腾达科技(001379) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Company Profile and Key Financial Indicators Company Overview Shandong Tengda Fastener Technology Co., Ltd. (stock abbreviation: Tengda Technology, code: 001379) is a company listed on the Shenzhen Stock Exchange, with Du Yichang as its legal representative - Company basic information includes stock abbreviation "Tengda Technology", code "001379", and listing location Shenzhen Stock Exchange[16] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 15.46% year-on-year, while net profit attributable to shareholders slightly decreased by 1.57%; however, non-recurring net profit attributable to shareholders significantly grew by 37.14%, and net cash flow from operating activities surged by 414.95%, indicating improved profitability and cash flow from core operations 2025 Half-Year Key Financial Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 989,777,851.83 | 857,256,503.86 | 15.46% | | Net Profit Attributable to Listed Company Shareholders | 39,328,287.73 | 39,956,811.37 | -1.57% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 37,578,244.99 | 27,401,470.88 | 37.14% | | Net Cash Flow from Operating Activities | 54,093,807.72 | 10,504,685.52 | 414.95% | | Basic Earnings Per Share (RMB/share) | 0.1966 | 0.1998 | -1.60% | | Weighted Average Return on Net Assets | 2.68% | 5.94% | -3.26% | | Asset Indicators | Current Period End (RMB) | Prior Year End (RMB) | YoY Change | | Total Assets | 2,436,354,713.88 | 2,157,668,309.03 | 12.92% | | Net Assets Attributable to Listed Company Shareholders | 1,480,983,143.09 | 1,460,343,088.35 | 1.41% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 1.75 million RMB, primarily from 2.67 million RMB in interest income from large-denomination certificates of deposit and structured deposits, partially offset by fixed asset disposal losses 2025 Half-Year Non-Recurring Gains and Losses Items | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains/losses | -317,596.95 | Disposal of fixed assets and derecognition of lease liabilities | | Government grants | 3,000.00 | Various fiscal subsidies | | Fair value changes and disposal gains/losses of financial assets/liabilities | 2,670,457.23 | Interest from large-denomination certificates of deposit and structured deposits | | Other non-operating income/expenses | -24,336.89 | Accounts receivable tail adjustment | | Less: Income tax impact | 581,480.65 | - | | Total | 1,750,042.74 | - | Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company's main business is the R&D, production, and sales of stainless steel fasteners, boasting a complete product line and ranking among the industry's leading manufacturers by production scale; in H1 2025, revenue reached 990 million RMB, up 15.46% YoY, with sales volume exceeding 48,000 tons, up 19.25% YoY, yet net profit attributable to shareholders slightly declined by 1.57% to 39.33 million RMB - The company's main business involves the R&D, production, and sales of bolts, nuts, rods, washers, and other stainless steel fastener products, often referred to as "industrial rice"[29] - The company adopts a "production-based procurement" model combined with safety stock, while production for standard domestic sales is forecast-driven, and export/non-standard products are "sales-order-driven", with sales primarily through a merchant buy-out model[30][31][32] 2025 Half-Year Performance Overview | Indicator | Amount/Quantity | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 98,977.79 10k RMB | +15.46% | | Net Profit Attributable to Parent | 3,932.83 10k RMB | -1.57% | | Net Profit Attributable to Parent (Excluding Non-Recurring Items) | 3,757.82 10k RMB | +37.14% | | Sales Volume | Exceeded 48,000 tons | +19.25% | Core Competitiveness Analysis The company's core competitiveness spans six areas: R&D and technology, intelligent manufacturing, marketing channels, process equipment, export quality, and scale with quality, evidenced by 31 national patents, MES/ERP-driven smart manufacturing, a global sales network across 40+ countries including partnerships with WURTH GROUP, CNAS certification, and significant scale advantages for one-stop procurement - The company holds 31 national patents, including 11 invention patents, and has established industry-university-research collaborations with multiple scientific research institutions, demonstrating strong R&D capabilities[35][36] - Through automated production equipment and information systems like MES and ERP, the company achieves real-time monitoring and efficient management of production and sales for tens of thousands of product specifications, with its "Fastener Industry Digital Workshop Based on 5G Private Network" recognized as a provincial-level digital workshop in Shandong Province[37] - The company's sales network extends across over 40 countries globally, establishing stable partnerships with renowned international traders like WURTH GROUP, demonstrating significant export quality advantages and holding multiple certifications including EU RoHS, REACH, and IATF16949[38][41] - In the first half of 2025, production volume exceeded 50,000 tons, with tens of thousands of product specifications available, meeting customer demands for multi-variety, one-stop procurement and showcasing significant scale advantages[43] Main Business Analysis During the reporting period, the company's main business