佳士科技(300193) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions The board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and bear corresponding legal responsibilities[3] - The company plans no cash dividends, bonus shares, or capital reserve conversions for the 2025 semi-annual period[5] Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance during the reporting period Company Profile Jasic Technology Co Ltd (stock code: 300193) is a company listed on the Shenzhen Stock Exchange, with Pan Lei as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jasic Technology | | Stock Code | 300193 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | 深圳市佳士科技股份有限公司 | | Legal Representative | Pan Lei | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit both declined year-on-year, with operating cash flow significantly decreasing by 95.82% 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 604,742,501.22 | 645,496,784.43 | -6.31% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 106,242,445.02 | 132,829,053.42 | -20.02% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (CNY) | 96,634,370.08 | 128,772,014.64 | -24.96% | | Net Cash Flow from Operating Activities (CNY) | 3,225,380.93 | 77,229,118.02 | -95.82% | | Basic Earnings Per Share (CNY/share) | 0.22 | 0.28 | -21.43% | | Weighted Average Return on Net Assets | 4.70% | 5.67% | -0.97% | | Total Assets (CNY) | 2,965,920,474.63 | 3,039,825,423.52 | -2.43% (Period-end vs Prior Year-end) | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 2,250,485,927.66 | 2,236,839,500.06 | 0.61% (Period-end vs Prior Year-end) | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled CNY 9.61 million, primarily from fair value changes, investment income, and government subsidies Non-recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains and losses from financial assets and liabilities held by non-financial enterprises | 6,942,609.76 | | Gains and losses from entrusted investments or asset management | 2,240,427.86 | | Government subsidies recognized in current profit and loss | 2,013,702.82 | | Total | 9,608,074.94 | Management Discussion and Analysis This section provides a detailed analysis of the company's operations, financial performance, and future outlook Company's Main Business During the Reporting Period The company primarily engages in R&D, production, and sales of welding and cutting equipment, experiencing revenue and net profit declines due to market competition and reduced financial income - The company is a leading enterprise in China's welding and cutting equipment manufacturing sector, primarily engaged in the R&D, production, and sales of welding and cutting equipment, including welding machines, accessories, materials, and robots[28] - The company primarily operates under an authorized dealer sales model and adopts a "production-to-order" manufacturing approach[29] 2025 Semi-Annual Performance Overview | Indicator | Amount (CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 604,742,501.22 | -6.31% | | Operating Profit | 124,523,341.38 | -17.06% | | Net Profit Attributable to Parent Company | 106,242,445.02 | -20.02% | | Basic Earnings Per Share | 0.22 | -21.43% | - The decline in performance is primarily due to increased uncertainty in domestic and international economic environments and intensified market competition leading to decreased sales revenue, alongside reduced financial and exchange gains compared to the prior year[29] Key Initiatives During the Reporting Period The company implemented various initiatives in marketing, R&D, production, and quality management to adapt to market changes - During the reporting period, the company undertook various initiatives in marketing, R&D, production, and quality management to adapt to market changes: - International Marketing: Upgraded "Partner 2.0 Program," strengthened channel empowerment, and established a dynamic accounts receivable monitoring mechanism[30] - Domestic Marketing: Deepened channel management, accelerated deployment of customer service centers, and built an integrated industrial machine sales system[31] - Brand Promotion: Participated in the Beijing Essen Welding & Cutting Fair, held new product launch events, and planned a series of marketing activities commemorating the company's 20th anniversary[33] - R&D Innovation: Continuously advanced the development of JET20 Pro, EVO20, EVOLVE, and Aidas MyStars series products, with some already achieving mass production[34] - Production and Manufacturing: Introduced automation equipment to improve efficiency, controlled costs through inventory hedging and new supplier development, and upgraded core systems like OA and MES[34] - Quality Management: Increased investment in testing resources, passed ISO9001 quality management system re-certification, and underwent ISO14001 environmental management system surveillance audit[34] Industry Development and Company's Market Position The welding and cutting equipment industry is maturing internationally with domestic players catching up, driven by trends in technology integration, green manufacturing, emerging demands, and domestic substitution - The welding and cutting equipment manufacturing industry currently shows a mature international market with domestic enterprises accelerating their catch-up efforts; despite a slowdown in overall industry growth due to macroeconomic fluctuations, future development trends are clear[36][37] - Four major trends in industry development: - Technology Integration: Deep integration of intelligence and digitalization, with robotic welding and IoT technologies becoming