雪峰科技(603227) - 2025 Q2 - 季度财报

Glossary This section defines key terms used throughout the report Company Profile and Key Financial Indicators Company Basic Information This chapter provides the company's basic business registration information, contact details, registered and office addresses, and stock overview, noting no changes during the reporting period - The company's stock abbreviation is “Xuefeng Technology” and stock code is “603227”, listed on the Shanghai Stock Exchange[21] - The company's legal representative is Tian Yong[16] Key Accounting Data and Financial Indicators In H1 2025, the company's performance declined year-on-year, with revenue down 4.96% and net profit attributable to shareholders significantly decreasing by 40.64%, primarily due to falling prices in the chemical sector and reduced earthmoving volumes in the civil explosives business, while net cash flow from operating activities also sharply decreased by 79.67% 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 2,679,138,751.31 | CNY 2,819,025,828.77 | -4.96% | | Net Profit Attributable to Shareholders of Listed Company | CNY 232,579,863.86 | CNY 391,783,093.01 | -40.64% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | CNY 223,387,386.41 | CNY 377,896,330.28 | -40.89% | | Net Cash Flow from Operating Activities | CNY 92,420,488.41 | CNY 454,603,762.59 | -79.67% | | Basic Earnings Per Share (CNY/share) | 0.217 | 0.366 | -40.71% | | Weighted Average Return on Net Assets (%) | 4.66% | 8.35% | Decrease of 3.69 percentage points | | Total Assets (End of Reporting Period) | CNY 7,856,535,728.39 | CNY 7,889,965,320.99 (End of Prior Year) | -0.42% | - Operating revenue decreased primarily due to two major business segments: civil explosives products and blasting services revenue declined by 11.75% due to a 38.90% year-on-year reduction in earthmoving volumes, and chemical products revenue decreased by 13.64% due to falling prices of main products[25] - The significant decline in net profit attributable to shareholders was mainly due to a CNY 128 million year-on-year reduction in profit from the chemical sector[26] - Net cash flow from operating activities sharply decreased, primarily due to reduced sales collections from lower end-product prices, increased settlement of bank acceptance bills, and higher natural gas procurement costs, leading to a year-on-year increase in cash outflow[26] Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 9.19 million, primarily comprising government subsidies of CNY 10.37 million recognized in current profit and loss, and gains/losses from disposal of non-current assets of CNY 1.46 million 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 1,457,637.75 | | Government Subsidies Recognized in Current Profit and Loss | 10,372,569.90 | | Other Non-operating Income and Expenses | -1,098,558.26 | | Income Tax Impact | -1,650,171.51 | | Impact on Minority Interests (After Tax) | 999.57 | | Total | 9,192,477.45 | Management Discussion and Analysis Industry and Main Business Overview The company adheres to a dual-main business strategy of "civil explosives + energy chemicals" synergy; while civil explosives business benefits from Xinjiang's strategic position as a national energy resource guarantee base with stable demand growth, the energy chemical business faced challenges in H1 2025 with major products like ammonium nitrate, fertilizers, melamine, and LNG experiencing oversupply and continuous price declines, impacting the company's performance Industry Overview The civil explosives industry remained stable, with significant growth in explosive production in Xinjiang, making it the second-largest production area nationwide, whereas the energy chemical industry generally faced market weakness in H1 2025, with average prices for ammonium nitrate, urea, and melamine falling by 10.93%, 19.39%, and 16.78% respectively, indicating weak market demand and intense competition - Civil Explosives Industry: National blasting services revenue increased by 18.29% year-on-year. Xinjiang's explosive production saw significant increases in both volume and growth rate, becoming the second-largest production area nationwide[33] - Energy Chemical Industry: - Ammonium Nitrate: Market operated weakly, with average price falling by 10.93% year-on-year[34] - Fertilizer (Urea): Prices fluctuated widely, with average price decreasing by 19.39% year-on-year[35] - Melamine: Supply-strong, demand-weak pattern continued, with price center shifting downwards, and average price falling by 16.78% year-on-year[37] - LNG: Market faced high costs and weak demand, with average price slightly decreasing by 1.41% year-on-year[38] Main Business Overview The company's main business is divided into two major segments: civil explosives and energy chemicals, with the civil explosives business providing integrated services from explosive production to engineering blasting, and the energy chemical business utilizing natural gas as raw material to build a circular economy industrial chain, primarily producing urea, compound fertilizer, ammonium nitrate, melamine, and LNG - The company's civil explosives business core is integrated engineering blasting services, covering the “production, transportation, sales” of industrial explosives, detonators, and cords, and the “drilling, blasting, excavation, transportation” of engineering blasting[38] Energy Chemical Business Main Product Annual Production Capacity | Product | Annual Production Capacity | | :--- | :--- | | Urea | 600,000 tons | | Compound Fertilizer | 900,000 tons | | Ammonium Nitrate | 660,000 tons | | Melamine | 210,000 tons | | LNG | 240,000 tons | Discussion and Analysis of Operations Facing the triple pressures of low commodity prices, rising natural gas raw material costs, and intensified industry