equity investment increased from 0 to 41.0813 million yuan, accounting for 3.34% of total assets, primarily due to investment in Beijing Guangjianyun during the reporting period[83] - Transactional financial assets decreased by 47.2849 million yuan, with its proportion of total assets falling by 4.58%, mainly due to reduced purchases of wealth management products this period[83] - Other non-current assets decreased by 27.3020 million yuan, with its proportion of total assets falling by 2.69%, mainly due to a reduction in large-denomination certificates of deposit this period[83] Analysis of Investment Status Total investment was 911 million yuan, a 14.31% decrease, mainly in entrusted wealth management; raised funds utilization was 50.46%, with 344 million yuan unused, and some projects delayed to April 2027 - Reporting period investment amounted to 911 million yuan, a 14.31% year-on-year decrease[89] - As of the end of the reporting period, 356 million yuan of initial public offering (IPO) raised funds had been cumulatively used, representing 50.46% utilization, with 344 million yuan remaining unused[91][92] - The "SmartGen Technology Intelligent Controller Production Project" and "SmartGen Technology R&D and Testing Center Project" were delayed to April 30, 2027, due to macroeconomic and market environment factors affecting project implementation progress[94] - Entrusted wealth management amounted to 867 million yuan, including 600 million yuan from raised funds and 267 million yuan from own funds[99] Risks and Countermeasures The company faces market competition, sustainability of core business growth, and project delays, addressed by continuous innovation, market-driven R&D, and close project monitoring - Market competition risk: Primarily facing competitive pressure from leading multinational enterprises in the industry[104] - Risk of core business growth stagnation: If controller products and services, as core businesses, fail to adapt to future technological developments, growth may stagnate[105] - Risk of raised investment projects not meeting expectations: Macroeconomic and market uncertainties may lead to extended project construction periods or lower-than-expected benefits[106] Section IV Corporate Governance, Environment, and Society This section details the company's governance structure, environmental protection efforts, and social responsibility initiatives Corporate Governance No changes in directors or senior management; the company revised its Articles of Association to abolish the supervisory board, with its functions now exercised by the board's audit committee - Corporate governance structure changed, with the supervisory board no longer set up, and its functions now exercised by the board's audit committee[112] - The company plans no cash dividends, bonus shares, or capital reserve conversions from capital surplus for the half-year[113] Environmental and Social Responsibility (ESG) The company actively fulfills social responsibilities by building a "low-carbon factory," implementing a multi-energy complementary system, supporting student internships, and providing employment opportunities - Environmental protection: The company has built a self-developed "wind-solar-diesel-storage-charging" multi-energy complementary system in its park to improve energy utilization efficiency and reduce carbon emissions[116] - Social responsibility: New graduates accounted for 25% of total new hires, and employment opportunities were provided for 7 disabled individuals[117] - Industry contribution: During the reporting period, the company hosted multiple industry exchange events, such as the "Generator Set Smart Computing Application Summit Forum," to promote industry development[122] Section V Significant Matters This section covers the fulfillment of commitments and other significant matters during the reporting period Fulfillment of Commitments All commitments made during the initial public offering by the company and related parties, including share lock-up, price stability, and profit distribution, are being fulfilled as planned - Commitments made by the company's controlling shareholder, actual controllers, and other related parties during the initial public offering, such as share lock-up, share price stability, and profit distribution, are being fulfilled normally[125][126][127][128][129] Other Significant Matters The company had no non-operating fund occupation by controlling shareholders, illegal external guarantees, major litigations, penalties, or significant related party transactions during the reporting period - During the reporting period, the company had no non-operating fund occupation by controlling shareholders, no illegal external guarantees, no major litigations or arbitrations, and no penalties or rectifications[131][132][135] - No significant related party transactions related to daily operations, nor any related party transactions involving asset or equity acquisition/disposal, occurred during the reporting period[136][137] Section VI Share Changes and Shareholder Information This section details changes in share capital and the company's shareholder structure Share Changes The company's total share capital and structure remained unchanged, with 116,336,000 shares, 75.00% restricted and 25.00% unrestricted Share Structure | Share Type | Quantity (Shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 87,252,000 | 75.00% | | Unrestricted Shares | 29,084,000 | 25.00% | | Total Share Capital | 116,336,000 | 100.00% | Shareholder Numbers and Shareholding As of the end of the reporting period, the company had 11,476 common shareholders, with the top five shareholders holding 75.01%, indicating a relatively concentrated ownership structure - The total number of common shareholders was 11,476 at the end of the reporting period[156] Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Proportion | Number of Shares (Shares) | | :--- | :--- | :--- | | Cui Wenfeng | 32.16% | 37,418,000 | | Yang Xinzheng | 28.01% | 32,582,000 | | Yang Lu | 8.60% | 10,000,000 | | Cui Bo | 4.30% | 5,000,000 | | Zhengzhou SmartGen Investment Management Partnership | 1.94% | 2,252,000 | - The controlling shareholders and actual controllers are Cui Wenfeng and Yang Xinzheng, who are parties acting in concert; Yang Lu is Yang Xinzheng's daughter, and Cui Bo is Cui Wenfeng's son[157] Section VII Bond-Related Information This section confirms that the company had no bond-related matters during the reporting period Bond Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[162] Section VIII Financial Report This section presents the unaudited financial statements, including the balance sheet, income statement, and cash flow statement, along with detailed notes Financial Statements The unaudited financial report shows total assets of 1.23 billion yuan, double-digit growth in revenue and net profit, and a significant increase in operating cash flow, despite a net decrease in cash and cash equivalents Balance Sheet Key Items (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Bank Balances | 90,819,773.13 | 107,612,173.50 | | Transactional Financial Assets | 403,484,609.47 | 450,769,505.20 | | Accounts Receivable | 47,728,970.83 | 34,966,316.99 | | Inventories | 38,749,693.20 | 38,193,577.95 | | Fixed Assets | 159,138,777.50 | 160,706,919.96 | | Total Assets | 1,229,935,355.39 | 1,205,428,992.47 | | Contract Liabilities | 2,807,325.54 | 8,058,661.10 | | Total Liabilities | 48,972,818.17 | 56,813,068.93 | | Total Owners' Equity | 1,180,962,537.22 | 1,148,615,923.54 | Income Statement Key Items (Half-Year 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 131,969,917.34 | 96,624,375.53 | | Total Operating Cost | 92,583,891.59 | 75,575,134.90 | | R&D Expenses | 13,863,210.52 | 11,613,512.98 | | Total Profit | 47,796,029.36 | 33,602,842.50 | | Net Profit | 42,584,181.68 | 30,160,451.75 | | Basic Earnings Per Share | 0.3660 | 0.2593 | Cash Flow Statement Key Items (Half-Year 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 24,095,297.73 | 12,871,828.07 | | Net Cash Flow from Investing Activities | -31,198,737.89 | -15,658,943.34 | | Net Cash Flow from Financing Activities | -10,237,568.00 | -8,143,520.00 | | Net Increase/Decrease in Cash and Cash Equivalents | -16,792,400.37 | -10,851,210.80 | Notes to Financial Statements Notes detail the company's basic information, financial statement preparation basis, significant accounting policies (e.g., revenue recognition, financial instruments), and disclosures on taxes, related party transactions, and financial instrument risks - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards[183][184] - Revenue recognition policy: Domestic sales are recognized when goods are signed for by the customer; international sales are recognized when goods are dispatched and customs clearance is completed[272] - As a high-tech enterprise, the company enjoys a 15% corporate income tax preferential rate and a VAT immediate refund policy for self-developed embedded software products[296]