海昌新材(300885) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisors, and management guarantee report accuracy; no cash dividends, bonus shares, or capital reserve conversions are planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - Company head Zhou Guangrong, chief accountant Xu Weihong, and head of accounting department Xu Weihong declare the financial report to be true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents The report's table of contents outlines eight main chapters covering company operations, finance, governance, and key matters - The report comprises eight main chapters, covering company operations, finance, governance, and significant matters[8] Definitions This section defines key terms, including company entities, reporting period, and core business technologies like powder metallurgy, MIM, and SMC - The reporting period refers to January 1 to June 30, 2025[13] - Core business technologies include powder metallurgy, press-and-sinter (PM), metal injection molding (MIM), and soft magnetic composites (SMC)[13] Section II Company Profile and Key Financial Indicators Company Profile Yangzhou Haichang New Material Co., Ltd. (300885) is a Shenzhen Stock Exchange-listed company, with Zhou Guangrong as its legal representative - Company stock abbreviation: Haichang New Material, stock code: 300885, listed on the Shenzhen Stock Exchange[15] - The company's legal representative is Zhou Guangrong[15] Contact Persons and Information The company's board secretary is She Xiaojun, and the securities affairs representative is Fei Xiaofang, both located at No. 71 Xingan Road West, Hanjiang District, Yangzhou, Jiangsu - Board Secretary: She Xiaojun; Securities Affairs Representative: Fei Xiaofang[16] - Contact address: No. 71 Xingan Road West, Weiyang Economic Development Zone, Hanjiang District, Yangzhou City, Jiangsu Province[16] Other Information Company contact, disclosure, and registration details are unchanged; total share capital reduced to 248,151,800 shares/CNY after a 2024 share repurchase and cancellation - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[17][18][19] - The company completed a share repurchase in 2024 and cancelled 2,648,200 shares on January 9, 2025[20][21] - Following the repurchase and cancellation, the company's total share capital and registered capital decreased from 250,800,000 shares/CNY to 248,151,800 shares/CNY, with industrial and commercial registration changes completed[21][22] Key Accounting Data and Financial Indicators Operating revenue decreased by 4.75%, while net profit attributable to shareholders slightly increased by 0.14%, with stable total assets and net assets Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 138,017,986.98 | 144,898,619.70 | -4.75% | | Net Profit Attributable to Shareholders of Listed Company | 30,742,358.74 | 30,700,192.27 | 0.14% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 28,578,620.58 | 27,928,554.74 | 2.33% | | Net Cash Flow from Operating Activities | 34,139,331.64 | 34,863,252.68 | -2.08% | | Basic Earnings Per Share (CNY/share) | 0.1239 | 0.1224 | 1.23% | | Diluted Earnings Per Share (CNY/share) | 0.1239 | 0.1224 | 1.23% | | Weighted Average Return on Net Assets | 3.55% | 3.68% | -0.13% | | Period-End Indicators | Current Period-End (CNY) | Prior Year-End (CNY) | Period-End vs. Prior Year-End Change | | Total Assets | 924,435,982.94 | 930,141,862.80 | -0.61% | | Net Assets Attributable to Shareholders of Listed Company | 867,265,032.10 | 866,524,217.69 | 0.09% | 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 reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[24][25] Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 2,163,738.16, primarily from wealth management income and government subsidies, offset by fixed asset disposal losses and donations Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains or losses on disposal of non-current assets | -5,387.61 | Loss on disposal of fixed assets | | Government grants recognized in current profit or loss | 903,249.90 | Primarily government subsidies | | Gains or losses from entrusted investments or asset management | 1,674,400.36 | Income from wealth management products | | Other non-operating income and expenses apart from the above | -13,600.00 | Primarily donations | | Less: Income tax impact | 394,924.49 | | | Total | 2,163,738.16 | | Section III Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company focuses on powder metallurgy products, expanding into MIM, SMC, and precision gears; revenue declined 4.75%, net profit rose 0.14%, driven by client resources, R&D, and operational efficiency - The company's main business involves the R&D, production, and sales of powder metallurgy products, and has expanded into MIM, SMC products, machined small-module precision gears, and actuator gearboxes[30] - During the reporting period, the company's operating revenue was CNY 138,017,986.98, a 4.75% decrease year-on-year; net profit attributable to shareholders was