三晖电气(002857) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section contains the company's important disclaimers, guarantees from management, and the report's structural definitions Important Notice The company's board, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions, and plan no profit distribution for this reporting period - Management ensures the truthfulness, accuracy, and completeness of this semi-annual report, assuming corresponding legal responsibilities[5] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period[6] Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key accounting data and financial performance indicators for the reporting period Company Profile Zhengzhou Sanhui Electric Co., Ltd. (stock code: 002857) is a company listed on the Shenzhen Stock Exchange, with Hu Kun as its legal representative | Stock Abbreviation | Sanhui Electric | | :--- | :--- | | Stock Code | 002857 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 郑州三晖电气股份有限公司 | | Legal Representative | Hu Kun | Key Accounting Data and Financial Indicators In the first half of 2025, revenue increased by 41.64% to 145.66 million yuan, but net profit attributable to shareholders widened its loss by 4.37% to -16.31 million yuan, with operating cash flow outflow increasing by 64.12% to -91.68 million yuan Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 145,659,725.29 | 102,835,378.48 | 41.64% | | Net Profit Attributable to Shareholders | -16,309,745.71 | -15,626,997.90 | -4.37% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | -18,615,805.11 | -18,862,320.59 | 1.31% | | Net Cash Flow from Operating Activities | -91,683,650.22 | -55,864,876.83 | -64.12% | | Basic Earnings Per Share (Yuan/Share) | -0.1263 | -0.123 | -2.68% | | Weighted Average Return on Net Assets | -3.15% | -3.05% | -0.09% | | Total Assets (Yuan) | 1,096,031,034.85 | 1,165,154,024.39 (Prior Year-End) | -5.93% | | Net Assets Attributable to Shareholders (Yuan) | 511,961,537.55 | 527,279,089.20 (Prior Year-End) | -2.91% | Non-Recurring Gains and Losses | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Fair value changes from financial assets held by non-financial enterprises | 1,560,721.84 | Primarily bank wealth management income | | Other gains and losses meeting the definition of non-recurring items | 899,350.38 | Primarily VAT additional deduction | | Total | 2,306,059.40 | | Management Discussion and Analysis This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, asset and liability status, and risk factors Principal Business The company's core business focuses on electricity metering, while actively expanding into energy storage and entering the embodied intelligence sector with a new smart eldercare service robot - The company's traditional main business revolves around electricity grid energy meter standard testing, automated verification, smart warehousing, and electricity consumption information collection systems[25][28][29][30] - The company is vigorously developing its energy storage business through its subsidiary Sanhui Energy, deepening cooperation with Tibet Investment Group, and has launched an energy storage production line in Xigaze[26][31] - In January 2025, the company established Sanhui Lianjing Smart Computing, officially entering the embodied intelligence field, focusing on physiotherapy and eldercare robots, and has launched a smart eldercare service robot product[26][27] - The company's robot business has achieved initial commercialization, signing a three-year framework sales contract (2025-2027) with Zibo Blue Ribbon Health Management Co., Ltd., with planned sales of no less than 50 units, 300 units, and 450 units respectively[28] Core Competencies The company's core competencies include continuous innovation, strong brand influence in electricity metering and energy storage, and an experienced management and technical team - The company possesses strong R&D capabilities, is a high-tech enterprise, and owns provincial-level enterprise technology centers and engineering technology research centers, committed to independent innovation[32] - It has deep technological accumulation and a strong brand reputation in electricity metering; in energy storage, by deeply cultivating the Tibet market, it has accumulated technical and engineering capabilities for high-altitude, ultra-low temperature environments, establishing brand recognition[33] - The company has a management team and core technical personnel with long-term experience in the power and energy industry, and has introduced a structured team of energy storage industry experts, forming management and technical capabilities covering the entire project lifecycle[33] Analysis of Principal Business Operating revenue increased by 41.64% driven by a 237.12% surge in energy storage business revenue, which now accounts for 57.27% of total revenue, despite its significantly lower gross margin of 3.61% Key Financial Data Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 145,659,725.29 | 102,835,378.48 | 41.64% | Energy storage business revenue growth | | Operating Cost | 124,690,721.28 | 75,036,897.80 | 66.17% | Energy storage business