杭电股份(603618) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This chapter defines key terms and entities used in the report, including the company, its main subsidiaries, regulatory bodies, and important related parties, and specifies the reporting period - Company, the Company, Hangdian Stock refers to Hangzhou Cable Co., Ltd[13] - Yongte Cable, Hangdian Copper Foil, Suzhou Yongtong, Hanglan Cable, Yongtong Cable, Fuchunjiang Optoelectronics, Yongte Information, Qiandaohu Yongtong, Yongtong New Materials are all subsidiaries of the Company[13] - Reporting Period refers to January 1, 2025 to June 30, 2025[13] Company Profile and Key Financial Indicators Company Information This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Hangzhou Cable Co., Ltd., abbreviated as Hangdian Stock[15] - The company's legal representative is Hua Jianfei[15] Contact Person and Information This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary is Yang Liesheng, and the Securities Affairs Representative is Sheng Feng[16] - The contact number is 0571-63167793, and the email address is stock@hzcables.com[16] Brief Introduction to Changes in Basic Information This section introduces the company's registered address, office address, and website, stating that there were no historical changes during the reporting period - The company's registered address is No. 68-1, 6th Street, Hangzhou Economic and Technological Development Zone, and its office address is No. 18, Yongtong Road, Dongzhou Street, Fuyang District, Hangzhou City, Zhejiang Province[17] - The company's website is http://www.hzcables.com[17](index=17&type=chunk) Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the designated newspapers and website for the company's information disclosure and the location for the semi-annual report, with no changes during the reporting period - The company's selected newspapers for information disclosure include "China Securities Journal", "Shanghai Securities News", "Securities Times", and "Securities Daily"[18] - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) Company Stock Overview This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Hangdian Stock and stock code 603618[19] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year, showing revenue growth but declining profit indicators 2025 H1 Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 4,524,025,576.75 | 3,874,292,418.72 | 16.77 | | Total Profit (yuan) | 54,875,357.35 | 82,208,949.20 | -33.25 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 37,813,790.57 | 70,373,578.65 | -46.27 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 29,890,436.88 | 64,263,526.65 | -53.49 | | Net Cash Flow from Operating Activities (yuan) | -336,533,836.98 | -451,830,074.36 | Not Applicable | | Basic Earnings Per Share (yuan/share) | 0.05 | 0.10 | -50.00 | | Weighted Average Return on Net Assets (%) | 1.25 | 2.40 | Decreased by 1.15 percentage points | - The company's operating revenue for January-June 2025 increased by 16.77% year-on-year, mainly due to increased sales of cables and wires and increased sales from subsidiary Hangdian Copper Foil[23][50] - Net profit attributable to owners of the parent company decreased by 46.27% year-on-year, and net profit after deducting non-recurring gains and losses decreased by 53.49% year-on-year[23] Non-Recurring Gains and Losses Items and Amounts This section details the non-recurring gains and losses for the reporting period, totaling 7.92 million yuan, which impacted the company's net profit 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -343,483.59 | | Government grants recognized in current profit and loss | 6,884,632.28 | | Other non-operating income and expenses apart from the above | 3,384,631.26 | | Less: Income tax impact | 1,683,482.78 | | Minority interest impact (after tax) | 318,943.48 | | Total | 7,923,353.69 | Management Discussion and Analysis Explanation of the Company's Industry and Main Business During the Reporting Period This section elaborates on the company's main business, operating model, and industry development trends across its three major business segments: wire and cable, optical communication, and copper foil, emphasizing its strategic layout in new energy battery materials Main Business and Operating Model The company's main businesses are wire and cable, optical communication, and copper foil, with the wire and cable segment operating through direct sales, optical communication having an integrated industry chain, and copper foil focusing on new energy vehicle applications - The wire and cable segment's main products cover ultra-high voltage, high voltage to medium and low voltage power cables, conductors, civil cables, and special cables, serving as a major supplier to State Grid and China Southern Power Grid[28] - The optical communication segment possesses an integrated "optical preform-optical fiber-optical cable" industry chain, with products including G.652 and G.657 series single-mode optical preforms and fibers, as well as various optical cable products[30] - The first phase of the copper foil business's "ultra-thin copper foil project for new energy vehicles" has entered trial production, successfully achieving sales of 4.5μm and 5μm ultra-thin lithium battery