华之杰(603400) - 2025 Q2 - 季度财报

Definitions This section defines key terms used in the report, including company entities, major customers, and industry-specific technical terms, providing a foundational understanding 1.1 Definitions of Common Terms This chapter defines key terms used in the report, including company and subsidiary names, major shareholders, customers, partners, and industry-specific technical terms, providing a foundation for understanding the report's content - Defines company entities (e.g., Huazhijie, Huajie Electronics), major customers (e.g., Black & Decker Group, TTI Group), and key technical terms (e.g., smart switches, brushless motors)[12][13] Company Profile and Key Financial Indicators This section provides the company's basic information and highlights significant financial performance, including substantial growth in operating revenue and total assets, and a positive shift in operating cash flow 2.1 Company Basic Information Provides the company's basic business registration information, including Chinese and English names, legal representative, registered and office addresses, website, and contact details - The company's full name is Suzhou Huazhijie Telecommunication Co., Ltd., with Lu Yazhou as the legal representative[15] 2.2 Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and total assets grew significantly by 27.72% and 40.19% respectively. Net profit attributable to parent company increased by 11.44%, while weighted average return on net assets slightly decreased. Operating cash flow turned positive, showing strong performance Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 699,516,669.53 | CNY 547,716,857.89 | 27.72% | | Net Profit Attributable to Shareholders of Listed Company | CNY 83,151,828.76 | CNY 74,613,586.26 | 11.44% | | Net Cash Flow from Operating Activities | CNY 95,124,627.13 | CNY -70,240.71 | N/A | | Asset Status | End of Current Period | End of Prior Year | YoY Change (%) | | Total Assets | CNY 1,895,638,825.18 | CNY 1,352,230,502.39 | 40.19% | | Net Assets Attributable to Shareholders of Listed Company | CNY 1,263,957,612.33 | CNY 735,086,252.82 | 71.95% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 1.11 | 0.99 | Increased by 12.12% | | Weighted Average Return on Net Assets (%) | 10.70% | 11.96% | Decreased by 1.26 percentage points | - Total non-recurring gains and losses for the reporting period amounted to CNY 278,660.52, primarily from government subsidies and other non-operating income and expenses[23][24] Management Discussion and Analysis This section discusses the company's industry positioning, operational performance, core competencies, and key financial data, alongside potential risks from macroeconomic factors, trade, costs, and exchange rates 3.1 Description of the Company's Industry and Principal Business Operations During the Reporting Period The company is positioned in the intelligent control industry, with core business providing electric drive, electronic control, and battery management system solutions for electric tools, consumer electronics, and new energy vehicles. The company holds a leading position in the electric tool component market and is actively expanding into emerging fields such as new energy vehicle charging guns, intelligent wire-controlled braking motors, and liquid-cooled servers - The company's core technologies include lithium battery power management, intelligent control, and brushless motor drives, with main products being key components such as smart switches, intelligent controllers, and brushless motors[29] - In the electric tool sector, the company has developed integrated delivery capabilities for key functional components, serving major international brands such as Black & Decker, TTI, and Bosch[30][31] - The company is actively expanding new businesses, having launched products such as charging guns, electronic water pump brushless motors, and intelligent wire-controlled braking motors in the new energy vehicle sector, and has entered the supplier system of a leading North American new energy vehicle enterprise[34][35] - The company adopts a "production-to-order with moderate inventory" production model and a direct sales model, with R&D processes adhering to APQP standards to quickly respond to market demands[49][50][53] 3.2 Discussion and Analysis of Operations In the first half of 2025, the company achieved operating revenue of CNY 700 million, a year-on-year increase of 27.72%; net profit attributable to the parent company was CNY 83 million, a year-on-year increase of 11.44%. Performance growth was primarily driven by the recovery in global electric tool industry demand, increased procurement by downstream customers, and the company's enhanced market share through its integrated delivery capabilities Composition of Principal Business Revenue (January-June 2025) | Item | Amount (CNY 10,000) | Share of Principal Business Revenue (%) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Electric Tools | 65,020.93 | 94.50 | 28.84 | | Consumer Electronics | 3,783.04 | 5.50 | 7.78 | | Total | 