瀚川智能(688022) - 2025 Q2 - 季度财报

Definitions This chapter defines key terms used in the report, including company abbreviations, major clients, technical terms, and the reporting period - This section defines key terms used in the report, such as company and subsidiary abbreviations, major clients, technical terms (e.g., connectors, sensors, ADAS), and the reporting period (January 1, 2025, to June 30, 2025)[10][11] Company Profile and Key Financial Indicators Basic Company Information This section provides Han's basic registration information, contact details, information disclosure channels, and stock overview - The company's Chinese name is Suzhou Han's Intelligent Technology Co., Ltd., stock abbreviation "Han's Intelligent", stock code 688022, listed on the STAR Market of the Shanghai Stock Exchange[13][17] Key Accounting Data and Financial Indicators Operating revenue decreased by 10.06% year-on-year, but the company achieved a turnaround to profit through strategic adjustments and cost reduction, significantly improving net profit and operating cash flow by 84.41% Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,580,383.35 yuan | 420,925,330.20 yuan | -10.06% | | Net Profit Attributable to Shareholders of the Listed Company | 22,935,014.08 yuan | -126,050,893.30 yuan | N/A | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 17,975,393.17 yuan | -119,980,187.14 yuan | N/A | | Net Cash Flow from Operating Activities | -27,173,975.47 yuan | -174,317,418.00 yuan | 84.41% | | Asset Status | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End (%) | | Net Assets Attributable to Shareholders of the Listed Company | 675,783,093.89 yuan | 650,848,643.58 yuan | 3.83% | | Total Assets | 2,621,696,883.66 yuan | 2,980,935,415.04 yuan | -12.05% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.13 | -0.72 | N/A | | Weighted Average Return on Net Assets (%) | 3.46% | -7.44% | Increased by 10.90 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.71% | -7.08% | Increased by 9.79 percentage points | | R&D Expenditure as a Percentage of Operating Revenue (%) | 2.38% | 8.47% | Decreased by 6.09 percentage points | - The company's turnaround to profit is mainly due to two reasons: first, adjusting order strategies to prioritize high-margin orders; second, reducing costs and increasing efficiency by lowering procurement costs and optimizing personnel structure, leading to increased gross profit and decreased three expenses year-on-year[23] - The decrease in operating revenue is primarily due to the company's proactive adjustment of its automotive equipment business order strategy, reducing low-margin orders, and strategic adjustments to its new energy business (battery equipment and charging/swapping equipment)[23] Non-Recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to 4.96 million yuan, mainly from fair value changes in financial assets, government grants, and debt restructuring gains Details of Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | -934,591.73 | | Government grants recognized in current profit/loss | 2,603,825.77 | | Gains/losses from changes in fair value and disposal of financial assets/liabilities | 2,964,531.72 | | Debt restructuring gains/losses | 1,837,000.00 | | Other non-operating income and expenses | -870,054.31 | | Total | 4,959,620.91 | Management Discussion and Analysis Industry and Main Business Overview The company is a professional provider of overall solutions for intelligent manufacturing equipment for electrical connections, focusing on electrical connection intelligent equipment, and seizing market opportunities in automotive equipment and AI computing center equipment - The company's strategy focuses on electrical connection intelligent equipment, primarily serving the automotive and AI computing center sectors[28] - The company has established long-term stable cooperative relationships with global leading electrical connection enterprises such as Tyco, Amphenol, Yazaki, Kyocera, and Rosenberger[27] - The company will concentrate resources on its electrical connection intelligent equipment business, focusing on overseas markets, major clients, and high-margin orders to enhance core competitiveness[30] Discussion and Analysis of Operations The company operates on a "production based on sales, procurement based on production" customized business model, primarily acquiring orders through direct sales - The company primarily adopts a "production based on sales, procurement based on production" customized business model, acquiring orders through direct sales[34][35] Analysis of Core Competencies The company's core competitiveness stems from its R&D innovation, customer resources, production capabilities, and international operations, with R&D investment decreasing by 74.77% due to strategic adjustments in new energy business Competitive Advantages The company's core competencies include R&D innovation, customer resources, production and delivery capabilities, and international operational advantages - The company possesses strong R&D innovation capabilities, having built 10 core technologies and accumulated 45 invention patents and over 459 core intellectual property rights by the end of the reporting period[37] - The company has a high-quality customer base, including seven of the world's top ten automotive parts manufacturers (Continental, Bosch, ZF, etc.) and leading connector manufacturers (Amphenol, TE Connectivity, etc.)