中船特气(688146) - 2025 Q2 - 季度财报

Definitions This chapter clarifies specialized terminology, company abbreviations, industry terms, and technical concepts essential for report comprehension - The chapter clarifies specialized terminology, company abbreviations, industry-specific terms, and technical concepts essential for report comprehension[12][13][14] Company Profile and Key Financial Indicators This section overviews the company's fundamental information, key financial performance, and non-recurring gains and losses for the reporting period Company Basic Information This chapter provides the company's basic business registration, including names, legal representative, addresses, and information disclosure contacts Company Basic Information | Item | Information | | :--- | :--- | | Company Name | CSSC (Handan) Peric Special Gas Co., Ltd. (Abbr: CSSC Peric Gas) | | Legal Representative | Meng Xiangjun | | Registered Address | No. 1, Weiwu Road, Chemical Industrial Cluster, Feixiang District, Handan City, Hebei Province | | Office Address | No. 6, Century Avenue, Economic Development Zone, Handan City, Hebei Province | | Stock Code | 688146 (STAR Market, Shanghai Stock Exchange) | Key Accounting Data and Financial Indicators Operating revenue grew 12.60% to CNY 1.04 billion, with non-recurring adjusted net profit up 13.84% to CNY 150 million, despite a 22.22% decline in operating cash flow Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,039,873,459.71 | 923,495,151.38 | 12.60% | | Net Profit Attributable to Shareholders | 177,836,972.13 | 178,827,135.78 | -0.55% | | Non-recurring Adjusted Net Profit Attributable to Parent | 150,339,156.15 | 132,057,010.94 | 13.84% | | Net Cash Flow from Operating Activities | 333,455,525.42 | 428,693,094.63 | -22.22% | | Total Assets (Period-end) | 6,573,785,794.14 | 6,325,508,144.86 | 3.93% (vs. Prior Year-end) | | Net Assets Attributable to Shareholders (Period-end) | 5,605,284,638.18 | 5,553,574,548.42 | 0.93% (vs. Prior Year-end) | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.34 | 0.34 | - | | Non-recurring Adjusted Basic EPS (CNY/share) | 0.28 | 0.25 | 12.00% | | Weighted Average ROE (%) | 3.15 | 3.32 | Decreased by 0.17 percentage points | | Non-recurring Adjusted Weighted Average ROE (%) | 2.66 | 2.45 | Increased by 0.21 percentage points | | R&D Investment as % of Operating Revenue (%) | 5.33 | 6.90 | Decreased by 1.57 percentage points | Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses reached CNY 27.5 million, mainly from CNY 30.63 million in government subsidies, influencing the gap between net and non-recurring adjusted net profit Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Items | Amount (CNY) | | :--- | :--- | | Government Subsidies Recognized in Current P&L | 30,629,746.67 | | Net Profit/Loss of Subsidiaries from Beginning of Period to Merger Date under Common Control | 1,345,032.88 | | Other Non-operating Income and Expenses | 138,233.45 | | Less: Income Tax Impact | 4,615,197.02 | | Total | 27,497,815.98 | Management Discussion and Analysis This section analyzes the company's industry, core business, competitive strengths, R&D progress, risk factors, and financial performance Industry and Main Business Overview The company specializes in critical semiconductor materials, leading in electronic special gases and trifluoromethanesulfonic acid products, leveraging global top capacities for nitrogen trifluoride and tungsten hexafluoride, and expanding into high-purity metals, precursors, and bulk gases for comprehensive service Industry Development Status The electronic special gas industry, a high-barrier sector and second-largest critical material in semiconductor manufacturing, is accelerating localization, while trifluoromethanesulfonic acid products, especially LiTFSI for solid-state batteries, expand into new energy applications - Electronic special gases account for 13% of wafer manufacturing costs, second only to silicon wafers, making them the second most critical material for integrated circuit manufacturing[34] - The company developed nitrogen trifluoride in 2002 and electronic-grade tungsten hexafluoride in 2007, breaking foreign technological monopolies and enabling large-scale stable domestic production of electronic special gases[33] - Lithium bis(trifluoromethanesulfonyl)imide (LiTFSI) is a key growth driver in new energy materials due to its high ionic conductivity and excellent stability, applicable across various solid-state battery technologies[39][40] Company Main Business and Products The company offers over 90 products across electronic special gases, fluorine-containing new materials, bulk gases, and high-purity metals, holding the world's largest capacities for ultra-high purity nitrogen trifluoride and tungsten hexafluoride, and leading in trifluoromethanesulfonic acid products Core Product Capacity and Market Position | Product | Capacity | Market Position | | :--- | :--- | :--- | | Ultra-high Purity Nitrogen Trifluoride | 18,500 tons/year | World's First | | Ultra-high Purity Tungsten Hexafluoride | 2,000 tons/year | Globally Largest | | Trifluoromethanesulfonic Acid | 660 tons/year | - | | Lithium Bis(trifluoromethanesulfonyl)imide | 600 tons/year | World's First | - The company's argon-xenon-neon excimer laser gas has received qualified supplier certification from