朗博科技(603655) - 2025 Q2 - 季度财报

Definitions This section defines specific terms and abbreviations used in the report, covering company entities, related parties, major customers, and regulatory bodies - This chapter primarily defines specific terms and abbreviations used in the report to facilitate investor understanding, covering company entities, related parties, major customers, and regulatory bodies[19] Company Profile and Key Financial Indicators This section provides the company's basic information, key financial performance metrics, and details on non-recurring gains and losses Company Basic Information This section provides the company's basic business registration information, including Chinese and English names, legal representative, registered address, contact details, and stock code Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | Changzhou Langbo Sealing Technology Co., Ltd. | | Chinese Abbreviation | Langbo Technology | | Stock Code | 603655 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Qi Ganchao | Key Accounting Data and Financial Indicators The company achieved strong performance growth during the reporting period, driven by increased orders from the new energy sector and enhanced operational efficiency Key Financial Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 121,837,444.67 | 103,225,846.24 | 18.03 | | Net Profit Attributable to Shareholders of Listed Company | 19,284,034.05 | 12,039,346.15 | 60.18 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 18,494,618.95 | 10,313,833.38 | 79.32 | | Net Cash Flow from Operating Activities | 9,394,971.42 | 10,327,532.37 | -9.03 | | Basic Earnings Per Share (yuan/share) | 0.184 | 0.114 | 61.40 | | Weighted Average Return on Net Assets (%) | 3.49% | 2.21% | Increased by 1.28 percentage points | - The company's total profit increased by 61.29% year-on-year, primarily due to two reasons: continuous expansion of new energy sector clients leading to increased sales of main products like O-rings and shaft seals, and enhanced internal management with investment in automation equipment improving production efficiency and gross margin[26] Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses, primarily from investment income and offset by various expenses Details of Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -160,067.58 | | Government Grants | 25,500.00 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 1,357,734.11 | | Other Non-Operating Income and Expenses | -294,442.90 | | Income Tax Impact | -139,308.53 | | Total | 789,415.10 | Management Discussion and Analysis This section provides an overview of the company's industry, operational performance, core competencies, and detailed financial analysis Industry and Main Business Overview The company's main business involves the R&D, production, and sales of automotive rubber seals, primarily for air conditioning, power, and braking systems, benefiting from the robust growth of China's automotive market, especially new energy vehicles - In H1 2025, China's automotive market maintained a strong momentum, with production and sales growing by 12.5% and 11.4% year-on-year respectively, while new energy vehicles served as a core growth engine, with production and sales increasing by 41.4% and 40.3% and a penetration rate reaching 44.3%[32] - The company, a high-tech enterprise, specializes in the production and sale of rubber seals and products, including automotive O-rings, shaft seals, and hub components, primarily for automotive air conditioning, power, and braking systems[35] - The company primarily adopts a customized 'production-to-order plus reasonable inventory' model for production and a direct sales model to supply products to customers[39][41] Discussion and Analysis of Operations In H1 2025, the company achieved significant revenue and profit growth by leveraging new energy vehicle opportunities, completing board elections, implementing interim dividends, and strategically reallocating raised funds to new energy and smart warehousing projects Operating Performance for H1 2025 | Indicator | Amount (10,000 yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 12,183.74 | 18.03% | | Net Profit Attributable to Shareholders | 1,928.40 | 60.18% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 1,849.46 | 79.32% | - The company reallocated uninvested raised funds from the original 'Automotive Power and Braking System Rubber Components Production Project' and 'R&D Center Construction Project' to the 'New Energy Vehicle Supporting Rubber Functional Components Project' and 'Smart Warehousing Project' to enhance competitiveness in the new energy sector and foster new quality productive forces[43] - The company prioritizes investor returns, proposing a cash dividend of 0.90 yuan (tax inclusive) per 10 shares for H1 2025, with a dividend payout ratio of 49.03%, establishing regular interim dividends[42] - In market expansion, 26 new customers were developed in H1, with 21 already receiving supplies, driving sales growth for key products like O-rings and shaft seals[44] Analysis of Core Competencies The company's core competencies lie in R&D, scale, customer relationships, pricing, and human resources, enabling strong independent development, import substitution, cost advantages, high customer stickiness, competitive pricing, and a seasoned team - R&D Advantage: The company is a provincial-level enterprise technology center, holding 43 valid patents (including 13 invention patents), mastering thousands of rubber compound formulations, and achieving import substitution for automotive air conditioning rubber components[45][46][47] - Scale and