同兴科技(003027) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions This section provides crucial disclaimers, lists the report structure, and defines key terms Important Notice The company's management assures report accuracy and completeness, cautions on forward-looking statements, and confirms no profit distribution for the period - Company management guarantees the report's truthfulness, accuracy, and completeness, advising investors to note risks in forward-looking statements[3] - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year period[4] Definitions This chapter defines key terms and concepts used in the report, covering company operations, core technologies, and financial periods for clarity Definitions of Core Business and Technical Terms | Term | Definition | | :--- | :--- | | Flue Gas Treatment | Removal of harmful substances such as sulfur oxides, nitrogen oxides, and dust from exhaust gases emitted by coal-fired boilers and kilns to meet discharge standards | | Non-Power Industry | Coal-fired industries other than thermal power, primarily including steel, coking, and building materials | | SCR | Selective Catalytic Reduction, the most widely used denitration technology, where a reducing agent reacts with nitrogen oxides in flue gas to form nitrogen and water under the action of a catalyst | | Low-Temperature SCR Denitration Catalyst | A catalyst with high denitration performance in the temperature range of 180℃ to 300℃ | | CCUS | Refers to Carbon Capture, Utilization, and Storage technology | | Reporting Period | January 1, 2025, to June 30, 2025 | Company Profile and Key Financial Indicators This section provides basic company information and highlights key financial performance metrics Company Profile Tongxing Environmental Protection Technology Co Ltd, stock code 003027, listed on the Shenzhen Stock Exchange, with Zheng Guangming as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Tongxing Technology | | Stock Code | 003027 | | Listing Exchange | Shenzhen Stock Exchange | | Full Company Name | Tongxing Environmental Protection Technology Co Ltd | | Legal Representative | Zheng Guangming | Key Accounting Data and Financial Indicators During the reporting period, the company achieved robust performance with revenue growing 33.49% to 405 million yuan and net profit attributable to shareholders surging 166.07% to 52.48 million yuan, reflecting strong core business profitability and healthy cash flow Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 404,922,215.94 | 303,339,565.55 | 33.49% | | Net Profit Attributable to Shareholders (Yuan) | 52,484,491.57 | 19,725,504.27 | 166.07% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan) | 50,372,305.64 | 6,903,494.78 | 629.66% | | Net Cash Flow from Operating Activities (Yuan) | 125,636,687.68 | 68,505,457.30 | 83.40% | | Basic Earnings Per Share (Yuan/Share) | 0.40 | 0.15 | 166.67% | | Weighted Average Return on Net Assets | 3.11% | 1.16% | Increased by 1.95 percentage points | - During the reporting period, the company's total non-recurring gains and losses amounted to 2.11 million yuan, primarily from government subsidies[23][24] Management Discussion and Analysis This section provides an in-depth review of the company's operations, financial performance, and strategic initiatives Principal Business and Operating Performance The company's core business spans flue gas treatment, catalyst R&D, CCUS, and sodium-ion battery materials, achieving significant revenue and net profit growth driven by project deliveries, while making key advancements in new energy sectors and initiating overseas revenue Principal Business and Operating Model The company's main business focuses on four segments: environmental engineering, catalyst R&D, CCUS, and sodium-ion battery materials, primarily operating through EPC contracts and direct sales with a build-to-order model - The company's main business is divided into four segments: - Flue Gas Treatment: Provides EPC services for dust removal, desulfurization, and denitration, focusing on non-power industries - Catalyst Products: R&D and production of low-temperature SCR denitration catalysts, carbon capture absorbents, etc - CCUS: Carbon capture, utilization, and storage - Sodium-ion Batteries: R&D and production of key materials and components for sodium-ion batteries[26][33][34] - The company adopts a build-to-order production model and direct sales, with products and services characterized by non-standardization and customization[36][40] Operating Performance Review In H1 2025, the company significantly improved operating performance with substantial revenue and net profit growth, increased new orders, strengthened market position in denitration, advanced CCUS and sodium-ion battery technologies, and achieved initial overseas revenue Key Operating Indicators for H1 2025 | Indicator | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 405 million yuan | 33.49% | | Net Profit Attributable to Shareholders | 52.48 million yuan | 166.07% | | New Orders Signed | 459 million yuan | - | | New Catalyst Orders Signed | 281 million yuan | 42.22% | | Net Cash Flow from Operating Activities | 107 million yuan | 83.40% | - CCUS Business Progress: TX series absorbents have been applied in two marine carbon capture units, and strategic cooperation agreements have been signed with Wison Engineering and MCC Jingcheng for joint domestic and international market development[43][45] - Sodium-ion Battery