英杰电气(300820) - 2025 Q2 - 季度财报

Part I Important Notice The board and management affirm the report's integrity, caution on forward-looking statements, and announce no semi-annual dividend or bonus share distribution - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3] - Company head Wang Jun, chief accountant Zhang Haitao, and head of accounting department Zhang Haitao declare that the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This section outlines the report's eight main chapters, covering company overview, financial performance, governance, and key financial statements - The report's table of contents is clear, with eight main chapters for easy investor reference[6] Definitions This section defines key terms and entities, including company details, reporting period, and core product technologies like industrial power supplies and charging piles - The reporting period refers to January 1, 2025, to June 30, 2025[10] - The company's main products include industrial power supplies (such as power controllers and special power supplies) and new energy vehicle charging piles[10][11] Part II Company Profile and Key Financial Indicators I. Company Profile Sichuan Injet Electric Co., Ltd. (stock code: 300820) is listed on the Shenzhen Stock Exchange, with Wang Jun as legal representative - Company stock abbreviation: Injet Electric, stock code: 300820[13] - The company is listed on the Shenzhen Stock Exchange, with Wang Jun as its legal representative[13] II. Contact Person and Information Liu Shiwei serves as Board Secretary and Chen Wen as Securities Affairs Representative, with contact details remaining unchanged - The Board Secretary is Liu Shiwei, and the Securities Affairs Representative is Chen Wen[14] - Contact address: 686 Jinshajiang West Road, Deyang City, Sichuan Province; telephone: 0838-6928306; fax: 0838-6928305; email: dsb@injet.cn[14] III. Other Information No changes occurred in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[15] - Information disclosure and placement locations remained unchanged during the reporting period[16] - The company's registration status remained unchanged during the reporting period[17] IV. Key Accounting Data and Financial Indicators H1 2025 saw a 9.42% revenue decrease and 32.71% net profit decline, with operating cash flow down 31.05%, while total assets and net assets slightly grew Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 722,068,214.53 | 797,129,480.64 | -9.42% | | Net Profit Attributable to Shareholders of Listed Company | 119,499,526.46 | 177,582,927.11 | -32.71% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 114,119,351.88 | 171,714,796.87 | -33.54% | | Net Cash Flow from Operating Activities | 174,654,616.85 | 253,302,709.92 | -31.05% | | Basic Earnings Per Share (CNY/share) | 0.54 | 0.81 | -33.33% | | Diluted Earnings Per Share (CNY/share) | 0.54 | 0.81 | -33.33% | | Weighted Average Return on Net Assets | 4.85% | 7.97% | -3.12% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | Total Assets | 4,033,163,471.00 | 4,015,120,789.31 | 0.45% | | Net Assets Attributable to Shareholders of Listed Company | 2,438,662,794.90 | 2,400,230,604.08 | 1.60% | V. Differences in Accounting Data Under Domestic and International Accounting Standards No differences were found in net profit or net assets between domestic and international accounting standards during the reporting period - The company had no differences in net profit and net assets disclosed in financial reports prepared under International Accounting Standards compared to Chinese Accounting Standards during the reporting period[19] - The company had no differences in net profit and net assets disclosed in financial reports prepared under foreign accounting standards compared to Chinese Accounting Standards during the reporting period[20] VI. Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses were CNY 5.38 million, mainly from entrusted investments and government subsidies, net of tax and minority interests Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 187,896.53 | | Government Subsidies Included in Current Period Profit/Loss | 1,453,479.31 | | Gains/Losses from Entrusted Investment or Asset Management | 5,152,138.67 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 41,011.21 | | Gains/Losses from Debt Restructuring | -77,919.00 | | Other Non-Operating Income and Expenses Apart from the Above | -262,118.91 | | Less: Income Tax Impact | 936,269.22 | | Minority Interest Impact (After Tax) | 178,044.01 | | Total | 5,380,174.58 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses[23] - The company has no instances of classifying non-recurring gains and losses as recurring gains and losses[23] Part III Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company specializes in industrial power