金明精机(300281) - 2025 Q2 - 季度财报

Item I Important Notes, Table of Contents and Definitions This section provides crucial disclaimers, a comprehensive table of contents, and definitions of key terms used throughout the report Important Notes The Board of Directors and senior management guarantee the report's accuracy and completeness, while highlighting potential risks and the company's profit distribution plan - The company's Board of Directors and management ensure this semi-annual report contains no false records, misleading statements, or material omissions[5] - The company advises investors to pay attention to potential risks such as macroeconomic fluctuations, market competition, raw material price volatility, technology leakage, and exchange rate fluctuations[5] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this semi-annual period[6] Definitions This chapter defines key terms used in the report, including company entities and core business-related technical terms - The company's controlling shareholder is Guangzhou Wanbao Changrui Investment Co., Ltd., and its ultimate controlling party is the Guangzhou Municipal People's Government[15] - The report explains core business-related technical and product terms such as film blowing machines, cast film machines, geomembranes, and multi-layer co-extrusion technology[15] Item II Company Profile and Key Financial Indicators This section outlines the company's basic information and presents a summary of its key accounting data and financial performance Company Profile Guangdong Jinming Intelligent Equipment Co., Ltd. (stock code: 300281) is listed on the Shenzhen Stock Exchange, with no changes in basic registration information during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jinming Intelligent Equipment | | Stock Code | 300281 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Guangdong Jinming Intelligent Equipment Co., Ltd. | | Legal Representative | Wang Fan | Key Accounting Data and Financial Indicators In H1 2025, revenue slightly decreased by 2.59%, while net profit attributable to shareholders increased by 12.11%, but core business profitability and cash flow faced challenges due to negative non-recurring net profit and a significant decline in operating cash flow H1 2025 Key Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 225,579,077.48 | 231,572,548.06 | -2.59% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 7,254,869.77 | 6,471,072.02 | 12.11% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) (CNY) | -3,925,218.21 | -2,189,437.03 | -79.28% | | Net Cash Flow from Operating Activities (CNY) | -13,032,248.99 | 16,388,514.17 | -179.52% | | Basic Earnings Per Share (CNY/share) | 0.017 | 0.015 | 13.33% | | Total Assets (CNY) | 1,489,328,697.62 | 1,524,653,603.77 | -2.32% (vs. end of prior year) | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 1,261,552,007.54 | 1,262,116,374.99 | -0.04% (vs. end of prior year) | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled CNY 11.18 million in the reporting period, primarily driven by fair value changes and disposal gains from financial assets, contributing significantly to the net profit increase Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Government grants | 3,268,225.27 | | Fair value changes and disposal gains/losses from financial assets and liabilities | 6,618,452.87 | | Net non-operating income and expenses | -120,382.64 | | Other non-recurring gains and losses | 53,123.58 | | Less: Income tax impact | -1,390,814.13 | | Total | 11,180,087.98 | Item III Management Discussion and Analysis This section provides an in-depth analysis of the company's main operations, core competencies, financial performance, asset and liability status, investment activities, and risk management strategies I. Main Businesses During the Reporting Period The company's core businesses are plastic machinery and film products, with strategic focus on technological innovation, AI integration, green transformation, and global expansion to navigate complex external environments - The company's core businesses include high-end intelligent equipment (plastic machinery) and film products, with intelligent equipment exported to over 50 countries and regions globally[31][32][37] - The company actively builds an "Internet + Advanced Manufacturing" model, having connected nearly 300 intelligent equipment units worldwide to provide remote maintenance and big data analysis services[36] - During the reporting period, the company, based on technological innovation, successfully developed an integrated production line for functional heavy-duty bags in the intelligent plastic machinery sector and launched new products like "internal additive anti-static polyester film" and "new energy battery protective film" in the film business[51] - The company collaborates with a Peking University team to leverage AI large language models for enterprise digital transformation, driving the shift in film equipment manufacturing from "experience-driven" to "data-intelligent"[54] II. Analysis of Core Competencies The company's core competencies are rooted in its leading technology, strong market brand, talent cultivation, and advanced intelligent manufacturing capabilities - Technology and Quality: The company's core technologies are domestically leading and internationally advanced, successfully achieving domestic substitution for various intelligent film equipment, and participating as a drafting unit in multiple national and industry standards[63][64] - Customers and Brand: The company's products are sold to over 50 countries and regions worldwide, boasting high-end domestic and international clients including