运达科技(300440) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board ensures the truthfulness, accuracy, and completeness of this semi-annual report, with no false records or misleading statements 2025 Half-Year Core Financial Indicators | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 289 million Yuan | +23.65% | | Net Profit Attributable to Shareholders | - | +13.65% | - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period[9] Risk Factors The company faces significant risks including a large balance of accounts receivable, challenges in technology and product development, and market concentration Accounts Receivable Balance and Proportion of Total Assets | Time Point | Accounts Receivable (million Yuan) | Proportion of Total Assets | | :--- | :--- | :--- | | End of 2023 | 1,174.1967 | 45.14% | | End of 2024 | 1,099.9474 | 43.99% | | End of H1 2025 | 933.5574 | 40.42% | - Product sales are highly dependent on the railway and urban rail transit markets, which accounted for 99.65% of revenue in H1 2025[7] - The company faces technology and product development risks if it fails to accurately judge future technological trends or if R&D investment is insufficient[6] Definitions This chapter defines key terms and abbreviations used in the report, including company entities, related parties, industry terms, and regulatory bodies, to facilitate investor understanding Company Profile and Key Financial Indicators Company Profile Chengdu Yunda Technology Co., Ltd. (stock code: 300440) is listed on the Shenzhen Stock Exchange, with its legal representative and basic information remaining unchanged during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Yunda Technology | | Stock Code | 300440 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | 成都运达科技股份有限公司 | | Legal Representative | He Hongyun | Key Accounting Data and Financial Indicators In H1 2025, the company achieved 289 million Yuan in operating revenue, a 23.65% increase, and 16.47 million Yuan in net profit attributable to shareholders, up 13.65%, with operating cash flow significantly improving by 40.57% despite remaining negative, while total assets decreased by 7.64% to 2.31 billion Yuan 2025 Half-Year Key Financial Data | Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 288,695,017.91 | 233,468,426.88 | 23.65% | | Net Profit Attributable to Shareholders (Yuan) | 16,465,606.55 | 14,487,723.70 | 13.65% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan) | 13,563,467.97 | 13,249,974.66 | 2.37% | | Net Cash Flow from Operating Activities (Yuan) | -40,678,563.88 | -68,447,278.94 | 40.57% | | Basic Earnings Per Share (Yuan/share) | 0.0380 | 0.0335 | 13.43% | | Weighted Average Return on Net Assets | 1.02% | 0.92% | Increased by 0.10 percentage points | | Indicator | Current Period-End | Prior Year-End | Period-End vs. Prior Year-End Change | | Total Assets (Yuan) | 2,309,697,062.34 | 2,500,664,167.60 | -7.64% | | Net Assets Attributable to Shareholders (Yuan) | 1,604,665,688.18 | 1,609,653,523.37 | -0.31% | 2025 Half-Year Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies | 2,740,583.87 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 1,581,353.49 | | Gains/Losses from Disposal of Non-Current Assets | 90,424.00 | | Net Other Non-Operating Income/Expenses | -952,037.83 | | Total | 2,902,138.58 | Management Discussion and Analysis Business Overview As a smart system provider for rail transit, the company maintains stable operations, serving national railways, urban rail, and vocational colleges, implementing a "3351" strategy with strong market prospects driven by national policies - The company implements a "3351" strategic plan, targeting 3 customer groups (national railways, urban rail, vocational colleges), exploring 3 business segments (locomotive and rolling stock, traction power supply, railway transportation), offering 5 system solutions (smart training, smart O&M, smart depot, smart traction power supply, smart freight), and providing 1 transport and maintenance service business[36][43] - National policies, including the "National Comprehensive Three-Dimensional Transportation Network Plan" and the "Action Plan for Large-Scale Equipment Renewal and Trade-in of Consumer Goods," are key performance drivers, explicitly supporting the innovative development and upgrading of rail transit equipment, presenting high-growth opportunities for the company[71][72][73] Smart Training Solutions This solution leverages digital twin and AI technologies to provide intelligent training systems for national railways, urban rail, and vocational institutions, covering scenarios such as train driving, maintenance, and emergency response, with successful