experienced steady growth, with fastener industry revenue increasing by 15.32% and gross margin improving by 1.15 percentage points; bolt, washer, and other product revenues saw rapid growth of 17.56%, 58.86%, and 75.41% respectively, while export revenue grew faster at 18.99% than domestic sales, with a superior gross margin of 9.81% compared to 7.43% for domestic sales, and financial expenses significantly decreased due to reduced exchange losses, leading to a notable improvement in operating cash flow from increased sales collections Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 989,777,851.83 | 857,256,503.86 | 15.46% | - | | Financial Expenses | -12,046,464.83 | -1,041,366.15 | -1,056.79% | Primarily due to reduced exchange losses | | Net Cash Flow from Operating Activities | 54,093,807.72 | 10,504,685.52 | 414.95% | Primarily due to increased sales collections | | Net Cash Flow from Investing Activities | -24,979,963.25 | -60,423,514.57 | 58.66% | Primarily due to reduced construction of fixed assets | | Net Cash Flow from Financing Activities | -1,194,191.11 | 727,141,738.90 | -100.16% | Primarily due to IPO funds received in the prior year | Main Business Revenue Composition and Gross Margin (by Product) | By Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bolts | 549,550,549.10 | 490,869,848.89 | 10.68% | 17.56% | 15.30% | 1.74% | | Nuts | 181,470,089.43 | 161,266,119.23 | 11.13% | -4.44% | -4.67% | 0.21% | | Rods | 100,837,558.77 | 93,127,256.65 | 7.65% | 10.89% | 10.60% | 0.25% | Main Business Revenue Composition and Gross Margin (by Region) | By Region | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Export | 720,609,720.55 | 649,932,585.18 | 9.81% | 18.99% | 17.12% | 1.44% | | Domestic Sales | 269,168,131.28 | 249,159,664.77 | 7.43% | 33.43% | 33.91% | -0.33% | Non-Core Business Analysis During the reporting period, non-core business significantly negatively impacted total profit, with fair value change losses of 15.42 million RMB, accounting for -31.15% of total profit, primarily due to exchange rate fluctuations on un-settled forward foreign exchange contracts, and investment income of -3.02 million RMB, mainly from negative gains on settled forward foreign exchange due to Euro depreciation, none of which are sustainable Non-Core Business Profit and Loss Items Analysis | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | -3,017,474.75 | -6.09% | Primarily due to Euro depreciation, resulting in negative gains from settled forward foreign exchange | | Fair Value Change Gains/Losses | -15,423,742.34 | -31.15% | Primarily due to exchange rate fluctuations impacting un-settled forward foreign exchange contracts at period-end | | Other Income | 3,295,178.72 | 6.65% | Primarily due to amortization of government subsidies received | Assets and Liabilities Analysis As of the end of the reporting period, the company's total assets increased by 12.92% compared to the end of the previous year, with major asset changes including increases in monetary funds, inventories, and other current assets (large-denomination certificates of deposit); on the liability side, notes payable significantly increased by 8.01 percentage points, primarily due to a shift in raw material procurement payment methods from wire transfers to bank acceptance bills, while right-of-use assets and lease liabilities also increased due to new factory leases Balance Sheet Key Item Changes | Item | Proportion of Total Assets at Period-End | Proportion of Total Assets at Year-Start | Proportion Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 24.84% | 21.13% | 3.71% | Increase in bank acceptance bill deposits and bank balances at period-end | | Other Current Assets | 9.65% | 7.99% | 1.66% | Increase in held-to-maturity large-denomination certificates of deposit at period-end | | Notes Payable | 20.65% | 12.64% | 8.01% | Change in payment method for some raw material suppliers from wire transfer to bank acceptance bills | | Right-of-Use Assets | 0.51% | 0.15% | 0.36% | Increase due to Tengda Jinyuan leasing factory premises | | Lease Liabilities | 0.36% | 0.06% | 0.30% | Increase due to Tengda Jinyuan leasing factory premises | - As of the end of the reporting period, 225 million RMB of the company's monetary funds were restricted as bank acceptance bill deposits[57] Investment Analysis The company had no significant equity or non-equity investments during the reporting period; regarding the use of raised funds, a cumulative 498 million RMB had been utilized by period-end, representing 64.86% of the net raised funds, with some projects progressing slower than expected due to changes in implementation entities and cautious investment pacing, while the company also used idle raised funds and its own capital for wealth management Overall Use of Raised Funds (Unit: 10k RMB) | Net Raised Funds | Current Period Used | Cumulative Used | Usage Ratio | Total Unused Amount | | :--- | :--- | :--- | :--- | :--- | | 76,771.77 | 3,719.77 | 49,791.78 | 64.86% | 27,608.19 | - The "Fastener Product Line Expansion and Supporting Production Line Construction Project" is behind schedule, primarily due to the company changing the project implementation entity in 2024 and prioritizing self-funded investment in infrastructure, leading to a cautious and slower investment pace[67] - The company invested 141 million RMB of its own funds and 245 million RMB of raised funds