mainstream[38] - Green Manufacturing: Under the "Dual Carbon" strategy, the industry is transitioning towards low energy consumption and low emissions[38] - Emerging Demand: The development of industries like new energy vehicles accelerates the popularization of laser welding technology[38] - Domestic Substitution: Market share of domestic equipment in high-end equipment is increasing[38] - As a leading domestic enterprise, the company has achieved comprehensive digital upgrades by launching products like the JET20 and EVO20 series, consolidating its leading market position in general-purpose welding machines and actively expanding into the high-end industrial welding machine market[39] Core Competitiveness Analysis The company's core competencies include strong R&D and innovation capabilities, a global dealer network, and industry-leading full-process quality management - The company's core competitiveness has not undergone significant adverse changes, primarily including: - Technology R&D and Innovation Capability: Established R&D centers both domestically and internationally, with continuous investment to enhance product technical levels[41] - Global Dealer Network: Channel network covers the globe, enabling timely market insights and provision of high-quality products and services[41] - Full-Process Quality Management: Possesses industry-leading comprehensive laboratories to ensure product quality[41] Main Business Analysis Financial expenses significantly increased by 70.15% due to exchange losses and reduced interest income, while R&D investment grew by 27.21%, and direct sales revenue sharply declined by 80.35% Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -11,671,300.22 | -39,100,727.80 | 70.15% | Increased exchange losses and reduced time deposit interest income | | R&D Investment | 38,751,535.82 | 30,461,586.43 | 27.21% | Increased employee compensation and depreciation expenses | | Net Cash Flow from Operating Activities | 3,225,380.93 | 77,229,118.02 | -95.82% | Increased cash paid for goods purchased and to employees | | Net Cash Flow from Investing Activities | 74,884,643.36 | 36,624,041.06 | 104.47% | Reduced infrastructure investment | | Investment Income | 5,223,494.38 | 567,192.98 | 820.94% | Increased investment income from disposal of financial assets held for trading | Main Business Segment Performance (Over 10% Share) | Category | Operating Revenue (CNY) | Gross Margin | Operating Revenue Year-on-Year Change | | :--- | :--- | :--- | :--- | | By Region | | | | | Export Sales | 285,894,174.95 | 40.13% | -11.44% | | Domestic Sales | 310,433,466.92 | 21.89% | -0.25% | | By Sales Model | | | | | Distribution Model | 588,557,270.18 | 30.92% | -1.00% | | Direct Sales Model | 7,770,371.69 | 9.06% | -80.35% | Analysis of Assets and Liabilities Total assets decreased by 2.43% to CNY 2.97 billion, with accounts receivable increasing due to renewed domestic dealer credit, and CNY 631.62 million in restricted cash for foreign exchange forward products - Accounts receivable increased compared to the end of the prior year, with its proportion of total assets rising from 7.21% to 9.41%, primarily due to the company re-extending credit lines to domestic dealers at the beginning of the year after their recovery at the end of the previous year[49] Restricted Asset Status | Item | Book Value at Period End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 631,622,544.57 | Foreign Exchange Forward Margin | Investment Status Analysis Total investment decreased significantly by 76.55% to CNY 35.69 million, primarily in two advanced manufacturing projects nearing completion, alongside CNY 334 million in bank wealth management product investments - Investment during the reporting period was CNY 35.69 million, a 76.55% decrease compared to CNY 152.20 million in the prior year period[55] Major Non-Equity Investment Project Progress | Project Name | Investment Method | Cumulative Investment as of Reporting Period End (CNY 10,000) | Project Progress | | :--- | :--- | :--- | :--- | | Digital Welding Machine Intelligent Manufacturing Project | Self-built | 33,251.27 | 90% | | Industrial Digital Intelligent Welding Machine and Accessories Project | Self-built | 10,915.77 | 98% | - During the reporting period, the company used idle self-owned funds for entrusted wealth management, with an amount of CNY 334 million, all in bank wealth management products, and an outstanding balance of CNY 79.85 million at period end[61] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, intensified competition, accounts receivable, procurement cost volatility, and declining financial and exchange gains, addressed through strategic implementation, innovation, and financial management - The company has identified five major risks: - Macroeconomic Fluctuation Risk: Manufacturing investment intensity is linked to the macroeconomic environment, potentially impacting domestic and international demand[69] - Intensified Industry Competition Risk: The industry has entered an era of inventory competition, intensifying pressure for consolidation and upgrading[70] - Accounts Receivable Risk: The balance of accounts receivable increased during the reporting period, posing collection risks[71] - Procurement Cost Fluctuation Risk: Price fluctuations of electronic components, metal raw materials, etc., create cost control pressure[72] - Declining Financial and Exchange Gains Risk: Falling interest rates and exchange rate fluctuations may lead to reduced income[73] Corporate Governance, Environment and Society This section details changes in the company's governance