competition, the company maintained stable and orderly operations in H1 2025, but performance was under pressure, achieving operating revenue of CNY 2.68 billion, a 4.96% year-on-year decrease, and net profit attributable to shareholders of CNY 233 million, a 40.64% year-on-year decrease, with civil explosives production declining, while energy chemical business optimized production and sales plans, resulting in a 2.22% year-on-year increase in total main product output - Civil explosives production decreased: industrial explosives output 47,700 tons (-16.27%), industrial digital electronic detonators output 4.17 million units (-42.21%). Earth and rock stripping volume decreased by 38.90% year-on-year[40] - Energy chemical business production increased: total output of main products (urea, compound fertilizer, ammonium nitrate, melamine) was 519,800 tons (+2.22%), with core product ammonium nitrate output at 210,300 tons, a 12.95% year-on-year increase[42] Analysis of Core Competencies The company's core competencies are primarily reflected in five aspects: benefiting from the vast civil explosives market space brought by Xinjiang's coal production capacity release, a sound "natural gas-ammonia-ammonium nitrate-civil explosives products" circular economy industrial chain, a complete scientific research and innovation system, an innovative group management model, and an experienced management and technical talent team - The company firmly seizes the strategic opportunity of rapid coal production capacity release in Xinjiang, significantly enhancing the integrated competitiveness of its civil explosives business[43] - A circular economy industrial chain centered on “natural gas → ammonia → ammonium nitrate → civil explosives products” has been formed, enhancing industrial resilience and risk resistance[44] - The company possesses multiple scientific and technological innovation platforms, including a national industrial design center and a postdoctoral research workstation, and has cultivated 4 high-tech enterprises and 3 “specialized, refined, distinctive, and innovative” enterprises[45] Main Business Analysis This chapter provides an in-depth analysis of the company's financial condition, with financial data showing declines in both operating revenue and cash flow, while the asset-liability structure remained stable, but monetary funds significantly decreased due to dividend payments, and the company had no significant equity investments during the period, with main profit contributions from chemical subsidiary Yuxiang Huyang and blasting engineering subsidiary Xuefeng Blasting Financial Statement Item Variation Analysis During the reporting period, the company's operating revenue decreased by 4.96% year-on-year, mainly due to declines in both civil explosives and chemical segments, while operating costs slightly increased by 2.13%, and financial expenses significantly decreased by 75.85% due to reduced interest expenses; net cash flows from operating, investing, and financing activities all recorded negative values and decreased significantly year-on-year, with net cash flow from financing activities decreasing by 579.51%, primarily due to the payment of CNY 214 million in cash dividends during the period Financial Statement Major Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,679,138,751.31 | 2,819,025,828.77 | -4.96 | | Operating Cost | 2,150,026,559.49 | 2,105,168,332.09 | 2.13 | | Financial Expenses | 1,546,138.29 | 6,402,832.17 | -75.85 | | Net Cash Flow from Operating Activities | 92,420,488.41 | 454,603,762.59 | -79.67 | | Net Cash Flow from Investing Activities | -145,255,879.56 | -37,956,731.50 | -282.69 | | Net Cash Flow from Financing Activities | -228,746,773.43 | -33,663,634.94 | -579.51 | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were CNY 7.86 billion, a slight decrease of 0.42% from the beginning of the period; major changes on the asset side included a 30.84% decrease in monetary funds due to cash dividend payments, a 25.84% increase in accounts receivable, and a 75.82% increase in other current assets due to increased structured deposits; on the liability side, short-term borrowings increased by 48.56%, and notes payable significantly decreased by 82.23% Major Asset and Liability Item Changes | Item Name | Amount at End of Current Period (CNY ten thousands) | Change from End of Prior Year (%) | Main Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 69,449.65 | -30.84% | Payment of cash dividends of CNY 214 million | | Accounts Receivable | 111,071.03 | 25.84% | - | | Contract Assets | 10,596.98 | 67.17% | Increase in completed but unsettled projects | | Other Current Assets | 19,069.52 | 75.82% | Increase in structured deposits, large-denomination certificates of deposit by CNY 100 million | | Construction in Progress | 5,790.63 | 144.40% | Increased investment in temporary facilities and electronic detonator production line projects | | Short-term Borrowings | 18,002.70 | 48.56% | New borrowings by subsidiaries | | Notes Payable | 2,319.50 | -82.23% | Partial notes matured and settled at period-end | | Other Payables | 19,348.42 | 63.24% | Increase in dividends payable by CNY 54.55 million | Analysis of Major Holding and Participating Companies The company's main profits are derived from two core subsidiaries: Xinjiang Yuxiang Huyang Chemical Co., Ltd. and Xinjiang Xuefeng Blasting Engineering Co., Ltd., with Yuxiang Huyang achieving a net profit of CNY 97.79 million and Xuefeng Blasting achieving a net profit of CNY 112.44 million during the reporting period, serving as crucial support for the group's performance Major Subsidiary Operating Performance (Unit: CNY ten thousands) | Company Name | Main Business | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Yuxiang Huyang Chemical Co., Ltd. | Chemical