广合科技(001389) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report structure, and defines key terms and reporting periods used throughout the document Definitions This chapter defines company entity abbreviations, related organizations, shareholder entities, and industry terms like PCB and HDI, and specifies the reporting period from January 1 to June 30, 2025 - The reporting period is defined as January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators This section introduces the company and presents its key financial performance and position for the reporting period Company Profile Guangzhou Guanghe Technology Co., Ltd. (stock code: 001389) is a company listed on the Shenzhen Stock Exchange, with Xiao Hongxing as its legal representative Company Profile | Item | Content | | :--- | :--- | | Stock Abbreviation | Guanghe Technology | | Stock Code | 001389 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xiao Hongxing | Key Accounting Data and Financial Indicators During the reporting period, the company achieved strong performance growth, with revenue up 42.17% to 2.425 billion yuan and net profit attributable to shareholders up 53.91% to 492 million yuan, demonstrating robust operational quality Key Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,424,753,430.89 | 1,705,583,527.93 | 42.17% | | Net Profit Attributable to Shareholders | 491,583,351.57 | 319,387,115.14 | 53.91% | | Net Cash Flow from Operating Activities | 453,102,610.13 | 270,833,830.63 | 67.30% | | Basic Earnings Per Share (RMB/share) | 1.1610 | 0.7943 | 46.17% | | Weighted Average Return on Net Assets | 14.81% | 13.79% | 1.02% | | Total Assets (RMB) | 6,274,075,657.34 | 5,685,756,517.91 | 10.35% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders (RMB) | 3,393,408,756.33 | 3,073,845,894.57 | 10.40% (Period-end vs. Prior Year-end) | Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 14.03 million yuan, primarily from government subsidies and fair value changes, with net profit attributable to shareholders after non-recurring items growing 47.78% to 478 million yuan Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies | 10,251,328.88 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities | 7,187,366.66 | | Net Non-Operating Income and Expenses | -840,203.14 | | Total | 14,030,129.22 | - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 478 million, a year-on-year increase of 47.78%[18] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook from management's perspective Main Business Activities During the Reporting Period The company primarily engages in R&D, production, and sales of multi-layer PCBs, with server PCBs accounting for about 70% of revenue, and its Thailand factory commenced production in June 2025 - The company's main business is multi-layer and high-layer PCBs, with server PCB products accounting for approximately 70% of revenue, primarily used in high-performance computing and AI server data center core equipment[31] - Benefiting from strong demand for computing infrastructure, the company achieved operating revenue of RMB 2.425 billion in H1 2025, a year-on-year increase of 42.17%; net profit reached RMB 492 million, up 53.91% year-on-year[41] - Guanghe Thailand factory officially commenced production in June 2025, currently in the capacity ramp-up and customer certification phase, serving as a crucial base for the company's overseas market expansion[43] Prismark's Forecast for 2025 Global PCB Segment Market Growth Rates | Segment | Global Output Value YoY Growth Rate | | :--- | :--- | | Multi-layer Boards (18+ layers) | 41.70% | | HDI | 12.90% | | Packaging Substrates | 7.60% | | Multi-layer Boards (8-16 layers) | 6.10% | Analysis of Core Competencies The company's core competencies include stable client relationships with top server brands, strong R&D capabilities, JDM service model, experienced management, and green manufacturing advantages - Customer resource advantage: Established stable cooperative relationships with leading domestic and international server brand manufacturers, building a strong brand image in the computing server PCB market[45] - Technological R&D advantage: The company is a national high-tech enterprise, recognized as a provincial-level enterprise technology center, with its research institute conducting forward-looking R&D on materials, products, and processes[46] - Management advantage: Possesses an experienced management team and has established a comprehensive full-process cost control management system from procurement to delivery[48] - Green and environmentally friendly production advantage: The company was awarded the 2024 National Green Factory designation, integrating sustainable development concepts into daily operations[50] Main Business Analysis Main business revenue and cost grew 42.17% and 37.67% respectively, driven by AI computing demand, while management expenses increased significantly due to equity incentives Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,424,753,430.89 | 42.17% | Sales growth driven by AI computing technology innovation and data center upgrades | | Operating Cost | 1,541,794,186.73 | 37.67% | Increased