金洲管道(002443) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, with no profit distribution planned for the period - The company's management guarantees the truthfulness, accuracy, and completeness of the report content and assumes corresponding legal responsibilities[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4] Definitions This section defines key terms used in the report, covering the company, its affiliates, major clients, regulatory bodies, and technical names of various pipeline products, providing a foundation for understanding the report content - Clarifies the abbreviations for the company, controlling shareholder (Jinzhou Smart Group), actual controller (Shouguang State-owned Assets Supervision and Administration Bureau), and major subsidiaries[9] - Defines key product types and technical terms such as Spiral Submerged Arc Welded Pipe (SAWH), Longitudinal Submerged Arc Welded Pipe (SAWL), and High-Frequency Welded Pipe (HFW)[9] Company Profile and Key Financial Data Company Basic Information This section provides basic information for Zhejiang Jinzhou Pipeline Technology Co., Ltd., including its stock ticker "Jinzhou Pipeline," stock code "002443," listing exchange, and legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jinzhou Pipeline | | Stock Code | 002443 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Xingchun | Overview of Key Financial Indicators In the first half of 2025, the company experienced a significant decline in operating performance, with revenue decreasing by 13.84% to 2.02 billion yuan and net profit attributable to shareholders falling by 42.36% to 57.83 million yuan, indicating pressure on income and collections Key Financial Data and Year-on-Year Changes for H1 2025 (Units: Yuan) | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,019,555,901.74 | 2,343,891,708.31 | -13.84% | | Net Profit Attributable to Shareholders (Yuan) | 57,827,403.34 | 100,320,404.18 | -42.36% | | Net Cash Flow from Operating Activities (Yuan) | -46,899,774.60 | 91,520,024.62 | -151.25% | | Basic Earnings Per Share (Yuan/Share) | 0.1111 | 0.19 | -41.53% | | Weighted Average Return on Net Assets | 1.68% | 2.96% | -1.28% | Analysis of Non-Recurring Gains and Losses During the reporting period, the company recorded total non-recurring gains and losses of 2.94 million yuan, primarily from investment income on wealth management products and government subsidies, partially offset by fixed asset disposal losses Details of Non-Recurring Gains and Losses (Units: Yuan) | Item | Amount | | :--- | :--- | | Gains or losses from entrusted investments or asset management | 2,956,097.97 | | Government subsidies recognized in current profit or loss | 1,023,622.27 | | Gains or losses from disposal of non-current assets | -212,847.47 | | Total | 2,943,428.37 | Management Discussion and Analysis (MD&A) Overview of Main Business The company is a high-tech enterprise specializing in the R&D, manufacturing, and sales of welded steel pipe products, widely used in water supply, fire protection, gas, and oil and gas transportation - The company's main business is the R&D, manufacturing, and sales of welded steel pipe products, establishing it as a well-known supplier of pipes and fittings in the industry[24] - Products are widely applied in water supply, drainage, fire protection, gas, oil and natural gas transportation, construction, and chemical industries[24] Analysis of Core Competencies The company's core competencies include strong brand influence, robust R&D capabilities, a diversified product portfolio, extensive customer resources, and ample cash reserves, reinforcing its industry leadership and risk resilience - Brand Influence: As the first A-share listed leading enterprise in China's welded steel pipe industry, it possesses an industry-recognized excellent brand[25] - Technical R&D Capability: Possesses a national-level enterprise technology center, forming a complete innovation chain[26] - Diversified Product Advantage: A comprehensive product system covers various fields such as oil and gas transportation, water conservancy projects, and offshore platforms[27][28] - Customer Resources: A key supplier to leading domestic energy enterprises such as PetroChina, Sinopec, and CNOOC[29] - Cash Reserves: Ample funds ensure the company's ability to withstand risks and seize strategic opportunities[31] Analysis of Main Business Operations During the reporting period, the company's main business revenue decreased by 13.84%, primarily due to a 19.09% decline in civil steel pipe products, while industrial steel pipe revenue remained stable, and operating cash flow significantly dropped by 151.25% Year-on-Year Changes in Key Financial Data (Units: Yuan) | Item | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,019,555,901.74 | 2,343,891,708.31 | -13.84% | - | | Operating Cost | 1,804,971,338.84 | 2,067,521,270.34 | -12.70% | - | | Financial Expenses | -5,664,635.53 | -12,725,072.47 | -55.48% | Decrease in deposit income | | Net Cash Flow from Operating Activities | -46,899,774.60 | 91,520,024.62 | -151.25% | Simultaneous decrease in revenue and collections | | R&D Investment | 65,677,735.14 | 90,917,074.14 | -27.76% | - | Operating Revenue Composition (by Product) (Units: Yuan) | Product Category | Current Period Revenue (Yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Civil Steel Pipes | 1,307,797,096.64 | 64.76% | -19.09% | | Industrial Steel Pipes | 632,164,901.56 | 31.30% | -0.40% | Analysis of Assets and Liabilities As of the end of the reporting period, total assets remained stable at 4.496 billion yuan, with inventory increasing from 19.45% to 22.15% of total assets, and 935 million yuan in fair value measured financial assets - Inventory as a percentage of total assets increased from 19.45% to 22.15%, and short-term borrowings increased from 2.09% to 3.22%[36] - At the end of the period, financial assets measured at fair value through profit or loss (primarily wealth management products) amounted to 935 million yuan[37] Analysis of Major Holding and Participating Companies During the reporting period, wholly-owned subsidiary Zhejiang Jinzhou Pipeline Industry Co., Ltd. reported a net loss of 10.13 million yuan, while controlling subsidiary Zhangjiagang Shagang Jinzhou Pipeline Co., Ltd. achieved a net profit of 21.46 million yuan, providing significant support to the company's overall profit Operating Performance of Major Subsidiaries (Units: Yuan) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Zhejiang Jinzhou Pipeline Industry Co., Ltd. | 302,198,329.80 | -9,121,052.28 | -10,131,420.63 | | Zhangjiagang Shagang Jinzhou Pipeline Co., Ltd. | 377,250,221.61 | 26,305,819.10 | 21,463,447.97 | Risk Factors and Countermeasures The company faces risks from macroeconomic changes affecting demand, intense industry competition, raw material price volatility, potential changes in high-tech enterprise tax policies, and production safety hazards - Macroeconomic Risk: Product demand is closely linked to the macroeconomic prosperity of industries such as energy and construction[46] - Industry Competition Risk: The domestic pipeline industry has low concentration, leading to intensified low-price competition[47] - Raw Material Price Volatility Risk: Hot-rolled coil and zinc ingot costs account for approximately 90% of production costs[48] - Policy Risk: Changes in high-tech enterprise tax preferential policies would impact operating results[49] - Safety Risk: Complex operating environments in production, storage, and transportation may lead to safety accidents[50] Corporate Governance, Environment, and Social Responsibility (ESG) Corporate Governance and Internal Control During the reporting period, the company adjusted some senior executives, including the appointment of a new board secretary, maintaining a sound governance structure, comprehensive risk management, and internal control systems, with no profit distribution planned Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | | :--- | :--- | :--- | :--- | | Zhao Wei | Supervisor | Elected | 2025年01月06日 | | Chai Hualiang | Board Secretary | Resigned | 2025年03月06日 | | Xue Jun | Board Secretary | Appointed | 2025年03月10日 | - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[54] - The company has established a comprehensive risk management system covering procurement, sales, quality, environment, and safety aspects[59] Environmental and Social Responsibility The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information, demonstrating their commitment to environmental responsibility, green manufacturing, and sustainable development - The company and two major subsidiaries, totaling 3 enterprises, are included in the list of enterprises required to disclose environmental information by law[56] - The company emphasizes environmental protection, increases environmental investment, ensures the operation of environmental protection equipment, and innovates green technologies[66] - Adhering to the principle of "sharing and win-win," the company has established close cooperative relationships with nearly a thousand well-known upstream and downstream enterprises[67] Significant Matters Fulfillment of Commitments During the reporting period, the controlling shareholder, Shanghai Jinzhou Smart Enterprise Development Group Co., Ltd., strictly fulfilled its acquisition commitments, including avoiding horizontal competition, regulating related-party transactions, and ensuring the listed company's independence - Controlling shareholder Shanghai Jinzhou Smart Enterprise Development Group Co., Ltd. strictly fulfilled its commitments regarding horizontal competition, related-party transactions, and fund occupation[70] - The controlling shareholder committed to and guaranteed the listed company's independence in personnel, assets, finance, business, and organization[70][71] Significant Related-Party Transactions The company engaged in ordinary course related-party transactions with Shagang Group, purchasing materials worth 141 million yuan and selling products worth 4.08 million yuan, both within the annual approved limits Related-Party Transactions in Ordinary Course of Business (Units: 10,000 Yuan) | Related Party | Transaction Type | Transaction Content | Transaction Amount (10,000 Yuan) | Approved Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shagang Group | Purchase of Goods | Material Procurement | 14,056 | 60,000 | | Shagang Group | Sale of