继峰股份(603997) - 2025 Q2 - 季度财报

Company Profile and Key Financial Indicators Company Information The section details Ningbo Jifeng Auto Parts Co., Ltd.'s fundamental information, including company names, contact details, and disclosure channels - Company's basic information, contact details, and information disclosure channels remained stable with no significant changes[14][15][16] Key Accounting Data and Financial Indicators Operating revenue decreased by 4.39% to CNY 10.52 billion due to prior period's asset sale, yet profitability significantly improved with net profit attributable to shareholders increasing by 189.51% to CNY 154 million and operating cash flow turning positive, driven by Grammer integration and efficiency gains Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,523,101,488.53 | 11,006,433,019.80 | -4.39% | | Net Profit Attributable to Shareholders of Listed Company | 153,861,156.24 | 53,144,456.47 | 189.51% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 188,556,464.82 | 26,989,299.94 | 598.63% | | Net Cash Flow from Operating Activities | 122,700,609.19 | -104,067,510.38 | N/A | | Total Assets (End of Reporting Period) | 21,585,164,705.82 | 20,284,802,574.36 | 6.41% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.04 | 200.00% | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (CNY/share) | 0.15 | 0.02 | 650.00% | | Weighted Average Return on Net Assets (%) | 3.19% | 1.18% | Increased by 2.01 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 3.91% | 0.60% | Increased by 3.31 percentage points | - All company profitability indicators (net profit, non-recurring net profit, EPS, ROE) significantly increased year-on-year, primarily due to the financial impact of the Grammer integration becoming evident[23] - During the reporting period, total non-recurring gains and losses amounted to -CNY 34.7 million, mainly driven by fair value changes in financial assets and liabilities (-CNY 73.2 million), partially offset by government subsidies (CNY 40.57 million)[25][26] Management Discussion and Analysis Main Business and Operating Model The company operates as a global automotive parts supplier, specializing in interior components and seating systems for passenger and commercial vehicles, utilizing a customer-centric model with integrated R&D, procurement, and sales strategies - The company is a global automotive parts supplier specializing in cockpit interior components, passenger car seats, and commercial vehicle seating systems[31] - The company serves a broad customer base, including major international OEMs like Audi, BMW, Daimler, and Tesla, as well as leading domestic automakers such as FAW, SAIC, BYD, NIO, and Li Auto[38] - The company employs a combined synchronous design and advance development R&D model to maintain technological leadership, exemplified by its sleep-mode headrest for VW Magotan and central control system for autonomous driving[40][41] Discussion and Analysis of Operations In H1 2025, despite a 4.39% revenue decline to CNY 10.52 billion due to a prior asset sale, the company achieved significant profitability improvement, with net profit attributable to shareholders increasing by 189.51%, Grammer segment turning profitable, and strategic emerging businesses doubling revenue Operating Indicators | Operating Indicators | H1 2025 (CNY) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 10.523 Billion | -4.39% | | Net Profit Attributable to Shareholders | 154 Million | 189.51% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 189 Million | 598.63% | Business Segment Performance | Business Segment | Operating Revenue (CNY) | YoY Growth | Net Profit Attributable to Shareholders (CNY) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Jifeng Segment | 3.104 Billion | 24.97% | 116 Million | 19.68% | | Grammer Segment | 7.601 Billion | -11.89% | 93 Million | Turned profitable | - The company's strategic emerging businesses are developing rapidly: - Passenger Car Seating Business: Achieved operating revenue of CNY 1.984 billion, doubling year-on-year - Air Vent Business: Achieved operating revenue of CNY 136 million - Car Refrigerator Business: Achieved operating revenue of approximately CNY 77 million, growing several times year-on-year[49] - The company continues to advance the global integration of Grammer, adjusting decision-making and incentive structures at the headquarters level, driving reforms at the operational factory level, and establishing a global procurement center to control costs[59] Strategic Emerging Business Development Strategic emerging businesses showed significant H1 2025 growth, with passenger car seating revenue doubling to CNY 1.984 billion and securing 24 orders, while smart air vents and in-car refrigerators also saw substantial revenue increases, and hidden door handles secured new project nominations - Passenger car seating business achieved CNY 1.984 billion in revenue in the first half, doubling year-on-year; despite an overall loss of CNY 63 million due to high upfront R&D and factory pre-expenses, future mass production is expected to improve profit margins through economies of scale[62] Strategic Emerging Business Overview | Business Segment | H1 2025 Revenue (CNY) | Orders/Projects in Hand | Notes | | :--- | :--- | :--- | :--- | | Passenger Car Seating | 1.984 Billion | 24 project nominations | Customers include overseas luxury, domestic new energy, and traditional leading automakers | | Smart Air Vent | 136 Million | - | More projects to be mass-produced in H2 | | Car Refrigerator | Approx. 