深华发(000020) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board guarantees the report's accuracy, and the half-year profit distribution plan proposes no cash dividends or share transfers - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions[4] - The company's 2025 semi-annual profit distribution plan proposes no cash dividends, no bonus shares, and no capitalization of reserves[5] Company Profile and Key Financial Indicators This section provides an overview of the company's identity and its key financial performance and position for the reporting period Company Profile Shenzhen Zhongheng Huafa Co., Ltd. (Shenhuafa) is a company listed on the Shenzhen Stock Exchange with A-share code 000020 and B-share code 200020 Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Shenhuafa A, Shenhuafa B | | Stock Code | 000020, 200020 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Shenzhen Zhongheng Huafa Co., Ltd. | | Legal Representative | Li Zhongqiu | Key Accounting Data and Financial Indicators In the first half of 2025, the company achieved operating revenue of 456 million yuan, a 11.76% increase, and net profit attributable to shareholders of 14.34 million yuan, up 42.62%. Total assets grew to 746 million yuan, a 9.64% increase from year-end, while net cash flow from operating activities significantly decreased by 9,742.33% to -60.42 million yuan 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 456,179,344.73 | 408,182,515.91 | 11.76% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 14,339,974.11 | 10,054,579.80 | 42.62% | | Net Cash Flow from Operating Activities (yuan) | -60,418,371.46 | -613,862.75 | -9,742.33% | | Basic Earnings Per Share (yuan/share) | 0.0506 | 0.0355 | 42.54% | | Weighted Average Return on Net Assets | 3.49% | 2.70% | 0.79% | | Total Assets (yuan) | 745,729,920.18 | 680,192,681.50 (Prior Year-End) | 9.64% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 417,998,982.04 | 403,659,007.93 (Prior Year-End) | 3.55% | Non-recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to 3.48 million yuan, primarily from government subsidies and investment income Details of Non-recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Government Subsidies | 3,582,261.12 | | Other Non-operating Income and Expenses | 122,391.64 | | Investment Income from Wealth Management, etc. | 403,645.27 | | Less: Income Tax Impact | 623,935.21 | | Total | 3,484,362.82 | Management Discussion and Analysis This section details the company's operational performance, core strengths, financial status, and future strategies during the reporting period Overview of Main Business In the first half of 2025, the company's main businesses were industrial manufacturing (injection molding parts, LCDs) and property leasing, achieving 456 million yuan in revenue (up 11.76%) and 14.34 million yuan in net profit (up 42.62%) Operating Performance by Business Segment | Business Segment | Operating Revenue (million yuan) | Year-on-Year Change | Key Dynamics | | :--- | :--- | :--- | :--- | | Video Display Business | 384.72 | +12.86% | Adjusted product structure, developed mid-to-high-end products, optimized costs | | Injection Molding Business | 46.60 | +11.74% | Streamlined management, implemented lean production, increased automation investment | | Property Leasing | 24.86 | -2.93% | Revenue and profit declined due to impact of the real economy | Core Competitiveness The company's core competitiveness lies in its industrial land in Shenzhen being included in urban renewal plans, providing long-term stable income and new profit growth potential - The company's industrial land in Shenzhen has been included in the 2010 Shenzhen Urban Renewal Unit Planning and Development Plan, with future development and operation of self-owned land resources becoming a long-term stable income source and new profit growth point for the company[26] Analysis of Main Business Main business revenue increased by 11.76%, driven by electronics manufacturing and plastics, though gross margins slightly declined, and operating cash flow significantly decreased due to increased payments for goods Year-on-Year Changes in Key Financial Data | Item | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 456,179,344.73 | 408,182,515.91 | 11.76% | - | | Operating Cost | 401,599,325.00 | 354,242,202.59 | 13.37% | - | | Financial Expenses | -1,023,153.16 | -1,352,202.89 | 24.33% | Exchange rate fluctuations | | Net Cash Flow from Operating Activities | -60,418,371.46 | -613,862.75 | -9,742.33% | Increase in payments for goods | Operating Revenue Composition (by Industry) | Industry | Current Period Revenue (yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Computer, Communication, and Other Electronic Equipment Manufacturing | 384,724,630.03 | 84.34% | 12.86% | | Rubber and Plastic Products Manufacturing | 46,595,208.01 | 10.21% | 11.74% | | Leasing and Other | 24,859,506.69 | 5.45% | -2.93% | Analysis of Assets and Liabilities Total assets reached 746 million yuan, with accounts receivable increasing to 30.62% of total assets and cash decreasing to 17.87%, while 173.66 million yuan in assets are restricted - At the end of the reporting period, accounts receivable as a percentage of total assets increased by 10.43 percentage points, while monetary funds as a percentage decreased by 12.00 percentage points[34] Restricted Assets at Period-End | Item | Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 80,572,111.65 | Deposit | Notes payable deposit | | Monetary Funds | 235,000.00 | Frozen | Judicial freeze | | Disposal of Fixed Assets | 92,857,471.69 | Seized | Court seizure | | Total | 173,664,783.53 | - | - | Analysis of Major Holding and Participating Companies The company's primary profit source is its wholly-owned subsidiary, Hengfa Technology, which generated 7.99 million yuan in net profit, while Huafa Property Company recorded a loss Operating Performance of Major Subsidiaries | Company Name | Main Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Hengfa Technology | Production and Sales | 437,477,960.81 | 7,993,893.95 | | Huafa Property Company | Property Management | 2,321,061.61 | -319,929.97 | Risks and Countermeasures The company addresses industrial business upgrade needs and urban renewal project advancement through technology optimization, accelerated project procedures, and strengthened internal controls - The company will actively seek high-quality technology projects in consumer electronics to achieve industrial upgrading[43] - The company will accelerate the progress and procedures for the two urban renewal projects in Shenzhen Guangming New Area and Futian District[43] - The company will further optimize its governance structure and improve and strictly implement internal control systems[43] Corporate Governance, Environment, and Society This section outlines the company's governance practices and its profit distribution policy for the reporting period Profit Distribution Plan The company plans no cash dividends, bonus shares, or capitalization of reserves for the 2025 semi-annual period - The company plans no cash dividends, no bonus shares, and no capitalization of reserves for the semi-annual period[46] Significant Matters This section details significant events including ongoing litigations, related party transactions, and other material disclosures impacting the company Litigation Matters The company is involved in a major arbitration case with Shenzhen Vanke regarding an urban renewal project cooperation agreement, with 464.6 million yuan at stake, where enforcement was terminated due to third-party objections - The company and Wuhan Zhongheng Group were subject to arbitration by Shenzhen Vanke due to a dispute over the "Guangming New Area Gongming Street Huafa Industrial Zone Old Renovation Project Cooperation and Operation Contract," involving 464.6 million yuan[56] - Shenzhen Vanke applied for compulsory enforcement in 2018, but the enforcement procedure was terminated in October 2019 due to objections from a third party; if the objections are rejected, Shenzhen Vanke may continue to apply for resumption of enforcement[56] Significant Related Party Transactions The company engaged in routine related party transactions for procurement and sales with Hong Kong Yutian and Hengsheng Optoelectronics, primarily involving LCDs and materials, all at market prices Major Daily Related Party Transactions | Related Party | Transaction Type | Transaction Content | Amount Incurred This Period (million yuan) | | :--- | :--- | :--- | :--- | | Hong Kong Yutian | Procurement of Materials | Display screens and glass | 27.33 | | Hengsheng Optoelectronics | Procurement of Materials | Display screens | 79.90 | | Hengsheng Optoelectronics | Procurement of Materials | Displays | 1.40 | | Hong Kong Yutian | Sales of Products | Displays and materials | 50.97 | | Hengsheng Optoelectronics | Sales of Products | Displays | 2.61 | Other Significant Matters Other significant matters include the urban renewal project's litigation with Shenzhen Vanke, the controlling shareholder's extended share pledge and related lawsuit, and the judicial freezing of the controlling shareholder's shares - The company's Guangming New Area urban renewal project involves an asset swap with Wuhan Zhongheng Group and a cooperation development dispute with Shenzhen Vanke, with related litigation ongoing[74][75][76][77] - The controlling shareholder Wuhan Zhongheng Group's shares pledged to China Merchants Securities Asset Management have not yet been released, and a re-trial of the "Pledged Securities Repurchase Dispute" case resulted in the first-instance court dismissing China Merchants