中恒电气(002364) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions Important Notice The company's board and management affirm the report's accuracy and completeness, with no profit distribution planned for the current half-year - The company's management ensures the truthfulness, accuracy, and completeness of this semi-annual report, assuming corresponding legal responsibilities[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Company Profile and Key Financial Indicators Key Accounting Data and Financial Indicators During the reporting period, operating revenue increased by 14.27%, but net profit attributable to shareholders decreased by 30.19%, while operating cash flow significantly declined by 148.83% Changes in Key Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 891,098,658.63 | 779,836,348.58 | 14.27% | | Net Profit Attributable to Shareholders (CNY) | 47,482,640.29 | 68,015,305.26 | -30.19% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (CNY) | 44,753,929.54 | 38,784,819.97 | 15.39% | | Net Cash Flow from Operating Activities (CNY) | -57,138,772.74 | 117,011,925.36 | -148.83% | | Basic Earnings Per Share (CNY/share) | 0.08 | 0.12 | -33.33% | | Total Assets (CNY) | 3,913,329,918.77 | 3,785,446,761.95 | 3.38% (vs. end of prior year) | | Net Assets Attributable to Shareholders (CNY) | 2,395,760,409.39 | 2,430,378,262.72 | -1.42% (vs. end of prior year) | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 2.73 million CNY, primarily from government subsidies, with their decrease contributing to the decline in net profit attributable to shareholders Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -902,449.42 | | Government Grants Recognized in Current Profit/Loss | 3,373,114.26 | | Other Non-operating Income and Expenses | 686,376.60 | | Other Gains/Losses Meeting Definition of Non-recurring Items | 247,966.76 | | Less: Income Tax Impact | 650,746.34 | | Less: Impact on Minority Interests (After Tax) | 25,551.11 | | Total | 2,728,710.75 | Management Discussion and Analysis Principal Business The company operates as a digital energy firm focused on zero-carbon intelligent society, with core businesses in power electronics manufacturing and power digitalization, driven by AI computing demand and grid transformation Power Electronics Manufacturing Segment This segment, encompassing data center power, site energy, and EV charging, sees data center power as a key growth driver due to AI computing demand, alongside new wins in site energy and expansion into overseas markets - Rapidly increasing demand for AI computing infrastructure is driving high demand for intelligent computing center power supply systems, with technology evolving towards high voltage, DC, modular, and green power solutions[25] - During the reporting period, the company's key product, the 10kV to 240V DC power supply system, maintained delivery growth to meet the needs of multiple large intelligent computing centers[29] - In the first half of 2025, the company successfully bid for China Tower's 2025 centralized procurement project for switching power supply products[31] Power Digitalization Sector Leveraging over two decades of expertise, the company provides comprehensive power digitalization solutions, including smart dispatch, energy management, and new power system solutions, achieving new growth in grid secondary operation safety and power trading platforms - The company is deeply involved in grid digitalization and new power system construction, with its business covering China and international markets including Africa, West Asia, and Southeast Asia[39] - Self-developed products like grid secondary operation safety control software and smart safety tools have entered market application, becoming new growth drivers in power safety production[40] - Focusing on 'dual carbon' goals, the company deepens cooperation with major power generation groups to build integrated power market settlement platforms and virtual power plant intelligent operation platforms, establishing new smart energy management business models[41] Core Competitiveness Analysis The company's core competitiveness stems from its leading technology in data center HVDC systems, integrated digital energy ecosystem, efficient supply chain, and strong market relationships with key clients - The company was recognized as a Ministry of Industry and Information Technology Manufacturing Single Champion Demonstration Enterprise for its '240V/336V DC Power Supply System for Information and Communication', and led the formulation of relevant national standards[46] - The company's Fuyang factory has an annual production capacity of 800,000 power modules and 50,000 power cabinets, achieving intelligent manufacturing through systems like SAP and MES[48] - The company has established deep cooperation with leading clients across various sectors, including Alibaba, Tencent, Baidu, telecom operators, and State Grid, creating strong market demonstration effects[50] Analysis of Principal Business Operating revenue grew by 14.27% to 891.10 million CNY, driven by a 60.6% increase in data center power business, though net profit attributable to shareholders declined by 30.19% due to a prior-year equity transfer gain, making data center power the largest revenue source at 45.66% - Operating revenue growth was primarily driven by the data center power business, which achieved 407 million CNY in revenue, a 60.6% year-over-year increase[51] - The year-over-year decrease in net profit attributable to shareholders was mainly due to a 32.68 million CNY non-recurring gain from equity transfer in the prior period[51] Operating Revenue Composition (by Product) | Product | Revenue Current Period (CNY) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Data Center Power | 406,894,229.59 | 45.66% | 60.60% | | Communication Power Systems | 171,308,212.85 | 19.22% | 2.86% | | Power Operating Power Systems | 174,670,445.62 | 19.60% | -5.71% | | Software Development, Sales and Services | 102,246,816.13 | 11.47% | -7.22% | Key