山东墨龙(00568) - 2025 - 中期业绩

Interim Results Overview The Group reported significant revenue growth for H1 2025, but net profit attributable to shareholders substantially decreased due to prior period's non-recurring investment income, with no interim dividend recommended. Key Financial Data for H1 2025 | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 797,520,300 | 604,627,900 | ↑ 31.90% | | Net Profit Attributable to Company Shareholders | 12,163,700 | 170,134,900 | ↓ 92.85% | | Earnings Per Share | 0.0152 | 0.2132 | ↓ 92.86% | - The Board recommends no interim dividend for the six months ended June 30, 2025[6] Unaudited Consolidated Income Statement For the six months ended June 30, 2025, the Group's total operating revenue increased by 31.90% to RMB 798 million, but operating profit and net profit significantly declined due to substantial investment income in the prior period. Key Data from Consolidated Income Statement | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 797,520,309.74 | 604,627,930.88 | ↑ 31.90% | | Operating Profit | 4,780,695.87 | 165,774,690.70 | ↓ 97.12% | | Total Profit | 12,035,094.29 | 168,956,114.25 | ↓ 92.87% | | Net Profit | 11,961,246.60 | 169,351,108.77 | ↓ 92.94% | | Net Profit Attributable to Company Shareholders | 12,163,676.06 | 170,134,914.07 | ↓ 92.85% | | Basic Earnings Per Share | 0.0152 | 0.2132 | ↓ 92.86% | - Investment income significantly decreased from RMB 282,091,477.58 in H1 2024 to RMB (96,433.34) in H1 2025, primarily causing the substantial decline in total profit and net profit[7] Unaudited Consolidated Balance Sheet As of June 30, 2025, the Group's total assets were RMB 2.33 billion, a slight decrease from year-end 2024, with net current assets turning negative, indicating increased short-term liquidity pressure. Key Data from Consolidated Balance Sheet | Metric | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 2,326,666,376.46 | 2,420,182,877.14 | ↓ 3.86% | | Total Liabilities | 1,822,515,973.81 | 1,928,288,812.05 | ↓ 5.49% | | Total Shareholders' Equity | 504,150,402.65 | 491,894,065.09 | ↑ 2.49% | | Total Current Assets | 1,666,724,088.44 | 1,935,407,894.38 | ↓ 13.88% | | Total Current Liabilities | 1,811,208,948.93 | 1,916,905,267.36 | ↓ 5.41% | | Net Current Assets | (144,484,860.49) | 18,502,627.02 | Changed from positive to negative | - Cash and cash equivalents increased by approximately 76.48% from RMB 86,788,890.12 at year-end 2024 to RMB 153,155,876.51 as of June 30, 2025[8] - Other receivables significantly decreased by approximately 45.11% from RMB 1,177,001,129.72 at year-end 2024 to RMB 646,067,597.02 as of June 30, 2025[8] Unaudited Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to parent company shareholders increased to RMB 505 million, primarily influenced by the total comprehensive income for the period. Key Data from Statement of Changes in Equity | Metric | June 30, 2025 (RMB) | January 1, 2024 (RMB) | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Shareholders | 504,502,010.47 | 491,894,065.09 | | Retained Earnings | (1,457,415,218.66) | (1,469,578,894.72) | | Non-controlling Interests | (351,607.82) | (375,432.98) | - Total comprehensive income attributable to company shareholders for H1 2025 was RMB 12,232,512.40, a significant decrease from RMB 170,033,113.14 in H1 2024[7] Notes to the Unaudited Financial Statements This section details the basis of financial statement preparation, key accounting policies, revenue and expense breakdowns, major balance sheet item changes, segment information, contingent liabilities, and capital commitments. 1. General Information The Company is a limited liability company incorporated in China, listed on the HKEX and SZSE, primarily engaged in the design, R&D, manufacturing, sales, and export of energy equipment products. - The Company's shares are listed on the Main Board of the Stock Exchange of Hong Kong and the Main Board of the Shenzhen Stock Exchange in mainland China[12] - The Group is primarily engaged in the design, R&D, processing, manufacturing, sales services, and export trade of energy equipment products[13] - Main products include petroleum drilling and extraction machinery, oil and gas transportation equipment, oil and gas exploitation equipment, and castings and forgings[13] 2. Basis of Preparation of Financial Statements The Group's financial statements are prepared in accordance with Chinese Accounting Standards, CSRC disclosure rules, and HK Company Ordinance and Listing Rules, with no changes in accounting policies for the current period. - Financial statements are prepared in accordance with "Enterprise Accounting Standards", CSRC "Information Disclosure Rules for Companies Issuing Securities No. 15", and the Hong Kong "Companies Ordinance" and "Listing Rules"[14] - There were no changes in the accounting policies adopted for the preparation of these financial statements during the period[15] 3. Total Operating Revenue For the six months ended June 30, 2025, the Group's total operating revenue was RMB 797.52 million, a 31.90% increase year-on-year, with pipe products being the largest contributor and primary growth driver. Operating Revenue by Product Category | Product Category | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Pipe Products | 755,173,945.20 | 542,742,258.39 | | Castings and Forgings | - | 5,724,946.04 | | Three-Pump Equipment | 13,830,858.84 | 14,317,014.33 | | Petroleum Machinery Parts | 12,976.43 | 1,061,486.64 | | Others | 28,502,529.27 | 40,782,225.48 | | Total | 797,520,309.74 | 604,627,930.88 | - In H1 2025, pipe products accounted for 94.7% of total operating revenue, serving as the primary source of income[17] 4. Segment Information The Group's operations are divided into four reportable segments: pipe products, three-pump equipment, petroleum machinery parts, and others, with pipe products contributing most revenue and operating profit in H1 2025, and domestic market revenue exceeding overseas markets. 