美瑞新材(300848) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board and management assure the report's accuracy, outlining risks like raw material price volatility, market competition, and new business underperformance, with no plans for dividends or bonus shares - The company's board of directors and management guarantee the report's authenticity and assume legal responsibility[5] - The company faces risks including raw material price fluctuations, intensified market competition, environmental protection, rising labor costs, underperforming new businesses, and insufficient capacity utilization[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the report's eight main chapters and their starting page numbers, covering key disclosures and financial information Definitions This section defines common terms used in the report, including company names, key shareholders, subsidiaries, reporting period, and specialized chemical materials Company Profile and Key Financial Indicators I. Company Profile MIRACLL CHEMICALS CO., LTD. (stock code: 300848) is listed on the Shenzhen Stock Exchange, with Wang Renhong as its legal representative - Company stock abbreviation: Miracll Chemicals, stock code: 300848[16] - Company legal representative: Wang Renhong[16] II. Contact Persons and Information The company's board secretary is Du Yingtao, investor relations representative is Wang Yue, with contact details provided for Yantai Development Zone - Board Secretary: Du Yingtao; Securities Affairs Representative: Wang Yue[17] - Contact address: No. 35 Changsha Street, Yantai Development Zone[17] III. Other Information During the reporting period, contact information and disclosure locations remained unchanged; the company completed business registration changes on June 24, 2025, increasing total share capital to 427,887,627 shares - Company registered address, office address, website, and email remained unchanged during the reporting period[18] - The company completed business registration changes on June 24, 2025, increasing total share capital from 414.19 million shares to 427.89 million shares[21] IV. Key Accounting Data and Financial Indicators During the reporting period, operating revenue slightly increased by 0.02%, net profit attributable to shareholders grew by 25.25%, and operating cash flow significantly improved by 169.75% 主要会计数据和财务指标（同比） | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 800,700,264.32 | 800,542,406.91 | 0.02 | | Net Profit Attributable to Shareholders | 39,122,131.87 | 31,235,337.41 | 25.25 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Gains/Losses) | 35,148,279.77 | 28,142,792.15 | 24.89 | | Net Cash Flow from Operating Activities | 157,631,441.86 | -225,985,423.74 | 169.75 | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.08 | 12.50 | | Diluted Earnings Per Share (RMB/share) | 0.09 | 0.08 | 12.50 | | Weighted Average ROE | 2.73% | 2.43% | 0.30% | | Period-End Indicators | End of Current Period (RMB) | End of Prior Year (RMB) | Period-End vs. Prior Year-End Change (%) | | Total Assets | 4,209,586,533.82 | 3,849,891,007.69 | 9.34 | | Net Assets Attributable to Shareholders | 1,524,816,704.85 | 1,320,361,528.84 | 15.48 | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit or net assets between domestic and international accounting standards during the period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[23][25] VI. Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 3.97 million RMB, primarily from government grants and financial asset fair value changes, after tax and minority interest adjustments 非经常性损益项目及金额 | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -101,851.21 | | Government grants recognized in current profit or loss | 2,371,386.34 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 2,610,243.12 | | Other non-operating income and expenses apart from the above | -30,143.84 | | Less: Income tax impact | 728,345.09 | | Minority interest impact (after tax) | 147,437.22 | | Total | 3,973,852.10 | - The company does not classify non-recurring gains and losses as recurring gains and losses[28] Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company is a leading producer of polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials, with two production bases in Yantai and Hebi, serving diverse sectors like consumer electronics and automotive - The company's main business is the R&D, production, and sales of polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (specialty isocyanates, specialty amines)[30] - The company has two major production bases: Yantai, Shandong (polyurethane new materials) and Hebi, Henan (functional chemical raw materials)[30] (I) Polyurethane New Materials Polyurethane new