玉马科技(300993) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's management guarantees the report's accuracy, with no profit distribution planned for the current period - The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions[5] - The company will not distribute profits for this reporting period, meaning no cash dividends, no bonus shares, and no capital increase from capital reserves[6] Company Profile and Key Financial Indicators The company experienced a slight revenue increase of 0.89% to 364 million yuan, but net profit attributable to shareholders declined by 14.13% to 74.09 million yuan, alongside a 34.87% drop in operating cash flow Company Profile Shandong Yuma Shading Technology Co., Ltd. (Stock Code: 300993) is listed on the Shenzhen Stock Exchange, with Sun Chengzhi serving as its legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Yuma Technology | | Stock Code | 300993 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Name | Shandong Yuma Shading Technology Co., Ltd. | | Legal Representative | Sun Chengzhi | Key Accounting Data and Financial Indicators In H1 2025, operating revenue reached 364 million yuan (up 0.89%), while net profit attributable to parent company and non-recurring net profit declined by 14.13% and 13.31% respectively, with operating cash flow decreasing by 34.87% Key Financial Indicators | Key Financial Indicator | Current Reporting Period (2025 H1) (yuan) | Prior Year Period (2024 H1) (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 364,237,717.18 | 361,011,880.75 | 0.89% | | Net Profit Attributable to Parent Company | 74,086,241.69 | 86,281,278.26 | -14.13% | | Net Profit Attributable to Parent Company (Excluding Non-Recurring Items) | 72,234,471.72 | 83,322,042.81 | -13.31% | | Net Cash Flow from Operating Activities | 54,386,950.47 | 83,505,926.80 | -34.87% | | Basic Earnings Per Share | 0.24 | 0.28 | -14.29% | | Weighted Average Return on Net Assets | 5.01% | 6.21% | -1.20 pct | | Total Assets | 1,587,955,688.51 | - | 3.28% (vs. end of prior year) | | Net Assets Attributable to Parent Company | 1,489,604,905.88 | - | 3.51% (vs. end of prior year) | Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses for the period were 1.85 million yuan, predominantly from government subsidies totaling 2.61 million yuan Non-Recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -39,612.53 | | Government subsidies included in current profit and loss | 2,609,248.52 | | Net non-operating income and expenses | -324,810.39 | | Total | 1,851,769.97 | Management Discussion and Analysis The company, specializing in functional shading materials, saw net profit decline despite slight revenue growth due to rising costs and expenses, while leveraging core competencies in R&D, brand, and quality, and actively mitigating risks from raw material prices, exchange rates, and macroeconomic changes Overview of Main Business The company specializes in R&D, production, and sales of functional shading materials (blackout, dimmable, solar), utilizing a direct sales model with 70% of products exported globally, benefiting from its industry leadership, green building policies, and the shift from traditional curtains Main Business and Product Overview During the Reporting Period The company specializes in functional shading materials, including blackout, dimmable, and solar fabrics, widely used in residential and commercial buildings, operating on a production-to-order direct sales model with integrated supply chain - The company's main products are three categories: blackout fabrics, dimmable fabrics, and solar fabrics, with exports accounting for approximately two-thirds of products, sold to over 70 countries and regions worldwide[29][30] - The company primarily adopts a "production-to-order" manufacturing model, combined with market forecasts for proactive stocking, to shorten delivery times and enhance customer satisfaction[44] - The sales model is direct sales, involving outright sales to customers, with overseas sales revenue accounting for approximately 70% of main business revenue and domestic sales for about 30%[46][48] Market Position, Competitive Advantages and Disadvantages, and Key Performance Drivers During the Reporting Period As a leading functional shading enterprise, the company boasts strong brand, technology, quality, and responsiveness, though it needs to enhance high-end talent acquisition, with performance driven by green building policies, traditional curtain replacement, and market consolidation - The company is a leading enterprise in China's functional shading industry in terms of technical level and sales scale, serving as the chief editor for national industry standards[48] - Competitive advantages include: brand and customer resources, technology and R&D (with over 150 patents), quality control (multiple key parameters superior to