Securities' claims[78][79] - Nearly all of controlling shareholder Wuhan Zhongheng Group's 42.13% stake (119,289,894 shares) in the company is judicially frozen or rotationally frozen[80] Share Changes and Shareholder Information This section details the company's share capital stability and the structure of its major shareholders, including the frozen status of the controlling shareholder's shares Share Changes During the reporting period, the company's total share capital remained unchanged at 283,161,227 shares, all of which are unrestricted - During the reporting period, the company's total shares, restricted shares, and unrestricted shares remained unchanged[83] Shareholder Numbers and Shareholding As of the end of the reporting period, the company had 28,422 common shareholders, with controlling shareholder Wuhan Zhongheng Group holding 42.13% of shares, all frozen, and the top ten shareholders' structure remaining stable Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Wuhan Zhongheng Group | 42.13% | 119,289,894 | Frozen | | SEG (Hong Kong) Co., Ltd. | 5.85% | 16,569,560 | Not Applicable | | Yao Ming | 2.78% | 7,858,196 | Not Applicable | | GOOD HOPE CORNER INVESTMEN LTD. | 2.50% | 7,072,000 | Not Applicable | | Changjiang Securities Brokerage (Hong Kong) Co., Ltd. | 1.89% | 5,355,249 | Not Applicable | - Among the top ten shareholders, Li Zhongqiu is the actual controller of Wuhan Zhongheng Group; Sheng Yin Investment Co., Ltd. is a wholly-owned overseas subsidiary of Wuhan Zhongheng Group[86] Bond-Related Information The company had no bond-related activities or outstanding bonds during the reporting period - The company had no bond-related information during the reporting period[91][92] Financial Report This section presents the company's unaudited financial statements, including the balance sheet, income statement, and cash flow statement Audit Report The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[94] Financial Statements Consolidated Balance Sheet As of the end of the reporting period, total assets were 746 million yuan, up 9.64%, with accounts receivable increasing from 137 million yuan to 228 million yuan, and cash decreasing from 203 million yuan to 133 million yuan. Total liabilities were 328 million yuan, up 18.51%, mainly from notes and accounts payable Major Items of Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | Change | | :--- | :--- | :--- | :--- | | Monetary Funds | 133,267,563.92 | 203,169,481.08 | -34.41% | | Accounts Receivable | 228,358,953.52 | 137,308,706.33 | +66.31% | | Inventories | 76,111,905.30 | 58,664,510.58 | +29.74% | | Total Assets | 745,729,920.18 | 680,192,681.50 | +9.64% | | Notes Payable | 80,572,111.65 | 89,759,131.93 | -10.23% | | Accounts Payable | 160,276,743.18 | 113,419,533.44 | +41.31% | | Total Liabilities | 327,730,938.14 | 276,533,673.57 | +18.51% | | Equity Attributable to Parent Company Owners | 417,998,982.04 | 403,659,007.93 | +3.55% | Consolidated Income Statement During the reporting period, total operating revenue was 456 million yuan, up 11.76%, and total operating costs were 443 million yuan, up 11.66%, resulting in a net profit attributable to parent company shareholders of 14.34 million yuan, up 42.62%, with basic EPS of 0.0506 yuan Core Data of Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 456,179,344.73 | 408,182,515.91 | 11.76% | | Total Operating Cost | 442,897,822.23 | 396,635,894.90 | 11.66% | | Operating Profit | 17,267,319.46 | 12,174,162.43 | 41.84% | | Total Profit | 17,279,820.53 | 12,409,909.73 | 39.24% | | Net Profit Attributable to Parent Company Shareholders | 14,339,974.11 | 10,054,579.80 | 42.62% | | Basic Earnings Per Share | 0.0506 | 0.0355 | 42.54% | Consolidated Cash Flow Statement Net cash flow from operating activities was -60.42 million yuan, a significant deterioration due to higher payments for goods and services (392 million yuan) than receipts from sales (379 million yuan). Net cash flow from investing activities was -0.91 million yuan. Cash and cash equivalents at period-end were 52.44 million yuan, a decrease of 60.71 million yuan from the beginning of the period Major Data of Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -60,418,371.46 | -613,862.75 | | Net Cash Flow from Investing Activities | -912,525.51 | -1,397,339.70 | | Net Cash Flow from Financing Activities | 0.00 | 0.00 | | Net Increase in Cash and Cash Equivalents | -60,714,896.88 | -1,681,459.73 | | Cash and Cash Equivalents at Period-End | 52,436,632.05 | 71,333,279.90 | Other Submitted Data The company reported no other significant social safety issues, administrative penalties, or investor relations activities during the period - The company had no other significant social safety issues, administrative penalties, or investor relations activities during the reporting period[572]