CNY 30,742,358.74, a 0.14% increase year-on-year[29] - The company's performance drivers include high-quality customer resources, industry-leading technological R&D capabilities, strengthened operational management and internal control, and rapid response advantages[40][41][42] Industry Overview Powder metallurgy's global market is led by PM, with MIM and SMC rapidly growing; SMC products show high growth in photovoltaics, energy storage, and new energy vehicles - The global powder metallurgy market's mainstream technology is press-and-sinter (PM), with metal injection molding (MIM) as a fast-growing technology, soft magnetic composites (SMC) as a rapidly developing technology, and additive manufacturing (AM) as an emerging technology[29] - Soft magnetic metal powder cores (SMC) are primarily applied in high-growth sectors such as photovoltaics, energy storage, new energy vehicles, and charging piles[29] Company Basic Information The company is a high-tech enterprise specializing in powder metallurgy, expanding into MIM, SMC, and precision gears, with a 4.75% revenue decrease and a 0.14% net profit increase - The company is a high-tech enterprise specializing in powder metallurgy products, and has expanded into MIM, SMC products, and precision gear businesses[30] Key Financial Performance During the Reporting Period | Indicator | Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 138,017,986.98 | -4.75% | | Operating Profit | 36,141,958.50 | -0.83% | | Total Profit | 36,122,970.89 | -0.05% | | Net Profit Attributable to Shareholders of Listed Company | 30,742,358.74 | 0.14% | Company's Main Business and Products The company's powder metallurgy components, including gears and structural parts, serve diverse sectors like electric tools and new energy vehicles, with MIM and SMC products now in mass production - The company's products include gears, bearings, gearboxes, structural parts, and other powder metallurgy components[31] - Application areas include electric tools, automobiles (including new energy vehicles), office equipment, home appliances, construction machinery, new energy, and communications[31][32][33][34][35][36] - MIM products are mass-produced for high-strength, high-precision components in electric tools, new energy vehicles, and smart home appliances; SMC soft magnetic products have begun mass production and are entering a fast development track[30] Company's Main Business Model The company's profit model relies on custom powder metallurgy R&D, production, and sales, maintaining long-term client relationships, with a 'production-driven procurement' model for materials and services - Profit model: Relying on technical R&D capabilities and reputation to provide customized powder metallurgy components to customers in bulk[37] - Procurement model: Primarily adopts 'production-driven procurement,' including raw and auxiliary materials (metal powder, auxiliary materials, oils, fuels), molds, and outsourced processing services[37][38][39] - Core processes (product and mold design, forming, sintering, degreasing) are completed in-house, while auxiliary processes (e.g., machining) utilize external suppliers[39][40] Company Performance Drivers Performance is driven by strong client relationships, leading R&D (with a 15.78% increase in R&D expenses), robust management, and rapid response capabilities, earning the company 'Little Giant' status - Advantage of high-quality customer resources: Long-term cooperation with industry-renowned leading enterprises, providing stable and continuously growing business sources[40] - Industry-leading technological R&D capabilities: R&D expenses of CNY 8,369,922.48 during the reporting period, a 15.78% increase year-on-year; the company was selected as a national-level 'Specialized, Refined, Unique, and New' Little Giant enterprise[41] - Strengthened operator management and internal control: Optimized governance structure, improved capital utilization efficiency, and controlled operational risks[41] - Proactive response advantage: Rapidly responds to customer needs with a flexible management mechanism and a comprehensive quality control system[42] Core Competitiveness Analysis The company's core competitiveness stems from strong client relationships, rapid response, robust quality control, efficient management, continuous R&D, and a comparative advantage in production costs - Customer resource advantage: Deeply tied to core major clients such as internationally renowned electric tool manufacturers, resulting in high customer switching costs and stable business sources[43][44] - Rapid response advantage: A flexible management mechanism and a comprehensive quality control system enable quick responses to stringent customer delivery requirements[44] - Comprehensive quality control system: Meets the requirements of internationally renowned clients through high-standard quality systems such as ISO9001 and IATF16949[44][45] - Technological R&D advantage: Decades of focus on powder metallurgy