LANJIAN(SH:688557)2025-08-14 09:20Company Profile and Key Financial Indicators This section outlines the company's basic information and key financial performance indicators Company Overview LanJian Intelligent Technology Co., Ltd. (LanJian Intelligent) is a company listed on the STAR Market of the Shanghai Stock Exchange, stock code 688557, with Wu Yaohua as its legal representative and registered office in Jinan, Shandong Province Basic Company Information | Item | Information | | :--- | :--- | | Chinese Name | LanJian Intelligent Technology Co., Ltd. | | Stock Abbreviation | LanJian Intelligent | | Stock Code | 688557 | | Listing Exchange | Shanghai Stock Exchange STAR Market | | Legal Representative | Wu Yaohua | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 623.12 million yuan, a 19.54% year-on-year increase, and net profit attributable to shareholders of 41.36 million yuan, up 11.89%, with operating cash flow turning positive Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 623,124,046.02 | 521,257,408.40 | 19.54 | | Net Profit Attributable to Shareholders (yuan) | 41,362,613.74 | 36,965,851.74 | 11.89 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (yuan) | 29,231,112.30 | 29,628,931.59 | -1.34 | | Net Cash Flow from Operating Activities (yuan) | 1,537,240.92 | -60,180,067.94 | N/A | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.40 | 0.36 | 11.11% | | Weighted Average Return on Net Assets (%) | 3.49 | 3.35 | Increased by 0.14 percentage points | | R&D Expense to Operating Revenue Ratio (%) | 10.33 | 10.45 | Decreased by 0.12 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled 12.13 million yuan, primarily from government subsidies (11.40 million yuan) and fair value changes in financial assets (2.21 million yuan)23 Management Discussion and Analysis This section provides management's discussion and analysis of the company's operations, industry, and risks Industry and Main Business The company's main business involves the R&D, design, production, sales, and service of intelligent logistics systems centered on intelligent robots, offering comprehensive solutions with diversified revenue models - The company is one of the few domestic leaders in intelligent logistics systems with in-house R&D and production capabilities for both hardware and software, offering various intelligent robots and logistics software centered on a digital twin platform2628 - The company's diversified revenue models include: - Robot Intelligent Logistics System Sales: Core revenue source - RaaS Operations Services: Partnering with large e-commerce companies for warehousing and operational fees - After-sales Operation and Maintenance Services: Providing system upgrades, repairs, and replacements - Technical Consulting and Planning Services: Offering engineering and management technical consulting30323334 - The Chinese warehousing and logistics automation industry is evolving from integrated automation to intelligent automation, characterized by high technical integration requirements, prominent customization, and extensive application of high-end technologies4041 Discussion and Analysis of Operations In H1 2025, the company sustained positive operational momentum, achieving double-digit growth in revenue and net profit, driven by global expansion and increased order intake, while also enhancing shareholder returns Operating Indicators (H1 2025) | Operating Indicators (H1 2025) | Amount | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 623.12 million yuan | 19.54% | | Net Profit Attributable to Parent Company | 41.36 million yuan | 11.89% | | Overseas Revenue | 56.28 million yuan | 164.10% | | New Orders | 1.50 billion yuan | 96% | | Orders on Hand (as of June 30) | 2.06 billion yuan | 56.89% | - The company adheres to technological innovation, with R&D investment reaching 64.37 million yuan, an 18.21% year-on-year increase, launching several new products such as distributed ultra-low voltage DC roller conveyor systems, stacker cranes for the brewing industry, and 10-ton RGV515254 - The company prioritizes shareholder returns, completing 33.73 million yuan in cash dividends for 2024 and initiating a share repurchase plan of 10 million to 20 million yuan56 Analysis of Core Competencies During the Reporting Period The company's core competencies include comprehensive service capabilities, strong R&D, a full product chain, extensive project experience, a stable core team, and a strong brand with premium client resources, continuously innovating in intelligent logistics systems - The company's core competencies include: - Comprehensive Service Capability: Rapid response to customized client needs - R&D Capability: Possessing over 50 core technologies and 444 independent intellectual property rights - Full Product Chain: Independent R&D and production of core software and hardware for intelligent logistics systems - Project Experience: Successful cases in various industries