北特科技(603009) - 2025 Q2 - 季度财报

Definitions This section defines professional terms and company-specific vocabulary used throughout the report - This section provides definitions for key professional terms and company-specific vocabulary, including company abbreviations, reporting period definitions, and core business products such as steering gears, shock absorbers, high-precision components, lightweight aluminum alloy components, air conditioning compressors, and integrated vehicle thermal management systems[10] Company Profile and Key Financial Indicators This section presents the company's basic information, key financial data, and details on non-recurring gains and losses Company Information This section provides basic corporate information for Shanghai Beite Technology Co, Ltd, including its name, stock code, and contact details Corporate Profile | Item | Information | | :--- | :--- | | Company Name | Shanghai Beite Technology Co, Ltd (Beite Technology) | | Stock Code | 603009 (A-Share) | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Jin Kun | | Secretary of the Board | Liu Gongyou | Key Accounting Data and Financial Indicators The company achieved significant performance growth during the reporting period, though operating cash flow declined sharply Key Accounting Data | Key Accounting Data (RMB Yuan) | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,113,211,428.03 | 970,428,928.78 | 14.71% | | Net Profit Attributable to Shareholders | 55,000,488.70 | 37,895,895.35 | 45.14% | | Net Profit Attributable to Shareholders (Non-recurring items deducted) | 51,743,717.41 | 32,083,609.94 | 61.28% | | Net Cash Flow from Operating Activities | 25,081,167.18 | 89,417,226.72 | -71.95% | | Total Assets | 3,626,591,963.49 | 3,403,854,095.36 (Beginning of Period) | 6.54% (vs Beginning of Period) | Key Financial Ratios | Key Financial Ratios | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.1625 | 0.1056 | Increased by 53.88% | | Weighted Average Return on Equity (%) | 3.3025 | 2.3335 | Increased by 0.97 percentage points | - Explanation for performance growth: - Revenue Growth: Primarily driven by steady growth across business segments, especially a significant increase in revenue from the air conditioning compressor business - Net Profit Growth: Profitability was enhanced by economies of scale from increased revenue, combined with internal cost reduction measures[19] Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss for the period totaled RMB 3.26 million, primarily from government subsidies Breakdown of Non-recurring Items | Non-recurring Profit and Loss Item | Amount (RMB Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -243,537.80 | | Government Subsidies Included in Current Profit/Loss | 4,715,540.65 | | Gain/Loss from Financial Assets and Liabilities | -278,104.90 | | Other Non-operating Income and Expenses | 180,479.39 | | Total | 3,256,771.29 | Management Discussion and Analysis This section reviews the company's business, operating performance, core competencies, and potential risks Industry and Core Business Overview The company operates in the auto parts industry, with business performance closely tied to the automotive market's strong growth in H1 2025 - In the first six months of 2025, China's auto production and sales reached 15.62 million and 15.65 million units, up 12.5% and 11.4% YoY, respectively; new energy vehicle (NEV) sales grew by 40.3%, with a market penetration rate of 44.3%[25] - The company's core business is divided into three main segments: - Chassis Components: Leading market position in sub-segments like steering gear racks and shock absorber piston rods - Lightweight Aluminum Alloy: Includes control arms and integrated valve blocks - Air Conditioning Compressors: Maintains a leading position in the commercial vehicle sector[26] - The company operates on a direct sales model, serving Tier 1 suppliers and OEMs, and follows a produce-to-order manufacturing model based on customer orders[27][28] Discussion and Analysis of Operations The company advanced key initiatives in sales, R&D, capacity investment, and cost control, driving significant profit growth - Achieved operating revenue of RMB 1.113 billion, a YoY increase of 14.71%, primarily driven by order fulfillment in the air conditioning compressor business[30] - Key R&D projects include the 40CC electric compressor and integrated thermal management systems, along with developing various screw products (planetary roller screws, ball screws) for applications like rear-wheel steering, smart braking, and humanoid robots; the company notes that the screw products industry is still in its early stages with