利君股份(002651) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's structural overview, a list of reference documents, and definitions of key terms Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, while cautioning investors about forward-looking statements and the absence of a dividend plan - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - This semi-annual report contains forward-looking statements regarding future plans, which do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period[5] Table of Contents This section presents the structured table of contents, outlining nine main chapters from company profile to financial reports, providing an overall framework for investors - The report's table of contents clearly lists nine main chapters, including important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[7] List of Reference Documents This section lists the company's reference documents for the reporting period, including signed financial statements and original public disclosures, available at the Board of Directors' office - Reference documents include signed and sealed financial statements, original copies of publicly disclosed company documents, and announcements[9] - The reference documents are kept at the company's Board of Directors' Office[11] Definitions This section defines key terms and company entity abbreviations used in the report, ensuring accurate understanding, such as "Lijun Co." referring to Chengdu Lijun Industrial Co., Ltd Key Definitions | Term | Definition | | :--- | :--- | | Lijun Co., Company, Parent Company | Chengdu Lijun Industrial Co., Ltd. | | The Group | Specifically refers to the Company when including its subsidiaries in financial reports | | Reporting Period | January 1, 2025 to June 30, 2025 | Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and indicators for the reporting period Company Profile The company, Lijun Co., stock code 002651, is listed on the Shenzhen Stock Exchange, with He Yamin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Lijun Co. | | Stock Code | 002651 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Chengdu Lijun Industrial Co., Ltd. | | Legal Representative | He Yamin | Contact Persons and Information The company provides contact details for its Board Secretary Hu Yijun and Securities Affairs Representative Gao Feng for investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Hu Yijun | No. 5, Wuke East 2nd Road, Wuhou District, Chengdu | 028-85366263 | 028-85370138 | Hyj5445@163.com | | Securities Affairs Representative | Gao Feng | No. 5, Wuke East 2nd Road, Wuhou District, Chengdu | 028-85366263 | 028-85370138 | Feng66691@163.com | Other Information The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[18] - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[19] Key Accounting Data and Financial Indicators In H1 2025, the company's operating revenue decreased by 8.91% to CNY 314.13 million, and net profit attributable to shareholders fell by 31.72% to CNY 57.20 million, with operating cash flow turning negative Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change in Current Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 314,129,166.48 | 344,843,629.19 | -8.91% | | Net Profit Attributable to Shareholders of Listed Company | 57,202,184.28 | 83,778,007.42 | -31.72% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 51,083,320.72 | 79,926,208.04 | -36.09% | | Net Cash Flow from Operating Activities | -84,919,724.14 | 117,446,357.83 | -172.31% | | Basic Earnings Per Share (CNY/share) | 0.06 | 0.08 | -25.00% | | Diluted Earnings Per Share (CNY/share) | 0.06 | 0.08 | -25.00% | | Weighted Average Return on Net Assets | 2.04% | 3.06% | -1.02% | | Period-End Indicators | Current Period-End (CNY) | Prior Year-End (CNY) | Change from Prior Year-End | | Total Assets | 3,451,478,815.19 | 3,448,606,078.22 | 0.08% | | Net Assets Attributable to Shareholders of Listed Company | 2,775,974,096.54 | 2,779,628,449.49 | -0.13% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reports no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards for the period - The company reports no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards for the reporting period[22] - The company reports no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards for the reporting period[23] Non-Recurring Gains and Losses Items and Amounts The company's H1 2025 non-recurring gains and losses totaled CNY 6.12 million, primarily from government subsidies and other non-operating income, positively impacting net profit after tax Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 5,860.01 | | Government Subsidies Recognized in Current Profit and Loss | 5,294,020.63 | | Gains/Losses from Debt Restructuring | 111,992.55 | | Other Non-Operating Income and Expenses Apart from the Above | 1,832,095.18 | | Less: Income Tax Impact | 1,125,104.81 | | Total | 6,118,863.56 | - The company