4.1 Basis for Determining Reportable Segments and Accounting Policies The Group's operating segments are defined as pipe products, three-pump equipment, petroleum machinery parts, and others, with segment reporting information consistent with financial statement accounting and measurement bases. - The Group's operating activities are divided into four reportable segments: pipe products, three-pump equipment, petroleum machinery parts, and others[18] - Segment reporting information is disclosed based on the accounting policies and measurement standards used for reporting to management, consistent with the accounting and measurement bases used for preparing the financial statements[19] 4.2 Segment Reporting Information – For the Six Months Ended June 30, 2025 H1 2025 Segment Operating Revenue and Profit | Segment | Operating Revenue (RMB) | Operating Profit (RMB) | | :--- | :--- | :--- | | Pipe Products | 755,173,945.20 | 66,137,657.81 | | Three-Pump Equipment | 13,830,858.84 | 1,564,042.12 | | Petroleum Machinery Parts | 12,976.43 | 8,759.49 | | Others | 28,502,529.27 | 1,398,204.92 | | Total | 797,520,309.74 | 72,097,715.14 | 4.3 Segment Reporting Information – For the Six Months Ended June 30, 2024 H1 2024 Segment Operating Revenue and Profit | Segment | Operating Revenue (RMB) | Operating Profit (RMB) | | :--- | :--- | :--- | | Pipe Products | 542,742,258.39 | (4,645,965.03) | | Castings and Forgings | 5,724,946.04 | (467,629.28) | | Three-Pump Equipment | 14,317,014.33 | 2,000,936.18 | | Petroleum Machinery Parts | 1,061,486.64 | 381,704.12 | | Others | 40,782,225.48 | (85,769.83) | | Total | 604,627,930.88 | (3,557,993.16) | 4.4 External Transaction Revenue by Source Location External Transaction Revenue by Source Location | Source Location | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Domestic | 540,724,609.12 | 372,373,974.21 | | Other Countries | 256,795,700.62 | 232,253,956.67 | | Total | 797,520,309.74 | 604,627,930.88 | - All of the Group's assets are sourced from China[22] 5. Finance Costs For the six months ended June 30, 2025, finance costs increased to RMB 43.06 million year-on-year, primarily driven by interest expenses, with a positive exchange difference. Details of Finance Costs | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Interest Expense | 45,322,629.95 | 46,674,510.32 | | Less: Interest Income | (799,536.45) | (568,696.72) | | Exchange Difference | (1,650,660.89) | (4,960,535.36) | | Others | 191,378.13 | 175,362.55 | | Total | 43,063,810.74 | 41,320,640.79 | 6. Credit Impairment Losses For the six months ended June 30, 2025, the Group recorded credit impairment losses of RMB 2.99 million, compared to a gain in the prior period, mainly due to increased bad debt losses on accounts receivable. Details of Credit Impairment Losses | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Bad Debt Losses | 2,989,050.80 | (741,269.32) | | Of which: Accounts Receivable | 2,678,442.15 | 656,707.39 | | Notes Receivable | 70,143.82 | 652,545.51 | | Other Receivables | 240,464.83 | (2,050,522.22) | 7. Asset Impairment Losses For the six months ended June 30, 2025, the Group recorded asset impairment losses of RMB 0.12 million, compared to an asset impairment gain in the prior period, primarily due to inventory write-downs. Details of Asset Impairment Losses | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Inventory Write-down Losses and Contract Performance Cost Impairment Losses | 116,035.70 | (8,955,173.29) | | Total | 116,035.70 | (8,955,173.29) | 8. Gains on Disposal of Assets For the six months ended June 30, 2025, the Group's gains on disposal of assets significantly increased to RMB 4.11 million year-on-year, primarily from the disposal of fixed assets. Details of Gains on Disposal of Assets | Source | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Gains on Disposal of Fixed Assets | 4,114,238.28 | 163,084.71 | | Total | 4,114,238.28 | 163,084.71 | 9. Other Income For the six months ended June 30, 2025, the Group's other income significantly decreased to RMB 1.37 million year-on-year, mainly due to a reduction in VAT additional deduction. Details of Other Income | Source | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | VAT Additional Deduction | 1,361,627.77 | 6,448,846.81 | | Others | 7,048.36 | 106,235.78 | | Total | 1,368,676.13 | 6,555,082.59 | 10. Non-operating Income For the six months ended June 30, 2025, the Group's non-operating income significantly increased to RMB 8.41 million year-on-year, primarily attributable to litigation compensation. Details of Non-operating Income | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Litigation Compensation | 7,486,346.36 | - | | Others | 925,006.93 | 