本川智能(300964) - 2025 Q2 - 季度财报

Financial Performance - The company's operating revenue for the current period is ¥379,735,783.24, representing a 36.91% increase compared to ¥277,368,327.33 in the same period last year [20]. - Net profit attributable to shareholders for the current period is ¥21,459,715.54, up 37.33% from ¥15,626,371.66 year-over-year [20]. - The net profit after deducting non-recurring gains and losses is ¥18,390,584.19, which is a significant increase of 95.86% compared to ¥9,389,684.68 in the previous year [20]. - The company's total assets at the end of the current period are ¥1,403,614,673.07, reflecting a 7.17% increase from ¥1,309,758,027.63 at the end of the previous year [20]. - The net assets attributable to shareholders at the end of the current period are ¥1,014,323,449.86, which is a 2.37% increase from ¥990,833,624.63 at the end of the previous year [20]. - The company reported a basic earnings per share of ¥0.2776, an increase of 38.80% from ¥0.2 in the same period last year [20]. - The company's main business gross margin was 15.94%, an increase of 1.91 percentage points compared to the previous year [44]. - The total profit for the same period was CNY 26 million, reflecting a year-on-year growth of 52.17% [44]. - The company reported a net profit of 21,459,715.54 yuan attributable to shareholders for the first half of 2025 [110]. - The total distributable profit for the company in the first half of 2025 is 122,853,741.02 yuan, based on the lower of the consolidated and parent company reports [110]. Shareholder Information - The company reported a total share capital of 77,298,284 shares, with a cash dividend of 1 RMB per 10 shares (including tax) to be distributed to shareholders [5]. - The board of directors has approved the profit distribution plan during the meeting [5]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 7,632,828.40 yuan, which represents 100% of the total profit distribution [109]. - As of June 30, 2025, the company's consolidated undistributed profits amounted to 315,746,022.15 yuan, while the parent company's undistributed profits were 122,853,741.02 yuan [110]. - The company reported a profit distribution of 22.89 million to shareholders for the current period [198]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts [5]. - The report includes a section on risks faced by the company and corresponding countermeasures [5]. - The PCB industry is significantly influenced by global macroeconomic conditions, with potential impacts on revenue and profit levels if economic growth slows or experiences cyclical fluctuations [99]. - The company faces exchange rate risks due to its export business primarily settled in USD, necessitating ongoing analysis and proactive management of currency fluctuations [104]. - New production lines will require a ramp-up period, during which fixed costs may be high, posing risks to profitability if production targets are not met [104]. Production and Capacity - The company is expanding its production capacity with projects such as the annual production of 480,000 square meters of high-frequency, high-speed, multi-layer, and high-density printed circuit boards [45]. - The company also initiated a project for the annual production of 520,000 square meters of 5G high-frequency high-speed communication circuit boards [45]. - The company has established a global production and sales system with multiple production bases in China and overseas subsidiaries in Hong Kong, the USA, and Thailand [33]. - In the first half of 2025, the company's printed circuit board (PCB) production reached approximately 565,600 square meters, an increase of about 39.50% year-over-year, while PCB sales amounted to 525,200 square meters, up approximately 33.93% year-over-year [46]. - The company has completed the acquisition and upgrade of the Zhuhai Shuo Hong factory, aiming for a production capacity of 300,000 square meters for smart circuit products, focusing on high-quality and rapid delivery for the South China region [49]. Research and Development - The company invested 15 million yuan in R&D in the first half of 2025, representing an 8.82% increase year-over-year, with R&D expenses accounting for 3.88% of revenue [47]. - The product development strategy includes exploring new technology directions and special material products to meet the evolving demands of the market [35]. - The company has allocated 2,039 million for research and development to enhance its product offerings [187]. - The company has allocated 7.2 million yuan for research and development of new technologies and products in the upcoming fiscal year [191]. Corporate Governance - The financial report guarantees the authenticity, accuracy, and completeness of the information provided by the board of directors and senior management [5]. - The company has established a corporate governance structure including a shareholders' meeting, board of directors, and supervisory board [200]. - The company has not made any changes to its board of directors, supervisors, or senior management during the reporting period [108]. Market Position and Strategy - The company operates in the printed circuit board (PCB) industry, which is projected to grow globally, with a forecasted CAGR of 5.2% from 2024 to 2029 [29]. - The PCB market in mainland China is expected to reach approximately $438.34 billion by 2025, with a year-on-year growth of 6.4% [30]. - The company focuses on high-end PCB products and aims to expand into emerging fields such as low-altitude economy, robotics, and AI server power [33]. - The company aims to enhance customer loyalty and brand recognition to strengthen its competitive position in response to intensified industry competition [100]. - The company plans to actively track industry competition and adjust market strategies to mitigate risks associated with market expansion and customer acquisition [103]. Financial Management - The company has established a digital procurement platform to enhance procurement standardization and supplier evaluation [42]. - The company maintains a flexible production management system to accommodate the diverse needs of its customized products [42]. - The company has implemented a three-party supervision agreement for the management of raised funds with the sponsor and the bank [81]. - The company has utilized RMB 393.80 million of the raised funds directly for the projects during the reporting period [82]. - The company has committed to not exceeding 30% of the total raised funds for permanent working capital supplementation, in compliance with regulations [1]. Subsidiaries and Investments - The company has subsidiaries including Allfavor Technology, Inc. in the USA and Allfavor Circuit (Thailand) Co., Ltd. [11]. - The subsidiary Aiwel Circuit (Shenzhen) Co., Ltd. achieved operating revenue of 247,848,297.88 RMB, a year-on-year increase of approximately 10.53% [96]. - The net profit of Aiwel Circuit (Shenzhen) Co., Ltd. was -9,171,079.09 RMB, a year-on-year decrease of approximately 192.36% [96]. - The subsidiary Benchuan Technology (Hong Kong) Co., Ltd. achieved operating revenue of 171,729,025.29 RMB, a year-on-year increase of approximately 32.70% [98]. - The net profit of Benchuan Technology (Hong Kong) Co., Ltd. was 17,918,269.02 RMB, a year-on-year increase of approximately 346.47% [98].