赛晶科技(00580) - 2025 - 中期业绩

Financial Summary Interim Results Overview The Group's unaudited interim results for the six months ended June 30, 2025, show significant revenue growth but a decline in gross margin, alongside a substantial increase in profit attributable to owners of the parent | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 888.3 | 655.8 | +35.5% | | Gross Profit | 229.3 | 234.8 | -2.3% | | Gross Margin | 25.8% | 35.8% | -10.0pp | | Profit attributable to owners of the parent | 93.8 | 33.7 | +178.3% | | Earnings per share (basic and diluted) | 5.85 cents | 2.09 cents | +179.9% | Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income The Group's statement of profit or loss for the six months ended June 30, 2025, shows significant revenue and other income growth, leading to a substantial increase in profit before tax and profit for the period, despite a decline in gross profit | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 888,320 | 655,758 | | Cost of sales | (659,066) | (420,974) | | Gross profit | 229,254 | 234,784 | | Other income and gains | 130,747 | 34,335 | | Selling and distribution costs | (60,862) | (47,940) | | Administrative expenses | (106,074) | (83,660) | | Research and development costs | (67,923) | (67,756) | | Profit before tax | 112,808 | 36,349 | | Profit for the period | 85,470 | 20,933 | | Profit attributable to owners of the parent | 93,773 | 33,722 | | Total comprehensive income attributable to owners of the parent | 82,452 | 33,012 | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2025, the Group's financial position shows increases in both total non-current and current assets, with steady growth in net assets and a corresponding rise in total equity | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 1,030,009 | 1,012,660 | | Total current assets | 2,040,579 | 2,022,187 | | Total current liabilities | 920,425 | 935,050 | | Net current assets | 1,120,154 | 1,087,137 | | Net assets | 2,057,990 | 1,995,956 | | Total equity | 2,057,990 | 1,995,956 | Notes to the Condensed Consolidated Interim Financial Statements Company Information The Company, incorporated in the Cayman Islands and listed on the HKEX, primarily engages in trading and manufacturing power electronic components, with financial information presented in RMB - The Group's principal activities are the trading and manufacturing of power electronic components[10] - The condensed consolidated interim financial information is presented in RMB[11] Changes in Accounting Policies Accounting policies adopted this period are consistent with the prior year, with the initial adoption of IAS 21 (Amendment) "Lack of Exchangeability" having no financial impact due to the Group's convertible transaction currencies - The adoption of IAS 21 (Amendment) "Lack of Exchangeability" had no impact on the condensed consolidated interim financial information, as the Group's transaction currencies are convertible[13] Operating Segment Information The Group operates a single reportable segment, manufacturing and trading power electronic components, with over 95% of revenue and non-current assets attributable to mainland China, thus no other geographical segment information is provided - The Group has only one reportable operating segment, primarily engaged in the manufacturing and trading of power electronic components[14] - Over 95% of the Group's revenue and all non-current assets are attributable to mainland China[15] Revenue, Other Income and Gains The Group's revenue primarily stems from the sale of power electronic components, with other income and gains significantly increasing due to government subsidies, exchange gains, and fair value gains from forward foreign exchange contracts Customer Contract Revenue | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sale of power electronic components | 888,320 | 655,758 | Other Income and Gains | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government subsidies | 33,270 | 20,348 | | Net exchange gains | 31,342 | – | | Net fair value gains from forward foreign exchange contracts | 59,939 | – | | Total | 130,747 | 34,335 | - Government subsidies primarily originate from mainland China's incentives for investment and technological advancement, with no unfulfilled conditions or contingencies[16] Profit Before Tax The Group's profit before tax is achieved after deducting items such as cost of inventories sold, depreciation, amortization, and impairment, with a significant increase in cost of inventories sold and a substantial reduction in net fair value losses from forward foreign exchange contracts and net exchange losses Key Deductions/Additions to Profit Before Tax | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 659,985 | 420,321 | | Depreciation of property, plant and equipment | 26,187 | 21,413 | | Net impairment losses on trade receivables and contract assets | 3,118 | 1,622 | | Net fair value losses from forward foreign exchange contracts | – | 10,648 | | Net