products, possessing multiple core technology patents, and recognized as a Jiangsu Province High-Tech Enterprise and a national-level 'Specialized, Refined, Unique, and New' Little Giant enterprise[45][46] - Comparative advantage in production costs: Effectively reduced production costs through process improvements and raw material import substitution, maintaining international market competitiveness[46] Main Business Analysis Main business revenue decreased by 4.75% with a 5.09% reduction in operating costs; electric tool components saw slight declines, while automotive components grew 8.05% with a 6.19% gross margin increase Key Financial Data Year-on-Year Change | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 138,017,986.98 | 144,898,619.70 | -4.75% | | Operating Cost | 90,807,531.85 | 95,680,752.99 | -5.09% | | R&D Investment | 8,369,922.48 | 7,229,344.21 | 15.78% | | Net Cash Flow from Operating Activities | 34,139,331.64 | 34,863,252.68 | -2.08% | | Net Cash Flow from Investing Activities | 33,337,596.59 | 29,632,852.99 | 12.50% | | Net Cash Flow from Financing Activities | -30,587,997.58 | -34,539,108.69 | -11.44% | | Net Increase in Cash and Cash Equivalents | 40,801,952.75 | 30,599,615.05 | 33.34% | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electric Tool Components | 112,311,292.85 | 72,955,204.97 | 35.04% | -7.25% | -6.62% | -0.44% | | Automotive Components | 19,856,917.98 | 13,933,175.29 | 29.83% | 8.05% | -0.71% | 6.19% | Non-Core Business Analysis Non-core business includes sustainable investment income from wealth management and fair value changes, while asset impairment and non-operating expenses (donations) are non-sustainable Non-Core Business Analysis | Item | Amount (CNY) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,586,240.90 | 4.39% | Income from matured wealth management products | Yes | | Gains or losses from changes in fair value | 88,159.46 | 0.24% | Accrued income from unexpired wealth management products | Yes | | Asset Impairment | -543,606.91 | -1.50% | Primarily inventory write-downs and bad debt provisions for receivables | No | | Non-operating expenses | 18,987.61 | 0.05% | Primarily donations | No | Assets and Liabilities Analysis Total assets slightly decreased by 0.61% at period-end, with increased cash, reduced financial assets and accounts receivable, and no significant overseas or restricted assets Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | % of Total Assets | Prior Year-End Amount (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 373,829,749.94 | 40.44% | 333,027,797.19 | 35.80% | 4.64% | | Accounts Receivable | 97,888,088.22 | 10.59% | 106,651,097.46 | 11.47% | -0.88% | | Inventories | 42,077,025.62 | 4.55% | 39,256,043.72 | 4.22% | 0.33% | | Fixed Assets | 142,892,456.37 | 15.46% | 147,338,004.27 | 15.84% | -0.38% | | Trading Financial Assets | 229,502,134.26 | 24.83% | 265,794,178.84 | 28.57% | -3.74% | - At the end of the reporting period, the company had no significant overseas assets or restricted asset rights[56][58] Investment Analysis The company had no major equity or non-equity investments; fair value financial assets were CNY 229.50 million; IPO proceeds were fully utilized, and excess funds of CNY 100.69 million were partially invested in a subsidiary - The company had no significant equity or non-equity investments during the reporting period[59] Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (CNY) | Source of Funds | | :--- | :--- | :--- | | Other (primarily structured deposits) | 229,502,134.26 | Own funds | - The IPO-funded projects, 'New 4,000-ton High-Grade Powder Metallurgy Components Project' and 'Powder Metallurgy New Material Application R&D Center Technical Transformation Project,' were completed in 2024, with remaining raised funds totaling CNY 89.7574 million permanently transferred to working capital[66][67] - Excess raised funds of CNY 100.6892 million were invested in the wholly-owned subsidiary Jiangsu Yangzhou Hairong Powder Metallurgy Co., Ltd.'s 'New Powder Metallurgy Products Project'; as of June 30, 2025, CNY 73.4020 million has been used, with CNY 28.2731 million (including interest) remaining in a dedicated account[68][73] Use of Raised Funds IPO net proceeds were CNY 344.00 million; CNY 89.76 million from completed projects transferred to working capital; excess funds of CNY 100.69 million were partially invested in a subsidiary, with CNY 28.27 million remaining - The company's IPO net raised funds amounted to CNY 344.0017 million[65] - The IPO-funded projects, 'New 4,000-ton High-Grade Powder Metallurgy Components Project' and 'Powder Metallurgy New Material Application R&D Center Technical Transformation Project,' were completed in 2024, with remaining raised funds totaling CNY 89.7574 million permanently transferred to working capital[67] - Excess raised funds of CNY 100.6892 million were invested in the wholly-owned subsidiary Jiangsu Yangzhou Hairong Powder Metallurgy Co., Ltd.'s 'New Powder Metallurgy Products