京山轻机(000821) - 2025 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions This section contains important notices, the table of contents, and definitions of terms used in the report Company Profile and Key Financial Indicators This section provides the company's basic information and key financial data for H1 2025, highlighting changes in revenue, profit, and cash flow Key Accounting Data and Financial Indicators In H1 2025, the company's revenue and net profit declined year-over-year, but its operating cash flow significantly improved with reduced net outflow | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY Billion) | 3.65 | 3.99 | -8.59% | | Net Profit Attributable to Shareholders (CNY Million) | 206.08 | 270.12 | -23.71% | | Net Profit after Non-recurring Items (CNY Million) | 156.81 | 223.05 | -29.70% | | Net Cash Flow from Operating Activities (CNY Million) | -80.28 | -298.72 | 73.13% | | Basic Earnings Per Share (CNY/Share) | 0.33 | 0.43 | -23.26% | | Weighted Average Return on Equity | 4.97% | 7.14% | -2.17% | | Total Assets (CNY Billion) | 13.57 | 14.06 | -3.46% (vs. Year-End) | | Net Assets Attributable to Shareholders (CNY Billion) | 4.21 | 4.04 | 4.10% (vs. Year-End) | Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled CNY 49.27 million, primarily driven by government subsidies and gains from short-term investments | Item | Amount (CNY Million) | Description | | :--- | :--- | :--- | | Government Subsidies | 31.54 | Mainly from VAT input tax credit for advanced manufacturing and various government grants | | Gains/Losses from Financial Assets | 17.96 | Mainly from short-term investment gains | | Other Non-operating Income/Expenses | 11.24 | - | | Gains/Losses on Disposal of Non-current Assets | 0.08 | Mainly from the disposal of idle and scrapped fixed assets | | Total | 49.27 | - | Management Discussion and Analysis This section analyzes H1 2025 performance, detailing the impact of industry cycles on its photovoltaic and packaging equipment businesses and outlining risks Overview of Major Business Activities During the Reporting Period The company's core business is high-end equipment manufacturing, focusing on photovoltaic equipment and corrugated packaging equipment sectors - The company's core businesses are photovoltaic equipment and packaging equipment, operated by its wholly-owned subsidiary Shengcheng Photovoltaic and the parent company, respectively[25] - The photovoltaic cell equipment strategy focuses on commercializing perovskite technology while developing core equipment for HJT, TOPCon, and XBC technologies[31] - The packaging equipment business provides end-to-end solutions for the corrugated packaging industry, from cardboard manufacturing to smart factory management[37] - The company primarily operates on a customized, build-to-order and procure-to-order model, producing highly technical and intelligent products[42] Core Competitiveness Analysis The company's core strengths lie in its R&D capabilities, premium client base, global service network, and integrated solution delivery - The company maintains high R&D investment, spending CNY 195 million in H1 2025 and accumulating CNY 1.37 billion since 2022, holding numerous patents[50] - It has established strong partnerships with leading global players in both photovoltaic (LONGi, Jinko) and packaging (Smurfit Kappa, Hexing) industries[53][54] - The company has built a global sales and service network covering over 60 countries and possesses strong capabilities in delivering large-scale integrated solutions[56][57] Analysis of Main Business Operations Revenue decreased by 8.59% year-over-year, primarily due to an 18.92% decline in the photovoltaic business, while international revenue also fell | Financial Indicator | H1 2025 (CNY Million) | H1 2024 (CNY Million) | YoY Change | Key Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,646.88 | 3,989.58 | -8.59% | - | | Financial Expenses | 11.31 | -32.94 | 134.34% | Decrease in interest income and net foreign exchange gains | | Net Cash Flow from Operating Activities | -80.28 | -298.72 | 73.13% | Decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | -376.81 | 3.59 | -10,591.69% | Increased spending on swap contracts and structured deposits | | Category | Operating Revenue (CNY Billion) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | By Industry | | | | | Photovoltaic | 2.51 | 68.96% | -18.92% | | Packaging | 0.42 | 11.44% | -4.48% | | Others | 0.71 | 19.59% | 58.51% | | By Region | | | | | Domestic | 3.00 | 82.37% | -2.65% | | International | 0.64 | 17.63% | -28.88% | Analysis of Assets and Liabilities Total assets decreased by 3.46% to CNY 13.57 billion, with