ASML subsidiary Cymer and Japan's GIGAPHOTON, entering the high-end excimer laser gas market[53][82] - The company completed the acquisition of Huaian Peric, officially entering the electronic bulk gas business, with plans to build 75,000 tons of liquid nitrogen capacity[62] Operating Model The company employs a 'sales-driven, order-driven, reasonable inventory' production model, serving domestic clients via direct sales and international markets via trade, supported by robust procurement, market-aligned R&D, and a global logistics network for rapid response - Profit model relies on R&D, production, and sales of electronic special gases and fluorine-containing new materials, achieving profitability through technological innovation and economies of scale, evolving from product sales to offering standards and technical services[63][64] - Sales model is primarily direct sales domestically, serving clients like SMIC and BOE, while international markets largely utilize a trade model, serving Micron and TSMC[71] - The logistics network includes 6 warehousing bases and multiple regional service centers across major domestic industrial bases, with overseas service centers established in Japan and South Korea to enhance global supply capabilities[74] Discussion and Analysis of Operations In H1 2025, revenue grew 12.60% to CNY 1.04 billion, and non-recurring adjusted net profit rose 13.84% to CNY 150 million, driven by organizational optimization, R&D, customer certifications, capacity expansion, and market penetration, with overseas revenue reaching nearly 27% H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | CNY 1.04 billion | 12.60% | | Net Profit Attributable to Parent | CNY 178 million | -0.55% | | Non-recurring Adjusted Net Profit Attributable to Parent | CNY 150 million | 13.84% | - Organizational restructuring involved establishing five major business units: electronic special gases, bulk gases, high-purity metals, precursors, and fluorochemicals, implementing a group-based operating model[76] - Market expansion results include overseas revenue share increasing from 24.68% to nearly 27%, with trifluoromethanesulfonic acid series product revenue reaching CNY 144 million, a 49.19% year-on-year increase, and new order value growing 110.9%[81] - Key customer certification for argon-xenon-neon excimer laser gas from ASML subsidiary Cymer and Japan's GIGAPHOTON represents a significant market breakthrough[82][83] Core Competitiveness Analysis The company's core competitiveness stems from robust technological innovation, advanced expertise, a leading innovation ecosystem, IT empowerment, international management, comprehensive top-tier client coverage, and a global sales network, with 9 core technologies (7 internationally leading) supporting products in 3nm advanced processes and serving over 200 global clients - Technological leadership is demonstrated by mastering 9 core technologies, including electrolytic fluorination and chemical synthesis, with 7 at an international leading level, and products already adopted in overseas 3nm advanced processes[87][96] - The innovation ecosystem includes 1 national-level and 5 provincial-level R&D platforms, forming an integrated industry-academia-research-application innovation system[88] - Customer coverage exceeds 200 clients, including leading domestic and international integrated circuit enterprises such as TSMC, Kioxia, Micron, SMIC, and CXMT[91][92] - A global network includes service and warehousing bases in major domestic semiconductor hubs, sales networks in South Korea and Japan, and AEO advanced certification enhancing global supply chain management[93] Core Technologies and R&D Progress The company possesses 9 core technologies (7 internationally leading), invested CNY 55.4 million in R&D (5.33% of revenue) with 138 personnel (over 53% master's/Ph.D.), and has 31 projects totaling CNY 750 million to achieve full domestic substitution in advanced semiconductor materials R&D Investment Overview | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 55,398,102.07 | 63,748,642.50 | -13.10% | | R&D Investment as % of Operating Revenue | 5.33% | 6.90% | Decreased by 1.57 percentage points | R&D Personnel Overview | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Number of R&D Personnel | 138 people | 109 people | | % of Total Company Personnel | 16.61% | 15.42% | | Educational Background (Master's/Ph.D.) | 74 people (53.62%) | - | - The company has 31 R&D projects underway, with a cumulative investment of CNY 441 million, focusing on integrated circuit precursor process development, high-purity electronic gas pilot production and industrialization, and high-purity tungsten powder R&D[110] Risk Factors The company faces significant risks including core competitiveness (innovation, talent), operational (quality, safety, environment), financial (depreciation, tax, FX), industry (competition, cyclicality), and macroeconomic (volatility, trade friction) - Technological innovation risk: The downstream semiconductor industry undergoes rapid technological iteration, and the company's market position could be affected if its R&D fails to keep pace[114] - Operational risk: Many products are hazardous chemicals, requiring extremely high safety production and environmental compliance, where any oversight could lead to production