proportionally with operating revenue | | Administrative Expenses | 99,874,040.32 | 108.89% | Increased due to new equity incentives and share-based payment expenses | | R&D Investment | 117,019,895.63 | 46.10% | Increased R&D project count led to corresponding investment growth | Main Business (Printed Circuit Boards) by Region | Region | Operating Revenue (RMB) | Operating Revenue YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 657,830,748.46 | 91.68% | 9.50% | 9.36% | | Overseas Sales | 1,607,379,334.84 | 27.16% | 41.59% | 2.47% | Analysis of Assets and Liabilities Total assets increased to 6.274 billion yuan, with a significant shift in asset structure as fixed assets rose due to the completion and transfer of the Thailand factory from construction in progress - Fixed assets balance significantly increased at period-end, with its proportion of total assets rising from 31.34% to 45.61%; construction in progress correspondingly decreased significantly, primarily due to the Thailand factory's plant and equipment reaching their intended usable state[56] - Accounts receivable increased proportionally with operating revenue, with its proportion of total assets rising from 20.48% to 24.10%[56] - The primary overseas asset is the Thailand production base "Guanghe Thailand", with an asset scale of RMB 289 million, accounting for 8.52% of the company's net assets, and incurred a loss of RMB 34.9272 million during the reporting period[57] Analysis of Investment Status Total investments increased by 69.19% to 1.951 billion yuan, primarily for the Thailand production base, alongside derivative investments for hedging and planned use of raised funds - Investment during the reporting period totaled RMB 1.951 billion, a year-on-year increase of 69.19%, primarily for the construction of the Thailand production base[63][65] - The company engaged in derivative investments such as forward foreign exchange and structured deposits for hedging purposes, to mitigate and prevent foreign exchange rate fluctuation risks[67][68] - Raised funds were utilized as planned, primarily invested in the "Huangshi Guanghe Multi-layer High-precision Circuit Board Project" and for supplementing working capital, with RMB 67.8985 million used in this reporting period[73][74] Analysis of Major Holding and Joint Stock Companies Key subsidiaries performed well, with Huangshi Guanghe turning profitable, Guanghe Technology (International) achieving significant revenue, while the newly established Thailand factory incurred initial losses Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | Huangshi Guanghe Precision Circuit Co., Ltd. | 341,300,574.96 | 32,995,735.29 | | Guanghe Technology (International) Co., Ltd. | 1,604,423,918.93 | 29,577,916.98 | | Dongguan Guanghe CNC Technology Co., Ltd. | 126,995,641.72 | 2,331,152.30 | | Delton Technology (Thailand) Co.,Ltd. | 449,103.53 | -34,927,199.73 | Risks Faced by the Company and Countermeasures The company faces risks from economic fluctuations, technological changes, raw material prices, exchange rates, trade friction, and overseas operations, addressed by business diversification, R&D collaboration, supply chain management, hedging, and overseas factory expansion - Major risks include: macroeconomic fluctuations, technology R&D (rapid server iteration), raw material price volatility, exchange rate fluctuations (overseas sales account for approximately 70%), trade friction, and overseas (Thailand) factory operational risks[87][88][89][90][91][92] - Countermeasures: The company has invested in building a factory in Thailand to address trade friction risks and mitigates exchange rate risks through foreign exchange hedging operations[90][91] Corporate Governance, Environment, and Social Responsibility This section details the company's governance structure, environmental initiatives, and social responsibilities during the reporting period Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced several changes in its board, supervisory board, and senior management, including resignations and new appointments - During the reporting period, changes occurred in the company's senior management and board members, including the dismissal of one Deputy General Manager, the resignation of two Supervisors, and the election of one new Independent Director and one Employee Director[95] Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025 - The company's H1 2025 profit distribution plan is "no cash dividends, no bonus shares, and no conversion of capital reserves to share capital"[96] Implementation of Equity Incentive Plan The company cancelled 30,000 stock options and repurchased and cancelled 30,000 restricted shares under its 2024 equity incentive plan - The company cancelled 30,000 stock options and repurchased and cancelled 30,000 restricted shares in H1 2025[97] Significant Events This section reports on major events and transactions that occurred during the reporting period, impacting the company's operations or financial position Significant Guarantees The company has no external guarantees, but approved guarantees for subsidiaries total 1.05 billion yuan, with an actual balance of 431 