东箭科技(300978) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides crucial notices regarding report accuracy, financial statements, and defines key terms used throughout the document Important Notice The board and management guarantee report accuracy, financial statements are affirmed, and a 2025 semi-annual cash dividend of 0.5 yuan per 10 shares is proposed - Company's board, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, bearing individual and joint legal responsibility[3] - Company head Luo Jun, chief accountant Chen Ju, and accounting department head Huang Xiping declare the financial report's truthfulness, accuracy, and completeness[3] 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution Base | 422.702739 million shares | | Cash Dividend per 10 Shares | 0.5 yuan (tax incl.) | | Bonus Shares | 0 shares (tax incl.) | | Capital Reserve to Share Capital | No conversion | Definitions This chapter defines key terms like company names, regulatory bodies, automotive market segments (aftermarket, OEM), product types, and manufacturing models - Defines names of entities like the Company, CSRC, and SZSE[11] - Explains concepts of automotive aftermarket (after-sales service) and automotive pre-market (OEM parts)[11] - Clarifies business models such as ODM (Original Design Manufacturer), OBM (Original Brand Manufacturer), and OES (Original Equipment Supplier)[11] - Reporting period is January 1, 2025 to June 30, 2025; prior period is January 1, 2024 to June 30, 2024[12] Section II Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and presents its key financial performance and asset-liability status for the reporting period Company Profile Guangdong Dongjian Automotive Technology Co., Ltd. (Stock Code: 300978) is listed on SZSE, with Luo Jun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dongjian Technology | | Stock Code | 300978 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Guangdong Dongjian Automotive Technology Co., Ltd. | | Legal Representative | Luo Jun | Contact Persons and Information The company's Board Secretary is Gu Ling and Securities Affairs Representative is Wang Manting, sharing contact details including address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gu Ling | B333 Lecong Avenue West, Lecong Town, Shunde District, Foshan City | 0757-2808 2476 | 0757-2808 2243 | touziguanxi@dongjiancorp.com | | Securities Affairs Representative | Wang Manting | B333 Lecong Avenue West, Lecong Town, Shunde District, Foshan City | 0757-2808 2476 | 0757-2808 2243 | touziguanxi@dongjiancorp.com | Other Information No changes occurred in the company's contact information, information disclosure, or registration status during the reporting period - No changes in company's registered address, office address, website, or email during the reporting period[16] - No changes in information disclosure and storage locations during the reporting period[17] - No changes in company's registration status during the reporting period[18] Key Accounting Data and Financial Indicators In H1 2025, revenue decreased 7.03% to 985 million yuan, net profit fell 6.70% to 83.86 million yuan, and total assets slightly declined 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 984,821,055.40 | 1,059,292,015.01 | -7.03% | | Net Profit Attributable to Listed Company Shareholders | 83,859,936.72 | 89,885,295.74 | -6.70% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 79,606,101.52 | 91,465,948.60 | -12.97% | | Net Cash Flow from Operating Activities | 96,089,894.76 | 105,460,151.51 | -8.89% | | Basic Earnings Per Share (yuan/share) | 0.1984 | 0.2126 | -6.68% | | Diluted Earnings Per Share (yuan/share) | 0.1984 | 0.2126 | -6.68% | | Weighted Average Return on Net Assets | 4.98% | 5.46% | -0.48% | | Indicator | Current Period-end (yuan) | Prior Year-end (yuan) | Period-end vs. Prior Year-end Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,719,357,461.29 | 2,768,172,090.61 | -1.76% | | Net Assets Attributable to Listed Company Shareholders | 1,619,926,554.52 | 1,662,131,672.85 | -2.54% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards - No differences in net profit and net assets between international accounting standards and Chinese accounting standards[20] - No differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[21] Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 4.2538 million yuan in H1 2025, mainly from government subsidies and wealth management income 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | -148,577.10 | Net loss from disposal of fixed assets, etc | | Government grants recognized in current profit or loss | 2,985,982.54 | | | Fair value changes and disposal gains/losses of financial assets/liabilities held by non-financial enterprises (excluding effective hedging) | 39,356.71 | | | Gains/losses from entrusted investments or asset management | 3,903,670.36 | Investment income from wealth management and other trading financial assets | | Reversal of impairment provisions for individually tested receivables | 291,639.19 | | | Other non-operating income and expenses | -1,256,558.43 | Scrapping losses of fixed assets, construction in progress, etc., public welfare donations, early termination of lease deposit losses | | Less: Income tax impact | 1,446,713.51 | | | Minority interest impact (after tax) | 114,964.56 | | | Total | 4,253,835.20 | | Section III Management Discussion and Analysis This section analyzes the company's main business, core competencies, operating performance, financial status, investments, and risks Company's