77 Million | 13 orders in hand | Achieved rapid year-on-year growth | | Hidden Door Handle | - | Project nomination secured | Will become a new growth point | - To support business expansion, several new production bases (Hefei, Changzhou, Wuhu, etc.) have been completed and commenced operations as scheduled, with Ningbo, Beijing, and Chongqing bases under construction, and global expansion into Southeast Asia and Europe underway[63] Core Competitiveness Analysis The company's core competitiveness is built on its global R&D and marketing networks, advanced manufacturing and cost control capabilities, strong customer base, certified testing centers, and refined management with robust talent development - Following the acquisition of Grammer, the company's R&D capabilities have significantly advanced, with multiple global R&D centers establishing a leading technological position in both passenger and commercial vehicle sectors[68][70] - The company operates over 80 controlled subsidiaries across 20 countries, forming a comprehensive global marketing network that enables rapid customer response and reduced logistics costs[71] - The company boasts a high self-sufficiency production chain and advanced cost control capabilities, further enhanced by a joint procurement agreement with Grammer for molds, struts, and foam materials, reducing mutual procurement costs[72] Financial Analysis of Main Operations The financial analysis reveals a 42.26% increase in R&D expenses due to seating business investments, significant growth in receivables and contract assets from new orders, 42.51% of total assets held overseas primarily by Grammer AG, and the use of forward foreign exchange contracts for hedging Key Financial Statement Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 340 Million | 239 Million | 42.26% | Primarily due to increased investment in the seating business this period | | Net Cash Flow from Operating Activities | 123 Million | -104 Million | N/A | Primarily due to improved operational efficiency and increased operating profit this period | | Net Cash Flow from Investing Activities | -359 Million | -1.136 Billion | 68.43% | Primarily due to reduced expenditures on structured deposits and wealth management products | | Net Cash Flow from Financing Activities | -283 Million | 1.505 Billion | N/A | Primarily due to repayment of borrowings this period, while prior period included proceeds from private placement | Key Balance Sheet Item Changes | Balance Sheet Item | Amount at End of Current Period (CNY) | Change from Prior Year End | Main Reason | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 504 Million | 82.21% | Increase in bank acceptance bills received | | Contract Assets | 860 Million | 81.38% | Due to continuous new orders | | Trading Financial Liabilities | 58 Million | 3,808.87% | Due to losses from purchasing forward foreign exchange contracts | - The company's overseas assets reached CNY 9.175 billion, accounting for 42.51% of total assets, primarily due to the consolidation of Grammer AG, whose main assets are located overseas, following the major asset restructuring in 2019[84][86] Potential Risks The company faces operational risks from macroeconomic cycles, OEM pricing pressure, raw material price volatility, technological shifts in automotive electrification and intelligence, market competition, and foreign exchange fluctuations due to significant overseas revenue - The company's main risks include: - Macroeconomic Risk: The automotive industry is highly susceptible to macroeconomic cycles - Price Reduction Risk: OEMs possess strong bargaining power, potentially demanding component price reductions - Raw Material Price Volatility Risk: Fluctuations in prices of steel pipes, plastic pellets, and other raw materials impact cost control - Technological Risk: The need to adapt to technological updates in automotive electrification and intelligence - Market Competition Risk: Intense competition from peers in the global market - Exchange Rate Risk: Significant overseas revenue exposes the company to substantial exchange rate fluctuations impacting financial data[94][95][96][97][98][99] Corporate Governance, Environment, and Society Profit Distribution Plan The company proposes no profit distribution or capital reserve capitalization for the half-year period - The 2025 half-year profit distribution plan proposes no distribution or capitalization[102] Equity Incentive and Employee Stock Ownership Plan The company approved its 2025 Employee Stock Ownership Plan in April 2025, completing the non-trading transfer of related shares in June - The company implemented the 2025 Employee Stock Ownership Plan, transferring 5,700,000 repurchased shares to the employee stock ownership plan account via non-trading transfer[103] Significant Matters Fulfillment of Commitments During the reporting period, commitments by the company's actual controller, shareholders, and related parties regarding horizontal competition, related-party transactions, and refinancing return-filling measures were strictly fulfilled - The company's controlling shareholder, actual controller, and other related parties strictly fulfilled commitments related to resolving horizontal competition, related-party transactions, and major asset restructuring and refinancing during the reporting period[107][108][110] Significant Related-Party Transactions The company approved its 2025 annual routine related-party transaction estimates in January and March 2025, with a combined upper limit of CNY 245 million - The company anticipates the total upper limit for routine related-party transactions with associated parties in 2025 to be CNY 245 million[112] Significant Contracts and Guarantees As of the reporting period end, total guarantees for subsidiaries amounted to CNY 6.32 billion, representing 126.20% of net assets, with CNY 6.227 billion for entities having over 70% debt-to-asset ratio Guarantee Status | Guarantee