industry standards), rapid response to global customer needs, and production volume and scale advantages[50][51][53][56][57] - Key performance drivers include the popularization of green building materials, the replacement of traditional curtains by functional shading products, the improvement of industry standard systems, and market concentration towards high-quality enterprises[59][61][62][63] Core Competitiveness Analysis The company's core competitiveness stems from its expert technical team, leading technology, strong brand, diverse product lines, advanced production equipment, and robust quality assurance, fostering stable relationships with major global clients - The company possesses a professional technical team and leading core technologies, with Chairman Sun Chengzhi awarded the "Lifetime Achievement Award for China's Building Shading Industry," and the company holding over 150 authorized patents[64] - The company is the industry's sole recipient of the "China Shading Window Decoration New Material Innovation Demonstration Base" and "China Well-Known Trademark" honors, offering a rich product portfolio and strong customization capabilities[65][66] - The company has introduced internationally advanced equipment such as German DORNIER and Italian SMIT weaving machines, achieving industry-leading production efficiency and product quality indicators[67] - The company has passed ISO9001 and other management system certifications, giving it an advantage in acquiring and maintaining major customer resources, establishing cooperative relationships with over 70 countries and regions worldwide[68] Main Business Analysis The company's main business revenue structure remained stable, with solar and blackout fabrics as key drivers; administrative expenses rose 21.57% due to stock expenses and payroll, while financial expenses dropped 48.92% from exchange rates and interest, and operating cash flow decreased 34.87% due to increased procurement Key Financial Items and Changes | Category | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 23,137,068.28 | 19,031,729.04 | 21.57% | Allocation of restricted stock expenses and increased employee compensation | | Financial Expenses | -6,213,337.88 | -12,163,845.90 | -48.92% | Exchange rate fluctuations and changes in interest income | | Net Cash Flow from Operating Activities | 54,386,950.47 | 83,505,926.80 | -34.87% | Increased production scale, leading to increased procurement expenditures | | Net Cash Flow from Investing Activities | -85,309,852.09 | -63,086,102.20 | -35.23% | Payments for acquiring subsidiaries | | Net Cash Flow from Financing Activities | -34,052,933.77 | -114,935,414.59 | -70.37% | More share repurchases and dividend distributions in the same period | Main Business Revenue and Gross Profit Margin by Product | Product Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Revenue Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Blackout Fabrics | 110,956,376.96 | 64,791,800.11 | 41.61% | 9.41% | | Dimmable Fabrics | 80,695,029.01 | 42,346,036.21 | 47.52% | -1.92% | | Solar Fabrics | 122,389,317.11 | 67,648,404.59 | 44.73% | -0.11% | Analysis of Assets and Liabilities As of the reporting period, total assets grew 3.28% to 1.588 billion yuan; cash decreased by 5.13 percentage points due to acquisitions and dividends, while inventory and construction in progress rose by 2.40 and 3.04 percentage points respectively, reflecting increased stocking and new project investments, with a stable liability structure Key Asset Items and Changes | Asset Item | Period-End Balance (yuan) | % of Total Assets | Explanation for Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 427,898,600.50 | 26.95% | Primarily due to payments for acquiring subsidiaries, profit distribution, and purchasing long-term assets | | Inventories | 229,693,099.43 | 14.46% | Primarily due to increased stocking of raw materials and finished goods to improve delivery speed and shorten lead times | | Construction in Progress | 87,381,380.92 | 5.50% | Primarily due to increased investment in new projects during the current period | - The company owns four major overseas subsidiaries located in the United States, Australia, and Singapore, with total assets of approximately 68.87 million yuan, accounting for 2.22% of the company's net assets[78] Investment Analysis The company's investments surged to 38.75 million yuan from zero last year, mainly for equity, and 9.23 million yuan in bank wealth management products matured and were recovered Overall Investment Status | Investment Type | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Investment | 38,747,009.53 | 0.00 | 100.00% | - During the reporting period, the company used its own funds to invest 9.23 million yuan in bank wealth management products, with an outstanding balance of 0[87] Analysis of Major