3,592,336.79 | | Total | 8,411,353.29 | 3,592,336.79 | 11. Total Profit This section lists key expense items affecting total profit, including employee costs, intangible asset amortization, inventory costs, fixed asset depreciation, and R&D costs, comparing H1 2025 and H1 2024 data. Key Expense Items Affecting Total Profit | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Employee Costs | 60,462,868.03 | 75,260,101.72 | | Intangible Asset Amortization | 3,125,808.42 | 5,189,174.26 | | Cost of Inventories Recognized as Expense | 693,580,969.61 | 548,882,498.25 | | Depreciation of Fixed Assets | 28,178,102.30 | 72,915,950.48 | | Research and Development Costs | 10,221,955.21 | 10,750,438.75 | 12. Income Tax Expense For the six months ended June 30, 2025, the Group's income tax expense was RMB 0.07 million, compared to an income tax benefit in the prior period, with the Company applying a 15% Chinese income tax rate as a high-tech enterprise. Details of Income Tax Expense | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Current Income Tax Expense | 73,847.69 | 62,936.72 | | Deferred Income Tax Expense | - | (457,931.24) | | Total | 73,847.69 | (394,994.52) | - The Company is classified as a high-tech enterprise and is subject to a Chinese enterprise income tax rate of 15%[30] - Subsidiaries incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5%[31] 13. Earnings Per Share For the six months ended June 30, 2025, basic earnings per share significantly decreased to RMB 0.0152 from RMB 0.2132 in the prior period. Earnings Per Share Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 12,163,676.06 | 170,134,914.07 | | Basic Earnings Per Share | 0.0152 | 0.2132 | | Diluted Earnings Per Share | Not applicable | Not applicable | 14. Dividends The Board recommends no interim dividend for the six months ended June 30, 2025, consistent with the prior period. - The Board recommends no interim dividend for the six months ended June 30, 2025 (2024: nil)[33] 15. Accounts Receivable As of June 30, 2025, net accounts receivable increased to RMB 318 million from year-end 2024, with most receivables aged within one year. Net Accounts Receivable and Aging Analysis | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Gross Accounts Receivable | 361,729,290.97 | 266,677,142.16 | | Less: Provision for Bad Debts | 43,672,284.58 | 46,350,726.73 | | Total (Net) | 318,057,006.39 | 220,326,415.43 | | Aging within 1 year | 321,081,364.46 | 221,427,518.61 | - Domestic general pipe customers typically pay before shipment, while domestic oil casing customers usually pay 3–6 months after invoicing and settlement; export business primarily involves cash payments, with most oil casing customers paying in advance[34] 16. Accounts Payable As of June 30, 2025, total accounts payable slightly increased to RMB 304 million from year-end 2024, with most payables aged within one year. Accounts Payable Aging Analysis | Aging | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 year | 249,026,100.98 | 228,402,199.71 | | 1–2 years | 12,206,802.68 | 20,662,282.33 | | 2–3 years | 11,187,530.51 | 11,163,851.48 | | Over 3 years | 31,709,927.34 | 33,979,545.16 | | Total | 304,130,361.51 | 294,207,878.68 | 17. Capital Commitments As of June 30, 2025, the Group had no contracted but unrecognised commitments for the acquisition or construction of long-term assets in its financial statements. - As of June 30, 2025, the Group had no contracted but unrecognised commitments for the acquisition or construction of long-term assets in its financial statements[37] 18. Contingent Liabilities The Company has accrued a provision of RMB 4.96 million for litigation matters, with the case currently under trial. - The Company has accrued a provision for litigation matters of RMB 4,960,700[38] - The litigation case is currently under trial[38] Business and Financial Review and Outlook This chapter reviews the Group's H1 2025 operating performance and business model, analyzes factors affecting profit changes, discusses industry trends, policy support, and future outlook, and discloses other significant matters. Interim Results The Group's H1 2025 operating revenue increased by 31.90% year-on-year, but net profit attributable to listed company shareholders significantly decreased due to non-recurring investment income from subsidiary equity disposal in the prior period, with operating performance turning profitable after excluding non-recurring items. - H1 2025 operating revenue was approximately RMB 797.52 million, an increase of 31.90% compared to the same period last year[39] - Net profit attributable to listed company shareholders was approximately RMB 12.16 million, a significant decrease from RMB 170.13 million in the same period last year[39] - The decrease in net profit was primarily due to the impact of non-recurring investment income from the disposal of equity in two subsidiaries in the prior year[42] - During the reporting period, the company had sufficient product orders, significantly increased production and sales volumes year-on-year, increased operating revenue, improved capacity utilization, and significantly increased product gross profit margin; operating performance, excluding non-recurring gains and losses, turned profitable[42] Business Review The Company primarily engages in R&D, manufacturing, sales, and