a notable shift from inventory to accounts receivable as a percentage of total assets | Key Asset/Liability Item | % of Total Assets (Period-End) | % of Total Assets (Period-Start) | Change | | :--- | :--- | :--- | :--- | | Inventory | 27.97% | 34.37% | -6.40% | | Accounts Receivable | 24.96% | 21.58% | +3.38% | | Contract Liabilities | 10.50% | 14.48% | -3.98% | - As of the period-end, CNY 1.20 billion in assets were restricted, primarily including cash and cash equivalents for security deposits (CNY 0.57 billion) and fixed assets (CNY 0.51 billion) and intangible assets (CNY 0.10 billion) for mortgage loans[72] Company's Risks and Countermeasures The company faces risks from industry cycles, foreign exchange fluctuations, receivables collection, and international trade tensions - The photovoltaic industry is subject to cyclical fluctuations influenced by macroeconomic conditions and energy policies, while the packaging business is affected by downstream consumer industry performance[84] - Expanding overseas operations expose the company to foreign exchange risks from settlements in multiple currencies like USD and EUR[84][85] - Downstream photovoltaic customers face price wars and rapid technological changes, increasing the risk of prolonged accounts receivable cycles and inventory impairment[85] Corporate Governance, Environmental, and Social (ESG) This section details the company's practices in corporate governance, environmental protection, and social responsibility, including its employee stock ownership plan Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives The company launched its fourth-phase employee stock ownership plan, covering 65 core employees with 1.87 million shares - The company implemented its fourth-phase employee stock ownership plan, with 65 participants holding 1,870,000 shares, representing 0.30% of the total share capital[91] - The plan's shares were transferred on July 3, 2024, with an estimated total expense of CNY 7.07 million to be amortized in 2024 and 2025[93][94][95] Social Responsibility The company actively fulfills its social responsibilities toward shareholders, customers, employees, and the environment, including community donations - The company executed its 2024 profit distribution plan, paying a cash dividend of CNY 0.70 (tax inclusive) per 10 shares[101] - The company participated in major domestic and international industry exhibitions like SinoCorrugated, SNEC, and Intersolar Europe to enhance brand influence[45][105] - Recognized as a national-level "Green Factory", the company organized environmental protection activities to practice its green development philosophy[119] - During the reporting period, the company and its subsidiaries donated a total of CNY 0.45 million to support ecological protection, education, and regional economic development[125] Important Matters This section discloses key events, including an unfulfilled performance compensation commitment, related-party transactions, and significant guarantees for subsidiaries Fulfillment of Commitments by Controlling Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Commitments as of the Period End A performance compensation commitment from a 2018 acquisition remains overdue, with the responsible parties convicted of contract fraud - A performance compensation payment of CNY 53.93 million related to the 2018 performance commitment remains largely outstanding[128] - The non-fulfillment is due to the original shareholders being convicted of contract fraud, with a final court judgment issued in May 2024[128] Material Related-Party Transactions The company engaged in routine operational transactions with related parties, all of which were conducted within approved annual limits and at market prices | Related Party | Transaction Content | Amount in Current Period (CNY Million) | Approved Transaction Limit (CNY Million) | | :--- | :--- | :--- | :--- | | Hubei Jingshan Heshun Machinery Co, Ltd | Raw Material Procurement | 15.29 | 70.00 | | Hubei Jinya Blade Co, Ltd | Raw Material Procurement | 3.80 | 15.00 | | Dongguan Shangyi Tungsten Spraying Technology Co, Ltd | Raw Material Procurement | 11.39 | 29.00 | | Wuhan Zhongtaihe Financial Leasing Co, Ltd | Product Sales, Financial Leasing | 0 | 63.00 | Material Contracts and Their Performance The company provided significant guarantees for its subsidiaries, with a total outstanding balance of approximately CNY 1.10 billion at the period-end | Guarantee Category | Approved Limit at Period-End (CNY Million) | Actual Guaranteed Balance at Period-End (CNY Million) | | :--- | :--- | :--- | | Company Guarantees for Subsidiaries | 1,560.00 | 409.78 | | Subsidiary