亿道信息(001314) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The board, supervisory board, and senior management ensure the report's accuracy and completeness, while forward-looking statements are not commitments and carry investment risks - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, bearing corresponding legal responsibilities; forward-looking statements in the report do not constitute substantive commitments, reminding investors of risks[3] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the first half of 2025[4] Company Profile and Key Financial Indicators This section provides an overview of the company's identity and presents its key financial performance metrics for the reporting period Company Profile Shenzhen Emdoor Information Co., Ltd. (stock code: 001314) is a company listed on the Shenzhen Stock Exchange, with Zhang Zhiyu as its legal representative Company Basic Information | Stock Abbreviation | Emdoor Information | | :--- | :--- | | Stock Code | 001314 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Shenzhen Emdoor Information Co., Ltd. | | Legal Representative | Zhang Zhiyu | Key Accounting Data and Financial Indicators In H1 2025, revenue grew 19.24% to RMB 1.52 billion, net profit attributable to shareholders surged 96.02% to RMB 11.41 million, and total assets increased 19.99%, despite a 48.35% decline in net cash flow from operating activities Key Financial Performance Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,519,685,586.55 | 1,274,479,200.60 | 19.24% | | Net Profit Attributable to Shareholders | 11,413,641.24 | 5,822,804.44 | 96.02% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | 12,068,333.23 | -2,371,912.15 | 608.80% | | Net Cash Flow from Operating Activities | -317,717,067.50 | -214,161,918.09 | -48.35% | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.04 | 100.00% | | Total Assets (Period-end) | 3,733,442,593.24 | 3,111,518,102.16 | 19.99% | | Net Assets Attributable to Shareholders (Period-end) | 2,066,811,163.22 | 2,060,930,462.40 | 0.29% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB -0.65 million, primarily due to a RMB -4.11 million share-based payment expense from a canceled equity incentive plan, offset by RMB 2.26 million in fair value changes from financial assets and RMB 1.69 million in government subsidies Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies | 1,691,917.13 | | Fair Value Change Gains/Losses from Financial Assets | 2,259,911.12 | | Share-based Payment Expense from Canceled Equity Incentive Plan | -4,112,500.00 | | Total | -654,691.99 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook, highlighting key business segments and strategic initiatives Overview of Main Business In H1 2025, the company achieved RMB 1.52 billion in revenue (up 19.24%) and RMB 11.41 million in net profit (up 96.02%) as an intelligent electronic product and solution provider, driven by AI innovation and market recovery, with varied performance across its four business segments Key Business Performance (H1 2025) | Indicator | H1 2025 (Million RMB) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 1,519.6856 | 19.24% | | Net Profit Attributable to Shareholders | 11.4136 | 96.02% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | 12.0683 | 608.80% | Intelligent Hardware Business Benefiting from global PC market recovery and AI PC trends, intelligent hardware revenue reached RMB 1.08 billion, growing 16.27%, with the company consolidating its market position through channel deepening, an 'AI+' strategy, and product line expansion - During the reporting period, intelligent hardware business revenue reached RMB 1,078.7978 million, a year-on-year increase of 16.27%[27] - The company firmly implements an 'AI+' strategy, leveraging cutting-edge technologies like AI and spatial computing to empower smart terminals and enhance product value[27] - According to Canalys, AI-enabled PC shipments are projected to exceed 100 million units in 2025, accounting for 40% of total PC shipments, indicating vast market potential[28] Rugged Smart Industry Terminal Business Driven by global industrial digitalization and logistics automation, rugged smart industry terminal revenue grew 24.71% to RMB 173.46 million, with its 'ONERugged' brand seeing a 69.35% increase, as the company expands into new application scenarios and explores edge AI integration - During the reporting period, rugged smart industry terminal business revenue reached RMB 173.46 million, a year-on-year increase of 24.71%[33] - The company's brand 'ONERugged' achieved revenue of RMB 29.9301 million in the first half, a year-on-year increase of 69.35%[33] XR and AIoT