创世纪(300083) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report - 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[5] - The company's 2025 semi-annual profit distribution plan is: no cash dividends, no bonus shares, and no capitalization of reserves[7] Company Profile and Key Financial Indicators This section provides an overview of the company's key financial performance and non-recurring items during the reporting period Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 2.44 billion yuan, a 18.44% year-on-year increase, and net profit attributable to shareholders of 233 million yuan, up 47.38% Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,441,485,180.89 | 2,061,305,142.53 | 18.44% | | Net Profit Attributable to Listed Company Shareholders (Yuan) | 233,187,671.97 | 158,226,346.48 | 47.38% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses (Yuan) | 218,227,509.72 | 123,424,412.56 | 76.81% | | Net Cash Flow from Operating Activities (Yuan) | 190,594,361.94 | -84,592,995.35 | 325.31% | | Basic Earnings Per Share (Yuan/Share) | 0.14 | 0.09 | 55.56% | | Weighted Average Return on Net Assets (%) | 4.49% | 3.18% | Increased by 1.31 percentage points | | Total Assets (Yuan) | 11,397,448,732.29 | 10,608,575,393.74 | 7.44% | | Net Assets Attributable to Listed Company Shareholders (Yuan) | 5,299,985,682.19 | 5,064,988,787.89 | 4.64% | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 14.96 million yuan, primarily from disposal of non-current assets, fair value changes of financial assets, and investment properties Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 17,383,084.43 | | Government grants recognized in current profit or loss | 2,063,472.99 | | Fair value changes and disposal gains/losses of financial assets and liabilities | 17,501,763.69 | | Gains/losses from fair value changes of investment properties | -16,827,594.60 | | Total | 14,960,162.25 | Management Discussion and Analysis This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, investment activities, and risk factors Principal Businesses Engaged in During the Reporting Period The company's core business is high-end intelligent equipment, positioning itself as a leading overall solution provider, achieving steady growth driven by the 3C industry, overseas expansion, and R&D investment Industry Overview and Trends The CNC machine tool industry benefits from national strategic support, showing trends of import substitution, equipment renewal, new industry demand, and accelerated internationalization - The localization rate for high-end CNC machine tools is only 6%, while mid-to-low-end rates exceed 65% and 82% respectively, indicating significant import substitution potential in the high-end market[30] - Policies aim to increase industrial equipment investment by over 25% by 2027 compared to 2023, driving upgrades in CNC machine tools and other industrial equipment[32] - From January to June 2025, China's metal cutting machine tool output reached 400,000 units, a 13.5% year-on-year increase, signaling a new upward cycle for the industry[33] - Rapid development in emerging industries like new energy vehicles, low-altitude economy, AI, and humanoid robots is driving new demand for high-precision CNC machine tools[38] High-end Intelligent Equipment Business Overview The company offers a comprehensive product line of metal cutting machine tools and integrated solutions like "Machine Tool Cloud" platforms, meeting intelligent manufacturing demands - The company offers a complete range of products, making it one of the domestic enterprises with the broadest technical scope and most diverse product categories, including five-axis, horizontal, drilling-milling, vertical, gantry machining centers, and CNC lathes[42] - The company provides integrated solutions such as "Machine Tool Cloud" platforms, virtual machine tools, industry-specific processing solutions, and automated flexible lines, enhancing product added value and comprehensively meeting customer needs[58][59][61] Business Model The company employs a customer-demand-driven R&D, modular lean production, diversified procurement, and direct-sales-focused sales model for efficient operations - R&D Model: Based on complete machine R&D, actively developing key components (spindles, tool magazines) and secondary development of CNC systems[66] - Production Model: Adopts a rolling management approach combining long-term planning and short-term plans, with modular and standardized specific steps to improve efficiency[67] - Procurement Model: Ensures stable supply and cost control of core components through strategic procurement, large-scale centralized purchasing, and customized procurement[68] - Sales Model: Primarily direct sales, supplemented by distribution in geographically dispersed and overseas markets[69] Market Position The company holds a leading position in the domestic CNC machine tool industry, with strong presence in 3C, diversified general-purpose applications, and active expansion into new energy vehicles and five-axis machines - The company holds a leading market share in the 3C industry, establishing itself as a dominant enterprise in this sector[71] - The general-purpose sector is a key growth driver, covering diverse downstream fields like automotive parts, mechanical processing, and medical devices, enhancing anti-cyclical capabilities[71] - The company is vigorously expanding into the new energy vehicle sector, actively cultivating high-precision application markets represented by five-axis products, and has initiated collaborations with clients in the robotics field[72] Key Performance Drivers Performance growth was primarily driven by