兴业科技(002674) - 2025 Q2 - 季度财报

Financial Performance - The company's operating revenue for the reporting period was ¥1,339,067,795.71, representing a 6.16% increase compared to ¥1,261,400,685.18 in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 45.32% to ¥31,250,783.61 from ¥57,148,672.94 year-on-year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 51.41% to ¥26,967,812.50 compared to ¥55,503,730.30 in the previous year[22]. - The net cash flow from operating activities was ¥138,249,395.00, down 23.34% from ¥180,334,008.39 in the same period last year[22]. - Basic earnings per share decreased by 45.91% to ¥0.1059 from ¥0.1958 year-on-year[22]. - The company's cash and cash equivalents decreased by 55.51% to ¥109,692,754.49 from ¥246,565,097.26 in the previous year[51]. - The investment income decreased by 42.50% to ¥5,341,588.41 from ¥9,289,740.05 due to a reduction in received dividends[52]. - The company reported a significant decrease in non-operating expenses by 86.40% to ¥719,190.25 from ¥5,286,671.30 in the previous year, mainly due to reduced charitable donations[52]. - The company's retained earnings decreased to ¥620,460,150.50 from ¥633,542,008.49, a decline of approximately 2.07%[194]. Assets and Liabilities - Total assets at the end of the reporting period increased by 3.35% to ¥4,638,674,373.39 from ¥4,488,448,415.51 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company slightly decreased by 0.26% to ¥2,399,199,287.93 from ¥2,405,421,003.37 at the end of the previous year[22]. - Current liabilities rose to ¥1,818,596,525.31 from ¥1,659,252,714.90, an increase of about 9.59%[194]. - Total liabilities increased to ¥1,929,992,655.49 from ¥1,805,991,433.90, reflecting a rise of approximately 6.87%[194]. - Long-term borrowings decreased to ¥39,189,025.46 from ¥74,661,050.23, a reduction of about 47.6%[194]. - The total current assets increased to ¥2,006,333,582.65 from ¥1,893,350,016.78, representing a growth of about 5.93%[197]. - Non-current assets totaled ¥1,448,078,473.49, up from ¥1,408,774,708.44, indicating an increase of approximately 2.79%[198]. Revenue Segments - Revenue from the automotive interior leather segment increased by 29.53% to ¥381,216,796.80, with a gross profit margin of 34.63%[56]. - Revenue from other business segments increased by 45.96% to ¥15,180,722.56, compared to ¥10,400,810.31 in the previous year[54]. - The cost of goods sold was ¥1,064,710,859.30, which is a 5.98% increase from ¥1,004,625,170.93 in the previous year[51]. - The gross profit margin for the cowhide leather industry was 20.56%, an increase of 0.07 percentage points compared to the previous year[56]. Market and Production - The production of passenger cars in China for the first half of 2025 was 13.2267 million units, reflecting a year-on-year increase of 13.4%[32]. - The production of new energy vehicles reached 6.4432 million units, with a significant growth rate of 38.4% compared to the previous year[32]. - The company has established partnerships with major automotive brands, including Li Auto and NIO, for the supply of automotive interior leather[37]. - The overseas market for the company’s leather products has seen growth, particularly in regions like Vietnam and Indonesia, with Vietnam's footwear exports increasing by 10.1% to approximately 12 billion USD in the first half of 2025[31]. Research and Development - The company has established a dual R&D system with a technical center at headquarters and product development teams in business units, focusing on cutting-edge technology and leather research[39]. - Research and development expenses rose by 25.50% to ¥37,013,861.18 from ¥29,492,924.10 year-on-year[51]. - The company has been recognized as a "National Enterprise Technology Center" and has undertaken multiple national key R&D projects, contributing to 14 national and industry standards[43]. Environmental and Regulatory Compliance - The company has implemented advanced environmental protection measures, including a comprehensive wastewater treatment and recycling system, aligning with national regulations[41]. - The company faces risks from environmental policies that may increase operational costs due to stricter pollution control measures, necessitating investment in environmental facilities[106]. - The company adheres to legal regulations to protect the rights of shareholders and creditors, ensuring compliance with corporate governance standards[127]. Shareholder and Dividend Policies - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company has committed to a continuous and stable cash dividend system, with a focus on sustainable development and reasonable returns for investors[131]. - The company has established a minimum cash dividend distribution ratio of 30% of the distributable profit for the year[132]. - The company plans to distribute dividends primarily in cash, with the possibility of mid-term cash dividends based on profit and funding needs[132]. Risks and Challenges - The fluctuation in raw material prices, particularly cowhide, poses a significant risk to the company's profitability, with strategies in place to mitigate this through price adjustments and sourcing alternatives[109]. - The company is expanding its procurement channels for cowhide to mitigate risks associated with U.S. tariff policies, increasing sourcing from South America, Europe, and Australia[114]. - The company is actively addressing risks related to product innovation and technology advancement to maintain competitive advantages in the market[108]. Corporate Governance - The company has not engaged in any significant equity investments or securities investments during the reporting period[96][97]. - The company has not established a market value management system[115]. - The company has not disclosed a valuation enhancement plan[115].