Business XR business faced short-term pressure due to market demand decline but holds approximately RMB 140 million in orders, while AIoT business grew 65.94% driven by major client expansion, with the company optimistic about 'AI+XR' and edge AI opportunities, especially in the AI smart glasses market - XR business faced short-term pressure, but as of the end of the reporting period, outstanding orders amounted to approximately RMB 140 million, with potential for accelerated growth in the second half[38] - AIoT business achieved a year-on-year revenue growth of 65.94%, primarily due to efforts in smart health, smart central control, and major client expansion[40] - According to Wellsenn XR, global AI smart glasses sales are projected to reach 5.5 million units in 2025, indicating significant market potential[39] Localization Business Localization business revenue slightly decreased to RMB 91.6792 million due to local fiscal expenditure adjustments, as the company focuses on integrating open-source HarmonyOS and AI into localized products for smart cities and education, aiming to capitalize on market and policy-driven growth opportunities - During the reporting period, localization business revenue reached RMB 91.6792 million, showing a slight decrease compared to last year[47] - The company continues to increase innovative applications of open-source HarmonyOS + AI in localized products, supporting the 'AI+HarmonyOS' ecosystem and fostering new growth points for the business[47] Core Competitiveness Analysis The company's core competitiveness remained unchanged, maintaining its five key advantages: platform-based R&D, industrial resource integration, digital flexible manufacturing, high-quality customer resources, and talent team - The company's core competitiveness has not undergone significant changes; specific details can be found in the '2024 Annual Report'[50] Main Business Analysis In H1 2025, total revenue grew 19.24%, but a 22.48% increase in operating costs led to a 2.26 percentage point decline in overall gross margin to 14.40%; while intelligent hardware and rugged terminals saw slight gross margin drops, XR and AIoT products improved, and overseas business revenue grew faster (26.66%) with a significantly higher gross margin (19.95%) than domestic business (12.12%) Key Financial Performance Changes | Item | Current Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,519,685,586.55 | 19.24% | - | | Operating Cost | 1,300,896,937.40 | 22.48% | - | | Financial Expenses | -8,808,549.77 | -465.35% | Primarily due to increased deposit interest income in this period | | Net Cash Flow from Operating Activities | -317,717,067.50 | -48.35% | Primarily due to increased cash payments for purchases in this period | | Net Cash Flow from Investing Activities | -251,648,315.13 | 65.00% | Primarily due to reduced purchases of wealth management products in this period | | Net Cash Flow from Financing Activities | 388,432,145.08 | 2,459.33% | Primarily due to increased cash received from borrowings in this period | Revenue and Gross Margin by Product/Region | Product/Region | Operating Revenue (RMB) | Gross Margin | YoY Operating Revenue Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | Intelligent Hardware Products | 1,078,797,792.53 | 11.24% | 16.27% | -2.17% | | Rugged Smart Industry Terminals | 173,460,018.98 | 39.93% | 24.71% | -0.38% | | XR and AIoT Products | 184,431,166.90 | 14.67% | 27.60% | 0.21% | | Domestic | 1,078,176,839.03 | 12.12% | 16.45% | -3.38% | | International | 441,508,747.52 | 19.95% | 26.66% | 0.22% | Non-Main Business Analysis Non-main business significantly impacted total profit, with asset impairment losses of RMB -18.28 million being a major negative factor, while government subsidies (RMB 3.27 million) and wealth management investment income (RMB 1.26 million) provided positive contributions, though these items are not sustainable Impact of Non-Main Business on Profit | Item | Amount (RMB) | % of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 1,257,656.83 | 109.54% | Primarily investment gains/losses from wealth management products | | Asset Impairment | -18,277,942.27 | -1,591.94% | Provision for asset impairment and write-downs | | Other Income | 3,267,678.44 | 284.60% | Government subsidies | Asset and Liability Status Analysis As of the end of the reporting period, total assets reached RMB 3.73 billion, up 19.99% from the beginning of the year, primarily driven by a 70% increase in inventory and a corresponding 110% rise in accounts payable, reflecting expanded production, while short-term borrowings increased 176% due to increased bill financing, maintaining