interruptions or penalties[118][119] - Financial risk: Fixed assets constitute 37.83% of total assets, and depreciation expenses from new investments could adversely impact profits[122] - Macroeconomic risk: The company's higher proportion of overseas revenue makes it susceptible to international trade policies and exchange rate fluctuations[125][130] Main Business Analysis Operating revenue grew 12.60% due to semiconductor recovery and increased demand for trifluoromethanesulfonic acid products, while operating costs rose 16.24%, management expenses surged 57.05%, investing cash outflow increased 30.31%, and inventory grew 59.32% Analysis of Major Financial Statement Items Changes | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | 12.60% | Downstream industry recovery, increased demand for trifluoromethanesulfonic acid series products | | Operating Cost | 16.24% | Revenue growth and increase in some raw material prices | | Administrative Expenses | 57.05% | Increase in fixed asset depreciation and intangible asset amortization | | Net Cash Flow from Operating Activities | -22.22% | Decrease in subsidies and interest income received, increase in material purchase costs | | Net Cash Flow from Investing Activities | -30.31% | Payments for construction-in-progress projects and cash paid for Huaian Peric acquisition | Analysis of Major Balance Sheet Items Changes | Item Name | Change vs. Prior Year-end (%) | Primary Reason | | :--- | :--- | :--- | | Inventory | 59.32% | Stocking up for revenue growth | | Fixed Assets | 51.41% | Construction in progress projects transferred upon reaching intended use state | | Construction in Progress | -83.41% | Construction in progress projects transferred out upon reaching intended use state | | Employee Benefits Payable | 666.49% | Due to accrual of bonuses | - During the reporting period, the company acquired 100% equity of Huaian Peric Gas Co., Ltd. for CNY 42.04 million in cash, with industrial and commercial change registration completed[141] Corporate Governance, Environment, and Society This section details changes in corporate governance, including board and supervisory committee adjustments, and outlines the company's environmental, social, and governance (ESG) performance and commitments Corporate Governance Status Due to term expirations, some directors and supervisors changed, with new members elected, while core technical personnel remained stable, and no profit distribution or capital reserve capitalization occurred - The first board of directors and supervisory board terms expired, with Wang Shaobo, Zhang Feifei, and Lu Guanghui departing; Zhang Ran, Ma Chi, and Xu Shuang were elected as new directors or supervisors[150] - The company's core technical personnel team remained stable, with no changes during the reporting period[150] - The company will not conduct profit distribution or capital reserve capitalization for the half-year period[151] Environmental, Social, and Governance (ESG) The company, listed for environmental disclosure, strictly adheres to regulations, operating 60 pollution control facilities and 6 hazardous waste utilization facilities with 100% compliant emissions, obtaining 6 new permits and conducting 4 emergency drills, while creating over 700 local jobs - The company is listed as an enterprise required to disclose environmental information by law, with its Feixiang branch designated as a key soil pollutant emitter[153] - The company has a comprehensive environmental protection management system (27 items), with environmental facilities operating normally and all emission outlets achieving 100% compliance[155][159] - Actively fulfilling social responsibilities, providing over 700 employment opportunities for surrounding areas, including over 50 jobs for returning young people[162] Significant Matters This section details the company's fulfillment of commitments, significant related party transactions, and raised capital utilization progress, highlighting key operational and financial events Fulfillment of Commitments During the reporting period, the company, its actual controllers, shareholders, and related parties strictly fulfilled all IPO commitments, including share lock-ups, price stabilization, share repurchases, immediate return compensation, avoidance of horizontal competition, and regulated related-party transactions, with no violations - All commitments made by the company and related parties, either during or continuing into the reporting period, were timely and strictly fulfilled[164][165] Significant Related Party Transactions The most significant related party transaction was the cash acquisition of 100% equity in Huaian Peric and bulk gas assets from Peric Technology and 718 Institute, completed by March 31, 2025, alongside deposit services with CSSC Finance Co., Ltd., with a daily maximum deposit limit of CNY 2 billion - The company acquired 100% equity of Huaian Peric and bulk gas assets from related parties Peric Technology and 718 Institute via cash, with the transaction completed by March 31, 2025[198][199] - The company conducts deposit financial services with related party CSSC Finance Co., Ltd., with a daily maximum deposit limit of CNY 2 billion and a period-end deposit balance of CNY 226 million[202] Explanation of Progress in Use of Raised Funds The company's IPO