尤夫股份(002427) - 2025 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions Important Notices The company's management guarantees the report's authenticity and accuracy, and confirms no dividend distribution plan for the period - The Board of Directors, Board of Supervisors, and senior management guarantee that the content of this semi-annual report is true, accurate, and complete, free from false records, misleading statements, or major omissions, and they assume individual and joint legal liability[4] - The company's person in charge Guo Hui, chief accounting officer Cai Wei, and head of the accounting department Ji Yuanjiao declare their guarantee of the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4] Table of Contents The report's table of contents clearly lists nine main sections, providing a comprehensive information guide for investors - The report includes nine main sections, from important notices to the financial report, with a clear structure[6] Reference Documents Directory Reference documents include signed financial statements, the original semi-annual report, and all publicly disclosed documents - Reference documents include financial statements signed and sealed, the original semi-annual report, and original copies of documents disclosed through designated media[8][9][10] Definitions This section defines commonly used terms, including company abbreviations, subsidiaries, related parties, and the reporting period - The reporting period refers to January 1, 2025, to June 30, 2025[11] - The company's main subsidiaries include Zhejiang Unifull Technology Industrial Co, Ltd, Huzhou Unifull Industrial Fiber Co, Ltd, and Hong Kong Universe Limited[11] - Key related parties include Gongqingcheng Shengbang Kaimi Investment Partnership (Limited Partnership) and Shaanxi Coal and Chemical Industry Group Co, Ltd[11] Company Profile and Key Financial Indicators I. Company Profile Zhejiang Unifull High-tech Fiber Co, Ltd (stock code: 002427) is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Unifull Share | | Stock Code | 002427 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 浙江尤夫高新纤维股份有限公司 | | Legal Representative | Guo Hui | II. Contacts and Contact Information Huo Xianhui serves as both the Secretary of the Board of Directors and the Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Secretary of the Board | Huo Xianhui | Hefu Town Industrial Park, Huzhou City, Zhejiang Province | 0572-3961786 | 0572-3961786 | huoxianhui@unifull.com | | Securities Affairs Representative | Huo Xianhui | Hefu Town Industrial Park, Huzhou City, Zhejiang Province | 0572-3961786 | 0572-3961786 | huoxianhui@unifull.com | III. Other Information The company's contact information and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - The locations for information disclosure and document availability remained unchanged during the reporting period[16] IV. Key Accounting Data and Financial Indicators The company's revenue grew by 1.95%, achieving a turnaround to profitability, while cash flow from operations declined Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,165,635,370.60 | 1,143,375,374.66 | 1.95% | | Net Profit Attributable to Shareholders | 11,906,297.46 | -39,210,266.81 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 9,584,710.53 | -39,822,434.16 | N/A | | Net Cash Flow from Operating Activities | -110,564,749.71 | -61,399,290.38 | -80.07% | | Basic Earnings Per Share | 0.0121 | -0.0398 | N/A | | Diluted Earnings Per Share | 0.0121 | -0.0398 | N/A | | Weighted Average Return on Equity | 1.25% | -4.19% | 5.44% | | End of Current Period vs End of Prior Year | | | | | Total Assets | 2,491,415,573.18 | 2,490,199,984.74 | 0.05% | | Net Assets Attributable to Shareholders | 940,532,711.93 | 928,626,414.47 | 1.28% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards The company reports no differences in accounting data under domestic versus foreign accounting standards - The company has no differences in accounting data under domestic and foreign accounting standards for the reporting period[19][20] VI. Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss for the period totaled CNY 2.32 million, mainly from asset disposals and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 395,444.56 | | Government Grants Recognized in Current Profit or Loss | 1,407,576.31 | | Other Non-operating Income and Expenses | 516,174.64 | | Minority Interest Impact (After Tax) | -2,391.42 | | Total | 2,321,586.93 | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any items listed in the "Explanatory Announcement No 1 on Information Disclosure for Companies Offering Securities to the Public — Non-recurring Profit and Loss" as recurring items[23] Management's Discussion and Analysis I. Principal Business Activities during the Reporting Period The company's main business is the production and sale of polyester industrial yarn for various industrial applications - The company's main business is the production and sale of polyester industrial yarn, including products like dipped hard/soft cords, hose yarns, tire cord fabric, special engineering canvas, and ceiling films[28] - Polyester industrial yarn is widely used in industrial textiles such as tire cord fabric, conveyor belt canvas, automotive seat belts, and lifting slings, covering sectors like agriculture, industry, transportation, and construction[28] - The company's products are upstream raw materials with strong technical specialization, primarily sold through a direct sales model to domestic and international clients, establishing a good reputation and brand effect[30] II. Core Competitiveness Analysis The company's core competitiveness lies in its technology, complete industry chain, R&D innovation, and production scale - The company utilizes melt direct spinning technology, which significantly reduces energy consumption, improves spinning efficiency, and ensures product quality stability, creating a technological and cost advantage[31] - With the