Project'; as of June 30, 2025, CNY 73.4020 million has been used, with CNY 28.2731 million (including interest) remaining in a dedicated account[68][73] - The remaining raised funds are primarily due to strict cost control during project implementation, replacement of imported equipment with domestic alternatives, and cash management income from idle funds[73] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[79][80] Analysis of Major Holding and Associate Companies Major subsidiaries and associates, including Jiangsu Yangzhou Hairong Powder Metallurgy, focus on powder metallurgy; Hairong reported CNY 5.17 million in revenue and CNY 0.20 million in net profit Overview of Major Subsidiaries and Associate Companies | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yangzhou Hairong Powder Metallurgy Co., Ltd. | Subsidiary | Manufacturing and sales of forgings and powder metallurgy products | 100,689,200.00 | 102,773,288.51 | 100,817,332.65 | 5,174,816.51 | 186,802.06 | 202,406.98 | | Yangzhou Haizhuo Precision Manufacturing Co., Ltd. | Subsidiary | Manufacturing and sales of forgings and powder metallurgy products; R&D and sales of metal products | 100,000,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Yangzhou Haiyue Precision Gear Technology Co., Ltd. | Associate Company | Technical services, development, consulting, exchange, transfer, promotion; general parts manufacturing; metal structural parts sales; metal structural parts manufacturing; machining of mechanical parts and components | 10,000,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 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[83] Risks Faced by the Company and Countermeasures The company faces risks from customer/market concentration, macroeconomics, exchange rates, and rising labor costs, addressed by quality, market expansion, innovation, and automation - Risk of major customer concentration: Revenue from the top five customers accounted for 72.1% of total main business revenue. Countermeasures: Improve product quality, expand into new industries and acquire new customers[83] - Risk of application market concentration: Electric tool component revenue accounted for 81.37% of total operating revenue. Countermeasures: Actively explore the market for soft magnetic products for new energy vehicles and MIM products[83][84] - Risk of macroeconomic fluctuations: Global macroeconomic uncertainties may lead to slower economic growth. Countermeasures: Drive innovation, enhance core product competitiveness, and actively expand into global markets[85] - Risk of exchange rate fluctuations: Overseas sales are primarily settled in USD, and exchange rate fluctuations may affect financial expenses and product competitiveness. Countermeasures: Closely monitor exchange rate trends, implement various measures to prevent and hedge exchange losses, and increase the frequency of foreign exchange settlements[86] - Risk of rising labor costs: Continuous increase in domestic labor costs may affect profitability. Countermeasures: Continuously increase investment in intelligent manufacturing systems and automation equipment[87] Registration Form for Research, Communication, and Interview Activities During the Reporting Period On April 9, 2025, the company hosted an online investor briefing to discuss its 2024 annual performance Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Date | Reception Venue | Reception Method | Type of Recipient | Recipient | Main Content Discussed and Materials Provided | Index of Research Overview | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 09, 2025 | Company | Online platform communication | Other | Investors | 2024 Annual Performance Briefing | Juchao Information Network Haichang New Material Investor Relations Management Information 20250409 | Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not established a market value management system nor disclosed any valuation enhancement plans - The company has not formulated a market value management system nor disclosed any valuation enhancement plans[89] Implementation of the 'Dual Improvement in Quality and Returns' Action Plan The company has not disclosed any announcement regarding its 'Dual Improvement in Quality and Returns' action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[89] Section IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[91] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[92] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[93] Environmental Information Disclosure Neither the company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[94] Social Responsibility The company fulfills social responsibilities through robust governance, employee welfare, investor relations, and community engagement, including a CNY 13,600 donation during the period - The company has improved its governance structure, formulating and revising multiple rules and regulations to ensure standardized operations[94] - The company strictly adheres to the Labor