the sustained high prosperity of the 3C industry, accelerated overseas business expansion, increased R&D investment, and improved profitability from product structure optimization - Drilling and milling machining centers, a flagship product in the 3C sector, benefited from AI innovation and titanium alloy applications, achieving 896 million yuan in operating revenue, a 34.07% year-on-year increase[74] - Accelerated overseas business expansion, with the Vietnam production base officially commencing operations, led to 161 million yuan in overseas revenue, an 89.45% year-on-year increase[75] - Continued increase in R&D investment, totaling 67.63 million yuan, a 49.93% year-on-year increase, primarily focused on complete machines, core components, and secondary development of CNC systems[76][77] - Optimized product sales structure, with a higher proportion of high-value-added products, boosted overall profitability, resulting in a 47.38% year-on-year increase in net profit attributable to shareholders[78] Core Competitiveness Analysis The company's core strengths include continuous R&D innovation, comprehensive industrial layout, strong sales channels, high brand reputation, and efficient supply chain management - Technology R&D: Leveraging high-end R&D platforms like 'one station, one lab, two centers,' the company held 744 valid patents related to its main business, including 109 invention patents, as of the reporting period end[80] - Industrial Layout: Four industrial bases in South China, East China, and Southwest China, with the Vietnam production base commencing operations in 2025, establishing global manufacturing capabilities[81][82] - Sales Channels: Built a sales model primarily based on direct sales, supplemented by distribution, with a dense direct sales team covering East and South China, and collaborations with over 100 distributors[83] - Brand and Customers: Core trademarks like 'Taikan' were recognized as famous brands in Guangdong Province, fostering strong partnerships with renowned clients such as BYD Electronics, Foxconn, Luxshare Precision, and CRRC[86] Main Business Analysis Key financial metrics improved year-on-year, with management expenses up 31.93% due to intermediary fees, financial expenses down 76.10% from deferred financing income amortization, and operating cash flow significantly up 325.31% due to increased sales collections Main Business Financial Data | Item | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,441,485,180.89 | 2,061,305,142.53 | 18.44% | No significant change | | Management Expenses | 121,770,240.95 | 92,296,620.98 | 31.93% | Primarily due to increased intermediary fees | | Financial Expenses | 4,492,070.57 | 18,797,273.89 | -76.10% | Primarily due to amortization of unrecognized financing income from installment sales | | R&D Investment | 67,630,107.89 | 45,108,894.07 | 49.93% | Primarily due to increased R&D investment | | Net Cash Flow from Operating Activities | 190,594,361.94 | -84,592,995.35 | 325.31% | Primarily due to increased collection of sales proceeds | Operating Revenue by Region | Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Operating Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | | Domestic | 2,279,597,454.72 | 1,724,896,782.93 | 24.33% | 15.37% | | Overseas | 161,887,726.17 | 104,645,148.94 | 35.36% | 89.45% | Non-Core Business Analysis Non-core business impacts on total profit mainly stemmed from credit impairment losses (-13.04%), asset disposal gains (6.75%), and asset impairment losses (-6.54%), with most items being non-recurring Non-Core Business Impact on Profit | Item | Amount (Yuan) | Proportion of Total Profit (%) | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 7,970,124.78 | 2.92% | Primarily from wealth management product income and long-term equity investment gains/losses | | Asset Impairment | -17,856,127.49 | -6.54% | Primarily due to inventory impairment provisions | | Credit Impairment Losses | -35,632,207.50 | -13.04% | Primarily due to bad debt provisions for accounts receivable and commercial acceptance bills | | Asset Disposal Gains | 18,429,219.12 | 6.75% | Primarily from disposal gains of fixed assets | Analysis of Assets and Liabilities Total assets increased by 7.44% to 11.40 billion yuan, with changes primarily due to investment in wealth management products, reduced cash, and decreased accounts receivable from customer payments Asset Items and Changes | Asset Item | Period-End Amount (Yuan) | Proportion of Total Assets (%) | Explanation of Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 296,626,561.66 | 2.60% | Primarily due to using idle funds to purchase wealth management products | | Trading Financial Assets | 734,596,850.81 | 6.45% | Primarily due to increased wealth management products held at period-end | | Accounts Receivable | 1,384,406,689.50 | 12.15% | Primarily due to increased customer collections | | Inventory | 2,574,377,171.43 | 22.59% | Primarily due to increased goods in transit | - As of the reporting period end, 981 million yuan of the company's assets were restricted, primarily for deposits, pledged notes, and fixed assets, investment properties, and intangible assets used as collateral[103] Investment Analysis Total investment reached 1.61 billion yuan, a 27.75% year-on-year increase, mainly for the Shenzhen high-end CNC machine tool industrial base and wealth management, with 1.58 billion yuan in wealth management products - The Shenzhen High-end CNC Machine Tool Industrial Base Project (Phase I) received 27.60 million yuan in investment during the reporting period, with cumulative investment reaching 69.05 million yuan as of the period end, representing 