copper foil, and has been integrated into the supply chain of mainstream domestic new energy storage enterprises[31] Industry Overview The wire and cable industry is large but fragmented, benefiting from new power system construction, while optical communication grows with 5G, and copper foil faces oversupply despite lithium battery demand - The wire and cable industry has the largest output value, but market concentration is low, with high-voltage and ultra-high-voltage cable products showing an oligopolistic pattern[32] - The "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" brings market opportunities for new energy equipment cables, energy-saving and environmentally friendly cables, and special cables[34] - As of the end of June 2025, China's 5G mobile phone users reached 1.118 billion, fixed internet broadband access users with gigabit and above speeds reached 226 million, and the total length of optical cable lines reached 73.77 million kilometers, a year-on-year increase of 9.9%[36] - After rapid expansion, the lithium battery copper foil industry shows a trend of oversupply, with processing fees remaining low and the pace of capacity expansion slowing down[37] Discussion and Analysis of Operations During the reporting period, the company advanced its 'stable growth, performance-driven' strategy, achieving progress in market expansion, project execution, efficiency, safety, and R&D, with stable production and sales and better-than-expected new orders - The company achieved good results in new orders across new energy markets, UHV conductors, rail transit, user projects, and foreign trade exports[38] - Successfully completed the provincial green factory application, provincial industrial internet platform evaluation (municipal approval), municipal smart factory registration, addressing shortcomings in "green, digital, and scientific" aspects[39] - Three new products, "photovoltaic special cables, large-section steel-core heat-resistant aluminum alloy stranded wires, and medium-voltage fire-resistant power cables," passed provincial industrial new product acceptance, with two winning second prize for industry outstanding new products[40] Analysis of Core Competencies The company's core competencies include leading technology R&D, a diverse product structure, stringent quality control, strong brand recognition, and an experienced management team, all contributing to enhanced market competitiveness - The company possesses a provincial R&D center and CNAS laboratory, with leading technological advantages in large-section high-voltage, ultra-high-voltage power cables, and special conductors[42] - The product structure covers three major series: power cables, conductors, and civil wires, as well as an integrated "optical preform-optical fiber-optical cable" industry chain for optical communication[42] - The company operates a "Future Factory" integrated big data centralized control center platform, enabling refined production control and full lifecycle quality control, with 220kV ultra-high voltage power cables certified as a "Zhejiang Manufacturing" brand[43][44] - The "Yongtong" trademark has been recognized as a China Well-known Trademark, with products applied in national key projects such as the Beijing Olympics, Three Gorges Project, and Beijing-Shanghai High-Speed Railway[45] - The company's main management team has over 20 years of industry experience, and the technical R&D team possesses high professional competence and strong innovation capabilities[47] Key Operating Performance This section analyzes the company's financial statement changes, asset-liability status, and investment activities, showing revenue growth but declining profit, adjusted balance sheet structure, and risk-hedging efforts Analysis of Main Business Operating revenue grew by 16.77% due to increased sales, but total profit and net profit attributable to shareholders decreased by 33.25% and 46.27% respectively, with operating cash flow improving but remaining negative Major Financial Statement Item Changes (2025 H1 vs. Prior Year Same Period) | Item | Current Reporting Period Amount (yuan) | Prior Year Same Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,524,025,576.75 | 3,874,292,418.72 | 16.77 | | Operating Cost | 3,970,143,900.27 | 3,317,001,545.97 | 19.69 | | Total Profit | 54,875,357.35 | 82,208,949.20 | -33.25 | | Net Profit Attributable to Shareholders of Listed Company | 37,813,790.57 | 70,373,578.65 | -46.27 | | Net Cash Flow from Operating Activities | -336,533,836.98 | -451,830,074.36 | Not Applicable | | R&D Expenses | 168,143,616.11 | 140,158,240.70 | 19.97 | - Operating revenue growth was mainly due to increased sales of cables and wires and increased sales from subsidiary Hangdian Copper Foil[50] - The change in net cash flow from operating activities was mainly due to a year-on-year decrease in cash paid for purchases in the current period[50] Analysis of Assets and Liabilities At period-end, total assets increased by 8.31%, while net assets attributable to shareholders slightly decreased, with significant shifts in liability structure including reduced contract liabilities and notes receivable, and increased notes payable, alongside restricted assets Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 