commissioning of its polymerization unit and products from its subsidiary Unifull Technology, the company has formed a complete industry chain from polymerization to industrial yarn and industrial textiles, enhancing its risk resilience and profitability[32] - The company operates multiple R&D platforms, including a provincial-level enterprise research institute, and collaborates with renowned universities and industry leaders, holding 31 invention patents and 105 utility model patents[33][34][35] - The company's polyester industrial yarn production capacity is among the top in the global industry, with a wide range of product types and specifications that enable differentiated services and cost reduction[36] - The company has established a unique corporate culture with a clear vision, a well-defined development strategy, and strong organizational execution, enhancing risk control through standardized management[37] III. Analysis of Main Business Operations Revenue slightly increased while operating costs decreased, but a sharp rise in sales expenses impacted overall performance YoY Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,165,635,370.60 | 1,143,375,374.66 | 1.95% | | | Operating Costs | 1,040,477,535.80 | 1,079,142,641.45 | -3.58% | | | Selling Expenses | 10,483,191.20 | 6,522,643.66 | 60.72% | Mainly due to an increase in sales costs this period | | Administrative Expenses | 33,141,720.42 | 28,758,240.48 | 15.24% | | | Financial Expenses | 12,380,278.03 | 11,481,798.66 | 7.83% | | | Income Tax Expense | 266,142.43 | -176,383.34 | N/A | Mainly due to positive profit before tax this period | | R&D Investment | 47,742,615.29 | 50,960,291.58 | -6.31% | | | Net Cash Flow from Operating Activities | -110,564,749.71 | -61,399,290.38 | -80.07% | Mainly due to a decrease in cash collections this period | | Net Cash Flow from Investing Activities | -18,697,178.91 | -49,020,233.01 | 61.86% | Mainly due to a decrease in payments for equipment projects this period | | Net Cash Flow from Financing Activities | 179,498,578.01 | 128,285,167.74 | 39.92% | Mainly due to an increase in financing compared to the prior period | | Net Increase in Cash and Cash Equivalents | 52,687,147.11 | 21,092,597.74 | 149.79% | Mainly due to an increase in financing compared to the prior period | Operating Revenue Composition (by Product) | Product Category | Current Period Amount (CNY) | % of Operating Revenue | Prior Year Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Polyester Industrial Yarn | 866,801,240.16 | 74.36% | 869,763,523.77 | 76.07% | -0.34% | | Special Textiles | 201,040,877.98 | 17.25% | 190,911,894.14 | 16.70% | 5.31% | | Cord Products | 53,937,611.90 | 4.63% | 45,990,106.18 | 4.02% | 17.28% | | Ceiling Film Products | 30,257,287.68 | 2.60% | 30,787,557.48 | 2.69% | -1.72% | | Others | 13,598,352.88 | 1.17% | 5,922,293.09 | 0.52% | 129.61% | Gross Margin Changes by Industry, Product, and Region | Category | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Margin | YoY Change in Revenue | YoY Change in Costs | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Chemical Fiber Manufacturing | 1,165,635,370.60 | 1,040,477,535.80 | 10.74% | 1.95% | -3.58% | 5.12% | | By Product | | | | | | | | Polyester Industrial Yarn | 866,801,240.16 | 781,129,153.46 | 9.88% | -0.34% | -8.02% | 7.52% | | Special Textiles | 201,040,877.98 | 169,549,595.46 | 15.66% | 5.31% | 6.02% | -0.58% | | By Region | | | | | | | | Domestic Sales | 745,307,519.79 | 671,657,315.85 | 9.88% | 1.73% | -5.62% | 7.01% | | Export Sales | 406,729,497.93 | 355,986,313.79 | 12.48% | -0.97% | -3.14% | 1.96% | IV. Analysis of Non-core Business The company had no non-core business activities during the reporting period - The company had no non-core business activities during the reporting period[44] V. Analysis of Assets and Liabilities Total assets and net assets saw slight growth, while contract liabilities decreased due to reduced advance payments Significant Changes in Asset Composition (End of Current Period vs End of Prior Year) | Item | End of Current Period Amount (CNY) | % of Total Assets | End of Prior Year Amount (CNY) | % of Total Assets | Change in Proportion | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 386,104,388.99 | 15.50% | 351,916,669.43 | 14.13% | 1.37% | | | Accounts Receivable | 258,148,458.79 | 10.36% | 259,675,388.66 | 10.43% | -0.07% | | | Inventory | 257,291,016.96 | 10.33% | 272,353,172.65 | 10.94% | -0.61% | | | Fixed Assets | 664,851,160.71 | 26.69% | 708,048,684.24 | 28.43% | -1.74% | | | Construction in Progress | 199,526,972.99 | 8.01% | 212,930,395.05 | 8.55% | -0.54% | | | Short-term Borrowings | 418,277,617.73 | 16.79% | 383,385,170.52 | 15.40% | 1.39% | | | Contract Liabilities | 63,122,974.59 | 2.53% | 94,866,280.44 | 3.81% | -1.28% | Mainly due to a decrease in advance payments received | | Long-term Borrowings | 404,491,533.75 | 16.24% | 384,491,534.75 | 15.44% | 0.80% | | Major Overseas Assets | Asset Description | Asset Size (CNY) | Location | Operating Model | Net Profit for the Period (CNY) | Overseas Assets as % of Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Universe Limited | 16,474,569.31 | Hong Kong | Foreign Trade | -13,010.68 | 1.75% | | UNIFULL AMERICA INC | 56,393,386.54 | USA | Foreign Trade | 1,181,428.75 | 6.00% | | Unifull Europe GmbH | 33,152.17 | Germany | Foreign Trade | -70,641.34 | 0.00% | - The company had no assets or liabilities measured at fair value at the end of the reporting period[48] - For details on restricted assets as of the end of the reporting period, please refer to Note 31 of the consolidated financial statements in Section VII of the financial report[48] VI. Investment Analysis Total investment significantly decreased, with ongoing non-equity investments in production line upgrades not yet completed Investment Amount for the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment in the reporting period | 22,721,161.60 | | Investment in the same period last year | 120,117,823.47 | | Change | -81.08% | - The company did not acquire any significant equity investments during the reporting period[50] Significant Ongoing Non-Equity Investments during the Reporting Period | Project Name | Investment Method | Industry | Investment this Period (CNY) | Cumulative Investment (CNY) | Project Progress | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Green and Intelligent Production Upgrade Project for 29,000 tons/year of New Rubber Skeleton Materials | Self-construction | Textile | 19,386,661.60 | 239,659,715.90 | Incomplete | Own Funds + Financial Lease | | Green and Intelligent Production Construction Project for 1,600 tons/year of Ultra-High Molecular Weight Polyethylene Fiber New Materials | Self-construction | Textile | 0.00 | 671,000,000.00 | Incomplete | Own Funds | | Green and Intelligent Production Upgrade Project for 20,000 tons/year of High-Performance, High-Modulus, Low-Shrinkage Polyester Industrial Yarn Twisted Cord Fabric | Self-construction | Textile | 3,334,500.00 | 14,528,700.00 | Incomplete | Own Funds | | Total | | | 22,721,161.60 | 312,202,100.00 | | | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[54][55][56] VII. Sale of Major Assets and Equity The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[57] - The company did not sell any major equity during the reporting period[58] VIII. Analysis of Major Holding and Participating Companies The main subsidiaries are Zhejiang Unifull Technology and Huzhou Unifull Industrial Fiber, with mixed financial results Financials of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY 10k) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Unifull Technology Industrial Co, Ltd | Subsidiary | Engineering cord fabric, canvas, etc | 16,020.33 | 1,524,910,357.09 | 257,299,950.12 | 276,293,541.50 | 8,333,274.88 | 8,310,947.81 | | Huzhou Unifull Industrial Fiber Co, Ltd | Subsidiary | Production and processing of polyester industrial filament | 6,000.00 | 2,086,337,785.94 | 50,020,720.13 | 127,455,582.58 | -3,118,186.85 | -3,140,924.48 | - The company did not acquire or dispose of any subsidiaries during the reporting period[59] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[60] X. Risks and Countermeasures The company faces risks from market competition, raw material prices, and trade friction, which it addresses through innovation and strategic management - The company faces market competition risk from capacity expansion, which it addresses by improving technology, optimizing product structure, strengthening brand building, and pursuing a "differentiated, functional" development path[60][61] - Price volatility of raw materials PTA and MEG significantly impacts costs; the company mitigates this risk through strict inventory management and developing high-margin, high-value-added products[61] - The company faces foreign exchange risk as exports are settled in USD, which is managed by monitoring forex markets, using processing trade, and locking in exchange rates, while also improving product pricing and bargaining power[61] - The company faces a growing demand for high-end talent and will mitigate the risk of talent loss through incentive programs, strengthening corporate culture, and broadening career prospects[62] - The company faces environmental risks from stricter national energy-saving and emission reduction standards and has implemented an "ultra-low emission and energy-saving transformation" project, including new natural gas boilers and distributed photovoltaic power stations[62] - The company's exports face risks from EU anti-dumping measures and US-China trade friction, and it will adjust its sales strategies in a timely manner to reduce the impact[63] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[64] - The company has not disclosed a valuation enhancement plan[64] XII. Implementation of the "Dual Enhancement of Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[64] Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, Mao Xiaopang was elected as the employee representative supervisor, replacing the departing Ding Zhongbing Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Mao Xiaopang | Employee Representative Supervisor | Elected | 2025-01-17 | Work transfer | | Ding Zhongbing | Former Employee Representative Supervisor | Resigned | 2025-01-17 | Personal reasons | II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[67] III. 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 during the period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[68] IV. Environmental Information Disclosure The company and its main subsidiary are listed for mandatory environmental information disclosure and have published relevant information - Zhejiang Unifull High-tech Fiber Co, Ltd has been included in the list of enterprises required to disclose environmental information by law[69] - The company's environmental information disclosure report can be found on the website of the Zhejiang Provincial Department of Ecology and Environment[69] V. Social Responsibility The company has not yet engaged in poverty alleviation or rural revitalization efforts and has no related plans - During the reporting period, the company has not undertaken any poverty alleviation or rural revitalization work, and there are no subsequent plans[70] Significant Matters I. Commitments Fulfilled or Overdue by Controlling Shareholders, Related Parties, and the Company Commitments regarding operational independence and related-party transactions are being fulfilled, while one performance compensation commitment remains overdue - Commitments made by Shaanxi Coal and Chemical Industry Group and Gongqingcheng Shengbang Kaimi Investment Partnership regarding business, asset, financial, personnel, and institutional independence, as well as avoiding competition and regulating related-party transactions, are being duly fulfilled[72][73][74][75][76] - Commitments by Shandong Aerospace Yunfan Capital Management on