铖昌科技(001270) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides the legal disclaimer, outlines the report structure, and defines key terms Important Notice Management assures report accuracy, future outlooks are non-binding, and no profit distribution is planned - The company's directors, supervisors, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Definitions This section defines key terms, company abbreviations, reporting period, and core technologies - The reporting period is defined as January 1, 2025, to June 30, 2025[13] - Definitions are provided for the company's core products and technologies, such as T/R chips (core transceiver component chips for phased array radar) and MMIC (microwave monolithic integrated circuit chips)[13] Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance metrics Company Profile Zhejiang Chengchang Technology Co., Ltd. (*ST Chengchang, stock code 001270) is listed on the Shenzhen Stock Exchange, with Luo Shanshan as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | *ST Chengchang | | Stock Code | 001270 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 浙江铖昌科技股份有限公司 | | Legal Representative | Luo Shanshan | Key Accounting Data and Financial Indicators The company achieved strong performance with 180.16% revenue growth and 333.23% net profit increase, turning losses into gains, despite negative operating cash flow Key Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 201,209,099.72 | 71,819,101.57 | 180.16% | | Net Profit Attributable to Shareholders (Yuan) | 56,633,342.10 | -24,282,699.95 | 333.23% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (Yuan) | 54,787,410.74 | -33,697,698.83 | 262.59% | | Net Cash Flow from Operating Activities (Yuan) | -80,280,223.02 | -76,761,467.45 | -4.58% | | Basic Earnings Per Share (Yuan/share) | 0.2783 | -0.1193 | 333.28% | | Weighted Average Return on Net Assets | 4.06% | -1.75% | 5.81% | | Total Assets (Yuan) | 1,528,339,451.28 | 1,504,087,689.14 | 1.61% (vs. end of prior year) | | Net Assets Attributable to Shareholders (Yuan) | 1,433,328,165.34 | 1,366,695,580.72 | 4.88% (vs. end of prior year) | - Total non-recurring gains and losses for the reporting period amounted to CNY 1,845,931.36, primarily from government subsidies and reversal of impairment provisions for receivables[24][25] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook Overview of Main Business The company specializes in microwave and millimeter-wave phased array T/R chips, achieving 180.16% revenue growth and profitability due to strong demand and increased orders - The company's main business involves the R&D, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips, covering L-band to W-band, with mass applications in spaceborne, ground-based, airborne phased array radars, and satellite communication[30][31] - Key drivers for performance growth include accelerated industry demand recovery and significant increases in project orders, with spaceborne remote sensing constellation projects entering mass delivery, airborne sector revenue maintaining high growth, and ample projects reserved in ground-based radar and low-earth orbit satellite communication fields[44][45][46] - The company continuously increased R&D investment, with R&D expenses reaching CNY 52.8058 million in H1 2025, a year-on-year increase of 45.01%[44] Analysis of Core Competencies Core competencies include a growing talent pool, focus on innovation, deep customer relationships, professional certifications, and high-performance, high-quality products - The company has 98 R&D personnel, accounting for 43.56% of the total workforce, with approximately 42.86% holding master's degrees or higher[50] - The company possesses core technologies for low-power, high-performance, and highly integrated phased array T/R chips, capable of providing microwave and millimeter-wave phased array system-on-chip solutions across various typical frequency bands[51][52] - The company has established deep cooperative relationships with key downstream customers such as research institutes and has entered the supply chains for multiple application fields including spaceborne, ground-based, and airborne systems[53] - The company's products can achieve aerospace-grade quality, with thousands of products developed, covering five major categories including power amplifiers, low-noise amplifiers, and amplitude-phase control chips[57] Analysis of Main Business Main business showed strong performance with 180.16% revenue growth and a 13.35 percentage point increase in gross margin, though accounts receivable significantly increased Year-on-Year Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 201,209,099.72 | 71,819,101.57 | 180.16% | Increase in sales orders | | Operating Cost | 64,313,219.72 | 32,543,184.52 | 97.62% | Increase in product sales and structural changes | | R&D Investment | 52,805,757.65 | 36,415,857.73 | 45.01% | Increase in R&D projects and accrual of equity incentive expenses | | Net Cash Flow from Operating Activities | -80,280,223.02 | -76,761,467.45 | -4.58% | Increase in payment of various taxes and fees | Gross Margin of Main Business | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Integrated Circuit