expansion into "Belt and Road" projects like the Jakarta-Bandung High-Speed Railway Smart O&M Solutions This solution utilizes physical sensing, image recognition, and big data analytics, centered on the full lifecycle health management of vehicles, to achieve intelligent perception, fault early warning, and O&M decision-making, ensuring safe, reliable, efficient, and energy-saving train operations, widely applied in major urban rail units Smart Depot Solutions This solution focuses on enhancing depot operational quality and efficiency by integrating IoT, AI, and digital twin technologies to build a unified intelligent management and control platform, enabling information interoperability across vehicle operation, preparation, and maintenance stages, and promoting a shift towards condition-based intelligent maintenance Smart Traction Power Supply Solutions This solution provides intelligent power distribution management and efficient regenerative energy utilization for traction catenary systems to national and urban rail clients, ensuring reliable power supply for trains, with products widely applied domestically and in "Belt and Road" countries like Belarus and Egypt Smart Freight Solutions This solution integrates IoT, big data, and AI to drive the digital and intelligent transformation of railway freight systems, building intelligent dispatching and unified smart control platforms that significantly enhance yard operation efficiency and reduce operating costs, widely deployed across 18 national railway bureaus - The smart freight solution, through technological innovation, improves yard operation efficiency by 30%-50%, reduces operating costs by 15%-25%, decreases cargo damage rate by 80%, and contributes to a 30%-50% reduction in carbon emissions[60] Core Competitiveness Analysis The company's core competitiveness stems from its profound scientific research foundation, elite team, technological leadership achieved through independent innovation, extensive accumulation in the smart industry, and excellent product quality and brand reputation, with its core team possessing over 30 years of industry experience and technical personnel exceeding 70% - The company's core team originated from Southwest Jiaotong University, boasting over 30 years of industry experience, with technical personnel accounting for over 70%[76] - The company adheres to independent innovation, earning recognition as a National "Little Giant" enterprise specializing in new technologies, a National Enterprise Technology Center, and participating in the formulation of multiple international and domestic industry standards[78] - The company operates over 200 service outlets nationwide, is ISO/TS 22163 system certified to a silver standard, and has established a "product + service" sales model[80] Main Business Analysis In H1 2025, the company's operating revenue reached 289 million Yuan, a 23.65% increase, and net profit attributable to shareholders was 16.47 million Yuan, up 13.65%, driven by strong market performance across all business segments, particularly smart O&M with a 63.98% revenue growth, while the company further solidified its technological leadership by launching the "Yunda Agent Platform" and deploying the "Vehicle Maintenance Expert Large Model" at Guangzhou Metro - In the smart O&M sector, core product technologies were upgraded, securing multi-million Yuan orders for new 6A HD video and 6A fire prevention systems, and winning a multi-million Yuan retrofit project for foreign vehicle models, achieving breakthroughs in both new and existing markets[81] - The company officially launched the "Yunda Agent Platform" and deployed the "Vehicle Maintenance Expert Large Model" at Guangzhou Metro for the first time, empowering core products with AI for intelligent upgrades[83][84] Operating Revenue by Product/Service (Yuan) | Product/Service | Operating Revenue | Operating Cost | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Smart O&M | 106,058,436.68 | 60,814,660.50 | 42.66% | 63.98% | | Smart Training | 88,605,709.86 | 51,323,089.30 | 42.08% | 5.15% | | Smart Traction Power Supply | 37,911,152.15 | 23,051,784.13 | 39.20% | 40.95% | Reasons for Changes in Key Financial Data | Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Operating Cost | 40.13% | Orderly delivery of ongoing projects led to a year-on-year increase in costs | | Financial Expenses | 37.96% | Increase in interest expenses during the current period | | Income Tax Expense | 71.95% | Due to increased profit | | Net Cash Flow from Investing Activities | -659.11% | Increased purchase of wealth management products during the current period | | Net Cash Flow from Financing Activities | 