中策橡胶(603049) - 2025 Q2 - 季度财报

Definitions This section defines key terminology, company abbreviations, and product types used throughout the report - This section defines professional terminology, company and affiliate abbreviations, and tire product types to provide a foundation for understanding the report[12][13] Company Profile and Key Financial Indicators This section presents the company's basic information, stock details, and key financial performance indicators for the reporting period Company Information and Basic Profile The company's basic corporate information, contact details, and stock listing details on the Shanghai Stock Exchange are provided - Basic company information: ZC Rubber Group Co., Ltd. (Stock Code: 603049), with Shen Jinrong as the legal representative[15] - The company engaged CITIC Securities Company Limited for continuous supervision from June 2025 to December 31, 2027[20] Key Accounting Data and Financial Indicators The company's revenue grew while net profit declined, with operating cash flow significantly decreasing and net assets boosted by its IPO Key Financial Data for H1 2025 | Key Accounting Data | H1 2025 (billion yuan) | H1 2024 (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 21.86 | 18.52 | 18.02 | | Total Profit | 2.46 | 2.63 | -6.28 | | Net Profit Attributable to Shareholders | 2.32 | 2.54 | -8.56 | | Net Profit after Non-recurring Items | 2.27 | 2.14 | 5.72 | | Net Cash Flow from Operating Activities | 0.012 | 1.42 | -99.13 | | Basic Earnings Per Share (yuan/share) | 2.90 | 3.23 | -10.22 | | Weighted Average ROE (%) | 11.93% | 16.77% | Decreased by 4.84 p.p. | | Period-End Data | End of H1 2025 | End of 2024 | Period-over-Period Change (%) | | Total Assets (billion yuan) | 51.77 | 44.82 | 15.49 | | Net Assets Attributable to Shareholders (billion yuan) | 22.93 | 17.48 | 31.18 | - Non-recurring gains and losses totaled 55.59 million yuan, primarily from government subsidies and reversals of impairment provisions[25][26] Management Discussion and Analysis This section details the company's business operations, competitive strengths, financial performance, and key risks faced during the period Industry and Principal Business Activities The company is a leading Chinese tire manufacturer with a comprehensive product portfolio, serving global markets through a dual sales model - The company's principal business is the R&D, production, and sale of all-steel, semi-steel, bias, and bicycle tires, making it one of China's largest and most comprehensive tire manufacturers[31][32] - The sales model combines direct sales to OEMs like BYD and Toyota with a distribution network for the replacement market, covering major global markets[34][35] - Industry trends show steady growth in the global tire market, new opportunities from the EV sector, and accelerated globalization by leading players in response to trade frictions[42][44][45] Discussion and Analysis of Operating Performance The company achieved record revenue in H1 2025 driven by strong orders, technological innovation, and global expansion Revenue by Region for H1 2025 | Region | Revenue (billion yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Domestic | 11.87 | 23.73 | | Overseas | 9.92 | 11.89 | | Total | 21.79 | 18.02 (Total Operating Revenue) | - Technological innovation: Launched innovative products like the "Xia Series" flagship commercial vehicle tires and the Chaoyang 1 EV PRO new energy tires, with performance on par with international standards[50][51] - Globalization and smart manufacturing: Advanced capacity expansion at production bases in Indonesia and Thailand and established a "High-Performance Radial Tire Green 5G Digital Factory," a benchmark for semi-steel tire smart manufacturing[53][55] - High-end OEM breakthrough: Became the first Chinese tire brand to supply Toyota (for the Bozhi 3X model) and also supplies new energy vehicle manufacturers like BYD, Geely, and Xpeng[57] Analysis of Core Competencies The company's competitive edge is built on strong R&D, significant scale advantages, a global footprint, and leadership in smart manufacturing - R&D capabilities: Adheres to proprietary R&D, forming systems like "Tiangong" and "Tianji" to create high-performance products and achieve domestic substitution in the high-end market[59][60] - Scale and cost advantages: As China's largest tire manufacturer by production and sales, its comprehensive business layout and significant economies of scale create strong cost management