溯联股份(301397) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms used throughout the document Important Notes The board, supervisory board, and senior management guarantee the report's accuracy and completeness, while future plans are not commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4] - Statements regarding future operating plans and performance forecasts in the report do not constitute a commitment by the company to investors, who should remain aware of risks[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the report's overall structure, covering eight main chapters including company profile, management discussion, and financial reports - The report comprises eight main chapters, covering company operations, financials, governance, and significant matters[7] Definitions This section defines common terms, company entities, legal regulations, reporting period, currency units, and core business products like automotive fluid pipelines - The reporting period is from January 1, 2025, to June 30, 2025[11] - The company's core business involves automotive fluid pipelines, including fuel lines, evaporative emission lines, vacuum brake lines, and new energy vehicle thermal management system lines[11] - The company's main subsidiaries include Liuzhou Suliang, Suliang Components, Suliang Precision, Suliang Zhikong, and Jiangsu Suliang[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and position Company Profile Chongqing Suliang Plastic Co., Ltd., stock code 301397, is listed on the Shenzhen Stock Exchange, with Han Zongjun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Suliang Shares | | Stock Code | 301397 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Chongqing Suliang Plastic Co., Ltd. | | Legal Representative | Han Zongjun | Contact Persons and Information The company's board secretary is Han Xiao and securities affairs representative is Yi Junping, both located at No. 899 Haier Road, Jiangbei District, Chongqing Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Han Xiao (Senior) | No. 899 Haier Road, Jiangbei District, Chongqing | 023-67551991 | 023-67551991 | slzqb@cqslsj.com | | Securities Affairs Representative | Yi Junping | No. 899 Haier Road, Jiangbei District, Chongqing | 023-67551991 | 023-67551991 | slzqb@cqslsj.com | Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[15][16][17] Key Accounting Data and Financial Indicators In the first half of 2025, revenue grew by 26.30% to 668 million yuan, but net profit attributable to shareholders decreased by 4.43% to 67.76 million yuan, while operating cash flow significantly increased by 1178.78% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 668,190,643.81 | 529,047,245.74 | 26.30% | | Net Profit Attributable to Shareholders | 67,762,453.16 | 70,899,812.12 | -4.43% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 60,495,324.21 | 68,122,347.44 | -11.20% | | Net Cash Flow from Operating Activities | 89,232,559.98 | -8,271,599.42 | 1,178.78% | | Basic Earnings Per Share (CNY/share) | 0.44 | 0.59 | -25.42% | | Diluted Earnings Per Share (CNY/share) | 0.44 | 0.59 | -25.42% | | Weighted Average Return on Net Assets | 3.42% | 3.60% | -0.18% | | Period-end Indicators | Period-end (CNY) | Prior Year-end (CNY) | Period-end vs. Prior Year-end Change | | Total Assets | 2,658,867,533.61 | 2,527,874,492.43 | 5.18% | | Net Assets Attributable to Shareholders | 1,925,515,996.00 | 1,948,537,504.14 | -1.18% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[19][20] Non-recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for H1 2025 amounted to 7.27 million yuan, primarily from fair value changes in financial assets and government grants Non-recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 37,444.29 | | | Government Grants Recognized in Current Profit/Loss | 820,386.00 | | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities, excluding effective hedging activities related to normal business operations | 7,951,205.28 | Primarily actual income from cash management products and fair value changes | | Other Non-operating Income and Expenses beyond the above items | -259,472.93 | | | Less: Income Tax Impact | 1,282,433.69 | | | Total | 7,267,128.95 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring gains and losses[23] Management Discussion and Analysis This section analyzes the company's main business, core competitiveness, financial performance, investment activities, and risks during the reporting period Main Business Activities During the Reporting Period The company specializes in automotive plastic fluid pipeline products, expanding into new energy vehicles and emerging sectors, with revenue growth driven by new energy vehicle sales and technological upgrades Company's Main Business Activities The company designs, develops, produces, and sells automotive plastic fluid pipeline products for both traditional and new energy vehicles, expanding into diverse new application areas - The company specializes in the design, research and development, production, and sales of automotive plastic fluid pipeline products and