集泰股份(002909) - 2025 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions Important Notices The company's management guarantees the report's accuracy and clarifies the H1 2025 profit distribution plan - The company's legal representative, chief accountant, and head of the accounting department guarantee the authenticity, accuracy, and completeness of the financial statements in this semi-annual report[5] - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves into share capital[7] Table of Contents This section provides the report's overall structural directory, covering nine main parts Definitions This section defines key company abbreviations, technical terms, and the reporting period used throughout the report - The reporting period is defined as January 1, 2025, to June 30, 2025[12] Company Profile and Key Financial Indicators Company Profile This section provides basic company information, including stock ticker, code, full name, and legal representative | Item | Information | | :--- | :--- | | Stock Ticker | JOINTAS | | Stock Code | 002909 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name (Chinese) | 广州集泰化工股份有限公司 | | Legal Representative | Zou Zhenfan | Key Accounting Data and Financial Indicators The company's performance declined significantly in H1 2025, with revenue down 10.70% YoY and net profit turning from positive to negative | Key Financial Indicators | Current Period | Same Period Last Year | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 532,743,400.36 | 596,543,782.55 | -10.70% | | Net Profit Attributable to Shareholders (CNY) | -8,301,627.88 | 5,686,764.46 | -245.98% | | Net Profit Attributable to Shareholders (Non-recurring items deducted) (CNY) | -10,128,458.30 | 2,393,950.95 | -523.09% | | Net Cash Flow from Operating Activities (CNY) | -29,031,592.74 | -8,315,081.02 | -249.14% | | Basic Earnings Per Share (CNY/Share) | -0.0217 | 0.0146 | -248.63% | | Weighted Average Return on Equity | -0.89% | 0.58% | -1.47% | | Total Assets (CNY) | 2,219,617,810.57 | 2,253,751,684.94 | -1.51% (End of Period vs. Beginning of Year) | | Net Assets Attributable to Shareholders (CNY) | 898,139,460.81 | 947,759,072.92 | -5.24% (End of Period vs. Beginning of Year) | Non-recurring Gains and Losses The company's non-recurring gains and losses totaled CNY 1.83 million, mainly from government subsidies and recovered receivables | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -101,017.28 | Mainly from the disposal of company's fixed assets | | Government Subsidies Included in Current Profit or Loss | 871,528.66 | Mainly from R&D technology subsidies and rewards | | Reversal of Impairment Provision for Individually Tested Receivables | 1,033,905.74 | Mainly from the recovery of accounts receivable from customers with individual credit impairment provisions | | Other Non-operating Income and Expenses | 123,134.75 | - | | Total | 1,826,830.42 | - | Management Discussion and Analysis Principal Business Activities During the Reporting Period The company's core business faced pressure from downstream market fluctuations, but achieved high growth in home improvement adhesives, new energy adhesives, and overseas markets | Business Segment | Sales Revenue (CNY 10,000) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 53,274.34 | -10.70% | | Channel Home Improvement Adhesives | 5,504.76 | 51.98% | | Two-Wheeler EV & New Energy Adhesives | 1,519.78 | 116.50% | | Overseas Markets | 1,724.53 | 29.74% | - The performance decline was mainly due to cyclical fluctuations in downstream markets such as shipping container manufacturing and construction engineering, which put short-term pressure on traditional core businesses[60] - The company is a leading domestic enterprise in construction adhesives, with a brand inclusion rate of over 90% in the window and curtain wall adhesive sector, and is a leader in the dry container sealant industry[58][59][62] Core Competitiveness Analysis The company has established a comprehensive core competitiveness system covering R&D, technology, talent, brand, quality service, and environmental protection - The R&D team consists of 7 PhDs, 46 Masters, and multiple external experts, adhering to a forward-looking development philosophy[69] - As of the end of the reporting period, the company held 191 valid patents, had applied for a total of 348 patents, and participated in drafting 127 industry standards[70] - The company owns two well-known brands, "ANTAI" and "JOINTAS," and has been awarded "Top 10 Preferred Brands for Construction Adhesives" for 20 consecutive years[76] Main Business Analysis Main business revenue was CNY 533 million, a YoY decrease of 10.70%, with construction adhesives remaining the