export of energy equipment, with pipe products accounting for nearly 95% of revenue, operating on a "production-to-order" model with mature procurement and sales networks, achieving significant growth in orders, sales, and gross margin, and effective cost control. - The Company's main products are pipe products such as oil pipes and casing, accounting for nearly 95% of the Company's operating revenue[40] - The Company's production and operation model is "production-to-order"[41] - The Company possesses a relatively mature sales network, with dedicated sales and import/export teams responsible for domestic and international market research, development, product sales, and after-sales service[41] Significant Events After Reporting Period The Group had no significant events after the reporting period. - The Group had no significant events after the reporting period[43] Future Outlook The energy equipment industry is influenced by global economic growth, oil and gas prices, and exploration expenditures; sustained high international crude oil prices and China's energy security policies are expected to boost domestic oil and gas exploration and production, creating a favorable environment for the Company. - Global economic growth rates, trends in oil and natural gas prices and consumption demand, global oil exploration and development expenditures, and the scale of oil and gas extraction are decisive factors affecting the prosperity of the industry in which the Company operates[44] - In recent years, international crude oil prices have remained relatively high, driving a continuous recovery in capital expenditure by oil and gas companies, increasing demand for oil and gas equipment and services, and a sustained rebound in industry prosperity[44] - The National Energy Administration's "2025 Energy Work Guidance Opinions" propose maintaining crude oil output above 200 million tons, rapid growth in natural gas output, continuous increase in oil and gas reserves, and strengthening oil and gas exploration and development[45] Major Investments Held For the six months ended June 30, 2025, the Group held no major investments. - For the six months ended June 30, 2025, the Group held no major investments[46] Major Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures For the six months ended June 30, 2025, the Group did not undertake any major acquisitions or disposals of subsidiaries, associates, or joint ventures. - For the six months ended June 30, 2025, the Group did not undertake any major acquisitions or disposals of subsidiaries, associates, or joint ventures[47] Future Plans for Major Investments or Capital Assets As of June 30, 2025, the Group had no future plans for major investments or capital assets. - As of June 30, 2025, the Group had no future plans for major investments or capital assets[48] Foreign Exchange Risk The Group's income is settled in RMB and USD, while expenses are settled in HKD, RMB, and USD; no foreign currency hedging policy is currently adopted, but significant long-term changes in RMB exchange rates against USD and HKD could impact performance and financial position. - The Group's income is settled in RMB and USD, while expenses are settled in HKD, RMB, and USD[49] - The Group currently does not adopt a foreign currency hedging policy[49] - Long-term or significant changes in the exchange rates of RMB against USD and RMB against HKD may impact the Group's performance and financial position[49] Corporate Governance The Company is committed to good corporate governance, complying with all code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules; the Audit Committee reviewed the interim results, and the Board confirmed compliance with the Model Code for Securities Transactions by Directors. - The Company has adopted and consistently complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules[50] - The Audit Committee has reviewed the unaudited interim results and financial statements for the six months ended June 30, 2025[51] - All Directors have confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the six months ended June 30, 2025[52] Repurchase, Sale or Redemption of the Group's Listed Securities For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities. - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[53] Publication of Results Announcement and Interim Report This announcement has been published on the HKEX and the Company's website, and the interim report will be dispatched to shareholders and available for download from the Company and HKEX websites in due course. - This announcement has been published on the HKEX website and the Company's website[55] - The interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and available for download from the Company's website (http://www.molonggroup.com) and the HKEX website in due course[55] Board of Directors As of the date of this announcement, the Company's Board of Directors comprises executive directors, non-executive directors, and independent non-executive directors. - The Company's Board of Directors comprises Executive Directors Mr. Han Gaogui, Mr. Yuan Rui, Mr. Wang Tao, and Mr. Song Guangjie[56] - Non-executive Directors are Mr. Huang Bingde and Ms. Zhang Min[56] - Independent Non-executive Directors are Mr. Zhang Zhenquan, Mr. Dong Shaohua, and Mr. Zhang Binggang[56]