120,572,728.09 | 1.11 | 308,349,641.06 | 3.07 | -60.90 | | Trading Financial Assets | 0 | 0 | 1,603,348.77 | 0.02 | -100.00 | | Notes Receivable | 8,239,586.87 | 0.08 | 37,056,640.83 | 0.37 | -77.76 | | Notes Payable | 1,314,297,988.56 | 12.09 | 354,002,797.36 | 3.53 | 271.27 | | Other Current Liabilities | 18,686,954.65 | 0.17 | 42,364,066.97 | 0.42 | -55.89 | | Total Assets | 10,874,660,055.00 | 100 | 10,040,349,200.26 | 100 | 8.31 | | Net Assets Attributable to Shareholders of Listed Company | 2,932,032,803.75 | 26.96 | 3,004,603,599.00 | 29.93 | -2.42 | - Contract liabilities decreased by 60.90%, mainly due to invoicing and settlement of advance receipts for goods[52] - Notes payable increased by 271.27%, mainly due to an increase in bank acceptance bills handled in the current period[52] Restricted Assets at Period-end | Item | Period-end Book Balance (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 512,405,113.10 | Frozen | Guarantee deposits, bank acceptance bill deposits, housing special deposits and maintenance funds, car ETC frozen, foreign exchange settlement business deposits | | Accounts Receivable Financing | 114,472,206.48 | Pledged | Bill pool pledge | | Fixed Assets | 917,723,985.66 | Mortgaged | Mortgage guarantee | | Intangible Assets | 203,432,199.98 | Mortgaged | Mortgage guarantee | | Total | 1,748,033,505.22 | / | / | Analysis of Investment Status The company's period-end financial assets measured at fair value totaled 743.58 million yuan, with 119.72 million yuan in hedging instruments (futures and options) used to mitigate raw material price risks, achieving expected risk management objectives Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (yuan) | | :--- | :--- | | Equity Instrument Investments | 8,000,000.00 | | Accounts Receivable Financing | 612,841,372.58 | | Other Current Assets - Hedging Instruments | 122,736,192.00 | | Total | 743,577,564.58 | Derivative Investment Situation (Hedging Purpose) | Derivative Investment Type | Period-end Book Value (million yuan) | Period-end Book Value as % of Company's Net Assets | | :--- | :--- | :--- | | Futures and Options | 119.72 | 3.96 | | Total | 119.72 | 3.96 | - The company conducted hedging through futures and options, effectively offsetting raw material price fluctuation risks and largely achieving its expected risk management objectives[60] Analysis of Major Holding and Participating Companies This section lists the financial status and operating results of the company's major holding subsidiaries, noting that Hangdian Copper Foil reported a negative net profit, indicating its ongoing investment and market development phase Major Subsidiary Financial Data (2025 H1) | Company Name | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fuchunjiang Optoelectronics | Optical cable manufacturing; optical fiber manufacturing | 400,000,000.00 | 1,047,324,313.54 | 865,845,836.08 | 122,443,230.85 | 587,910.10 | 557,923.78 | | Suzhou Yongtong | Wire, cable production and manufacturing | 200,000,000.00 | 511,219,935.15 | 71,774,154.27 | 281,889,117.15 | 2,109,923.80 | 1,587,487.44 | | Yongte Cable | Wire, cable manufacturing, processing, sales | 190,000,000.00 | 889,645,904.09 | 535,876,739.27 | 1,038,635,788.94 | 4,175,518.47 | 2,936,113.25 | | Hanglan Cable | Non-ferrous metal rolling and processing | 50,000,000.00 | 152,777,345.10 | 55,968,913.54 | 1,638,419,161.99 | 1,569,106.40 | 1,176,829.80 | | Hangdian Copper Foil | R&D, manufacturing, sales of electronic special materials | 250,000,000.00 | 1,210,537,367.49 | 184,898,236.55 | 310,923,323.58 | -22,815,485.03 | -25,457,922.22 | | Yongtong Cable | Wire, cable production and manufacturing | 100,000,000.00 | 196,718,595.95 | 40,409,417.42 | 231,939,606.59 | 1,090,757.81 | 814,406.56 | - Hangdian Copper Foil reported negative operating profit and net profit during the reporting period, with a net loss of 25.46 million yuan, indicating it is still in its investment phase[62] Other Disclosure Matters This section discloses potential risks including macroeconomic factors, market competition, raw material price volatility, power industry policies, core personnel loss, and lower-than-expected optical communication/5G investment, along with proposed countermeasures Potential Risks The company faces risks from significant fluctuations in copper and aluminum prices, adjustments in power industry investment policies, intense market competition in the wire and cable industry, loss or shortage of core technical personnel, lower-than-expected investment in optical communication and 5G, and future macroeconomic downturn risks - Significant fluctuations in the prices of metal materials like copper and aluminum will directly impact cable enterprises' profits, potentially leading to substantial losses in extreme cases[63] - National industrial policies (e.g., grid construction, new energy development, new infrastructure) will influence demand for wire and cable[63] - The wire and cable industry has numerous enterprises and is highly fragmented, with intense competition in medium and low voltage products and traditional steel-core aluminum stranded wires[65] - The company faces risks of losing or lacking core technical personnel, and the optical communication segment's