金麒麟(603586) - 2025 Q2 - 季度财报

Glossary This chapter defines professional terms and company entity abbreviations used in the report for better investor understanding - This chapter primarily defines professional terms and company entity abbreviations used in the report[14] Company Profile and Key Financial Indicators Basic Company Information This chapter provides an overview of the company's basic business registration, contact details, stock listing, and code Basic Company Information | Item | Content | | :--- | :--- | | Chinese Name | Shandong Jinqilin Co., Ltd. | | Chinese Abbreviation | Jinqilin | | Legal Representative | Sun Peng | | Stock Exchange | Shanghai Stock Exchange | | Stock Abbreviation | Jinqilin | | Stock Code | 603586 | Key Accounting Data and Financial Indicators H1 2025 saw significant performance growth, with operating revenue, net profit, and operating cash flow all increasing substantially Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 964,374,020.37 CNY | 775,604,102.52 CNY | 24.34% | | Net Profit Attributable to Shareholders | 107,696,721.46 CNY | 33,021,644.47 CNY | 226.14% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 106,268,189.44 CNY | 33,959,727.84 CNY | 212.92% | | Net Cash Flow from Operating Activities | 102,579,493.39 CNY | 27,269,798.93 CNY | 276.17% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.55 | 0.17 | 223.53% | | Weighted Average Return on Net Assets (%) | 4.64% | 1.46% | 3.18 percentage points increase | - The growth in the company's financial indicators is primarily attributed to increased sales of main products, receipt of investment fund dividends, and the impact of exchange rate fluctuations during the reporting period[23] Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 1.43 million CNY, primarily from entrusted investment gains and government subsidies Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government Subsidies | 984,192.03 | | Gains/Losses from Entrusted Investment or Asset Management | 1,050,333.33 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities | -281,318.08 | | Other Non-operating Income and Expenses | -138,106.72 | | Gains/Losses from Disposal of Non-current Assets | -5,768.10 | | Income Tax Impact | -180,800.44 | | Total | 1,428,532.02 | Management Discussion and Analysis Industry and Main Business Overview during the Reporting Period The company manufactures friction materials and braking products for global automotive AM and OEM markets, with overseas AM as its main revenue source - The company primarily engages in the R&D, production, and sales of friction materials and braking products, belonging to the automotive parts and accessories manufacturing industry, with its development closely linked to the downstream automotive sector[29] - The company's main products are automotive brake pads and brake discs, with over 300 formulas capable of producing 6,800 types of brake pads and over 4,600 types of brake discs suitable for mainstream global vehicle models, primarily targeting the overseas AM market while also supplying OEM parts to manufacturers like Daimler[33] - The company employs diversified sales models: the overseas AM market primarily uses ODM, leveraging core R&D technology; the domestic AM market sells through distributors under its own brands (e.g., "LPB Jinqilin"); and the OEM market directly supplies braking system integrators[43][44][46] Discussion and Analysis of Operations H1 2025 saw strong revenue and net profit growth, driven by international market expansion, domestic aftermarket sales, and R&D initiatives Key Operating Indicators | Indicator | H1 2025 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 964 million CNY | 24.34% | | Net Profit Attributable to Shareholders | 108 million CNY | 226.14% | | Net Cash Flow from Operating Activities | 103 million CNY | 276.17% | - In terms of market expansion, the company actively responded to Sino-US trade friction, maintaining cooperation with US customers while focusing on developing emerging markets through global exhibitions, with 5 new customers entering the transaction stage, and domestic aftermarket brake disc sales increasing by 44.65%[46][47] - In R&D and innovation, the company continues to advance formula development compliant with Euro 7 brake dust emission regulations, steadily progressing the European Mercedes-Benz OES project for mass production, and increasing R&D investment in new energy vehicle products[49] Analysis of Core Competencies during the Reporting Period Core competencies include advanced technology, extensive customer base, broad product range, high-quality systems, and 'one-stop' supply capability - Technology and Manufacturing Advantage: The company possesses independent R&D capabilities, a "National Certified Enterprise Technology Center," and masters over 300 brake friction material formulas, including high-end ceramic formulas[52] - Scale and Product Variety Advantage: The company is one of the largest enterprises in the domestic industry, offering over 6,800 varieties of brake pads and over 4,600 varieties of brake discs to meet customers' "small batch, multi-variety" demands[53] - Quality Advantage: The company has passed high-level quality system certifications such as IATF16949:2016, with products meeting strict domestic and international standards including GB5763-2018, AMECA, NSF, and ECER90, and a large number of products have obtained E-Mark certification[53][54] Main Operating Conditions during the Reporting Period Key financial accounts showed significant changes, including increased revenue and costs, decreased financial expenses due to exchange rates, and higher operating cash flow, alongside reduced contract liabilities and long-term borrowings Income Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 964,374,020.37 | 775,604,102.52 | 24.34 | Increased sales of main products | | Operating Cost | 752,739,616.02 | 609,255,845.77 | 23.55 | Increased sales of main products | | Financial Expenses | -16,893,128.66 | 5,823,544.23 | -390.08 | Exchange rate fluctuations | | Net Cash Flow from Operating Activities | 102,579,493.39 | 27,269,798.93 | 276.17 | Increased sales and collections | Balance Sheet Items | Asset/Liability Item | Period-End Amount (CNY) | Prior Year-End Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 2,802,028.53 | 12,890,118.41 | -78.26 | Decrease in product sales prepayments | | Long-term Borrowings | 30,000,000.00 | 60,000,000.00 | -50.00 | Reclassification of some long-term borrowings due within one year | | Non-current Liabilities Due Within One Year | 60,642,937.09 | 974,974.19 | 6,119.95 | Reclassification of long-term borrowings due within one year | Analysis of Investment Status Main equity investments include a new energy vehicle fund and a 50/50 joint venture with Brembo (Boqilin) for the international brake pad aftermarket - The company, as a limited partner, invested 75 million CNY (accounting for 29.70%) to establish Zhuhai Shangqi Huajin Automotive Industry Equity Investment Fund, primarily investing in new energy and intelligent connected vehicle sectors[62] - In 2022, the company established a joint venture, Boqilin, with Brembo, with both parties contributing 50% each, aiming to combine their strengths to serve the aftermarket for passenger vehicles, light commercial vehicles, and heavy-duty trucks[63] Potential Risks The company faces risks in product quality, export operations, raw material price volatility, RMB appreciation, and operational management due to scale expansion - Product Quality Risk: Brake pads and discs are critical automotive safety components, and any significant quality issues could lead to substantial losses and impact product certification and sales[64] - Export Business Operational Risk: Over 80% of the company's main business revenue comes from exports, and changes in the political and economic environment or trade policies of destination countries and regions will adversely affect operating performance[64] - Raw Material Price Fluctuation Risk: Significant fluctuations in the prices of major raw materials like steel, if product price adjustments lag, will have a considerable impact on production costs and profitability[65] - Exchange Loss Risk: The company's exports are primarily settled in USD, and RMB appreciation will lead to exchange losses, adversely affecting operating performance[65] Corporate Governance, Environment, and Society No changes occurred in directors, supervisors, or senior management, no half-year profit distribution plan was set, and a subsidiary was listed for environmental disclosure - During the reporting period, there were no changes in the company's directors, supervisors, or senior management[69] - The company has no half-year profit distribution or capital reserve capitalization plan[69] - The subsidiary "Jinan Jinqilin Brake System Co., Ltd." was included in the list of enterprises required to disclose environmental information by law[70] Significant Matters Fulfillment of Commitments The company and related parties strictly fulfilled all IPO commitments, including resolving horizontal competition and share lock-up - The company's controlling shareholder, Jinqilin Investment, and actual controller, Sun Zhongyi, committed not to engage in businesses that compete with the company, and this long-term commitment was strictly fulfilled during the reporting period[73] Significant Related Party Transactions Significant related party transactions with joint venture Boqilin totaled 