中伟股份(300919) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential preliminary information, including the table of contents and key definitions for the report Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its key financial performance metrics Company Profile Zhongwei New Materials Co., Ltd. (stock code: 300919), listed on the Shenzhen Stock Exchange, is a new materials company with Deng Weiming as its legal representative - The company's basic information includes stock abbreviation "Zhongwei New Materials", code "300919", and listing on the Shenzhen Stock Exchange[18] Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 21.32 billion yuan, a 6.16% year-on-year increase, while net profit attributable to shareholders decreased by 15.20% to 733 million yuan, with operating cash flow increasing by 13.12% to 1.48 billion yuan and total assets growing 2.29% to 74.69 billion yuan Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 21,322,547,151.55 | 20,086,185,811.78 | 6.16% | | Net Profit Attributable to Shareholders (RMB) | 732,774,616.71 | 864,076,698.38 | -15.20% | | Net Cash Flow from Operating Activities (RMB) | 1,475,640,821.04 | 1,304,533,096.06 | 13.12% | | Basic Earnings Per Share (RMB/share) | 0.79 | 0.92 | -14.13% | | Total Assets (RMB) | 74,694,105,807.05 | 73,023,031,322.31 (Prior Year-End) | 2.29% | | Net Assets Attributable to Shareholders (RMB) | 20,339,787,270.83 | 20,140,751,297.81 (Prior Year-End) | 0.99% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 79.28 million yuan, primarily comprising 55.74 million yuan in government grants and 48.92 million yuan from fair value changes of financial assets and liabilities held by non-financial enterprises Details of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 55,737,629.76 | | Fair Value Changes from Financial Assets and Liabilities Held by Non-financial Enterprises | 48,922,767.77 | | Funds Occupancy Fees Received from Non-financial Enterprises Recognized in Current Profit/Loss | 21,492,703.76 | | Other Non-operating Income/Expenses and Non-current Asset Disposal Gains/Losses | -21,682,000.00 (Estimated) | | Total | 79,282,252.85 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook Principal Business, Business Model, and Industry Overview The company specializes in R&D, production, and sales of new energy battery cathode materials and precursors, covering nickel, cobalt, phosphorus, and sodium systems for EVs, energy storage, and consumer electronics, operating on a "production-to-order, centralized procurement" model with leading global clients, benefiting from 28% growth in global EV sales and 106% growth in energy storage battery output in H1 2025, achieving over 188,000 tons in product sales, a 33.91% increase - The company's core business is new energy battery cathode materials and precursors, covering nickel, cobalt, phosphorus, and sodium series materials, applied in new energy vehicles, energy storage, and consumer electronics[31] - The company adopts a "production-to-order, centralized procurement" business model, establishing stable partnerships with leading domestic and international clients including Tesla, Samsung SDI, LG Chem, CATL, and BYD[31][32][33] - From January to June 2025, global new energy vehicle sales reached 9.1 million units, a 28% year-on-year increase, while global energy storage battery output reached 258 GWh, a 106% year-on-year increase, demonstrating strong industry growth momentum[38][41] - During the reporting period, the company's product sales volume exceeded 188,000 tons, a 33.91% year-on-year increase, maintaining a leading market share for core products[48] Analysis of Core Competencies The company's core competencies include industrialized R&D and continuous technological innovation with industry-first technologies, global industrial layout and market services with production bases in Indonesia, Morocco, and South Korea, a global and diversified high-quality client structure, a closed-loop industrial ecosystem from resource extraction to recycling, and excellent global engineering and manufacturing capabilities for rapid R&D-to-mass production conversion - The company has established an integrated full-stack R&D platform from mineral smelting to battery recycling, achieving multiple industry "firsts" in areas such as ultra-high nickel ternary precursors, high-voltage cobalt-based precursors, and sodium-ion battery precursors[54] - The company has built a global product supply and service system, establishing production bases in Morocco, Indonesia, and South Korea to serve European, American, and Southeast Asian markets[56][57] - The company has established a client system covering global leading enterprises such as Tesla, Samsung SDI, LG Chem, CATL, and BYD[57] - The company has built an industrial ecological closed-loop from resource extraction, smelting, material production to secondary resource recycling, with a total nickel ore crude refining capacity of nearly 200,000 metal tons in