exchange losses | – | 11,366 | Finance Costs The Group's finance costs, primarily comprising interest on bank loans, other loans, and lease liabilities, show a slight overall increase Analysis of Finance Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank loans | 4,471 | 4,130 | | Interest on other loans | 4,241 | 4,265 | | Interest on lease liabilities | 123 | 146 | | Total | 8,835 | 8,541 | Income Tax Expense The Group's income tax expense is calculated based on tax rates in different jurisdictions, with a 25% corporate income tax rate in mainland China and a 15% preferential rate for certain high-tech enterprises, resulting in a significant increase in total tax expense for the period - The corporate income tax rate in mainland China is 25%, with certain high-tech enterprises enjoying a 15% preferential tax rate[19] Total Tax Expense for the Period | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Subtotal of current tax expense | 17,882 | 16,032 | | Deferred tax | 9,456 | (616) | | Total tax expense for the period | 27,338 | 15,416 | Dividends The Board has declared an interim dividend of HK$0.01 per ordinary share for the six months ended June 30, 2025, with no dividend declared for the corresponding period last year - The Board declared an interim dividend of HK$0.01 per ordinary share, totaling approximately RMB14,531,000[20] - No interim dividend was declared for the corresponding period in 2024[20] Earnings Per Share Attributable to Ordinary Equity Holders of the Parent Both basic and diluted earnings per share significantly increased, primarily due to a substantial rise in profit attributable to ordinary equity holders of the parent, coupled with a slight decrease in the weighted average number of ordinary shares outstanding - Basic earnings per share are calculated based on profit attributable to ordinary equity holders of the parent of RMB93,773,000 (2024: RMB33,722,000)[21] Basis for Earnings Per Share Calculation | Metric | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent | 93,773 | 33,722 | | Weighted average number of ordinary shares outstanding for basic EPS | 1,603,302,772 | 1,616,157,705 | | Dilutive effect - share options | 643,752 | 370,317 | | Total (diluted shares) | 1,603,946,524 | 1,616,528,022 | Trade and Bills Receivables The Group's total trade and bills receivables slightly decreased, with credit terms typically ranging from one to three months, and strict credit controls in place to mitigate risks - Total trade and bills receivables amounted to RMB1,147,053 thousand, a slight decrease compared to December 31, 2024[23] - Credit terms are typically one month, extendable to three months for major customers, with a credit control department to minimize credit risk[23] Ageing Analysis of Trade Receivables (Net of Impairment Provisions) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 567,263 | 518,522 | | 4 to 6 months | 172,174 | 188,948 | | 7 to 12 months | 138,302 | 117,107 | | Over 1 year | 89,039 | 82,067 | | Total | 966,778 | 906,644 | Trade and Bills Payables The Group's total trade and bills payables increased, with a notable rise in payables outstanding for over six months Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 6 months | 338,705 | 366,017 | | Over 6 months | 95,311 | 50,707 | | Total | 434,016 | 416,724 | Business Review Domestic and Overseas Market Performance The Group's domestic market revenue grew significantly but gross margin declined substantially, while overseas market revenue and gross margin both maintained stable growth Domestic and Overseas Market Performance | Market | 2025 Revenue (RMB thousand) | 2025 Gross Margin | 2024 Revenue (RMB thousand) | 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Domestic Market | 845,968 | 24.7% | 617,047 | 35.1% | | Overseas Market | 42,352 | 47.4% | 38,711 | 46.9% | | Total | 888,320 | 25.8% | 655,758 | 35.8% | Domestic Market Performance Domestic market revenue, segmented by application, shows significant growth in power transmission and distribution and industrial and other sectors, but a decline in electrified transportation, with a general decrease in gross margins across all segments Domestic Market Performance by Application Segment | Application Segment | 2025 Revenue (RMB thousand) | 2025 Gross Margin | 2024 Revenue (RMB thousand) | 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Power Transmission and Distribution | 466,654 | 35.4% | 358,098 | 47.8% | | Electrified Transportation | 23,641 | 15.6% | 31,840 | 23.1% | | Industrial and Other | 355,673 | 11.3% | 227,109 | 16.7% | | Total | 845,968 | 24.7% | 617,047 | 35.1% | Power Transmission and Distribution Segment Revenue in the power transmission and distribution segment grew by 30%, driven by a 123% surge in flexible transmission, while conventional DC transmission revenue declined by 39% due to fewer order deliveries Power Transmission and Distribution Segment Revenue Change | Sub-segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Conventional