Customer Advantage: The company possesses a significant scale advantage in the automotive air conditioning system rubber components sub-industry, establishing long-term stable cooperative relationships with major clients like Huayu Sanden, Chongqing Jianshe, and Nanjing Aotecar, creating high entry barriers[48][49] - Price and Human Resources Advantage: Product prices are lower than foreign and joint-venture competitors, offering a price advantage, while a team of senior technical and management personnel with over 15 years of experience constitutes a significant human resource barrier[50][51] Analysis of Key Operating Conditions This section provides a detailed analysis of the company's operating conditions from multiple dimensions, including financial statement item changes, asset and liability status, investment activities, and subsidiaries, highlighting steady revenue and cost growth, effective expense control, and notable shifts in cash, inventory, and liabilities Analysis of Main Business The company's main business achieved steady growth during the reporting period, demonstrating effective cost control and a positive shift in net cash flow from investing activities due to reduced wealth management investments Changes in Major Financial Statement Items | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 121,837,444.67 | 103,225,846.24 | 18.03 | | Operating Cost | 74,878,400.84 | 66,987,915.15 | 11.78 | | Net Cash Flow from Operating Activities | 9,394,971.42 | 10,327,532.37 | -9.03 | | Net Cash Flow from Investing Activities | 47,819,133.21 | -33,457,536.06 | N/A | | Net Cash Flow from Financing Activities | -10,505,000.00 | -14,793,465.81 | N/A | Analysis of Assets and Liabilities As of the period-end, the company's total assets slightly decreased, with notable changes in asset structure including increased monetary funds and inventory, alongside significant reductions in taxes payable and other current liabilities Changes in Major Asset and Liability Items | Item Name | Amount at Period End (yuan) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 89,857,510.29 | 108.26% | Primarily due to reduced investment in wealth management products during the period | | Financial Assets Held for Trading | 102,686,400.36 | -32.67% | Primarily due to reduced investment in wealth management products during the period | | Inventories | 48,484,746.09 | 31.57% | Primarily due to sustained sales growth and increased safety stock during the period | | Construction in Progress | 0.00 | -100.00% | Primarily due to the capitalization of construction in progress equipment during the period | | Taxes Payable | 2,404,842.75 | -48.22% | Primarily due to a decrease in VAT and corporate income tax at the end of the period compared to the prior year-end | | Other Current Liabilities | 7,032,944.39 | -35.00% | Primarily due to a decrease in commercial acceptance bills endorsed but not yet due at the end of the period compared to the beginning of the period | Analysis of Investment Status During the reporting period, the company's primary investment activities involved using idle funds to purchase wealth management products and structured deposits, with financial assets measured at fair value totaling 135 million yuan at period-end Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Purchases During Period (yuan) | Sales/Redemptions During Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading—Wealth Management Products and Structured Deposits | 152,508,398.26 | 120,000,000.00 | 171,179,732.01 | 102,686,400.36 | | Financing Receivables—Bank Acceptance Bills Receivable | 29,668,037.09 | 44,373,617.69 | 56,084,600.26 | 17,957,054.52 | Analysis of Major Holding and Associate Companies The company primarily has two subsidiaries, Changzhou Jinyi Sealing Engineering Co., Ltd. and Changzhou Langbo Industrial Investment Co., Ltd., with Changzhou Jinyi reporting 527,100 yuan in operating revenue and a net loss of 573,000 yuan during the period Subsidiary Operating Performance (Unit: 10,000 yuan) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Changzhou Jinyi Sealing Engineering Co., Ltd. | 52.71 | -57.30 | -57.30 | | Changzhou Langbo Industrial Investment Co., Ltd. | 0.00 | 0.00 | 0.00 | Other Disclosures This section discloses potential risks, including macroeconomic and automotive industry fluctuations, new energy vehicle impacts, raw material control, and business scale, along with the progress of the 'Quality Improvement, Efficiency Enhancement, and Shareholder Return' action plan, which focuses on core business, customer expansion, dividends, and share repurchases Potential Risks The company identifies four main risks: macroeconomic and automotive industry cyclical fluctuations, the impact of new energy vehicles on traditional fuel vehicle business, uncontrollable raw material supply due to import reliance, and the relatively small scale of its automotive rubber component business - The company faces risks including: - Macroeconomic and Automotive Industry Cyclical Fluctuation Risk: Company performance is closely tied to automotive industry development; a decline in end-consumer demand could adversely affect operations - New Energy Vehicle Impact Risk: The rapid development of new energy vehicles encroaches on the traditional fuel vehicle market, impacting existing business but also offering new opportunities - Raw Material Uncontrollability Risk: Key raw material, synthetic rubber, relies on imports and is susceptible to international environmental factors - Small Business Scale Risk: The company's products are currently focused on automotive rubber components, resulting in a relatively