江特电机(002176) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's management assures the report's accuracy and completeness, highlighting macroeconomic, lithium price, raw material, management, and hedging risks, with no semi-annual dividend or share capital increase planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4] - The company's head, chief financial officer, and head of the accounting department declare the financial report is true, accurate, and complete[4] - The company highlights risks including macroeconomic conditions, lithium price fluctuations, raw material price volatility, management, and futures hedging[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5] Catalogue of Documents for Reference This section lists the semi-annual report's reference documents, including signed financial statements and original disclosure files, all available at the company's securities department - Reference documents include signed and sealed financial statements, original public disclosure files, the legal representative's signed report original, and other materials[9] - All reference documents are kept at the company's securities department[9] Definitions This section defines key terms, including company names, major subsidiaries, the reporting period, and currency units, for clear report comprehension - Defines "Company" and "Jiangte Motor" as Jiangte Motor Co., Ltd[11] - Lists full and abbreviated names of several subsidiaries and associated companies, such as Jiangte Industrial, Jiangte Electric, and Yinli New Energy[11] - Specifies the reporting period as January 1, 2025, to June 30, 2025[11] Section II Company Profile and Key Financial Indicators I. Company Profile This section provides the company's basic information, including stock details, listing exchange, names, and legal representative - Stock Abbreviation: Jiangte Motor, Stock Code: 002176[13] - Stock Listing Exchange: Shenzhen Stock Exchange[13] - Company Legal Representative: Liang Yun[13] II. Contact Persons and Contact Information This section provides contact details for the company's board secretary and securities affairs representatives, including names, addresses, and communication channels - Board Secretary: Jiang Xiaoan, Securities Affairs Representatives: Qu Hongbo, Li Guoling[14] - Contact Phone: 0795-3266280, Email: jiangte002176@aliyun.com[14] III. Other Information No changes occurred in the company's contact information, disclosure details, or other relevant materials during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - Information disclosure and storage locations remained unchanged during the reporting period[16] IV. Key Accounting Data and Financial Indicators Operating revenue grew by 35.85%, but net profit attributable to shareholders declined by 78.24% due to falling lithium salt prices, with total assets and net assets also decreasing Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 975,166,278.13 | 717,831,652.73 | 35.85% | | Net Profit Attributable to Shareholders of Listed Company | -114,188,334.54 | -64,065,573.73 | -78.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -161,286,841.44 | -144,938,213.15 | -11.28% | | Net Cash Flow from Operating Activities | -296,266,518.96 | -275,020,371.50 | -7.73% | | Basic Earnings Per Share (yuan/share) | -0.07 | -0.04 | -75.00% | | Diluted Earnings Per Share (yuan/share) | -0.07 | -0.04 | -75.00% | | Weighted Average Return on Net Assets | -3.31% | -1.69% | -1.62% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End Change from Prior Year-End | | Total Assets | 6,163,000,895.52 | 6,640,996,631.95 | -7.20% | | Net Assets Attributable to Shareholders of Listed Company | 3,394,193,266.17 | 3,504,821,893.73 | -3.16% | V. Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit or net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[19] - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[20] VI. Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses reached 47.10 million yuan, mainly from fair value changes in financial instruments and government subsidies Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -5,314.36 | | Government subsidies recognized in current profit and loss (excluding those with continuous impact) | 6,760,422.55 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal gains and losses (excluding hedging activities) | 52,803,232.57 | | Gains and losses from debt restructuring | -337,858.84 | | Other non-operating income and expenses | -2,099,492.93 | | Less: Income tax impact | 10,096,746.60 | | Impact on minority interests (after tax) | -74,264.51 | | Total | 47,098,506.90 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[23] - The company has not classified non-recurring gains and losses as recurring gains and losses[23] Section III Management Discussion and Analysis I. Principal Businesses Engaged in During the Reporting Period The company operates in intelligent motors, leading in wind power and construction machinery motors, and lithium, leveraging integrated mica extraction for new energy and energy storage markets (I) Intelligent Motor Segment The intelligent motor segment thrives on manufacturing upgrades and green economy, with the company leading in wind power, construction machinery, and servo motors, while developing integrated servo systems - The motor industry is driven