Goods | Product Sales | 408 | 20,000 | Significant Contracts and Their Performance The company provided guarantees for subsidiaries with an outstanding balance of 228 million yuan, representing 6.63% of net assets, and had 935 million yuan in outstanding entrusted wealth management products, primarily in trusts, banks, and brokerages, with no overdue amounts - The company's actual guarantee balance for subsidiaries at the end of the reporting period was 227.5 million yuan, accounting for 6.63% of the company's net assets[90] Entrusted Wealth Management (Units: 10,000 Yuan) | Specific Type | Amount of Entrusted Wealth Management Occurred | Unmatured Balance | | :--- | :--- | :--- | | Trust Wealth Management Products | 20,000 | 20,000 | | Bank Wealth Management Products | 23,500 | 23,500 | | Brokerage Wealth Management Products | 9,500 | 9,500 | | Other Categories | 40,530 | 40,530 | | Total | 93,530 | 93,530 | Share Changes and Shareholder Structure Analysis of Share Changes During the reporting period, the company's total share capital remained unchanged at 520,535,520 shares, with 8,038,800 shares (1.54% of total capital) repurchased for 49.94 million yuan for future employee incentives - The company's total share capital remained unchanged at 520,535,520 shares[99] - As of the end of the reporting period, the company had cumulatively repurchased 8,038,800 shares (accounting for 1.54% of total share capital), with a total transaction amount of 49,941,057.84 yuan[100] Analysis of Shareholder Structure As of the end of the reporting period, the company had 33,890 shareholders, with controlling shareholder Shanghai Jinzhou Smart Enterprise Development Group Co., Ltd. holding 21.24%, of which 49.75% (55 million shares) were pledged - The total number of common shareholders at the end of the reporting period was 33,890 households[102] Shareholding of Top Three Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | :--- | | Shanghai Jinzhou Smart Enterprise Development Group Co., Ltd. | State-owned Legal Person | 21.24% | 110,559,279 | 55,000,000 | | Xinhua Asset Management (Hong Kong) Co., Ltd. – Mountain Top Limited | Overseas Legal Person | 1.61% | 8,395,524 | 0 | | Gao Zhiping | Domestic Natural Person | 0.86% | 4,500,000 | 0 | Bond-Related Information Explanation of Bond Information During the reporting period, the company had no bond-related matters to disclose - The company had no bond-related matters requiring disclosure during this reporting period[109] Financial Report Financial Statements This section presents the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting financial position and operating results - The company's H1 2025 financial report is unaudited[111] - Provides consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[112][115][119][126][131] Significant Accounting Policies and Estimates This section details the company's key accounting policies and estimates, including revenue recognition under new standards, inventory valuation using the weighted-average method, and financial instrument impairment based on expected credit losses - Revenue Recognition Policy: Revenue is recognized at the transaction price allocated to the performance obligation when the customer obtains control of the related goods or services[236] - Inventory Valuation Method: Inventory costs are determined using the weighted-average method upon issuance, and measured at the lower of cost or net realizable value at period-end[212] - Financial Instrument Impairment: Impairment accounting is performed for various receivables and other financial assets based on expected credit losses, and bad debt provisions are recognized[173] Notes to Consolidated Financial Statement Items This section provides detailed notes on major consolidated financial statement items, highlighting that trading financial assets are entirely wealth management products, receivables and inventory are key current assets, and civil steel pipes are the primary revenue source - The balance of trading financial assets at period-end was 935 million yuan, entirely consisting of wealth management investment products[258] - The book value of accounts receivable at period-end was 847 million yuan, with bad debt provisions of 82.73 million yuan already made[266] - The book value of inventory at period-end was 996 million yuan, with raw materials and merchandise inventory accounting for the vast majority[306] - Among main business revenues, civil steel pipe products contributed 1.308 billion yuan, and industrial steel pipe products contributed 632 million yuan[389] Other Submitted Data Investor Relations Activities During the reporting period, the company actively engaged in investor relations activities, including on-site research and online communication sessions in March and May 2025, discussing operations, performance, and future outlook with investors Investor Relations Activity Records | Reception Date | Reception Method | Type of Reception Object | Main Content | | :--- | :--- | :--- | :--- | | 2025年03月05日 | On-site Research | Institutions, Individuals | Company's daily operations, performance, and future outlook | | 2025年05月13日 | Online Platform Communication | Other | 2024 Annual Report Performance |