通灵股份(301168) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board and management assure the report's accuracy, highlight key risks, and confirm no profit distribution for the current semi-annual period - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3] - Company head Yan Rongfei, chief accountant Yan Rongfei, and head of accounting department (accounting supervisor) Yan Rongfei declare: they guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[3] - Investors are advised to pay attention to risks such as raw material supply and price fluctuations, cyclical fluctuations in the photovoltaic industry's prosperity, changes in international economic conditions and macroeconomic policies, large accounts receivable and the risk of untimely recovery, intensified market competition, and a relatively singular product structure[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This section presents the structured table of contents for the semi-annual report, outlining its eight main chapters - The report's table of contents includes eight main chapters, from company profile to financial reports[6] List of Documents for Reference This section lists the semi-annual report's reference documents, including signed financial statements and publicly disclosed company filings - Reference documents include financial statements bearing the signatures and seals of the company's legal representative, chief accountant, and head of the accounting department[8] - Reference documents also include originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[9] Definitions This section defines common and specialized terms used in the report, covering company entities, regulations, and photovoltaic industry concepts - Definitions of common nouns include "the Company," "Company," and "Tongling Co." referring to Jiangsu Tongling Electric Co., Ltd., as well as its controlling shareholder and several wholly-owned/controlled subsidiaries[13] - Definitions of professional terms cover international certification standards such as TUV, UL, CE, VDE, RoHS, JET, and core photovoltaic industry concepts like photovoltaic, solar cells, hot spot effect, automatic protection devices, installed capacity, and PV modules[13][15] Company Profile and Key Financial Indicators Company Profile Basic company information includes its stock ticker, code, listing exchange, and legal representative - The company's stock ticker is "Tongling Co.", stock code "301168", and it is listed on the Shenzhen Stock Exchange[17] - The company's legal representative is Yan Rongfei[17] Contact Person and Contact Information Contact details for the Board Secretary and Securities Affairs Representative are provided, including address, phone, fax, and email - The Board Secretary is Wei Xiuzhen, the Securities Affairs Representative is Yang Jie, and the contact address is No. 666 Gangmao Road, Economic Development Zone, Yangzhong City[18] Other Information No changes occurred in company contact details, information disclosure, or registration during the reporting period - There were no changes in the company's registered address, office address and postal code, website, or email during the reporting period[19] - There were no changes in the information disclosure and placement locations during the reporting period[20] - There were no changes in the company's registration status during the reporting period[21] Key Accounting Data and Financial Indicators H1 2025 saw a slight revenue dip, significant net profit decline, but strong operating cash flow growth, with overall asset and net asset increases | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 788,031,360.62 | 789,654,658.96 | -0.21% | | Net Profit Attributable to Shareholders of the Listed Company | 31,308,018.37 | 63,420,958.56 | -50.63% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 24,688,618.74 | 56,873,297.63 | -56.59% | | Net Cash Flow from Operating Activities | 223,259,373.46 | 172,135,031.38 | 29.70% | | Basic Earnings Per Share (RMB/share) | 0.28 | 0.53 | -47.17% | | Diluted Earnings Per Share (RMB/share) | 0.28 | 0.53 | -47.17% | | Weighted Average Return on Net Assets | 1.57% | 3.01% | -1.44% | | Period-end Indicators | Current Period-end (RMB) | Prior Year-end (RMB) | Period-end vs. Prior Year-end Change | | Total Assets | 3,628,795,595.09 | 3,460,279,665.56 | 4.87% | | Net Assets Attributable to Shareholders of the Listed Company | 2,147,045,024.03 | 2,122,044,547.89 | 1.18% | Differences in Accounting Data Under Domestic and International Accounting Standards No differences exist in net profit or net assets between domestic and international accounting standards for the reporting period - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[23] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and those under Chinese Accounting Standards[24] Non-recurring Gains and Losses Items and Amounts H1 2025 non-recurring gains and losses totaled RMB 6.62 million, mainly from government subsidies and financial asset fair value changes, with certain VAT items classified as recurring 2025年半年度非经常性损益项目及金额 | Item | Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit and loss | 2,192,953.57 | | Gains and losses from changes in fair value of financial assets and financial liabilities, and disposal of financial assets and financial liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 6,038,608.15 | | Other non-operating income and expenses apart from the above items | -368,704.70 | | Less: Income tax impact | 1,199,712.25 | | Minority interests impact (after tax) | 43,745.14 | | Total | 6,619,399.63 | - The company classified VAT refunds for disabled employee placement (RMB 516,623.24) and VAT input tax deduction (RMB 635,137.32) as recurring gains and losses, as they are not special or incidental[27] Management Discussion and Analysis Main Businesses Engaged by the Company During the Reporting Period The company's core businesses include PV junction boxes and automotive parts, detailing product specifics, operating models, environmental practices, and market position - The company's main businesses are the R&D, production, and sales of solar PV module junction boxes and other accessories, as well as automotive interior and exterior parts[29] - The company is one of the larger enterprises in the PV junction box industry, possessing advantages in production scale, technology, and quality, with products certified by TUV Rheinland, TUV SUD, UL, VDE, RoHS, CE, JET, and other international authorities[29] - In February 2024, the company invested in and acquired a controlling stake in Jiangzhou Auto Parts, expanding its automotive parts business, which has seen stable growth in products, sales, and profits, enhancing the company's profitability and ability to respond to systemic risks[30] - The company's main product is the solar PV module junction box, which primarily connects solar PV modules to draw out DC power and provides automatic protection when modules experience hot spot effects[31] - The company operates on a "production based on sales + reasonable inventory" model and a direct sales model, with major clients including Longi Green Energy, Trina Solar, JA Solar, Tongwei Solar, and other renowned domestic and international PV module enterprises[41][42] Company's Global Junction Box Market Share 2020-2024 | Item | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Global New Installed Capacity (GW) | 530 | 390 | 230 | 170 | 138.2 | | PV Modules Required for New Installed Capacity (million units) | 856.22 | 684.21 | 418.18 | 340 | 345.5 | | Company Sales (million sets) |