11.51% project progress[107] - Wealth management products purchased during the reporting period totaled 1.58 billion yuan, with an outstanding balance of 1.22 billion yuan, funded by the company's own capital[114] Analysis of Major Holding and Participating Companies Core subsidiary Shenzhen Genesis (consolidated) generated 2.39 billion yuan in revenue and 218 million yuan in net profit, being the primary profit contributor; minor changes in subsidiaries had no significant impact Major Holding and Participating Companies' Performance | Company Name | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Genesis (Consolidated) | 2,386,527,451.53 | 250,292,370.03 | 217,714,954.69 | Risks Faced by the Company and Countermeasures The company faces six major risks including macroeconomic fluctuations, market competition, raw material price volatility, litigation, accounts receivable collection, and goodwill impairment, with corresponding mitigation strategies in place - Macroeconomic fluctuations and 3C industry prosperity volatility are key risks, which the company mitigates by expanding into emerging fields like new energy and artificial intelligence[122][123] - The second-instance outcome of the trade secret lawsuit with Beijing Jingdiao remains uncertain; the first-instance judgment ordered Shenzhen Genesis to pay 12.30 million yuan in compensation and 500,000 yuan in other expenses[126] - The company has 1.65 billion yuan in goodwill from the 2015 acquisition of Shenzhen Genesis Machinery Co., Ltd., potentially facing impairment risk if the macroeconomic environment is sluggish or industry performance falls short of expectations[128] Investor Relations Activities The company conducted four online investor relations events, engaging with dozens of institutions and investors on its current status and future development plans Investor Relations Activities Log | Reception Date | Reception Method | Type of Recipient | Main Topics Discussed | | :--- | :--- | :--- | :--- | | March 02, 2025 | Online Platform Communication | Institutions | Company status and future development plans | | April 23, 2025 | Online Platform Communication | Institutions | Company status and future development plans | | April 27, 2025 | Online Platform Communication | Institutions | Company status and future development plans | | May 09, 2025 | Online Platform Communication | Other | 2024 annual performance, company status and future development plans | Corporate Governance, Environment, and Society This section details the company's corporate governance structure, changes in key personnel, and its commitment to environmental and social responsibilities Corporate Governance The company completed board and senior management changes, launched a 2025 restricted stock incentive plan granting 13 million shares to 50 recipients, and plans no semi-annual profit distribution - Changes in directors, supervisors, and senior management during the reporting period included the election of Luo Yuyin as Vice Chairman, Xiao Wen as Director, and the appointment of Xiao Wen, Wu Yongbing, and Yu Yonghua as Deputy General Managers[135] - The 2025 restricted stock incentive plan was implemented, granting 13 million restricted shares to 50 incentive recipients at a price of 4.41 yuan/share[137][138] Environmental and Social Responsibility The company actively fulfills social responsibilities by protecting shareholder, employee, customer, and supplier rights, and engaging in social welfare activities - Shareholders and Investors: Strict information disclosure, communication with investors through various channels like investor hotlines and interactive platforms, protecting shareholder rights[140] - Employee Rights: Compliance with labor laws, ensuring employee compensation, benefits, and workplace safety, while providing career development paths, employee care, and diverse cultural activities[141][142] - Customers and Suppliers: Established a comprehensive quality management system and customer service network, integrating all processes through information systems, and strengthening supplier management to build mutually beneficial relationships[143] Significant Matters This section covers the company's major litigation, significant contracts, guarantees, and other important corporate actions during the reporting period Litigation Matters The company disclosed several lawsuits, most notably a trade secret dispute with Beijing Jingdiao involving 382 million yuan, currently in second instance, for which 12.8 million yuan in provisions has been made Litigation Overview | Litigation Overview | Amount Involved (Ten Thousand Yuan) | Progress | Impact | | :--- | :--- | :--- | :--- | | Trade secret dispute with Beijing Jingdiao | 38,181 | Second instance under review | The company has made provisions for estimated liabilities of 1,280 ten thousand yuan based on the first-instance judgment | | Dispute over unpaid capital contribution with Changzhou Chengjia | 12,000.00 | Second instance under review | The company won the first-instance judgment and is not required to bear capital contribution responsibility | | Sales contract dispute with Hubei Lvchuang (Shenzhen Genesis) | 11,313.26 | First instance under review | None yet | | Sales contract dispute with Hubei Lvchuang (Suzhou Taikan) | 3,224.84 | First instance under review | None yet | Significant Contracts and Guarantees No major entrustment, contracting, or leasing matters were reported; the company and its subsidiaries provided guarantees totaling 1.48 billion yuan for subsidiaries, representing 27.85% of net assets - As of the reporting period end, the company's actual total guarantee amount was 1.48 