Sealed Air, Dow Chemical, and ExxonMobil, enjoying high international brand recognition[68][70] - Intelligent Manufacturing: The company actively builds "Jinming Industry 4.0," utilizing an industrial big data platform to enhance large-scale personalized customization and after-sales service capabilities, while ensuring production efficiency and product quality through intelligent workshops and precision processing equipment clusters[66][67]73 III. Analysis of Main Business The company's main business revenue slightly decreased by 2.59% year-on-year, with varied performance across product lines and significant shifts in financial and cash flow metrics Key Financial Data Year-on-Year Changes | Item | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 225,579,077.48 | 231,572,548.06 | -2.59% | - | | Financial Expenses | -416,012.06 | -983,765.34 | 57.71% | Decrease in exchange gains | | Income Tax Expense | 1,089,846.45 | -620,147.25 | 275.74% | Increase in income tax provision for deductible temporary differences | | Net Cash Flow from Operating Activities | -13,032,248.99 | 16,388,514.17 | -179.52% | Decrease in sales collection, increase in procurement payments | | Net Cash Flow from Investing Activities | 50,841,261.38 | 2,161,266.52 | 2,252.38% | Recovery of large-denomination certificates of deposit and increase in investment income | | Net Cash Flow from Financing Activities | -8,068,951.60 | 292,820.00 | -2,855.60% | Payment of 2024 dividends | Product or Service Breakdown (Over 10% of Revenue) | Product/Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Film Blowing Machines | 95,615,260.16 | 71,897,712.99 | 24.81% | 3.95% | 3.46% | 0.36% | | Other Equipment | 37,140,075.63 | 29,108,337.96 | 21.63% | -36.38% | -34.16% | -2.65% | | Film and Bag Products | 86,036,586.17 | 84,807,106.12 | 1.43% | 17.61% | 8.40% | 8.38% | V. Analysis of Assets and Liabilities As of the reporting period end, total assets were CNY 1.49 billion, a slight decrease of 2.32% from the prior year-end, with a stable asset structure primarily composed of fixed assets, inventory, and transactional financial assets Asset Composition | Asset Item | Period-end Balance (CNY) | % of Total Assets | Period-start Balance (CNY) | % of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 71,623,077.56 | 4.81% | 39,614,825.62 | 2.60% | | Transactional Financial Assets | 378,278,340.46 | 25.40% | 347,786,882.44 | 22.81% | | Inventories | 273,375,226.69 | 18.36% | 280,213,819.82 | 18.38% | | Fixed Assets | 454,652,096.26 | 30.53% | 470,020,047.86 | 30.83% | - As of the reporting period end, CNY 4,331,049.54 of the company's monetary funds were restricted as collateral[85] VI. Analysis of Investment Status The company had no significant equity or non-equity investments during the reporting period, primarily engaging in wealth management with own funds through highly secure and liquid bank and brokerage products Entrusted Wealth Management Overview (Unit: CNY '0,000) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management | Unmatured Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 12,000.00 | 18,800.00 | 0 | | Brokerage Wealth Management Products | Own Funds | 31,669.28 | 23,669.18 | 0 | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[88][103]104 VIII. Analysis of Major Holding and Participating Companies During the reporting period, key subsidiaries Guangdong Jinjia New Material Technology Co., Ltd. and Shenzhen Zhihui Yunduan Software Technology Co., Ltd. both achieved profitability Major Subsidiary Operating Performance (Unit: CNY) | Company Name | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Guangdong Jinjia New Material Technology Co., Ltd. | Plastic products, new material production and sales | 52,964,678.22 | 2,674,735.83 | 2,704,579.83 | | Shenzhen Zhihui Yunduan Software Technology Co., Ltd. | Software design and development, technical services | 852,319.48 | 59,115.45 | 59,115.45 | X. Risks and Countermeasures Faced by the Company The company identifies five primary risks: macroeconomic fluctuations, intensified market competition, raw material price volatility, core technology leakage, and exchange rate fluctuations, with corresponding mitigation strategies - The company faces major risks including macroeconomic fluctuations, market competition, raw material price volatility, technology leakage, and exchange rate fluctuations[109]110111112113 - Countermeasures include: expanding domestic and international markets, developing high-value-added products, diversifying procurement channels, strengthening employee welfare and incentives, and utilizing financial instruments to manage exchange rate risks[109]110111112113 Item IV Corporate Governance, Environment and Society This section details the company's governance structure changes, profit distribution plans, and its commitment to environmental and social responsibilities Corporate Governance During the reporting period, the company reformed its Supervisory Board in accordance with the new Company Law, with no profit distribution or equity incentive plans implemented - In accordance with the new Company Law, the company reformed its Supervisory Board, with three supervisors resigning[118] - The company has no semi-annual profit distribution plan, nor has it implemented any equity incentive or employee stock ownership plans[119]120 Environmental and Social Responsibility The company and its major subsidiaries are listed as enterprises required to disclose environmental information, demonstrating their commitment to environmental management and broader social responsibility - The company is included in the list of enterprises required to disclose environmental