Guarantees for Subsidiaries | 1,835.00 | 690.91 | | Total | 3,595.00 | 1,100.69 | Changes in Share Capital and Shareholders This section details the company's share structure and shareholder information, noting that the total share capital remained unchanged during the period Changes in Share Capital As of June 30, 2025, the company's total share capital was 622,874,778 shares, with no changes during the reporting period | Share Type | Number of Shares | Percentage | | :--- | :--- | :--- | | Shares with Selling Restrictions | 18,224,014 | 2.93% | | Shares without Selling Restrictions | 604,650,764 | 97.07% | | Total Share Capital | 622,874,778 | 100.00% | Number of Shareholders and Shareholding Status The company had 95,171 shareholders at the period-end, with the largest shareholder holding a 20.81% stake, part of which is pledged | Shareholder Name | Shareholding Ratio | Number of Shares | Share Status | | :--- | :--- | :--- | :--- | | Jingshan Jingyuan Technology Investment Co, Ltd | 20.81% | 129,636,484 | Pledged 55,068,600 | | Zu Guoliang | 3.90% | 24,298,685 | - | | Wang Wei | 3.78% | 23,527,417 | - | | Lv Qiang | 1.65% | 10,274,000 | - | | Jingshan Light Machinery Holding Co, Ltd | 1.60% | 9,982,900 | - | - Jingshan Jingyuan Technology Investment Co, Ltd is a wholly-owned subsidiary of Jingshan Light Machinery Holding Co, Ltd, and they are parties acting in concert[165] Bond-related Matters The company has no bond-related matters to disclose for the reporting period Financial Report This section presents the unaudited semi-annual financial statements for 2025 and accompanying notes, detailing the company's financial position and performance Financial Statements This part includes the unaudited consolidated and parent company financial statements for H1 2025, showing key figures for assets, liabilities, income, and cash flows Consolidated Balance Sheet Key Items (2025-06-30) | Item | Ending Balance (CNY Billion) | Opening Balance (CNY Billion) | | :--- | :--- | :--- | | Total Assets | 13.57 | 14.06 | | Total Liabilities | 9.14 | 9.80 | | Equity Attributable to Parent Company | 4.21 | 4.04 | Consolidated Income Statement Key Items (H1 2025) | Item | Current Period Amount (CNY Billion) | Prior Period Amount (CNY Billion) | | :--- | :--- | :--- | | Total Operating Revenue | 3.65 | 3.99 | | Operating Profit | 0.24 | 0.32 | | Net Profit Attributable to Parent Company Shareholders | 0.21 | 0.27 | Consolidated Cash Flow Statement Key Items (H1 2025) | Item | Current Period Amount (CNY Million) | Prior Period Amount (CNY Million) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -80.28 | -298.72 | | Net Cash Flow from Investing Activities | -376.81 | 3.59 | | Net Cash Flow from Financing Activities | 484.23 | 344.50 | | Net Increase in Cash and Cash Equivalents | 36.76 | 66.89 | Notes to Consolidated Financial Statement Items This part provides detailed explanations for key items in the consolidated financial statements, including cash, receivables, inventory, and goodwill - At period-end, the cash and cash equivalents balance was CNY 2.83 billion, of which CNY 0.57 billion was restricted, mainly as security deposits for notes and guarantees[378] - The carrying amount of accounts receivable was CNY 3.39 billion after deducting a bad debt provision of CNY 0.33 billion from a gross value of CNY 3.72 billion[390] - The carrying amount of inventory at period-end was CNY 3.80 billion, a significant decrease from the opening balance of CNY 4.83 billion, mainly due to a reduction in goods dispatched[433] Goodwill and Impairment Provision Status (CNY Million) | Goodwill-generating Acquisition | Carrying Amount | Impairment Provision | Net Book Value | | :--- | :--- | :--- | :--- | | Huizhou Sanxie Precision Co, Ltd | 479.46 | 479.46 | 0.00 | | Shenzhen Huidacheng Intelligent Technology Co, Ltd | 255.78 | 255.78 | 0.00 | | Wuhan Jingfeng Technology Co, Ltd | 63.41 | 36.32 | 27.10 | | Suzhou Shengcheng Photovoltaic Equipment Co, Ltd | 625.35 | 0.00 | 625.35 | | Total | 1,424.00 | 771.55 | 652.45 | Other Submitted Data This section includes supplementary information, primarily records of investor relations activities and details of fund transfers with related parties Record of Investor Relations Activities such as Research Visits, Communications, and Interviews During the Reporting Period The company held two online investor communication events during the period to address investor inquiries regarding its performance and outlook - The company held its 2024 annual results presentation on April 28, 2025[703] - The company participated in the Hubei listed companies' collective investor reception day on June 12, 2025[703]