market demand and mass production timelines remaining uncertain[31] - In terms of capacity investment, the company is steadily advancing the construction of its Kunshan factory and Thailand production base to meet the development needs of its screw and other businesses[32] - Through cost reduction and efficiency improvement measures such as supply chain optimization and enhanced internal management, the company achieved a net profit attributable to shareholders of RMB 55.00 million, a YoY increase of 45.14%[33] Core Competency Analysis The company's core strengths lie in its strategic regional layout, leading market position, strong customer base, and advanced R&D capabilities - Regional Layout Advantage: Production facilities in key automotive industry hubs like Shanghai, Tianjin, Changchun, and Chongqing enable close proximity to customers, reducing logistics costs and facilitating JIT delivery[35] - Industry Position Advantage: Maintains a dominant position in the domestic sub-sectors of steering gear racks and shock absorber piston rods, and a long-standing leading position in commercial vehicle air conditioning compressors[35][36] - Customer Resource Advantage: Serves a high-quality customer base including BYD, ZF, Nexteer, Bosch, Foton Motor, and Sinotruk, among other renowned domestic and international OEMs and Tier 1 suppliers[36][37] - R&D and Technology Advantage: Possesses core processes like heat treatment and precision machining in chassis components; industry-leading aluminum forging technology in lightweighting; and an early-mover advantage with a comprehensive product line in electric compressors, with its fourth-generation products already in mass production[38][39][40] Analysis of Key Operations This section analyzes operating results, asset and liability structure, and investment activities during the reporting period Core Business Analysis Revenue and costs grew in tandem, with cost growth below revenue growth, while financing costs decreased due to exchange gains Key Financial Statement Items | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,113,211,428.03 | 970,428,928.78 | 14.71 | Growth in air conditioning compressor business | | Operating Cost | 900,320,435.53 | 794,300,982.25 | 13.35 | Cost increase was less than revenue increase due to scale effects and cost reduction | | Finance Costs | 6,989,674.63 | 14,473,781.29 | -51.71 | Exchange gains from the appreciation of the Euro | | Net Cash Flow from Operating Activities | 25,081,167.18 | 89,417,226.72 | -71.95 | Decrease in bill discounting compared to the prior year | | Net Cash Flow from Financing Activities | 106,802,829.92 | -14,453,176.88 | 838.96 | Increased financing to supplement working capital and for capital expenditures | Analysis of Assets and Liabilities Total assets grew, driven by increases in notes receivable financing and cash, while liabilities saw a rise in provisions and taxes payable Key Asset and Liability Changes | Item | Period-end Balance (Yuan) | Change vs Prior Year-end (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 182,355,194.24 | 21.66 | Increase in financing during the period | | Notes Receivable Financing | 217,368,643.99 | 194.02 | Increase in bills received due to business growth | | Construction in Progress | 300,375,135.52 | 15.88 | Investment in new business capacity and ongoing improvements | | Taxes Payable | 15,151,972.25 | 89.06 | Increase in income tax and VAT payable at period-end | | Provisions | 16,137,914.82 | 210.33 | Normal increase based on actual business and provisioning policies | - As of the end of the reporting period, the company's major restricted assets included RMB 38.17 million in cash for pledges, as well as fixed assets (book value RMB 215 million) and intangible assets (book value RMB 61.54 million) for mortgages[47] Investment Analysis The company advanced its Thailand production base and Kunshan screw project while establishing new subsidiaries and equity investments - To construct its Thailand production base, the company has established a wholly-owned subsidiary, Beite Singapore Investment, and a wholly-owned sub-subsidiary, Beite Singapore Technology, in Singapore, and has obtained the relevant overseas investment filings and certificates[49] - A new holding subsidiary, Shanghai Guangyu Zhiyuan Technology Trading Co, Ltd (55% stake), was established, and an equity investment was made in Suzhou Tianji Technology Co, Ltd (18% stake)[50] - The main construction of the Jiangsu Kunshan planetary roller screw R&D and production base project, with a total investment of RMB 1.85 billion, is currently underway[51] Analysis of Major Subsidiaries and