largest segment despite a sales decline Main Business by Product (Unit: CNY) | Product Segment | Operating Revenue | Operating Cost | Gross Margin | YoY Revenue Change | | :--- | :--- | :--- | :--- | :--- | | Construction Adhesives | 287,013,183.74 | 218,433,573.59 | 23.89% | -10.74% | | Industrial Adhesives | 104,162,396.46 | 70,401,571.38 | 32.41% | -14.88% | | Coatings | 139,462,593.09 | 112,899,636.89 | 19.05% | -7.79% | Main Business by Region (Unit: CNY) | Region | Operating Revenue | Operating Cost | Gross Margin | YoY Revenue Change | | :--- | :--- | :--- | :--- | :--- | | Domestic | 515,498,051.23 | 389,142,109.38 | 24.51% | -11.62% | | Overseas | 17,245,349.13 | 13,476,118.41 | 21.86% | 29.74% | Analysis of Assets and Liabilities Total assets were CNY 2.22 billion, with a significant shift in asset structure as fixed assets increased to 30.38% of total assets Significant Changes in Asset Composition | Item | Amount at Period End (CNY) | % of Total Assets | Amount at Year Beginning (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 121,360,008.45 | 5.47% | 227,225,644.90 | 10.08% | -4.61% | | Fixed Assets | 674,347,911.32 | 30.38% | 504,374,647.19 | 22.38% | 8.00% | | Construction in Progress | 251,841,171.24 | 11.35% | 319,549,862.99 | 14.18% | -2.83% | Investment Analysis The company's investment of CNY 133 million primarily involved establishing a new subsidiary for aviation-grade sealant R&D and advancing two major construction projects - The company co-invested to establish a holding subsidiary, Guangzhou Jitian New Material Co., Ltd., with a CNY 5.1 million investment for a 51% stake, focusing on aviation-grade sealants[99] Progress of Major Non-Equity Investment Projects | Project Name | Investment in Current Period (CNY) | Cumulative Investment (CNY) | | :--- | :--- | :--- | | Conghua High-end New Material Smart Manufacturing Base | 17,670,576.49 | 54,806,802.03 | | Anqing New Material Industrial Base | 72,708,798.82 | 487,097,673.47 | Risks and Countermeasures The company faces risks from raw material price volatility, macroeconomic fluctuations, technology leakage, and accounts receivable collection - The company mitigates raw material price volatility through strategic supplier partnerships, R&D, and price pass-through mechanisms[124][125] - To counter cyclical demand from downstream industries, the company is actively developing emerging markets such as new energy[126] - The company uses confidentiality agreements, non-compete clauses, and equity incentives to prevent technology leakage and retain key technical personnel[127] Corporate Governance, Environment, and Society Implementation of Employee Incentive Plans The third-phase employee stock ownership plan was terminated after completion, while the fifth-phase plan was implemented, acquiring 3.12 million shares - The third-phase employee stock ownership plan has been completed and terminated, with all 5,894,989 shares sold[138] - The fifth-phase employee stock ownership plan completed its share transfer, involving 3,122,919 shares, representing 0.80% of the company's total share capital[135][176] Social Responsibility The company actively fulfilled its social responsibilities by supporting rural revitalization through various initiatives - Participated in the "Alxa" water-saving agriculture program, sponsoring 8.7 acres of millet fields with CNY 49,000[141] - Donated CNY 53,000 to the Jingshan Charity Federation to improve teaching conditions in Yangji Town's primary and secondary schools142 - Supported rural agricultural economy by purchasing 19.6 tons of rice and 48 tons of lychees, investing over CNY 370,000[143][144] Significant Events Significant Related-Party Transactions Routine related-party transactions, mainly for transportation, guarantee, and leasing services, totaled CNY 11.85 million and were within annual approved limits Major Routine Related-Party Transactions in H1 2025 | Related Party | Transaction Content | Transaction Amount (CNY 10,000) | % of Similar Transactions | | :--- | :--- | :--- | :--- | | Guangzhou Guangcong Logistics Co., Ltd. | Transportation services received | 1,024.78 | 44.09% | | Guangdong Guangtai Laser Technology Co., Ltd. | Property lease | 90.51 | 29.86% | | Guangdong Guangtai Laser Technology Co., Ltd. | Guarantee services received | 30.19 | 100.00% | Significant Contracts and Their Performance The company's total outstanding guarantees amounted to CNY 240.64 million, representing 26.79% of its net assets Summary of Significant Guarantees (Unit: CNY 10,000) | Guarantee Type | Outstanding Balance at Period End | | :--- | :--- | | External Guarantees (for distributors) | 1,680.76 | | Guarantees for Subsidiaries | 22,383.56 | | Total | 24,064.32 | - As of the end of the reporting period, the company's total actual guarantee amount accounted for 26.79% of its net assets[172] Other Significant Matters The company executed a share buyback, completed the fifth employee stock plan transfer, and saw its controlling shareholder complete a share increase plan - The company is executing a CNY 20-40 million share buyback plan and had repurchased 800,000 shares for CNY 4.21 million as of June 30, 2025[174][175] - The company's actual controller and some senior executives completed a share increase plan, cumulatively increasing their holdings by 2.12 million shares for a total of CNY 10.06 million[179] Share Capital Changes and Shareholder Information Changes in Share Capital The company's total share capital remained unchanged at 390 million shares, with a minor shift from unrestricted to restricted shares | Share Type | Before Change | After Change | Change (+, -) | | :--- | :--- | :--- | :--- | | Restricted Shares | 8,996,242 | 9,572,617 | +576,375 | | Unrestricted Shares | 381,003,758 | 380,427,383 | -576,375 | | Total Shares | 390,000,000 | 390,000,000 | 0 | Number of Shareholders and Shareholdings The company had 33,030 shareholders, with the controlling shareholder holding a 38.29% stake, a significant portion of which is pledged Top Five Shareholders' Holdings | Shareholder Name | Shareholding Ratio | Shares Held at Period End | Share Status | | :--- | :--- | :--- | :--- | | Guangzhou Antai Chemical Co., Ltd. | 38.29% | 149,325,614 | Pledged 107,930,000 | | Zou Zhenfu | 2.31% | 9,010,010 | Pledged 4,600,000 | | Zhang Qin | 0.84% | 3,257,700 | - | | Guangzhou Jointas Chemical Co., Ltd. - Phase V Employee Stock Ownership Plan | 0.80% | 3,122,919 | - | | BARCLAYS BANK PLC | 0.55% | 2,146,425 | - | Bond-related Matters Bond-related Matters The company had no bond-related matters during the reporting period - The company has no bond-related matters to report for this period[197] Financial Report Financial Statements This section provides the company's unaudited consolidated and parent company financial statements for the first half of 2025 Consolidated Balance Sheet As of June 30, 2025, the company's total assets were CNY 2.22 billion, with a debt-to-asset ratio of 59.54% Consolidated Balance Sheet Key Items (Unit: CNY) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Total Assets | 2,219,617,810.57 | 2,253,751,684.94 | | Total Liabilities | 1,321,478,585.23 | 1,305,992,612.02 | | Equity Attributable to Parent Company Owners | 898,139,460.81 | 947,759,072.92 | | Total Liabilities and Owners' Equity | 2,219,617,810.57 | 2,253,751,684.94 | Consolidated Income Statement In H1 2025, the company's revenue was CNY 533 million, resulting in a net loss attributable to parent company shareholders of CNY 8.30 million Consolidated Income Statement Key Items (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 532,743,400.36 | 596,543,782.55 | | Total Operating Costs | 537,637,900.40 | 588,392,352.92 | | Operating Profit | -7,608,514.31 | 4,774,088.16 | | Total Profit | -7,352,770.17 | 4,899,238.13 | | Net Profit | -8,301,863.35 | 5,680,841.85 | | Net Profit Attributable to Parent Company Shareholders | -8,301,627.88 | 5,686,764.46 | Consolidated Cash Flow Statement Net cash outflow from operating activities widened in H1 2025, and the period-end cash balance decreased by CNY 101 million from the beginning of the year Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,031,592.74 | -8,315,081.02 | | Net Cash Flow from Investing Activities | -133,297,506.59 | -165,875,212.73 | | Net Cash Flow from Financing Activities | 60,960,217.66 | 205,701,301.79 | | Net Increase in Cash and Cash Equivalents | -101,388,826.45 | 31,596,846.68 | Notes to Consolidated Financial Statements This section provides detailed explanations for major items in the consolidated financial statements, including cash, receivables, inventory, and fixed assets - At the end of the period, CNY 5.41 million of cash and cash equivalents was restricted as a security deposit for bank acceptance bills[378] - The top five accounts receivable balances totaled CNY 39.16 million, accounting for 8.06% of the total accounts receivable balance[405] - The closing balance of construction in progress was CNY 252 million, primarily for the headquarters building and two production base projects[512][514] Other Submitted Data Investor Relations Activities The company engaged with investors through online earnings calls and site visits to discuss its performance and strategy - The company held four investor relations events between April and June 2025, engaging with a wide range of institutional and individual investors[791][793]