常友科技(301557) - 2025 Q2 - 季度财报

Section 1 Important Notes, Table of Contents, and Definitions This section provides essential information, a structured table of contents, and definitions of key terms used throughout the report Important Notes The board and senior management guarantee report truthfulness, accuracy, and completeness; all directors attended, and no cash dividends or bonus shares are planned - The company's board of directors and senior management guarantee the report's truthfulness, accuracy, and completeness[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the report's eight main chapters, covering important notes, company profile, management discussion, governance, significant events, share changes, bonds, and financial reports - The report contains eight main chapters, covering key information on company operations, finance, and governance[8] Reference Documents Reference documents, including the signed report and financial statements, are available at the company's securities legal department - Reference documents include the report text signed by the legal representative, financial statements, and original drafts of publicly disclosed documents[10] - Reference documents are available at the company's securities legal department[11] Definitions This section defines key terms, company entities, ultimate controllers, major clients, and technical terms, clarifying the reporting period's scope - The full company name is Jiangsu Changyou Environmental Protection Technology Co., Ltd., with ultimate controllers Liu Wenye, Bao Hanyu, Liu Botao, and Liu Wenjun[13] - Major customers include China CRRC, Goldwind Technology, Envision Energy, and other well-known wind power industry enterprises[13] - The reporting period is from January 1, 2025, to June 30, 2025[13] Section 2 Company Profile and Key Financial Indicators This section outlines the company's profile, including basic information and key financial performance indicators for the reporting period Company Profile Jiangsu Changyou Environmental Protection Technology Co., Ltd. (301557) is listed on the Shenzhen Stock Exchange, with no changes in company contact or registration details during the period Company Basic Information | Stock Abbreviation | Changyou Technology | | :--- | :--- | | Stock Code | 301557 | | Stock Exchange for Listing | Shenzhen Stock Exchange | | Legal Representative | Liu Wenye | - The company's contact information, registered address, information disclosure, and availability locations remained unchanged during the reporting period[18][19][20] Key Accounting Data and Financial Indicators In H1 2025, revenue grew 11.44% to 497.00 million yuan, but net profit fell 24.23% to 34.49 million yuan, with operating cash flow down 68.60% 2025 H1 Key Financial Indicators | Indicator | Current Period (yuan) | Prior Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 496,894,540.53 | 445,899,992.16 | 11.44% | | Net profit attributable to common shareholders | 34,492,960.75 | 45,524,691.58 | -24.23% | | Net Cash Flow from Operating Activities | -157,088,412.52 | -93,174,104.24 | -68.60% | | Basic Earnings Per Share (yuan/share) | 0.85 | 1.37 | -37.96% | | Weighted Average Return on Net Assets | 3.75% | 7.04% | -3.29% | 2025 H1 End Asset and Liability Indicators | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,770,007,882.64 | 1,521,872,819.13 | 16.30% | | Net assets attributable to common shareholders | 986,958,106.14 | 734,927,056.88 | 34.29% | Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled -451,398.32 yuan, mainly from asset disposal, government grants, and financial asset fair value changes 2025 H1 Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -337,784.49 | | Government Grants Recognized in Profit or Loss | 51,252.62 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 16,917.47 | | Other Non-operating Income and Expenses | -373,100.88 | | Other Non-recurring Gains and Losses | 50,584.41 | | Less: Income Tax Impact | -140,732.55 | | Total | -451,398.32 | Section 3 Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook, including business analysis, core competencies, and risk factors Main Business Activities During the Reporting Period The company specializes in R&D, production, and sales of polymer composite and lightweight core materials for wind power and rail transit, operating on a build-to-order, direct sales model with major wind turbine manufacturers - The company primarily engages in the R&D, production, and sales of polymer composite materials and lightweight core materials[28] - Products are mainly applied in wind power (nacelles, core materials, nacelle molds) and rail transit (vehicle components) sectors[28][29] - The company has established long-term partnerships with leading domestic wind turbine manufacturers such as China CRRC, Envision Energy, and Windey[28] - The company's production model is primarily 'make-to-order', with a direct sales model[35][36] Analysis of Core Competencies Core strengths include technological innovation, comprehensive solution provision, leading industry position with key clients, and advanced manufacturing processes ensuring product quality and precision - The company is recognized as a National High-tech Enterprise, Provincial 'Specialized, Refined, Unique, and New' SME, and National 'Little Giant' Enterprise, possessing strong technological innovation and R&D capabilities[39] - The company provides customers with one-stop, full-chain, customized wind turbine nacelle solutions, shortening new product development time[40][41] - The company is a first-tier enterprise in the domestic wind turbine nacelle sector, having established good cooperative relationships with seven of the top ten domestic wind turbine manufacturers[42][43] - The company masters advanced resin infusion molding technology and has independently developed integrated embedded part molding fixture design technology, ensuring product quality and precision[44] Analysis of Main Business Operations In H1 2025, revenue grew 11.44% to 497.00 million yuan, driven by wind turbine nacelles and core materials, while overall gross margin decreased by 1.27 percentage points due to nacelle margin decline 2025 H1 Main