中威电子(300270) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors, Supervisory Board, and all senior executives guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions; the company plans no profit distribution for this period - All company directors, supervisors, and senior executives guarantee the truthfulness, accuracy, and completeness of the report content[4] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this semi-annual period[6] Definitions This section defines key terms used in the report, including the company, its subsidiaries, controlling shareholder, actual controller, and the reporting period (January-June 2025) Key Entity Definitions | Key Entity | Definition | | :--- | :--- | | Company | Hangzhou Zhongwei Electronics Co., Ltd. | | Controlling Shareholder | Xinxiang Xintou Industrial M&A Fund No. 1 Partnership (Limited Partnership) | | Actual Controller | Xinxiang Municipal People's Government | | Reporting Period | Jan-Jun 2025 | Company Profile and Key Financial Indicators Company Profile This section provides basic company information, including stock ticker 'Zhongwei Electronics', stock code '300270', listing on Shenzhen Stock Exchange, and legal representative Zhao Qian Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Zhongwei Electronics | | Stock Code | 300270 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhao Qian | Key Accounting Data and Financial Indicators During the reporting period, the company's financial performance significantly declined, with revenue down 44.13%, operating cash flow turning negative with a 3741.98% decrease, and total assets and net assets also decreasing Key Financial Indicators | Key Financial Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 37,758,826.46 | 67,579,100.17 | -44.13% | | Net Profit Attributable to Shareholders (RMB) | -39,082,761.85 | -38,609,161.92 | -1.23% | | Net Cash Flow from Operating Activities (RMB) | -38,318,460.78 | 1,052,133.40 | -3,741.98% | | Basic EPS (RMB/share) | -0.13 | -0.13 | 0.00% | | Weighted Average ROE | -6.65% | -5.98% | -0.67% | | Total Assets (RMB) | 786,923,319.18 | 881,615,947.62 (上年度末) | -10.74% | | Net Assets Attributable to Shareholders (RMB) | 567,879,529.52 | 606,898,628.10 (上年度末) | -6.43% | Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 1.11 million, primarily from government subsidies, resulting in a net loss of RMB 40.19 million after adjustments, slightly wider than the prior year Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -15,098.55 | | Government Grants Recognized in Current P&L | 1,055,632.90 | | Other Non-operating Income/Expenses | 75,235.86 | | Total | 1,111,728.91 | - Net profit attributable to shareholders, excluding non-recurring gains and losses, was -RMB 40.19 million, a 1.54% wider loss compared to -RMB 39.59 million in the prior year[23] Management Discussion and Analysis Main Business Activities During the Reporting Period The company is an AI video application-centric IoT solution provider, leveraging its 'Zhongwei Cloud' AIoT video cloud platform to offer solutions across various industries, with a rich product portfolio and continuous technological innovation - The company's core positioning is an AI video application-centric IoT solution provider, serving smart highways, transportation, parking, urban management, industrial parks, and forestry sectors[30] - The company's product lines are categorized into four main types: intelligent security products, smart video cloud platforms, Beijing Robot Company products, and Xindian Information Company products[31] - The company continuously innovates, applying multi-modal large model algorithms and radar-video fusion technology to products, and launching various special robots like tunnel inspection and coal bin cleaning robots[33][36][84] Analysis of Core Competencies The company's core competencies include continuous technological innovation, comprehensive product lines and solutions, integrated service capabilities, and strong brand influence, supported by robust R&D and leading AIoT video cloud technology - The company's core strengths include: continuous technological innovation, comprehensive products and solutions, integrated services, and strong brand influence[113][118][123][124] R&D Metrics | R&D Metric | H1 2025 | | :--- | :--- | | R&D Investment (RMB 10,000) | 1,038.87 | | R&D % of Revenue | 27.51% | | R&D Staff Count | 84 | | R&D Staff % | 40.78% | - The company possesses industry-leading