a stable overall asset structure Major Changes in Assets and Liabilities | Item | Period-end Amount (RMB) | % of Total Assets | Year-start Amount (RMB) | % of Total Assets | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | | Inventory | 1,065,823,140.61 | 28.55% | 628,100,049.35 | 20.19% | Expanded production scale, increased raw material and finished goods inventory | | Short-term Borrowings | 424,619,943.31 | 11.37% | 153,591,427.63 | 4.94% | Increased bill financing amount | | Accounts Payable | 833,607,718.83 | 22.33% | 395,745,871.25 | 12.72% | Expanded production scale and increased purchases | Investment Status Analysis Total investment in the reporting period was RMB 1.30 billion, a 54.16% decrease year-on-year, mainly due to reduced wealth management investments; RMB 34.2551 million of raised funds were used, with a cumulative RMB 1.029 billion utilized, and the 'Pingshan R&D and Industrialization Base Construction Project' was closed, with remaining funds permanently supplementing working capital - Investment amount for the reporting period was RMB 1.30 billion, a year-on-year decrease of 54.16%[64] - The company closed the raised fund investment projects 'Pingshan R&D and Industrialization Base Construction Project' and 'Supplement Working Capital Project', and the remaining raised funds were permanently used to supplement working capital[74] Analysis of Major Holding and Participating Companies During the reporting period, key subsidiary Emdoor Digital, a core provider of consumer electronic products and solutions, generated RMB 1.338 billion in revenue but incurred a net loss of RMB 16.394 million, with other subsidiaries like Emdoor Digital, Yuanzhizao, and Emdoor Property also reporting losses Performance of Major Subsidiaries | Company Name | Main Business | Operating Revenue (Million RMB) | Net Profit (Million RMB) | | :--- | :--- | :--- | :--- | | Emdoor Digital | Consumer Electronics Products | 1,338.4612 | -16.3940 | | Emdoor Digital | AI Technology R&D | 6.1163 | -3.9521 | | Yuanzhizao | Manufacturing | 27.7196 | -4.0549 | | Emdoor Property | Property Management | 23.3779 | -1.7202 | Risks and Countermeasures The company faces key risks including technological upgrades, macroeconomic changes, raw material price volatility and supply, and customer cooperation stability, which it addresses through increased R&D, new business development, supply chain management, and strengthened customer relationships - The company identified four major risks: technological upgrades and iterations, changes in the macroeconomic environment, raw material price fluctuations and supply, and customer cooperation stability[81][82] Corporate Governance, Environment, and Society This section outlines the company's governance practices, environmental initiatives, and social responsibility efforts, including equity incentive plans and community engagement Implementation of Equity Incentive Plans During the reporting period, the company terminated its 2023 restricted stock incentive plan, repurchased and canceled 1,000,300 unvested restricted shares, and additionally repurchased and canceled 42,560 restricted shares due to employee departures - The company terminated the 2023 restricted stock incentive plan and repurchased and canceled 1,000,300 restricted shares[88] - Due to some incentive recipients no longer meeting eligibility, the company repurchased and canceled 42,560 restricted shares held by them[87] Social Responsibility The company actively fulfills its social responsibilities by opening a 3,000-square-meter cultural social center to the public, continuously investing in talent development, and fostering employee cohesion through diverse cultural and sports activities - The company built and opened the Pingshan Cultural Social Center · Emdoor Cultural Parlor to the public, covering approximately 3,000 square meters and featuring facilities such as a library and gym[91] - The company highly values talent development, increasing training investment and improving the employee career development system[92] Significant Matters This section details major events and disclosures during the reporting period, including significant contracts, guarantees, and other material announcements Significant Contracts and Their Performance The company had no major entrustment or contracting matters during the reporting period, but provided several joint liability guarantees for its subsidiary Shenzhen Emdoor Digital Technology Co., Ltd., with an actual guarantee balance totaling RMB 414.34 million at the end of the period Guarantee Information | Guarantee Situation | Amount (Million RMB) | | :--- | :--- | | Total