铭科精技(001319) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section covers the report's foundational elements, including key assurances, structural overview, and essential terminology Important Notice The Board, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness - Company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, bearing individual and joint legal responsibility[4] - Company head Xia Lurong, chief accountant Luo Guilin, and accounting manager Fang Hailong declare the financial report in this semi-annual report is true, accurate, and complete[4] - Company plans no cash dividends, no bonus shares, and no capital reserve conversion to share capital[6] Table of Contents This section outlines the report's nine main chapters, from company overview to financial data and reference documents - Report contains nine main chapters, from important notice to other submitted data, comprehensively covering company operations and financial information[8] - Reference documents include the chairman-signed report, financial reports signed by legal representative, original copies of publicly disclosed documents, available for investor review at the company's securities department[10][11] Definitions This section defines key terms used in the report, ensuring clarity for financial periods, company names, and subsidiaries - Reporting period refers to January 1, 2025 to June 30, 2025, and the prior year period refers to January 1, 2024 to June 30, 2024[12] - Mingke Jingji, the Company, and this Company all refer to Mingke Jingji Holdings Co., Ltd[12] - Lists names of multiple subsidiaries including Qingyuan Mingke, Wuhan Mingke, Suzhou Shengan, Dalian Maosheng, Chongqing Mingke, Shanghai Shengan, Xiangyang Mingke, Dongguan Zhusheng, Shanghai Qishuo, Guangdong Zengtian Shengan, Zhejiang Shengan, Zhejiang Granges, Suqian Mingke, Anhui Ruike, Mingke Jingji (Hong Kong), Maosheng Industrial (Hong Kong), Shengan Precision (Hong Kong), Zhutian Shengan (Hong Kong), Zhutian Shengan (Thailand)[12] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and highlights its key financial performance metrics 1. Company Profile Mingke Jingji Holdings Co., Ltd. is listed on Shenzhen Stock Exchange (001319), with Xia Lurong as legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Mingke Jingji | | Stock Code | 001319 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 铭科精技控股股份有限公司 | | Legal Representative | Xia Lurong | 2. Contact Persons and Information Company's Board Secretary and Securities Affairs Representative are Cai Lingli and Zhang Yao, located in Dongguan Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Cai Lingli | No. 180 Tianxin Road, Tangxia Town, Dongguan City | 0769-38899778-8888 | 0769-38899778-8828 | ll_cai@winstechfield.com | | Securities Affairs Representative | Zhang Yao | No. 180 Tianxin Road, Tangxia Town, Dongguan City | 0769-38899778-8888 | 0769-38899778-8828 | winstech_19@winstechfield.com | 3. Other Information No changes occurred in company contact, disclosure, or other relevant information during the reporting period - Company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[18] - Company's designated securities exchange website and media for semi-annual report disclosure, and the location for report availability, remained unchanged during the reporting period[19] 4. Key Accounting Data and Financial Indicators In H1 2025, revenue grew 13.05% to 514.17 million yuan, with net profit attributable to shareholders up 25.56% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 514,169,020.44 | 454,813,878.34 | 13.05% | | Net Profit Attributable to Shareholders of Listed Company | 56,751,864.29 | 45,198,876.01 | 25.56% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 54,271,121.58 | 39,742,137.39 | 36.56% | | Net Cash Flow from Operating Activities | 59,697,140.16 | 11,974,650.88 | 398.53% | | Basic Earnings Per Share (Yuan/share) | 0.4014 | 0.3197 | 25.56% | | Diluted Earnings Per Share (Yuan/share) | 0.4014 | 0.3197 | 25.56% | | Weighted Average Return on Net Assets | 4.28% | 3.60% | 0.68% | | Total Assets (Period-end) | 1,705,016,063.95 | 1,699,644,667.61 | 0.32% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,297,825,138.94 | 1,298,351,496.54 | -0.04% | 5. Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between domestic and international accounting standards - Company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[22] - Company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[23] 6. Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses were 2.48 million yuan, mainly from government subsidies and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -154,780.40 | | Government subsidies recognized in current profit or loss | 943,354.03 | | Gains and losses from changes in fair value of financial assets and liabilities and disposal gains and losses | 1,862,371.66 | | Other non-operating income and expenses apart from the above | 235,419.47 | | Other gains and losses meeting the definition of non-recurring gains and losses | 107,086.84 | | Less: Income tax impact | 435,494.61 | | Minority interest impact (after tax) | 77,214.28 | | Total | 2,480,742.71 | - Other gains and losses meeting the definition of non-recurring gains and losses primarily refer to refunds for withholding individual income tax handling fees, amounting to 107,086.84 yuan[26] Part III Management Discussion and Analysis This section analyzes the company's main business, core competencies, financial performance, and risks during the period 1. Company's Main Business During the Reporting Period The company specializes in metal structural parts and molds for automotive, 3C, energy storage, and robotics (I) Industry Development During the Reporting Period China's new energy vehicle market grew significantly in H1 2025, driven by product innovation and infrastructure policies China New Energy Vehicle Production and Sales Data (2020-H1 2025) | Year | New Energy Passenger Vehicle Sales (10,000 units) | YoY Growth | Market Penetration (%) | | :--- | :--- | :--- | :--- | | 2020 | 120.37 | – | 5.8 | | 2021 | 332.27 | +176.0% | 13.4 | | 2022 | 688.7 | +107.3% | 27.6 | | 2023 | 958.7 | +39.2% | 31.6 | | 2024 | 1286.6 | +34.2% | 36.7 | | 2025年1-6月 | 693.7 | +40.3% | 44.3 | - In the first half of 2025, China's new energy vehicle exports reached 1.06 million units, a 75.2% year-on-year increase, accounting