has not classified any non-recurring gains and losses items listed in 'Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses' as recurring gains and losses[26] Management Discussion and Analysis This section analyzes the company's primary business operations, core competencies, financial performance, asset and liability status, investment activities, and risk factors during the reporting period Company's Main Business Activities During the Reporting Period The company's main businesses are grinding systems and aerospace component manufacturing, with overall revenue down 8.91% and net profit down 31.72%, despite a 67.03% increase in roller system (sub-assembly) revenue Overview of Main Business The company's core businesses are grinding systems for cement/mining and aerospace component manufacturing for civil/military aircraft, benefiting from infrastructure, environmental policies, and defense modernization - The grinding system and related equipment manufacturing business primarily produces roller presses and high-pressure grinding mills, used in cement, mining, and metallurgy industries, characterized by high efficiency and energy saving[28] - Grinding equipment sales primarily involve bidding, offering engineering design, equipment supply, and management services, with procurement and production based on sales orders[28][29] - Aerospace component manufacturing includes tooling and mold design, CNC precision machining, sheet metal fabrication, and sub-assembly, with products used in civil and military aircraft like Boeing, Airbus, COMAC, and launch vehicles[30][31] - The aerospace business benefits from strengthened national defense technology, an expanding civil aviation market, and the rise of commercial aerospace[31] Analysis of Company's Operating and Financial Performance During the Reporting Period In H1 2025, revenue decreased by 8.91% to CNY 314.13 million and net profit by 31.72% to CNY 57.20 million, driven by reduced aerospace revenue and roller press sales, while roller system (sub-assembly) revenue significantly increased Key Financial Data Year-on-Year Changes (Jan-Jun 2025) | Indicator | Jan-Jun 2025 (CNY million) | Decrease from Prior Period (%) | | :--- | :--- | :--- | | Operating Revenue | 31,412.92 | 8.91 | | Operating Cost | 18,751.51 | 6.47 | | Operating Profit | 6,546.13 | 32.76 | | Net Profit Attributable to Shareholders of Listed Company | 5,720.22 | 31.72 | | Net Increase in Cash and Cash Equivalents | -7,461.11 | 225.56 | Operating Revenue Composition and Year-on-Year Changes (Jan-Jun 2025) | Item | Jan-Jun 2025 (CNY) | Jan-Jun 2024 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 314,129,166.48 | 344,843,629.19 | -8.91 | | Grinding System and Related Equipment Manufacturing Business | 184,065,823.55 | 167,400,017.89 | 9.96 | | - Roller Press and Related | 35,643,003.83 | 61,867,423.62 | -42.39 | | - High-Pressure Grinding Mill and Related | 25,961,256.49 | 20,928,218.42 | 24.05 | | - Roller System (Sub-assembly) | 96,806,162.38 | 57,958,084.46 | 67.03 | | Aerospace Component Manufacturing Business | 130,662,745.33 | 177,443,611.30 | -26.36 | - Net cash flow from operating activities was negative, primarily due to increased customer settlements via bills, leading to reduced cash received from sales and services, as well as decreases in accounts payable and employee compensation, and an increase in inventory[35] Analysis of Core Competencies The company maintains strong core competencies in grinding systems through advanced R&D and national recognition, and in aerospace components via its subsidiary Dekun Aviation's specialized qualifications and integrated delivery capabilities - The company's grinding system business possesses a national enterprise technology center, has won multiple patents and technological awards, and its roller presses and high-pressure grinding mills are recognized as national manufacturing single-item champion products[36] - The aerospace component manufacturing business is primarily operated by its wholly-owned subsidiary Dekun Aviation, which holds industry-specific and military business qualifications, forming a core competency in integrated delivery of aerospace sub-assemblies[37] - During the reporting period, the core competencies of the company's two main businesses did not undergo significant changes[37] Analysis of Main Business Main business revenue decreased by 8.91% and operating costs by 6.47%, with roller system (sub-assembly) revenue up 67.03%, while roller press and aerospace component revenues declined, and overseas revenue significantly increased Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 314,129,166.48 | 344,843,629.19 | -8.91 | | | Operating Cost | 187,515,076.58 | 200,484,650.29 | -6.47 | | | Net Cash Flow from Operating Activities | -84,919,724.14 | 117,446,357.83 | -172.31 | Increased customer settlements via bills, reducing cash received from sales and