68,803.97 | 100.00 | 27.47 | 3.3 Analysis of Core Competencies During the Reporting Period The company's core competencies include continuous innovation, integrated supply capabilities, intelligent manufacturing, global presence, high-quality customer resources, and stringent quality control. The company holds 303 patents, possesses full capabilities from R&D to mass supply, and achieves intelligent manufacturing through its MES system. Its global production (Vietnam, Mexico) and sales network, along with stable partnerships with leading enterprises like Black & Decker and TTI, form its core competitive advantages - Technology and Innovation: As of June 30, 2025, the company holds 303 patents (including 72 invention patents) and continues to increase R&D investment in new technology areas[56] - Integrated Supply: Possesses integrated R&D, design, manufacturing, and mass supply capabilities for core products such as smart switches, controllers, and brushless motors, enhancing customer loyalty[58] - Global Presence: Has production bases in China, Vietnam, and Mexico, with sales subsidiaries in the United States, Hong Kong, and other regions, demonstrating global delivery capabilities[61] - Customer Resources: Established long-term and stable cooperative relationships with renowned domestic and international enterprises such as Black & Decker, TTI, and Bosch, and has entered the supply chains of leading companies in the new energy vehicle and charging pile sectors[62] 3.4 Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue and costs grew in tandem, primarily due to market demand recovery. Net cash flow from financing activities surged by 3101.14%, mainly due to proceeds from the initial public offering. In terms of assets, monetary funds significantly increased by 151.56% due to fundraising. Overseas assets accounted for 36.04% of total assets, indicating the company's global presence Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Explanation for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 699,516,669.53 | 547,716,857.89 | 27.72 | Market demand recovery, business scale expansion | | Operating Cost | 524,634,823.89 | 391,779,557.36 | 33.91 | Increased with sales revenue | | Net Cash Flow from Operating Activities | 95,124,627.13 | -70,240.71 | N/A | Significant increase in cash received from sales of goods | | Net Cash Flow from Financing Activities | 431,484,993.24 | 13,479,110.08 | 3,101.14 | Due to proceeds from initial public offering | Analysis of Major Balance Sheet Item Changes | Item Name | End of Current Period Amount (CNY) | End of Prior Year Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 885,747,660.31 | 352,105,296.77 | 151.56 | Due to proceeds from initial public offering | | Construction in Progress | 8,242,594.21 | 18,450,529.83 | -55.33 | Decrease due to transfer of construction in progress to fixed assets | | Short-term Borrowings | 20,032,273.98 | 0.00 | N/A | Increase in short-term borrowings in current period | - The company's overseas assets reached CNY 683 million, accounting for 36.04% of total assets, primarily distributed among subsidiaries in Hong Kong, Mexico, and Vietnam[70][72] 3.5 Potential Risks The company faces major risks including macroeconomic fluctuations, changes in the international trade environment, raw material price volatility, and exchange rate fluctuations. A global economic downturn could impact downstream demand; trade frictions may increase tariff costs; rising prices of raw materials like chips and copper could compress gross margins; and a high proportion of export business (73.03%) exposes the company to exchange rate fluctuation risks leading to exchange losses - Macroeconomic and Trade Risks: The company's performance is closely linked to the prosperity of the downstream electric tool and consumer electronics industries, while also facing negative impacts from international trade protectionism[77][78] - Cost and Exchange Rate Risks: Direct materials account for 77.41% of principal business costs, making raw material price fluctuations highly impactful on profitability. In the first half of 2025, export sales accounted for 73.03% of principal revenue, primarily settled in USD, posing exchange rate fluctuation risks[79][80] Corporate Governance, Environment, and Society This section details changes in the company's board and senior management, including director resignations and new appointments, and confirms the absence of a semi-annual profit distribution plan 4.1 Changes in Company Directors and Senior Management During the reporting period, Mr. Gu Feifeng resigned as a director but continues to serve as deputy general manager, and Mr. Wang Tianhao was elected as an employee representative director. Additionally, the company resolved to no longer establish a board of supervisors or supervisors - Former director Gu Feifeng resigned as director, and Wang Tianhao was elected as an employee representative director[83] - The company's general meeting of shareholders approved on August 1, 2025, to no longer establish a board of supervisors or