软控股份(002073) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, the table of contents, and definitions for the report Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance and position metrics Company Profile Mesnac Co., Ltd. (stock code: 002073) is a company listed on the Shenzhen Stock Exchange, with Guan Bingzheng as its legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Mesnac | | Stock Code | 002073 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Guan Bingzheng | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 3.881 billion yuan, a 20.33% increase, but net profit attributable to shareholders decreased by 23.84% to 146 million yuan, with operating cash flow significantly down by 60.37% and total assets reaching 20.094 billion yuan Key Financial Indicators | Key Financial Indicators | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 3,880,661,277.40 | 3,225,052,250.95 | 20.33% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 146,208,636.93 | 191,979,291.47 | -23.84% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) (yuan) | 130,529,388.93 | 165,621,451.80 | -21.19% | | Net Cash Flow from Operating Activities (yuan) | 102,021,645.07 | 257,413,216.57 | -60.37% | | Basic Earnings Per Share (yuan/share) | 0.1434 | 0.1896 | -24.37% | | Weighted Average Return on Net Assets | 2.47% | 3.62% | -1.15% | | Total Assets (yuan) | 20,093,993,777.76 | - | 7.95% (vs. end of prior year) | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 6,012,156,401.46 | - | 1.25% (vs. end of prior year) | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 15.68 million yuan, primarily from entrusted investment income of 14.46 million yuan and government subsidies of 13.91 million yuan Non-Recurring Gains and Losses | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from entrusted investments or asset management | 14,455,746.79 | Primarily due to increased wealth management income | | Government subsidies recognized in current profit or loss | 13,905,853.62 | - | | Net non-operating income and expenses | -6,308,089.70 | - | | Total | 15,679,248.00 | - | Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, and future outlook Principal Business The company's principal business involves R&D and innovation in application software and intelligent equipment for the rubber industry, providing comprehensive smart solutions for tire manufacturers, and ranked first globally in rubber machinery in 2024 - The company is dedicated to providing tire enterprises with integrated intelligent solutions that combine software and hardware, covering the entire process from compounding and mixing to inspection and warehousing[27] - According to the 2024 global rubber machinery enterprise ranking published by European Rubber Journal (ERJ), the company ranks first globally[27] Analysis of Core Competencies The company's core competencies include a global R&D innovation system, strong market brand, advanced manufacturing capabilities, leading smart manufacturing solutions, and a stable management team and corporate culture - The company has established a global R&D system centered in China, the United States, Slovakia, and Japan, holding over 2,292 patents, and has led or participated in the formulation of multiple international and national standards[28] - The company is the only supplier in the global rubber tire industry capable of providing key equipment covering the entire lifecycle of tire production, offering customized solutions from intelligent equipment to smart factories[31] Analysis of Principal Business During the reporting period, operating revenue increased by 20.33%, driven by strong growth in international markets and rubber new materials, with international revenue up 78.75% and new materials up 31.69%, though increased financial and income tax expenses pressured profits Key Financial Data | Major Financial Data | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,880,661,277.40 | 3,225,052,250.95 | 20.33% | - | | Financial Expenses | 30,122,824.01 | 20,774,756.67 | 45.00% | Primarily due to changes in exchange gains and losses | | Income Tax Expenses | 35,420,738.33 | 13,405,195.66 | 164.23% | Primarily due to uncompensated losses in the prior year | | R&D Investment | 221,374,302.16 | 180,404,430.95 | 22.71% | - | | Net Cash Flow from Operating Activities | 102,021,645.07 | 257,413,216.57 | -60.37% | Due to increased procurement volume | Revenue Composition | Revenue Composition | Current Period Amount (yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | By Product | | | | | Rubber Equipment Systems | 2,503,705,252.20 | 64.52% | 14.50% | | Rubber New Materials | 1,351,340,811.30 | 34.82% | 31.69% | | By Region | | | | | Domestic | 2,672,232,294.81 | 68.86% | 4.83% | | International | 1,208,428,982.59 | 31.14% | 78.75% | Analysis of Assets and Liabilities As of the end of the reporting period, total assets reached 20.094 billion yuan, up 7.95% from the beginning of the year, with significant increases in inventory and accounts receivable due to business growth, while short-term borrowings rose to enhance liquidity Major Asset and Liability Items | Major Asset and Liability Items | End of Current Period (yuan) | Proportion of Total Assets | Explanation for Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Accounts Receivable | 1,365,579,386.79 | 6.80% | Due to increased revenue recognition | | Inventories | 7,996,220,473.33 | 39.79% | Due to business scale growth and increased projects in progress | | Short-Term Borrowings | 545,953,027.25 | 2.72% | Due to supplementary short-term liquidity loans | - As of the end of the reporting period, 3.038 billion yuan of the company's assets were restricted, primarily including monetary funds used for deposits (2.195 billion yuan), pledged notes receivable for issuing bank acceptance bills (510 million yuan), and mortgaged fixed assets and intangible assets for borrowings[43] Analysis of Major Holding and Participating Companies During the reporting period, major subsidiaries operated steadily, with Qingdao Mesnac Mechanical & Electrical Engineering Co., Ltd. being a core profit contributor at 105 million yuan net profit, while Fushun Ecos and Panjin Ecos new material subsidiaries incurred losses Major Subsidiaries' Performance | Major Subsidiary Name | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Qingdao Mesnac Mechanical & Electrical Engineering Co., Ltd. | 1,607,077,955.75 | 123,309,161.78 | 105,468,466.84 | | Ecos New Materials Co., Ltd. | 564,951,030.01 | 21,615,375.90 | 21,331,921.96 | | Fushun Ecos New Materials Co., Ltd. | 384,961,922.98 | -40,074,620.60 | -44,984,391.60 | | Panjin Ecos New Materials Co., Ltd. | 426,733,772.13 | -17,823,250.34 | -21,464,955.02 | - During the reporting period, the company established Mesnac Technology (Hong Kong) Limited and MESNAC Intelligent Technology Hungary Limited Liability Company to support overseas business expansion[52] Risks and Countermeasures The company faces risks from macroeconomic changes, intense market competition, accounts receivable collection, and exchange rate fluctuations, which it addresses through risk prevention, smart manufacturing opportunities, improved receivables management, and financial tools - The company identified four major risks: - Macroeconomic Risk: Changes in domestic and international economic conditions may affect product sales[53] - Market Competition Risk: The tire industry faces intense competition[53] - Accounts Receivable Collection Risk: Individual customers may delay payments due to funding issues[54] - Exchange Rate Fluctuation Risk: Overseas business expansion introduces uncertainty in exchange gains and losses[54] Corporate Governance, Environment, and Society This section details the company's corporate governance practices, environmental initiatives, and social responsibilities Profit Distribution Plan The Board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.50 yuan (tax inclusive) per 10 shares to all shareholders, totaling an estimated 50.97 million yuan, with no bonus shares or capital reserve conversions Profit Distribution Plan | Distribution Plan | Content | | :--- | :--- | | Dividend per 10 shares (yuan) (tax inclusive) | 0.50 | | Bonus shares per 10 shares (shares) | 0 | | Cash Dividend Amount (yuan) (tax inclusive) | 50,974,526.55 | | Distributable Profit (yuan) | 2,150,128,385.94 | Implementation of Equity Incentive Plan During the reporting period, the company continued its 2022 stock option and restricted stock incentive plan, with the second exercise period commencing in October 2024, while also repurchasing and canceling some restricted shares and stock options due to employee departures - The second exercisable period of the 2022 incentive plan began on October 23, 2024, involving 243 incentive recipients and 6,955,950 stock options[62] - Due to the departure of incentive recipients, the company cumulatively repurchased and canceled 600,200 restricted shares and canceled 112,800 stock options during the reporting period[63][64][65] Significant Matters This section covers significant events, related party transactions, and major contracts impacting the company Significant Related Party Transactions The company had no routine related party transactions during the reporting period but engaged in other significant related party transactions, with projected sales to Sailun Group and its subsidiaries totaling 4.185 billion yuan in 2025, of which 1.844 billion yuan occurred in the reporting period - The company expects significant related party sales with Sailun Group and its controlled subsidiaries in 2025, with an estimated contract amount of 4.185 billion yuan, and 1.844 billion yuan actually incurred in the first half of the year[83] Significant Contracts and Their Performance During the reporting period, the company had no significant entrustment, contracting, or leasing matters, but provided substantial guarantees to subsidiaries, with an actual guarantee balance of 1.202 billion yuan, and invested 1.49 billion yuan in bank wealth management products using its own funds Significant Guarantees All external guarantees provided by the company are for its subsidiaries, with an approved guarantee limit of 32.67 billion yuan and an actual guarantee balance of 1.202 billion yuan at period-end, representing 24.81% of the company's net assets Guarantee Information | Guarantee Information | Amount (million yuan) | | :--- | :--- | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 