revenue growth | | Net Cash Flow from Operating Activities | -91,683,650.22 | -55,864,876.83 | -64.12% | Increased procurement payments | | Net Cash Flow from Investing Activities | 23,360,965.57 | -122,017,295.49 | 119.15% | Increased redemption of bank wealth management products | Operating Revenue Composition (by Industry) | Industry | Revenue Current Period (Yuan) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | Instrument and Meter Manufacturing | 62,234,967.61 | 42.73% | -20.30% | | Energy Storage Equipment | 83,424,757.68 | 57.27% | 237.12% | Gross Margin by Principal Business | Business | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Instrument and Meter Manufacturing | 62,234,967.61 | 44,276,427.86 | 28.86% | +0.48% | | Energy Storage Equipment | 83,424,757.68 | 80,414,293.42 | 3.61% | -19.18% | Analysis of Non-Principal Business Non-principal business gains primarily from non-recurring government subsidies, bank wealth management, and unpayable accounts, while asset impairment losses of 0.55 million yuan were recognized Non-Principal Business Gains and Losses | Item | Amount (Yuan) | % of Total Profit | Explanation of Formation | | :--- | :--- | :--- | :--- | | Investment Income | 150,831.55 | 0.86% | Primarily bank wealth management and equity investment income | | Fair Value Change Gains and Losses | 175,408.36 | 1.00% | Primarily accrued income from bank wealth management products | | Asset Impairment | -545,885.99 | -3.10% | Primarily inventory and contract asset impairment provisions | | Non-Operating Income | 912,330.40 | 5.18% | Primarily unpayable accounts payable | | Other Income | 921,637.14 | 5.24% | Primarily government subsidies related to daily activities | Analysis of Asset and Liability Status Total assets decreased by 5.93% to 1.096 billion yuan, with a shift in asset composition as inventory increased and accounts receivable decreased, and 137 million yuan in cash was restricted Major Asset and Liability Item Changes | Item | Period-End Amount (Yuan) | % of Total Assets | Change in % from Prior Year-End | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 216,472,826.95 | 19.75% | -3.37% | Recovery of accounts receivable from prior period | | Inventory | 135,258,913.46 | 12.34% | 2.26% | Increase in goods issued with business growth | | Contract Liabilities | 59,031,525.48 | 5.39% | 2.65% | Increase in advance receipts | - As of the end of the reporting period, 137 million yuan in monetary funds were restricted, primarily for bank acceptance bill deposits and performance bonds[45] Analysis of Major Holding and Participating Companies Zhengzhou Sanhui Instrument Transformer Co., Ltd. was the main profit contributor with 7.48 million yuan net profit, while the energy storage subsidiary, Shenzhen Sanhui Energy Technology Co., Ltd., reported a net loss of 5.55 million yuan despite high revenue Operating Performance of Major Subsidiaries | Company Name | Principal Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Zhengzhou Sanhui Instrument Transformer Co., Ltd. | Instrument transformer R&D, production, sales | 42,262,150.49 | 7,478,390.05 | | Shenzhen Sanhui Energy Technology Co., Ltd. | Energy storage, battery product R&D, production, sales | 83,424,757.69 | -5,553,468.90 | | Zhengzhou Sanhui Electronic Technology Co., Ltd. | Energy meter testing equipment | 1,635,972.64 | -2,706,316.60 | | Shanghai Sanhui Lianjing New Energy Technology Co., Ltd. | Energy storage services | 0.00 | -2,584,978.85 | - The company newly invested in and established four subsidiaries during this period, including Sanhui Lianjing Smart Computing (Shanghai) High-Tech Co., Ltd., all of which have been included in the consolidated financial statements[53] Risks and Countermeasures Faced by the Company The company faces risks related to macroeconomic and policy dependence, intense market competition, and potential talent loss or shortage, which it plans to address through strategic adjustments, innovation, and talent retention - The company faces three main risks: - Policy Dependence Risk: The power and new energy industries are highly influenced by national macroeconomic policies - Market Competition Risk: Intense industry competition may impact operating performance - Talent Turnover Risk: The company's development requires a large number of high-caliber talents, making team stability crucial[54][55] Corporate Governance, Environment, and Society This section details the company's corporate governance practices, including the implementation of equity incentive plans Implementation of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company actively implemented employee incentive measures, granting 2.16 million stock options in January 2025, an additional 0.54 million in July, and approving a restricted stock incentive plan in August - On January 10, 2025, the company initially granted 2.1601 million stock options to 11 incentive recipients at an exercise price of 10.84 yuan/share[59] - On July 24, 2025, the company granted 0.540025 million reserved stock options to 7 incentive recipients at an exercise price of 10.83 yuan/share[59] - The company launched the "2025 Restricted