for over 34% of total automobile exports, with overseas markets becoming a significant growth driver[31] - Power battery raw material prices fell to a low of 75,000 yuan/ton in Q4 2024, then rebounded to 108,000 yuan/ton by April 2025; total power battery installed capacity reached 178.6 GWh in H1, a 31.5% year-on-year increase, with average single-vehicle battery cost decreasing by 4.7% year-on-year[34] - Intelligence has become a core competitive dimension for new energy vehicles, with urban NOA function adoption reaching 18.6% in H1 2025, a 7 percentage point increase from H1 2023; average in-vehicle computing power of mainstream car manufacturers reached 508 TOPS, significantly higher than the international average of approximately 320 TOPS[35] - Policy guidance shifted from "price stimulation" to "quality regulation," with central "trade-in" policies driving new energy vehicle sales over 800,000 units, stimulating direct consumption exceeding 180 billion yuan; many local governments fully withdrew purchase financial subsidies, instead supporting infrastructure and regulatory system construction[36] (II) Company's Main Business During the Reporting Period The company specializes in metal stamping molds and precision metal structural parts for automotive, 3C, energy storage, and robotics - Company's main business includes metal stamping molds and precision metal structural parts stamping, welding, and assembly, serving automotive manufacturing, 3C electronics, energy storage (lithium, hydrogen), and robotics[36] - Company products primarily focus on automotive parts, covering multiple core systems such as chassis, dashboard, seating, exhaust, and power battery systems[37] - Company is one of the few in the industry to master full-chain services including mold process design, stamping, welding assembly, and delivery, all with mass production capabilities[37][38] - Company operates multiple manufacturing bases domestically, fully covering China's six major automotive industry clusters, and has established a production base in Thailand[39][40] - Company's main products are non-standard customized products, adopting an "order-to-production, quality-first" operating strategy; automotive parts projects typically have a cycle of 10-16 months from mold order to final product delivery, and a 3-5 year cycle from project designation to upgrade; during the reporting period, the company had sufficient orders and maintained high capacity utilization[41] 2. Company's Business Model The company employs a two-tier procurement, OEM sales, and demand-driven production model with strict quality control - Procurement model adopts a two-tier decentralized management system (headquarters and subsidiaries), divided into market procurement (company independently selects suppliers) and customer-designated procurement (OEM-specified suppliers)[43] - Sales model is OEM factory-based, involving bidding, quoting, and contract signing based on OEM's new vehicle development plans to provide products to customers[44] - Production model involves scheduling based on customer production volumes, analyzing capacity, and arranging production; quality department conducts spot checks or full inspections to ensure product quality[45] 2. Analysis of Core Competencies The company leverages its digital R&D platform, global layout, strong brand, stable team, and full-chain capabilities 1. Technological Advantage Supported by Product Forming Process Design and Digital Mold R&D Platform The company's digital mold R&D platform, integrating CAD 3D, CAE, and databases, enhances design quality and reduces costs - Company established a product design and digital mold R&D platform centered on CAD 3D design system, CAE simulation analysis system, databases, and precision testing laboratories[46] - This platform accurately predicts material deformation limits, structural stability, and stamping springback in metal structural parts process design, and independently developed the WinstechTool auxiliary development platform for modular product design, automatic drawing breakdown, and cost estimation[46][47] - Company has formed a rich system of standard parts/modules/typical mold structures and a material performance parameter database, significantly improving mold design quality, shortening delivery cycles, and reducing design and manufacturing costs[47] 2. Rational Strategic Layout and Service Support Advantage The company's extensive domestic and international production bases ensure timely customer response and cost efficiency - Company proactively promoted the layout and construction of production bases, having built facilities in 8 cities including Dongguan, Guangzhou, Chongqing, Wuhan, Xiangyang, Dalian, Shanghai, and Suzhou[49] - In recent years, the company rapidly added new energy industrial bases in 4 cities, including Qingyuan, Jiaxing, Suqian, and Anqing, ultimately achieving comprehensive capacity coverage across China's six major automotive industry clusters[49] - To expand into overseas markets, the company also established a production base in Thailand, enabling timely response to customer needs and reducing transportation costs, thereby enhancing customer order acquisition capabilities[49] 3. Brand and Customer Resource Advantage The company's R&D and quality commitment earned recognition from global Tier-1 suppliers and major automotive brands - Company gained recognition from globally renowned Tier-1 automotive parts suppliers including Marelli, Gestamp, Hiroshima Technical, Faurecia, Adient, and Lingyun Industrial[50] - Company provides precision automotive stamping molds and automotive parts to brands such as Xpeng, Seres, Chery, BYD, Nissan, FAW Group, Great Wall, BMW, Mercedes-Benz, Audi, Honda, Toyota, and General Motors[50] - Company was recognized by the China Die & Mould Industry Association as a "Key Backbone Enterprise for China's Automotive Parts Stamping Molds" and a "Key Enterprise for Mold Exports 2024-2027"[51] 4. Stable and Focused Management Team Advantage The company benefits from a stable, experienced management and technical team, supported by talent and equity incentives - Company's management and core technical teams have remained stable since its establishment, focusing on automotive body manufacturing technology and equipment industry[52] - Company has established a relatively complete talent pipeline, building