their components[25] - The company offers 7 major categories and over 4,000 specifications of products, applied in fuel vehicles and new energy vehicles, with extensive deployment across 30+ new energy industry chain clients[25] - The company's product application areas are actively expanding into motorcycles, general machinery, ships, home appliances, low-altitude flight and aviation, and liquid-cooled server data centers[26] Company's Main Business Model The company operates on a "production-to-order" model, with competitive procurement, direct sales, and customer-oriented, synchronous R&D with vehicle manufacturers - Procurement Model: Procurement is conducted through the purchasing and engineering departments, establishing a scientific supplier evaluation and admission system, and selecting suppliers through competitive bidding[28] - Production Model: Operates on a "production-to-order" basis, formulating production plans according to vehicle manufacturer orders and procurement plans, and managing the production process through an ERP system[29] - Sales Model: Adopts a direct sales approach, settling with vehicle manufacturer clients after product use, and with component manufacturers after product receipt confirmation[30] - R&D Model: Customer-demand oriented, closely collaborating with vehicle manufacturers, primarily through synchronous development, and focusing on independent R&D of core components[31] Company's Industry Position The company is a leading domestic supplier of automotive plastic fluid pipeline products, with over two decades of experience, 113 patents, and significant revenue growth in H1 2025 - The company is one of the leading domestic suppliers of automotive plastic fluid pipeline products, holding 113 patents, including 35 invention patents[32] - The company is recognized as a high-tech enterprise and a national intellectual property advantage enterprise, and has received recognition from numerous vehicle manufacturers and leading power battery companies[32] - In H1 2025, the company's operating revenue increased by 26.30% year-on-year, primarily due to growth in new energy vehicle sales and improved thermal management system performance[32] Industry Development Overview In H1 2025, China's automotive production and sales grew by 12.5% and 11.4% respectively, with new energy vehicles showing robust growth of over 40% and a market share of 44.3% H1 2025 China Automotive Industry Production and Sales Data | Indicator | Production/Sales Volume (10,000 units) | YoY Growth | | :--- | :--- | :--- | | Automobile Production/Sales | 1,562.1 / 1,565.3 | 12.5% / 11.4% | | Passenger Vehicle Production/Sales | 1,352.2 / 1,353.1 | 13.8% / 13% | | New Energy Vehicle Production/Sales | 696.8 / 693.7 | 41.4% / 40.3% | | New Energy Vehicle Market Share | 44.3% | | | Plug-in Hybrid NEV Sales | 252.1 | 31.1% | | Pure Electric Vehicle Sales | 441.5 | 46.2% | | Automobile Exports | 308.3 | 10.4% | | New Energy Vehicle Exports | 106 | 75.2% | - The market share of independent brand passenger vehicles exceeded 65%, with new energy vehicle penetration being the main driving factor[33] Key Performance Influencing Factors Revenue grew by 26.30% due to new energy vehicle sales and technological upgrades, but net profit declined by 4.43% due to increased operating costs and R&D expenses from business expansion and new projects - Operating revenue increased by 26.30%, primarily benefiting from growth in new energy vehicle sales and rapid technological iteration of client vehicle models[34][35] - Net profit attributable to shareholders decreased by 4.43% year-on-year, and net profit excluding non-recurring items decreased by 11.20% year-on-year[34] - Operating costs grew rapidly, mainly due to active business expansion, new project construction, equipment upgrades, and increased R&D expenses[35] Core Competitiveness Analysis The company's core strengths lie in technological innovation, strong customer relationships, an independent supply chain, rapid market response, robust management systems, and optimized product structure Technological Advantages The company pioneered nylon material applications in automotive fluid pipelines, developing quick connectors and battery pack water pipe connectors, holding 113 patents, and achieving CNAS certification for its testing center - The company pioneered the development of automotive nylon fuel line quick connectors (2003) and power battery pack dedicated water pipe connectors (2018), filling domestic market gaps[36] - The company holds 113 registered patents, including 35 invention patents, and its technical testing center has passed national CNAS accreditation[37] - The company has achieved independent design, diversified product range, and automated production of fluid pipeline products, possessing core technology scalability and platform-based production capabilities[36] Customer Advantages Leveraging strong R&D, the company maintains long-term partnerships with over 30 vehicle manufacturers, continuously optimizing its customer base to include leading brands and new energy