barriers[61][62] - International layout: Production bases in Thailand and Indonesia are operational and expanding, enabling flexible order allocation to counter complex trade situations and increase global market share[63][64] - Smart manufacturing: Built a world-leading smart factory for semi-steel radial tires, leveraging the "1+5+X" industrial internet platform to achieve full-process digitalization and lead industry manufacturing standards[66] Analysis of Key Operating Activities Financial analysis reveals revenue growth, a sharp drop in operating cash flow due to increased procurement, and a significant cash inflow from IPO financing Analysis of Key Financial Statement Items | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 21.86 | 18.52 | 18.02 | Business scale expansion | | Operating Costs | 17.37 | 14.38 | 20.74 | Grew in line with revenue | | Financial Expenses | 0.165 | -0.055 | N/A | Changes in foreign exchange gains/losses | | Net Cash Flow from Operating Activities | 0.012 | 1.42 | -99.13 | Increased payments for goods and services | | Net Cash Flow from Investing Activities | -2.02 | -1.31 | N/A | Increased payments for long-term asset construction | | Net Cash Flow from Financing Activities | 4.30 | -0.029 | N/A | Received IPO proceeds | Analysis of Key Balance Sheet Items | Item | End of H1 2025 (billion yuan) | End of 2024 (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 6.77 | 4.12 | 64.22 | Received IPO proceeds | | Construction in Progress | 3.46 | 2.47 | 39.94 | Increased investment in engineering projects | | Other Payables | 1.75 | 0.58 | 200.29 | Declared dividends | | Non-current Liabilities Due within One Year | 3.75 | 1.99 | 88.17 | Increase in long-term borrowings due within one year | - The company's overseas assets amount to 15.54 billion yuan, accounting for 30.03% of total assets, mainly comprising production entities in Thailand and Indonesia and trading companies[74][76] Potential Risks The company faces major risks from raw material price volatility, market competition, international trade policies, and foreign exchange fluctuations - The price volatility of key raw materials like natural and synthetic rubber is a core risk, which the company mitigates through procurement management and price adjustments[84] - Changes in international trade policies, such as US tariffs and EU anti-dumping investigations, pose significant external risks, addressed by flexibly allocating orders to overseas bases in Thailand and Indonesia[87] - The company is exposed to overseas operational risks, including political, economic, and policy changes in countries like Thailand, Indonesia, and Mexico that could impact subsidiary operations[88] - Foreign exchange risk arises from import and export trade settled in US dollars, which can lead to exchange gains or losses and affect product price competitiveness and financial performance[89] Corporate Governance, Environment, and Society This section covers changes in governance, dividend plans, and the company's environmental information disclosure practices Corporate Governance A board member was replaced during the period, and the company has no semi-annual profit distribution plan - Board member change: Ms. Lu Hongbo resigned as a director, and Ms. Yu Yuanjing was elected as the new non-independent director[92] - The company does not plan to distribute profits or convert capital reserves into share capital for the first half of the year[93] Environment and Society The company and seven of its subsidiaries are listed for mandatory environmental information disclosure - The company and seven of its subsidiaries are included in the list of enterprises required to disclose environmental information by law, reflecting a commitment to environmental transparency[95] Significant Matters This section details the fulfillment of IPO-related commitments and the progress on the use of funds raised Fulfillment of Commitments All parties have strictly adhered to their IPO-related commitments regarding share lock-ups, price stability, and information disclosure - The controlling shareholder ZC Haichao and actual controllers Qiu Jianping and Qiu Fei have committed to a 36-month lock-up period for their shares from the listing date[100][101] - The company, controlling shareholder, actual controllers, and senior management have committed to a three-year share price stability plan, triggered if the closing price is below the latest audited net asset value per share for 20 consecutive trading days116[124] - The