Business Progress: Third-generation NFPP material is in formal production, achieving domestic first-class performance; first-generation high initial charge S-NFPP material is ready for mass production; and a 50Ah short-blade cell has been successfully co-developed with a third party[47][48][49] - Overseas Business Breakthrough: Overseas operating revenue reached 1.53 million yuan in H1, with a gross profit margin of 57.21%, marking the first step in the company's internationalization strategy[51] Analysis of Core Competencies The company's core competencies lie in technology, talent, management, innovation, and brand, featuring advanced ultra-low emission technologies, a stable management team, continuous R&D, and a strong brand reputation in non-power flue gas treatment - Technological Advantages: The company possesses various ultra-low emission technologies, including dry, semi-dry, wet desulfurization, and medium-to-low temperature SCR denitration, with its low-temperature SCR denitration catalysts, TX series carbon capture absorbents, and third-generation NFPP sodium-ion battery materials reaching international advanced or domestic first-class levels[56][57] - Management and Talent Advantages: A stable core management team and abundant human resource reserves enhance organizational vitality and operational efficiency through business unit implementation, refined operations, and digitalization[58][59] - Innovation and Brand Advantages: The company has established a provincial technology center and postdoctoral workstation, actively participates in industry standard setting, and has built a leading position and strong brand image in non-power industry flue gas treatment through benchmark projects in coking and steel sectors[60][61] Analysis of Principal Business The company's principal business revenue grew 33.49% due to project deliveries, while financial expenses significantly decreased by 1341.61% due to increased financing income and interest; flue gas treatment engineering was the main growth driver, and the atmospheric pollution control sector contributed 99.7% of revenue with improved gross margin Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 404,922,215.94 | 303,339,565.55 | 33.49% | Concentrated delivery of key projects | | Financial Expenses | -18,783,238.16 | 1,512,811.37 | -1,341.61% | Increase in unrealized financing income and interest income | | Income Tax Expense | 6,303,918.34 | 1,065,037.69 | 491.90% | Due to increased gross profit | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (Yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Flue Gas Treatment Engineering and Equipment | 248,304,960.10 | 61.32% | 72.39% | | Catalysts | 154,930,277.49 | 38.26% | -2.09% | | Absorbents | 461,946.94 | 0.11% | - | Analysis of Assets and Liabilities As of the reporting period end, total assets increased by 3.77% to 2.56 billion yuan, with accounts receivable rising due to project deliveries, while short-term borrowings significantly decreased to reduce financial expenses, indicating overall stable asset quality Changes in Key Balance Sheet Items | Item | End of Current Reporting Period (Yuan) | Proportion of Total Assets | Explanation of Change from End of Previous Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,557,084,349.57 | 100% | Increased by 3.77% | | Accounts Receivable | 491,869,271.58 | 19.24% | Increased by 2.28 percentage points, mainly due to concentrated delivery of key projects | | Short-term Borrowings | 0.00 | 0.00% | Decreased by 3.25 percentage points, mainly due to reduced bank financing to lower financial expenses | - As of the reporting period end, 61.64 million yuan of the company's assets were restricted, primarily comprising bank acceptance bill deposits, letter of guarantee deposits, and frozen account funds[75] Risks and Countermeasures The company faces risks from intensified market competition, accounts receivable collection, and new product industrialization, addressed by increased R&D, diversified business expansion, enhanced credit assessment, and continuous market research and innovation - Intensified Market Competition Risk: Increased technological capabilities of industry players and new entrants, including large state-owned enterprises, may reduce market share and profitability[85] - Accounts Receivable Collection Risk: As business expands, accounts receivable may increase, potentially leading to bad debt losses if downstream customers' financial conditions deteriorate[86] - New Product and Project Industrialization Risk: New businesses like CCUS and sodium-ion batteries face risks of not meeting expected benefits due to market demand, policy changes, and competition[86] Corporate Governance, Environment and Society This section details the company's governance structure, changes in key personnel, and its commitment to environmental and social responsibilities Corporate Governance During the reporting period, the company experienced changes in its board and senior management, including a CFO dismissal and director appointments, while confirming no profit distribution or equity incentive plans for the half-year Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Guangming | CFO | Dismissal | April 28, 2025 | Personal reasons | | Chu Hongzhou | Director | Resignation | May 13, 2025 | Personal reasons | | He Hong | Director | Elected | May 14, 2025 | Work transfer | | Shen Bolei | Director | Elected | May 14, 2025 | Work transfer | - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[90] Environmental and Social Responsibility The company actively fulfills its environmental and social responsibilities, with a subsidiary listed for environmental information disclosure and approximately 730,000 yuan invested in philanthropy during the reporting period - Subsidiary Ma'anshan Fangxin Environmental Protection Technology Co Ltd has been included in the list of enterprises required to disclose environmental information by law[92] - During the reporting period, the company invested approximately 730,000 yuan in social responsibility initiatives, including donations for education and public welfare activities[93] Significant Matters During the reporting period, the company had no significant related party transactions, illegal guarantees, or controlling shareholder fund occupation, and its semi-annual financial report is unaudited; minor litigation exists, and the company engaged in approximately 410 million yuan in entrusted wealth management - The company had no significant unfulfilled commitments, controlling shareholder fund occupation, illegal guarantees, major related party transactions, or bankruptcy reorganization matters during the reporting period[95][96][97][104] Summary of Other Litigation Matters | Litigation Party | Amount Involved (Ten Thousand Yuan) | Progress | | :--- | :--- | :--- | | Company as Plaintiff | 5,048.63 | Some cases settled/withdrawn/won | | Company as Defendant | 741.82 | Some cases heard but not yet ruled/re-trial application | Entrusted Wealth Management (Unit: Ten Thousand Yuan) | Specific Type | Amount of Entrusted Wealth Management Occurred | Unmatured Balance | | :--- | :--- | :--- | | Bank Wealth Management Products | 37,070.56 | 28,213.74 | | Brokerage Wealth Management Products | 4,000.00 | 4,000.00 | | Total | 41,070.56 | 32,213.74 | Share Changes and Shareholder Information This section details changes in share capital, share repurchase activities, and the company's shareholder structure Share Changes During the reporting period, the company's total share capital remained at 130,723,200 shares, with restricted shares increasing by 27,000 due to executive lock-ups, and a share repurchase program completed on March 21, 2025, totaling 2.93 million shares or 2.24% of total capital for approximately 39.99 million yuan - During the reporting period, restricted shares increased by 27,000 to 25,862,232 due to executive share lock-ups, while unrestricted shares decreased accordingly to 104,860,968, with total share capital remaining unchanged[123][124] - The company completed a share repurchase on March 21, 2025, accumulating 2.93 million shares (2.24% of total share capital) for a total transaction value of 39.99 million yuan[124] Shareholder Information As of the reporting period end, the company had 19,489 common shareholders, with the top ten holding 53.57%; Zhu Qingya, Zhu Ning, Xie Daodong, and Lang Yiguang are parties acting in concert, collectively holding 43.65% of the total shares, and the actual controller remains unchanged - As of the reporting period end, the company had 19,489 shareholders[129] Top Five Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | Zhu Qingya | 17.49% | 22,869,516 | | Zhu Ning | 10.66% | 13,937,550 | | Xie Daodong | 9.23% | 12,066,282 | | Lang Yiguang | 6.27% | 8,196,745 | | Zheng Zhicheng | 2.24% | 2,933,653 | - Shareholders Zhu Qingya, Zhu Ning, Xie Daodong, and Lang Yiguang are parties acting in concert; Zhu Qingya and Zhu Ning are siblings[129] Financial Report This chapter presents the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes covering company information, accounting policies, and major financial items Financial Statements This section provides the company's core financial statements for H1 2025, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting financial position, operating results, and cash flows - Financial statements include: - Consolidated and Parent Company Balance Sheets (as of June 30, 2025) - Consolidated and Parent Company Income Statements (H1 2025) - Consolidated and Parent Company Cash Flow Statements (H1 2025) - Consolidated and Parent Company Statements of Changes in Owners' Equity (H1 2025)[139][143][147][152][154][156][164] Notes to Consolidated Financial Statements This section provides detailed notes and analysis of key consolidated financial statement items, including 485 million yuan in monetary funds with 61.46 million yuan restricted, 878 million yuan in accounts receivable and contract assets related to project deliveries, 145 million yuan in stable inventory, and flue gas treatment engineering as the primary revenue driver - As of period end, monetary funds totaled 485 million yuan, with 61.46 million yuan restricted, including bank acceptance bill deposits, letter of guarantee deposits, and frozen funds[435] - Accounts receivable book value was 492 million yuan at period end, a 17.7% increase from the beginning of the period; the top five customers' accounts receivable and contract assets collectively accounted for 41.42% of the total[457][468] - Inventory book value was 145 million yuan at period end, largely unchanged from the beginning of the period, with raw materials and semi-finished goods accounting for a higher proportion[524] - Revenue corresponding to performance obligations from contracts signed but not yet fulfilled or fully fulfilled amounted to 422 million yuan at the end of the reporting period[686]