supply R&D and manufacturing, focusing on power control and special power supplies, and expanding into EV charging and energy storage, driven by technology and market adaptation (I) Company's Principal Business The company's core business is R&D, production, and sales of industrial power supplies, including power control and special power supplies, plus EV charging and energy storage products - The company focuses on the deep application of power electronics technology across various industrial sectors[25] - Primarily engaged in the R&D, production, and sales of industrial power supply equipment, such as power control power supplies and special power supplies[25] - The business scope also includes the R&D, production, and sales of new energy vehicle charging piles/stations and energy storage products[25] (II) Company's Main Products Main products include power control and special power supplies, EV charging, and energy storage, serving diverse sectors like photovoltaics, semiconductors, and medical 1. Power Control Power Supplies Power control power supplies, including controllers and systems, are primarily used in photovoltaic, semiconductor electronic material, and other industrial manufacturing equipment - Power control power supply products include TPH, KTY, TPA, ST, TPM series power controllers and DS, DD, AS series power control systems[27][28] - Primarily applied in photovoltaic production equipment, semiconductor electronic material production equipment and other industrial manufacturing equipment fields[26] 2. Special Power Supplies Special power supplies, customized for unique equipment with high precision and stability, serve diverse applications like semiconductor manufacturing, laser technology, and aerospace - Special power supplies have extremely high standards for output voltage, current, frequency, waveform, stability, precision, dynamic response, and ripple suppression capabilities[29] - Product series include DC programmable power supplies, accelerator-specific power supplies, medium-high frequency induction power supplies, high-voltage power supplies, microwave power supplies, RF power supplies, and solid-state modulator systems[29] - Application fields are extensive, including semiconductor manufacturing, laser technology, medical equipment, environmental engineering, aerospace, and cutting-edge materials research[29] 3. New Energy Vehicle Charging Piles and Energy Storage Products Leveraging industrial power expertise, the company, through Injet New Energy, develops EV charging solutions and energy storage products like modular converters and liquid-cooled cabinets - The company expanded into the R&D and manufacturing of new energy vehicle charging pile power modules, charging piles/stations, and energy storage products[32] - Subsidiary Injet New Energy is the specialized operating entity for this business[32] - Products include programmable DC charging pile power controllers, JK/GN/GM series AC charging piles, WEVD/ZF/iHDR series DC fast charging piles, iBCM series modular energy storage converters, iESG series liquid-cooled energy storage cabinets, iRSH series hybrid inverters, iREL series energy storage batteries, and integrated charging-storage power supply boxes[33][34][35][36] (III) Company's Main Business Model The company operates a 'technology-driven + scenario-adapted' model, with no major changes during the period, focusing on new energy, semiconductors, and high-end manufacturing - The company's business model is a 'technology-driven + scenario-adapted' dual-wheel drive, building a customized operational system based on its core technology platform[37] - Future focus will continue to be on strategic areas such as new energy, new material semiconductors, and high-end equipment manufacturing[37] 1. R&D Model The company maintains high R&D investment, focusing on independent innovation and rapid response to customer needs, leveraging its core technology platform for expansion - The company consistently adheres to an independent innovation philosophy, maintaining high R&D investment, with all core technologies originating from in-house development[38] - Continuously enhancing the company's comprehensive competitiveness by rapidly responding to customized customer needs[38] 2. Procurement Model The company uses a 'purchase-to-order with moderate inventory' model, customizing or outsourcing key components, with procurement and quality control ensuring material quality - The company primarily adopts a 'purchase-to-order with moderate inventory' procurement model[39] - The procurement department selects cooperative suppliers from the 'Qualified Supplier List' based on material plans and collaborates with the quality control center and warehouse to receive raw materials[39] - Some critical materials require material