Holding and Participating Companies Major holding subsidiaries operated normally, with YUMA USA INC reporting 3.065 million yuan net profit; the company acquired Shanghai Jurongda Intelligent Technology and established two new wholly-owned subsidiaries in Australia and Singapore, with no significant impact on overall performance Net Profit of Major Subsidiaries | Subsidiary Name | Net Profit (yuan) | | :--- | :--- | | YUMA USA INC | 3,065,238.84 | | YUMA TEXAS INC | 144,719.93 | | Shandong Yuma New Energy Technology Co., Ltd. | 935,627.21 | | Shanghai Jurongda Intelligent Technology Co., Ltd. | 548,952.30 | - During the reporting period, the company acquired "Shanghai Jurongda Intelligent Technology Co., Ltd." through equity purchase and established two new wholly-owned subsidiaries, "YUMA VANTEX PTY LTD" and "GOLDEN SUN HOLDINGS PTE.LTD."[93] Risks Faced by the Company and Countermeasures The company faces risks from raw material price volatility, exchange rate fluctuations (USD-denominated sales), and macroeconomic changes (geopolitics, tariffs), which it addresses through timely raw material reserves, financial hedging, market expansion, and increased R&D - The company faces risks from price fluctuations of major raw materials (polyester fiber, PVC), which it will address by closely monitoring price trends and timely stocking[94] - The company's overseas sales revenue is primarily settled in USD, posing exchange rate fluctuation risks, which it will mitigate by utilizing financial instruments and increasing direct USD procurement[95][96] - The company faces risks from changes in the domestic and international environment, such as geopolitics and tariff policies, which it will address by expanding into new markets and products, and by establishing overseas production bases when appropriate[97] Corporate Governance, Environment, and Society The company completed board and executive re-elections, upholding legal compliance and stakeholder rights, while actively fulfilling environmental responsibilities as a green building materials enterprise, committed to sustainable development and social welfare, and implementing a 2024 restricted stock incentive plan Changes in the Company's Directors, Supervisors, and Senior Management On March 27, 2025, the company underwent board and executive re-elections, resulting in changes to several directors, independent directors, and the appointment of new deputy general managers, board secretaries, and chief financial officers - On March 27, 2025, due to re-election, Wang Xiaodong, Li Hua, and Wang Wei were elected as new independent directors, Sun Jinlin was elected as a director, Fan Yingjie was appointed as deputy general manager and board secretary, and Zhang Qingsong was appointed as chief financial officer[101][102] Implementation of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company is implementing its 2024 restricted stock incentive plan, having granted 4.29 million shares to 121 recipients at 4.12 yuan per share on October 10, 2024 - On October 10, 2024, the company granted 4.29 million restricted shares to 121 incentive recipients at a grant price of 4.12 yuan per share[104] Social Responsibility Status The company actively fulfills social responsibilities across stakeholder rights, environmental protection, and social welfare, with its green building materials aligning with the national "dual carbon" strategy - The company's products are new green building energy-saving materials, aligning with the national "dual carbon" strategy, playing a significant role in reducing building energy consumption and carbon emissions[105] - The company fulfills its social responsibilities across five aspects: shareholders, employees, suppliers and customers, environmental protection, and social welfare[105] Significant Matters The company and related parties fulfilled all IPO commitments, with no non-operating fund occupation, illegal guarantees, or major litigation; the sole related party transaction was a 408,700 yuan office lease from a shareholder, within the 1 million yuan approved limit Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company, Actual Controller, Shareholders, Related Parties, Acquirers, and Other Commitment-Related Parties The company, controlling shareholders, and related parties strictly fulfilled all IPO commitments, including share lock-up, avoiding competition, regulating related transactions, and stabilizing share price, with no overdue unfulfilled obligations - The company and relevant commitment parties normally fulfilled or completed all commitments made during the initial public offering within the reporting period and as of the end of the reporting period[112][113][114] Significant Related Party Transactions The company's only significant related party transaction was a 408,700 yuan office lease from Shandong Yuma