鼎阳科技(688112) - 2025 Q2 - 季度财报

Definitions This section provides definitions for key terms used throughout the report Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key financial performance metrics Basic Company Information This chapter provides basic corporate registration information for Shenzhen Siglent Technologies Co., Ltd., including its legal representative, registered, and office addresses - The company's legal representative is Qin Ke, with its registered and office address located in Bao'an District, Shenzhen[13] Key Accounting Data and Financial Indicators The company achieved robust growth in operating revenue and net profit during the reporting period, driven by product upgrades and increased R&D investment Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 278,819,551.45 | 223,749,809.83 | 24.61% | | Net Profit Attributable to Shareholders of the Parent Company (yuan) | 76,875,712.37 | 58,442,621.35 | 31.54% | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses (yuan) | 75,516,399.90 | 56,440,441.58 | 33.80% | | Net Cash Flow from Operating Activities (yuan) | 85,522,875.55 | 54,581,430.14 | 56.69% | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.48 | 0.37 | 29.73% | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.47 | 0.35 | 34.29% | | Weighted Average Return on Net Assets (%) | 4.89% | 3.67% | Increased by 1.22 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 21.60% | 19.63% | Increased by 1.97 percentage points | - Revenue growth primarily resulted from the company's sustained high R&D investment, product iteration and upgrades, and price-volume increases across all tiers of its four main product lines, especially high-resolution oscilloscopes and RF microwave products in the domestic market[19] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 1.36 million yuan, primarily comprising government grants recognized in current profit or loss of 1.56 million yuan Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 145,493.15 | | Government grants recognized in current profit or loss | 1,562,350.57 | | Other non-operating income and expenses | -58,260.51 | | Less: Income tax impact | 290,270.74 | | Total | 1,359,312.47 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, industry landscape, and future outlook Industry and Main Business Overview The company specializes in the general electronic test and measurement instrument industry, a technology-intensive sector supported by national policies, and is one of the few global enterprises capable of developing, producing, and selling four major product lines: digital oscilloscopes, signal generators, spectrum analyzers, and vector network analyzers - The general electronic test and measurement instrument industry is a national strategic equipment sector with high technical barriers, supported by various national policies including the "14th Five-Year Plan"[28][30][32] - The company is among the few global enterprises that master the core technologies of four major product lines (digital oscilloscopes, signal generators, spectrum analyzers, vector network analyzers) and can fully enter high-end fields[29][40] - The company's main business products include digital oscilloscopes, waveform and signal generators, spectrum analyzers, vector network analyzers, power supplies, and multimeters, forming a comprehensive product matrix[40] Industry Overview The general electronic test and measurement instrument industry is technology-intensive with high entry barriers, dominated by European and American companies, while Siglent Technologies is narrowing the gap through technological accumulation and focusing on future trends of intelligence, modularity, and software-defined functionality - The industry's high technical barriers are primarily in front-end analog circuits, digital signal processing algorithms, and RF microwave circuit design, making it difficult for new entrants to establish competitiveness in the short term[32][33] - The global market is dominated by European and American companies such as Keysight, Tektronix, LeCroy, and Rohde & Schwarz, with Siglent Technologies and a few other domestic enterprises catching up with mid-to-high-end product R&D capabilities[34] - Future industry development trends include intelligent networking, structural modularization, software-defined measurement functions, and increasing importance of algorithms[37][38][39] Main Business Overview The company's main business involves the R&D, production, and sales of general electronic test and measurement instruments, with core products including digital oscilloscopes, waveform and signal generators, spectrum analyzers, and vector network analyzers, offering a complete product line from entry-level to high-end markets with leading technical specifications in China - The company's digital oscilloscope product line covers 8-bit to 12-bit high resolution, with bandwidths ranging from 50MHz to 8GHz, meeting diverse application scenarios from education to high-end R&D[40][41][42] - Waveform and signal generator products include arbitrary waveform generators (up to 5GHz) and RF microwave signal generators (up to 67GHz), offering high-quality signal precision[43][46][49] - RF microwave products such as spectrum analyzers and vector network analyzers can reach frequencies up to 50GHz, representing the company's core