63.34% | No repayment of borrowings or share repurchase in the current period, unlike the prior period | Non-Core Business Analysis Non-core operations significantly impacted profit during the reporting period, with other income (primarily software VAT refunds and government subsidies) and credit impairment loss reversals (reversal of bad debt provisions for accounts receivable) constituting 44.59% and 76.97% of total profit, respectively Non-Core Business Profit and Loss (Yuan) | Item | Amount | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 1,444,597.58 | 5.97% | Primarily investment income from wealth management products | | Other Income | 10,789,047.11 | 44.59% | Primarily software VAT refunds and government subsidies received | | Credit Impairment Loss | 18,621,654.31 | 76.97% | Primarily reversal of bad debt provision for accounts receivable | Asset and Liability Status Analysis As of the end of the reporting period, the company's total assets were 2.31 billion Yuan, a 7.64% decrease from the beginning of the year, with accounts receivable remaining the largest asset component at 40.42% (though its proportion decreased), while inventory proportion increased, and accounts payable constituted the primary liability at 17.15% of total assets Major Balance Sheet Item Changes | Item | Period-End Amount (Yuan) | Proportion of Total Assets | Year-Beginning Amount (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 108,483,195.77 | 4.70% | 199,485,843.43 | 7.98% | -3.28% | | Accounts Receivable | 933,557,396.96 | 40.42% | 1,099,947,364.78 | 43.99% | -3.57% | | Inventory | 353,325,702.75 | 15.30% | 305,368,998.32 | 12.21% | 3.09% | | Accounts Payable | 396,133,872.81 | 17.15% | 482,155,450.02 | 19.28% | -2.13% | Investment Status Analysis During the reporting period, the company's investment amount significantly increased to 437 million Yuan, an 862.27% year-on-year growth, primarily due to entrusted wealth management using proprietary funds, with a total outstanding balance of 158 million Yuan at period-end - The investment amount for the reporting period was 437 million Yuan, a significant increase of 862.27% compared to 45.43 million Yuan in the prior year[102] Entrusted Wealth Management Overview (million Yuan) | Specific Type | Source of Funds | Amount Incurred | Outstanding Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Proprietary Funds | 367.14 | 128.17 | | Brokerage Wealth Management Products | Proprietary Funds | 30.00 | 30.00 | | Total | | 397.14 | 158.17 | Analysis of Major Holding and Participating Companies During the reporting period, key subsidiaries such as Sichuan Huiyou (traction power), Guangzhou Yunda (smart O&M), and Chengdu Huoan (smart freight) operated steadily, contributing 8.43 million Yuan, 4.41 million Yuan, and 3.98 million Yuan in net profit respectively, while the company deregistered Tangshan Xijiao Zhida Rail Transit Equipment Co., Ltd. to optimize resource allocation Major Subsidiary Operating Performance (Yuan) | Company Name | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Sichuan Huiyou | Traction Power Equipment | 27,234,752.59 | 9,575,929.76 | 8,426,732.74 | | Guangzhou Yunda | Smart O&M | 39,025,728.81 | 4,407,337.18 | 4,407,337.77 | | Chengdu Huoan | Smart Freight | 15,297,516.48 | 6,923,953.95 | 3,982,618.97 | Corporate Governance, Environment, and Society Implementation of Equity Incentive Plans During the reporting period, the company adjusted its 2023 restricted stock incentive plan, canceling a total of 3.508 million granted but unvested second-class restricted shares due to employee departures and the failure to meet 2024 company-level performance targets - Due to the departure of some incentive recipients, the company canceled a total of 394,000 granted but unvested second-class restricted shares[122] - Due to the failure to meet the 2024 performance targets, the company canceled a total of 3.114 million (2.7105 million + 0.4035 million) restricted shares corresponding to the assessment year from both initial and reserved grants[123] Significant Matters Significant Contracts and Their Performance This chapter details the company's significant contracts, primarily involving leasing and guarantees, including an office lease agreement with related party Yunda Innovation and 111.15 million Yuan in guarantees provided to several subsidiaries to support their development - The company signed a 5-year office lease contract with its controlling shareholder, Yunda Innovation, for an office area of 31,914 sqm, with an annual rent of 8.4189 million Yuan[142] Summary of Guarantees to Subsidiaries (million Yuan) | Guaranteed Party | Actual Guaranteed Amount | | :--- | :--- | | Sichuan