[39] - The company has an international operational advantage, with business covering over 20 countries worldwide and subsidiaries in Germany, Hungary, Mexico, Canada, and other locations, establishing localized operational capabilities[42] Core Technologies and R&D Progress During the reporting period, the company continued to optimize core technologies, achieving significant R&D results in automotive Ethernet harnesses, CCS product lines, and pin insertion machines; total R&D investment was 8.99 million yuan, a year-on-year decrease of 74.77%, mainly due to strategic reduction in new energy business R&D Expenditure | Indicator | Current Period Amount | Prior Year Period Amount | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 8,998,833.88 yuan | 35,667,755.71 yuan | -74.77% | | Total R&D Investment | 8,998,833.88 yuan | 35,667,755.71 yuan | -74.77% | | Total R&D Investment as a Percentage of Operating Revenue (%) | 2.38% | 8.47% | Decreased by 6.09 percentage points | - The decrease in R&D investment is mainly due to the company's strategic reduction in its new energy business direction, and the automotive sector's R&D focus becoming more concentrated with product line specialization[52] - During the reporting period, the company made key progress in areas such as automotive Ethernet harnesses, CCS intelligent manufacturing solutions, pin insertion machines, and pulsed strong magnetic welding technology[47][48] Risk Factors The company faces multiple risks, including operational risks (high customer concentration, top five customers accounting for 80.10% of revenue), core competitiveness risks (technological innovation and leakage), management risks, macroeconomic environment risks (trade friction, exchange rate fluctuations), and risks of unstable company control due to actual controller's debt disputes and risks related to the implementation of fundraising projects - Operational risk: In 2025, sales revenue from the top five customers accounted for 80.10% of total revenue, indicating high customer concentration[63] - Control risk: The actual controller, Mr. Cai Changwei, has 99.23% of his directly and indirectly held company shares judicially frozen due to debt disputes, which may lead to a change in the company's actual control[67][68] - Fundraising project risk: The company has 240 million yuan of idle raised funds temporarily used to supplement working capital that has not been returned on schedule, which may adversely affect the normal progress of fundraising projects[69] Analysis of Key Operating Performance The company achieved 379 million yuan in operating revenue, a 10.06% decrease, but successfully turned losses into profits with a 36.21% gross profit margin and significant reductions in selling, administrative, and R&D expenses Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,580,383.35 | 420,925,330.20 | -10.06 | | Operating Cost | 241,496,988.46 | 374,788,960.86 | -35.56 | | Selling Expenses | 16,984,227.65 | 39,363,960.16 | -56.85 | | Administrative Expenses | 56,640,578.22 | 88,978,437.64 | -36.34 | | R&D Expenses | 8,998,833.88 | 35,667,755.71 | -74.77 | | Financial Expenses | 14,386,241.66 | 18,585,778.26 | -22.60 | | Net Cash Flow from Operating Activities | -27,173,975.47 | -174,317,418.00 | 84.41 | - The company's comprehensive gross profit margin was 36.21%, an increase of 25.25 percentage points year-on-year, primarily due to adjustments in order strategy and cost reduction and efficiency improvement[70][72] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, independent director He Chao, director and deputy general manager Guo Shibin, and core technical personnel Lan Feng resigned; the company elected Li Xing as director and Zheng Xiang as independent director - During the reporting period, several changes occurred among the company's directors, supervisors, senior management, and core technical personnel, including resignations and appointments of independent directors, directors, deputy general managers, and core technical personnel[87] Profit Distribution Plan The company has no profit distribution or capital reserve capitalization plan for the half-year period - The proposed profit distribution plan and capital reserve capitalization plan for the half-year period is "No"[91] Significant Matters Major Litigation and Arbitration Matters During the reporting period, the company was involved in multiple major lawsuits, including a difference make-up payment dispute involving the controlling shareholder, a 60.88 million yuan claim against