Law, legally providing social insurance and housing provident funds for employees and ensuring a healthy and safe working environment[95] - The company values investor relations management, engaging with investors through various channels and fulfilling information disclosure obligations[96] - The company actively fulfills its social responsibilities by paying taxes, increasing employment, and supporting local economic development, with donations of CNY 13,600.00 during the reporting period[97] Section V Significant Matters Fulfillment of Commitments No commitments by the company, its controlling shareholders, or related parties were unfulfilled or overdue at the end of the reporting period - The company reported no unfulfilled or overdue commitments from its controlling shareholders, related parties, or itself during the reporting period[99] Non-Operating Fund Occupation There was no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period - The company reported no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[100] 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[101] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[102] Explanation of 'Non-Standard Audit Report' There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[103] Explanation of Last Year's 'Non-Standard Audit Report' There was no explanation regarding last year's non-standard audit report during the reporting period - There was no explanation regarding last year's non-standard audit report during the reporting period[103] Bankruptcy and Reorganization Matters No bankruptcy or reorganization matters occurred for the company during the reporting period - No bankruptcy or reorganization matters occurred for the company during the reporting period[103] Litigation Matters The company had no significant litigation, arbitration, or other legal matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[104] Penalties and Rectification There were no penalties or rectification situations for the company during the reporting period - There were no penalties or rectification situations for the company during the reporting period[105] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers No integrity issues were reported for the company, its controlling shareholders, or actual controllers during the reporting period - No integrity issues were reported for the company, its controlling shareholders, or actual controllers during the reporting period[106] Significant Related Party Transactions The company reported no significant related party transactions, including those related to operations, asset/equity deals, joint investments, or debt during the period - The company reported no significant related party transactions of any kind during the reporting period[106][107][108][109][110][111][112] Significant Contracts and Their Fulfillment The company had no significant entrustment, contracting, guarantees, or major operating contracts, and a factory lease did not exceed 10% of total profit - The company had no significant entrustment, contracting, major guarantees, or material operating contracts during the reporting period[113][114][116][117] - The company leased out approximately 1,600 square meters of factory space at its former office address, No. 90 Heyexi Road, but this did not exceed 10% of the total profit for the reporting period[115] Explanation of Other Significant Matters The company's total share capital decreased after a 2024 share repurchase and cancellation; it plans to establish wholly-owned subsidiaries in Singapore and Vietnam with a total investment of up to USD 8 million to expand internationally - The company completed a share repurchase in 2024 and cancelled 2,648,200 shares on January 9, 2025, reducing total share capital from 250,800,000 shares to 248,151,800 shares[118] - The company has completed the registered capital change and Articles of Association filing procedures, and obtained a renewed business license[119] - The company plans to establish wholly-owned subsidiaries, Haichang Overseas in Singapore and Vietnam Haichang Precision in Vietnam, with its own funds, with a total investment not exceeding USD 8 million, to deepen its presence in international markets and optimize global industrial layout[120] Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[121] Section VI Share Changes and Shareholder Information Share Change Information Due to the cancellation of 2,648,200 repurchased shares, total share capital decreased from 250,800,000 to 248,151,800; restricted shares increased to 32.70%, and unrestricted shares decreased to 67.30% Share Change Information | Item | Quantity Before Change (shares) | Proportion Before Change | Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 81,134,025.00 | 32.35% | 0 | 81,134,025.00 | 32.70% | | II. Unrestricted Shares | 169,665,975.00 | 67.65% | -2,648,200 | 167,017,775.00 | 67.30% | | III. Total Shares | 250,800,000.00 | 100.00% | -2,648,200 | 248,151,800.00 | 100.00% | - The main reason for