billion yuan, accounting for 27.85% of the company's net assets[172] Other Significant Matters The company is pursuing a private placement of up to 550 million yuan to its controlling shareholder, implementing a 2025 restricted stock incentive plan, and continuing its share repurchase program, having bought back 118 million yuan - Proposed private placement to controlling shareholder Mr. Xia Jun to raise up to 550 million yuan for working capital and bank loan repayment, pending Shenzhen Stock Exchange review and CSRC registration[177][178] - Implemented the 2025 restricted stock incentive plan, granting 14.5 million Class II restricted shares to core employees, with the initial grant completed on April 1[180] - As of June 30, 2025, the company had cumulatively repurchased 16.80 million shares, representing 1.01% of total share capital, with a total transaction value of 118 million yuan[181] Share Changes and Shareholder Information This section details the company's share capital structure and the holdings of its major shareholders Share Capital Changes The company's total share capital remained at 1.66 billion shares, with restricted shares accounting for 10.32% and unrestricted shares for 89.68% Share Capital Structure | Share Type | Quantity (Shares) | Proportion (%) | | :--- | :--- | :--- | | I. Restricted Shares | 171,827,375 | 10.32% | | II. Unrestricted Shares | 1,493,035,214 | 89.68% | | III. Total Shares | 1,664,862,589 | 100.00% | Shareholder Information As of the reporting period end, the company had 108,510 common shareholders; controlling shareholder Mr. Xia Jun holds 13.64%, and the top ten shareholders' structure is stable Top Five Shareholders | Shareholder Name | Shareholding Ratio (%) | Number of Shares (Shares) | | :--- | :--- | :--- | | Xia Jun | 13.64% | 227,103,167 | | Sichuan Gangrong Investment Development Group Co., Ltd. | 3.66% | 61,014,068 | | National Manufacturing Transformation and Upgrade Fund Co., Ltd. | 3.41% | 56,816,601 | | He Haijiang | 2.54% | 42,335,500 | | Ling Hui | 1.45% | 24,209,428 | Bond-Related Information This section confirms the absence of any bond-related activities during the reporting period Overview of Bond Situation The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[199] Financial Report This section presents the company's comprehensive financial statements, significant accounting policies, and detailed notes to the consolidated financial statement items Financial Statements This section includes the company's unaudited 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 - The consolidated balance sheet as of June 30, 2025, shows total assets of 11.40 billion yuan, total liabilities of 6.05 billion yuan, and owners' equity attributable to the parent company of 5.30 billion yuan[203][205][208] - The consolidated income statement for the first half of 2025 reports total operating revenue of 2.44 billion yuan, total profit of 273 million yuan, and net profit attributable to the parent company of 233 million yuan[215][216][217] - The consolidated cash flow statement for the first half of 2025 shows net cash flow from operating activities of 191 million yuan, net cash flow from investing activities of -1.13 billion yuan, and net cash flow from financing activities of 570 million yuan[223][224] Significant Accounting Policies and Estimates This section details the company's accounting standards, period, and currency, along with policies and estimates for revenue recognition, financial instruments, inventory, fixed assets, and intangible assets - Revenue Recognition: The company recognizes revenue when customers obtain control of the related goods, typically marked by the completion of delivery and acceptance[366][375] - Financial Asset Impairment: For accounts receivable and lease receivables, the simplified model for expected credit losses is applied, measuring loss provisions based on expected credit losses over the entire lifetime[299][303] - Investment Properties: Subsequent measurement is performed using the fair value model, with changes in fair value recognized in current profit or loss[330][331] Notes to Consolidated Financial Statement Items This section provides detailed notes on major consolidated financial statement items, including cash, accounts receivable, inventory, fixed assets, goodwill, borrowings, and accounts payable, covering their composition, changes, and impairment - Accounts receivable had a period-end book balance of 2.08 billion yuan, with impairment provisions of 697 million yuan, resulting in a book value of 1.38 billion yuan[432][435] - Inventory had a period-end book value of 2.57 billion yuan, with goods in transit accounting for the highest proportion at 1.67 billion yuan[501] - Goodwill had an original book value of 1.66 billion yuan, primarily from the acquisition of Shenzhen Genesis Machinery Co., Ltd., with no impairment tests performed or impairment signs found during the reporting period[562][563][567] Supplementary Information This section provides a detailed statement of non-recurring gains and losses, totaling 14.96 million yuan, and discloses a weighted average return on net assets of 4.49% and basic earnings per share of 0.14 yuan Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 17,383,084.43 | | Fair value changes and disposal gains/losses of financial assets and liabilities | 17,501,763.69 | | Gains/losses from fair value changes of investment properties | -16,827,594.60 | | Total | 14,960,162.25 | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/Share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 4.49% | 0.14 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 4.19% | 0.13 |