clients - The company has established long-term stable cooperative relationships with over 30 vehicle manufacturers, with a client base covering well-known domestic and international vehicle and component manufacturing enterprises[38] - The company actively expands its high-quality client base to include leading independent brands, large state-owned independent brands, renowned joint venture brands, leading new energy vehicle brands, major power battery clients, and top energy storage system integrators[38] - Sales revenue from newly expanded clients is growing rapidly, as the company focuses on strengthening cooperation stickiness and continuously optimizing revenue channels[38] Independent Industrial Chain Advantages The company maintains an independent industrial chain, reducing reliance on foreign suppliers, developing high-value-added components, and achieving industry-leading self-sufficiency and gross profit margins - The company adheres to an independent industrial chain, developing high-value-added components, with main pipeline product component self-sufficiency rates and sales gross profit margins at an industry-leading level[39] - The company deepens its upstream industrial chain layout, enhancing precision mold processing and automated equipment design and assembly capabilities, thereby gaining a competitive advantage in cost control and rapid response[40] - The company has repeatedly received honors such as "Excellent Supplier" and "Cost Control Contribution Award" from major clients[40] Rapid Response to Customer Needs and Market Trends Through lean management, flexible production, and a full-chain autonomous capability, the company ensures timely delivery and quick problem-solving, adapting swiftly to market changes - The company through JIT lean management, flexible production lines, ERP data interfaces, and General Motors' QSB rapid response system, achieves rapid response to customer orders and on-time delivery[41] - The company possesses full industrial chain autonomy, from secondary components to molds, tooling, equipment, and test verification, enabling rapid response to issues during client vehicle model development[41] - The company has repeatedly received honors such as "Collaboration Award" from clients[41] R&D, Manufacturing, and Management System Advantages The company maintains robust R&D, manufacturing, and management systems, evidenced by multiple certifications, extensive use of MES and PLM, and a newly established three-tier R&D center - The company has passed certifications including IATF16949, General Motors BIQS, ISO14001, ISO45001, ISO/IEC 27001, and the Ministry of Industry and Information Technology's Integration of Informatization and Industrialization Management System[42] - The company utilizes MES and PLM systems to achieve manufacturing automation upgrades and continuous product R&D improvement, with over 4,000 products currently under development[42] - During the reporting period, an R&D center was established, defining a three-tier R&D work system encompassing basic research, application development, and project technology[43] Products Align with Technological Trends and Industrial Policies, Optimizing Product Structure to Enhance Customer Value The company's products align with automotive lightweighting and energy transition trends, actively developing new energy vehicle solutions and expanding into new strategic areas like air suspension and large injection molded parts - The company's main business aligns with the encouraged projects for key automotive components and new energy vehicle key components in the "Catalogue for Guiding Industrial Structure Adjustment" (2024 edition)[44] - The company actively develops new products such as hydrogen fuel cell pipelines, air suspension high-pressure pipelines, motor oil cooling pipelines, and heavy-duty truck battery swap cooling systems[44] - During the reporting period, square battery cooling components, large cylindrical battery cooling components, marine pipeline systems, EVTOL and commercial large aircraft battery accessories and pipeline systems all received client development tasks, and air suspension products have achieved mass production on some client vehicle models[45] Leveraging Product and Technology Advantages to Follow National Strategic Core Industries, Actively Exploring Second Growth Curves The company actively develops liquid cooling thermal management products for energy storage and computing, establishing a subsidiary for this business and collaborating with major server manufacturers and system integrators - The company actively develops liquid cooling thermal management products, accumulating extensive core technologies in battery energy storage liquid cooling pipelines, connectors, and various valves and other components[46] - The company developed UQD (Universal Quick Disconnect) products for data centers and established Suliang Zhikong, a subsidiary, in November 2024 to independently develop liquid cooling products for energy storage and computing thermal management[46] - The company has established