Baofeng Investment Co., Ltd., which was within the 1 million yuan approved limit Related Party Transactions | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Yuma Baofeng Investment Co., Ltd. | Related Lease | Lease of office buildings | 40.87 | 100 | No | Share Changes and Shareholder Information The company's total share capital remained at 308 million shares, but 471,500 unrestricted shares became restricted due to board changes; with 19,078 shareholders, the top two, including actual controller Sun Chengzhi, hold over 46% combined Share Change Status The company's total share capital remained at 308,131,200 shares, with 471,525 unrestricted shares converted to restricted shares due to director shareholding changes and executive lock-up requirements Share Capital Changes | Share Category | Quantity Before Change | Quantity After Change | Change in Quantity | | :--- | :--- | :--- | :--- | | Restricted Shares | 66,865,500 | 67,337,025 | +471,525 | | Unrestricted Shares | 241,265,700 | 240,794,175 | -471,525 | | Total Share Capital | 308,131,200 | 308,131,200 | 0 | Number of Shareholders and Shareholding Status As of the reporting period, the company had 19,078 common shareholders, with actual controllers Sun Chengzhi and Cui Yueqing, and their controlled entity, holding a significant combined stake among the top ten, ensuring a stable equity structure Top Ten Shareholders | Shareholder Name | Shareholding Ratio (%) | Number of Shares Held | | :--- | :--- | :--- | | Sun Chengzhi | 26.58% | 81,904,700 | | Shandong Yuma Baofeng Investment Co., Ltd. | 19.74% | 60,840,000 | | Cui Yueqing | 11.39% | 35,100,000 | | Shouguang Yuxin Investment Center (Limited Partnership) | 6.08% | 18,720,000 | - As of the end of the reporting period, the company had a total of 19,078 shareholders[151] Bond-Related Information The company had no bond-related activities during the reporting period - The company had no bond-related information in this reporting period[161] Financial Report This unaudited semi-annual financial report indicates a sound financial position with total assets of 1.588 billion yuan and liabilities of 98 million yuan (6.19% asset-liability ratio), reporting 364 million yuan in revenue, 74.09 million yuan in net profit, 54.39 million yuan in operating cash flow, and net outflows of 85.31 million yuan from investing and 34.05 million yuan from financing activities Consolidated Balance Sheet As of June 30, 2025, total assets grew 3.28% to 1.588 billion yuan, total liabilities slightly decreased by 0.15% to 98.35 million yuan, and owner's equity attributable to the parent company increased by 3.51% to 1.490 billion yuan, reflecting a healthy 6.19% asset-liability ratio Consolidated Balance Sheet Summary | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,587,955,688.51 | 1,537,566,207.09 | | Total Current Assets | 798,106,826.72 | 798,443,633.18 | | Total Non-Current Assets | 789,848,861.79 | 739,122,573.91 | | Total Liabilities | 98,350,782.63 | 98,500,412.62 | | Total Current Liabilities | 79,411,259.08 | 83,690,180.63 | | Total Non-Current Liabilities | 18,939,523.55 | 14,810,231.99 | | Total Owner's Equity | 1,489,604,905.88 | 1,439,065,794.47 | Consolidated Income Statement In H1 2025, total operating revenue grew 0.89% to 364 million yuan, but total operating costs increased 6.43% to 276 million yuan, resulting in a 15.19% decline in operating profit to 86.18 million yuan and a 14.13% decrease in net profit to 74.09 million yuan Consolidated Income Statement Summary | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 364,237,717.18 | 361,011,880.75 | | Total Operating Costs | 276,102,960.76 | 259,416,577.30 | | Operating Costs | 219,414,135.29 | 215,417,490.83 | | Selling Expenses | 23,829,255.92 | 21,988,419.91 | | Administrative Expenses | 23,137,068.28 | 19,031,729.04 | | R&D Expenses | 12,790,974.52 | 11,645,617.03 | | Operating Profit | 86,176,663.29 | 101,615,029.57 | | Total Profit | 85,751,822.03 | 101,470,690.37 | | Net Profit | 74,086,241.69 | 86,281,278.26 | Consolidated Cash Flow Statement Net cash flow from operating activities decreased 34.87% to 54.39 million yuan due to increased purchases; investing activities saw an 85.31 million yuan net outflow for asset acquisition and subsidiaries; financing activities had a 34.05 million yuan net outflow for dividends, with ending cash and equivalents at 426 million yuan Consolidated Cash Flow Statement Summary | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 54,386,950.47 | 83,505,926.80 | | Net Cash Flow from Investing Activities | -85,309,852.09 | -63,086,102.20 | | Net Cash Flow from Financing Activities | -34,052,933.77 | -114,935,414.59 | | Net Increase in Cash and Cash Equivalents | -65,827,867.20 | -91,516,872.80 | | Period-End Balance of Cash and Cash Equivalents | 426,106,930.50 | 448,479,895.89 |