materials include TPU, PUR, PUD, PBS, with TPU accounting for over 90% of sales, widely used in consumer electronics, automotive, and medical fields - TPU product sales account for over 90%, with new products like PUR, PUD, and PBS growing rapidly[31] - The company is the only listed company in China with TPU as its main business, achieving import substitution and establishing a competitive advantage in some niche areas[33] (II) Functional Chemical Raw Materials Functional chemical raw materials include specialty isocyanates (HDI, CHDI, PPDI) and specialty amines, with Hebi base capacities under trial production, featuring world-leading industrial scale for CHDI and PPDI, and top global design capacities for specialty amines - Functional chemical raw materials include specialty isocyanates (HDI, CHDI, PPDI) and specialty amines (PNA, PPDA, CHDA)[35] - HDI design capacity is 100,000 tons, CHDI and PPDI combined are 20,000 tons, with CHDI being the world's first industrial plant and PPDI the world's largest industrial plant[37] - Specialty amine products (PNA, PPDA, CHDA) have world-leading design capacities, utilizing continuous processes to reduce production costs[38][40] (III) Business Model The company drives operations with R&D and production technology, employing a product manager system to meet and create market demand, utilizing a highly automated 'produce-to-order' model, and a dual marketing approach for direct clients and traders - R&D model: established a product manager system, focusing on market demand, tracking cutting-edge technology, and proactively creating demand[43] - Production model: adopts 'produce-to-order with moderate inventory', with highly automated production lines[45] - Marketing model: divided into direct customers (mid-to-high-end market, offering differentiated products and technical services) and traders (expanding coverage, ensuring cash flow)[46][47][48] II. Analysis of Core Competencies The company's core competitiveness lies in differentiated technological innovation, strong integrated operations, efficient marketing, a high-caliber talent pool, and supply chain synergy, enhancing product competitiveness and risk resilience - Differentiated technological innovation advantage: rapidly responds to market demand and provides customized products through differentiated production formulas and technical processes[50] - Integrated operational advantage: independently developed a CRM information platform, enabling full-process management, and continuously improving the automation and intelligence of production and operations[51] - Supply chain synergy advantage: strategically positions upstream in specialty monomer materials around polyurethane materials, ensuring high-quality raw material supply and low-cost production, enhancing risk resistance[55] III. Analysis of Main Business In H1 2025, the functional chemical raw materials segment made significant progress with the Miracll Technology Polyurethane Industrial Park Phase I commencing trial operations, contributing to a 0.02% revenue increase to 800.70 million RMB and a 25.25% rise in net profit attributable to shareholders to 39.12 million RMB - Miracll Technology Polyurethane Industrial Park Phase I production units have commenced trial operations, with some achieving stable operation and small-batch external supply[56] 2025年上半年主要财务数据 | Indicator | Amount (10,000 RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 80,070.03 | 0.02 | | Net Profit Attributable to Shareholders | 3,912.21 | 25.25 | - The company continuously strengthens R&D investment, achieving breakthrough results in PUR, PPDI-grade TPU, CPU, moisture-permeable adhesives, and PUD products[58] - The 10,000 tons expandable thermoplastic polyurethane elastomer project and 30,000 tons water-based polyurethane project are under construction, which will expand capacity and leverage supply chain synergy[59][60] 主要财务数据同比变动情况 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 800,700,264.32 | 800,542,406.91 | 0.02 | | | Operating Cost | 690,465,583.56 | 702,799,988.86 | -1.76 | | | Financial Expenses | 2,764,708.25 | -8,130,572.35 | 134.00 | Primarily due to decreased interest income and increased interest expenses | | Income Tax Expense | 6,330,783.25 | 4,673,804.78 | 35.45 | Primarily due to increased total profit and changes in subsidiary tax rates | | R&D Investment | 33,653,533.93 | 41,167,373.03 | -18.25 | | | Net Cash Flow from Operating Activities | 157,631,441.86 | -225,985,423.74 | 169.75 | Primarily due to increased bills payable for goods purchased not yet due and a corresponding decrease in cash paid for goods | | Net Cash Flow from Financing Activities | 217,265,623.65 | 318,570,216.73 | -31.80 | Primarily due to increased proceeds from private placement of shares, decreased cash received from borrowings, and increased cash paid for debt repayment | 占比10%以上的产品或服务情况 | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | Operating Revenue YoY Change (%) | Operating Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Polyurethane New Materials | 762,605,458.13 | 654,792,270.65 | 14.14 | -4.40 | -6.54 | 1.97 | IV. Analysis of Non-Main Business Non-core operations impacted total profit, with other income (government grants, input tax deductions) contributing 16.89%, fair value changes 4.25%, and asset impairment (inventory write-downs) a negative 11.00% 非主营业务对利润总额的影响 | Item | Amount (RMB) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -1,305,676.94 | -3.09 | | No | | Fair Value Change Gains and Losses | 1,792,705.03 | 4.25 | | No | | Asset Impairment | -4,642,325.46 | -11.00 | Provision for inventory depreciation | No | | Non-operating Income | 14,321.30 | 0.03 | | No | | Non-operating Expenses | 234,649.80 | 0.56 | | No | | Other Income | 7,127,523.98 | 16.89 | Primarily due to government grants received and input tax deduction policy | No | V. Analysis of Assets and Liabilities At period-end, total assets grew by 9.34% and net assets attributable to shareholders by 15.48%, driven by significant fixed asset additions from completed construction projects and increased short-term borrowings for trial production funding 资产构成重大变动情况 | Item | Amount at End of Current Period (RMB) | Percentage of Total Assets (%) | Amount at End of Prior Year (RMB) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 467,917,150.69 | 11.12 | 605,599,428.47 | 15.73 | -4.61 | | | Fixed Assets | 1,344,022,265.21 | 31.93 | 647,477,809.02 | 16.82 | 15.11 | Primarily due to the transfer of some construction in progress to fixed assets | | Construction in Progress | 773,234,497.96 | 18.37 | 1,332,860,207.99 | 34.62 | -16.25 | Primarily due to the transfer of some construction in progress to fixed assets | | Short-term Borrowings | 389,765,125.56 | 9.26 | 239,265,862.53 | 6.21 | 3.05 | Primarily due to funding needs for raw material and energy procurement during the trial production period of the polyurethane industrial park project | | Trading Financial Assets | 310,792,705.03 | 7.38 | | | 7.38 | Primarily due to the company's purchase of wealth management products | | Non-current Liabilities Due Within One Year | 221,646,876.77 | 5.27 | 136,743,090.71 | 3.55 | 1.72 | Primarily due to increased long-term borrowings and long-term payables due within one year | 以公允价值计量的资产和负债 | Item | Beginning Balance (RMB) | Fair Value Change Gains and Losses for the Period (RMB) | Amount Purchased for the Period (RMB) | Amount Sold for the Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 1,792,705.03 | 681,000,000.00 | 372,000,000.00 | 310,792,705.03 | 截至报告期末的资产权利受限情况 | Item | Carrying Amount at Period-End (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 13,461,800.00 | Pledge | Acceptance bill margin | | Notes Receivable | 90,091,415.19 | Endorsed | Bills endorsed not yet due | | Fixed Assets | 168,815,058.79 | Mortgage | Mortgage loan | | Intangible Assets | 159,471,516.82 | Mortgage | Mortgage loan | | Construction in Progress | 78,568,083.94 | Mortgage | Mortgage loan | | Total | 510,408,174.74 | | | VI. Analysis of Investment Status Total investment decreased by 56.99% year-over-year, with ongoing construction for polyurethane new material projects, and the company utilized 40.69 million RMB of raised funds, with 155.72 million RMB remaining, while entrusted wealth management totaled 443 million RMB, with 309 million RMB outstanding 报告期投资额 | Indicator | Investment Amount for the Period (RMB) | Investment Amount for the Prior Period (RMB) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Total Investment | 192,223,724.69 | 446,930,251.24 | -56.99 | 报告期内正在进行的重大的非股权投资情况 | Project Name | Investment Method | Industry | Project Progress (%) | Amount Invested in Current Period (RMB) | Cumulative Investment Amount as of Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Subsidiary investment in Polyurethane New Materials Industrial Park Phase I project | Self-built | C26 Chemical Raw Materials and Chemical Products Manufacturing | 99.00 | 148,038,695.13 | 1,559,470,788.56 | 募集资金总体使用情况 | Net Proceeds from Fundraising (10,000 RMB) | Total Cumulative Utilized Proceeds (10,000 RMB) | Total Unutilized Proceeds (10,000 RMB) | | :--- | :--- | :--- | | 19,511.64 | 4,069.24 | 15,571.70 | 委托理财概况 | Specific Type | Amount of Wealth Management Transactions (10,000 RMB) | Unexpired Balance (10,000 RMB) | | :--- | :--- | :--- | | Bank Wealth Management Products | 11,000 | 2,000 | | Brokerage Wealth Management Products | 14,000 | 14,000 | | Bank Wealth Management Products (Raised Funds) | 19,300 | 14,900 | | Total | 44,300 | 30,900 | VII. Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[92] - The company did not dispose of significant equity during the reporting period[93] VIII. Analysis of Major Holding and Participating Companies Miracll Technology (Henan) Co., Ltd., a 55%-owned subsidiary with 500 million RMB registered capital, reported total assets of 2.09 billion RMB and a net loss of 11.34 million RMB 主要子公司财务信息 | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Miracll Technology (Henan) Co., Ltd. | Subsidiary | Chemical product production and manufacturing | 500,000,000.00 | 2,085,416,112.51 | -11,344,058.03 | - Miracll Technology (Henan) Co., Ltd. is a controlled subsidiary, with the company holding 55% of voting rights[94] IX. Information on 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[95] X. Risks Faced by the Company and Countermeasures The company faces risks from raw material price volatility, market competition, environmental regulations, and new business underperformance, actively mitigating them through strategic procurement, R&D investment, and market expansion - Risk of raw material price fluctuations: managed through strategic procurement agreements, flexible inventory, and product price adjustments[95] - Risk of intensified market competition: addressed by continuous R&D investment, technological innovation, and intelligent upgrades to improve production efficiency and reduce costs[96] - Risk of new business underperformance: mitigated by closely monitoring policy and market changes, strengthening risk control, and timely adjusting strategic plans and operating strategies[99] - Risk of insufficient capacity utilization: addressed by accelerating new client development, new product promotion, and new market expansion, along with increased technological and marketing investment[100] XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period During the reporting period, the company hosted 14 investor engagement events, discussing business models, operations, and project progress with institutional investors - During the reporting period, the company hosted 14 investor research activities, including public and private equity funds[101] - Research content primarily focused on the company's business model, operating status, and project construction progress[101] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company established a market value management system on January 11, 2025, to enhance investment value and shareholder returns, aligning with regulatory directives - The company has formulated and disclosed the 'Miracll Chemicals Co., Ltd. Market Value Management System'[103] - This system aims to enhance the company's investment value and increase investor returns, approved by the board on January 11, 2025[103] XIII. Implementation of the 'Dual Enhancement of Quality and Returns' Action Plan The company's 'Dual Enhancement of Quality and Returns' plan, focusing on core business and R&D, led to a 25.25% increase in H1 2025 net profit attributable to shareholders, alongside robust governance and a stable dividend policy - The company has disclosed its 'Dual Enhancement of Quality and Returns' action plan, focusing on core business, strengthening R&D innovation, and improving profitability[104] - H1 2025 net profit attributable to shareholders was 39.12 million RMB, a 25.25% year-over-year increase[104] - Cash dividends of 29.95 million RMB were distributed during the reporting period, with cumulative cash dividends over the past three years accounting for 88.69% of the average annual net profit attributable to shareholders[105] Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the period, Ren Guanglei and Song Hongwei were appointed Vice General Managers; the Board's Audit Committee assumed supervisory duties following the dissolution of the Board of Supervisors - The company appointed Ren Guanglei and Song Hongwei as Vice General Managers[107] - The company abolished the Board of Supervisors, with former Chairman Song Hongwei, Supervisor Sun Tianyan, and Employee Supervisor Mou Zongbo stepping down[107][108] II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the 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[109] IV. Environmental Information Disclosure The company and its main subsidiary, Miracll Technology (Henan) Co., Ltd., are listed as legally required environmental information disclosers - The company and its main subsidiary, Miracll Technology (Henan) Co., Ltd., are both included in the list of enterprises required to disclose environmental information by law[111] V. Social Responsibility