structure, including board and supervisory board members, and its commitment to social responsibility Changes in Directors, Supervisors, and Senior Management Multiple changes occurred in the company's board and supervisory board due to re-election and personal reasons, with no planned profit distribution for the semi-annual period - During the reporting period, multiple changes occurred in the company's directors, supervisors, and senior management due to re-election and personal reasons, including the departure and appointment of vice chairman, independent directors, and supervisors[81] - The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period[82] Social Responsibility The company is committed to sustainable development, actively fulfilling social responsibilities across shareholder returns, employee welfare, supplier collaboration, customer service, and environmental protection - The company fulfills its social responsibilities across multiple dimensions, including shareholders, employees, supply chain partners, and customers, by establishing sound internal control systems to protect shareholder rights, providing multi-dimensional care for employees, building win-win relationships with suppliers, and offering high-quality products and services to customers[85] Significant Matters This section covers key commitments, related party transactions, and significant corporate events during the reporting period Commitments Fulfilled and Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The controlling shareholder and related parties are fulfilling commitments regarding competition and independence, with no major related party transactions or external guarantees, and board/supervisory board re-elections completed - The historical commitments of the company's controlling shareholder Pan Lei and his concerted action party Xu Aiping regarding avoiding horizontal competition, regulating related party transactions, and ensuring the independence of the listed company remain long-term effective and are being normally fulfilled[87][88] - During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties, no irregular external guarantees, no significant asset or equity sales, and no major related party transactions[89][90][96][66] - The company completed the re-election of the Sixth Board of Directors and Supervisory Board, and the by-election of some directors, between January and April 2025[109] Share Changes and Shareholder Information This section details changes in the company's share capital and the composition of its shareholder base Share Change Status The company's total share capital decreased from 493.60 million shares to 476.25 million shares due to the cancellation of repurchased shares, while restricted shares increased due to board and supervisory board re-elections - During the reporting period, the company cancelled 17,348,862 shares from its special repurchase securities account, reducing total share capital from 493,598,667 shares to 476,249,805 shares[113][114][115] - Due to the re-election of directors, supervisors, and senior management and the declaration of personnel employment status information, the system automatically locked corresponding shares, leading to an increase of 56,413 restricted shares[113][117] Number of Shareholders and Shareholding Status As of the reporting period end, the company had 29,311 common shareholders, with controlling shareholder Pan Lei and concerted action party Xu Aiping holding a combined 25.04% - As of the end of the reporting period, the company had a total of 29,311 shareholders[119] Top Two Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Pan Lei | 15.16% | 72,178,339 | | Xu Aiping | 9.88% | 47,058,006 | - Mr Pan Lei and Ms Xu Aiping constitute a concerted action relationship, with a combined shareholding of 25.04%[120] Bond-Related Information This section confirms that the company had no bond-related activities during the reporting period Bond-Related Information During the reporting period, the company had no bond-related activities - The company had no bond-related information during this reporting period[127] Financial Report This section presents the company's financial statements, including balance sheet, income statement, and cash flow statement Financial Statements As of June 30, 2025, total assets were CNY 2.97 billion, total liabilities CNY 708 million, and net assets attributable to parent CNY 2.25 billion, with semi-annual operating revenue of CNY 605 million and net profit of CNY 106 million Consolidated Balance Sheet Key Items (2025-06-30) | Item | Balance at Period End (CNY) | | :--- | :--- | | Monetary Funds | 1,356,071,374.82 | | Accounts Receivable | 279,225,130.01 | | Inventories | 223,480,098.64 | | Total Assets | 2,965,920,474.63 | | Short-term Borrowings | 105,066,000.00 | | Accounts Payable | 300,016,870.56 | | Total Liabilities | 707,796,081.56 | | Equity Attributable to Parent Company Shareholders | 2,250,485,927.66 | Consolidated Income Statement Key Items (2025 Semi-Annual) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 604,742,501.22 | | Total Operating Costs | 489,479,166.13 | | R&D Expenses | 38,751,535.82 | | Total Profit | 124,533,290.66 | | Net Profit | 105,545,002.96 | | Net Profit Attributable to Parent Company | 106,242,445.02 | Consolidated Cash Flow Statement Key Items (2025 Semi-Annual) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 3,225,380.93 | | Net Cash Flow from Investing Activities | 74,884,643.36 | | Net Cash Flow from Financing Activities | -110,645,605.13 | | Net Increase in Cash and Cash Equivalents | -43,653,958.18 |