company and related parties have pledged to repurchase shares and compensate investors if the prospectus contains false statements, misleading representations, or major omissions[127][128] Progress on the Use of Raised Funds The company has utilized 62.40% of its net IPO proceeds, primarily for factory construction and to replace pre-invested funds Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Funds Raised | 4,066,358,040.00 | | Net Funds Raised | 3,932,680,740.56 | | Cumulative Amount Invested as of Period-End | 2,453,955,561.08 | | Cumulative Investment Progress | 62.40% | - The raised funds are mainly allocated to five production and construction projects, with the "High-Performance Radial Tire Green 5G Digital Factory Project" having an investment progress of 87.79%[158] - In June 2025, the company used 2.42 billion yuan of the proceeds to replace self-raised funds that were pre-invested in the projects, in compliance with regulations[161] Share Capital Changes and Shareholders This section outlines the significant changes in the company's share structure following its IPO and details its shareholder composition Changes in Share Capital The company's total share capital increased following the issuance of new A-shares during its initial public offering Share Capital Changes | Item | Before Change | Change | After Change | | :--- | :--- | :--- | :--- | | Total Share Capital (shares) | 787,037,038 | +87,448,560 | 874,485,598 | | Shares with Selling Restrictions (shares) | 787,037,038 | +2,625,149 | 789,662,187 | | Shares without Selling Restrictions (shares) | 0 | +84,823,411 | 84,823,411 | - The change in share capital was due to the company's initial public offering of 87,448,560 A-shares on the main board of the Shanghai Stock Exchange on June 5, 2025[165] Shareholder Information The company has a highly concentrated ownership structure, with the top ten shareholders holding 90.02% of the total shares - As of the end of the reporting period, the total number of shareholders was 71,472[167] Top Five Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Hangzhou ZC Haichao Enterprise Management Co., Ltd. | 323,317,169 | 36.97 | Domestic Non-State-owned Legal Entity | | Hangzhou Industrial Investment Group Co., Ltd. | 196,759,260 | 22.50 | State-owned Legal Entity | | Hangzhou Finance & Investment Group Co., Ltd. | 118,055,556 | 13.50 | State-owned Legal Entity | | Tidetron New Materials Group Co., Ltd. | 70,200,000 | 8.03 | Domestic Non-State-owned Legal Entity | | Hangzhou Chaoyang Haoyun Enterprise Management Partnership | 29,077,304 | 3.33 | Other | Bond-related Matters The company had no outstanding bonds or other debt financing instruments during the reporting period - During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[177] Financial Report This section presents the unaudited semi-annual financial statements and the detailed notes accompanying them Financial Statements This section contains the unaudited consolidated and parent company financial statements for the first half of 2025 - The consolidated balance sheet shows total assets of 51.77 billion yuan, total liabilities of 28.84 billion yuan, and equity attributable to parent company owners of 22.93 billion yuan as of June 30, 2025[179][181] - The consolidated income statement shows total operating revenue of 21.86 billion yuan and net profit of 2.32 billion yuan for H1 2025[185][186][187] - The consolidated cash flow statement shows net cash from operating activities of 12.39 million yuan, a net outflow from investing activities of 2.02 billion yuan, and a net inflow from financing activities of 4.30 billion yuan for H1 2025[192][193][194] Notes to the Financial Statements This section provides detailed explanations of accounting policies and specific items in the financial statements - The company's shares were listed on the Shanghai Stock Exchange on June 5, 2025, and the consolidated financial statements include 28 subsidiaries[207][208] - Revenue recognition policy: Revenue from domestic OEM customers is recognized upon product installation, from distributors upon customer receipt; overseas revenue is recognized upon shipment (FOB/CIF) or upon delivery (DDP)[285] - The company and some of its subsidiaries benefit from a preferential 15% corporate income tax rate for high-tech enterprises[297][299][300] - Detailed disclosures on financial instrument risks are provided, primarily covering credit risk, liquidity risk, and market risk (interest rate and foreign exchange risk)[514]