Indonesia, enabling flexible raw material supply switching[58][59] Analysis of Principal Business During the reporting period, the company's operating revenue increased by 6.16%, driven by higher new energy metal sales, with battery materials revenue at 9.63 billion yuan (down 5.55%, 17.34% gross margin) and new energy metals revenue at 9.27 billion yuan (up 44.01%, 7.44% gross margin), while overseas revenue accounted for 50.58% with a 18.18% increase, and cobalt and phosphorus material revenues grew significantly by 30.21% and 171.62% respectively Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 21,322,547,151.55 | 20,086,185,811.78 | 6.16% | | Operating Cost | 18,741,801,194.04 | 17,521,384,860.97 | 6.97% | | Financial Expenses | 580,803,462.89 | 384,421,369.53 | 51.09% | | R&D Investment | 544,763,768.39 | 450,534,841.08 | 20.91% | Operating Performance by Product or Service | Product/Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Battery Materials | 9,632,251,739.46 | 7,962,480,582.09 | 17.34% | -5.55% | -6.04% | 0.43% | | New Energy Metals | 9,272,894,658.26 | 8,582,723,755.66 | 7.44% | 44.01% | 48.92% | -3.06% | - The company's overseas revenue reached 10.78 billion yuan, accounting for 50.58% of current operating revenue, a 18.18% year-on-year increase[66][68] Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 74.69 billion yuan, up 2.29% from the end of last year, with total liabilities at 45.27 billion yuan and an asset-liability ratio of 60.60%, maintaining a stable asset structure primarily composed of fixed assets (31.95%), inventories (13.69%), and cash (14.12%), while significant overseas assets include PT Nadesico Nickel Industry in Indonesia, accounting for 55.65% of the company's net assets Asset Composition | Asset Item | Period-End Amount (RMB) | Proportion of Total Assets | Period-Beginning Amount (RMB) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 10,546,064,426.16 | 14.12% | 11,188,987,853.63 | 15.32% | | Inventories | 10,226,750,981.48 | 13.69% | 9,826,363,829.69 | 13.46% | | Fixed Assets | 23,863,614,973.29 | 31.95% | 23,754,988,308.80 | 32.53% | | Construction in Progress | 6,082,209,456.86 | 8.14% | 5,217,156,690.65 | 7.14% | | Total Assets | 74,694,105,807.05 | 100% | 73,023,031,322.31 | 100% | - The company's significant overseas asset is PT Nadesico Nickel Industry in Indonesia, with an asset scale of 11.32 billion yuan, accounting for 55.65% of the company's net assets[74] Risks Faced by the Company and Countermeasures The company faces four main risks: intensified industry competition potentially leading to market share and gross margin decline, management challenges from rapid business expansion and global layout, significant impact of raw material price fluctuations on operating performance, and foreign exchange rate volatility from overseas business expansion, which the company actively addresses by strengthening core competencies, improving management systems, upstream supply chain layout, and hedging activities - Intensified industry competition requires the company to maintain leadership in technology, cost, and brand, otherwise facing risks of declining market share and gross margins[105] - Rapid business expansion and overseas layout impose higher demands on the company's organizational management, talent reserves, and institutional development[106] - The company mitigates raw material price fluctuation risks by strategically deploying upstream supply chains, increasing self-sufficiency in raw materials, and engaging in commodity hedging activities[107][108] - To control foreign exchange risks, the company utilizes financial instruments such as forward foreign exchange settlements and currency swaps for hedging[109] Corporate Governance, Environment, and Society This section details the company's governance structure, employee incentive programs, and commitment to environmental and social responsibilities Corporate Governance and Incentive Mechanisms During the reporting period, the company's board secretary changed, and no semi-annual profit distribution is planned; the company continued to implement equity incentive plans, performing vesting, cancellation, and repurchase of restricted shares for 2022 and 2023 plans, while the 2022 employee stock ownership plan's duration was extended to May 2027 - The company's Board Secretary changed from Liao Hengxing to Tang Huateng[128] - The company repurchased and cancelled a portion of shares from the 2022 Restricted Stock Incentive Plan due to employee departures or unmet performance targets[136][137][139] - The company vested and cancelled some shares from the 2023 Restricted Stock Incentive Plan, completing their listing and circulation[146][148][149] - The company's 2022 Employee Stock Ownership Plan's duration was extended by two years, until May 29, 2027[150] Environmental Information Disclosure The company and its five main subsidiaries are included in the list of enterprises required to disclose environmental