prosperity is affected by the intensity of investment in the communication sector[65][66] Corporate Governance, Environment, and Society Profit Distribution or Capital Reserve Conversion Plan The Board of Directors approved no profit distribution or capital reserve conversion plan for this reporting period - There is no profit distribution plan or capital reserve conversion plan for this semi-annual report[7] Semi-Annual Profit Distribution or Capital Reserve Conversion Plan | Item | Value | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (tax inclusive) | 0 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization During the reporting period, the company fulfilled its social responsibility by donating 0.7 million yuan to the Hangzhou Fuyang District Charity Federation to consolidate poverty alleviation achievements - The company donated 0.7 million yuan to the Hangzhou Fuyang District Charity Federation, fulfilling its social responsibility[70] Significant Matters Fulfillment of Commitments This section discloses the strict fulfillment of various commitments made by the company's directors, senior management, controlling shareholder, and other related parties during the initial public offering - Directors Hua Jianfei, Lu Chunxiao, Ni Yijian, and senior management Yin Zhiping, Hu Jianming committed to transferring no more than 25% of their total company shares annually during their tenure, and no transfers within 6 months after leaving office, with these commitments strictly fulfilled long-term[72] - Controlling shareholder Yongtong Holding Group Co., Ltd. committed that the number of shares reduced within two years after the lock-up period expires will not exceed 5% of the shares held at the end of the previous year, and will not affect control, with this commitment strictly fulfilled long-term[72] - Zhejiang Fuchunjiang Communication Group Co., Ltd. committed that the reduction price within two years after the lock-up period expires will not be lower than the issue price, and the number of shares reduced annually will not exceed 10% of the shares held at the end of the previous year, with this commitment strictly fulfilled long-term[73] - Yongtong Holding, Fuchunjiang Communication Group, and the actual controller (Sun Qingyan family) committed to resolving horizontal competition, not producing or developing products or businesses that compete with Hangdian Stock, with these commitments strictly fulfilled long-term[74] Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, neither the company nor its controlling shareholder or actual controller had any adverse integrity issues, such as unfulfilled court judgments or large overdue debts - During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues, such as unfulfilled court judgments or large overdue debts[76] Significant Related Party Transactions This section discloses the company's daily operating related party transactions during the reporting period, primarily involving the purchase and sale of goods Related Party Transactions Related to Daily Operations The company engaged in goods procurement and sales transactions with related parties, primarily purchasing 5.61 million yuan in electricity and selling 0.24 million yuan in goods Purchase of Goods from Related Parties | Related Party | Actual Amount (yuan) | | :--- | :--- | | Hangzhou Fuyang Yongtong Property Management Co., Ltd. | 388,135.04 | | Hangzhou Fuyang Yongtong Commercial and Trade Co., Ltd. | 320,035.00 | | Hangzhou Fuyang Fuchunjiang Yaoyang Elderly Hospital | 630.00 | | Zhejiang Fuchunjiang Energy Technology Co., Ltd. | 5,614,258.76 | | Borui Energy (Nanchang) Co., Ltd. | 1,511,404.26 | Sale of Goods to Related Parties | Related Party | Actual Amount (yuan) | | :--- | :--- | | Nantong Chang'an Energy Co., Ltd. | 238,938.05 | Significant Contracts and Their Fulfillment This section primarily discloses the significant guarantees executed and outstanding during the reporting period, showing that the company mainly provides guarantees for its subsidiaries, with a relatively high proportion of total guarantees to net assets Significant Guarantees Executed and Outstanding During the Reporting Period During the reporting period, total guarantees for subsidiaries amounted to 160 million yuan, with an outstanding balance of 1.152 billion yuan at period-end, representing 39.28% of net assets, including 743 million yuan for highly leveraged entities Company Total Guarantee Situation | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 160,000,000.00 | | Total outstanding guarantees for subsidiaries at period-end (B) | 1,151,660,100.00 | | Total guarantees (A+B) | 1,151,660,100.00 | | Total guarantees as % of company's net assets | 39.28 | | Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 743,481,100.00 | Share Changes and Shareholder Information Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[83] Shareholder Information As of period-end, the company had 47,560 common shareholders, with Yongtong Holding Group Co., Ltd. as the largest shareholder at 29.94%, and Sun Qingyan as the actual controller Total Number of Shareholders | Total number of common shareholders at period-end (households) | 47,560 | Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yongtong