personnel, asset, financial, institutional, and business independence remain valid and are being fulfilled[76][77][78][79] - The commitment by former actual controller Yan Jingang and his related parties to compensate for economic losses caused to the company for personal reasons is being fulfilled[80][81][82][83][84][85][86][87] - Zhou Fazhang's performance compensation commitment is overdue; the compensation amount has been established as a trust plan to repay creditors under the bankruptcy reorganization plan[89] - The commitment by Huzhou Youfu Holding Co, Ltd to waive voting rights for a portion of its shares is being duly fulfilled[88][89] II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties There were no instances of non-operational fund occupation by controlling shareholders or other related parties - The company reports no non-operational fund occupation by controlling shareholders or other related parties during the reporting period[90] III. 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[91] IV. Appointment and Dismissal of Accounting Firm The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[92] V. Explanation from the Board of Directors and Supervisors on the "Non-standard Audit Report" for this Period As the semi-annual report is unaudited, there is no non-standard audit report - The company's semi-annual report was not audited, so there is no non-standard audit report[93] VI. Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year There is no explanation regarding a "non-standard audit report" from the previous year - There is no explanation from the company regarding a "non-standard audit report" from the previous year[93] VII. Bankruptcy and Reorganization Matters The company did not undergo any bankruptcy or reorganization during the reporting period - The company did not undergo any bankruptcy or reorganization during the reporting period[93] VIII. Litigation Matters The company is involved in a significant lawsuit concerning related-party transactions and other ongoing litigation matters Significant Litigation and Arbitration | Litigation (Arbitration) Details | Amount Involved (CNY 10k) | Provision for Liability | Progress | Trial Outcome and Impact | Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Lawsuit by a subsidiary's shareholder against the company for damages from related-party transactions | 3,528.45 | No | Hearing held | Pending judgment | Pending judgment | Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (CNY 10k) | Provision for Liability | Progress | Trial Outcome and Impact | Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Plaintiff cases (concluded) | 411.44 | No | Concluded | Concluded | Concluded | | Defendant cases (concluded) | 53.77 | No | Concluded | Concluded | Concluded | | Defendant cases (ongoing) | 45.83 | CNY 150k provisioned | In litigation | In litigation | In litigation | | Securities misrepresentation liability dispute filed by 118 retail investors (ongoing) | 1,915.39 | Provisioned | Hearing pending | To be executed per the company's Reorganization Plan; funds have been set aside, and a provision for remaining debt is recorded | Executed through the company's reorganization plan | IX. Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[96] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The integrity status of the company, its controlling shareholder, and actual controller is good - There are no integrity issues concerning the company, its controlling shareholder, or actual controller to report for the period[97] XI. Major Related-Party Transactions The company had no major related-party transactions but has outstanding non-operational debts with related parties from its reorganization - The company had no related-party transactions related to daily operations during the reporting period[97] - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[98] - The company had no joint external investments with related parties during the reporting period[99] Related-Party Debts and Credits | Related Party | Relationship | Reason for Formation | Non-operational Fund Occupation | Opening Balance (CNY 10k) | Closing Balance (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables from Related Parties | | | | | | | Huzhou Youfu Holding Co, Ltd | Shareholder | Arose from the 2022 reorganization plan | Yes | 5,443.28 | 5,443.28 | | Payables to Related Parties | | | | | | | Shanghai Yaokuo Enterprise Management Center (LP) | Shareholder | Arose from the 2022 reorganization plan | | 1,744.4 | 1,744.4 | - The company has no deposits, loans, credit lines, or other financial business with related financial companies[101][102] - The company had no other major related-party transactions during the reporting period[103] XII. Major Contracts and Their Performance The company has no托管 or contracting arrangements but is engaged in financial leasing and provides guarantees for its subsidiaries - The company had no托管 (custodianship) arrangements during the reporting period[104] - The company had no contracting arrangements during the reporting period[105] - The company entered into a financial lease contract with Shanxi Financial Leasing Co, Ltd for machinery and equipment under its new material production project, with a principal of CNY 60,673,000.00 and a 24-month term[106] - The company entered into a sale-and-leaseback contract with Changjiang United Financial Leasing Co, Ltd for a 75t circulating fluidized bed boiler, with a principal of CNY 50,000,000.00 and a 24-month term[106] Guarantees Provided to Subsidiaries | Guaranteed Party | Guarantee Limit (CNY 10k) | Approved Guarantee Limit for Subsidiaries (B1) | Actual Guarantee Amount for Subsidiaries (B2) | Total Approved Guarantee Limit for Subsidiaries at Period End (B3) | Actual Guarantee Balance for Subsidiaries at Period End (B4) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Unifull Technology Industrial Co, Ltd | 30,000 | | | | | | Huzhou Unifull Industrial Fiber Co, Ltd | 30,000 | | | | | | Total | | 