by emerging fields like robotics, industrial manufacturing, automotive, and low-altitude economy, leading to high demand for miniaturized, efficient, and energy-saving motors[25] - The company holds the top market share in wind power supporting motors domestically, with construction machinery motors, servo motors, and stepper motors ranking among the top in domestic shipments[28] - Company products are widely used in robotics, industrial automation, aircraft, wind power, and new energy vehicles, having developed high-efficiency and energy-saving motors such as YE4, YE5, and permanent magnet motors[30] - The company's operating model is primarily direct sales based on sales orders, with increased R&D investment in high-efficiency, energy-saving, and robotic motors to build servo systems[31][32] (II) Lithium Segment The lithium segment, a strategic resource, sees the company as a leading lithium mica extractor with an integrated value chain and over 100 million tons of lithium ore, actively hedging against price volatility - Lithium is known as "white petroleum," and lithium carbonate is a core raw material for lithium battery cathode materials, used in new energy vehicles, energy storage, and consumer electronics[33] - From January to June 2025, domestic lithium carbonate output was 431,500 tons, a year-on-year increase of 44.58%; lithium hydroxide output was 144,600 tons, a year-on-year decrease of 17.18%[34] - The company has formed an integrated industry chain of lithium ore mining, beneficiation, and deep processing of lithium salts, making it one of the leading domestic lithium mica extraction enterprises with over 100 million tons of lithium ore resources[37][38] - The company primarily sells battery-grade and industrial-grade lithium carbonate, along with co-existing mineral products like feldspar powder and tantalum-niobium, enhancing comprehensive resource utilization efficiency[38] - The company adopts an integrated operating model, primarily direct sales, and actively participates in lithium carbonate futures hedging to mitigate price fluctuation risks[40] - Lithium carbonate prices previously fell sharply, but with capacity rationalization and sustained downstream demand growth, prices are expected to stabilize and rebound in the future[41] II. Analysis of Core Competencies The company's core competencies include strong R&D, a nationwide marketing network, and a 60-year brand in intelligent motors, alongside abundant lithium resources, integrated processing, and leading mica extraction technology in the lithium segment (I) Intelligent Motor Segment The intelligent motor segment features strong R&D, proprietary technologies, participation in standard setting, a nationwide marketing network, and over 60 years of brand heritage, leading in several niche product categories - The company holds 20 invention patents, 73 utility model patents, 1 design patent, 2 software copyrights, and has participated in drafting 50 national/industry standards[42] - The company has built a nationwide multi-dimensional marketing network, divided into five geographical regions, with a marketing department for industry-specific vertical management[43] - The company has over 60 years of technological accumulation, high brand recognition, and a leading position in several niche industries, with its subsidiary Hangzhou Mige's robot-specific E/B series motors supplied in bulk to leading domestic enterprises[45] (II) Lithium Segment The lithium segment benefits from over 100 million tons of lithium ore in Yichun, an integrated mining-beneficiation-metallurgy value chain for cost efficiency, and Yinli New Energy's leading lithium mica extraction technology and patents - The company holds multiple mining and exploration rights in the Yichun area, with total lithium ore resources held or controlled exceeding 100 million tons[46] - The Xikeng Lithium Mine in Yifeng County is currently the company's most important mining area, with ore resource reserves of 72.93 million tons (average Li2O grade 0.44%) or 126.67 million tons (average Li2O grade 0.39%)[46] - The company has formed a vertically integrated industry chain of "ore mining - ore beneficiation and comprehensive utilization - lithium salt production and deep processing," enhancing economic value through multi-product co-production[47] - Wholly-owned subsidiary Yinli New Energy is a national high-tech enterprise with a provincial-level enterprise technology center, holding a leading position in domestic lithium mica extraction technology with 11 invention patents and 32 utility model patents[48] III. Analysis of Principal Business Operating revenue grew by 35.85% due to higher lithium salt sales, but total profit and net profit attributable to the parent company fell by 231.70% and 78.24% respectively, driven by declining lithium salt prices, despite increased lithium segment revenue - During the reporting period, the company achieved operating revenue of 975.17 million yuan, a year-on-year increase of 35.85%, primarily due to increased production and sales of lithium salt products[49] - The company's total profit was -128.33 million yuan, a year-on-year decrease of 231.70%; net profit attributable to the parent company was -114.19 million yuan, a year-on-year decrease of 78.24%, mainly due to falling lithium salt product prices leading