the share change was the company's cancellation of 2,648,200 repurchased shares on January 9, 2025[125][126] - The impact of share changes on 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, is detailed in 'Section II Company Profile and Key Financial Indicators,' 'IV. Key Accounting Data and Financial Indicators'[128] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[129] Number of Shareholders and Shareholding Structure At period-end, there were 15,605 common shareholders; controlling shareholder Zhou Guangrong held 43.58% of shares, including 81,111,000 restricted shares, with Zhou Guangrong, Xu Xiaoyu, and Yangzhou Haichang Xieli as key top ten shareholders - At the end of the reporting period, the total number of common shareholders was 15,605[130] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhou Guangrong | Domestic Natural Person | 43.58% | 108,148,000.00 | 81,111,000.00 | 27,037,000.00 | | Xu Xiaoyu | Domestic Natural Person | 12.63% | 31,350,000.00 | 0 | 31,350,000.00 | | Yangzhou Haichang Xieli Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 7.31% | 18,141,000.00 | 0 | 18,141,000.00 | - Zhou Guangrong and Xu Xiaoyu are a married couple and partners in Yangzhou Haichang Xieli Enterprise Management Partnership (Limited Partnership)[130] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or 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[132] Changes in Controlling Shareholder or Actual Controller Neither the company's controlling shareholder nor its actual controller changed during the reporting period - Neither the company's controlling shareholder nor its actual controller changed during the reporting period[133] Section VII Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[136] Section VIII Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[138] Financial Statements This section presents consolidated and parent company financial statements, showing total consolidated assets of CNY 924 million, net assets of CNY 867 million, operating revenue of CNY 138 million, and net profit of CNY 30.74 million Consolidated Balance Sheet (Period-End Balances) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 924,435,982.94 | | Total Liabilities | 57,170,950.84 | | Total Equity Attributable to Parent Company Shareholders | 867,265,032.10 | Consolidated Income Statement (Current Period Amounts) | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 138,017,986.98 | | Operating Profit | 36,141,958.50 | | Total Profit | 36,122,970.89 | | Net Profit | 30,742,358.74 | | Net Profit Attributable to Parent Company Shareholders | 30,742,358.74 | Consolidated Cash Flow Statement (Current Period Amounts) | Item | Current Period Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 34,139,331.64 | | Net Cash Flow from Investing Activities | 33,337,596.59 | | Net Cash Flow from Financing Activities | -30,587,997.58 | | Net Increase in Cash and Cash Equivalents | 40,801,952.75 | Company Basic Information Yangzhou Haichang New Material Co., Ltd., established in 2001 and listed in 2020, specializes in powder metallurgy, with its registered capital at CNY 248,151,800.00 and an unchanged consolidated scope - The company was listed on the Shenzhen Stock Exchange on September 10, 2020 (stock code 300885)[176] - The company's registered address has been changed to No. 71 Xingan Road West, Weiyang Economic Development Zone, Hanjiang District, Yangzhou City, with a registered capital of CNY 248,151,800.00[176] - The company's main business is in the powder metallurgy industry, with a business scope including the production, sales, and import/export of powder metallurgy materials, products, and equipment[176] - The consolidation scope for this year is the same as the previous year[176] Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC regulations, using accrual accounting and historical cost measurement for most items - The financial statements are prepared on a going concern basis, in accordance with the Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission[179] - Accounting is based on the accrual basis, and except for certain financial instruments, all items are measured at historical cost[179] Significant Accounting Policies and Estimates The company adheres to Enterprise Accounting Standards, using the calendar year and RMB as its functional currency; no policy changes occurred except for new lease standards, with key policies for financial instruments, revenue, and assets detailed - The company's accounting year adopts the calendar year, and the functional currency is RMB[184][186] - The company implements the new lease standards, but there were no other changes in accounting policies or estimates during the reporting period[181][182] - Detailed important accounting policies include financial instruments (classification and measurement of debt instruments, equity instruments, financial liabilities), financial instrument impairment (expected credit loss model), revenue recognition (performance obligations, transaction