Actual Guarantees for Subsidiaries in Reporting Period | 414.3401 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 414.3401 | | Total Approved Guarantee Limit for Subsidiaries at Period-end | 1,285.00 | Explanation of Other Significant Matters During the reporting period, the company disclosed several important announcements, including the 2024 annual performance forecast, closure of raised fund projects, termination of the 2023 equity incentive plan, a share repurchase plan, and guarantees for wholly-owned subsidiaries - The company announced in March 2025 its decision to close the IPO raised fund investment projects and permanently use the remaining raised funds to supplement working capital[121] - The company announced in April 2025 the termination of the 2023 equity incentive plan and the repurchase and cancellation of restricted shares, while also disclosing a new share repurchase plan[121] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and actual controllers Share Changes Due to the repurchase and cancellation of restricted shares for certain incentive recipients, the company's total share capital decreased by 1,042,860 shares, from 141,488,860 shares to 140,446,000 shares, with a corresponding reduction in restricted shares and a slight increase in unrestricted shares - During the reporting period, the company's total share capital decreased by 1,042,860 shares, primarily due to the repurchase and cancellation of restricted shares that became invalid due to resignations or termination of the incentive plan[128][129] - In April 2025, the company approved a new share repurchase plan to repurchase shares ranging from 1.5 million to 3 million shares, but it had not been implemented as of the end of the reporting period[131] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 28,368 common shareholders, with controlling shareholder Shenzhen Emdoor Holdings Co., Ltd. holding 41.44%, indicating a relatively concentrated equity structure among the top ten shareholders, and Zhang Zhiyu, Shi Qing, and Zhong Jingwei as the actual controllers Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Shenzhen Emdoor Holdings Co., Ltd. | 41.44% | 58,194,734 | | Shi Qing | 3.64% | 5,111,233 | | Zhong Jingwei | 3.45% | 4,845,517 | | Zhang Zhiyu | 3.45% | 4,845,517 | | Liu Yuangui | 2.77% | 3,891,982 | - As of the end of the reporting period, the total number of common shareholders was 28,368[134] Bond-Related Information This section confirms that the company had no bond-related matters during the reporting period Bond-Related Information The company had no bond-related matters during the reporting period - During the reporting period, the company had no bond-related matters[140] Financial Report This section presents the company's unaudited financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and notes 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, showing growth in total assets and liabilities, increased revenue but low net profit margin, and negative operating cash flow - The company's semi-annual financial report is unaudited[142] Notes to Consolidated Financial Statements This section details key items in the consolidated financial statements, including cash and cash equivalents of RMB 1.202 billion (with RMB 499.87 million restricted), a significant increase in inventory to RMB 1.066 billion, accounts payable rising to RMB 834 million due to business expansion, and R&D expenses of RMB 111 million, consistent with the prior period Cash and Cash Equivalents | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,201,566,542.64 | 1,295,581,986.32 | | Of which: Restricted Cash | 499,874,691.64 | 413,238,098.50 | Inventory | Item | Period-end Book Value (RMB) | Period-start Book Value (RMB) | | :--- | :--- | :--- | | Inventory | 1,065,823,140.61 | 628,100,049.35 | Research and Development Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | R&D Expenses | 110,695,091.99 | 107,773,846.47 | Other Submitted Data This section includes additional data submitted by the company, specifically detailing investor relations activities conducted during the reporting period Investor Relations Activities During the reporting period, the company actively engaged with the capital market, hosting various institutional investors including Haitong Securities, Penghua Fund, CITIC Securities, and Bosera Asset Management through on-site visits and online communications to discuss its operations and development strategy - The company frequently conducted investor relations activities during the reporting period, hosting numerous institutions including brokerages, public funds, and private funds[597][598][599]