Main Business Activities During the Reporting Period The company specializes in automotive customization, safety, health, and convenience products for both aftermarket and OEM, with strong brands and partnerships (I) Industry Overview China's auto market grew significantly in H1 2025, especially NEVs, with a booming off-road modification market and stable overseas demand - In H1 2025, China's automotive sales reached 15.653 million units, a 11.4% YoY growth[26] - New energy vehicle sales were 6.937 million units, a 40.3% YoY growth, accounting for 44.3% of total new car sales[26] - As of June 2025, national automotive ownership reached 359 million units, with new energy vehicle ownership at 36.89 million units[26] - China's automotive modification market exceeded 120 billion yuan in 2024, projected to surpass 200 billion yuan in 2025[28] - The US automotive modification market consumption is projected to reach $53.17 billion in 2025[29] (II) Market Position Overview Dongjian Technology holds a significant market position in both automotive aftermarket modification and OEM pre-installation, leveraging strong brands and strategic partnerships - The company has established two mature business systems: automotive modification and OEM pre-installation[30] - In the automotive aftermarket, it owns "Steelcraft" (North American quality modification) and "WINBO" (domestic style modification) brands[30][31] - In the automotive OEM market, it maintains long-term stable cooperation with leading independent brands like Great Wall, Chery, GAC, and BYD[31] - The company possesses integrated capabilities in official automotive custom modification, especially in off-road vehicle modification design[31] (III) Introduction to Company's Main Business Dongjian Technology designs, develops, produces, and sells automotive customization products for various vehicle types, serving both aftermarket and OEM channels - The company primarily engages in industrial design, R&D, production, and sales of side step, front/rear protection, smart cockpit control, roof rack, and other vehicle system products[32] - Products are applied in automotive aftermarket modification and OEM pre-installation, compatible with various traditional/NEV models like SUVs, sedans, MPVs, off-road vehicles, and pickups[32] - Production model is primarily self-production, combined with make-to-order (international clients) and safety stock (domestic clients)[36] - Overseas sales are all direct sales (ODM and OBM); domestic sales include direct sales, distribution, and consignment (4S stores, dealers, OEMs)[37] Core Competitiveness Analysis Dongjian Technology's core strengths include integrated customization capabilities, continuous innovation, efficient development, independent testing, agile manufacturing, multi-brand strategy, extensive sales channels, and a stable, incentivized team (I) Rich Integrated Capabilities in Automotive Custom Modification With over 20 years in automotive modification, the company has developed comprehensive industrial design, R&D, production, and sales capabilities - The company has over 20 years of integrated capabilities in automotive modification and exterior structural parts[38] - Strong capabilities in pickup, off-road vehicle, and SUV modification needs and product realization, capable of rapidly introducing international market experience[38] (II) Continuous Product Innovation Advantage The company boasts a high-caliber R&D team and global R&D centers, securing 42 new patents in the reporting period, advancing into electric off-road modification - The company possesses a high-level R&D team covering mechanical manufacturing, molds, manufacturing processes, materials science, industrial design, electronics, electrical, and electronic control software development[39] - During the reporting period, the company obtained 42 new domestic and international patent authorizations, including 23 domestic invention patents and 1 international invention patent[40] - The company actively advances into the emerging field of electric off-road modification products, continuously accumulating patented technologies[40] (III) Efficient Development Capability Matching Market Demand The company employs an international synchronized R&D system and IPD model to accelerate new product development and ensure timely market launch - The company established an international synchronized R&D system, achieving a "relay-style" product development model through domestic and international R&D center collaboration, accelerating new product development[41] - The company applies the IPD (Integrated Product Development) model, efficiently managing R&D projects and rapidly responding to customer needs, supported by information systems, tooling/fixture design, and in-house testing facilities[42] (IV) Advantage of Independent Testing Capabilities The company operates three CNAS-certified experimental centers equipped for over a hundred tests, ensuring product quality and reducing development costs - The company established three core experimental centers: Headquarters Experimental Center, Dongjian Smart Experimental Center, and Weijie Automotive Laboratory[43] - The company can independently conduct over 100 test items, covering product and raw material performance tests[43] - The company's Headquarters Experimental Center and Dongjian Smart Experimental Center both obtained CNAS laboratory accreditation and recognition from multiple OEMs[43] [(V) Agile Flexible Manufacturing Operating System](index=14&type=section&id=(%E4%BA%94)%E6%95%8F%E6