60,000 | 0 | 60,000 | 0 | - The company had no entrusted wealth management during the reporting period[110] - The company had no other major contracts during the reporting period[111] XIII. Other Significant Matters There were no other significant matters to be disclosed for the reporting period - There were no other significant matters to be disclosed for the reporting period[112] XIV. Significant Matters of Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[113] Changes in Share Capital and Shareholders I. Changes in Share Capital The total share capital remained unchanged, with a minor shift from unrestricted to restricted shares due to a change in supervisors Changes in Share Capital | Item | Pre-change Quantity (Shares) | Pre-change Ratio | Change (+, -) (Shares) | Post-change Quantity (Shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 675,916.00 | 0.16% | 51,375.00 | 727,291.00 | 0.07% | | Of which: Domestic individual holdings | 675,916.00 | 0.16% | 51,375.00 | 727,291.00 | 0.07% | | II. Unrestricted Shares | 984,756,861.00 | 99.84% | -51,375.00 | 984,705,486.00 | 99.93% | | Of which: RMB ordinary shares | 984,756,861.00 | 99.84% | -51,375.00 | 984,705,486.00 | 99.93% | | III. Total Shares | 985,432,777.00 | 100.00% | 0.00 | 985,432,777.00 | 100.00% | - The change in restricted shares was primarily due to a change in the employee representative supervisor[117] Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (Shares) | Increase in Restricted Shares (Shares) | Closing Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Guo Hui | 69,750 | 0 | 69,750 | Director/Supervisor/Senior Management Lock-up | | Wang Guoxing | 240,375 | 0 | 240,375 | Director/Supervisor/Senior Management Lock-up | | Cai Wei | 44,700 | 0 | 44,700 | Director/Supervisor/Senior Management Lock-up | | Wang Feng | 161,250 | 0 | 161,250 | Director/Supervisor/Senior Management Lock-up | | Meng Xianggong | 159,841 | 0 | 159,841 | Director/Supervisor/Senior Management Lock-up | | Mao Xiaopang | 0 | 51,375 | 51,375 | Director/Supervisor/Senior Management Lock-up | | Total | 675,916 | 51,375 | 727,291 | | II. Securities Issuance and Listing The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[120] III. Number of Shareholders and Shareholding Status The company had 85,532 shareholders, with the largest holding 25%, and several major shareholders' shares are pledged or frozen - The total number of ordinary shareholders at the end of the reporting period was 85,532[121] Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (Shares) | Unrestricted Shares Held (Shares) | Share Status | Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shengbang Private Equity - Gongqingcheng Shengbang Kaimi Investment (LP) | Other | 25.00% | 246,358,194 | 246,358,194 | N/A | 0 | | Huzhou Youfu Holding Co, Ltd | Domestic Non-state-owned Corp | 12.35% | 121,717,682 | 121,717,682 | Pledged | 121,715,000 | | | | | | | Frozen | 121,717,682 | | Shanghai Yaokuo Enterprise Management Center (LP) | Domestic Non-state-owned Corp | 7.61% | 75,030,285 | 75,030,285 | Pledged | 75,030,285 | | | | | | | Frozen | 75,030,285 | | Zhejiang Unifull High-tech Fiber Co, Ltd Bankruptcy Enterprise Property Disposal Account | Other | 6.12% | 60,312,778 | 60,312,778 | N/A | 0 | | Hong Kong Jiayuan Co, Ltd | Foreign Corp | 3.88% | 38,267,570 | 38,267,570 | Pledged | 30,613,000 | - Huaxin International Trust, Huaxin Trust · Xinhui No 2 Fund, Shanghai Yaokuo Enterprise Management Center, Zhongrong International Trust - Zhengying No 130 Fund, and AVIC Trust - Tianshun [2019] No 22 Shanghai Yaokuo Investment Single Fund Trust are parties acting in concert[122][123] - Shanghai Yaokuo has committed to waiving shareholder rights such as proposal, meeting convocation, and voting rights for half of its shares in the company[123] - Huzhou Youfu Holding Co, Ltd has committed to waiving voting rights for a portion of its shares[123] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[125] V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[126] - The company's actual controller did not change during the reporting period[126] VI. Information on Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[127] Bond-related Matters Bond-related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[129] Financial Report I. Audit Report The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[131] II. Financial Statements This section presents the company's semi-annual financial statements, showing total assets of CNY 2.49 billion and a net profit of CNY 11.90 million Key Data from Consolidated Balance Sheet (Closing Balance) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 2,491,415,573.18 | | Total Liabilities | 1,550,745,889.11 | | Total Equity Attributable to Parent Company | 940,532,711.93 | | Total Equity | 940,669,684.07 | Key Data from Parent Company Balance Sheet (Closing Balance) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 4,210,682,126.35 | | Total Liabilities | 3,267,110,965.24 | | Total Equity | 943,571,161.11 | Key Data from Consolidated Income Statement (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 1,165,635,370.60 | | Operating Profit | 11,674,358.64 | | Total Profit | 12,190,533.28 | | Net Profit | 11,924,390.85 | | Net Profit Attributable to Parent Company Shareholders | 11,906,297.46 | Key Data from Parent Company Income Statement (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Operating Revenue | 1,074,253,656.84 | | Operating Profit | 6,516,242.34 | | Total Profit | 6,982,883.89 | | Net Profit | 7,112,926.21 | Key Data from Consolidated Cash Flow Statement (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -110,564,749.71 | | Net Cash Flow from Investing Activities | -18,697,178.91 | | Net Cash Flow from Financing Activities | 179,498,578.01 | | Net Increase in Cash and Cash Equivalents | 52,687,147.11 | Key Data from Parent Company Cash Flow Statement (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -59,809,857.51 | | Net Cash Flow from Investing