services | | Net Cash Flow from Investing Activities | 11,041,836.55 | -54,662,608.12 | 120.20 | Reduced cash paid for time deposits and acquisition of fixed and intangible assets | | Net Increase in Cash and Cash Equivalents | -74,611,131.44 | 59,422,901.63 | -225.56 | Increased customer settlements via bills, reducing cash received from sales and services | | Net Profit | 57,202,184.28 | 83,778,007.42 | -31.72 | Decreased revenue scale, slight increase in administrative expenses | Operating Revenue Composition (by Product and Region) | Item | Current Period Amount (CNY) | Proportion of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | By Product | | | | | Roller Press and Related | 35,643,003.83 | 11.35 | -42.39 | | High-Pressure Grinding Mill and Related | 25,961,256.49 | 8.26 | 24.05 | | Roller System (Sub-assembly) | 96,806,162.38 | 30.82 | 67.03 | | Aerospace Component Manufacturing | 129,830,041.53 | 41.33 | -26.69 | | By Region | | | | | Domestic | 271,549,631.82 | 86.45 | -19.54 | | Overseas | 42,579,534.66 | 13.55 | 478.09 | Analysis of Non-Main Business The company had no non-main business activities requiring disclosure during the reporting period - The company had no non-main business activities during the reporting period[43] Analysis of Assets and Liabilities As of June 30, 2025, total assets slightly increased by 0.08%, with a stable asset structure and a 19.57% asset-liability ratio, while specific asset and liability items saw significant reclassifications and operational changes Significant Changes in Asset Composition Total assets slightly increased by 0.08%, with construction in progress decreasing due to project completion, while notes receivable and prepayments rose due to increased business activity Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Change in Proportion of Total Assets (%) | Explanation of Significant Change | | :--- | :--- | :--- | | Construction in Progress | -2.35 | Due to the transfer of Phase I of the Special Heavy Equipment Manufacturing Base Project and the expansion and technical upgrade project of the large roller press (high-pressure grinding mill) system industrialization base production workshop to fixed assets | | Notes Receivable | 1.17 | Due to an increase in customer settlements using commercial acceptance bills during the current period | | Prepayments | 0.42 | Due to an increase in prepaid material costs during the current period | | Other Non-Current Assets | -3.26 | Due to the reclassification of time deposits and accrued interest with maturity dates exceeding one year to other non-current assets at the end of the reporting period, resulting in a decrease compared to the prior year-end | | Notes Payable | 1.24 | Due to an increase in bank acceptance bills issued for payment of goods during the current period | | Employee Compensation Payable | -1.24 | Due to the payment of 2024 performance bonuses during the current period | | Other Payables | 1.76 | The 2024 cash dividend distribution was completed in July 2025 | Major Overseas Assets The company's main overseas asset is Lijun Holdings (Singapore) Pte. Ltd., with assets of CNY 147.27 million, generating CNY 13.44 million in profit, and no significant impairment risk Major Overseas Assets | Specific Asset Details | Asset Scale (CNY) | Location | Profitability (CNY) | Proportion of Overseas Assets to Company's Net Assets (%) | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | | Lijun Holdings (Singapore) Pte. Ltd. | 147,265,424.00 | Singapore | 13,436,906.06 | 5.30 | No | Assets and Liabilities Measured at Fair Value The company had no assets or liabilities measured at fair value during the reporting period - The company had no assets or liabilities measured at fair value during the reporting period[47] Asset Rights Restrictions as of the End of the Reporting Period As of the reporting period end, restricted assets totaled CNY 545.34 million, primarily comprising pledged or term-restricted monetary funds and other non-current assets like deposits and accrued interest Asset Rights Restrictions | Item | Period-End Book Balance (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 389,149,863.29 | Pledged, Term-Restricted | Restricted as margin deposits, time deposits between three months and one year, accrued interest, etc. | | Other Non-Current Assets | 156,188,486.12 | Term-Restricted | Time deposits and accrued interest with maturity exceeding one year | | Total | 545,338,349.41 | — | — | Analysis of Investment Status The company had no significant equity or financial asset investments, with CNY 3.26 million invested in the Lijun Special Heavy Equipment Manufacturing Base Phase I, reaching 36.20% completion, and no raised funds utilized - The company had no securities or derivative investments during the reporting period[50][51] - The company did not use raised funds during the reporting period[52] Significant Non-Equity Investments | Project Name | Amount Invested in Current Period (CNY) | Cumulative Actual Investment as of Period-End (CNY) | Project Progress (%) | | :--- | :--- | :--- | :--- | | Lijun Special Heavy Equipment Manufacturing Base Project Phase I | 3,262,221.62 | 54,307,244.13 | 36.20 | Significant Asset and Equity Disposals The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of any significant assets during the reporting period[54] - The company did not dispose of any significant equity during the reporting period[55] Analysis of Major Controlled and Jointly Controlled Companies Major subsidiaries Lijun Technology and Dekun Aviation saw revenue declines of 22.71% and 26.36%, respectively, and net profit declines of 15.16% and 37.93%, primarily due to reduced sales and a CNY 64.82 million dividend distribution from Dekun Aviation Financial Data of Major Subsidiaries (Jan-Jun 2025) | Company Name | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Chengdu Lijun Technology Co., Ltd. | 43,027,299.70 | 17,620,244.96 | 15,094,856.61 | | Chengdu Dekun Aviation Equipment Manufacturing Co., Ltd. | 130,662,745.33 | 40,203,268.16 | 33,919,231.49 | - Chengdu Lijun Technology Co., Ltd.'s revenue decreased by 22.71% and net profit by 15.16%, primarily due to higher sales of roller presses and high-pressure grinding mills in the prior period[58] - Chengdu Dekun Aviation Equipment Manufacturing Co., Ltd.'s revenue decreased by 26.36% and net profit by 37.93%, mainly due to reduced sales settlements in its aerospace component manufacturing business and a CNY 64.82 million dividend distribution to Lijun Co.[59][60] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[61] Risks Faced by the Company and Countermeasures The company faces risks from policy adjustments, technological innovation uncertainties, raw material price fluctuations, and intensified market competition, which it addresses through continuous R&D and operational enhancements - Policy adjustment risk: Changes in aerospace industry policies may constrain business development; grinding equipment business is affected by downstream real estate and infrastructure industry regulations[61][62] - Technological innovation uncertainty risk: New technologies, materials, and processes are constantly emerging in aerospace, and grinding technology continues to advance; the company's competitiveness will be affected if it fails to grasp these trends in a timely manner[63] - Raw material price fluctuation risk: Rising prices of high-performance raw materials for aerospace and production materials for roller presses and high-pressure grinding mills may impact operating performance[64] - Market risk: The aerospace component market is highly competitive; the promotion of high-pressure grinding mills in the mining industry may not meet expectations[65] - Countermeasures: Closely monitor industry policies, continuously invest in technological innovation and R&D, enhance product technology and process upgrade capabilities, and strengthen product processing and support service capabilities[65] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[66] - The company did not disclose a valuation enhancement plan during the reporting period[67] Implementation of 'Dual Improvement in Quality and Returns' Action Plan The company did not disclose any announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose any announcement regarding the 'Dual Improvement in Quality and Returns' action plan during the reporting period[67] Corporate Governance, Environment, and Society This section covers changes in the company's governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[69] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[70] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[71] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[72] Social Responsibility The company upholds integrity, strives for shareholder benefits, protects employee rights, supports charity, and integrates social responsibility into operations through quality and environmental management systems - The company operates with integrity, strives to maximize benefits for all shareholders, protects the legitimate rights and interests of employees, and supports charitable causes[72] - By establishing quality and environmental management systems, the company ensures its operations, achieves sustainable and healthy development, and actively fulfills its corporate social responsibility[72] Significant Events This section details the fulfillment of commitments by related parties, absence of fund occupation, guarantees, litigation, and other major contractual and operational matters Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period Commitments by Chairman He Yamin, Vice Chairman He Jia regarding share lock-up, and non-competition pledges by the controlling shareholder and related parties were strictly fulfilled, with no overdue unfulfilled items - The share lock-up