Holding Group Co., Ltd. | 207,000,000 | 29.94 | Domestic Non-State-Owned Legal Person | | Zhejiang Fuchunjiang Communication Group Co., Ltd. | 153,000,000 | 22.13 | Domestic Non-State-Owned Legal Person | | Sun Qingyan | 13,362,259 | 1.93 | Domestic Natural Person | | Wang Feng | 7,582,400 | 1.10 | Domestic Natural Person | | Hua Jianfei | 4,370,700 | 0.63 | Domestic Natural Person | - The actual controller of Yongtong Holding Group Co., Ltd. and Zhejiang Fuchunjiang Communication Group Co., Ltd. is Sun Qingyan[87] Information on Directors, Supervisors, and Senior Management This section discloses the shareholding changes of the company's directors and senior management during the reporting period, with several executives reducing their shareholdings Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Beginning of Period Shareholding (shares) | End of Period Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hua Jianfei | Chairman | 5,827,500 | 4,370,700 | -1,456,800 | Share Reduction | | Lu Chunxiao | Vice Chairman | 3,375,000 | 2,531,300 | -843,700 | Share Reduction | | Ni Yijian | Director, General Manager | 843,800 | 632,900 | -210,900 | Share Reduction | | Yin Zhiping | Deputy General Manager | 843,800 | 632,900 | -210,900 | Share Reduction | | Hu Jianming | Chief Engineer | 843,800 | 632,900 | -210,900 | Share Reduction | Bond-Related Information Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During this reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[90] Convertible Corporate Bonds During this reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[90] Financial Report Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[6] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting its financial position, operating results, and cash flow Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 10.875 billion yuan, an 8.31% increase from year-end; total liabilities were 7.852 billion yuan, and total owners' equity was 3.023 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Beginning of Period Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,151,891,273.10 | 945,355,563.21 | | Accounts Receivable | 3,939,836,812.07 | 3,202,034,927.89 | | Inventories | 1,762,005,211.00 | 1,886,122,325.03 | | Total Assets | 10,874,660,055.00 | 10,040,349,200.26 | | Short-term Borrowings | 3,531,529,393.68 | 3,365,982,389.41 | | Notes Payable | 1,314,297,988.56 | 354,002,797.36 | | Total Liabilities | 7,852,150,588.27 | 6,949,361,103.33 | | Total Owners' Equity Attributable to Parent Company | 2,932,032,803.75 | 3,004,603,599.00 | | Total Owners' Equity | 3,022,509,466.73 | 3,090,988,096.93 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 9.826 billion yuan, an 11.80% increase from year-end; total liabilities were 6.729 billion yuan, and total owners' equity was 3.098 billion yuan Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Beginning of Period Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 855,167,166.02 | 799,956,197.95 | | Accounts Receivable | 3,498,989,217.37 | 2,879,893,220.38 | | Inventories | 1,499,407,932.90 | 1,453,987,743.10 | | Total Assets | 9,826,207,539.56 | 8,789,348,321.64 | | Short-term Borrowings | 2,890,493,493.36 | 2,754,217,046.70 | | Notes Payable | 1,209,703,224.74 | 333,034,465.43 | | Total Liabilities | 6,728,582,024.24 | 5,641,388,604.73 | | Total Owners' Equity | 3,097,625,515.32 | 3,147,959,716.91 | Consolidated Income Statement In H1 2025, consolidated total operating revenue was 4.524 billion yuan, up 16.77%; net profit was 41.91 million yuan, down 43.49%; and net profit attributable to parent company shareholders was 37.81 million yuan, down 46.27% Consolidated Income Statement Key Data (2025 H1) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,524,025,576.75 | 3,874,292,418.72 | | Total Operating Cost | 4,429,928,353.50 | 3,733,609,268.86 | | Operating Profit | 51,526,632.03 | 82,539,761.69 | | Total Profit | 54,875,357.35 | 82,208,949.20 | | Net Profit | 41,905,955.62 | 73,981,530.54 | | Net Profit Attributable to Parent Company Shareholders | 37,813,790.57 | 70,373,578.65 | | Basic Earnings Per Share (yuan/share) | 0.05 | 0.10 | Parent Company Income Statement In H1 2025, parent company operating revenue was 3.667 billion yuan, up 8.99%; net profit was 72.18 million yuan, down 17.66% Parent Company Income Statement Key Data (2025 H1) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 3,666,582,157.27 | 3,364,411,496.21 | | Operating Profit | 75,002,236.39 | 92,378,027.40 | | Total Profit | 78,435,977.94 | 92,365,058.33 | | Net Profit | 72,178,538.69 | 87,657,893.33 | Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities was -336.53 million yuan, an improvement; net cash flow from investing activities was -103.34 million yuan; and net cash flow from financing activities was 222.66 million yuan Consolidated Cash Flow Statement Key Data (2025 H1) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -336,533,836.98 | -451,830,074.36 | | Net Cash Flow from Investing Activities | -103,338,550.19 | -220,704,545.90 | | Net Cash Flow from Financing Activities | 222,657,799.97 | 427,113,051.49 | | Net Increase in Cash and Cash Equivalents | -217,210,747.25 | -245,095,265.51 | Parent Company Cash Flow Statement In H1 2025, parent company net cash