to lower gross profit[49] Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 975,166,278.13 | 717,831,652.73 | 35.85% | Increased production and sales of lithium salt products | | Operating Cost | 933,211,182.57 | 687,467,276.12 | 35.75% | Increased production and sales of lithium salt products | | Financial Expenses | 16,810,682.38 | 4,841,913.52 | 247.19% | Increased interest expenses, decreased interest income | | Income Tax Expense | -12,444,916.64 | 28,040,379.60 | -144.38% | Increased losses | | Net Cash Flow from Investing Activities | 65,706,706.41 | 142,084,708.10 | -53.76% | Large-denomination certificates of deposit matured in prior year | | Net Cash Flow from Financing Activities | -66,662,067.26 | 366,313,629.43 | -118.20% | Decreased bank borrowings | | Net Increase in Cash and Cash Equivalents | -295,433,558.72 | 233,389,079.52 | -226.58% | Net cash flow from operating activities decreased year-on-year | Composition of Operating Revenue (By Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 47.21% | 213,233,525.09 | 29.70% | 115.91% | | | Motors | 485,654,997.02 | 49.80% | 482,003,390.70 | 67.15% | 0.76% | | By Product | Industrial Motors | 326,768,046.46 | 33.51% | 261,350,051.77 | 36.41% | 25.03% | | | Servo Motors | 91,569,099.11 | 9.39% | 140,935,473.51 | 19.63% | -35.03% | | | Other Motors | 67,317,851.45 | 6.90% | 79,717,865.42 | 11.11% | -15.55% | | By Region | East China | 433,058,983.65 | 44.40% | 361,465,742.96 | 50.35% | 19.81% | | | South China | 217,825,113.33 | 22.34% | 132,789,051.87 | 18.50% | 64.04% | | | Southwest China | 156,372,451.36 | 16.04% | 118,448,592.72 | 16.50% | 32.02% | IV. Analysis of Non-Principal Business While non-principal business details are not explicit, provided data shows negative gross margins for lithium mining and salt manufacturing, contrasting with positive margins for the motor business Analysis of Non-Principal Business (By Industry, Product, Region) | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 535,292,261.29 | -16.27% | 115.91% | 88.72% | 16.75% | | | Motors | 485,654,997.02 | 372,958,234.83 | 23.21% | 0.76% | -2.16% | 2.30% | | By Product | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 535,292,261.29 | -16.27% | 115.91% | 88.72% | 16.75% | | | Industrial Motors | 326,768,046.46 | 256,266,779.13 | 21.58% | 25.03% | 22.48% | 1.64% | | By Region | Southwest China | 156,372,451.36 | 171,349,378.16 | -9.58% | 32.02% | 15.89% | 15.25% | | | South China | 217,825,113.33 | 224,456,001.46 | -3.04% | 64.04% | 52.22% | 8.01% | | | East China | 433,058,983.65 | 395,487,309.43 | 8.68% | 19.81% | 28.38% | -6.10% | V. Analysis of Assets and Liabilities Total assets and net assets attributable to shareholders decreased, with declines in liquid assets and long-term borrowings (due to reclassification), while construction in progress significantly increased from tech upgrade investments Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 674,242,945.21 | 10.94% | 1,006,353,295.93 | 15.15% | -4.21% | Decreased cash inflow, increased payments | | Construction in Progress | 39,777,859.17 | 0.65% | 15,517,898.79 | 0.23% | 0.42% | Increased investment in technological upgrades | | Right-of-Use Assets | 1,039,065.47 | 0.02% | 2,174,499.45 | 0.03% | -0.01% | Depreciation recognized | | Contract Liabilities | 40,893,171.41 | 0.66% | 87,395,480.89 | 1.32% | -0.66% | Decreased advance receipts for goods | | Employee Compensation Payable | 41,161,571.67 | 0.67% | 72,261,740.66 | 1.09% | -0.42% | Payment of employee compensation accrued in prior year | | Taxes Payable | 17,231,415.05 | 0.28% | 34,675,236.67 | 0.52% | -0.24% | Payment of prior year's taxes | | Long-Term Borrowings | 430,000,000.00 | 6.98% | 756,544,237.64 | 11.39% | -4.41% | Reclassified to long-term borrowings due within one year | - The company has no significant overseas assets during the reporting period[57] Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 23,804,570.25 | -8,652,503.69 | 15,152,066.56 | | Total | 23,804,570.25 | -8,652,503.69 | 15,152,066.56 | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 212,364,718.42 | 212,364,718.42 | Margin | Issuance of bank acceptance bills | | Monetary Funds | 6,528,501.14 | 6,528,501.14 | Margin | Issuance of letters of guarantee | | Monetary Funds | 58,400,000.00 | 58,400,000.00 | Margin | Issuance of letters of credit | | Monetary Funds | 7,062,928.60 | 7,062,928.60 | Margin | Futures margin | | Monetary Funds | 7,113,862.47 | 7,113,862.47 | Margin | Mine ecological restoration fund | | Notes Receivable, Accounts Receivable Financing | 283,468,762.76 | 283,468,762.76 | Pledge | Issuance of bank acceptance bills | | Total | 574,938,773.39 | 574,938,773.39 | | | VI. Analysis of Investment Status Total investment decreased by 68.89%, with no major equity investments or raised fund usage, while non-equity investments focused on lithium tech upgrades and minor projects; futures hedging successfully mitigated price risks Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 25,342,084.24 | 81,453,430.73 | -68.89% | - There were no significant equity investments during the reporting period[62] Significant Non-Equity Investments in Progress | Project Name | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of Period-End (yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Lithium