Industry | 201,209,099.72 | 64,313,219.72 | 68.04% | 13.35% | - Significant changes occurred in asset composition, with accounts receivable year-end balance increasing by 38.6% compared to the end of the prior year, and its proportion of total assets rising from 28.42% to 38.77%, primarily due to rapid growth in operating revenue; cash and equivalents proportion decreased from 24.45% to 16.92%[66] Analysis of Investment Status No major investments, CNY 399 million raised funds utilized (78.32% progress) for T/R chip R&D, project completion adjusted to December 31, 2025 Utilization of Raised Funds (Unit: CNY 10,000) | Project | Committed Investment (CNY 10,000) | Cumulative Investment (CNY 10,000) | Investment Progress | | :--- | :--- | :--- | :--- | | R&D and Industrialization of New Generation Phased Array T/R Chips | 39,974.26 | 30,137.35 | 75.39% | | R&D and Industrialization of Satellite Internet Phased Array T/R Chips | 10,936.33 | 9,736.06 | 89.02% | | Total | 50,910.59 | 39,873.41 | 78.32% | - Based on prudence, market conditions, and actual project construction, the company adjusted the planned usable date for the raised fund investment projects to December 31, 2025[75] Risks and Countermeasures The company faces operating risks and is ST-warned due to 2024 underperformance, but shows significant H1 2025 improvement to mitigate delisting risk - The company's stock was subject to a delisting risk warning (*ST) because its audited net profit for 2024 was negative and operating revenue after deduction was below CNY 300 million, triggering relevant provisions of the Shenzhen Stock Exchange Listing Rules; the company is responding by accelerating business development, having achieved high revenue growth and turned losses into profits in H1 2025[91] - Operating risks include: accounts receivable growing rapidly with business scale, potentially affecting liquidity; high concentration of customers and suppliers, posing dependency risks; and persistently negative operating cash flow, leading to working capital pressure[81][84][85][86] Corporate Governance, Environment, and Society This section details the company's governance practices, including equity incentive plans, and environmental and social responsibilities Implementation of Equity Incentive Plan The company implemented its 2024 restricted stock incentive plan, granting shares to 93 individuals, repurchasing from resigned employees, and granting reserved shares to 37 - On May 13, 2024, the company initially granted 3.77 million restricted shares to 93 incentive recipients at a price of CNY 19.76 per share[97] - On April 21, 2025, the company granted a reserved portion of 390,000 restricted shares to 37 incentive recipients at a price of CNY 19.76 per share[98] - During the reporting period, the company repurchased and canceled restricted shares granted to certain resigned employees that had not yet been unblocked[98][99] Significant Matters This section covers important events and commitments, including related party transactions and delisting risk warnings Commitments Controlling shareholders and key management fulfilled commitments regarding lock-up arrangements for shares held since the IPO, with no violations reported - Controlling shareholder Shenzhen H&T Intelligent Control Co., Ltd. committed not to transfer its pre-IPO shares for 36 months from the company's listing date (June 6, 2022), and this commitment is being strictly fulfilled[106] Significant Related Party Transactions A significant related party transaction for wafer procurement and processing with Zhejiang Jimai Microelectronics Co., Ltd. totaled CNY 2.6112 million, within the approved annual limit Related Party Transactions in Ordinary Course of Business | Related Party | Relationship | Transaction Content | Transaction Amount (CNY 10,000) | Approved Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jimai Microelectronics Co., Ltd. | Company holds 5% equity, controlling shareholder holds 7.01% equity | Wafer procurement and entrusted processing | 261.12 | 2,000 | Explanation of Other Significant Matters This section explains the *ST delisting risk warning due to 2024 financial performance, highlighting proactive measures and significant H1 2025 revenue growth and profitability turnaround to mitigate risk - The company's stock was subject to a delisting risk warning from April 24, 2025, due to its audited net profit for 2024 being negative and operating revenue after deduction being below CNY 300 million, triggering relevant provisions of the Shenzhen Stock Exchange Listing Rules[147][148] - In response, the company is actively expanding its market leveraging technological and customer advantages, having achieved high operating revenue growth and turned losses into profits in H1 2025, with significantly increased order backlog and projects, fully striving to enhance operating scale and profitability[148] Share Changes and Shareholder Information This section details changes in the company's share capital and the composition of its shareholders Share Change Status Total share capital increased from 207.3 million to 207.6 million shares due to restricted stock grants, repurchases, and pre-IPO share lock-up