The company upholds shareholder and creditor rights through enhanced governance and transparency, fosters employee development, builds strategic partnerships, adheres to environmental regulations with ISO14001:2015 certification, and actively engages in social welfare - The company has established a governance structure comprising the Shareholders' Meeting, Board of Directors, and senior management, with the Audit Committee assuming supervisory responsibilities after the abolition of the Board of Supervisors[112] - The company adheres to a talent philosophy of 'planning, nurturing, empowering, and valuing', providing career planning and training for employees, and legally paying social insurance contributions[114] - The company is certified with ISO14001:2015 Environmental Management System, has established multiple environmental management systems, and adheres to a 'prevention first, combined prevention and control' policy[117] - The company upholds the philosophy of 'technological innovation serving society' and actively supports public welfare initiatives[118] Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No overdue unfulfilled commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were reported - The company had no overdue unfulfilled commitments during the reporting period[120] II. Non-operating Funds Occupied by Controlling Shareholder and Other Related Parties No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period - No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period[121] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[123][165] VII. Bankruptcy and Reorganization Matters No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[124] VIII. Litigation Matters The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[125] IX. Penalties and Rectification No penalties or rectification situations were reported by the company during the period - No penalties or rectification situations were reported by the company during the period[126] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller No integrity issues concerning the company, its controlling shareholder, or actual controller were reported - No integrity issues concerning the company, its controlling shareholder, or actual controller were reported during the reporting period[127] XI. Significant Related Party Transactions No significant related party transactions, asset/equity acquisitions/disposals, joint investments, or related party debt/credit occurred during the reporting period - No related party transactions related to daily operations occurred during the reporting period[127] - No related party transactions involving asset or equity acquisitions/disposals occurred during the reporting period[128] - No related party debt or credit transactions occurred during the reporting period[130] XII. Significant Contracts and Their Performance No trusteeship or contracting situations were reported; the company provided multiple guarantees for Miracll Technology (Henan) Co., Ltd., totaling 1.21 billion RMB, representing 79.28% of net assets at period-end - No trusteeship or contracting situations occurred during the reporting period[134][135] - Subsidiaries Miracll Technology and Innovation Center signed property lease contracts with Miracll Shanghai, and the company signed property and equipment lease contracts with Shandong Zhirui Biotechnology Co., Ltd[136] 公司对子公司的担保情况 | Name of Guaranteed Party | Guarantee Limit (10,000 RMB) | Actual Guarantee Amount (10,000 RMB) | Type of Guarantee | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Miracll Technology (Henan) Co., Ltd. | 80,000 | 74,275 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 52,000 | 12,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 10,000 | 10,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 46,053 | 46,053 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Total | 132,000 | 120,880 | | | - At period-end, the total actual guarantee amount represented 79.28% of the company's net assets[141] XIII. Explanation of Other Significant Matters The company completed a simplified private placement, issuing 13.70 million RMB ordinary shares for 196.99 million RMB, increasing total share capital to 427.89 million shares, listed on March 27, 2025 - The company completed a simplified private placement, issuing 13.70 million shares shares, raising a total of 196.99 million RMB[145] - The new shares were listed on the Shenzhen Stock Exchange on March 27, 2025, increasing total share capital from 414.19 million shares to 427.89 million shares[145] Share Changes and Shareholder Information I. Share Change Information During the reporting period, total share capital increased by 13.70 million shares to 427.89 