AIoT video cloud technology, integrating video, AI, and IoT devices to provide big data service systems for industry clients[115] Analysis of Main Business During the reporting period, key financial indicators declined, with revenue down 44.13% due to fewer recognized projects, operating cash flow significantly decreasing, and system integration revenue dropping 72.03%, while operation and maintenance services doubled Major Financial Data YoY Change | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 37,758,826.46 | 67,579,100.17 | -44.13% | Decrease in recognized operating revenue for the period | | Operating Cost | 28,841,701.49 | 49,895,712.87 | -42.20% | Decrease in recognized projects for the period | | Selling Expenses | 8,149,218.24 | 11,693,377.21 | -30.31% | Decrease in employee compensation and marketing expenses | | Net Cash Flow from Operating Activities | -38,318,460.78 | 1,052,133.40 | -3,741.98% | Decrease in sales collections and recovered deposits | Product or Service Breakdown | Product/Service | Operating Revenue (RMB) | Gross Margin | Operating Revenue YoY Change | | :--- | :--- | :--- | :--- | | System Integration | 8,758,843.21 | 27.05% | -72.03% | | Product Sales | 18,678,098.11 | 26.42% | -30.05% | | O&M Services | 2,603,229.13 | 35.32% | 112.24% | | Other | 7,718,656.01 | 8.99% | -7.40% | Analysis of Assets and Liabilities At period-end, total assets were RMB 787 million, down 10.74%, with cash significantly reduced by 50.02% and prepayments up 544.44%; liabilities decreased due to lower employee compensation and taxes, and RMB 192 million in assets were restricted Major Balance Sheet Item Changes | Item | Period-End Amount (RMB) | Period-Start Amount (RMB) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 44,508,374.70 | 89,049,796.63 | -50.02% | Payment for goods | | Prepayments | 6,002,619.47 | 931,446.01 | 544.44% | Increase in prepayments for uncompleted contracts | | Long-term Receivables | 6,607,971.83 | 11,421,147.06 | -42.14% | Overdue amounts reclassified to accounts receivable | | Employee Compensation Payable | 1,055,854.13 | 5,052,988.49 | -79.10% | Payment of prior period bonuses | | Taxes Payable | 2,352,369.99 | 15,773,011.42 | -85.09% | Decrease in VAT payable | - As of the reporting period, RMB 192 million in company assets were restricted, primarily comprising fixed assets, intangible assets, investment properties used for mortgages, and cash used for deposits and pledges[134] Analysis of Major Holding and Participating Companies During the reporting period, key subsidiary Henan Zhongwei Intelligent Robot Co., Ltd. continued to incur losses, with a net loss of RMB 4.27 million, while the deregistration of Zhongwei (Tianshui) Digital Technology Co., Ltd. had no material impact on overall operations Henan Zhongwei Intelligent Robot Co., Ltd. Key Financial Data | Metric | Amount (RMB 10,000) | | :--- | :--- | | Total Assets | 1,576.20 | | Net Assets | -1,514.21 | | Operating Revenue | 262.30 | | Operating Profit | -428.11 | | Net Profit | -426.90 | Risks and Countermeasures Faced by the Company The company faces significant risks including declining operating performance, rapid technological changes, high accounts receivable balances, and subsidiary operational challenges, with RMB 364 million in receivables representing 46.23% of total assets, leading to bad debt and liquidity pressures - The company faces major risks including: - Operating performance risk: Industry shocks and intensified competition may lead to continued losses - Technology risk: Rapid technological iteration, high R&D investment, and risks of incorrect direction or insufficient investment - Accounts receivable risk: Total receivables of RMB 364 million, accounting for 46.23% of total assets, indicating slow turnover and high bad debt risk - Subsidiary operating risk: Controlling sub-subsidiary Huaxia Tianxin (Beijing) Robot Co., Ltd. continues to incur losses[142][143][145][146] Corporate Governance, Environment, and Society Corporate Governance Status This section details corporate governance, noting the departure of the Chairman and General Manager due to work transfers, no planned semi-annual profit distribution or equity incentive, and the company's commitment to social responsibilities including information disclosure and employee rights - During the reporting period, former Chairman Li Yice resigned on March 10, 2025, and the former General Manager was dismissed on February 20, 