flow from operating activities was -279.51 million yuan, from investing activities -289.52 million yuan, and from financing activities 199.86 million yuan Parent Company Cash Flow Statement Key Data (2025 H1) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -279,511,105.33 | -415,673,614.89 | | Net Cash Flow from Investing Activities | -289,522,521.21 | 220,040,735.09 | | Net Cash Flow from Financing Activities | 199,857,593.74 | -15,225,444.62 | | Net Increase in Cash and Cash Equivalents | -369,230,104.26 | -210,691,522.90 | Consolidated Statement of Changes in Owners' Equity In H1 2025, consolidated total owners' equity decreased by 68.48 million yuan, primarily due to changes in other comprehensive income and profit distribution Consolidated Statement of Changes in Owners' Equity (2025 H1) | Item | Beginning of Period Balance (yuan) | Change in Current Period (yuan) | End of Period Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 691,375,616.00 | 0 | 691,375,616.00 | | Capital Reserve | 1,269,567,855.11 | 589,018.64 | 1,270,156,873.75 | | Other Comprehensive Income | -110,500.00 | -69,491,067.50 | -69,601,567.50 | | Retained Earnings | 876,473,174.71 | -3,668,746.39 | 872,804,428.32 | | Total Owners' Equity Attributable to Parent Company | 3,004,603,599.00 | -72,570,795.25 | 2,932,032,803.75 | | Minority Interests | 86,384,497.93 | 4,092,165.05 | 90,476,662.98 | | Total Owners' Equity | 3,090,988,096.93 | -68,478,630.20 | 3,022,509,466.73 | Parent Company Statement of Changes in Owners' Equity In H1 2025, parent company total owners' equity decreased by 50.33 million yuan, primarily due to changes in other comprehensive income and profit distribution Parent Company Statement of Changes in Owners' Equity (2025 H1) | Item | Beginning of Period Balance (yuan) | Change in Current Period (yuan) | End of Period Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 691,375,616.00 | 0 | 691,375,616.00 | | Capital Reserve | 1,182,600,708.84 | -11,539,135.82 | 1,171,061,573.02 | | Other Comprehensive Income | -110,500.00 | -69,491,067.50 | -69,601,567.50 | | Retained Earnings | 1,106,796,438.89 | 30,696,001.73 | 1,137,492,440.62 | | Total Owners' Equity | 3,147,959,716.91 | -50,334,201.59 | 3,097,625,515.32 | Company Basic Information Hangzhou Cable Co., Ltd. was established on March 16, 2011, listed on the Shanghai Stock Exchange on February 17, 2015, and primarily engages in R&D, production, and sales of wire and cable, optical fiber and cable, and copper foil - The company was established on March 16, 2011, and listed on the Shanghai Stock Exchange on February 17, 2015[127] - Its main business is the R&D, production, and sales of wire and cable, optical fiber and cable, and copper foil[127] Basis of Preparation of Financial Statements The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from period-end - The company's financial statements are prepared on a going concern basis[128] - There are no matters or circumstances that raise significant doubt about its ability to continue as a going concern for the 12 months from the end of the reporting period[129] Significant Accounting Policies and Estimates This section elaborates on the company's specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, ensuring true and complete financial statements - The company has formulated specific accounting policies and estimates based on its actual production and operation characteristics for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition[130] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and the accounting period for this report's financial information is from January 1, 2025 to June 30, 2025[132] - The company recognizes revenue from the sale of wire and cable, optical fiber and cable, and other products as performance obligations satisfied at a point in time; domestic sales revenue is recognized upon qualified inspection and receipt of confirmation, while export sales revenue is recognized upon completion of customs declaration and vessel loading[194][195] Taxation This section lists the main tax categories and rates for the company and its subsidiaries, and discloses the enjoyment of high-tech enterprise tax incentives and additional VAT deductions for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | 5%, 7% | | Enterprise Income Tax | 15%, 20%, 25% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company and its subsidiaries Fuchunjiang Optoelectronics, Yongtong New Materials, Qiandaohu Yongtong, and Yongte Information have passed high-tech enterprise registration, and will pay enterprise income tax at a reduced rate of 15% for 3 years starting from 2023 or 2024[209][210] - Advanced manufacturing enterprises can deduct 5% of the current period's deductible input VAT from their payable VAT amount[210] Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows, offering a comprehensive financial overview - The period-end monetary funds balance includes restricted funds such as bill deposits of 442 million yuan and guarantee deposits of 65.89 million yuan[212] - The period-end book balance of accounts receivable is 4.214 billion yuan, with bad debt provisions of 274 million yuan, of which a full bad debt provision was made for customer one due to bankruptcy liquidation[223][225][227] - The