advantageous products, often referred to as "kings of instruments"[50][51][54][55] Discussion and Analysis of Operations In the first half of 2025, the company achieved significant double-digit growth in both revenue and net profit, primarily driven by its high-end strategy, with high-resolution oscilloscopes and RF microwave products showing strong performance in the domestic market, supported by continuous high R&D and sales investments H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 279 million yuan | 24.61% | | Net Profit Attributable to Shareholders of the Parent Company | 76.88 million yuan | 31.54% | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses | 75.52 million yuan | 33.80% | - The high-end strategy yielded significant results: high-end product revenue increased by 71.92%, raising its proportion of total revenue from 22% to 30%; sales of products priced above 50,000 yuan grew by 69.61%[65] - Core products showed strong growth: domestic high-resolution digital oscilloscope revenue increased by 65.71%, and domestic RF microwave product revenue increased by 43.58%[67] - Sustained high investment: R&D investment reached 60.22 million yuan, a 37.08% increase year-on-year, accounting for 21.60% of revenue; eight new products were launched in the first half, further expanding the product matrix[68][69] Core Competitiveness Analysis The company's core competitiveness stems from its robust R&D platform and team, continuous technological and product innovation, strong brand reputation, global market channels, collaborations with industry leaders, and superior product quality and cost-effectiveness, supported by numerous core technologies and patents - R&D advantages: Possesses a nationally recognized CNAS measurement laboratory and other R&D platforms, with R&D personnel accounting for 47.41% and experienced core technical staff[74][75][99] - Technology and product advantages: Masters core technologies such as "high-bandwidth low-noise oscilloscope technology" and "real-time spectrum analysis technology," holds 396 patents (including 246 invention patents), and its high-end products exhibit leading performance indicators in China[76][77][78] - Market and brand advantages: Its proprietary brand "SIGLENT" has established a comprehensive global distribution system and stable partnerships with oscilloscope industry leader LeCroy and Amazon[78][79] - Quality and cost-effectiveness advantages: Certified with ISO9001 and other quality management systems, product quality matches that of leading foreign enterprises while offering more competitive pricing[80] Risk Factors The company faces key risks including core competitiveness risks (loss of core technical personnel, intellectual property disputes), operational risks (international trade friction), financial risks (changes in tax incentives, exchange rate fluctuations), and industry and macroeconomic environment risks - Core competitiveness risks: As a technology-intensive enterprise, the company heavily relies on its core technical personnel, posing risks of personnel loss and intellectual property disputes[100] - Operational and financial risks: A high proportion of overseas revenue exposes the company to risks such as China-US trade friction and exchange rate fluctuations; changes in high-tech enterprise tax incentives could also impact profitability[103][104] - Industry and macroeconomic risks: The industry is characterized by rapid technological iteration, requiring continuous new product launches to maintain competitiveness; the company's operations are closely linked to the macroeconomic environment, and economic fluctuations may affect performance[105][106] Analysis of Main Operating Conditions This chapter analyzes the company's operating results, asset and liability status, and subsidiary operations during the reporting period through financial statement item changes, noting synchronous growth in operating revenue and costs, a 37.08% increase in R&D expenses due to increased investment, negative financial expenses due to exchange gains, and a stable asset-liability structure with overseas assets accounting for 6.64% of total assets Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 278,819,551.45 | 223,749,809.83 | 24.61 | Sales growth of four major product lines | | R&D Expenses | 60,221,602.11 | 43,931,232.31 | 37.08 | Increase in R&D personnel and related expenses | | Financial Expenses | -22,609,610.96 | -17,289,917.86 | -30.77 | Exchange gains from Euro appreciation | | Net Cash Flow from Operating Activities | 85,522,875.55 | 54,581,430.14 | 56.69 | Increased cash inflow from sales | - As of the end of the reporting period, the company's overseas assets amounted to 109.85 million yuan, accounting for 6.64% of total assets[116] - The company's main holding subsidiaries, including sales or production companies in the United States, Germany, and Malaysia, all operated normally during the reporting period[118][119] Corporate Governance, Environment, and Society This section covers the company's governance structure, profit distribution plans, and employee incentive measures Profit Distribution Plan The company has no profit distribution or capital reserve conversion to share capital plan for the first half of 2025 - The proposed profit distribution plan and capital reserve conversion to share capital plan for the