南京聚隆(300644) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The company's management guarantees the report's authenticity and confirms no profit distribution plan for the period - The company's responsible person, chief accountant, and head of the accounting department declare the authenticity, accuracy, and completeness of the financial report[5] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the current semi-annual period[6] Definitions This section defines key corporate entities, regulations, and technical terms used throughout the report - The reporting period is defined as January 1, 2025, to June 30, 2025[16] - Key polymer materials such as PA (Polyamide), PP (Polypropylene), LFT (Long Fiber Reinforced Thermoplastics), and TPE (Thermoplastic Elastomer) are technically defined[17] Company Profile and Key Financial Indicators Company Profile Nanjing Julong Technology Co, Ltd's total share capital increased due to the conversion of convertible bonds - Due to the conversion of convertible corporate bonds, the company's total share capital increased from 107,800,400 shares to 109,951,598 shares, with a corresponding increase in registered capital[25] Key Accounting Data and Financial Indicators Revenue and net profit grew significantly, while net cash flow from operating activities turned negative Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,257,326,218.04 | 999,881,534.83 | 25.75% | | Net Profit Attributable to Shareholders (RMB) | 57,364,356.57 | 40,763,307.56 | 40.73% | | Net Profit Attributable to Shareholders (Non-recurring Items Deducted) (RMB) | 55,640,445.74 | 38,825,618.70 | 43.31% | | Net Cash Flow from Operating Activities (RMB) | -53,156,308.45 | 117,349,142.78 | -145.30% | | Basic Earnings Per Share (RMB/Share) | 0.5310 | 0.3812 | 39.30% | | Weighted Average Return on Equity | 5.87% | 4.50% | 1.37% | | Total Assets (RMB) | 2,385,909,281.50 | 2,382,511,337.42 | 0.14% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (RMB) | 986,114,107.94 | 965,806,570.71 | 2.10% (vs. Prior Year-End) | Non-recurring Gains and Losses Non-recurring gains and losses totaled RMB 1.72 million, primarily from government subsidies and fair value changes Details of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -252,745.60 | | Government Subsidies Included in Current Profit/Loss | 1,423,229.70 | | Fair Value Changes & Disposal Gains/Losses on Financial Assets/Liabilities | 316,053.54 | | Other Non-operating Income and Expenses | 778,586.69 | | Less: Income Tax Impact | 409,510.91 | | Less: Minority Interest Impact (After Tax) | 131,702.59 | | Total | 1,723,910.83 | Management Discussion and Analysis Principal Business Activities During the Reporting Period Performance was driven by the modified plastics segment, while the carbon fiber composites segment declined Business Segment Performance in H1 2025 | Business Segment | Operating Revenue (RMB 10,000) | Y-o-Y Growth | Net Profit (RMB 10,000) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | :--- | | Modified Plastics | 113,449.70 | 30.50% | - | - | | Thermoplastic Elastomers | 2,638.55 | 9.15% | - | - | | Carbon Fiber Composites | 1,027.77 | -14.02% | -217.94 | - | | Plastic-Wood Composites | 8,112.56 | 10.64% | 355.41 | -20.18% | - The automotive modified materials business, accounting for over 70% of revenue, grew by over 30% Y-o-Y, driven by partnerships with leading NEV companies like BYD, XPeng, and Xiaomi[76] - The company's Mexico plant, with a designed annual capacity of 40,000 tons, began production in H2 2024 to meet overseas demand and is currently ramping up capacity[77] Core Competitiveness Analysis The company's strengths lie in its technology, innovation platforms, talent, and extensive customer base - The company has won two National Science and Technology Progress Second Prizes and is recognized as a national "Little Giant" enterprise for its specialization and innovation[88][89][91] - As of the reporting period, the company has participated in drafting 9 national and industry standards and holds 155 authorized patents, including 76 invention patents[90][92] - The company operates multiple technology platforms, including a national postdoctoral research station and a CNAS-accredited laboratory[93] - Its customer base includes leading NEV manufacturers like BYD, Xiaomi, and NIO, joint ventures such as SAIC-VW, and major high-speed rail projects[99] Analysis