small business scale[63][64][65] 'Quality Improvement, Efficiency Enhancement, and Shareholder Return' Action Plan The company actively implemented its 'Quality Improvement, Efficiency Enhancement, and Shareholder Return' action plan, achieving significant performance growth through core business focus and new customer acquisition, while also prioritizing investor returns through regular interim dividends, share repurchases, and enhanced communication channels - During the reporting period, the company's operating revenue increased by 18.03% year-on-year, and net profit attributable to shareholders grew by 60.18%[66] - The company prioritizes investor returns, proposing a cash dividend of 9.4545 million yuan for H1 2025, representing a payout ratio of 49.03%, and cumulatively repurchased 950,000 shares totaling 14.7891 million yuan in 2024[67] - The company actively communicates with investors through diversified channels such as performance briefings, SSE E-Interactive, and hotlines, conveying enterprise value[68] Corporate Governance, Environment, and Society This section covers changes in the board and senior management, profit distribution plans, and the company's social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, changes occurred in some directors, supervisors, and senior management due to the re-election of the board and supervisory board, with Mr. Qi Ganchao elected as the new Chairman and General Manager - The company's board of directors and supervisory board completed their re-election, with Qi Ganchao elected as Chairman and General Manager, alongside several departures and new appointments of directors, supervisors, and senior executives[70] Profit Distribution Plan The board approved the H1 2025 profit distribution plan, proposing a cash dividend of 0.90 yuan (tax inclusive) per 10 shares to all shareholders, totaling 9.4545 million yuan, with no bonus shares or capital reserve conversions H1 2025 Profit Distribution Plan | Distribution or Conversion Item | Content | | :--- | :--- | | Whether to Distribute or Convert | Yes | | Dividend Per 10 Shares (yuan) (Tax Inclusive) | 0.90 | | Bonus Shares Per 10 Shares (shares) | 0 | | Capitalized Shares Per 10 Shares (shares) | 0 | | Total Proposed Cash Dividend (yuan) | 9,454,500.00 | Social Responsibility The company actively fulfills its social responsibilities, making a targeted donation of 300,000 yuan to the Yingchun Village Committee in Yaotang Street, Jintan District, Changzhou City, in January 2025, to support rural revitalization efforts - In January 2025, the company donated 300,000 yuan to the Yingchun Village Committee in Yaotang Street, Jintan District, Changzhou City, for rural revitalization[73] Significant Matters This section details the fulfillment of commitments, significant contracts, and the progress of raised fund utilization Fulfillment of Commitments During the reporting period, the company's controlling shareholder, actual controllers, and other related parties strictly fulfilled all commitments made since the initial public offering, including resolving horizontal competition, regulating related-party transactions, and stabilizing stock prices - The company's controlling shareholder, actual controllers, and other related parties strictly fulfilled all long-term commitments related to the initial public offering during the reporting period, including avoiding horizontal competition, regulating related-party transactions, and stabilizing stock prices[75][76][77] Significant Contracts and Their Fulfillment During the reporting period, the company had a significant lease contract to rent out parts of its factory and office buildings at No. 216 Huacheng Middle Road, Jintan District, Changzhou City, to Changzhou Xuanyuan New Energy Co., Ltd., for 900,000 yuan in rental income from January 1 to December 31, 2025 Significant Lease Contract | Lessee | Leased Assets | Lease Term | Lease Income | | :--- | :--- | :--- | :--- | | Changzhou Xuanyuan New Energy Co., Ltd. | Parts of factory buildings, office buildings, etc., located at No. 216 Huacheng Middle Road, Jintan District, Changzhou City | January 1, 2025 - December 31, 2025 | 900,000.00 yuan | Explanation of Progress in Use of Raised Funds During the reporting period, the company altered the use of 82.2 million yuan in uninvested IPO raised funds from original projects to 'New Energy Vehicle Supporting Rubber Functional Components Project' and 'Smart Warehousing Project' to enhance capital efficiency and competitiveness in the rapidly evolving new energy vehicle market - The company changed the use of 82.20 million yuan in uninvested raised funds from the original 'Automotive Power System and Braking System Rubber Components Production Project' and 'R&D Center Construction Project'[95] - The new projects after the change are the 'New Energy Vehicle Supporting Rubber Functional Components Project' and the 'Smart Warehousing Project', to adapt to the rapid development trend of the new energy vehicle market[95][97] - The reason for the change is that demand in the original projects' target fuel vehicle market is saturating with slow growth, while the new energy vehicle market is experiencing explosive growth, making the change beneficial for improving the efficiency of raised fund utilization and the company's market position[99][100][101] - At the end of the reporting period, the company used 50 million yuan of idle raised funds for cash management (purchasing wealth management products)[103] Share Changes and Shareholder Information This section details the company's share capital changes and the structure of its shareholder base