DC Transmission | 89,205 | 146,945 | -39% | | Flexible Transmission | 295,960 | 132,914 | 123% | | Other Power Transmission and Distribution | 81,489 | 78,239 | 4% | | Total | 466,654 | 358,098 | 30% | - Conventional DC transmission revenue decreased primarily due to fewer ordered products delivered compared to the same period last year[33] - Flexible transmission revenue growth was mainly driven by the progressive delivery of ordered products for the Saudi Central-South Project, Gan-Dian-Ru-Zhe Project, and Peru/Chile Distributed Power Flow Controller Project[34] Electrified Transportation Segment Overall revenue in the electrified transportation segment decreased by 26%, with significant reductions in rail transit and electric vehicle sub-segments, but a 100% increase in other transportation (e.g., electrified shipping) Electrified Transportation Segment Revenue Change | Sub-segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Rail Transit | 17,532 | 27,712 | -37% | | Electric Vehicles | 44 | 1,097 | -96% | | Other Transportation | 6,065 | 3,031 | 100% | | Total | 23,641 | 31,840 | -26% | - Rail transit revenue decreased primarily due to reduced orders from rail transit vehicle equipment manufacturers[36] - Electric vehicle revenue decreased primarily due to reduced orders in the electric vehicle industry[36] - Other transportation revenue increased primarily due to increased orders in the electrified shipping industry[36] Industrial and Other Segments Revenue in the industrial and other segments grew by 57%, primarily driven by increased sales of self-developed power semiconductors, laminated busbars, and DC-link capacitors, as well as higher revenue from new energy power station construction-related businesses Industrial and Other Segments Revenue Change | Sub-segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Industrial Control | 196,368 | 151,130 | 30% | | New Energy Generation and Storage | 156,382 | 75,345 | 108% | | Research Institutes and Others | 2,923 | 634 | 361% | | Total | 355,673 | 227,109 | 57% | - Revenue growth was primarily due to increased sales of self-developed power semiconductors, laminated busbars, and DC-link capacitors, as well as higher revenue from new energy power station construction-related businesses[38] Overseas Market Performance Overseas market revenue increased by 9%, mainly due to higher sales of laminated busbars, DC-link capacitors, and solid-state DC circuit breakers Overseas Market Performance | Item | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Domestic subsidiary products | 4,916 | 2,595 | 89% | | Overseas subsidiary products | 37,436 | 36,116 | 4% | | Total | 42,352 | 38,711 | 9% | - Overseas market revenue growth was primarily due to increased sales of laminated busbars, DC-link capacitors, and solid-state DC circuit breakers[40] Financial Review Revenue The Group's revenue increased by 35.5% year-on-year to RMB888.3 million, driven by product deliveries for major transmission projects and increased revenue from self-produced IGBTs - Revenue increased by 35.5% to RMB888.3 million[41] - This was primarily due to the progressive delivery of products for the Saudi Central-South Project, Gan-Dian-Ru-Zhe Project, and Peru/Chile Distributed Power Flow Controller Project, as well as increased revenue from self-produced Insulated Gate Bipolar Transistors (IGBTs)[41] Cost of Sales Cost of sales increased by 56.6% year-on-year to RMB659.1 million, primarily in line with revenue growth - Cost of sales increased by 56.6% to RMB659.1 million, primarily due to increased revenue[42] Gross Profit and Gross Margin Gross profit decreased by 2.3% year-on-year to RMB229.3 million, with gross margin declining from 35.8% to 25.8%, mainly due to a reduced proportion of high-margin products - Gross profit decreased by 2.3% to RMB229.3 million[43] - Gross margin decreased from 35.8% to 25.8%, primarily due to a reduced proportion of high-margin products[43] Other Income and Gains Other income and gains significantly increased by 281.0% to RMB130.7 million, primarily driven by forward foreign exchange contracts and exchange gains - Other income and gains significantly increased by 281.0% to RMB130.7 million, primarily due to forward foreign exchange contracts and exchange gains[44] Selling and Distribution Costs Selling and distribution costs increased by 27.1% year-on-year to RMB60.9 million, mainly due to higher market development expenses and an increase in sales personnel - Selling and distribution costs increased by 27.1% to RMB60.9 million, primarily due to increased market development expenses and a rise in the number of sales personnel[45] Administrative Expenses Administrative expenses increased by 26.8% year-on-year to RMB106.1 million, mainly due to business development and an increase in management personnel - Administrative expenses increased by 26.8% to RMB106.1 million, primarily due to business development and an increase in the number of management