including e-commerce, tobacco, pharmaceuticals, and new energy - Core Team: Stable management and technical teams with extensive industry experience - Brand and Clients: Extensive client resources from industry leaders596061636465 R&D Investment (H1 2025) | R&D Investment (H1 2025) | Amount | Year-on-year Change | | :--- | :--- | :--- | | Expensed R&D Investment | 64,367,896.74 | 18.21% | | Total R&D Investment to Revenue Ratio | 10.33% | Decreased by 0.12 percentage points | Intellectual Property (as of June 30, 2025) | Intellectual Property (as of June 30, 2025) | New Additions This Period (units) | Accumulated (units) | | :--- | :--- | :--- | | Invention Patents | 2 | 103 | | Utility Model Patents | 24 | 215 | | Design Patents | 19 | 49 | | Software Copyrights | 8 | 77 | | Total | 53 | 444 | - Significant R&D achievements during the reporting period include distributed ultra-low voltage DC roller conveyor systems, hybrid pallet conveying systems, American standard shuttle boards, Gecko box robot Agile version, Spider box robot system, new generation cigarette sorting systems, stacker cranes for the brewing industry, and heavy-duty RGVs7986888991939597 Risk Factors The company faces diverse risks including operational volatility, financial exposure to bad debts and margin shifts, and external challenges from market competition and policy changes - Operational Risks: - Performance Volatility: Uncertainty in revenue recognition timing for large individual projects may lead to performance fluctuations - Order Sustainability: Single clients typically do not repurchase in the short term, posing a risk of non-continuous orders - Project Cycle: Long project implementation cycles (typically over 1 year) tie up capital and may increase costs due to delays - Raw Materials: Price fluctuations of raw materials like steel may impact costs and delivery - Management: Rapid expansion of business scale demands higher project management capabilities112113 - Financial and Market Risks: - Gross Margin: Customized projects and new industry expansion may lead to gross margin fluctuations or declines - Bad Debts: Accounts receivable and contract assets may increase bad debt risk with scale expansion - Intensified Competition: Influx of domestic and international companies leads to increasingly fierce market competition - Technology R&D: If technological direction deviates from market demand, it will adversely affect business development114115116 - Policy and Macroeconomic Risks: - Tax Incentives: Changes in tax preferential policies, such as those for high-tech enterprises, will adversely affect performance - Macroeconomic Environment: Slowdown in fixed asset investment in downstream industries will impact the company's operations114116 Main Business Analysis During the reporting period, the company's financial metrics primarily reflected business growth, with significant increases in operating revenue and costs, higher sales and R&D expenses, improved financial income due to exchange gains, and positive operating cash flow Item Analysis | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 623,124,046.02 | 521,257,408.40 | 19.54 | Successful project delivery, achieving scale growth | | Operating Cost | 445,003,458.71 | 368,573,992.62 | 20.74 | Increased with operating revenue growth | | Selling Expenses | 52,485,492.04 | 34,562,788.87 | 51.86 | Increased market promotion, exhibition participation, and sales team building | | R&D Expenses | 64,367,896.74 | 54,454,279.37 | 18.21 | Expanded R&D personnel scale, increased labor costs | | Financial Expenses | -3,177,678.36 | -1,660,509.72 | N/A | Increased exchange gains due to Euro appreciation against RMB | | Net Cash Flow from Operating Activities | 1,537,240.92 | -60,180,067.94 | N/A | Year-on-year increase in sales collection | Balance Sheet Item Analysis | Balance Sheet Item | Current Period End (yuan) | Prior Period End (yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 12,624,138.32 | 4,100,074.62 | 207.90 | Increased prepayments for raw material purchases | | Inventories | 272,931,379.66 | 209,085,267.33 | 30.54 | Increase in projects under implementation | | Other Non-current Assets | 181,822,580.51 | 132,690,534.07 | 37.03 | Increase in quality assurance deposits over one year | | Employee Compensation Payable | 23,792,743.81 | 36,721,329.82 | -35.21 | Year-end bonuses accrued last year were disbursed during the reporting period | Corporate Governance, Environment, and Social Responsibility This section details the company's corporate governance, environmental, and social responsibilities Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, Mr. Zhang Yigong resigned as a non-independent director but remains a core technical personnel, with Mr. Lin Mao elected as a new non-independent director - Non-independent director Zhang Yigong resigned, and Lin Mao was elected as the new non-independent director130 Equity Incentive Plan The company