Business Revenue and Growth | Product Category | Operating Revenue (yuan) | YoY Change in Operating Revenue | | :--- | :--- | :--- | | Wind turbine nacelles | 271,514,297.67 | 18.72% | | Wind power lightweight core materials | 205,707,335.30 | 2.80% | 2025 H1 Main Business Gross Margin and Change | Product Category | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | | Wind turbine nacelles | 28.25% | -4.72% | | Wind power lightweight core materials | 17.89% | 1.55% | 2025 H1 Major Financial Data YoY Change | Item | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 11.44% | Growth in main product shipments | | Financial Expenses | 77.87% | Interest rate changes due to changes in bank loan entities | | Net Cash Flow from Operating Activities | -68.60% | Increased operating cash outflow due to new production base | | Net Cash Flow from Investing Activities | -82.68% | Increased investing cash outflow due to new factory construction | | Net Cash Flow from Financing Activities | 25,010.23% | Increased financing cash inflow due to receipt of IPO proceeds | | Net Increase in Cash and Cash Equivalents | 72.99% | Primarily due to the company receiving IPO proceeds during the reporting period | Analysis of Non-Main Business Operations Non-main business activities negatively impacted total profit due to investment losses and asset impairment, which are non-recurring in nature 2025 H1 Non-main Business Impact on Total Profit | Item | Amount (yuan) | Share of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -1,664,787.97 | -3.79% | No | | Asset Impairment | -4,083,739.93 | -9.30% | No | | Non-operating Income | 108,303.57 | 0.25% | No | | Non-operating Expenses | 933,274.26 | 2.12% | No | Analysis of Assets and Liabilities At period-end, total assets increased 16.30% and net assets attributable to shareholders by 34.29%, with inventory rising due to increased stocking, while restricted assets primarily involved cash and notes pledged as collateral 2025 H1 End Asset Composition Change | Item | Amount at End of Current Period (yuan) | Share of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 141,359,790.43 | 7.99% | -3.52% | | | Accounts Receivable | 535,758,769.97 | 30.27% | -1.12% | | | Inventories | 305,820,141.05 | 17.28% | 4.72% | Primarily due to increased stocking by the company | | Fixed Assets | 205,007,763.27 | 11.58% | -1.97% | | | Short-term Borrowings | 243,667,808.60 | 13.77% | -2.94% | | 2025 H1 End Asset Restriction Status | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 22,947,434.57 | 22,947,434.57 | Bill deposit | | Notes Receivable | 10,218,504.19 | 9,707,578.98 | Pledged as bill deposit | | Total | 33,165,938.76 | 32,655,013.55 | | Analysis of Investment Status Investment increased 42.45% due to new factory construction, with 166.33 million yuan of IPO proceeds used for production line expansion and working capital, and project locations adjusted to accelerate construction Investment Amount for Current Period | Indicator | Investment Amount for Current Period (yuan) | Investment Amount for Prior Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 76,850,880.07 | 53,949,094.17 | 42.45% | - The increase in investment is primarily due to increased cash outflow from investment activities for new factory construction[60] Fundraising Proceeds Utilization | Net Proceeds from Fundraising (ten thousand yuan) | Total Fundraising Proceeds Used in Current Period (ten thousand yuan) | Utilization Rate of Fundraising Proceeds at Period-End | | :--- | :--- | :--- | | 26,266.62 | 16,632.68 | 63.32% | - The implementation location of the fundraising projects has been changed to accelerate project construction[67] - The company has used raised funds to replace 10,581,517.88 yuan of self-raised funds previously invested in fundraising projects and for paid issuance expenses[67] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[74][75] Analysis of Major Holding and Participating Companies Major subsidiaries, including Changzhou Zhaogeng New Material and Hunan Changyou Environmental Protection, primarily engage in R&D, production, and sales of wind power composite and lightweight core materials, significantly impacting the company's net profit Major Subsidiary Financial Overview (2025 H1) | Company Name | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Changzhou Zhaogeng New Material Co., Ltd. | R&D, production, sales of lightweight core materials for wind power and rail transit | 1,000 | 48,268.45 | 1,651.76 | | Hunan Changyou Environmental Protection Technology Co., Ltd. | Production, sales of nacelles and fairings for wind power | 1,000 | 7,110.00 | 462.48 | | Inner Mongolia Changzhuo Technology Co., Ltd. | Production, sales of nacelles and fairings for wind power | 300 | 9,748.62 | 441.79 | | Guangxi Changyou Technology Co., Ltd. | Production, sales of nacelles and fairings for wind power | 1,000 | 7,166.68 | 568.08 | | Ulanqab Changyou Technology Co., Ltd. | Production, sales of nacelles and fairings for wind power; R&D, production, sales of lightweight core materials | 5,000 | 27,529.73 | 1,124.28 | Risks Faced by the Company and Countermeasures The company faces risks from policy changes, declining gross margins, high accounts receivable, and customer concentration, addressing them through capacity expansion, R&D investment, talent acquisition, market development, capital operations, and governance improvements - The company faces risks from changes in downstream industry policies, such as the wind power subsidy phase-out policy which previously led to a decrease in newly added grid-connected installed capacity[78][79] - The company faces risks of declining gross margins, influenced by raw material price fluctuations and intensified market competition[79] - The combined book value of the company's accounts receivable, accounts receivable financing, and notes receivable accounts for 148.09% of operating revenue, posing a significant risk[80] - Sales to the top five customers accounted for 91.42% of the company's revenue, indicating high customer concentration[82] - The company's countermeasures include: expanding production capacity through fundraising projects, increasing R&D investment, improving