2025, both due to work transfers[150] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this semi-annual period[151] - The company actively fulfills its social responsibilities, including lawful information disclosure, safeguarding employee rights, and operating and paying taxes in accordance with the law[153] Significant Matters Significant Related Party Transactions During the reporting period, the company engaged in RMB 1.51 million in related party transactions with its indirect controlling shareholder and subsidiaries, covering sales, purchases, and property leases, and received a RMB 21.85 million accounts receivable guarantee from former actual controller Mr. Shi Xugang Related Party Transactions in Ordinary Operations | Related Party | Transaction Type | Transaction Amount (RMB 10,000) | % of Similar Transactions | | :--- | :--- | :--- | :--- | | Xintou Group and its subsidiaries | Sales of products, provision of services | 137.32 | 3.64% | | Xintou Group and its subsidiaries | Purchase of products, acceptance of services | 13.21 | 0.73% | | Xintou Group and its subsidiaries | Property Lease | 0.87 | 1.61% | - The company received RMB 21.85 million in cash as an accounts receivable guarantee from former actual controller Mr. Shi Xugang for the collection of specific receivables; as of the reporting period, the guarantee balance was RMB 21.39 million[170] Significant Contracts and Their Performance The company generated RMB 5.51 million in rental income from idle properties and provided RMB 9.5 million in significant guarantees to subsidiaries, representing 1.67% of net assets at period-end - The company leased out some idle properties, generating RMB 5.51 million in rental income (excluding tax) during the reporting period[173] Significant Guarantees to Subsidiaries | Guaranteed Entity | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | | Henan Xindian Information Technology Co., Ltd. | 450.00 | Joint and Several Liability Guarantee | No | | Huaxia Tianxin (Beijing) Robot Co., Ltd. | 500.00 | Mortgage | No | | Total | 950.00 | | | Explanation of Other Significant Matters This section details the company's change of control since August 2020, involving share transfers and voting right delegations from former actual controller Mr. Shi Xugang to Xinxiang Industrial Fund No. 1, and notes that six idle properties approved for disposal in October 2020 remain unsold - Details the change in company control since 2020, from Mr. Shi Xugang to Xinxiang Industrial Fund No. 1 (actual controller Xinxiang Municipal People's Government), through share transfers and voting right delegations[180][181][183][184][186] - In October 2020, the company approved the disposal of six idle properties in Hangzhou, Guangzhou, Beijing, and other locations, but these properties remain unsold as of the end of this reporting period[187] Changes in Shares and Shareholder Information Number of Shareholders and Shareholding Status As of the reporting period, the company had 21,144 common shareholders, with Xinxiang Xintou Industrial M&A Fund No. 1 and Shi Xugang as the top two shareholders, holding 19.01% and 18.16% respectively, and Mr. Shi Xugang having delegated voting rights for 32,976,626 shares to the controlling shareholder Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholding % | Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Xinxiang Xintou Industrial M&A Fund No. 1 Partnership | 19.01% | 57,562,394 | - | | Shi Xugang | 18.16% | 55,000,174 | Pledged 51,447,794 | | Su Ming | 3.84% | 11,632,800 | - | | Zhou Weifeng | 0.67% | 2,040,030 | - | | 2021 Employee Stock Ownership Plan | 0.65% | 1,964,942 | - | - Shareholder Mr. Shi Xugang delegated voting rights for 32,976,626 shares to the controlling shareholder[195] Bond-Related Information Bond Overview The company had no bond-related activities during the reporting period - The company did not issue, trade, or hold any bonds during this reporting period[201] Financial Report Auditor's Opinion The company's 2025 semi-annual financial report is unaudited - This semi-annual financial report is unaudited[203] Financial Statements This section presents the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in equity, reflecting financial position, operating results, and cash flows for the period Consolidated Balance Sheet As of June 30, 2025, total assets were RMB 787 million, total liabilities RMB 226 million, and equity attributable to parent company owners RMB 568 