information by law, demonstrating corporate social responsibility through community building, educational assistance, and rural revitalization initiatives in Indonesia, Hunan, and Guizhou under the principle of "Global Development, Responsibility Together" - The company and its five subsidiaries are included in the list of enterprises required to disclose environmental information by law[153] - The company continues to deepen community building at its Morowali industrial base in Indonesia, including road construction assistance and visiting disadvantaged families[154] - Domestic bases conduct social responsibility activities tailored to local characteristics, such as blood drives at the Ningxiang base, educational assistance at the Tongren base, and consumer-driven rural revitalization at the Qinzhou base[155] Significant Matters This section details important events and transactions impacting the company's operations and financial position Significant Related Party Transactions During the reporting period, the company's ordinary related party transactions primarily involved procuring engineering infrastructure, equipment, and labor services from related parties, totaling 18.21 million yuan, which did not exceed the annual estimated limit of 360 million yuan, while also providing non-operating related party loans to joint ventures and associates to support their project construction and operational funding needs Ordinary Related Party Transactions | Related Party | Transaction Type | Transaction Content | Amount in Current Period (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Honglin Construction Engineering Group Co., Ltd. | Acceptance of Services | Engineering Infrastructure | 5,356.48 | 36,000 | | Hunan Zhongxian Intelligent Technology Co., Ltd. | Purchase of Goods/Acceptance of Services | Equipment Procurement, Installation | 30.92 | 7,000 | | COBCO S.A. | Provision of Services | Provision of Engineering Services | 12,528.21 | 19,000 | | Total | -- | -- | 18,211.46 | 127,100 | - The company provides non-operating intercompany loans to joint ventures and associates to meet their working capital and operational funding needs, ensuring the smooth progress of the company's integrated industrial chain projects[176][177] Significant Contracts and Their Performance The company's significant contracts primarily involve guarantees for subsidiaries, with approved guarantee limits totaling 7.66 billion yuan and actual outstanding guarantees of 3.29 billion yuan during the reporting period, including 1.08 billion yuan for subsidiaries with asset-liability ratios exceeding 70%, while ordinary operating contracts with major client A were performed normally, recognizing 1.84 billion yuan in sales revenue this period Summary of Guarantees for Subsidiaries (RMB 10,000) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 7,654,844.45 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 3,286,420.69 | | Of which: Debt Guarantee Balance Provided for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% | 1,076,667.87 | - The company's significant ordinary operating contracts with Client A were performed normally, recognizing 1.84 billion yuan in sales revenue this period, with cumulative recognized revenue of 9.91 billion yuan[202] Other Significant Matters To advance its globalization strategy and build an international capital platform, the company has initiated plans to issue H-shares and list on the Main Board of the Hong Kong Stock Exchange, with relevant proposals approved by the Board, Supervisory Committee, and Shareholders' Meeting in April 2025, and an application submitted to the HKEX - The company plans to issue H-shares and list on the Hong Kong Stock Exchange, with the proposed number of shares not exceeding 15% of the total share capital after issuance (including over-allotment option)[204] - The company submitted its listing application and published application materials to the Hong Kong Stock Exchange on April 22, 2025[205] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Changes As of the end of the reporting period, the company's total share capital was 937 million shares, with a relatively stable share structure; the company is implementing a 500-1000 million yuan share repurchase plan, having cumulatively repurchased 18.95 million shares, or 2.02% of total share capital, for a total transaction amount of 662 million yuan as of June 30, 2025 - The company is implementing a share repurchase plan, having cumulatively repurchased 18,951,939 shares, representing 2.02% of total share capital, for a total transaction amount of 662 million yuan as of June 30, 2025[209][210] Shareholder Information As of the end of the reporting period, the company had 35,908 common shareholders, with controlling shareholder Hunan Zhongwei Holding Group Co., Ltd. holding 51.39% and actual controller Deng Weiming directly holding 3.16%, indicating a relatively concentrated equity structure among the top ten