世运电路(603920) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This section provides definitions for common terms used in the report, including company names, regulatory bodies, key subsidiaries, and related parties, clarifying the reporting period from January 1, 2025, to June 30, 2025 - The reporting period is defined as January 1, 2025, to June 30, 2025[18] - Lists the Chinese and foreign names of the company and its main subsidiaries and related parties, such as "Circuit World", "Shunkong Group", and "Xinhao International"[18] Section II Company Profile and Key Financial Indicators I. Company Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Guangdong Circuit World Technology Co., Ltd., abbreviated as Circuit World[20] - The legal representative is Lin Yucheng[20] II. Contact Person and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate investor communication - The Board Secretary is Yin Jialiang, and the Securities Affairs Representative is Liu Sheng[21] - The contact address for both is No. 8 Shiyun Road, Gonghe Town, Heshan City, Guangdong Province[21] III. Brief Introduction to Changes in Basic Information This section describes the company's basic information, such as registered address, office address, website, and email, noting no significant changes during the reporting period - The company's registered and office address is No. 8 Shiyun Road, Gonghe Town, Heshan City[22] - There were no historical changes to the company's registered address during the reporting period[22] IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location for report storage, indicating no changes during the reporting period - The company's selected newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[23] - The website address for publishing semi-annual reports is **http://www.sse.com.cn/**[23](index=23&type=chunk) V. Company Stock Overview This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Circuit World and stock code 603920[24] VI. Other Relevant Information This section discloses information about the accounting firm and sponsor institution appointed by the company for continuous supervision, including their names, office addresses, and signing personnel - The company's appointed accounting firm is Tianjian Certified Public Accountants (Special General Partnership), with signing accountants Long Qi and Xiao Bin[26] - The sponsor institution responsible for continuous supervision is CITIC Securities Co., Ltd., with signing sponsor representatives Wang Xiaoyu and Yu Yuncai (formerly Shen Fei)[26] VII. Company's Key Accounting Data and Financial Indicators This section details the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year, showing significant growth in revenue and net profit, and improved cash flow 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Same Period (Yuan) | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,578,768,934.58 | 2,395,654,508.53 | 7.64 | | Total Profit | 431,827,273.01 | 343,541,280.70 | 25.70 | | Net Profit Attributable to Shareholders of Listed Company | 384,134,793.67 | 302,735,169.28 | 26.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 356,547,034.64 | 298,245,792.66 | 19.55 | | Net Cash Flow from Operating Activities | 428,266,324.20 | 329,614,300.45 | 29.93 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 6,444,805,740.60 | 6,471,158,063.35 | -0.41 | | Total Assets (Period-end) | 8,881,072,466.48 | 8,988,996,135.42 | -1.20 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.53 | 0.51 | 3.92 | | Diluted Earnings Per Share (Yuan/share) | 0.53 | 0.48 | 10.42 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 0.5000 | 0.4987 | 0.27 | | Weighted Average Return on Net Assets (%) | 5.69 | 6.89 | Decrease of 1.20 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 5.28 | 6.79 | Decrease of 1.51 percentage points | - Operating revenue increased by 7.64%, primarily due to increased orders and optimized product structure[30] - Net profit attributable to shareholders of the listed company increased by 26.89%, mainly due to increased operating revenue, improved gross profit margin, and higher investment and exchange gains[30] - Net cash flow from operating activities increased by 29.93%, primarily due to growth in revenue and net profit[30] IX. Non-Recurring Gains and Losses and Amounts This section lists non-recurring gains and losses and their amounts for the reporting period, primarily including fair value changes in financial assets and government subsidies, totaling 27,587,759.03 Yuan impact on net profit 2025 H1 Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -476,915.56 | | Government subsidies recognized in current profit/loss | 2,156,763.77 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses of financial assets and liabilities | 31,971,501.43 | | Other non-operating income and expenses | -255,524.30 | | Less: Income tax impact | 5,126,136.60 | | Impact on minority interests (after tax) | 681,929.70 | | Total | 27,587,759.03 | Section III Management Discussion and Analysis I. Overview of the Company's Industry and Main Business during the Reporting Period This section elaborates on the Printed Circuit Board (PCB) industry, its development stage, cyclical characteristics, and the company's position within it, detailing the company's main business, product applications, operating model, and market standing, emphasizing the support from automotive electronics and emerging businesses for performance - PCB is a critical interconnect component for electronic products, widely used, with industry growth closely tied to the overall development of the electronic information industry, exhibiting both weak cyclicality and growth characteristics[36][37] - The company ranks 32nd among the top 100 global PCB suppliers (Prismark 2024) and 19th in China's electronic circuit industry, demonstrating strong industry competitiveness[38] - The company's main business involves the R&D, production, and sales of various PCBs, including high-layer rigid boards, HDI, flexible PCBs, rigid-flex PCBs, and metal-based PCBs, widely applied in automotive electronics