107 million CNY, and the financing counter-guarantee obligation was fulfilled - The company expects to have ordinary related party transactions with affiliate Boqilin not exceeding 307.2412 million CNY for 2025, with actual transactions during the reporting period amounting to 106.6382 million CNY, of which material sales transactions were 97.5222 million CNY[78][79] - As of April 2025, Boqilin had repaid the 40 million CNY loan, and the company's counter-guarantee obligation for it was fulfilled[82][86] Significant Contracts and Their Fulfillment The company's 25 million CNY guarantee for joint venture Boqilin was fulfilled, resulting in a zero external guarantee balance at period-end - The company's guarantee for joint venture Boqilin was fulfilled by April 2025, as Boqilin repaid the 40 million CNY loan on schedule[86] Guarantee Information | Guarantee Status | Amount (million CNY) | | :--- | :--- | | Total Guarantees Issued During Reporting Period | -25.00 | | Total Guarantee Balance at Period-End | 0.00 | Explanation of Proceeds Utilization Progress All IPO fundraising projects are complete, with 103.47 million CNY from a brake disc project transferred to working capital, and all special accounts closed - The company's net proceeds from its initial public offering amounted to 1.04 billion CNY, with a cumulative investment of 900 million CNY as of the end of the reporting period, representing an investment progress of 86.52%[88] - During the reporting period, the company completed the "Annual Production of 6 Million High-Performance Automotive Brake Discs Project" and permanently transferred the remaining 103.4688 million CNY of raised funds to supplement working capital[92] - All special fundraising accounts opened by the company for its initial public offering have been closed[93] Share Changes and Shareholder Information Total share capital and structure remained unchanged, with 20,483 common shareholders and stable equity among the top three shareholders - During the reporting period, the company's total share capital and capital structure remained unchanged[96] Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Shandong Jinqilin Investment Management Co., Ltd. | 90,672,757 | 46.25 | | Sun Zhongyi | 19,300,062 | 9.84 | | Leling Jinfeng Investment Management Co., Ltd. | 7,012,698 | 3.58 | Bond-Related Information This chapter clarifies that the company has no outstanding corporate bonds, enterprise bonds, or convertible corporate bonds - The company has no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[103] - The company has no outstanding convertible corporate bonds[103] Financial Report Financial Statements This chapter presents the company's unaudited H1 2025 consolidated and parent company financial statements, reflecting financial position, operating results, and cash flows - Consolidated balance sheet and parent company balance sheet as of June 30, 2025 are provided[105][108] - Consolidated income statement and parent company income statement for January-June 2025 are provided[110][114] - Consolidated cash flow statement and parent company cash flow statement for January-June 2025 are provided[117][120] Significant Accounting Policies and Estimates This chapter details fundamental accounting principles, policies, and estimates for financial instruments, inventories, fixed assets, revenue recognition, and government grants - Financial statements are prepared on a going concern basis and in accordance with the requirements of the Enterprise Accounting Standards[135][136] - Revenue recognition policy: Revenue is recognized when the customer obtains control of the related goods or services, typically for export business, when export customs procedures are completed and bills of lading or other documents are obtained[223][227] - Impairment of financial instruments adopts the expected credit loss model, with bad debt provisions for receivables calculated based on aging portfolios[165][167] Notes to Consolidated Financial Statements This chapter provides detailed notes for major consolidated financial statement items, including assets, liabilities, and owners' equity - As of period-end, the company's monetary funds balance was 746 million CNY, of which 1.0058 million CNY were restricted funds (primarily deposits)[252] - Accounts receivable had a book balance of 660 million CNY at period-end, with bad debt provisions of 40.2359 million CNY, resulting in a book value of 619 million CNY, and the top five customers' accounts receivable collectively accounted for 49.53% of the total[262][265] - Long-term equity investments had a book value of 69.5831 million CNY at period-end, entirely comprising investments in joint venture Shandong Boqilin Friction Material Technology Co., Ltd[296]