Investees All major subsidiaries were profitable, with Chongqing Beite and Changchun Beite being the top contributors to the company's net profit Performance of Key Subsidiaries | Company Name | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Tianjin Beite | 6,682.92 | 750.32 | 625.22 | | Chongqing Beite | 11,265.46 | 2,492.61 | 2,118.75 | | Changchun Beite | 5,691.31 | 1,404.51 | 1,220.69 | | Jiangsu Beite | 11,371.33 | 1,331.50 | 1,128.23 | Other Disclosures This section outlines key operational risks and reports on the execution of the "Quality and Efficiency Enhancement" action plan Potential Risks The company faces five primary risks related to the macro environment, market competition, supply chain, goodwill impairment, and new business uncertainties - The company faces the following key risks: - Macroeconomic Risk: The auto parts industry is susceptible to cyclical economic fluctuations - Market Competition and Cost Pressure: Faces dual pressures from OEM price reductions and rising raw material costs like steel and aluminum - Global Economic Uncertainty: International geopolitical issues and trade barriers could impact supply chains and transportation costs - Goodwill Impairment Risk: The book value of goodwill was RMB 61.25 million at period-end; if the performance of Shanghai Beite Guangyu falls short of expectations, there is a risk of impairment - New Business Uncertainty Risk: Screw products are targeted at emerging markets, with significant uncertainties in downstream customers, technical solutions, market demand, and mass production timelines; this business currently has no impact on the company's performance[56][57] Execution of "Quality and Efficiency Enhancement with a Focus on Returns" Action Plan The company executed its action plan by focusing on core operations, increasing shareholder returns, and enhancing investor communication - On May 9, 2025, the company implemented its FY2024 profit distribution plan, paying a cash dividend of RMB 28.77 million (including tax), which accounted for 40.27% of the FY2024 net profit attributable to shareholders[59] - The cumulative cash dividend for the 2022-2024 period was RMB 63.92 million, representing 113.98% of the three-year average distributable net profit[59] - The company strengthened communication with investors through various online and offline channels, including earnings calls, institutional research meetings, brokerage strategy conferences, and responding to inquiries on the SSE E-interaction platform[60] Corporate Governance, Environment, and Society This section covers profit distribution plans, equity incentives, and environmental information disclosures Profit Distribution Proposal The company does not plan to distribute profits or capitalize reserves for the first half of 2025 - The profit distribution proposal for the first half of 2025 is no distribution and no capitalization of reserves[64] Equity Incentive Plan The company completed the cancellation of certain stock options under its 2022 incentive plan during the reporting period - On March 28, 2025, the Board of Directors and Supervisory Committee approved the cancellation of certain stock options under the 2022 Stock Option Incentive Plan, with the cancellation completed and announced on April 3[65] Environmental Information Three of the company's subsidiaries are listed as enterprises required to disclose environmental information by law - Three of the company's entities have been included in the list of enterprises required to disclose environmental information by law, and a query index has been provided[67] Significant Matters This section details the fulfillment of commitments, major contracts, and guarantee activities Fulfillment of Commitments Most commitments were fulfilled, with the company actively pursuing the remaining performance compensation related to the Shanghai Guangyu acquisition - The performance compensation commitment related to the acquisition of Shanghai Guangyu was not fully met, and the company has pursued recovery through litigation and negotiation; 15 obligors have fulfilled their obligations via court judgment, 17 have reached an agreement and repurchased most shares, and the company has won a first-instance judgment against the remaining obligor[69][70] - Commitments made by the controlling shareholder, actual controller, directors, and senior management regarding the avoidance of horizontal competition, regulation of related-party transactions, share sale restrictions, and measures to mitigate the dilution of immediate returns from refinancing are all being strictly fulfilled[70][71][72] Major Contracts and Guarantees The company