1,202.04 | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 32,668.31 | | Proportion of Total Actual Guarantee to Company's Net Assets | 24.81% | Entrusted Wealth Management During the reporting period, the company invested 1.49 billion yuan of its own funds in bank wealth management products, with 1.40 billion yuan outstanding at period-end and no overdue unrecovered amounts Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (million yuan) | Unexpired Balance (million yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 1,490 | 1,400 | Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Capital Changes During the reporting period, the company's total share capital slightly increased from 1.0194 billion to 1.0196 billion shares, primarily due to equity incentive plan exercises and the repurchase and cancellation of restricted shares from departing employees - Total share capital increased from 1,019,442,223 shares to 1,019,646,531 shares, a net increase of 204,308 shares[106] - Share capital changes were due to: - Incentive recipients exercising stock options during the second exercise period of the 2022 incentive plan[107] - Repurchase and cancellation of a total of 300,200 restricted shares and cancellation of 112,800 stock options due to the departure of incentive recipients[107] Shareholder Numbers and Shareholding Information As of the end of the reporting period, the company had 69,383 common shareholders, with the largest shareholder, Mr. Yuan Zhongxue, holding 14.25% (mostly pledged), and Central Huijin Asset Management Co., Ltd. as the second largest with 3.26% Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period-End | Share Status | | :--- | :--- | :--- | :--- | | Yuan Zhongxue | 14.25% | 145,308,486 | Pledged 115,000,000 | | Central Huijin Asset Management Co., Ltd. | 3.26% | 33,254,500 | - | | Hong Kong Securities Clearing Company Limited | 2.38% | 24,283,813 | - | | Qingdao Higher Education Technology Equipment Service Headquarters | 2.05% | 20,890,236 | Frozen 16,200,000 | Bond-Related Information This section provides details regarding the company's bond-related activities and status Bond-Related Information The company had no bond-related activities during the reporting period Financial Report This section presents the company's financial statements and related disclosures for the reporting period Audit Report The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[124] Financial Statements As of June 30, 2025, total assets were 20.094 billion yuan, total liabilities 13.731 billion yuan; for H1 2025, total operating revenue was 3.881 billion yuan, total profit 211 million yuan, net profit 175 million yuan, and net profit attributable to parent company shareholders 146 million yuan Consolidated Balance Sheet At period-end, total assets were 20.094 billion yuan, up 7.95% from the beginning of the period; total liabilities were 13.731 billion yuan, up 11.16%; and total equity attributable to parent company owners was 6.012 billion yuan, up 1.25% Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 20,093,993,777.76 | 18,614,173,564.04 | | Total Liabilities | 13,730,569,977.64 | 12,352,270,911.86 | | Total Equity Attributable to Parent Company Owners | 6,012,156,401.46 | 5,938,152,668.86 | Consolidated Income Statement During the reporting period, operating revenue reached 3.881 billion yuan, up 20.33%, while total operating costs increased by 21.80% to 3.684 billion yuan, leading to an 8.86% decrease in operating profit to 218 million yuan and a 23.84% decrease in net profit attributable to parent company shareholders to 146 million yuan Consolidated Income Statement | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 3,880,661,277.40 | 3,225,052,250.95 | | II. Total Operating Costs | 3,684,151,519.80 | 3,024,854,535.63 | | III. Operating Profit | 217,676,738.29 | 238,836,668.25 | | IV. Total Profit | 210,700,608.50 | 239,642,313.41 | | V. Net Profit | 175,279,870.17 | 226,237,117.75 | | Net Profit Attributable to Parent Company Shareholders | 146,208,636.93 | 191,979,291.47 | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was 102 million yuan, a significant 60.37% decrease primarily due to increased purchases; net cash outflow from investing activities narrowed by 54.72% to 381 million yuan; net cash inflow from financing activities was 82 million yuan; and period-end cash and cash equivalents totaled 1.436 billion yuan Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 102,021,645.07 | 257,413,216.57 | | Net Cash Flow from Investing Activities | -381,423,703.16 | -842,369,778.97 | | Net Cash Flow from Financing Activities | 82,472,379.21 | 9,538,244.90 | | Net Increase in Cash and Cash Equivalents | -188,974,589.56 | -577,037,493.91 | Other Submitted Data This section includes additional data submitted, such as investor relations activities Investor Relations Activities During the reporting period, the company held two online communication events in May 2025 via online platforms, engaging with individual investors on company strategy, internal management, and operations - The company conducted online exchanges with investors on May 9 and 12, 2025, via the "Hudongyi" and "All-View Roadshow" platforms, respectively[566]