million due to a private placement, proportionally diluting EPS and net assets per share 股份变动情况 | Item | Number Before This Change (Shares) | Percentage Before This Change (%) | New Shares Issued (Shares) | Number After This Change (Shares) | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 174,765,114 | 42.19 | 13,698,824 | 188,463,939 | 44.05 | | II. Unrestricted Shares | 239,423,689 | 57.81 | 0 | 239,423,688 | 55.95 | | III. Total Shares | 414,188,803 | 100.00 | 13,698,824 | 427,887,627 | 100.00 | - The share change was primarily due to a simplified private placement of 13.70 million shares shares to specific investors[148] - This share change proportionally diluted financial indicators such as basic and diluted earnings per share, and net assets per share attributable to common shareholders for the most recent year and period[150] 限售股份变动情况 | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wang Renhong | 131,767,614.00 | 1 | 131,767,615.00 | Restricted shares after IPO, senior management lock-up shares | | Zhang Sheng | 35,100,000.00 | 0 | 35,100,000.00 | Senior management lock-up shares | | Ren Guanglei | 7,897,500.00 | 0 | 7,897,500.00 | Senior management lock-up shares | | Yang Feng | 0 | 2,086,230.00 | 2,086,230.00 | Restricted shares after IPO | | Dai Jianghua | 0 | 1,703,755.00 | 1,703,755.00 | Restricted shares after IPO | II. Securities Issuance and Listing On March 27, 2025, the company issued 13.70 million A-shares at 14.38 RMB/share on the Shenzhen Stock Exchange, raising 196.99 million RMB 证券发行与上市情况 | Stock Name | Issue Date | Issue Price (RMB/share) | Issue Quantity (Shares) | Listing Date | | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | 2025年03月27日 | 14.38 | 13,698,824 | 2025年03月27日 | - The total proceeds from this issuance amounted to 196.99 million RMB[154] III. Number of Shareholders and Shareholding Information At period-end, the company had 14,184 common shareholders; Wang Renhong, the controlling shareholder and actual controller, held 41.06% directly and indirectly through Shandong Ruichuang and Shandong Shangge, acting in concert - Total number of common shareholders at period-end: 14,184[156] 持股5%以上的股东或前10名股东持股情况 | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Renhong | Domestic Natural Person | 41.06 | 175,690,153 | 131,767,615 | 43,922,538 | 69,029,000 (Pledged) | | Zhang Sheng | Domestic Natural Person | 10.94 | 46,800,000 | 35,100,000 | 11,700,000 | 0 | | Shandong Ruichuang Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 8.20 | 35,100,000 | 0 | 35,100,000 | 0 | | Shandong Shangge Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 5.47 | 23,400,000 | 0 | 23,400,000 | 0 | - Wang Renhong is the executive partner of Shandong Ruichuang and Shandong Shangge; Wang Renhong, Shandong Ruichuang, and Shandong Shangge are parties acting in concert[157][158] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[159] V. Changes in Controlling Shareholder or Actual Controller Neither the controlling shareholder nor the actual controller changed during the reporting period - The controlling shareholder did not change during the reporting period[160] - The actual controller did not change during the reporting period[160] Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[163] Financial Report I. Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[165] II. Financial Statements This section presents the company's consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[166] 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets reached 4.21 billion RMB, a 9.34% increase from the beginning of the period, with total liabilities at 2.47 billion RMB and total equity at 1.74 billion RMB 合并资产负债表主要数据 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 4,209,586,533.82 | 3,849,891,007.69 | | Total Current Assets | 1,745,383,501.14 | 1,541,555,811.23 | | Total Non-current Assets | 2,464,203,032.68 | 2,308,335,196.46 | | Total Liabilities | 2,468,910,997.59 | 2,310,421,072.67 | | Total Owners' Equity | 1,740,675,536.23 | 1,539,469,935.02 | 3. Consolidated Income Statement In H1 2025, total operating revenue was 801 million RMB, flat year-over-year; net profit reached 35.87 million RMB, up 18.69%, with net profit attributable to parent company shareholders at 39.12 million RMB, up 25.25% 合并利润表主要数据 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 800,700,264.32 | 800,542,406.91 | | Total Operating Costs | 759,416,079.05 | 766,136,417.32 | | Total Profit | 42,203,340.32 | 34,896,722.47 | | Net Profit | 35,872,557.07 | 30,222,917.69 | | Net Profit Attributable to Parent Company Shareholders | 39,122,131.87 | 31,235,337.41 | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.08 | | Diluted Earnings Per Share (RMB/share) | 0.09 | 0.08 | 5. Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities significantly improved to 158 million RMB from a prior-year deficit, while net cash flows from investing and financing activities were -500 million RMB and 217 million RMB, respectively 合并现金流量表主要数据 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 157,631,441.86 | -225,985,423.74 | | Net Cash Flow from Investing Activities | -500,406,186.60 | -446,930,251.24 | | Net Cash Flow from Financing Activities | 217,265,623.65 | 318,570,216.73 | | Net Increase in Cash and Cash Equivalents | -125,631,077.78 | -354,017,817.41 | | Cash and Cash Equivalents at Period-End | 454,455,050.69 | 543,921,009.84 | III. Company Overview Miracll Chemicals Co., Ltd., formerly Shandong Miracll New Materials Co., Ltd., was established on September 4, 2009, with a registered capital of 427.89 million RMB, and is primarily engaged in R&D, production, and sales of polyurethane new materials and functional chemical raw materials - The company's registered capital is 427.89 million RMB, with Wang Renhong as both legal representative and actual controller[199] - The company primarily engages in the R&D, production, and sales of polyurethane new materials and functional chemical raw materials, operating in the chemical raw materials and chemical products manufacturing industry[199][200] IV. Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and relevant regulations, using the accrual basis of accounting and historical cost measurement for most items - Financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations[202] - Accounting is based on the accrual method, with all items except financial instruments measured at historical cost[202] V. Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, inventory, and revenue recognition, ensuring report accuracy and completeness - The company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting financial position, operating results, and cash flows[205] - The company uses a 12-month operating cycle and RMB as its functional currency[207][208] - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[233] - Revenue is recognized when customers obtain control of goods; domestic sales are based on customer receipt confirmation, while international sales are based on goods loaded and customs declaration data upload[332][333] VI. Taxation The company's main taxes include VAT (13%), Urban Maintenance and Construction Tax (7%), Corporate Income Tax (15%, 20%, 25%), Education Surcharge (3%), and Local Education Surcharge (2%), with Miracll Chemicals and Miracll Technology (Henan) enjoying a 15% corporate income tax rate as high-tech enterprises 主要税种及税率 | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13.00% | | Urban Maintenance and Construction Tax | 7.00% | | Corporate Income Tax | 15.00%、20.00%、25.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | - Miracll Chemicals Co., Ltd. and Miracll Technology (Henan) Co., Ltd., as high-tech enterprises, enjoy a 15% preferential corporate income tax rate[391] - The company's export goods benefit from 'exemption, offset, and refund' tax policies[390] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on key consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, and revenue, explaining period-end balances, changes, and reasons 货币资金构成 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 2,476.44 | 8,115.57 | | Bank Deposits | 454,435,439.35 | 580,054,748.21 | | Other Monetary Funds | 13,479,234.90 | 25,536,564.69 | | Total | 467,917,150.69 | 605,599,428.47 | 交易性金融资产 | Item | Ending Balance (RMB) | | :--- | :--- | | Financial assets measured at fair value through profit or loss | 310,792,705.03 | | Including: Structured deposits | 149,261,989.04 | | Other wealth management products | 161,530,715.99 | 应收账款账龄分布 | Aging | Ending Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 143,822,224.29 | | 1 to 2 years | 3,527,145.00 | | 2 to 3 years | 1,741,120.35 | | Total | 149,090,489.64 | 存货分类 | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 131,205,757.52 | 166,331,114.82 | | Inventory Goods | 230,943,246.86 | 198,150,075.71 | | Goods in Transit | 16,541,996.89 | 26,353,405.19 | | Total | 379,350,869.97 | 392,205,000.74 | 固定资产账面价值 | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | 300,753,281.26 | 245,038,280.10 | | Machinery and Equipment | 1,034,669,221.55 | 398,692,636.07 | | Transportation Equipment | 3,324,509.67 | 1,795,031.87 | | Office Equipment and Others | 5,275,252.73 | 1,951,860.98 | | Total | 1,344,022,265.21 | 647,477,809.02 | 在建工程情况 | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Polyurethane New Materials Industrial Park Phase I Project | 677,768,115.08 | 1,251,647,012.87 | | Annual 