million yuan, representing 12.70% of net assets, supporting their operations Guarantees for Subsidiaries (As of Report Period End) | Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries | 105,000 | | Total Actual Guarantee Balance for Subsidiaries | 43,083.24 | | Proportion of Total Actual Guarantees to Company's Net Assets | 12.70% | Wealth Management The company used 634 million yuan of raised funds for bank wealth management products, with 190 million yuan outstanding at period-end and no overdue amounts - The company used raised funds to purchase bank wealth management products, with a transaction amount of RMB 633.8 million during the reporting period and an outstanding balance of RMB 190 million at period-end[126] Share Changes and Shareholder Information This section outlines changes in the company's share capital and provides details on its shareholder structure and major shareholders Share Changes The company's total share capital decreased to 425,235,000 shares due to the repurchase and cancellation of 30,000 restricted shares, while 112.17 million pre-IPO restricted shares became tradable - The company's total share capital decreased to 425,235,000 shares due to the repurchase and cancellation of 30,000 restricted shares[132][133] - 112,172,580 pre-IPO issued shares and strategically placed shares were unrestricted and listed for trading on April 2, 2025, increasing the proportion of the company's unrestricted shares from 8.95% to 35.33%[131][132] Shareholder Count and Shareholding Status As of the reporting period end, the company had 27,834 common shareholders, with the top four shareholders, including Guangzhou Zhenyun Investment Co., Ltd., holding over 60% combined, indicating a concentrated and stable ownership structure Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Number of Shares Held | Nature of Shares | | :--- | :--- | :--- | :--- | | Guangzhou Zhenyun Investment Co., Ltd. | 40.25% | 171,142,853 | Restricted Shares | | Shenzhen Guangxie Investment Enterprise (Limited Partnership) | 10.17% | 43,249,099 | Restricted Shares | | Shenzhen Guangcai Investment Enterprise (Limited Partnership) | 6.78% | 28,832,734 | Restricted Shares | | Shenzhen Guangsheng Investment Enterprise (Limited Partnership) | 6.78% | 28,832,734 | Restricted Shares | | Changjiang Securities Innovation Investment (Hubei) Co., Ltd. | 2.75% | 11,711,268 | Unrestricted Shares | - As of the end of the reporting period, the total number of shareholders was 27,834[143] Bond-Related Information This section provides details regarding the company's bond issuance and related activities Bond-Related Information There is no bond-related information for the company during the reporting period Financial Report This section presents the company's audited financial statements, including balance sheets, income statements, and cash flow statements Financial Statements The financial statements show robust growth in H1 2025, with total assets increasing to 6.274 billion yuan driven by fixed asset additions, and strong operating cash flow despite negative investing cash flow due to factory construction Consolidated Financial Statement Core Data (As of June 30, 2025) | Item | Period-End Balance/Current Period Amount (RMB) | | :--- | :--- | | Total Assets | 6,274,075,657.34 | | Total Liabilities | 2,880,666,901.01 | | Equity Attributable to Parent Company Owners | 3,393,408,756.33 | | Total Operating Revenue | 2,424,753,430.89 | | Net Profit | 491,583,351.57 | | Net Cash Flow from Operating Activities | 453,102,610.13 | | Net Cash Flow from Investing Activities | -410,388,107.54 | Notes to Consolidated Financial Statement Items Financial statement notes detail key items, including 68.9 million yuan in restricted monetary funds, accounts receivable from top five clients at 43.46%, inventory book value of 535 million yuan, and 31.94 million yuan in share-based payment expenses - Restricted monetary funds at period-end totaled RMB 68.9033 million, primarily consisting of bank acceptance bill deposits, letter of credit deposits, and pre-litigation property preservation funds[408] - The total amount from the top five accounts receivable clients was RMB 692 million, accounting for 43.46% of the accounts receivable balance at period-end[430] - Construction in progress balance decreased from RMB 740 million to RMB 116 million at period-end, primarily due to the transfer of Thailand and Dongguan factory projects to fixed assets during this period[468][471] - Total expenses recognized for equity incentives in this period amounted to RMB 31.9379 million, recorded in capital reserves[629][630] Other Submitted Data This section includes additional data and disclosures not covered in the main financial statements, such as investor relations activities Investor Relations Activities The company actively engaged with institutional investors through various channels, discussing its 2024 annual and Q1 2025 operating performance - During the reporting period, the company frequently communicated with institutional investors through on-site visits and online exchanges, primarily discussing its annual and quarterly operating performance[673][676]