raised CNY 2.803 billion net, including CNY 1.203 billion in over-raised funds, with CNY 729 million cumulatively invested, as several projects reached intended use and generated benefits, while CNY 1.203 billion in over-raised funds remains unused and managed through cash investments Overall Use of Raised Funds | Item | Amount (CNY) | | :--- | :--- | | Net Raised Funds | 2,802,730,465.03 | | Total Over-raised Funds | 1,202,730,465.03 | | Cumulative Investment by Period-end | 729,482,747.19 | | Investment Amount for Current Year | 8,790,600.75 | - Several fund-raising projects, including the 3,250 tons/year nitrogen trifluoride project and the 500 tons/year lithium bis(trifluoromethanesulfonyl)imide project, have reached their intended operational status[208][209] - The company utilized up to CNY 2.2 billion of idle raised funds for cash management, with a period-end balance of CNY 2.155 billion[214] Share Changes and Shareholder Information This section details changes in the company's share capital structure, including strategic placement share circulation, and provides an overview of its shareholder base and major holdings Share Capital Changes Total share capital remained unchanged at 529,411,765 shares, but IPO strategic placement shares becoming tradable reduced restricted shares by 2,382,353, altering the shareholder structure, with restricted shares decreasing from 73.07% to 72.62% - The company's 2,382,353 IPO strategic placement shares became tradable from April 21, 2025, altering the structure of restricted and tradable shares[219] Share Structure Changes | Share Type | Quantity Before Change | Quantity After Change | Ratio After Change (%) | | :--- | :--- | :--- | :--- | | Restricted Shares | 386,823,276 | 384,440,923 | 72.62% | | Unrestricted Tradable Shares | 142,588,489 | 144,970,842 | 27.38% | | Total Share Capital | 529,411,765 | 529,411,765 | 100% | Shareholder Information As of period-end, the company had 14,229 common shareholders, with controlling shareholder Peric Technology holding 69.17%, ensuring a stable equity structure, and state-owned legal entities dominating the top ten, alongside employee stock ownership platforms - As of the end of the reporting period, the company had a total of 14,229 shareholders[220] Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held | Percentage (%) | Nature | | :--- | :--- | :--- | :--- | | Peric Technology Co., Ltd. | 366,215,923 | 69.17 | State-owned Legal Entity | | CSSC Investment Development Co., Ltd. | 18,225,000 | 3.44 | State-owned Legal Entity | | China State-owned Capital Venture Investment Fund Co., Ltd. | 15,670,500 | 2.96 | State-owned Legal Entity | | Ningbo Wanhai Changhong Enterprise Management Partnership (Limited Partnership) | 12,504,413 | 2.36 | Other | | Ningbo Wanhai Changfeng Enterprise Management Partnership (Limited Partnership) | 8,054,664 | 1.52 | Other | Bond-Related Information This section confirms the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Bond Status The company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds or convertible corporate bonds[232] Financial Report This section presents the company's unaudited half-year consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and significant events Financial Statements This chapter presents the company's unaudited H1 2025 consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, reflecting financial position and operating results Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 6,573,785,794.14 | 6,325,508,144.86 | | Total Liabilities | 968,501,155.96 | 771,933,596.44 | | Equity Attributable to Parent Company Owners | 5,605,284,638.18 | 5,553,574,548.42 | Consolidated Income Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,039,873,459.71 | 923,495,151.38 | | Operating Profit | 195,489,933.81 | 205,933,195.30 | | Total Profit | 196,178,167.26 | 206,006,636.27 | | Net Profit | 177,836,972.13 | 178,827,135.78 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 333,455,525.42 | 428,693,094.63 | | Net Cash Flow from Investing Activities | -468,509,229.80 | -359,533,135.90 | | Net Cash Flow from Financing Activities | -91,588,235.35 | -106,794,715.60 | | Net Increase in Cash and Cash Equivalents | -224,691,096.18 | -34,741,756.33 | Notes to Financial Statements The notes detail the company's basic information, basis of preparation, accounting standards compliance, and significant accounting policies and estimates, including financial instrument classification, inventory valuation, fixed asset depreciation, and revenue recognition, along with supplementary information on major taxes, consolidated financial statement items, related party transactions, and contingencies, crucial for understanding the financial report - The financial statements are prepared on a going concern basis and comply with the 'Accounting Standards for Business Enterprises'[275][276] - The company applied for renewal of its high-tech enterprise qualification, paid enterprise income tax at a preferential rate of 15% during the reporting period, and benefited from tax incentives including a 120% pre-tax super deduction for R&D expenses of integrated circuit enterprises and a 15% VAT super deduction[384] - A business combination under common control occurred in the current period, with the acquisition of Huaian Peric Gas Co., Ltd[525]