30,000-ton Water-based Polyurethane Project | 37,983,313.20 | 31,447,926.63 | | Annual 10,000-ton Expandable Thermoplastic Polyurethane Elastomer Project | 12,231,203.58 | 7,862,391.23 | | Total | 733,773,124.01 | 1,294,899,721.66 | 所有权或使用权受到限制的资产 | Item | Carrying Amount at Period-End (RMB) | Type of Restriction | | :--- | :--- | :--- | | Monetary Funds | 13,461,800.00 | Pledge | | Notes Receivable | 90,091,415.19 | Endorsed | | Fixed Assets | 168,815,058.79 | Mortgage | | Intangible Assets | 159,471,516.82 | Mortgage | | Construction in Progress | 78,568,083.94 | Mortgage | | Total | 510,408,174.74 | | 短期借款分类 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Guaranteed Loans | 100,482,989.79 | 70,023,234.82 | | Credit Loans | 108,000,000.00 | 120,965,997.44 | | CCB Rongtong, Xinrong e-discount loans | 146,080,869.40 | 40,971,288.14 | | Guaranteed and Pledged Loans | 35,000,000.00 | 7,130,295.03 | | Accrued Interest | 201,266.37 | 175,047.10 | | Total | 389,765,125.56 | 239,265,862.53 | 应付账款账龄分布 | Aging | Ending Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 111,696,703.97 | | 1 to 2 years (inclusive) | 79,816,934.19 | | 2 to 3 years (inclusive) | 1,301,240.48 | | Over 3 years | 849,068.61 | | Total | 193,663,947.25 | 长期借款分类 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Mortgage Loans | 96,461,599.51 | 108,500,265.00 | | Guaranteed Loans | 630,510,592.49 | 709,200,000.00 | | Credit Loans | 89,466,734.21 | 118,750,970.65 | | Total | 816,438,926.21 | 936,451,235.65 | 股本变动情况 | Item | Beginning Balance (RMB) | Increase/Decrease in Current Change (+, -) (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Shares | 414,188,803.00 | 13,698,824.00 | 427,887,627.00 | 营业收入和营业成本 | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 798,723,859.65 | 686,080,202.23 | 797,698,030.13 | 700,634,735.35 | | Other Business | 1,976,404.67 | 4,385,381.33 | 2,844,376.78 | 2,165,253.51 | | Total | 800,700,264.32 | 690,465,583.56 | 800,542,406.91 | 702,799,988.86 | 财务费用 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | 8,355,190.67 | 3,603,873.38 | | Less: Interest Income | 6,239,624.89 | 11,579,953.17 | | Handling Fees | 448,396.01 | 416,238.99 | | Exchange Gains and Losses | 200,746.46 | -570,731.55 | | Total | 2,764,708.25 | -8,130,572.35 | VIII. Research and Development Expenses In H1 2025, total R&D expenditure was 33.65 million RMB, a decrease from the prior year, with employee compensation and direct inputs being the primary components 研发支出明细 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 12,973,262.98 | 12,652,818.70 | | Direct Input | 16,519,379.04 | 24,331,106.46 | | Depreciation and Amortization | 3,469,213.28 | 3,359,363.14 | | Other | 691,678.63 | 824,084.73 | | Total | 33,653,533.93 | 41,167,373.03 | | Of which: Expensed R&D Expenditure | 33,653,533.93 | 41,167,373.03 | IX. Changes in Consolidation Scope There were no changes in the company's consolidation scope during the reporting period - There were no changes in the company's consolidation scope during the current period[543] X. Interests in Other Entities The company holds several subsidiaries, with Miracll Technology (Henan) Co., Ltd. being a significant non-wholly owned entity (45% minority interest), reporting a net loss of 3.09 million RMB attributable to minority shareholders this period 企业集团的构成 | Subsidiary Name | Registered Capital (RMB) | Direct Shareholding Ratio (%) | Acquisition Method | | :--- | :--- | :--- | :--- | | Miracll New Materials Innovation Center (Shandong) Co., Ltd. | 20,000,000.00 | 100.00 | Establishment | | Miracll Technology (Henan) Co., Ltd. | 500,000,000.00 | 55.00 | Establishment | | Miracll New Materials (Henan) Co., Ltd. | 1,000,000.00 | 100.00 | Establishment | | Miracll New Materials Enterprise Development (Shanghai) Co., Ltd. | 10,000,000.00 | 60.00 | Establishment | | Miracll New Materials (Fujian) Co., Ltd. | 32,000,000.00 | 100.00 | Establishment | 重要的非全资子公司 | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit Attributable to Minority Shareholders for the Period (RMB) | Minority Interest Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Miracll Technology (Henan) Co., Ltd. | 45.00 | -3,086,790.03 | 215,644,587.80 | XI. Government Grants Government grants in deferred income totaled 244 million RMB at period-end, with 20 million RMB added and 2.37 million RMB recognized in current period profit and loss 涉及政府补助的负债项目 | Accounting Item | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 224,388,274.39 | 20,000,000.00 | 0 | 775,385.04 | 243,612,889.35 | Asset-related | 计入当期损益的政府补助 | Accounting Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 2,371,386.34 | 5,404,078.87 | XII. Risks Related to Financial Instruments The company faces credit