of Principal Business Revenue and costs rose due to increased sales, while operating cash flow declined sharply Y-o-Y Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year Period (RMB) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,257,326,218.04 | 999,881,534.83 | 25.75% | | Operating Costs | 1,051,609,021.03 | 853,625,135.84 | 23.19% | | Selling Expenses | 24,528,526.66 | 18,594,472.50 | 31.91% | | Administrative Expenses | 57,841,801.17 | 42,639,172.90 | 35.65% | | R&D Investment | 47,470,306.06 | 36,701,023.21 | 29.34% | | Net Cash Flow from Operating Activities | -53,156,308.45 | 117,349,142.78 | -145.30% | Operating Revenue by Major Product | Product Category | Operating Revenue (RMB) | Operating Costs (RMB) | Gross Margin | Revenue Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | | Modified Engineering Plastics | 570,059,900.46 | 456,106,963.24 | 19.99% | 18.75% | | Modified General Plastics | 447,480,940.65 | 395,482,057.57 | 11.62% | 42.92% | Analysis of Non-Principal Business Non-principal business activities had a minor impact on total profit Non-Principal Business Profit and Loss | Item | Amount (RMB) | % of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 992,480.66 | 1.47% | Mainly from matured wealth management products | | Fair Value Change Gains/Losses | -703,689.99 | -1.05% | Mainly reclassification of matured wealth product income | | Asset Impairment | -3,439,984.00 | -5.11% | Mainly provision for inventory write-down | | Non-operating Income | 1,014,573.76 | 1.51% | Mainly compensation and tax rebates | Analysis of Assets and Liabilities Total assets remained stable, while construction in progress and long-term debt increased - The increase in construction in progress was mainly due to new ongoing projects[109] - Long-term borrowings and lease liabilities increased primarily due to new long-term loans and property leases[109] - As of the period end, RMB 67.06 million in assets were restricted, mainly consisting of security deposits and endorsed commercial acceptance bills[113] Investment Analysis Investment increased significantly for new material production lines, though some fundraising projects were delayed - Total investment during the reporting period was RMB 70.61 million, a significant increase of 269.39% from RMB 19.11 million in the prior year period114 - The expected completion dates for the "50,000-ton/year Specialty Engineering Plastics Production Line" and "30-ton/year Carbon Fiber Composite Production Line" projects have been extended to December 31, 2025[122] - The company used up to RMB 50 million of idle raised funds to supplement working capital and invested RMB 150 million of raised funds in bank wealth management products[123][126] Risks and Countermeasures The company faces risks from market competition, raw material prices, and international operations - The company mitigates the risk of volatile raw material prices by securing long-term supply contracts and engaging in strategic procurement[134] - To attract and retain key technical personnel, the company has established a comprehensive compensation, benefits, and equity incentive system[135] - The establishment of subsidiaries in the US and Mexico exposes the company to operational risks arising from different legal, political, and business environments[137] Corporate Governance, Environment, and Society Implementation of Equity Incentive Plans The company advanced its 2024 and 2025 restricted stock incentive plans for eligible employees - Under the 2024 Restricted Stock Incentive Plan, the company granted 195,000 reserved shares to 6 participants and completed the vesting of 1,385,200 shares for 81 participants[144][145] - The company launched the 2025 Restricted Stock Incentive Plan, granting an initial 1,200,000 shares to 30 participants at a price of RMB 12.40 per share[146][147][148] Significant Matters Significant Related-Party Transactions The company's main related-party transaction involved selling products to a research institute within approved limits Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Content | Amount (RMB 10,000) | % of Similar Transactions | Approved Credit Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Nanjing Dongju Carbon Fiber Composite Material Research Institute Co, Ltd | Sale of products | 1,167.19 | 1.01% | 3,400 | Significant Contracts and Their Performance The company provided