half-year is "No"[121] Equity Incentive Plan During the reporting period, the company canceled a portion of the granted but unvested restricted shares from its 2022 restricted stock incentive plan - On April 23, 2025, the company's board of directors and supervisory board reviewed and approved the proposal to cancel a portion of the granted but unvested restricted shares from the 2022 restricted stock incentive plan[122] Significant Matters This section details important events and commitments, including their fulfillment status and the use of raised funds Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering and equity incentive matters, with no violations - Commitments related to the initial public offering, including resolving horizontal competition, related party transactions, share lock-up, and share repurchase, are all within their normal fulfillment period and have been strictly adhered to[126] - Commitments related to equity incentives are being strictly fulfilled by both the company and the incentive recipients[128] Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial public offering amounted to 1.151 billion yuan, including 812 million yuan in over-raised funds; as of the end of the reporting period, cumulative raised funds invested totaled 1.044 billion yuan, representing a 90.72% investment progress, with over-raised funds fully used to permanently supplement working capital, and fundraising projects progressing as planned, including the completed "High-End General Electronic Test and Measurement Instrument R&D and Industrialization Project" Overall Use of Raised Funds | Project | Amount (yuan) | | :--- | :--- | | Net Raised Funds | 1,150,717,166.82 | | Total Committed Investment | 338,377,500.00 | | Total Over-Raised Funds | 812,339,666.82 | | Total Cumulative Raised Funds Invested | 1,043,905,097.40 | | Overall Investment Progress | 90.72% | - Over-raised funds of 812 million yuan have been 100% used as planned to permanently supplement working capital[162] - The company utilized idle raised funds of up to 260 million yuan for cash management, with a cash management balance of 100 million yuan at the end of the reporting period[163][164][165] Changes in Shares and Shareholder Information This section details any changes in the company's share capital and provides an overview of its shareholder structure Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[167] Shareholder Information As of the end of the reporting period, the company had 5,205 ordinary shareholders, with the top three being Qin Ke, Shao Haitao, and Zhao Yafeng, all acting in concert, holding a combined stake exceeding 57%, and the top ten shareholders also including employee stock ownership platforms and several public funds - As of the end of the reporting period, the company had 5,205 ordinary shareholders[168] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Qin Ke | 35,527,113 | 22.32 | | Shao Haitao | 30,947,554 | 19.44 | | Zhao Yafeng | 25,211,217 | 15.84 | | Shenzhen Dinglixiangyang Investment Partnership (Limited Partnership) | 10,489,600 | 6.59 | | Shenzhen Zhonglikangding Enterprise Management Consulting Partnership (Limited Partnership) | 8,344,000 | 5.24 | - Shareholders Qin Ke, Shao Haitao, and Zhao Yafeng are parties acting in concert with the company; Qin Ke is the executive partner of Dinglixiangyang, Zhonglikangding, and Boshi Tongyu[171] Bond-Related Information This section provides details on the company's bonds and other debt financing instruments Company Bonds and Other Debt Financing Instruments During the reporting period, the company had no outstanding company bonds, corporate bonds, or non-financial enterprise debt financing instruments - The company has no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[176] Financial Report This section contains the company's financial statements and related notes Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[4][178] Financial Statements This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Consolidated Balance Sheet Key Data at Period End | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,654,182,406.23 | 1,677,191,995.38 | | Total Liabilities | 123,086,555.38 | 143,914,492.17 | | Total Owners' Equity Attributable to the Parent Company | 1,531,095,850.85 | 1,533,277,503.21 | Consolidated Income Statement Key Data for Half-Year | Item | Jan-Jun 2025 (yuan) | Jan-Jun 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 278,819,551.45 | 223,749,809.83 | | Total Operating Costs | 206,278,517.21 | 163,932,271.30 | | Total Profit | 78,470,164.48 | 64,701,011.54 | | Net Profit | 76,875,712.37 | 58,442,621.35 | Notes to Consolidated Financial Statements This chapter provides detailed notes on major items in the consolidated financial statements, including the composition, changes, and accounting treatment of cash and cash equivalents, accounts receivable, inventories, fixed assets, accounts payable, various expenses, and revenue and costs - Cash and cash equivalents at period-end amounted to 1.199 billion yuan, primarily consisting of bank deposits[296] - Accounts receivable balance at period-end was 73.67 million yuan, with a bad debt provision of 5.86 million yuan accrued by portfolio[305][308] - Inventory book value at period-end was 222 million yuan, mainly comprising raw materials and merchandise inventory[330]