supervisors[84] 4.2 Profit Distribution or Capital Reserve Conversion Plan The company has no profit distribution or capital reserve to share capital conversion plan for the first half of 2025 - The proposed semi-annual profit distribution plan is no distribution and no conversion[85] Significant Matters This section covers the fulfillment of commitments by key stakeholders, details significant guarantees provided to subsidiaries, and explains the progress of raised funds utilization following the initial public offering 5.1 Fulfillment of Commitments This chapter details various commitments made by the company's actual controllers, shareholders, directors, supervisors, and senior management during the initial public offering, including share lock-up, stock price stabilization, information disclosure authenticity, avoidance of horizontal competition, and compensation for diluted immediate returns. All relevant parties strictly fulfilled their commitments during the reporting period - The company's controlling shareholder, actual controller, and shareholders holding 5% or more of shares committed to a 36-month lock-up period from the listing date, and pledged that the reduction price for two years after the lock-up period will not be lower than the offering price[92][94][95] - The company formulated a stock price stabilization plan for three years post-listing, which will sequentially trigger measures such as company buybacks, controlling shareholder increases, and director/supervisor/senior management increases if the stock price falls below net asset value per share for 20 consecutive trading days[111][112][113] - The company, controlling shareholder, actual controller, and directors/supervisors/senior management committed to the truthfulness, accuracy, and completeness of the prospectus, and will legally bear share repurchase and compensation liabilities for any major violations[120][122][124] 5.2 Significant Guarantees During the reporting period, the company had no external guarantees. For guarantees to subsidiaries, the amount incurred during the period was CNY 80 million, with an ending balance of CNY 155 million, accounting for 21.09% of the company's net assets. Guarantees provided to subsidiaries with an asset-liability ratio exceeding 70% amounted to CNY 140 million Total Company Guarantees | Guarantee Status | Amount (CNY 10,000) | | :--- | :--- | | Total Guarantee Balance to Subsidiaries at Period End (B) | 15,500 | | Total Guarantees (A+B) | 15,500 | | Ratio of Total Guarantees to Company Net Assets (%) | 21.09 | | Debt Guarantee Amount Provided to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 14,000 | 5.3 Explanation of Progress in Using Raised Funds The company completed its initial public offering on June 16, 2025, with net proceeds of CNY 444 million. The company has adjusted the planned investment amounts for its IPO projects based on the actual net proceeds and used CNY 5.5196 million of raised funds to replace pre-paid issuance expenses. No raised funds have been invested in specific projects during the reporting period - The company's initial public offering raised net proceeds of CNY 444,164,357.75[161] - The raised funds are planned for the "Annual Production of 86.5 million Electric Tool Smart Components Expansion Project" and to supplement working capital, with no funds invested as of the end of the reporting period[162] - The company has used CNY 5.5196 million of raised funds to replace pre-invested issuance expenses[164] Share Changes and Shareholder Information This section outlines changes in the company's share capital due to its IPO, resulting in an increased total share capital and a concentrated ownership structure among its top shareholders 6.1 Share Capital Changes During the reporting period, due to the initial public offering of 25,000,000 A-shares, the company's total share capital increased from 75,000,000 shares to 100,000,000 shares. After the change, restricted shares accounted for 80.40%, and unrestricted tradable shares accounted for 19.60% - Due to the IPO issuance of 25,000,000 new shares, the company's total share capital increased from 75 million shares to 100 million shares[168][169] - The total number of restricted shares at period-end was 80,402,376 shares, primarily consisting of initial public offering original shares and strategically placed shares[170][171] 6.2 Shareholder Information As of the end of the reporting period, the company had 26,161 common shareholders. The top four shareholders are all entities controlled by the actual controller, Mr. Lu Yazhou, holding a combined 78.00% of shares, indicating a highly concentrated ownership structure. The top ten shareholders include several strategic investors - As of the end of the reporting period, the total number of shareholders was 26,161[172] Shareholding of Top Four Shareholders | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yingce Business Consulting Management (Suzhou) Co., Ltd. | 29,452,500 | 29.45 | Domestic Non-State-Owned Legal Person | | SUPER ABILITY LIMITED | 20,602,500 | 20.60 | Overseas Legal Person | | Shanghai Jingfang Business Consulting Center (Limited Partnership) | 11,250,000 | 11.25 | Domestic Non-State-Owned Legal Person | | Zhangjiagang Free Trade Zone Huazhijie Business Consulting Co., Ltd. | 7,695,000 | 7.70 | Domestic Non-State-Owned Legal Person | - The top four shareholders, Yingce Business, SUPER ABILITY LIMITED, Shanghai Jingfang, and Huazhijie Business, are all controlled by the actual controller, Mr. Lu Yazhou[175] Bond-Related Information This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period 7.1 Bond Information During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds or convertible corporate bonds[182] Financial Report This section presents the unaudited consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, with detailed notes on key financial items 8.1 Financial Statements This section provides unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity. The data shows significant growth in the company's total assets and net assets due to IPO proceeds, steady growth in operating revenue, and strong operating cash flow performance 8.1.1 Consolidated Balance Sheet As of June 30, 2025, the company's total assets were CNY 1.896 billion, a 40.19% increase from the beginning of the period; total liabilities were CNY 632 million, with an asset-liability ratio of 33.32%; owners' equity attributable to the parent company was CNY 1.264 billion, a 71.95% increase from the beginning of the period. Asset growth primarily resulted from increased monetary funds due to IPO proceeds Key Items of Consolidated Balance Sheet (As of June 30, 2025) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,895,638,825.18 | 1,352,230,502.39 | +40.19% | | Monetary Funds | 885,747,660.31 | 352,105,296.77 | +151.56% | | Accounts Receivable | 371,288,865.34 | 393,468,310.38 | -5.64% | | Inventories | 329,541,990.29 | 329,855,918.68 | -0.10% | | Total Liabilities | 631,681,212.85 | 617,144,249.57 | +2.36% | | Owners' Equity Attributable to Parent Company | 1,263,957,612.33 | 735,086,252.82 | +71.95% | 8.1.2 Consolidated Income Statement In the first half of 2025, the company achieved operating revenue of CNY 700 million, a year-on-year increase of 27.72%; operating costs were CNY 525 million, a year-on-year increase of 33.91%, with a growth rate higher than revenue. Net profit attributable to the parent company was CNY 83.15 million, a year-on-year increase of 11.44% Key Items of Consolidated Income Statement (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 699,516,669.53 | 547,716,857.89 | +27.72% | | Total Operating Cost | 604,702,574.59 | 465,087,896.62 | +29.99% | | R&D Expenses | 30,923,720.46 | 25,941,060.36 | +19.21% | | Total Profit | 95,865,841.96 | 83,806,921.35 | +14.39% | | Net Profit | 83,151,828.76 | 74,613,586.26 | +11.44% | 8.1.3 Consolidated Cash Flow Statement In the first half of 2025, net cash flow from operating activities was CNY 95.12 million, turning from a net outflow in the prior period to a significant net inflow, indicating strengthened cash generation from principal operations. Net cash outflow from investing activities was CNY 32.17 million, primarily for the acquisition of fixed assets. Net cash inflow from financing activities was CNY 431 million, mainly due to IPO proceeds Key Items of Consolidated Cash Flow Statement (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 95,124,627.13 | -70,240.71 | | Net Cash Flow from Investing Activities | -32,167,564.63 | -12,045,297.05 | | Net Cash Flow from Financing Activities | 431,484,993.24 | 13,479,110.08 | | Net Increase in Cash and Cash Equivalents | 496,470,783.60 | 4,400,875.95 | 8.2 Notes to Consolidated Financial Statements This section provides detailed explanations for major items in the consolidated financial statements. Key information includes: restricted monetary funds at period-end of CNY 72.92 million (bill deposits); the top five accounts receivable customers accounted for 80.73%, indicating high customer concentration; inventory book value was CNY 330 million, largely consistent with the beginning of the period; and new short-term borrowings of CNY 20 million were added - Among monetary funds at period-end, the amount restricted due to bill deposits was CNY 72,918,413.92[283] - The top five accounts receivable customers (Black & Decker Group, TTI Group, etc.) at period-end collectively accounted for 80.73% of the total, indicating high customer concentration[300] - The book value of inventories at period-end was CNY 329.5 million, largely consistent with CNY 329.8 million at the beginning of the period, indicating stable inventory management[324][325] - The company added CNY 20,000,000.00 in short-term guaranteed borrowings[360] Principal Business Revenue by Product Type (January-June 2025) | Product Type | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Electric Tool Components | 650,209,301.15 | 495,402,965.34 | | Consumer Electronics Components | 37,830,369.87 | 26,780,450.41 | | Other Businesses | 11,476,998.51 | 2,451,408.14 | | Total | 699,516,669.53 | 524,634,823.89 |