is implementing its 2022 restricted stock incentive plan, with adjustments to grant price and quantity, and completion of the second vesting period for the initial grant post-reporting period - In July 2025, the company adjusted the grant price of its 2022 restricted stock incentive plan to 21.61 yuan per share and completed the second vesting period for the initial grant to 95 incentive recipients133 Significant Matters This section covers significant events and commitments impacting the company Fulfillment of Commitments During the reporting period, the company, its actual controller, shareholders, and related parties strictly fulfilled all commitments made during the initial public offering, ensuring timely compliance - All commitments made by the company's controlling shareholder, actual controller, directors, supervisors, senior management, and other related parties, either during or continuing into the reporting period, were strictly fulfilled136 Explanation of Integrity Status During the reporting period, the company, its controlling shareholder, and actual controller maintained good credit standing, with no unfulfilled court judgments or significant overdue debts - The company, its controlling shareholder, and actual controller maintain good credit standing with no significant adverse integrity records185 Share Capital Changes and Shareholder Information This section details changes in share capital and provides an overview of the company's shareholder structure Share Capital Changes The company's total share capital and structure remained unchanged during the reporting period, though post-period, the implementation of the 2022 restricted stock incentive plan's second vesting period led to a slight dilution of net assets per share - The share capital structure remained unchanged during the reporting period; post-period, due to equity incentive vesting, net assets per share were diluted from 11.51 yuan to 11.46 yuan189190 Shareholder Information As of the end of the reporting period, the company had 5,605 common shareholders, with the top ten shareholders including controlling shareholder Wu Yaohua and Jinan Science and Technology Venture Capital Group Co., Ltd., noting an associated relationship between some major shareholders - As of the end of the reporting period, the company had 5,605 shareholders191 Top Five Shareholders | Top Five Shareholders | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | 吴耀华 | 36,497,874 | 35.71 | | 济南科技创业投资集团有限公司 | 6,251,869 | 6.12 | | 段重行 | 3,430,364 | 3.36 | | 深圳市达晨创通股权投资企业(有限合伙) | 2,884,767 | 2.82 | | 蒋霞 | 1,850,352 | 1.81 | Financial Report This section presents the company's consolidated financial statements, including balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of June 30, 2025, the company's total assets increased by 7.20% to 2.09 billion yuan, with total liabilities rising by 16.96% to 916 million yuan, and net assets attributable to shareholders growing by 0.66% to 1.18 billion yuan Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,092,392,949.38 | 1,951,840,194.13 | 7.20 | | Total Current Assets | 1,566,282,737.69 | 1,468,800,257.35 | 6.64 | | Total Non-current Assets | 526,110,211.69 | 483,039,936.78 | 8.92 | | Total Liabilities | 916,029,937.86 | 783,191,676.41 | 16.96 | | Total Current Liabilities | 882,891,335.94 | 750,352,169.32 | 17.66 | | Equity Attributable to Parent Company Owners | 1,176,363,011.52 | 1,168,648,517.72 | 0.66 | Consolidated Income Statement In H1 2025, the company's total operating revenue grew by 19.54% to 623.12 million yuan, while total operating costs increased by 22.01%, resulting in a net profit attributable to shareholders of 41.36 million yuan, up 11.89% Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 623,124,046.02 | 521,257,408.40 | 19.54 | | Operating Cost | 445,003,458.71 | 368,573,992.62 | 20.74 | | Selling Expenses | 52,485,492.04 | 34,562,788.87 | 51.86 | | Administrative Expenses | 27,791,524.97 | 24,566,564.24 | 13.13 | | R&D Expenses | 64,367,896.74 | 54,454,279.37 | 18.21 | | Total Profit | 39,581,061.00 | 34,997,826.44 | 13.10 | | Net Profit Attributable to Parent Company Shareholders | 41,362,613.74 | 36,965,851.74 | 11.89 | Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities significantly improved to 1.54 million yuan from a negative prior period, while investment cash flow decreased due to reduced wealth management product purchases, and financing cash flow was negative due to dividend payouts Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,537,240.92 | -60,180,067.94 | | Cash Received from Sales of Goods and Services | 508,751,591.18 | 353,539,736.50 | | Cash Paid for Goods and Services | 312,525,596.21 | 252,703,037.74 | | Net Cash Flow from Investing Activities | 24,956,399.31 | 84,421,261.89 | | Net Cash Flow from Financing Activities | -23,333,653.74 | -10,951,265.32 | | Cash and Cash Equivalents at Period End | 194,481,532.98 | 155,479,934.79 |