period-end book value of inventories is 1.762 billion yuan, with inventory impairment provisions of 49.23 million yuan, and 40.45 million yuan of inventory impairment provisions reversed or written off in the current period[264][267] - The period-end book value of construction in progress is 489 million yuan, mainly for the first phase of Hangdian Copper Foil's high-performance ultra-thin electronic copper foil project[291] - The period-end balance of short-term borrowings is 3.532 billion yuan, including domestic letter of credit discounts of 1.699 billion yuan[312][313] - The period-end balance of notes payable is 1.314 billion yuan, an increase of 271.27% from the beginning of the period[314][52] - The period-end balance of retained earnings is 873 million yuan, a decrease of 3.67 million yuan in the current period[348] - Investment income for the current period was -39.58 million yuan, mainly affected by the disposal of financial instruments (bill discount interest)[358] Research and Development Expenses This section discloses the company's R&D expenses during the reporting period, totaling 168 million yuan, a 19.97% year-on-year increase, primarily for direct materials and employee compensation R&D Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Materials | 116,343,283.64 | 89,073,937.38 | | Employee Compensation | 26,687,590.68 | 27,621,670.93 | | Depreciation and Amortization | 10,547,726.88 | 10,360,929.92 | | Fuel and Power | 7,362,967.29 | 6,857,847.46 | | Testing Fees | 2,397,133.27 | 1,105,949.08 | | Total | 168,143,616.11 | 140,158,240.70 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[382] Changes in Consolidation Scope This section explains changes in the company's consolidation scope, noting the deregistration of a second-tier subsidiary, Hangzhou Yongtong Zhongbang International Trade Co., Ltd., with no significant impact on overall operations or performance - During the reporting period, the company's second-tier subsidiary Hangzhou Yongtong Zhongbang International Trade Co., Ltd. was deregistered[63][384] - This deregistration had no impact on the company's overall production, operations, and performance[63][384] Interests in Other Entities This section discloses the company's interests in subsidiaries and joint ventures, listing the composition of major subsidiaries and their shareholding percentages, as well as financial information for joint ventures Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Registered Capital (yuan) | Direct Shareholding (%) | | :--- | :--- | :--- | | Fuchunjiang Optoelectronics | 400,000,000.00 | 100.00 | | Suzhou Yongtong | 200,000,000.00 | 100.00 | | Yongte Cable | 190,000,000.00 | 100.00 | | Yongtong New Materials | 50,000,000.00 | 65.00 | | Hanglan Cable | 50,000,000.00 | 100.00 | | Hangdian Copper Foil | 200,000,000.00 | 100.00 | | Yongtong Cable | 100,000,000.00 | 100.00 | Summary Financial Information for Insignificant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Book Value of Joint Venture Investments | 82,835,171.91 | | Net Profit of Joint Ventures | -4,215,137.56 | | Total Comprehensive Income of Joint Ventures | -4,215,137.56 | Government Grants This section discloses the government grants received by the company during the reporting period, including those recognized in current profit and loss and those in deferred income Government Grants Recognized in Current Profit and Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 4,853,421.93 | 3,172,324.62 | | Income-related | 2,091,888.13 | 5,284,210.76 | | Total | 6,945,310.06 | 8,456,535.38 | Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Beginning of Period Balance (yuan) | New Grants in Current Period (yuan) | Amount Recognized in Non-Operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | End of Period Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 121,055,933.02 | 692,800.00 | 0 | 4,853,421.93 | 116,895,311.09 | Risks Related to Financial Instruments This section analyzes the company's credit, liquidity, and market risks (interest rate, foreign exchange), outlining corresponding risk management strategies and the application of hedging activities - The company's credit risk primarily arises from monetary funds and receivables, managed through credit assessment and balance monitoring, with no significant concentration of credit risk[394] - Liquidity risk is controlled through various financing methods such as bill settlement and bank borrowings, as well as a combination of long-term and short-term financing[395] - Interest rate risk is mainly related to floating-rate bank borrowings; as of June 30, 2025, floating-rate borrowings amounted to 1.35 billion yuan, and a 50 basis point change in interest rates would not significantly impact profit and shareholders' equity[398] - Foreign exchange risk is not significant as the company's main activities are denominated in RMB[399] - The company conducts cash flow hedging for copper and aluminum futures contracts to mitigate raw material price fluctuation risks, and has achieved its expected risk management objectives[400] Disclosure of Fair Value This section discloses the company's period-end assets and liabilities measured at fair value, including equity instrument investments, accounts