Precipitation Technical Upgrade Project | 7,835,343.60 | 14,021,561.43 | 21.09% | | Other Minor Engineering Projects | 16,506,740.64 | 88,705,077.40 | Partially transferred to fixed assets | | Total | 24,342,084.24 | 102,726,638.83 | | - The company had no securities investments or speculative derivative investments during the reporting period[64][68] Derivative Investments for Hedging Purposes | Derivative Investment Type | Beginning Balance (ten thousand yuan) | Fair Value Change Gain/Loss for the Period (ten thousand yuan) | Ending Balance (ten thousand yuan) | Ending Investment Amount as % of Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Commodity Futures | 43,677.97 | 1,245.54 | 8,882.52 | 2.62% | | Total | 43,677.97 | 1,245.54 | 8,882.52 | 2.62% | - The company utilized the risk-hedging function of futures instruments to conduct lithium carbonate commodity futures hedging, with management results meeting expectations and largely achieving the anticipated risk management objectives[66] - The company had no use of raised funds during the reporting period[69] VII. Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not sell any significant assets during the reporting period[70] - The company did not sell any significant equity during the reporting period[71] VIII. Analysis of Major Holding and Participating Companies This section analyzes major subsidiaries, noting Yichun Yinli New Energy's negative net profit, and details the establishment of two new subsidiaries and the deregistration of one Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Type | Business Nature | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yichun Yinli New Energy Co., Ltd. | Subsidiary | Lithium ore processing | 8,000.00 | 301,231.67 | 133,591.18 | 45,297.18 | -11,889.83 | -10,113.87 | | Jiangxi Jiangte Motor Co., Ltd. | Subsidiary | Motor product production and sales | 20,000.00 | 114,139.32 | 38,779.20 | 32,756.26 | 2,549.16 | 2,145.45 | - During the reporting period, the company invested in establishing Zambia Jiangte Mining Co., Ltd. and Ji'an Yinli Lithium Battery New Energy Co., Ltd., and deregistered Jiangsu Mige Jiangte Motor Co., Ltd., with no significant impact on overall production, operations, or performance[73] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[74] X. Risks Faced by the Company and Countermeasures The company addresses macroeconomic, lithium price, raw material, management, and hedging risks through strategic optimization, internal controls, R&D investment, supply chain stability, and futures hedging - The company faces macroeconomic risks, which may impact sales in both the motor and lithium businesses[74] - The company faces lithium price fluctuation risks, which could lead to a decline in lithium carbonate product prices and affect performance[74] - The company faces raw material price fluctuation risks, which could increase costs and impact gross profit margins[75] - The company faces management risks, as its operational scale expands, management capabilities require continuous improvement[75] - The company faces futures hedging risks, including market risk, policy risk, liquidity risk, operational risk, and technical risk[76] - Countermeasures include optimizing company strategy, strengthening internal controls, increasing R&D investment, establishing stable supply chains, utilizing futures hedging, and improving corporate governance and management processes[74][75][76][77] XI. Implementation of Market Value Management System and Valuation Enhancement Plan The company implemented a "Market Value Management System" to boost investment value and returns, but a specific valuation enhancement plan remains undisclosed - The company has formulated a "Market Value Management System," which has been approved by the board of directors[78] - The company has not disclosed a valuation enhancement plan[78] XII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan The company has not released an announcement concerning its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[79] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes during the reporting period[81] II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[82] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans but implemented three employee stock ownership plans, with shares from the first phase disposed due to resignations and shares from the second and third phases disposed upon lock-up expiration, all accounted for in financial statements - The company had no equity incentive plans during the reporting period[83] Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Stock Ownership Plan | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Source for Plan Implementation | | :--- | :--- | :--- | :--- | :--- | | First Phase | 118 | 2,138,575.00 | 0.13% | Employees' legal remuneration, self-raised funds, etc. | | Second Phase | 28 | 814,100.00 | 0.05% | Employees' legal remuneration, self-raised funds, etc. | | Third Phase | 55 | 312,500.00 | 0.02% | Employees' legal remuneration, self-raised funds, etc. | - In the first phase of the employee stock ownership plan, 93,600 shares were cumulatively disposed of due to some holders' resignations, accounting for 4.19% of that plan[88] - In the second phase of the employee stock ownership plan, 570,900 shares were cumulatively disposed of due to the