business relationships with major domestic server manufacturers and leading international thermal management system integrators, and is developing high-performance PC liquid cooling heat dissipation components[46] Main Business Analysis Operating revenue increased by 26.30% due to market share growth, but net profit declined by 4.43% as operating costs, sales expenses, management expenses, and R&D investments grew significantly Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 668,190,643.81 | 529,047,245.74 | 26.30% | Primarily due to increased market share and client orders | | Operating Cost | 523,334,819.75 | 399,846,841.33 | 30.88% | Primarily due to increased sales revenue | | Selling Expenses | 18,807,677.70 | 11,678,751.82 | 61.04% | Primarily due to increased market expansion efforts and sales revenue | | Administrative Expenses | 26,255,199.39 | 20,265,429.51 | 29.56% | Primarily due to the addition of two new subsidiaries, Suliang Zhikong and Jiangsu Suliang | | Financial Expenses | -3,027,008.13 | -14,824,926.76 | 79.58% | Primarily due to reduced bank wealth management products and decreased interest income | | R&D Investment | 36,799,036.05 | 27,309,883.33 | 34.75% | Primarily due to increased R&D investment in new materials, new products, and Suliang Zhikong | | Net Cash Flow from Operating Activities | 89,232,559.98 | -8,271,599.42 | 1,178.78% | Primarily due to increased sales revenue, increased bill discounting, and increased operating cash inflow | Products or Services Accounting for Over 10% of Revenue | Product or Service Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive Fluid Pipelines and Assemblies | 574,545,431.21 | 455,845,989.11 | 20.66% | 23.02% | 29.57% | -4.01% | | Automotive Fluid Control Parts and Precision Injection Molded Parts | 82,576,704.89 | 63,786,548.34 | 22.75% | 38.18% | 35.45% | 1.55% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[49] Non-Core Business Analysis Non-core business income, primarily from investment gains and fair value changes, totaled 7.95 million yuan, representing 10.26% of total profit, with other items being non-recurring Non-Core Business Analysis | Item | Amount (CNY) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,842,548.16 | 6.25% | Primarily income from cash management products | No | | Gains/Losses from Fair Value Changes | 3,108,657.12 | 4.01% | Fair value changes of wealth management products this period | No | | Asset Impairment | -1,054,814.86 | -1.36% | Provision for inventory impairment | No | | Non-operating Income | 16,693.23 | 0.02% | | No | | Non-operating Expenses | 276,166.16 | 0.36% | Primarily losses from damage and scrapping of non-current assets | No | | Credit Impairment Losses | 2,347,192.04 | 3.03% | Reversal of bad debt provision | No | | Other Income | 6,096,248.80 | 7.87% | Primarily additional VAT input deduction | No | Analysis of Assets and Liabilities Total assets increased by 5.18% to 2.66 billion yuan, with significant increases in monetary funds, short-term borrowings, and other payables, while accounts receivable and inventory proportions decreased Significant Changes in Asset Composition Monetary funds increased by 2.15% to 491 million yuan, short-term borrowings rose by 6.37% to 310 million yuan, while accounts receivable and inventory decreased due to enhanced management Significant Changes in Asset Composition | Item | Period-end Amount (CNY) | Percentage of Total Assets (%) | Prior Year-end Amount (CNY) | Percentage of Total Assets (%) | Proportion Change (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 491,444,316.65 | 18.48% | 412,748,082.22 | 16.33% | 2.15% | Primarily due to recovery of investments and new profits leading to net operating cash inflow | | Accounts Receivable | 366,075,294.52 | 13.77% | 381,785,417.35 | 15.10% | -1.33% | Primarily due to strengthened accounts receivable management this period | | Inventory | 309,441,591.03 | 11.64% | 380,737,151.76 | 15.06% | -3.42% | Primarily due to strengthened inventory management this period | | Short-term Borrowings | 309,990,000.00 | 11.66% | 133,640,166.70 | 5.29% | 6.37% | Primarily due to increased bill financing this period | | Receivables Financing | 135,597,617.75 | 5.10% | 196,519,387.49 | 7.77% | -2.67% | Primarily due to increased bill discounting this period | | Other Payables | 98,751,754.30 | 3.71% | 5,577,938.39 | 0.22% | 3.49% | Primarily due to increased dividends payable this period | | Share Capital | 155,662,898.00 | 5.85% | 119,942,266.00 | 4.74% | 1.11% | Primarily due to capital reserve conversion to share capital this period | Major Overseas Assets The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[56] Assets and Liabilities Measured at Fair Value As of the end of the reporting period, the company's financial assets measured at fair value totaled 568 million yuan, primarily comprising trading financial assets and receivables financing Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Gains/Losses from Fair Value Changes This Period (CNY) | Purchases This Period (CNY) | Other Changes (CNY) | Period-end