野马电池(605378) - 2025 Q2 - 季度财报

Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-year report content and assume legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-year report content and assume legal responsibility[3] - This half-year report has not been audited[5] - The company will not distribute profits or convert capital reserves into share capital for the half-year period[6] - During the reporting period, there were no particularly significant risks that had a substantial impact on the company's production and operations[8] Section I Definitions This section provides definitions for key terms used throughout the report, including company names, battery types, and enterprise management systems - The Company and Mustang Battery refer to Zhejiang Mustang Battery Co., Ltd[13] - The report defines various battery types, including primary batteries, zinc-manganese batteries, alkaline batteries, and carbon-zinc batteries[13] - The report also defines various enterprise management systems, such as ERP (Enterprise Resource Planning), PLM (Product Lifecycle Management System), MES (Manufacturing Execution System), WMS (Warehouse Management System), and MIS (Online Equipment Monitoring Management Information System)[13][14] Section II Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its key financial performance metrics for the first half of 2025 Company Information This section provides the company's basic registration information, legal representative, contact details, and stock overview, confirming the company name as Zhejiang Mustang Battery Co., Ltd., stock code 605378, listed on the Shanghai Stock Exchange - The company's Chinese name is Zhejiang Mustang Battery Co., Ltd., abbreviated as Mustang Battery[16] - The company's legal representative is Chen Yijun[16] - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Mustang Battery and stock code 605378[20] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for H1 2025, showing 11.21% year-on-year growth in operating revenue, but significant declines in total profit, net profit attributable to parent, and non-recurring net profit attributable to parent by 52.35%, 55.13%, and 60.69% respectively, while net cash flow from operating activities increased by 111.88% Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 584,518,461.89 | 525,581,641.56 | 11.21 | | Total Profit | 37,500,487.47 | 78,704,140.66 | -52.35 | | Net Profit Attributable to Shareholders of Listed Company | 30,626,068.55 | 68,249,972.17 | -55.13 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Items | 24,370,510.12 | 61,994,701.04 | -60.69 | | Net Cash Flow from Operating Activities | 62,672,658.50 | 29,579,201.32 | 111.88 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 1,225,664,928.54 | 1,287,172,753.41 | -4.78 | | Total Assets (Period-End) | 1,586,826,729.66 | 1,629,344,268.12 | -2.61 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 0.15 | 0.48 | -68.75 | | Diluted EPS (RMB/share) | 0.15 | 0.48 | -68.75 | | Basic EPS After Non-Recurring Items (RMB/share) | 0.12 | 0.44 | -72.73 | | Weighted Average ROE (%) | 2.38 | 5.46 | Decrease by 3.08 percentage points | | Weighted Average ROE After Non-Recurring Items (%) | 1.89 | 4.96 | Decrease by 3.07 percentage points | - The decline in profit was mainly due to the export tax rebate rate decreasing from 13% to 9% and a decrease in the selling price of some products, leading to a year-on-year decline in gross profit margin[22] - The increase in net cash flow from operating activities was primarily due to a significant improvement in accounts receivable collection at the end of the current period[23] - The decrease in earnings per share was mainly due to a decline in net profit and an increase in total share capital from the company's capital reserve conversion to share capital[23] Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -1,149.97 | | Government Grants Recognized in Current Profit or Loss | 3,309,668.02 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities | -2,051,486.41 | | Gains/Losses from Entrusted Investments or Asset Management | 6,272,213.54 | | Other Non-Operating Income and Expenses | -94,686.51 | | Less: Income Tax Impact | 1,179,000.24 | | Total | 6,255,558.43 | Section III Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, business operations, core competencies, and key financial performance during the reporting period I. Industry and Main Business Overview During the Reporting Period The company primarily engages in R&D, production, and sales of high-performance, environmentally friendly zinc-manganese batteries; the industry has matured, with an estimated global market size of $8 billion in 2025 and a compound annual growth rate of about 2%. Its products are widely used in home appliances and smart homes, operating with an integrated R&D, procurement, production, and sales model, primarily export-oriented. Performance drivers include marketing capabilities, product and raw material price changes, and RMB exchange rate fluctuations - The company primarily engages in the R&D, production, and sales of high-performance, environmentally friendly zinc-manganese batteries, including alkaline and carbon-zinc battery series[27][31] - The zinc-manganese battery industry has entered a mature stage, with an estimated global market size of approximately $8 billion in 20