shareholders Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Hunan Zhongwei Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 51.39% | 481,600,000 | | Deng Weiming | Domestic Natural Person | 3.16% | 29,570,194 | | Tongren Hongxin Chengda Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.82% | 17,052,000 | | Qianhai Equity Investment Fund (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.71% | 16,058,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.68% | 15,760,078 | Bond-Related Information This section provides details on the company's outstanding bonds and other debt financing instruments Corporate Bonds The company has two outstanding USD green bonds, a 4.55% bond due in 2027 and a 5.70% bond due in 2025, and also issued a green super short-term commercial paper in April 2025 with a 1.99% interest rate, which has matured Basic Information of Outstanding Corporate Bonds | Bond Abbreviation | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | | :--- | :--- | :--- | :--- | | Zhongwei New Materials 2027-03-03 | March 3, 2027 | 72,336.63 | 4.55% | | Zhongwei New Materials 2025-09-05 | September 5, 2025 | 102,107.55 | 5.70% | Convertible Corporate Bonds The company's subsidiary FINO INC. issued 70 billion Korean Won in unsecured private convertible bonds, exercisable by bondholders between July 2025 and June 2027, with the company's subsidiaries collectively holding a 51% stake in these convertible bonds - Subsidiary FINO INC. issued 70 billion Korean Won in private convertible bonds, with the company holding a 51% stake through its subsidiaries[225][227] Financial Report This section presents the company's financial statements and outlines its significant accounting policies and estimates Financial Statements As of June 30, 2025, the company's total assets reached 74.69 billion yuan, total liabilities 45.27 billion yuan, and equity attributable to parent company owners 20.34 billion yuan; for H1 2025, operating revenue was 21.32 billion yuan, net profit 703 million yuan (with 733 million yuan attributable to parent), operating cash flow was 1.48 billion yuan, investing cash outflow 2.54 billion yuan, and financing cash inflow 745 million yuan, resulting in a net decrease of 439 million yuan in cash and cash equivalents Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 74,694,105,807.05 | 73,023,031,322.31 | | Total Current Assets | 33,924,751,246.34 | 33,718,431,493.60 | | Total Non-current Assets | 40,769,354,560.71 | 39,304,599,828.71 | | Total Liabilities | 45,264,509,659.07 | 43,534,465,152.87 | | Total Current Liabilities | 26,487,311,435.77 | 24,039,468,990.44 | | Total Non-current Liabilities | 18,777,198,223.30 | 19,494,996,162.43 | | Total Owners' Equity | 29,429,596,147.98 | 29,488,566,169.44 | | Owners' Equity Attributable to Parent Company | 20,339,787,270.83 | 20,140,751,297.81 | Consolidated Income Statement Summary (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 21,322,547,151.55 | 20,086,185,811.78 | | Operating Profit | 845,533,309.71 | 1,313,464,915.55 | | Total Profit | 824,635,794.68 | 1,310,187,611.20 | | Net Profit | 703,232,374.81 | 1,156,673,929.40 | | Net Profit Attributable to Parent Company Shareholders | 732,774,616.71 | 864,076,698.38 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,475,640,821.04 | 1,304,533,096.06 | | Net Cash Flow from Investing Activities | -2,536,486,765.84 | -3,016,064,725.22 | | Net Cash Flow from Financing Activities | 745,285,111.71 | 2,934,223,331.78 | | Net Increase in Cash and Cash Equivalents | -438,682,145.04 | 1,371,178,375.10 | Significant Accounting Policies and Estimates The company's financial statements are prepared under the going concern assumption, adhering to Chinese Enterprise Accounting Standards, with RMB as the functional currency; significant accounting policies include recognition and measurement of financial instruments (expected credit loss model), inventory valuation (weighted average method), long-term equity investments (cost and equity methods), fixed asset depreciation (straight-line method), intangible asset amortization (straight-line or output method), revenue recognition (when customer obtains control of goods or services), and government grant recognition and measurement - Revenue is recognized when the customer obtains control of the related goods or services; for domestic sales, this is upon customer acceptance and receipt of proof of delivery, and for exports, upon goods being shipped to port, loaded, customs declared, and bill of lading obtained[347] - Impairment of financial instruments is assessed using the expected credit loss model; for receivables without significant financing components, the simplified approach is applied, recognizing expected credit losses over the entire lifetime[310] - R&D expenditures are categorized into research and development phases, with research phase expenditures expensed as incurred and development phase expenditures capitalized when specific criteria are met[335]