lifting - The company's total share capital increased from 207,269,561 shares to 207,646,561 shares, a net increase of 377,000 shares[153] - Reasons for share changes include: repurchase and cancellation of 13,000 restricted shares, grant of 390,000 reserved restricted shares, and the lifting of lock-up restrictions on 102,107,598 pre-IPO restricted shares on June 6, 2025[153][154] Changes in Share Structure | Share Type | Quantity Before Change | Quantity After Change | | :--- | :--- | :--- | | Restricted Shares | 105,877,598 | 4,147,000 | | Unrestricted Shares | 101,391,963 | 203,499,561 | Number of Shareholders and Shareholding Status As of period end, the company had 19,317 common shareholders, with Shenzhen H&T holding 46.28%, and top ten shareholders primarily natural persons and investment partnerships - As of the end of the reporting period, the company had a total of 19,317 shareholders[161] Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Shares Held at Period End | | :--- | :--- | :--- | | Shenzhen H&T Intelligent Control Co., Ltd. | 46.28% | 96,101,270 | | Ding Ning | 2.87% | 5,965,328 | | Hainan Wenchang Kexiang Investment Enterprise (Limited Partnership) | 1.98% | 4,117,729 | | Hainan Wenchang Keji Investment Enterprise (Limited Partnership) | 1.91% | 3,962,887 | | Hainan Wenchang Kemai Investment Enterprise (Limited Partnership) | 1.87% | 3,884,564 | Bond-Related Information This section confirms the absence of any bond-related matters for the company during the reporting period Bond-Related Information The company had no bond-related matters during the reporting period - During the reporting period, the company had no bond-related situations[168] Financial Report This section presents the company's unaudited financial statements, including the balance sheet, income statement, and cash flow statement Financial Statements This unaudited report shows total assets at CNY 1.528 billion, operating revenue of CNY 201 million (180.16% growth), net profit of CNY 56.63 million (turning losses into gains), and negative operating cash flow Balance Sheet Total assets reached CNY 1.528 billion (1.61% growth), driven by a 38.6% increase in accounts receivable, while total liabilities decreased by 30.8% Key Balance Sheet Items (Unit: Yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Cash and Cash Equivalents | 258,651,042.26 | 367,776,687.54 | | Accounts Receivable | 592,539,118.83 | 427,498,338.80 | | Inventories | 213,973,759.33 | 202,378,422.82 | | Total Assets | 1,528,339,451.28 | 1,504,087,689.14 | | Total Liabilities | 95,011,285.94 | 137,392,108.42 | | Total Owners' Equity | 1,433,328,165.34 | 1,366,695,580.72 | Income Statement Operating revenue reached CNY 201 million (180.16% YoY growth), with costs at CNY 64.31 million, leading to a net profit of CNY 56.63 million, a significant turnaround Core Income Statement Data (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 201,209,099.72 | 71,819,101.57 | | Operating Cost | 64,313,219.72 | 32,543,184.52 | | R&D Expenses | 52,805,757.65 | 36,415,857.73 | | Operating Profit | 55,729,744.03 | -31,543,319.67 | | Net Profit | 56,633,342.10 | -24,282,699.95 | Cash Flow Statement Net cash flow from operating activities remained negative at -CNY 80.28 million, investing outflow narrowed, and financing outflow was -CNY 23 million, leading to a CNY 109 million decrease in cash Key Cash Flow Statement Data (Unit: Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -80,280,223.02 | -76,761,467.45 | | Net Cash Flow from Investing Activities | -5,847,369.51 | -67,174,632.75 | | Net Cash Flow from Financing Activities | -22,998,052.75 | 43,187,575.20 | | Net Increase in Cash and Cash Equivalents | -109,125,645.28 | -100,748,525.00 | Notes to Financial Statements This section provides detailed notes on financial statements, covering accounting policies, estimates, and specific items like cash, receivables, inventory, and R&D expenses - Accounts receivable year-end balance was CNY 678 million, with bad debt provisions of CNY 85.84 million, resulting in a book value of CNY 593 million; the top five accounts receivable by debtor accounted for 80.58% of the total, indicating high customer concentration[279][280][287] - Inventories year-end book value was CNY 214 million, primarily composed of raw materials (CNY 119 million) and work-in-progress and self-made semi-finished goods (CNY 61.13 million), with a total inventory impairment provision of CNY 22 million[333] - All R&D expenditures during the reporting period were expensed, totaling CNY 52.81 million, primarily allocated to materials and testing fees (CNY 20.11 million) and employee compensation (CNY 17.41 million)[527] Other Submitted Data This section includes additional data submitted by the company, such as social responsibility and administrative penalties Other Submitted Data The company reported no significant social security issues, administrative penalties, or investor relations activities during the period - During the reporting period, the company had no other significant social security issues, was not subject to administrative penalties, and had no records of receiving research, communication, or interview activities[614]