Status | Amount (CNY) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at End of Reporting Period | 6,319,591,201.61 | | Proportion of Total Guarantees to Company's Net Assets | 126.20% | | Debt Guarantee Amount Provided for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% | 6,227,164,801.61 | | Amount of Total Guarantees Exceeding 50% of Net Assets | 3,815,788,405.41 | Progress on Use of Raised Funds The company raised CNY 1.163 billion in April 2024, with 73.58% or CNY 856 million cumulatively invested by the reporting period end into key projects, including the passenger car seat base and air vent R&D, with the Ningbo Beilun air vent project extended to April 2027 - As of the end of the reporting period, cumulative raised funds invested totaled CNY 856 million, accounting for 73.58% of the net raised funds[121] Raised Funds Investment Progress | Raised Investment Project Name | Planned Total Investment (CNY 10,000) | Cumulative Investment Amount as of Reporting Period End (CNY 10,000) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Annual Production of 800,000 Sets of Passenger Car Seat Assembly Production Base Project | 15,000.00 | 9,308.08 | 62.05% | | Changchun Automotive Seat Headrest, Armrest, and Interior Components Project | 11,500.00 | 9,956.08 | 86.57% | | Ningbo Beilun Annual Production of 10 Million Automotive Air Vents R&D and Manufacturing Project | 54,923.32 | 31,411.02 | 57.19% | | Replenishment of Working Capital | 34,895.00 | 34,912.19 | 100.05% | - The company extended the estimated operational date for the "Ningbo Beilun Annual Production of 10 Million Automotive Air Vents R&D and Manufacturing Project" to April 2027[128] Share Changes and Shareholder Information Share Capital Changes During the reporting period, the company's total share capital increased by 1,936,197 shares to 1,268,012,438 shares due to the conversion of CNY 13.96 million of "Jifeng Fixed 01" private convertible bonds - During the reporting period, the company's total share capital increased by 1,936,197 shares due to the conversion of "Jifeng Fixed 01" private convertible bonds, reaching a total of 1,268,012,438 shares at period-end[131][132] Shareholder Information As of the reporting period end, the company had 14,808 common shareholders, with a stable top ten structure where controlling shareholder Ningbo Jihong Holding Group Co., Ltd. held 21.23%, and the actual controllers collectively controlled 42.19% of shares - As of the end of the reporting period, the company had a total of 14,808 shareholders[133] Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Ningbo Jihong Holding Group Co., Ltd. | 269,256,597 | 21.23% | | WING SING INTERNATIONAL CO., LTD. | 146,880,000 | 11.58% | | Wang Jimin | 118,904,479 | 9.38% | | Yu Wanli | 86,325,802 | 6.81% | | Fuguo Tianhui Selected Growth Mixed Securities Investment Fund (LOF) | 30,000,000 | 2.37% | - Controlling shareholder Jihong Group, Wing Sing International Co., Ltd., and Wang Jimin constitute parties acting in concert, representing the company's actual controllers, Wang Yiping, Wu Bifeng, and their son[137] Bond-Related Information Convertible Corporate Bonds During the reporting period, CNY 13.96 million of "Jifeng Fixed 01" private convertible bonds were converted into 1,936,197 shares, leaving CNY 30.66 million unconverted (2.74% of total issuance) at a conversion price of CNY 7.21/share, with the company maintaining strong solvency - During the reporting period, the private convertible bond "Jifeng Fixed 02" was fully converted and delisted, while the outstanding "Jifeng Fixed 01" saw CNY 13.96 million converted in this period[142][146] Convertible Corporate Bond Details | Convertible Corporate Bond | Jifeng Fixed 01 | | :--- | :--- | | Amount Converted During Reporting Period (CNY) | 13,960,000 | | Number of Shares Converted During Reporting Period (shares) | 1,936,197 | | Unconverted Amount (CNY) | 30,660,000 | | Proportion of Unconverted Bonds to Total Issuance | 2.74% | | Latest Conversion Price (CNY/share) | 7.21 | - As of the end of the reporting period, the company's asset-liability ratio was 75.68%, with stable main operations, sound financial condition, and strong solvency[149] Financial Report Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The financial report in this semi-annual report is unaudited[5][152] Notes to Consolidated Financial Statements This section provides detailed explanations and analysis of major accounts in the consolidated financial statements, including monetary funds, receivables, inventories, fixed assets, goodwill, and various liabilities and expenses - As of period-end, the total book value of the company's restricted assets by ownership or use amounted to CNY 642 million, primarily comprising monetary funds for bank acceptance bill deposits, endorsed or discounted notes receivable, and fixed assets pledged for borrowings[581][582] - Goodwill had an original book value of CNY 2.829 billion, with impairment provisions of CNY 1.069 billion, resulting in a net book value of CNY 1.761 billion, primarily arising from the acquisition of Grammer AG Group[568][569] Supplementary Information This section details the composition of current non-recurring gains and losses and presents calculations for net asset return and earnings per share, with weighted average ROE for common shareholders at 3.19% and basic EPS at CNY 0.12 Profitability Ratios and Per Share Data | Profit for the Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.19 | 0.12 | 0.12 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains and Losses | 3.91 | 0.15 | 0.15 | - Total non-recurring gains and losses for the current period amounted to -CNY 34,695,308.58, primarily impacted by fair value changes in financial assets[776]