certification testing by the quality control center or technical center[39] 3. Production Model The production department operates on a 'make-to-order' basis, managing core processes like design, assembly, and debugging, while integrating outsourced components - The company's production department primarily organizes production based on a 'make-to-order' model[40] - The company primarily undertakes core production processes such as design, in-house processing, final assembly, and debugging[40] 4. Sales Model The company employs an R&D-driven sales model, focusing on direct sales to industrial and research clients, while also expanding agent channels for standard products - The company has developed an R&D-driven sales model, engaging in deep collaboration with customers during their new product development phase[41] - Customers are primarily industrial users and research institutions, with product sales mainly through direct channels[41] - Continuously expanding agency channels for standard products[41] (IV) Overview of Principal Business Revenue decreased 9.42% to CNY 722 million, and net profit fell 32.71% to CNY 119 million, with photovoltaic sales down 25.18%, while other sectors were actively expanded Financial Performance of Principal Business for H1 2025 | Indicator | Amount (CNY 10K) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 72,206.82 | -9.42% | | Operating Profit | 13,839.39 | -36.75% | | Net Profit Attributable to Parent Company | 11,949.95 | -32.71% | | Net Cash Flow from Operating Activities | 17,465.46 | -31.05% | - Operating revenue primarily originated from the photovoltaic industry, with sales revenue reaching CNY 297.75 million, accounting for 41.24% of total operating revenue, a 25.18% year-on-year decrease[42] - Sales revenue from semiconductors and electronic materials was CNY 160.30 million, accounting for 22.20% of operating revenue, a 13.45% year-on-year decrease[42] (V) Key Performance Drivers Performance was influenced by photovoltaic industry dynamics, semiconductor growth, and charging infrastructure expansion; the company responded with increased R&D, overseas market entry, and diversification into new power sectors 1. Industry Factors H1 2025 saw 107% growth in domestic photovoltaic installations but manufacturing price drops, significant localization in semiconductor equipment, and 45.1% growth in charging infrastructure - In H1 2025, domestic photovoltaic new installed capacity reached 212.21 GW, a significant 107% year-on-year increase[43] - The China Photovoltaic Industry Association raised its forecast for 2025 domestic new installed capacity to 270-300 GW and global new installed capacity to 570-630 GW[43] - Domestic semiconductor production equipment achieved over 80% localization for debonding equipment, 50%-60% for cleaning equipment, and 55%-65% for etching equipment[45] - As of May 2025, the cumulative number of national charging infrastructure units exceeded 14.4 million, a 45.1% year-on-year increase; the increment for the first five months was 1.583 million units, up 19.2% year-on-year[46] 2. Company-Specific Factors The company increased R&D, expanded overseas photovoltaic markets (CNY 298 million revenue), deepened semiconductor presence, strengthened EV charging partnerships, and saw significant growth in other power sectors like steel metallurgy and nuclear fusion - During the reporting period, the company actively expanded into overseas photovoltaic markets, completed international deliveries, and achieved CNY 298 million in photovoltaic business revenue[47] - The company increased its presence in the semiconductor industry, investing in the construction of a national headquarters and production base for key components in integrated circuit equipment, leading to more mass-produced models for advanced semiconductor process equipment power supplies, with stable orders and production[48] - Injet New Energy strengthened collaborations with leading domestic enterprises in the charging pile business, with new products entering the validation phase, and plans to establish a new joint venture to enter the battery cell manufacturing industry[48][49] - Orders in the steel metallurgy industry achieved significant growth, controlled nuclear fusion-related power supply orders exceeded CNY 10 million, and the company is actively engaging with multiple ongoing domestic nuclear fusion engineering projects[49] II. Analysis of Core Competencies Core competencies include technological innovation, stable teams, broad product applications, and diversified business, enhancing market responsiveness and mitigating single-industry risks (I) Technological Innovation and Platform Advantages The company invests heavily in R&D, building a versatile power supply technology platform for cross-industry application, supported