Stock Incentive Plan (Draft)" which was approved by the general meeting of shareholders on August 11, 2025[60][61] Significant Matters This section summarizes key events and transactions during the reporting period, including the absence of major negative incidents and details on wealth management activities Summary of Significant Matters The company reported no major negative events such as controlling shareholder fund occupation, illegal external guarantees, or significant litigation, and invested 750.5 million yuan in bank wealth management products using its own funds - During the reporting period, the company had no negative significant matters such as controlling shareholder fund occupation, illegal guarantees, major lawsuits, or significant related-party transactions[66][67][70][73] Entrusted Wealth Management | Specific Type | Source of Funds | Amount of Entrusted Wealth Management (10K Yuan) | Unexpired Balance (10K Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 75,050 | 21,610 | Share Changes and Shareholder Information This section provides an overview of the company's share capital structure and detailed information on its shareholders Number of Shareholders and Shareholding Status As of the reporting period end, the company had 6,387 common shareholders, with Shanghai Changyun Enterprise Management Partnership (Limited Partnership) as the largest shareholder holding 19.89%, of which 13.13 million shares are pledged - As of the end of the reporting period, the company had a total of 6,387 shareholders[92] Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged/Marked or Frozen Status | | :--- | :--- | :--- | :--- | | Shanghai Changyun Enterprise Management Partnership (Limited Partnership) | 19.89% | 25,696,270 | Pledged 13,130,000 | | Yu Wenbiao | 9.27% | 11,974,674 | Not applicable | | Ningbo Henghui Enterprise Management Consulting Co., Ltd. | 5.17% | 6,673,703 | Not applicable | | Li Yumei | 3.76% | 4,860,000 | Not applicable | | Huang Jinhu | 2.23% | 2,880,000 | Not applicable | - Shareholder Yu Wenbiao holds 100% equity in Ningbo Henghui Enterprise Management Consulting Co., Ltd., constituting an associated relationship[93] Bond-Related Information This section confirms the absence of any bond-related activities or outstanding bonds during the reporting period Bond Information The company had no bond-related information during the reporting period - The company had no bond-related information during this reporting period[99] Financial Report This section presents the company's unaudited consolidated financial statements and detailed notes for the reporting period Financial Statements The unaudited semi-annual financial report shows total assets of 1.096 billion yuan, total liabilities of 568 million yuan, and net profit attributable to parent company of -16.31 million yuan, with operating cash flow at -91.68 million yuan - The company's 2025 semi-annual financial report is unaudited[101] Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,096,031,034.85 | 1,165,154,024.39 | | Total Liabilities | 567,818,604.53 | 619,927,528.34 | | Equity Attributable to Parent Company Owners | 511,961,537.55 | 527,279,089.20 | Key Items from Consolidated Income Statement (First Half 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 145,659,725.29 | 102,835,378.48 | | Total Operating Cost | 172,821,727.61 | 125,534,390.31 | | Total Profit | -17,604,258.15 | -19,320,283.98 | | Net Profit | -17,948,994.65 | -16,779,613.71 | | Net Profit Attributable to Parent Company Shareholders | -16,309,745.71 | -15,626,997.90 | Key Items from Consolidated Cash Flow Statement (First Half 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -91,683,650.22 | -55,864,876.83 | | Net Cash Flow from Investing Activities | 23,360,965.57 | -122,017,295.49 | | Net Cash Flow from Financing Activities | -6,997,573.79 | -11,613,587.17 | | Net Increase in Cash and Cash Equivalents | -75,320,258.44 | -189,495,759.49 | Notes to Consolidated Financial Statements Financial statement notes detail account compositions and changes, including 216 million yuan in accounts receivable, 135 million yuan in inventory, and an increase in the company's stake in Shenzhen Sanhui Energy to 77.11% due to minority shareholder capital reduction - At period-end, 137 million yuan of monetary funds were restricted, primarily for bank acceptance bill deposits and performance bonds[283][442] - At period-end, the book balance of accounts receivable was 234 million yuan, with bad debt provisions of 17.3 million yuan, resulting in a book value of 216 million yuan; the top five debtors accounted for 74.54% of the combined balance of accounts receivable and contract assets[297][304] - At period-end, the book value of inventory was 135 million yuan, with goods issued accounting for 88.82 million yuan; the balance of inventory impairment provisions was 7.1 million yuan[355][359] - During the reporting period, the company's shareholding in its subsidiary Shenzhen Sanhui Energy Technology Co., Ltd. increased from 75.64% to 77.11% due to a minority shareholder capital reduction, adjusting capital reserves by 0.249 million yuan[569][571]