receivable financing, and hedging instruments, and explains the basis for fair value determination Period-end Fair Value Measurement Items | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0 | 0 | 8,000,000.00 | 8,000,000.00 | | Accounts Receivable Financing | 0 | 612,841,372.58 | 0 | 612,841,372.58 | | Other Current Assets - Hedging Instruments | 122,736,192.00 | 0 | 0 | 122,736,192.00 | | Total Assets Continuously Measured at Fair Value | 122,736,192.00 | 612,841,372.58 | 8,000,000.00 | 743,577,564.58 | | Trading Financial Liabilities | 3,012,500.00 | 0 | 0 | 3,012,500.00 | | Total Liabilities Continuously Measured at Fair Value | 3,012,500.00 | 0 | 0 | 3,012,500.00 | - The settlement price of futures contracts on the futures exchange is used as the basis for determining the market price of Level 1 fair value measurement items[406] - The fair value of the company's equity instrument investments, wealth management products, bond funds, and bank acceptance bills is determined based on their historical cost[406] Related Parties and Related Party Transactions This section details the company's parent, ultimate controlling party, subsidiaries, and other related parties, along with daily operating related party transactions involving goods, services, and key management personnel compensation during the reporting period - The company's parent company is Yongtong Holding Group Co., Ltd., with a shareholding ratio of 29.94%, and the ultimate controlling party is Sun Qingyan[408] Other Related Parties | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Zhejiang Fuchunjiang Communication Group Co., Ltd. | Shareholder, jointly controlled by Sun Qingyan | | Hangzhou Fuyang Yongtong Property Management Co., Ltd. | Controlled by Fuchunjiang Communication Group | | Zhejiang Fuchunjiang Energy Technology Co., Ltd. | Controlled by Fuchunjiang Communication Group | | Nantong Chang'an Energy Co., Ltd. | Controlled by Fuchun Environmental | Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Zhejiang Fuchunjiang Energy Technology Co., Ltd. | Electricity Fee | 5,614,258.76 | | Borui Energy (Nanchang) Co., Ltd. | Purchase of Goods | 1,511,404.26 | | Nantong Chang'an Energy Co., Ltd. | Sale of Goods | 238,938.05 | Key Management Personnel Compensation | Item | Current Period Amount (million yuan) | | :--- | :--- | | Key Management Personnel Compensation | 3.59 | Other Significant Matters This section explains why the company does not disclose segment information, as its main business is managed and evaluated as a whole Segment Information The company's main business, involving the production and sale of cables, wires, and civil wires, is managed and evaluated as a single entity, thus segment information is not required - The company's main business involves the production and sale of cables, wires, civil wires, and other products, which are managed and evaluated as a whole[422] - Therefore, the company is not required to disclose segment information[422] Notes to Major Items in Parent Company Financial Statements This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, reflecting the parent company's financial position and operating results - The parent company's period-end book balance of accounts receivable is 3.735 billion yuan, with bad debt provisions of 236 million yuan[426][427] - The parent company's period-end book balance of other receivables is 633 million yuan, mainly intercompany balances with consolidated entities[435][437] - The parent company's period-end book value of long-term equity investments is 1.948 billion yuan, primarily investments in subsidiaries[450] - The parent company's operating revenue for the current period was 3.667 billion yuan, and operating cost was 3.210 billion yuan[454] - The parent company's investment income for the current period was -25.14 million yuan, mainly affected by the disposal of financial instruments (bill discount interest)[458] Supplementary Information This section provides a detailed statement of non-recurring gains and losses, as well as supplementary financial information such as return on net assets and earnings per share, further detailing the company's financial performance Details of Non-Recurring Gains and Losses for the Current Period Total non-recurring gains and losses for the current period amounted to 7.92 million yuan, primarily including government grants and other non-operating income and expenses, after deducting income tax and minority interest impacts Details of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -343,483.59 | | Government grants recognized in current profit and loss | 6,884,632.28 | | Other non-operating income and expenses apart from the above | 3,384,631.26 | | Less: Income tax impact | 1,683,482.78 | | Minority interest impact (after tax) | 318,943.48 | | Total | 7,923,353.69 | Return on Net Assets and Earnings Per Share For the current period, the weighted average return on net assets attributable to common shareholders was 1.25%, and basic earnings per share was 0.05 yuan; after deducting non-recurring gains and losses, these figures were 0.99% and 0.04 yuan, respectively Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 1.25 | 0.05 | 0.05 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.99 | 0.04 | 0.04 |