price, domestic and international sales), inventory valuation (weighted average method), and provision for inventory write-downs[191][192][193][194][195][199][200][209][210][211][242][243][244] Taxation The company's main taxes include VAT (13% domestic, 0% export), urban maintenance tax (5%), and corporate income tax (15%), benefiting from high-tech enterprise, R&D expense, and advanced manufacturing VAT incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | Domestic sales 13%; Export 0% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5% | | Corporate Income Tax | Taxable income | 15% | - The company enjoys a high-tech enterprise income tax preferential rate of 15%, valid for three years (2024 to 2026)[256] - The company benefits from a tax incentive that increases the super deduction ratio for R&D expenses from 75% to 100%[256] - The company enjoys a 5% VAT super deduction for advanced manufacturing enterprises[256] Notes to Consolidated Financial Statement Items This section details consolidated financial statement items: cash at CNY 374 million, financial assets at CNY 230 million, accounts receivable at CNY 97.88 million, inventory at CNY 42.07 million, and operating revenue at CNY 138 million Period-End Balances of Major Asset Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Monetary Funds | 373,829,749.94 | | Trading Financial Assets | 229,502,134.26 | | Accounts Receivable | 97,888,088.22 | | Inventories | 42,077,025.62 | | Fixed Assets | 142,892,456.37 | | Intangible Assets | 20,462,634.99 | Period-End Balances of Major Liabilities and Owners' Equity Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Accounts Payable | 34,636,036.24 | | Employee Benefits Payable | 13,904,158.15 | | Taxes Payable | 5,698,886.83 | | Share Capital | 248,151,800.00 | | Capital Reserve | 206,448,852.20 | | Retained Earnings | 362,708,205.64 | Current Period Amounts of Major Income Statement Items | Item | Current Period Amount (CNY) | | :--- | :--- | | Operating Revenue | 138,017,986.98 | | Operating Cost | 90,807,531.85 | | Selling Expenses | 1,962,353.31 | | Administrative Expenses | 7,437,977.15 | | R&D Expenses | 8,369,922.48 | | Financial Expenses | -6,140,410.45 | | Net Profit | 30,742,358.74 | - Due to the cancellation of repurchased shares, the company's share capital decreased by 2,648,200 shares, capital reserve decreased by CNY 17,364,000.53, and treasury stock was cleared to zero[360][362][364] Research and Development Expenses Details regarding research and development expenses are fully disclosed within the 'Notes to Consolidated Financial Statement Items' section Changes in Consolidation Scope The company reported no changes in its consolidation scope due to business combinations, reverse acquisitions, or subsidiary disposals during the period - The company reported no changes in its consolidation scope during the reporting period[411][412] Interests in Other Entities The company holds 100% stakes in Jiangsu Yangzhou Hairong Powder Metallurgy and Yangzhou Haizhuo Precision Manufacturing, and 67% in Yangzhou Haiyue Precision Gear, with no changes in ownership shares or significant non-wholly-owned subsidiaries Composition of the Enterprise Group | Subsidiary Name | Registered Capital (CNY) | Business Nature | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yangzhou Hairong Powder Metallurgy Co., Ltd. | 100,689,200.00 | Manufacturing and sales of forgings and powder metallurgy products | 100.00% | Investment establishment | | Yangzhou Haizhuo Precision Manufacturing Co., Ltd. | 100,000,000.00 | Manufacturing and sales of forgings and powder metallurgy products; R&D and sales of metal products | 100.00% | Investment establishment | | Yangzhou Haiyue Precision Gear Technology Co., Ltd. | 10,000,000.00 | Technical services, development, consulting, exchange, transfer, promotion; general parts manufacturing; metal structural parts sales; metal structural parts manufacturing; machining of mechanical parts and components | 67.00% | Investment establishment | - The company's share of owners' equity in subsidiaries remained unchanged, and there are no significant non-wholly-owned subsidiaries[416] Government Grants Government grants recognized in profit or loss totaled CNY 913,749.90, primarily from R&D, production line upgrades, laboratory subsidies, and innovation awards Government Grants Recognized in Current Profit or Loss | Accounting Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Jiangsu Province Industrial Foresight and Common Key Technology R&D Project | 35,381.42 | 35,381.41 | | Annual Production of 6 Million Sets of Helical Gear Production Line Technical Transformation Project | 40,972.68 | 40,972.70 | | Annual Production of 4.5 Million Sets of Electric Tool Speed Control Three-Claw Internal Gear Ring Production Line Project | 96,895.80 | 80,746.50 | | Yangzhou Hanjiang District Key Laboratory Subsidy | 200,000.00 | | | Yangzhou Hanjiang District Lvyang Jinfeng, Hancheng Yingcai Funds | 90,000.00 | | | Yangzhou Hanjiang District Innovation Capability Construction Award | 200,000.00 | | | Yangzhou Hanjiang District Science and Technology Plan Award | 240,000.00 | | | Stable Employment Subsidy | 10,500.00 | 1,500.00 | | Total | 913,749.90 | 158,600.61 | Risks Related to Financial Instruments The company did not disclose any financial instrument-related risks or engage in hedging activities for risk management during the reporting period - The company did not disclose various risks related to financial instruments during the reporting period[421] - The company did not engage in hedging activities for risk management[421] Fair Value Disclosure Assets measured at fair value include trading financial assets (CNY 230 million) and other equity investments (CNY 2.42 million), with fair values determined by active market quotes or discounted cash flow methods Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | 1. Financial assets measured at fair value through profit or loss | 229,502,134.26 | | 229,502,134.26 | | (1) Debt instrument investments | 229,502,134.26 | | 229,502,134.26 | | (3) Other equity instrument investments | | 2,419,968.00 | 2,419,968.00 | - Financial instruments traded in active markets are valued at active market quotes, while those in inactive markets use valuation techniques (e.g., discounted cash flow models)[424] - Other equity instrument investments determine fair value using the discounted future cash flow method[426] Related Parties and Related Party Transactions The company reported no related party transactions, including those involving goods, services, management, leasing, guarantees, fund transfers, or asset/debt restructuring - The company reported no related party transactions of any kind during the reporting period[429][431] Share-Based Payments The company had no share-based payment activities, including equity-settled or cash-settled plans, expenses, modifications, or terminations during the reporting period - The company reported no share-based payment related situations during the reporting period[432] Commitments and Contingencies At the balance sheet date, the company had no significant commitments or material contingent matters requiring disclosure - At the balance sheet date, the company had no significant commitments or material contingent matters requiring disclosure[432] Events After the Balance Sheet Date The company reported no significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events during the period - The company reported no events after the balance sheet date during the reporting period[435] Other Significant Matters The company reported no prior period error corrections, asset exchanges, annuity plans, discontinued operations, segment information, or other material transactions affecting investor decisions - The company reported no other significant matters during the reporting period[435][436] Notes to Parent Company Financial Statement Items Parent company financial statement notes show accounts receivable at CNY 89.77 million, other receivables at CNY 0.38 million, long-term equity investments at CNY 101 million, operating revenue at CNY 133 million, and investment income at CNY 1.35 million Parent Company Accounts Receivable Period-End Balance | Item | Period-End Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 94,304,000.86 | 4,532,860.14 | 89,771,140.72 | Parent Company Other Receivables Period-End Balance | Item | Period-End Balance (CNY) | | :--- | :--- | | Other Receivables | 384,444.46 | Parent Company Long-Term Equity Investments Period-End Balance | Item | Book Value (CNY) | | :--- | :--- | | Investments in Subsidiaries | 100,689,167.28 | Parent Company Operating Revenue and Operating Cost Current Period Amounts | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 132,580,012.15 | 86,099,427.15 | | Other Business | 263,158.32 | 77,773.02 | | Total | 132,843,170.47 | 86,177,200.17 | Parent Company Investment Income Current Period Amount | Item | Current Period Amount (CNY) | | :--- | :--- | | Investment income from trading financial assets during holding period | 1,358,650.79 | | Total | 1,358,650.79 | Supplementary Information This section details non-recurring gains and losses totaling CNY 2,163,738.16, with a weighted average ROE of 3.55% and basic/diluted EPS of CNY 0.1239, confirming no accounting standard differences Current Period Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -5,387.61 | | Government grants recognized in current profit or loss | 903,249.90 | | Gains or losses from entrusted investments or asset management | 1,674,400.36 | | Other non-operating income and expenses apart from the above | -13,600.00 | | Less: Income tax impact | 394,924.49 | | Total | 2,163,738.16 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 3.55% | 0.1239 | 0.1239 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 3.30% | 0.1152 | 0.1152 | - The company reported no differences in accounting data under domestic and overseas accounting standards[475]