by advanced testing facilities, ensuring technological leadership - The company continuously increases R&D investment, building a shared technology platform for industrial and special power supplies covering multiple power levels[50] - This platform enables cross-industry technology transfer and reuse, laying the foundation for rapid response to customer needs[50] - Continuously improving testing and experimental equipment compatible with new technologies and processes, establishing various technical testing platforms[50] (II) Stable R&D and Management Team Advantages The company fosters a stable, highly skilled R&D team with low turnover and an integrated management team, ensuring efficient project execution and order responsiveness - The company has established a comprehensive 'selection, utilization, development, and retention' mechanism for technical personnel, resulting in a highly skilled and innovative R&D team[51] - The annual turnover rate for core technical personnel remains extremely low, with continuous talent replenishment through social and campus recruitment[51] - The management team is deeply integrated with the company's business model, forming an efficient management approach with significant advantages in order response and project management[51] (III) Broad Product Application Across Industries With strong marketing capabilities and service networks, the company leverages its brand influence with leading clients in diverse industries like photovoltaics and semiconductors to gain a competitive edge in new markets - The company has established permanent service centers in multiple regions across China, enabling prompt response to customer needs and providing high-quality, efficient services[52] - Accumulated extensive marketing resources and strong brand influence with leading customers in various industries such as photovoltaics, semiconductors, steel metallurgy, and fiberglass[52] (IV) Industry Risk Diversification and Diversified Business Advantages The company's diverse power product portfolio across new energy, new materials, and high-end manufacturing industries effectively mitigates single-industry risks, ensuring stable performance - The company offers a rich variety of power supply products, extensively involved in multiple industries within new energy, new materials, and high-end equipment manufacturing[53] - The distinct development cycles and market characteristics of different industries effectively mitigate significant impacts from single-industry fluctuations[53] III. Analysis of Principal Business This section analyzes principal business financial performance, showing declines in revenue, net profit, and operating cash flow, but increased R&D, with power control and module systems as key products, and a reduced photovoltaic gross margin Overview An overview of the company's principal business activities is provided, with details available in Section I of this report - For an overview of principal business activities, refer to the 'I. Principal Business Activities During the Reporting Period' section[54] Year-on-Year Changes in Key Financial Data Operating revenue fell 9.42%, net profit 32.71%, and financial expenses 85.99% due to increased interest income, while R&D grew 10.50%, but operating and investing cash flows declined Year-on-Year Changes in Key Financial Data for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 722,068,214.53 | 797,129,480.64 | -9.42% | | | Operating Cost | 458,002,914.70 | 460,496,841.92 | -0.54% | | | Selling Expenses | 35,732,941.27 | 37,400,164.99 | -4.46% | | | Administrative Expenses | 25,699,902.42 | 28,368,689.05 | -9.41% | | | Financial Expenses | -7,535,729.40 | -4,051,578.51 | -85.99% | Increased interest income from USD time deposits | | Income Tax Expense | 16,019,965.28 | 31,851,202.85 | -49.70% | Decrease in total profit | | R&D Investment | 69,875,950.54 | 63,235,720.24 | 10.50% | | | Net Cash Flow from Operating Activities | 174,654,616.85 | 253,302,709.92 | -31.05% | Decrease in cash received from sales of goods and rendering of services | | Net Cash Flow from Investing Activities | -65,799,432.57 | -32,157,069.03 | -104.62% | Increase in purchases of structured deposits | | Net Cash Flow from Financing Activities | -109,280,052.13 | -45,730,441.37 | -138.97% | Last period, subsidiaries received investments from minority shareholders | | Net Increase in Cash and Cash Equivalents | -1,423,862.72 | 176,620,875.98 | -100.81% | Decrease in net cash flow from operating and investing activities | - No significant changes occurred in the company's profit composition or sources during the reporting period[55] Products or Services Accounting for Over 10% of Revenue Power control and module systems are key products; power control revenue fell 12.47% with a **