汇得科技(603192) - 2025 Q2 - 季度财报

Important Notice The company's board, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3] - This semi-annual report has not been audited[5] - The company's head, chief accountant, and head of accounting department declare the financial report's truthfulness, accuracy, and completeness[5] - There is no profit distribution plan or capital reserve to share capital increase plan for this reporting period[6] - Forward-looking statements regarding future plans in this report are subject to uncertainties and do not constitute substantive commitments, requiring investors to be aware of investment risks[6] Section I Definitions This section provides explanations for commonly used terms in the report to ensure consistent understanding of information - This section primarily explains common terms used in the report to ensure consistent understanding of information[15] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics for the reporting period I. Company Information This section introduces the basic information of Shanghai Huide Science & Technology Co., Ltd., including its Chinese name, abbreviation, English name, legal representative, and major related parties Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海汇得科技股份有限公司 | | Chinese Abbreviation | 汇得科技 | | English Name | Shanghai Huide Science & Technology Co.,Ltd | | Legal Representative | 钱建中 | | Controlling Shareholder | 上海汇得企业集团有限公司 | | Actual Controller | 钱建中、颜群 | II. Contact Person and Contact Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 李兵 | 上海市金山区金山卫镇春华路180号 | 021-37285501 | 021-37285395 | hdkj@shhdsz.com | | Securities Affairs Representative | 李佳颖 | 上海市金山区金山卫镇春华路180号 | 021-37285599 | 021-37285395 | hdkj@shhdsz.com | III. Brief Introduction to Changes in Basic Information The company's registered address changed in November 2008 from Jinshi Road No. 505, Room 103 to Chunhua Road No. 180, with the current office address matching the registered address - The company's registered address changed in November 2008 from “Room 103, No. 505 Jinshi Road, Jinshanwei Town, Jinshan District, Shanghai” to “No. 180 Chunhua Road, Jinshanwei Town, Jinshan District, Shanghai”[18] - The company's office address is No. 180 Chunhua Road, Jinshanwei Town, Jinshan District, Shanghai, postal code 201512[18] IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations The company designates "Shanghai Securities News" and three other newspapers as information disclosure media, publishes its semi-annual report on the Shanghai Stock Exchange website, and stores the report at the company's Board Office - The company's selected information disclosure newspapers are "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[19] - The website address for the semi-annual report is http://www.sse.com.cn[19](index=19&type=chunk) - The company's semi-annual report is available at the company's Board Office[19] V. Company Stock Profile The company's A-shares are listed and traded on the Shanghai Stock Exchange, with the stock abbreviation "Huide Technology" and stock code "603192" Company Stock Profile | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 汇得科技 | 603192 | None | 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, showing a year-on-year decrease in operating revenue but growth in total profit and net profit attributable to shareholders, alongside a significant improvement in net cash flow from operating activities (1) Key Accounting Data In the first half of 2025, the company's operating revenue decreased by 10.12% year-on-year, but total profit, net profit attributable to listed company shareholders, and non-recurring net profit all achieved double-digit growth, with net cash flow from operating activities increasing by 236.37% year-on-year Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,217,089,681.94 | 1,354,150,262.28 | -10.12 | | Total Profit | 54,184,599.39 | 45,484,412.86 | 19.13 | | Net Profit Attributable to Listed Company Shareholders | 49,812,197.57 | 43,431,248.73 | 14.69 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 48,247,343.20 | 40,422,654.45 | 19.36 | | Net Cash Flow from Operating Activities | 117,762,901.20 | -86,353,655.59 | 236.37 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,559,779,076.94 | 1,552,128,788.41 | 0.49 | | Total Assets (Period-end) | 2,193,560,692.81 | 2,235,827,514.88 | -1.89 | (2) Key Financial Indicators In the first half of 2025, the company's basic and diluted earnings per share both increased by 16.13% year-on-year, with weighted average return on net assets and non-recurring weighted average return on net assets both improving, primarily due to falling raw material prices, lower receivables, and increased collections Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 0.36 | 0.31 | 16.13 | | Diluted EPS (RMB/share) | 0.36 | 0.31 | 16.13 | | Basic EPS After Deducting Non-recurring Gains and Losses (RMB/share) | 0.35 | 0.29 | 20.69 | | Weighted Average ROE (%) | 3.17 | 2.97 | Increased by 0.20 percentage points | | Weighted Average ROE After Deducting Non-recurring Gains and Losses (%) | 3.07 | 2.77 | Increased by 0.30 percentage points | - Net cash flow from operating activities increased by 236.37% year-on-year, primarily due to falling raw material prices, corresponding product price reductions, a year-on-year decrease in receivables, increased collections in the current period compared to the prior year, and reduced payments for maturing bank acceptance bills from the prior year[23] IX. Non-recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the first half of 2025 amounted to RMB 1,564,854.37, primarily comprising government subsidies, recovery of individually impaired accounts receivable, external donations, and individual income tax handling fees Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | Notes (if