in bank wealth management products, with an additional approximately 30 million RMB of its own funds invested in brokerage wealth management products[116] Analysis of Major Holding and Participating Companies During the reporting period, the company's main profit contributions came from its wholly-owned subsidiaries, Shandong Tenglong Import and Export Co., Ltd. and Tengda Fastener Technology (Jiangsu) Co., Ltd.; Shandong Tenglong Import and Export achieved 714 million RMB in operating revenue and 4.88 million RMB in net profit, while Tengda Fastener Technology (Jiangsu) achieved 273 million RMB in operating revenue and 1.01 million RMB in net profit Major Subsidiary Operating Performance (H1 2025) | Company Name | Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Shandong Tenglong Import and Export Co., Ltd. | Wholly-owned Subsidiary | 714,016,148.47 | 4,879,339.91 | | Tengda Fastener Technology (Jiangsu) Co., Ltd. | Wholly-owned Subsidiary | 273,322,535.25 | 1,005,224.98 | Company Risks and Countermeasures The company faces five major risks: raw material price fluctuations, international trade policies, technological iteration and high-end market competition, environmental policies and green transformation, and structural changes in market demand; corresponding countermeasures include stabilizing supply chains, diversifying markets, deepening industry-university-research collaboration, promoting intelligent upgrades, and optimizing product portfolios to meet emerging industry needs - The company faces raw material (stainless steel wire rod) price fluctuation risks, with countermeasures including stabilizing supply channels, maintaining safety stock, and utilizing price linkage mechanisms to pass on cost pressures[74] - Due to a high proportion of export revenue, the company faces international trade policy risks; countermeasures include exploring diversified markets, enhancing product added value, and planning overseas production capacity layouts[75] - The company faces risks from technological iteration and high-end market competition, especially in emerging fields like new energy and aerospace; countermeasures involve deepening industry-university-research collaboration to break through key technologies and promoting intelligent production upgrades[76] - The company faces risks from tightening environmental policies and structural changes in market demand (e.g., rising demand for new energy vehicles, adjustments in traditional construction demand); the company responds by upgrading environmental equipment, optimizing product portfolios, and expanding into emerging markets[78][79] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's directors, supervisors, and senior management; Director Gu Yezhong resigned for personal reasons, and Ma Shengli was elected as an employee representative director, while Ma Shengli, Lv Gaohua, and Lin Gang no longer served as supervisors due to work reassignments - On May 19, 2025, company director Gu Yezhong resigned, and Ma Shengli was elected as an employee representative director; concurrently, Ma Shengli, Lv Gaohua, and Lin Gang ceased to serve as supervisors[83] Environmental Information Disclosure The company and its subsidiaries, Shandong Tengda Fastener Technology Co., Ltd. and Tengda Fastener Technology (Jiangsu) Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's commitment to environmental protection - The company and its subsidiaries, Shandong Tengda and Tengda Jiangsu, a total of 2 enterprises, are included in the list of enterprises required to disclose environmental information by law[86] Social Responsibility The company actively fulfills its social responsibilities, investing in protecting shareholder, employee, customer, and supplier rights, as well as environmental protection and social welfare, through measures such as improving corporate governance, providing 'five insurances and one housing fund' for employees and establishing a charity fund, building a win-win supply chain, utilizing clean energy like photovoltaic power generation, and actively participating in social welfare initiatives - The company protects shareholder rights by improving governance structure and safeguards employee rights by legally contributing to "five insurances and one housing fund" and establishing a charity fund[88][89] - The company emphasizes environmental protection, installing photovoltaic power stations on factory rooftops and adopting clean energy to reduce carbon emissions[91] Significant Matters Significant Related Party Transactions During the reporting period, the company engaged in daily related party transactions totaling 31.29 million RMB with its controlling shareholder and related parties, primarily involving the procurement of stainless steel wire rods and software services, along with minor material sales; all transactions adhered to market pricing principles and did not exceed the annual estimated limits 2025 Half-Year Daily Related Party Transactions | Related Party | Related Transaction Type | Transaction Content | Transaction Amount (10k RMB) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Tenglong Jiangsu | Material Procurement | Stainless Steel Wire Rod | 2,325.80 | 3.11% | | Tenglong Bangxian | Material Procurement | Stainless Steel Wire Rod | 682.56 | 0.91% | | Ningbo Tengzhi | Software Procurement | Production System Procurement | 31.75 | 100.00% | | Total | - | - | 3,128.55 | - | Significant Contracts and Their Performance During the reporting period, the company provided multiple guarantees for its wholly-owned subsidiary Tenglong Trading, with an actual guarantee balance of 257.40 million RMB at period-end, representing 17.38% of the company's net assets; all guarantees were within the approved 1 billion RMB limit, with no instances of irregular guarantees Guarantees for Subsidiaries (Unit: 10k RMB) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 100,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 25,740 | | Proportion of Actual Total Guarantees to Company's Net Assets | 17.38% | Share Changes and Shareholder Information Shareholding Changes During the reporting period, the company's total share capital maintained 200 million shares; due to the lifting of restrictions on some pre-IPO shares, restricted shares decreased by 17.30 million, with unrestricted shares increasing accordingly, reducing the proportion of restricted shares from 75.00% to 66.35% after the lock-up expiry - On January 22, 2025, 17.30 million pre-IPO shares of the company became tradable, accounting for 8.65% of the total share capital[122] Share Structure Comparison Before and After Changes | Share Type | Quantity Before Change | Proportion Before Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 150,000,000 | 75.00% | 132,701,000 | 66.35% | | Unrestricted Shares | 50,000,000 | 25.00% | 67,299,000 | 33.65% | | Total Share Capital | 200,000,000 | 100.00% | 200,000,000 | 100.00% | Shareholder Count and Shareholding Information As of the end of the reporting period, the company had a total of 20,167 common shareholders; the top ten shareholders collectively held 73.67% of shares, indicating a relatively concentrated equity structure, with controlling shareholder and actual controller Chen Peijun directly holding 35.50% and indirectly holding shares through Zhongke Investment, while her related parties also indirectly held shares through multiple entities - As of the end of the reporting period, the company had a total of 20,167 shareholders[127] Top Five Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shareholding Quantity at Period-End | | :--- | :--- | :--- | :--- | | Chen Peijun | Domestic Natural Person | 35.50% | 71,000,000 | | Zhonghui Investment | Domestic Non-State-Owned Legal Person | 14.50% | 29,000,000 | | Tengzhong Investment | Domestic Non-State-Owned Legal Person | 9.59% | 19,184,900 | | Zhongke Investment | Domestic Non-State-Owned Legal Person | 8.15% | 16,300,000 | | Jinlu Investment | Other | 2.35% | 4,700,000 | Bond-Related Information Bond Status During the reporting period, the company had no bond-related information - During the reporting period, the company had no bond-related information[133] Financial Report Audit Report The company's 2025 half-year financial report is unaudited - The company's half-year financial report is unaudited[135] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, serving as core bases for analyzing the company's financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 2.436 billion RMB, total liabilities were 943 million RMB, and owners' equity attributable to the parent company was 1.481 billion RMB[137][138][139] - The consolidated income statement shows that in the first half of 2025, total operating revenue reached 990 million RMB, total profit was 49.51 million RMB, net profit was 38.67 million RMB, of which net profit attributable to parent company shareholders was 39.33 million RMB[143][144] - The consolidated cash flow statement indicates net cash flow from operating activities of 54.09 million RMB, net cash flow from investing activities of -24.98 million RMB, net cash flow from financing activities of -1.19 million RMB, and cash and cash equivalents balance of 380 million RMB at period-end[147][148] Notes to Consolidated Financial Statement Items This section provides detailed explanations for each item in the consolidated financial statements, highlighting key information such as 225 million RMB of restricted monetary funds as bank acceptance bill deposits, the vast majority of accounts receivable being within one year with a 5.09% bad debt provision, high proportions of raw materials, work-in-progress, and finished goods in inventory, and fastener sales, particularly bolts, as the primary source of operating revenue - As of period-end, the company's monetary funds balance was 605 million RMB, of which 225 million RMB were restricted as bank acceptance bill deposits[295][473] - Accounts receivable had a book balance of 186 million RMB at period-end, with 99.6% being current (within 1 year); the bad debt provision rate for the aging portfolio was 5.04%[315][317] Period-End Inventory Composition (Unit: RMB) | Item | Book Balance | Book Value | | :--- | :--- | :--- | | Raw Materials | 167,081,902.09 | 167,081,902.09 | | Work-in-Progress | 177,240,133.68 | 177,240,133.68 | | Finished Goods | 254,505,723.19 | 250,716,828.09 | | Goods in Transit | 46,263,247.09 | 46,263,247.09 | | Total | 645,179,395.26 | 641,390,500.16 | - Company revenue recognition policy: domestic sales revenue is recognized upon customer acknowledgment of receipt; export sales revenue is recognized when customs clearance is completed, products are loaded onto the vessel, and the bill of lading is obtained as the point of control transfer[272] Other Submitted Data