Changes in Share Capital During the reporting period, the company's total share capital and share capital structure remained unchanged, with the total share capital still at 106,000,000 shares - During the reporting period, the company's total number of shares and share capital structure remained unchanged[105] Shareholder Information As of the end of the reporting period, the company had 6,088 common shareholders, with a stable top ten shareholder structure where controlling shareholder Mr. Qi Jianguo held 42.45%, and the actual controllers, Mr. Qi Jianguo, Ms. Fan Xiaofeng, and their son Qi Ganchao, collectively controlled a significant proportion of the company's equity - As of the end of the reporting period, the company had a total of 6,088 common shareholders[107] Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Qi Jianguo | 45,000,000 | 42.45 | | Fan Xiaofeng | 12,000,000 | 11.32 | | Changzhou Jintan Juntu Investment Consulting Co., Ltd. | 8,000,000 | 7.55 | | Qi Ganchao | 6,700,000 | 6.32 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 1,264,208 | 1.19 | | CITIC Securities Asset Management (Hong Kong) Co., Ltd. - Client Funds | 1,153,575 | 1.09 | | Shanghai Ruitian Investment Management Co., Ltd. - Ruitian Zhengze No. 11 | 662,900 | 0.63 | | Wang Mao | 620,400 | 0.59 | | BARCLAYS BANK PLC. | 511,900 | 0.48 | | Zhang Hongyu | 490,000 | 0.46 | - Shareholder Qi Jianguo (controlling shareholder, actual controller) and Fan Xiaofeng (actual controller) are a married couple, and Qi Ganchao is their son; all three are shareholders of Changzhou Jintan Juntu Investment Consulting Co., Ltd.[110] Bond-Related Information This section confirms the absence of any outstanding company bonds or debt financing instruments Company Bond Information During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period[114] Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with key accounting policies and tax information Financial Statements This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in equity, comprehensively reflecting the financial position, operating results, and cash flows for H1 2025 - This section provides detailed financial statements, including: - Consolidated and Parent Company Balance Sheet (as of June 30, 2025) - Consolidated and Parent Company Income Statement (January-June 2025) - Consolidated and Parent Company Cash Flow Statement (January-June 2025) - Consolidated and Parent Company Statement of Changes in Equity (January-June 2025)[116][119][124][131][138][145] Company Basic Information This section outlines the company's history, registration, listing status, main business scope, and actual controllers, noting its transformation from a Sino-foreign joint venture to a listed company on the Shanghai Stock Exchange in December 2017, specializing in precision seals and rubber-plastic products - The company was listed on the Shanghai Stock Exchange in December 2017, with stock code 603655, belonging to the rubber and plastic products industry[149] - The company's main business involves the R&D, design, production, and sales of precision seals, rubber-plastic products, metal processed parts, and precision cavity molds, with Qi Jianguo and Fan Xiaofeng as the actual controllers[150] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including revenue recognition, financial instrument classification, inventory valuation, fixed asset depreciation, intangible asset amortization, R&D capitalization, long-term equity investments, and government grants, which are fundamental to understanding its financial position and operating results - The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar[151][152][156] - Revenue recognition policy: Revenue is recognized when the customer obtains control of the related goods or services; for product sales, domestic sales are recognized upon customer acceptance or collection, and export sales are recognized after completing export customs procedures[229][232] - R&D expenditure policy: Research phase expenditures are expensed as incurred, while development phase expenditures are recognized as intangible assets when specific conditions are met, otherwise expensed as incurred[211] Taxation This section discloses the company's main tax types, rates, and preferential tax policies, including VAT and corporate income tax, with the parent company enjoying a 15% corporate income tax rate as a high-tech enterprise, along with R&D expense super deduction and VAT input tax credit policies - The parent company, Changzhou Langbo Sealing Technology Co., Ltd., as a high-tech enterprise, enjoys a preferential corporate income tax rate of 15%, valid until December 31, 2025[250][251] - The company benefits from a pre-tax super deduction policy for R&D expenses, allowing 100% of actual R&D expenditures to be deducted before tax[252] - As an advanced manufacturing enterprise, the company enjoys a VAT input tax credit policy, allowing an additional 5% of current deductible input VAT to offset payable VAT[253] Notes to Consolidated Financial Statement Items This section provides detailed explanations and supplementary disclosures for major items in the consolidated financial statements, including the composition, aging analysis, impairment provisions, and changes in monetary funds, accounts receivable, inventories, fixed assets, intangible assets, accounts payable, and revenue costs, to enhance understanding of the company's financial position and operating results - This section provides detailed notes to each item in the consolidated financial statements, serving as an important supplement for understanding the financial statement data[254]