applicable) | | :--- | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,807,318.21 | Government subsidies | | Reversal of impairment provisions for individually tested receivables | 615,803.66 | Recovery of individually impaired accounts receivable | | Other non-operating income and expenses apart from the above | -736,389.02 | External donations | | Other profit and loss items meeting the definition of non-recurring gains and losses | 183,727.13 | | | Less: Income tax impact | 305,605.61 | | | Total | 1,564,854.37 | | X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact After deducting the impact of share-based payments, the company's net profit for the first half of 2025 was RMB 54,746,625.69, representing a 26.05% year-on-year increase, which is higher than the net profit growth rate without deducting share-based payment impact Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | 54,746,625.69 | 43,431,248.73 | 26.05 | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, including industry trends, business strategies, and risk factors I. Description of the Company's Industry and Main Business During the Reporting Period The company specializes in R&D, production, sales, and technical services of polyurethane materials, widely used in footwear, apparel, luggage, automotive, and new energy sectors, facing upstream price volatility and downstream demand pressure, but with growth opportunities in green transformation and emerging applications - The company's main business involves the R&D, production, sales, and technical services of polyurethane materials, including革用聚氨酯树脂 (polyurethane resins for leather), 聚氨酯组合料及原液 (polyurethane blends and prepolymers), and 热塑性聚氨酯弹性体 (thermoplastic polyurethane elastomers)[31] - The company operates on a model of independent development, direct procurement, self-production, and direct sales, with 3 R&D and production bases in Shanghai Jinshan, Fujian Fuding, and Zhejiang Pinghu, serving both domestic and international markets[32] - During the reporting period, the global economy experienced volatile recovery, while the domestic economy faced weak domestic demand and external trade pressure, leading to overall market pressure in the polyurethane industry, characterized by “high first, then low, with volatile adjustments”[33] - The polyurethane industry continues its green and low-carbon transformation, with new growth opportunities emerging in new energy vehicles, green buildings, cold chain logistics, and functional consumer goods[33] - Upstream raw material prices generally showed a weak and volatile trend, with DMF, adipic acid, TDI, BDO, and polyether polyols markets being sluggish, while the pure MDI market experienced “initial rise then fall,” leading to an imbalance in profit distribution across the industrial chain[34] - The market for major polyurethane products faced dual weakness in supply and demand, with price pressure, intense competition in the mid-to-low-end market, and resilience in high-value-added products for functional and export markets[35] - Downstream application markets faced inventory pressure and insufficient consumer spending, but emerging sectors such as new energy vehicles, functional consumer goods, and new green buildings remained relatively active[36] II. Discussion and Analysis of Operations Amidst industry volatility, the company achieved steady growth in core businesses by optimizing production management, adjusting product structure, increasing R&D investment, and expanding application areas, while actively promoting green and low-carbon development and project construction (1) Completion of Key Economic Indicators for H1 2025 In the first half of 2025, the company's operating revenue decreased by 10.21% year-on-year, but net profit attributable to shareholders increased by 14.69%, and non-recurring net profit increased by 19.36%, with production and sales of major polyurethane products both growing, and market share slightly increasing Key Economic Indicators for H1 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | 1,217.09 million RMB (-10.21% YoY) | | Main Business Revenue | 1,155.97 million RMB (-5.84% YoY) | | Main Business Gross Margin | 15.84% (+3.61 percentage points YoY) | | Net Profit Attributable to Listed Company Shareholders | 49.81 million RMB (+14.69% YoY) | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 48.25 million RMB (+19.36% YoY) | Production and Sales Volume of Major Polyurethane Products for H1 2025 | Product Category | Production Volume (ten thousand tons) | Sales Volume (ten thousand tons) | YoY Sales Growth (%) | YoY Average Selling Price Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Polyurethane for Leather | - | 8.34 | 6.27 | -13.23 | | Elastomers and Prepolymers | - | 1.00 | -1.25 | -6.15 | | Polyester Polyols | - | 1.74 | 9.48 | -9.41 | | Total | 10.97 (+4.48% YoY) | 11.08 (+6.03% YoY) | - | - | (2) Company's Key Work Focus During the Reporting Period The company focused on market sales and R&D synergy, enhancing sales through differentiated product promotion and overseas expansion; optimized management structure and information systems for efficiency; increased R&D investment in new energy and automotive sectors; prioritized safety and environmental protection, achieving ISCC PLUS certification for Jinshan factory and increasing green electricity usage; and advanced the Jiangsu Huide new materials project while initiating a refinancing plan - The company adhered to a “market sales and R&D synergy” strategy, with sales of polyurethane for leather and polyester polyols growing by 6.27% and 9.48% respectively, while elastomer and prepolymer sales slightly decreased[40] - Environmentally friendly PU products further expanded their market, special TPU found wide application in new energy, wind power, and artificial intelligence, and international business saw both