Activities | -17,568,173.23 | | Net Cash Flow from Financing Activities | 75,714,338.22 | | Net Increase in Cash and Cash Equivalents | -8,597.59 | III. Company Basic Information Zhejiang Unifull High-tech Fiber Co, Ltd (002427) completed a bankruptcy reorganization in 2022, resulting in a new controlling shareholder and actual controller - The company's stock was listed on the Shenzhen Stock Exchange on June 8, 2010, with the stock code 002427[165] - The company's business scope includes the production and sale of differentiated FDY polyester fibers, special industrial fabrics, polyester threads and tapes, and ceiling films, as well as the sale of PTA and ethylene glycol[167] - The company executed a reorganization plan in 2022, increasing its total share capital from 437,970,123 shares to 985,432,777 shares[169] - After the reorganization, the controlling shareholder became Gongqingcheng Shengbang Kaimi Investment Partnership (LP), and the actual controller became Shaanxi Coal and Chemical Industry Group Co, Ltd[170] - The company's consolidated financial statements include 11 subsidiaries, with no change in the scope of consolidation this year[170] IV. Basis of Preparation for Financial Statements The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The company's financial statements are prepared on a going concern basis, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant disclosure regulations from the China Securities Regulatory Commission[172] - The company has assessed its ability to continue as a going concern for the next 12 months from the end of the reporting period and has not identified any significant uncertainties[173] V. Significant Accounting Policies and Estimates This section details the key accounting policies and estimates used, covering areas like business combinations, financial instruments, revenue recognition, and asset impairment 1. Statement of Compliance with Enterprise Accounting Standards The financial statements comply with Enterprise Accounting Standards, providing a true and fair view of the company's financial position and performance - The financial statements prepared by the company comply with the requirements of the Enterprise Accounting Standards, and truly and completely reflect the company's financial position, operating results, and cash flows for the reporting period[177] 2. Accounting Period The company's accounting year runs from January 1 to December 31 - An accounting year is from January 1 to December 31 of the Gregorian calendar[178] 3. Operating Cycle The company uses a 12-month operating cycle to classify current and non-current assets and liabilities - The company uses a 12-month period as its operating cycle and as the basis for classifying the liquidity of its assets and liabilities[179] 4. Functional Currency The company and its domestic subsidiaries use the Renminbi (RMB) as their functional and reporting currency - The Renminbi (RMB) is the currency of the primary economic environment in which the company and its domestic subsidiaries operate, and it is used as their functional currency[180] 5. Materiality Standard Determination Method and Basis The company defines materiality based on specific financial metrics and thresholds for items like bad debt provisions and construction projects Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually assessed bad debt provision for receivables | Full disclosure | | Significant recovery or reversal of bad debt provision for receivables | Individual recovery/reversal is >10% of total receivables and >CNY 5 million | | Significant write-off of receivables | Individual write-off is >10% of total receivables and >CNY 5 million | | Significant construction in progress | Project budget >1% of latest audited total assets, or >CNY 10 million | | Significant non-wholly-owned subsidiary | Subsidiary's net assets >5% of consolidated net assets, or minority interest >1% of consolidated net assets | | Significant joint venture or associate | Investment book value >5% of consolidated net assets, or equity-method investment income >10% of consolidated net profit | 6. Accounting for Business Combinations Under and Not Under Common Control Business combinations are accounted for based on whether they are under common control, affecting the measurement of assets, liabilities, and goodwill - For business combinations under common control, the company measures acquired assets and liabilities at their carrying amounts in the ultimate controlling party's consolidated financial statements[183] - For business combinations not under common control, the company measures the assets given, liabilities incurred, or assumed as consideration at their fair values on the acquisition date[185] - The excess of the cost of combination over the fair value of the acquiree's identifiable net assets is recognized as goodwill, while a deficit is recognized in current profit or loss[185] 7. Control Criteria and Method for Preparing Consolidated Financial Statements Control is determined by power, exposure to variable returns, and the ability to affect those returns, with all subsidiaries included in consolidation - The criterion for control is that an investor has power over the investee, is exposed to variable returns from its involvement, and has the ability to use its power to affect its returns[187] - The scope of the company's consolidated financial statements is determined based on control, and all subsidiaries are included[188] - In preparing the consolidated financial statements, the effects of intercompany transactions between the company and its subsidiaries, and among subsidiaries, are eliminated[190] 8. Classification of Joint Arrangements and Accounting for Joint Operations Joint arrangements are classified as joint operations or joint ventures, with the company recognizing its share of assets, liabilities, revenues, and expenses for joint operations - The company classifies joint arrangements as either joint operations or joint