provided no external guarantees, while its total guarantees for subsidiaries amounted to RMB 121.6 million Guarantee Summary | Guarantee Information (RMB Yuan) | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Period | 9,800,000.00 | | Period-end Guarantee Balance for Subsidiaries (B) | 121,600,000.00 | | Total Guarantee Amount (A+B) | 121,600,000.00 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 7.24 | | Guarantees for Parties with Asset-Liability Ratio >70% (D) | 61,600,000.00 | Share Capital Changes and Shareholder Information This section provides details on the company's shareholder structure as of the end of the reporting period Shareholder Information The company had 38,079 shareholders, with the top two related parties collectively holding a 39.77% stake - As of the end of the reporting period, the total number of common shareholders was 38,079[84] Top Shareholders | Shareholder Name | Period-end Shareholding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Jin Kun | 106,884,100 | 31.57 | | Jin Xiaotang | 27,748,755 | 8.20 | | E Fund Advanced Manufacturing Select Mixed-Initiated Securities Investment Fund | 16,755,991 | 4.95 | | Penghua Carbon Neutral Themed Mixed Securities Investment Fund | 9,866,072 | 2.91 | | Wang Yi | 6,328,500 | 1.87 | - Jin Kun and Jin Xiaotang are father and son, constituting parties acting in concert[88] Bond-related Matters This section confirms the absence of any outstanding corporate or convertible bonds Corporate Bonds and Convertible Bonds The company had no outstanding corporate bonds, enterprise bonds, debt financing instruments, or convertible bonds during the period - The company has no matters related to corporate bonds or convertible bonds to report[92] Financial Report This section presents the unaudited financial statements and provides detailed notes on accounting policies and key statement items Financial Statements This section contains the unaudited consolidated and parent company financial statements for the first half of 2025 - This semi-annual report is unaudited[4] - The report provides consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity[94][98][102][107][113][117] Company Profile This section details the company's history, from its founding in 2002 to its 2014 IPO and current corporate structure - The company was established in 2002 and was listed on the Shanghai Stock Exchange on July 18, 2014[122][126] - The company operates in the automotive parts and accessories manufacturing industry, with the actual controller being Mr. Jin Kun and his concerted party, Mr. Jin Xiaotang[143][144] - As of the first half of 2025, the company had a total of 16 subsidiaries within its consolidation scope[146] Significant Accounting Policies and Estimates This section outlines the key accounting policies and estimates used in preparing the financial statements, including revenue recognition and R&D expenses - The financial statements are prepared on a going concern basis and in accordance with the requirements of Business Accounting Standards[147][150] - Revenue Recognition Principle: Revenue is recognized when the customer obtains control of the related goods, distinguishing between performance obligations satisfied over time versus at a point in time; domestic sales are recognized upon receipt of customer settlement statements, while export sales are recognized upon shipment or arrival at the designated location based on terms like FOB, CIF, or DDP[258][260][261] - R&D Expenditure: Expenditures are classified into research and development phases; research-phase expenses are expensed as incurred, while development-phase expenses are capitalized when specific criteria are met[240][242] Notes to Consolidated Financial Statements This section provides detailed supplementary information on key items within the consolidated financial statements, such as receivables, inventory, and goodwill - The top five accounts receivable balances at period-end accounted for 38.20% of the total balance, with bad debt provisions made based on an aging analysis[314] - The period-end book value of inventory was RMB 490 million, with an inventory write-down provision of RMB 28.81 million made, primarily for raw materials and finished goods[348][350] - The period-end book value of construction in progress was RMB 300 million, mainly comprising equipment, molds, software installation, and the screw engineering project[368] - The original book value of goodwill was RMB 258 million, with accumulated impairment provisions of RMB 197 million, resulting in a period-end book value of RMB 61.25 million, all arising from the acquisition of Shanghai Guangyu[377][379]