guarantees for its subsidiaries totaling RMB 59.70 million Summary of Guarantees for Subsidiaries | Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in the Period | 51,000 | | Total Actual Guarantees Provided to Subsidiaries in the Period | 7,341.16 | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 51,000 | | Total Outstanding Guarantee Balance for Subsidiaries at Period-End | 5,969.84 | | Ratio of Actual Guarantee Balance to Company's Net Assets | 6.05% | Changes in Share Capital and Shareholders Changes in Share Capital Total share capital increased due to convertible bond conversions, and the company executed a share buyback plan - Share capital changes were primarily driven by the unlocking of shares for departed executives, vesting of equity incentives, and conversion of convertible bonds[188] - As of June 30, 2025, the company had repurchased 1,263,000 shares via centralized bidding for a total of RMB 29,579,027.23, intended for employee stock ownership or equity incentive plans[189] Shareholders and Shareholdings The company had 13,455 shareholders, with the top two holding a combined 28.72% stake Top Ten Shareholders | Shareholder Name | Shareholding Ratio | Shares Held at Period-End | | :--- | :--- | :--- | | Liu Yue | 14.51% | 15,956,458 | | Jiangsu Sainty Corp, Ltd | 14.21% | 15,624,770 | | Wu Jinsong | 6.61% | 7,274,041 | | Liu Shuyang | 5.37% | 5,909,608 | | Yan Yuyin | 1.76% | 1,935,781 | | Chen Wenjian | 1.64% | 1,800,000 | | Cai Jing | 0.87% | 962,106 | | BARCLAYS BANK PLC | 0.85% | 934,553 | | Lu Xiaohui | 0.85% | 930,000 | | Chen Guiyang | 0.71% | 785,000 | - Shareholders Liu Yue, Liu Shuyang, and Wu Jinsong are the company's actual controllers and have a related-party relationship (father-daughter, mother-son)[191] Bond-Related Matters Convertible Corporate Bonds The "Julong Convertible Bond" balance decreased due to conversions, with the conversion price adjusted for dividends - During the period, the "Julong Convertible Bond" balance decreased by RMB 336,000 due to conversions, with a remaining balance of RMB 179,359,500.00 at period-end[205] - As of period-end, a cumulative RMB 39,140,500.00 of bonds had been converted into 2,169,061 shares, representing 2.01% of the pre-conversion total share capital[206] - Following the 2024 annual dividend distribution, the conversion price was adjusted from RMB 18.02 to RMB 17.77 per share, effective July 18, 2025[208] - The convertible bond's credit rating remains A+, indicating a stable and sound credit status[209] Financial Report Financial Statements The unaudited financial statements show stable assets and profit growth but negative operating cash flow Consolidated Balance Sheet Summary (2025-06-30) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,385,909,281.50 | 2,382,511,337.42 | | Total Liabilities | 1,380,101,850.78 | 1,398,369,040.31 | | Total Equity Attributable to Parent Company | 986,114,107.94 | 965,806,570.71 | | Total Liabilities and Equity | 2,385,909,281.50 | 2,382,511,337.42 | Consolidated Income Statement Summary (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,257,326,218.04 | 999,881,534.83 | | Operating Profit | 66,503,482.14 | 45,844,904.06 | | Total Profit | 67,294,793.97 | 45,792,252.85 | | Net Profit | 58,383,584.72 | 42,848,672.48 | | Net Profit Attributable to Parent Company Shareholders | 57,364,356.57 | 40,763,307.56 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -53,156,308.45 | 117,349,142.78 | | Net Cash Flow from Investing Activities | 21,361,177.65 | 30,960,827.79 | | Net Cash Flow from Financing Activities | 35,263,535.05 | -58,285,361.32 | | Net Increase in Cash and Cash Equivalents | 4,233,317.20 | 90,298,273.67 | Notes to Consolidated Financial Statements This section details key financial statement items, including receivables, inventory, and R&D expenses - At period-end, the carrying amount of accounts receivable was RMB 724 million, with a gross amount of RMB 811 million and a provision for bad debts of RMB 86.77 million[352] - The carrying amount of inventory was RMB 452 million, with a provision for write-down of RMB 11.60 million[396] - Construction in progress balance was RMB 23.45 million, mainly for the Anhui plant's Phase II project (RMB 20.93 million)[418] - Total R&D expenses for the period were RMB 47.47 million, a Y-o-Y increase of 29.34%, primarily invested in employee compensation and materials[512]