飞天诚信(300386) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions This section provides crucial disclaimers, outlines the report structure, and defines key terms for clarity Important Notice and Risks Management assures the report's accuracy, while highlighting risks like market contraction for traditional products, new business uncertainties, and foreign exchange fluctuations - The market for the company's traditional identity authentication products (USB Key, OTP) continues to shrink, primarily due to declining demand from bank clients, significantly impacting performance[5] - The company faces risks from new business expansion falling short of expectations, uncertain R&D investment, and foreign exchange fluctuations and market competition due to increased overseas revenue[6][9][10] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[11] Definitions This chapter defines key terms used throughout the report, including company entities, main products (USB Key, OTP, smart terminals), and the reporting period (January 1 to June 30, 2025) - The reporting period is defined as January 1, 2025, to June 30, 2025[16] - Detailed definitions are provided for the company's core products, such as identity authentication, smart terminals, USB Key, and OTP dynamic tokens[16] Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance during the reporting period Company Profile Feitian Technologies Co., Ltd. (stock code: 300386) is a Shenzhen Stock Exchange-listed company with Huang Yu as its legal representative, maintaining stable registration information Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Feitian Technologies | | Stock Code | 300386 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Huang Yu | Key Accounting Data and Financial Indicators During the reporting period, the company achieved 362.75 million Yuan in revenue, a 9.83% increase, and turned a profit of 6.06 million Yuan, a 137.66% increase year-over-year Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 362,745,445.48 | 330,280,186.79 | 9.83% | | Net Profit Attributable to Shareholders | 6,061,320.86 | -16,095,168.13 | 137.66% | | Net Profit Excluding Non-Recurring Items | 3,144,473.68 | -23,737,623.10 | 113.25% | | Net Cash Flow from Operating Activities | -30,948,427.69 | -86,609,736.57 | 64.27% | | Basic Earnings Per Share (Yuan/share) | 0.01 | -0.04 | 125.00% | | Weighted Average Return on Net Assets | 0.41% | -1.05% | 1.46% | - During the reporting period, the company's total non-recurring gains and losses amounted to 2.92 million Yuan, primarily from government subsidies[27][28] Management Discussion and Analysis This section provides a detailed analysis of the company's operations, financial performance, and strategic initiatives during the reporting period Main Businesses and Industry Development The company, a provider of embedded operating systems and digital security solutions, focuses on smart terminals, identity authentication, and security chip products, with smart terminals being the largest revenue contributor H1 2025 Main Business Revenue Composition | Product Category | Operating Revenue (million Yuan) | % of Total Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Smart Terminal Products | 148.39 | 40.91% | 10.89% | | Identity Authentication Products | 132.89 | 36.63% | 1.97% | | Security Chip Products | 42.48 | 11.71% | 9.30% | - Industry trends show continued growth in the digital economy and digital payments, alongside a surge in cybersecurity threats, particularly identity-related attacks, driving the development of multi-factor authentication (MFA) and post-quantum cryptography (PQC) technologies, presenting opportunities for the company[31][32][33] - The company plans to increase R&D and industrialization efforts in payment security, especially for smart payment terminals, to achieve strategic transformation and upgrading[34] Core Competitiveness Analysis The company's core strengths lie in its industry position, extensive customer base, skilled workforce, and significant technological accumulation, including a large patent portfolio - The company is a leading provider of smart network identity authentication products with extensive coverage among domestic bank clients, demonstrating a significant customer advantage[35] - The company employs over 700 staff, with nearly half being technical personnel, indicating a strong R&D team[35] - As of June 30, 2025, the company and its subsidiaries hold 831 valid patents (652 invention patents) and 284 computer software copyrights, showcasing a clear technological advantage[36] Analysis of Main Business Operating revenue increased by 9.83%, while R&D investment significantly decreased; cash flow from operations improved due to better sales collection and cost control, with overseas business driving growth Key Financial Data Year-over-Year Changes | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 362,745,445.48 | 330,280,186.79 | 9.83% | - | | R&D Investment | 27,445,163.68 | 47,366,395.42 | -42.06% | Decrease in R&D work hours | | Net Cash Flow from Operating Activities | -30,948,427.69 | -86,609,736.57 | 64.27% | Increase in sales collection and cost/expense control | Gross Profit Margin and Changes by Product/Region | Category | Operating Revenue YoY | Operating Cost YoY | Gross Profit Margin | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | By Product | | | | | | Identity Authentication Products | 1.97% | 5.22% | 49.36% | -1.56% | | Smart Terminals | 10.89% | 4.57% | 29.19% | 4.28% | | Security Chips | 9.30% | -3.02% | 36.65% | 8.05% | | By Region | | | | | | Domestic | 0.11% | -0.83% | 35.91% | 0.60% | | International | 19.46% | 12.54% | 43.44% | 3.48% | Analysis of Non-Core Business Non-core operations significantly impacted total profit, with investment losses from associates and substantial, but unsustainable, government subsidies contributing to operating income Non-Core Business Profit and Loss | Item | Amount (Yuan) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | -1,027,588.96 | -20.45% | Primarily due to losses from associate company Yunshang | | Non-Operating Income | 3,044,634.24 | 60.61% | Primarily due to government subsidies related to income | Analysis of Assets and Liabilities Total assets decreased by 4.58% to 1.61 billion Yuan, with a significant increase in other current assets due to bank deposits and a reclassification of non-current assets - Other current assets at period-end totaled 741 million Yuan, increasing their proportion of total assets from 31.61% to 46.01%, primarily due to an increase in bank certificates of deposit[47] - Other non-current assets significantly decreased from 106 million Yuan at the end of the prior year to 68,400 Yuan, mainly due to reclassification of related assets to