Financial Data Year-over-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 891,098,658.63 | 779,836,348.58 | 14.27% | - | | Net Cash Flow from Operating Activities | -57,138,772.74 | 117,011,925.36 | -148.83% | Increase in cash paid for goods and services | | Net Cash Flow from Investing Activities | -284,050,198.50 | -158,886,920.67 | -78.78% | Increase in amount paid for time deposits | | Net Cash Flow from Financing Activities | 71,285,760.08 | -59,311,154.04 | 220.19% | Increase in amount of borrowings obtained | Risks and Countermeasures The company faces key risks including macroeconomic fluctuations, intense competition, raw material price volatility, technological iteration, and talent loss, addressed through innovation, market analysis, supply chain optimization, and talent retention strategies - The company identified key risks, including: - Macroeconomic fluctuations and industry demand changes - Intensified industry competition and market development falling short of expectations - Raw material price volatility - Product technology iteration - Talent attrition[75][77][78][79][80] Corporate Governance, Environment and Society Social Responsibility (ESG) The company actively fulfills its social responsibilities, demonstrating practices in environmental, social, and governance aspects, including operating a zero-carbon smart factory and engaging in employee welfare and community outreach programs - The company's Fuyang 'zero-carbon' factory has a total photovoltaic installed capacity of 1.864 MW, generating approximately 755,822 kWh of solar power in the first half of 2025[88] - The company has established training programs like the 'Qinglan Plan' and 'Hengrentang', and actively participates in social welfare initiatives such as the 'Little Electric Hero Warm Sun Project'[89][90] Significant Matters Litigation Matters The company had no significant litigation or arbitration during the reporting period, with other minor cases primarily involving the company as plaintiff seeking payment, none of which resulted in provisions for liabilities Summary of Other Litigation Matters | Litigation Status | Amount Involved (CNY '0,000) | Provision for Liabilities Formed | | :--- | :--- | :--- | | Company as Plaintiff (seeking payment obligations) | 4,051.05 | No | | Company as Defendant or Respondent | 266.34 | No | Share Changes and Shareholder Information Share Changes The company completed its share repurchase plan during the reporting period, repurchasing 1,804,400 shares, representing 0.32% of total share capital, for a total transaction amount of approximately 25.99 million CNY - The company cumulatively repurchased 1,804,400 shares (representing 0.32% of total share capital) through centralized bidding transactions, with a total transaction amount of 25,989,597 CNY, and the repurchase plan has been completed[119] Number of Shareholders and Shareholding Structure As of the reporting period end, the company had 75,019 common shareholders, with controlling shareholder Hangzhou Zhongheng Technology Investment Co., Ltd. holding 35.56%, some of which are pledged, and the actual controller and chairman acting in concert Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Shares Held at Period End | Share Status | | :--- | :--- | :--- | :--- | | Hangzhou Zhongheng Technology Investment Co., Ltd. | 35.56% | 200,389,724 | Pledged 80,550,000 | | Zhu Guoding | 4.56% | 25,696,305 | - | | Morgan Stanley Digital Economy Mixed Securities Investment Fund | 1.74% | 9,822,700 | - | | Bao Xiaoru | 1.28% | 7,210,700 | - | Bond-Related Information Not Applicable The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[131] Financial Report Financial Statements As of the reporting period end, total assets were 3.91 billion CNY, total liabilities 1.49 billion CNY, with an asset-liability ratio of 38.07%, while operating revenue reached 891.10 million CNY and net profit 47.71 million CNY Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 3,913,329,918.77 | | Total Liabilities | 1,489,859,852.43 | | Total Owners' Equity | 2,423,470,066.34 | Consolidated Income Statement Summary (First Half 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Total Operating Revenue | 891,098,658.63 | | Total Operating Costs | 859,263,152.47 | | Total Profit | 45,265,077.41 | | Net Profit | 47,708,012.52 | Consolidated Cash Flow Statement Summary (First Half 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -57,138,772.74 | | Net Cash Flow from Investing Activities | -284,050,198.50 | | Net Cash Flow from Financing Activities | 71,285,760.08 | | Net Increase in Cash and Cash Equivalents | -269,811,241.74 | Significant Accounting Policies and Estimates Financial statements are prepared on a going concern basis, adhering to accounting standards, with revenue recognized upon transfer of control, financial instruments impaired using expected credit loss models, and qualifying development expenditures capitalized - Revenue is recognized when the customer obtains control of the goods, and for performance obligations satisfied over time, revenue is recognized based on the progress of completion[290][291] - Financial instruments are impaired based on expected credit losses, with impairment provisions recognized for receivables and contract assets[211] - Development expenditures for internal research and development projects are capitalized as intangible assets when five conditions are met, including technical feasibility, intent to complete, and ability to generate economic benefits[271] Other Submitted Data Investor Relations Activities During the reporting period, the company actively engaged with investors through multiple exchange activities in February and April 2025, hosting institutions like CITIC Securities and China Asset Management, and conducting an online performance briefing for 2024 - The company communicated with various institutional investors, including brokerages and funds, and held an online performance briefing for all investors during the reporting period[796]