CATL, and a settled equipment procurement contract dispute - The company's controlling shareholder, Han's Investment, and actual controller, Cai Changwei, are involved in a lawsuit with Jiang Haidong regarding a difference make-up payment, with the second-instance judgment issued and a retrial application currently filed[107] - The company sued CATL and its subsidiary for a battery swap station contract dispute, demanding a total payment of approximately 60.88 million yuan, with the case currently under trial[107] - The company reached a settlement agreement in an equipment procurement contract dispute with Mianyang Gaoxin Exxon New Energy Technology Co., Ltd[108] Penalties and Rectification The company's controlling shareholder and actual controller received a warning letter from the Jiangsu Securities Regulatory Bureau for delayed information disclosure regarding equity pledge contracts - The controlling shareholder and actual controller received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely inform the company of their signed equity pledge contracts and related risks, leading to delayed information disclosure by the company[109] Progress of Raised Funds Utilization The company raised a net amount of 940 million yuan in 2023, with 633 million yuan invested; however, 240 million yuan of idle funds for working capital remain unreturned, with a new deadline of November 8, 2025 - As of the end of the reporting period, the 240 million yuan of idle raised funds temporarily used to supplement working capital had expired and not yet been returned; according to the agreement with the temporary creditors' committee, the return deadline has been extended to November 8, 2025[124][125] - The company used no more than 60 million yuan of idle raised funds for cash management; as of the end of the reporting period, the balance used for cash management was 60 million yuan, all in large-denomination certificates of deposit[127][128] Share Changes and Shareholder Information Shareholder Information As of the end of the reporting period, the company had 9,466 shareholders; the top three shareholders were Suzhou Han's Investment Management Co., Ltd. (27.93% stake), Suzhou Han's Dehe Investment Management Partnership (5.32% stake), and Industrial Bank Co., Ltd. - Huaxia CSI Robotics ETF (1.57% stake); part of the controlling shareholder's shares are frozen Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Suzhou Han's Investment Management Co., Ltd. | 49,123,978 | 27.93 | Frozen 18,694,368 shares | | Suzhou Han's Dehe Investment Management Partnership (Limited Partnership) | 9,354,013 | 5.32 | None | | Industrial Bank Co., Ltd. - Huaxia CSI Robotics Exchange Traded Fund | 2,756,012 | 1.57 | None | | Ou Peng | 2,329,385 | 1.32 | None | | Suzhou Han's Zhiyuanhe Investment Management Partnership (Limited Partnership) | 2,105,006 | 1.20 | None | - Suzhou Han's Investment Management Co., Ltd., Suzhou Han's Dehe Investment Management Partnership, and Suzhou Han's Zhiyuanhe Investment Management Partnership are enterprises controlled by the same actual controller, Cai Changwei[136] Bond-Related Information Corporate Bonds During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[141] Financial Report Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - As of June 30, 2025, the company's total assets were 2.62 billion yuan, total liabilities were 1.955 billion yuan, and net assets attributable to parent company owners were 676 million yuan[144][145][146] - In the first half of 2025, the company achieved total operating revenue of 379 million yuan, total profit of 31.68 million yuan, and net profit attributable to parent company shareholders of 22.94 million yuan[152][153] - In the first half of 2025, the company's net cash flow from operating activities was -27.17 million yuan, net cash flow from investing activities was -31.17 million yuan, and net cash flow from financing activities was -46.86 million yuan[159][160] Notes to Consolidated Financial Statements This section details key items in the consolidated financial statements, including assets, liabilities, owners' equity, income, costs, expenses, and cash flows, with a focus on accounts receivable, inventory, and borrowing classifications - As of the end of the period, the company's accounts receivable book balance was 490 million yuan, with 146 million yuan provided for bad debts, resulting in a book value of 344 million yuan; accounts receivable aged over 1 year accounted for a relatively high proportion[377][380] - The inventory book value at period-end was 604 million yuan, with work-in-progress and merchandise in transit accounting for a larger proportion; the company provided 348 million yuan for inventory impairment[416] - The company's short-term borrowings at period-end were 702 million yuan, non-current liabilities due within one year were 246 million yuan, and long-term borrowings were 116 million yuan, indicating certain short-term solvency pressure[471][495][498]