personnel[46] Research and Development Costs Research and development costs remained relatively stable, with a marginal increase of 0.1% to RMB67.9 million - Research and development costs marginally increased by 0.1% to RMB67.9 million[47] Other Expenses and Losses Other expenses and losses significantly decreased by 85.9% to RMB3.5 million, primarily due to exchange rate fluctuations - Other expenses and losses decreased by 85.9% to RMB3.5 million, primarily due to exchange rate fluctuations[48] Finance Costs Finance costs marginally increased by 3.5% year-on-year to RMB8.8 million - Finance costs increased by 3.5% to RMB8.8 million[49] Profit Before Tax Profit before tax significantly increased from RMB36.3 million to RMB112.8 million - Profit before tax increased from RMB36.3 million to RMB112.8 million[50] Income Tax Expense Income tax expense increased by 77.3% year-on-year to RMB27.3 million, primarily due to increased revenue - Income tax expense increased by 77.3% to RMB27.3 million, primarily due to increased revenue[51] Profit and Total Comprehensive Income Attributable to Owners of the Parent Net profit margin improved from 5.1% to 10.6%, with profit attributable to owners of the parent surging by 178.3% to RMB93.8 million, and total comprehensive income increasing by 150.0% to RMB82.5 million - Net profit margin increased from approximately 5.1% to approximately 10.6%[52] - Profit attributable to owners of the parent significantly increased by 178.3% to RMB93.8 million[52] - Total comprehensive income attributable to owners of the parent increased by 150.0% to RMB82.5 million[52] Inventories Inventories decreased by 12.4% to RMB253.9 million, and the average inventory turnover days reduced from 94 to 82, indicating improved inventory management efficiency - Inventories decreased by 12.4% to RMB253.9 million[53] - Average inventory turnover days decreased from approximately 94 days to approximately 82 days[53] Trade and Bills Receivables Trade and bills receivables slightly decreased by 1.2% to RMB1,147.1 million, with average turnover days reducing from 233 to 204, indicating improved collection efficiency - Trade and bills receivables decreased by 1.2% to RMB1,147.1 million[54] - Average turnover days decreased from approximately 233 days to approximately 204 days[54] Trade and Bills Payables Trade and bills payables increased by 4.2% to RMB434.0 million, primarily due to increased inventories, while average turnover days slightly decreased - Trade and bills payables increased by 4.2% to RMB434.0 million, primarily due to increased inventories[55] - Average turnover days decreased from approximately 120 days to approximately 116 days[55] Liquidity and Financial Resources The Group's current ratio remained stable at around 2.2, with increased cash and cash equivalents, reduced interest-bearing bank and other borrowings, and a capital gearing ratio decreasing to 13.9%, indicating a sound financial position - The current ratio remained stable at approximately 2.2[56] - Cash and cash equivalents increased by 9.4% to RMB454.7 million[56] - Interest-bearing bank and other borrowings decreased by 4.7% to RMB285.3 million[56] - The capital gearing ratio decreased from approximately 15.0% to approximately 13.9%[56] Foreign Currency Risk The Group faces transactional currency risk and mitigates exchange rate risk by entering into forward currency contracts with reputable banks - The Group faces transactional currency risk and has entered into forward currency contracts with reputable banks to hedge exchange rate risk[58] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of June 30, 2025[59] Pledge of Group's Assets Certain of the Group's bills payables are secured by bills receivables, while bank loans are secured by land use rights and buildings, plant, and machinery - Certain bills payables are secured by bills receivables of approximately RMB50.1 million[60] - Bank loans of RMB78.7 million are secured by land use rights with a net book value of approximately RMB15.8 million and buildings, plant, and machinery of RMB324.1 million[61] Other Information Events After the Reporting Period Subsequent to the reporting period, Saijing Semiconductor signed capital increase and equity transfer agreements with investors, involving the issuance of new registered capital to acquire Hunan Hongan's entire equity, which will dilute the Company's equity interest in Saijing Semiconductor - Saijing Semiconductor will issue new registered capital of RMB180,000,000 to investors, representing approximately 9.00% of the enlarged equity[62] - Investors will settle the subscription price by transferring their entire equity interest in Hunan Hongan to Saijing Semiconductor[62] - Upon completion of the transaction, the Company's equity interest in Saijing Semiconductor will decrease from approximately 70.5406% to approximately 64.1918%[62] Human Resources As of June 30, 2025, the Group had 1,066 employees, with a diverse compensation