Huiyou | 10.00 | | Chengdu Huoan | 30.00 | | Hunan Hengxin | 20.40 | | Guangzhou Yunda | 40.75 | | Technical Services | 10.00 | | Total Actual Guarantee Balance at Period-End | 111.15 | Significant Matters of Subsidiaries During the reporting period, the company deregistered its subsidiary, Tangshan Xijiao Zhida Rail Transit Equipment Co., Ltd., to optimize resource allocation, while a project contract awarded to its controlling subsidiary, Guangzhou Yunda, in July 2023 is proceeding normally - To optimize resource allocation and reduce management costs, the company deregistered its subsidiary, Tangshan Xijiao Zhida Rail Transit Equipment Co., Ltd., on April 29, 2025[151] Share Changes and Shareholder Information Share Changes As of the end of the reporting period, the company's total share capital remained unchanged at 443.9186 million shares, with unrestricted shares accounting for 99.62% and restricted shares for 0.38% Share Structure | Share Type | Number of Shares | Proportion | | :--- | :--- | :--- | | Restricted Shares | 1,695,035 | 0.38% | | Unrestricted Shares | 442,223,565 | 99.62% | | Total Share Capital | 443,918,600 | 100.00% | Shareholder Numbers and Shareholding As of the end of the reporting period, the company had 19,184 common shareholders, with controlling shareholder Yunda Innovation (Chengdu) Investment Co., Ltd. holding 33.07% of shares, approximately half of which were pledged, and the company's share repurchase account holding 2.37% of total shares - At the end of the reporting period, the company had 19,184 common shareholders[157] Top Two Shareholders' Shareholding | Shareholder Name | Nature | Shareholding Proportion | Number of Shares Held | Pledge/Mark or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Yunda Innovation (Chengdu) Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 33.07% | 146,809,324 | Pledged 73,980,000 shares | | Liu Zhiqiang | Domestic Natural Person | 3.32% | 14,757,400 | Not Applicable | - The company's share repurchase special securities account held 10,521,800 shares, accounting for 2.37% of the company's total share capital[158] Bond-Related Information Bond-Related Information The company had no bond-related activities during the reporting period - The company had no bond-related activities during this reporting period[164] Financial Report Audit Report The company's 2025 half-year financial report is unaudited - This half-year financial report is unaudited[166] Financial Statements This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, accompanied by detailed notes on accounting policies, estimates, and major statement items Consolidated Balance Sheet As of June 30, 2025, the company's total assets were 2.31 billion Yuan, total liabilities were 688 million Yuan, and owners' equity attributable to the parent company was 1.605 billion Yuan, resulting in a debt-to-asset ratio of 29.78% Consolidated Balance Sheet Summary (2025-06-30) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 2,309,697,062.34 | | Total Current Assets | 1,844,458,922.68 | | Total Non-Current Assets | 465,238,139.66 | | Total Liabilities | 687,809,929.72 | | Total Current Liabilities | 666,675,858.16 | | Total Non-Current Liabilities | 21,134,071.56 | | Total Owners' Equity | 1,621,887,132.62 | | Owners' Equity Attributable to Parent Company | 1,604,665,688.18 | Consolidated Income Statement In H1 2025, the company achieved total operating revenue of 289 million Yuan, incurred total operating costs of 295 million Yuan, resulting in a total profit of 24.19 million Yuan, a net profit of 17.52 million Yuan, and net profit attributable to parent company shareholders of 16.47 million Yuan Consolidated Income Statement Summary (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 288,695,017.91 | | Total Operating Cost | 294,779,422.68 | | Total Profit | 24,193,936.20 | | Net Profit | 17,515,378.90 | | Net Profit Attributable to Parent Company Shareholders | 16,465,606.55 | Consolidated Cash Flow Statement In H1 2025, the company's net cash flow from operating activities was -40.68 million Yuan (an improvement), from investing activities was -20.91 million Yuan (primarily due to wealth management product purchases), and from financing activities was -30.41 million Yuan, with cash and cash equivalents totaling 90.08 million Yuan at period-end Consolidated Cash Flow Statement Summary (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -40,678,563.88 | | Net Cash Flow from Investing Activities | -20,910,580.01 | | Net Cash Flow from Financing Activities | -30,411,639.60 | | Net Increase in Cash and Cash Equivalents | -92,000,783.49 | | Cash and Cash Equivalents at Period-End | 90,083,939.21 |