information, with a provided inquiry index[121] - The company fulfills its social responsibilities across four aspects: public welfare, investor rights protection, employee care, and customer rights protection[122]123 Item V Significant Matters This section provides an overview of significant events during the reporting period, confirming the absence of major legal, transactional, or integrity issues Overview of Significant Matters During the reporting period, the company had no major litigation, penalties, significant related-party transactions, or non-operating fund occupation by controlling shareholders - During the reporting period, the company had no major lawsuits, penalties, significant related-party transactions, controlling shareholder fund occupation, or illegal guarantees[125]126127130131132 - The company's semi-annual financial report is unaudited128 Item VI Changes in Shares and Shareholder Information This section details the company's share capital structure and the composition of its major shareholders at the end of the reporting period Changes in Shareholding As of the reporting period end, the company's total share capital remained unchanged at 418,923,580 shares, with restricted shares accounting for 5.16% and unrestricted shares for 94.84% Share Structure | Share Type | Quantity (Shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 21,597,668 | 5.16% | | Unrestricted Shares | 397,325,912 | 94.84% | | Total Share Capital | 418,923,580 | 100.00% | Shareholder Information At the end of the reporting period, the company had 27,809 common shareholders, with the top three being Ma Zhenxin, Guangzhou Wanbao Changrui Investment Co., Ltd., and Guangzhou Wanbao Group Co., Ltd., including identified concerted party relationships - The total number of common shareholders at the end of the reporting period was 27,809 households[152] Top Three Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shareholding Quantity (Shares) | | :--- | :--- | :--- | :--- | | Ma Zhenxin | Domestic Natural Person | 16.85% | 70,576,227 | | Guangzhou Wanbao Changrui Investment Co., Ltd. | State-owned Legal Person | 13.77% | 57,702,344 | | Guangzhou Wanbao Group Co., Ltd. | State-owned Legal Person | 13.57% | 56,867,977 | - Shareholder Affiliation: Guangzhou Wanbao Changrui Investment Co., Ltd. and Guangzhou Wanbao Group Co., Ltd. constitute a concerted action relationship; Ma Zhenxin, Yu Suqin, and Ma Jiaxun constitute a concerted action relationship152 Item VIII Financial Report This section presents the company's unaudited financial statements, including the consolidated balance sheet, income statement, and cash flow statement, along with detailed notes Financial Statements The unaudited semi-annual financial report shows total assets of CNY 1.49 billion, total liabilities of CNY 228 million, and a liability-to-asset ratio of 15.3%, with operating revenue of CNY 226 million and net profit of CNY 7.25 million Consolidated Balance Sheet This table presents key items from the consolidated balance sheet, showing the company's financial position at the end of the reporting period compared to the beginning of the period Consolidated Balance Sheet Key Items (Period-end) | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,489,328,697.62 | 1,524,653,603.77 | | Total Current Assets | 909,453,653.50 | 888,317,665.29 | | Total Non-current Assets | 579,875,044.12 | 636,335,938.48 | | Total Liabilities | 227,776,690.08 | 262,537,228.78 | | Total Current Liabilities | 199,070,898.94 | 232,997,192.93 | | Total Owners' Equity | 1,261,552,007.54 | 1,262,116,374.99 | Consolidated Income Statement This table presents key items from the consolidated income statement, detailing the company's revenue, profit, and net income for the current and prior semi-annual periods Consolidated Income Statement Key Items | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 225,579,077.48 | 231,572,548.06 | | Operating Profit | 8,495,244.09 | 5,880,352.61 | | Total Profit | 8,344,716.22 | 5,850,924.77 | | Net Profit | 7,254,869.77 | 6,471,072.02 | | Net Profit Attributable to Parent Company Shareholders | 7,254,869.77 | 6,471,072.02 | Consolidated Cash Flow Statement This table presents key items from the consolidated cash flow statement, showing the net cash flows from operating, investing, and financing activities for the current and prior semi-annual periods Consolidated Cash Flow Statement Key Items | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -13,032,248.99 | 16,388,514.17 | | Net Cash Flow from Investing Activities | 50,841,261.38 | 2,161,266.52 | | Net Cash Flow from Financing Activities | -8,068,951.60 | 292,820.00 | | Net Increase in Cash and Cash Equivalents | 30,004,519.53 | 19,803,817.45 | | Cash and Cash Equivalents at Period End | 67,292,028.02 | 43,322,312.06 | Notes to Financial Statements The notes provide detailed disclosures on accounting policies, estimates, and the composition and changes of consolidated financial statement items, including tax rates, accounts receivable, and inventory valuations - The company and its subsidiary Jinjia New Material, as high-tech enterprises, enjoy a 15% corporate income tax preferential rate[303] - The period-end balance of accounts receivable is CNY 58.81 million, with 66.37% being within one year of age; the company made individual impairment provisions for CNY 11.29 million and group impairment provisions for CNY 47.52 million of accounts receivable[312]315 - The period-end book value of inventory is CNY 273 million, comprising CNY 120 million in raw materials and CNY 126 million in work-in-progress; the company provided for CNY 12.18 million in inventory impairment345