package, a focus on internal management training and development, and good working relationships with employees - The Group had a total of 1,066 employees[64] - The compensation package includes basic salaries, medical insurance, discretionary cash bonuses, retirement benefit schemes, and share options[64] - The Group emphasizes establishing internal management training and development systems and maintains good working relationships with its employees[64] Business Outlook In the second half of 2025, the Group will continue to deliver existing transmission project orders, strive for new UHV DC project orders, and intensify R&D and market expansion for self-developed power semiconductor products, especially in emerging fields like electrified vessels and controllable nuclear fusion - In the second half of 2025, the Group will continue to advance product deliveries for multiple conventional DC and flexible transmission projects, including the Shaan-Anhui Project, Saudi Central-South Project, and Gan-Dian-Ru-Zhe Project[65] - The Group aims to secure new orders in tenders for the Southeast Tibet Project, Inner Mongolia West to Beijing-Tianjin-Hebei Project, and other newly approved UHV DC projects[65] - The Group will continue to intensify technological R&D and market expansion for self-developed power semiconductor products, focusing on promoting cutting-edge technologies such as solid-state switches and pulsed power switches in emerging fields like electrified vessels and controllable nuclear fusion[65] Purchase, Sale or Redemption of Listed Securities The Company repurchased 1,296,000 shares for approximately HK$1,524,145 during the six months ended June 30, 2025, to enhance market price per share and investor confidence, holding repurchased shares as treasury shares with no sales during the period - The Company repurchased a total of 1,296,000 shares for approximately HK$1,524,145 during the six months ended June 30, 2025[66] - The repurchased shares are held as treasury shares, with no treasury shares sold during the period[66] - The repurchases aim to enhance the market price per share and improve investor confidence in the Company[67] Corporate Governance The Company highly values corporate governance practices, has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, and complied with all applicable code provisions during the period - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules[68] - For the six months ended June 30, 2025, the Company complied with the applicable code provisions set out in Part 2 of the Corporate Governance Code[68] Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions and confirms compliance by directors during the period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules[69] - Following enquiry, the Company confirmed that the directors have complied with the required standards set out in the Standard Code throughout the period[69] Review of Financial Statements by Audit Committee The Board's Audit Committee has reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, including the condensed consolidated interim financial statements for the six months ended June 30, 2025 - The Audit Committee has reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, including the condensed consolidated interim financial statements[70] Declaration of Dividend and Closure of Register of Members The Board resolved to declare an interim dividend of HK$0.01 per share and will suspend share transfer registration from October 6 to October 8, 2025, to determine shareholders entitled to the dividend - The Board resolved to declare an interim dividend of HK$0.01 per share, expected to be paid on or about October 22, 2025[71] - To determine shareholders entitled to the interim dividend, the register of members will be closed from October 6 to October 8, 2025[72] Publication of Interim Results Announcement and Interim Report This announcement has been published on the HKEX and Company websites, and the 2025 interim report will be published on both websites and sent to shareholders upon request - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.sunking-tech.com)[73](index=73&type=chunk) - The Company's 2025 interim report will be published on both websites in due course and sent to shareholders upon request[73] Webcast The Company will host an earnings webcast on August 25, 2025, to discuss the interim results for the six months ended June 30, 2025 - The Company will host an earnings webcast on Monday, August 25, 2025, from 10:00 AM to 11:00 AM (Hong Kong time)[74] - The webcast will be conducted via Tencent Meeting, with meeting ID 710-461-155[75] Board of Directors As of the date of this announcement, the Board of Directors comprises three executive directors and four independent non-executive directors - The executive directors are Mr Xiang Jie, Mr Gong Renyuan, and Mr Yue Zhoumin[76] - The independent non-executive directors are Mr Chen Shimin, Mr Zhang Xuejun, Mr Liang Mingxu, and Ms Cai Ge[76]