non-current assets due within one year[47] Analysis of Investment Status The company's investment amount significantly increased to 5.28 million Yuan, with its fair-valued financial assets (stocks) showing an accumulated negative fair value change Investment Amount During Reporting Period | Item | Amount (Yuan) | | :--- | :--- | | Investment Amount During Reporting Period | 5,282,184.33 | | Investment Amount in Prior Year Period | 0.00 | - The company's equity financial assets held at period-end amounted to 10.54 million Yuan, with fair value changes in the current period resulting in a 2.34 million Yuan decrease in other comprehensive income[54][49] Corporate Governance, Environment and Society This section covers the company's governance structure, including personnel changes, and its environmental and social responsibilities Corporate Governance The company's governance structure saw changes with the dismissal of two supervisors, and no profit distribution or equity incentive plans were implemented during the period - During the reporting period, supervisors Sun Xiaodong and employee supervisor Zhang Yingkui were dismissed[66] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[67] - There were no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[68] Environmental and Social Responsibility The company and its main subsidiaries are not designated as legally required environmental information disclosure entities, and specific social responsibility details are not provided - The company and its main subsidiaries are not enterprises legally required to disclose environmental information[69] Significant Matters This section details significant events and commitments, including the absence of major outstanding issues, related party transactions, or audited financial reports Overview of Significant Matters The company had no overdue commitments, no non-operating fund occupation by controlling shareholders, no irregular external guarantees, and no major related party transactions or contracts during the period - During the reporting period, the company had no significant commitments, no non-operating fund occupation by controlling shareholders, no irregular guarantees, no major related party transactions, or major contracts[71][72][73][79][92] - The company's half-year financial report is unaudited[74] - The company is involved in a patent litigation appeal case ((2023) Supreme People's Court Zhi Xing Zhong No. 1125), which remains unresolved as of the end of the reporting period[77] Share Changes and Shareholder Information This section details changes in the company's share capital and the composition of its shareholders Share Changes The total share capital remained unchanged at 418.04 million shares, but restricted shares decreased by 2.54 million shares due to the lifting of restrictions on executive shares - During the reporting period, restricted shares decreased by 2,542,500 shares and unrestricted shares increased by 2,542,500 shares due to the lifting of restrictions on executive shares, with total share capital remaining unchanged[97][98] - The shares released from restriction primarily belonged to executive Lu Zhou, whose restricted shareholding decreased from 39,476,067 shares to 36,933,567 shares[99] Number of Shareholders and Shareholding Information As of the reporting period end, the company had 58,256 common shareholders, with the top three shareholders holding over 52% of shares, indicating a relatively concentrated ownership structure - As of the end of the reporting period, the company had a total of 58,256 shareholders[102] Top Three Shareholders' Shareholding Information | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | | Huang Yu | 30.31% | 126,700,046 | | Li Wei | 11.26% | 47,086,061 | | Lu Zhou | 10.68% | 44,634,756 | Changes in Shareholdings of Directors, Supervisors and Senior Management During the reporting period, only Director and Deputy Manager Lu Zhou's shareholding changed, decreasing by 4.61 million shares through reduction - Director and Deputy Manager Lu Zhou reduced his shareholding by 4,610,000 shares during the current reporting period[104] Bond-Related Information This section confirms the absence of any bond-related activities or outstanding bonds during the reporting period Bond Information The company had no bond-related activities during the reporting period - The company had no bond-related matters during the current reporting period[108] Financial Report This section presents the company's unaudited financial statements for the first half of 2025, including balance sheets, income statements, and cash flow statements Audit Opinion The company's 2025 half-year financial report is unaudited - This half-year financial report is unaudited[110] 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 H1 2025 Consolidated Balance Sheet As of June 30, 2025, total assets were 1.61 billion Yuan (down 4.58%); total liabilities were 137 million Yuan (down 35.49%); and owners' equity attributable to the parent company was 1.47 billion Yuan (up 0.17%) Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,609,664,332.80 | 1,686,892,442.63 | | Total Liabilities | 136,972,609.45 | 212,318,224.55 | | Total Owners' Equity Attributable to Parent Company | 1,472,691,723.35 | 1,470,242,282.64 | Consolidated Income Statement In H1 2025, the company achieved 362.75 million Yuan in total operating revenue (up 9.83%) and successfully turned a profit, with net profit attributable to parent company shareholders reaching 6.06 million Yuan Consolidated Income Statement Key Items (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 362,745,445.48 | 330,280,186.79 | | Operating Profit | 2,058,810.57 | -22,275,504.04 | | Total Profit | 5,023,694.54 | -15,113,507.57 | | Net Profit | 6,030,911.43 | -16,313,171.64 | | Net Profit Attributable to Parent Company Shareholders | 6,061,320.86 | -16,095,168.13 | Consolidated Cash Flow Statement Net cash flow from operating activities significantly improved to -30.95 million Yuan, while net cash flow from investing activities was -23.85 million Yuan, primarily due to increased cash management investments Consolidated Cash Flow Statement Key Items (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -30,948,427.69 | -86,609,736.57 | | Net Cash Flow from Investing Activities | -23,855,446.76 | -7,005,068.50 | | Net Cash Flow from Financing Activities | -4,506,663.18 | -5,889,583.05 | | Net Increase in Cash and Cash Equivalents | -56,779,051.49 | -98,762,032.85 | Notes to Financial Statements This section provides detailed explanations of the company's general information, financial statement preparation basis, significant accounting policies, taxes, and specific notes on key balance sheet and income statement items