ventures, based on the structure, legal form, and contractual terms of the arrangement[195] - For a joint operation, the company recognizes the assets it holds and liabilities it incurs individually, as well as its share of any assets held and liabilities incurred jointly[196][200] - The company recognizes its share of the revenue from the sale of the output by the joint operation and its share of the expenses incurred[200] 9. Definition of Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits, and short-term, highly liquid investments - The company's cash and cash equivalents include cash on hand, deposits that can be readily drawn on demand, and investments that are short-term (typically maturing within three months from the date of acquisition), highly liquid, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value[198] 10. Foreign Currency Transactions and Translation of Foreign Currency Financial Statements Foreign currency transactions are translated at the spot rate, with exchange differences on monetary items recognized in profit or loss - Foreign currency transactions are initially recognized by translating the foreign currency amount into RMB at the spot exchange rate on the transaction date[199] - At the balance sheet date, foreign currency monetary items are translated at the spot exchange rate, with exchange differences recognized in current profit or loss[199] - When translating foreign currency financial statements, assets and liabilities are translated at the closing rate, income and expenses at the transaction date rate, and translation differences are recognized in other comprehensive income[201] 11. Financial Instruments Financial assets are classified based on business models and cash flow characteristics, with impairment assessed using an expected credit loss model - The company classifies financial assets into three categories: financial assets at amortized cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss[202] - At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, other financial liabilities, or derivatives designated as effective hedging instruments[208] - The company accounts for impairment and recognizes a loss allowance for financial assets measured at amortized cost based on expected credit losses (ECL)[216] - The assessment of a significant increase in credit risk considers factors such as the debtor's operating results, regulatory environment, collateral value, and repayment behavior[219] - Evidence of a credit-impaired financial asset includes the issuer's financial difficulties, default by the debtor, concessions made by the creditor, or the debtor's bankruptcy[220] - The determination of expected credit losses is based on individual and collective assessments, considering reasonable and supportable information about past events, current conditions, and forecasts of future economic conditions[221][222][223] 12. Notes Receivable The company measures the loss allowance for notes receivable at an amount equal to lifetime expected credit losses - The company measures the loss allowance for notes receivable at an amount equal to lifetime expected credit losses[224] Provision Method for Notes Receivable Portfolios | Item | Basis for Portfolio | Provision Method | | :--- | :--- | :--- | | Bankers' Acceptance Bills | Acceptors are banks with low credit risk | ECL is calculated based on default risk exposure and lifetime ECL rate, considering historical experience, current conditions, and future forecasts | | Trade Acceptance Bills | Acceptors are enterprises with higher credit risk | ECL is calculated based on default risk exposure and lifetime ECL rate, considering historical experience, current conditions, and future forecasts | | Letters of Credit | Similar to bankers' acceptance bills | ECL is calculated based on default risk exposure and lifetime ECL rate, considering historical experience, current conditions, and future forecasts | 13. Accounts Receivable The loss allowance for accounts receivable is measured based on lifetime expected credit losses, using an aging analysis for most receivables - The company measures the loss allowance for accounts receivable based on lifetime expected credit losses[225] Provision Method for Accounts Receivable Portfolios | Portfolio Item | Basis for Portfolio | Provision Method | | :--- | :--- | :--- | | Portfolio 1: Aging Portfolio | Receivables with similar aging have similar credit risk characteristics | ECL is calculated using an aging vs lifetime ECL rate table, based on historical experience, current conditions, and future forecasts | | Portfolio 2: Intra-group Related Party Portfolio | Recoverability of amounts due from consolidated related parties is controllable, thus having similar credit risk | Based on historical experience and forecasts, the ECL rate for this portfolio is 0% | 14. Receivables Financing Notes and accounts receivable classified at FVOCI are presented as receivables financing if maturing within one year - Notes and accounts receivable classified as at fair value through other comprehensive income (FVOCI) are presented as receivables financing if their maturity is within one year from the initial recognition date; otherwise, they are presented as other debt investments[226] - The method for determining and accounting for expected credit losses on receivables financing is detailed in Note (XI) 6, Financial Instrument Impairment[226] 15. Other Receivables Impairment for other receivables is measured based on 12-month or lifetime expected credit losses, depending on credit risk changes - The company measures the impairment loss for other receivables based on either 12-month expected credit losses or lifetime expected credit losses, depending on whether the credit risk has increased significantly since initial recognition[227] Provision Method for Other Receivables Portfolios | Portfolio Item | Basis for Portfolio | Provision Method | | :--- | :--- | :--- | | Portfolio 1: Aging Portfolio | Advances, deposits, etc, arising