compensation systems to attract talent, actively expanding markets, growing business scale through equity/debt financing and M&A, and improving corporate governance structure[82][83][84] Registration Form for Research, Communication, and Interview Activities During the Reporting Period On May 12, 2025, the company held its 2024 annual performance briefing via Panorama Network's investor relations platform, engaging in online communication with investors - The company held its 2024 annual performance briefing on May 12, 2025, via Panorama Network's 'Investor Relations Interactive Platform'[85] Implementation of Market Value Management System and Valuation Enhancement Plan The company's market value management system, approved by the board on April 21, 2025, focuses on core business, operational efficiency, and profitability, utilizing M&A, equity incentives, and investor relations to enhance investment value - The company has formulated a market value management system, which was approved by the board of directors on April 21, 2025[88] - The company conducts market value management by focusing on its main business, improving operational efficiency and profitability, and comprehensively utilizing M&A, equity incentives, cash dividends, and investor relations management[88] Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period - The company did not disclose any 'Quality and Return Dual Improvement' action plan announcements during the reporting period[90] Section 4 Corporate Governance, Environment, and Society This section details the company's corporate governance structure, environmental information disclosure, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[92] Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[93] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[94] Environmental Information Disclosure The company and its major subsidiaries are listed as legally required environmental information disclosure enterprises and have disclosed environmental information on the Jiangsu system - The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[95] - The environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Jiangsu)[95] Social Responsibility During the reporting period, the company did not engage in poverty alleviation or rural revitalization initiatives - During the reporting period, the company did not carry out poverty alleviation or rural revitalization work[96] Section 5 Significant Events This section covers significant events impacting the company, including commitments, related party transactions, litigation, and other material disclosures Fulfillment of Commitments During the reporting period, no commitments by the company's ultimate controllers, shareholders, related parties, acquirers, or the company itself were outstanding or overdue - The company had no commitments that were fulfilled or overdue by relevant parties during the reporting period[98] Non-Operating Funds Occupied by Related Parties During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[99] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[100] Appointment and Dismissal of Accounting Firms The company's semi-annual report is unaudited - The company's semi-annual report is unaudited[101] Bankruptcy and Reorganization Matters The company did not undergo any bankruptcy or reorganization matters during the reporting period - The company did not undergo any bankruptcy or reorganization matters during the reporting period[103] Litigation Matters The company had no significant litigation or arbitration matters, with a minor subsidiary lawsuit of 228,200 yuan settled and 130,000 yuan executed - The company had no significant litigation or arbitration matters during the reporting period[104] Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Subsidiary as respondent, not meeting significant litigation/arbitration disclosure standards | 22.82 | No | Case closed | No significant impact | 130,000 yuan executed after mediation, already executed | Penalties and Rectification The company had no penalties or rectification issues during the reporting period - The company had no penalties or rectification issues during the reporting period[106] Significant Related Party Transactions During the reporting period, the company engaged in routine related-party transactions, primarily material procurement totaling 30.79 million yuan, within approved limits, with no asset/equity sales or non-operating related-party debts 2025 H1 Routine Related Party Transactions (Procurement of Goods/Acceptance of Services) | Related Party | Related Party Transaction Content | Related Party Transaction Amount (ten thousand yuan) | Proportion of Similar Transactions | Approved Transaction Limit (ten thousand yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Lianheng Environmental Protection Technology Co., Ltd. | Material Procurement | 2,448.88 | 29.36% | 4,000 | No | | Changzhou Xinchunfan New Material Technology Co., Ltd. | Material Procurement | 109.25 | 4.00% | 400 | No | | Changzhou Lianheng New Material Co., Ltd. | Material Procurement | 509.34 | 6.00% | 2,000 | No | | Danyang City Huangtang Town Youyichun Energy Equipment Processing Factory | Material Procurement | 11.74 | 10.97% | 80 | No | | Total | -- | 3,079.21 | -- | 6,480 | -- | - The company did not engage in related-party transactions involving asset or equity acquisition or sale during the reporting period[110] - The company had no non-operating related-party creditor-debtor relationships during the reporting period[112] Significant Contracts and Their Performance The company had no trusteeship or contracting arrangements, with leases for operational needs; it provided several joint liability guarantees to subsidiaries, totaling 223.61 million yuan, representing 22.66% of net assets - The company had no trusteeship or contracting arrangements during the reporting period[116][117] - The company's leases are primarily for offices, factories, dormitories, and warehouses, with all lease agreements being performed normally[118] 2025 H1 End Guarantee Status for Subsidiaries | Guaranteed Party Name | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Zhaogeng New Material Co., Ltd. | 8,000 | 3,196.