raw materials, fertilizer production and sales | 331,498.27 | 243,106.14 | 128,687.86 | 11,607.60 | 9,778.81 | | Xinjiang Xuefeng Blasting Engineering Co., Ltd. | Blasting engineering, civil explosives production and sales | 150,275.53 | 73,506.79 | 79,149.94 | 13,383.89 | 11,244.42 | Potential Risks The company faces major operational risks including safety production risks in the civil explosives and energy chemical industries; intense market competition risks from the opening of the civil explosives market and increased production capacity in Xinjiang; price fluctuation risks of key raw material natural gas; and price fluctuation risks of energy chemical products like LNG and melamine, influenced by macroeconomic conditions and supply-demand dynamics - The company faces four major risks: safety risks, market competition risks, raw material price fluctuation risks, and product price fluctuation risks[62][63] Corporate Governance, Environment, and Society Changes in Corporate Governance During the reporting period, the company completed the re-election of its board of directors and supervisory board in March 2025, leading to changes in several key executive positions including the Chairman and General Manager, with Mr. Zheng Bingxu elected as the new Chairman and Mr. Tian Yong appointed as General Manager - The company completed the re-election of its board of directors and supervisory board in March 2025, leading to a series of changes in director, supervisor, and senior management positions[65][66] Environment and Social Responsibility The company actively fulfills its social responsibilities, prioritizing safety production with a CNY 50.48 million investment in safety expenses in H1, and promoting technological innovation to enhance inherent safety levels; concurrently, the company leverages its agrochemical technical advantages to serve “agriculture, rural areas, and farmers,” selling 247,400 tons of agricultural fertilizers in H1 and donating 109 tons of fertilizers to the four prefectures of Southern Xinjiang, contributing to rural revitalization - The company invested CNY 50.48 million in safety expenses in H1, with a 100% rectification rate for major hidden dangers[69][70] - Actively serves Xinjiang's “agriculture, rural areas, and farmers” development and rural revitalization by supplying nitro-compound fertilizers and urea, donating fertilizers, and providing technical guidance[70] Significant Matters Fulfillment of Commitments During the reporting period, the company and relevant parties (including former shareholder Xinjiang Animal Husbandry Investment and new controlling shareholder Guangdong Hongda, etc.) strictly fulfilled all commitments made during major asset restructuring, initial public offering, and other events, primarily involving maintaining company independence, resolving related-party transactions, avoiding horizontal competition, and share lock-up, with no breaches of commitments observed - All commitments made by the company's actual controller, shareholders, and related parties during or continuing into the reporting period were fulfilled timely and strictly[72] Other Significant Matters During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, no illegal guarantees, and no major litigation or arbitration matters, and the company, its controlling shareholder, and actual controller maintained good credit standing - The company has no major litigation or arbitration matters, and the company, its controlling shareholder, and actual controller maintain good credit standing[81][82] Share Changes and Shareholder Information Shareholder Information As of the end of the reporting period, the company had a total of 34,558 common shareholders, with Guangdong Hongda Holding Group Co., Ltd. as the largest shareholder holding 21.00% of shares, and former controlling shareholder Xinjiang Animal Husbandry Investment (Group) Co., Ltd. as the second-largest shareholder holding 13.13% Top Ten Shareholders' Shareholding as of End of Reporting Period | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | | :--- | :--- | :--- | | Guangdong Hongda Holding Group Co., Ltd. | 225,055,465 | 21.00 | | Xinjiang Animal Husbandry Investment (Group) Co., Ltd. | 140,717,670 | 13.13 | | Sichuan Jinxiang Sairui Chemical Co., Ltd. | 82,549,757 | 7.70 | | Anhui Jiangnan Chemical Co., Ltd. | 41,420,000 | 3.86 | | Hefei Wufeng Investment Co., Ltd. | 25,360,801 | 2.37 | Changes in Controlling Shareholder or Actual Controller The company completed the share transfer registration of its controlling shareholder via agreement on February 25, 2025, changing the controlling shareholder from Xinjiang Animal Husbandry Investment to Guangdong Hongda Holding Group Co., Ltd., and the actual controller from Xinjiang SASAC to Guangdong Environmental Protection Group Co., Ltd. - The company's control changed on February 25, 2025, with the new controlling shareholder being Guangdong Hongda Holding Group Co., Ltd., and the new actual controller being Guangdong Environmental Protection Group Co., Ltd[94] Bond-Related Information Bond Information During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no bond-related financing instruments[96] Financial Report Financial Statements This chapter includes the company's unaudited H1 2025 consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flow for the first half of the year Notes to Financial Statements The notes to the financial statements elaborate on the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and taxation, providing detailed annotations for major items in the consolidated and parent company financial statements, and also disclosing important information such as related party relationships and transactions, financial instrument risks, contingencies, and post-balance sheet events