from daily activities | ECL is calculated based on default risk exposure and the 12-month or lifetime ECL rate, considering historical experience and forecasts | | Portfolio 2: Intra-group Related Party Portfolio | Recoverability of amounts due from consolidated related parties is controllable | ECL is calculated based on default risk exposure and the 12-month or lifetime ECL rate, considering historical experience and forecasts | | Portfolio 3: Export Tax Rebate Portfolio | Receivables for export tax rebates | ECL is calculated based on default risk exposure and the 12-month or lifetime ECL rate, considering historical experience and forecasts | | Portfolio 4: Bailout Fund and Related Commitments Portfolio | Receivables from bailout funds and related commitments have similar credit risk | ECL is calculated based on default risk exposure and the 12-month or lifetime ECL rate, considering historical experience and forecasts | 16. Contract Assets Rights to consideration for performance obligations that are not unconditional are recognized as contract assets - The company recognizes a contract asset for its right to consideration in exchange for goods or services that it has transferred to a customer when that right is conditioned on something other than the passage of time[230] - The determination and accounting for expected credit losses on contract assets are detailed in Note (XI) 6, Financial Instrument Impairment[231] 17. Inventory Inventories are stated at the lower of cost, determined by the weighted average method, and net realizable value - Inventory mainly includes raw materials, work-in-progress, semi-finished goods, low-value consumables, and finished goods[232] - Inventories are initially measured at actual cost, and the cost of inventories issued is determined using the weighted average method[232] - At the end of the period, inventories are measured at the lower of cost and net realizable value, and a provision for inventory write-down is made or adjusted accordingly[232] - The company uses a perpetual inventory system, and low-value consumables are expensed upon use using the one-off amortization method[234] 18. Assets Held for Sale Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction - The company classifies a non-current asset or disposal group as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use[235] - At initial measurement or remeasurement, if the carrying amount is higher than fair value less costs to sell, the carrying amount is written down to fair value less costs to sell, with the write-down recognized as an impairment loss[236] - Non-current assets or non-current assets within a disposal group classified as held for sale are not depreciated or amortized[236] 19. Debt Investments Expected credit losses for debt investments are calculated based on default risk exposure and the applicable ECL rate - For debt investments, the company calculates expected credit losses based on the nature of the investment, counterparty, and various types of risk exposure, using the default risk exposure and the 12-month or lifetime ECL rate[238] 20. Other Debt Investments Expected credit losses for other debt investments are calculated based on default risk exposure and the applicable ECL rate - For other debt investments, the company calculates expected credit losses based on the nature of the investment, counterparty, and various types of risk exposure, using the default risk exposure and the 12-month or lifetime ECL rate[239] 21. Long-term Receivables This section does not provide specific accounting policies and estimation methods for long-term receivables - This section does not provide specific accounting policies and estimation methods for long-term receivables[240] 22. Long-term Equity Investments Long-term equity investments are accounted for using the cost method for controlled entities and the equity method for associates and joint ventures - The initial investment cost of a long-term equity investment is determined based on the method of acquisition (eg, cash payment, issuance of equity securities, non-monetary asset exchange, debt restructuring)[240] - The company uses the cost method for long-term equity investments where it has control over the investee and the equity method for investments in associates and joint ventures[241] - When the accounting method for a long-term equity investment is changed, adjustments are made based on fair value measurement, or between the equity method and cost method, as applicable[243][244][245] - Upon disposal of a long-term equity investment, the difference between the carrying amount and the actual consideration received is recognized in current profit or loss, with corresponding adjustments for amounts previously recognized in other comprehensive income[245] 23. Investment Property Investment properties are measured using the cost model, with subsequent expenditures capitalized if they meet recognition criteria - Investment property is measured using the cost model and is initially recognized at cost[249] - Subsequent expenditures related to an investment property are capitalized if it is probable that future economic benefits will flow to the company and the cost can be reliably measured[249] - An investment property is derecognized upon disposal or when it is permanently withdrawn from use and no future economic benefits are expected from its disposal[249] 24. Fixed Assets Fixed assets are recognized at cost and depreciated using the straight-line method over their estimated useful lives - Fixed assets are recognized only when it is probable that economic benefits associated with the asset will flow to the company and the cost of the asset can be measured reliably[250] - Fixed assets are initially measured at cost, taking into account the estimated costs of dismantling and removing the item and restoring the site on which it is located[250] Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate (%) | Annual Depreciation Rate (%) | | :---