million, with total assets decreasing 10.74% and total liabilities decreasing 19.45% Consolidated Balance Sheet Summary (Unit: RMB) | Item | Period-End Balance | Period-Start Balance | | :--- | :--- | :--- | | Total Current Assets | 468,084,347.32 | 516,585,991.94 | | Total Non-current Assets | 318,838,971.86 | 365,029,955.68 | | Total Assets | 786,923,319.18 | 881,615,947.62 | | Total Current Liabilities | 224,067,395.26 | 278,631,208.15 | | Total Non-current Liabilities | 2,288,065.38 | 2,387,435.80 | | Total Liabilities | 226,355,460.64 | 281,018,643.95 | | Total Equity Attributable to Parent Company Owners | 567,879,529.52 | 606,898,628.10 | | Total Equity | 560,567,858.54 | 600,597,303.67 | Consolidated Income Statement In H1 2025, the company's operating revenue was RMB 37.76 million, down 44.13%, resulting in an operating loss of RMB 39.68 million and a net loss attributable to parent company shareholders of RMB 39.08 million, with EPS of -0.13 RMB Consolidated Income Statement Summary (Unit: RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | I. Total Operating Revenue | 37,758,826.46 | 67,579,100.17 | | Operating Cost | 28,841,701.49 | 49,895,712.87 | | Selling Expenses | 8,149,218.24 | 11,693,377.21 | | Administrative Expenses | 13,033,038.43 | 18,232,082.39 | | R&D Expenses | 10,388,655.33 | 13,855,546.48 | | Credit Impairment Losses | -17,741,804.61 | -20,018,035.30 | | III. Operating Profit | -39,681,349.81 | -43,036,567.33 | | IV. Total Profit | -39,618,548.28 | -42,591,917.21 | | V. Net Profit | -40,093,108.40 | -39,996,574.92 | | Net Profit Attributable to Parent Company Shareholders | -39,082,761.85 | -38,609,161.92 | | VIII. Basic Earnings Per Share | -0.13 | -0.13 | Consolidated Cash Flow Statement In H1 2025, cash flow significantly deteriorated, with operating cash flow at -RMB 38.32 million due to reduced sales collections, and period-end cash and cash equivalents at RMB 29.59 million, a substantial decrease from the beginning of the period Consolidated Cash Flow Statement Summary (Unit: RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,318,460.78 | 1,052,133.40 | | Net Cash Flow from Investing Activities | -36,249.73 | -4,102,463.33 | | Net Cash Flow from Financing Activities | 1,863,281.24 | -9,101,688.88 | | Effect of Exchange Rate Changes on Cash | -6,031.01 | 26,461.74 | | Net Increase in Cash and Cash Equivalents | -36,497,460.28 | -12,125,557.07 | | Period-End Cash and Cash Equivalents Balance | 29,587,540.65 | 74,378,486.30 | Notes to Consolidated Financial Statement Items Notes to the financial statements provide detailed explanations, highlighting significant and aged accounts receivable with high impairment provisions as a key risk, revenue decline primarily from shrinking system integration and product sales, and related party transactions mainly with the controlling shareholder and its subsidiaries Accounts Receivable Aging Analysis (Period-End) | Aging | Book Balance (RMB) | | :--- | :--- | | Within 1 year | 199,711,347.14 | | 1 to 2 years | 69,660,985.90 | | 2 to 3 years | 67,298,691.47 | | Over 3 years | 202,678,776.51 | | Total | 539,349,801.02 | - Period-end accounts receivable balance reached RMB 539 million, with bad debt provisions of RMB 238 million, a provision rate of 44.18%, and over 63% of receivables aged over one year[361] Main Business Revenue Composition (Current Period) | Business Type | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | System Integration and Product Sales | 27,436,941.32 | 20,133,495.17 | | O&M Services | 2,603,229.13 | 1,683,681.84 | | Property and Other | 2,429,016.00 | 2,182,142.77 | Supplementary Information This section provides supplementary financial information, including non-recurring gains and losses totaling RMB 1.11 million, primarily government subsidies, and a net loss attributable to common shareholders of -RMB 40.19 million after adjustments, with a weighted average ROE of -6.84% Current Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -15,098.55 | | Government Grants Recognized in Current P&L | 1,055,632.90 | | Other Non-operating Income/Expenses | 75,235.86 | | Impact of Minority Interests (After Tax) | 4,041.30 | | Total | 1,111,728.91 | Net Asset Return Rate and Earnings Per Share | Profit for the Period | Weighted Average ROE | Basic EPS (RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -6.65% | -0.13 | | Net Profit Attributable to Common Shareholders After Non-Recurring Items | -6.84% | -0.13 |