双箭股份(002381) - 2025 Q2 - 季度财报

Section 1 Important Notice, Table of Contents, and Definitions This section ensures report accuracy, highlights forward-looking statement risks, and defines key terms for consistent understanding Important Notice This section emphasizes management's assurance of report accuracy and completeness, advising investors on forward-looking statement risks - The company's board, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[3] - Company's responsible person Shen Gengliang, chief accountant Zhang Liangquan, and head of accounting department Shen Jiaping declare the financial report is true, accurate, and complete[3] - Forward-looking statements regarding future development plans in this report do not constitute a substantial commitment to investors, who should maintain sufficient risk awareness[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[4] Table of Contents This section lists the nine main chapters of the semi-annual report and their page numbers, providing an overview of the report's structure - The report comprises nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[7] Definitions This section defines common terms, including company names, product types, and the reporting period, ensuring consistent understanding - "Company", "this company", and "Shuangjian Shares" all refer to Zhejiang Shuangjian Rubber Co., Ltd[10] - Conveyor belts are defined as rubber conveyor belts (including PVG solid woven conveyor belts) and PVC solid woven conveyor belts[10] - The reporting period refers to January 1, 2025, to June 30, 2025[10] Section 2 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial performance metrics Company Profile This section provides the company's stock information, legal name, legal representative, and board secretary contacts, confirming no changes - Company stock abbreviation: Shuangjian Shares, stock code: 002381, listed on the Shenzhen Stock Exchange[13] - Company legal representative: Shen Gengliang[13] - Media for disclosing semi-annual reports are Securities Times, China Securities Journal, and Juchao Information Network[16] Key Accounting Data and Financial Indicators This section discloses key financial performance for H1 2025, showing revenue growth but significant declines in net profit and operating cash flow 2025 Semi-Annual Key Financial Data Comparison | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,333,333,855.98 | 1,274,332,876.53 | 4.63% | | Net Profit Attributable to Shareholders of Listed Company | 43,918,773.33 | 109,775,311.33 | -59.99% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 38,521,321.11 | 107,541,477.43 | -64.18% | | Net Cash Flow from Operating Activities | 26,971,966.37 | 53,558,544.27 | -49.64% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.27 | -59.26% | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.25 | -56.00% | | Weighted Average Return on Net Assets | 2.01% | 5.12% | -3.11% | | Comparison of Current Reporting Period End vs. Prior Year End: | | | | | Total Assets (RMB) | 3,749,431,683.77 | 3,796,474,341.56 | -1.24% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 2,136,036,552.91 | 2,173,816,825.93 | -1.74% | Non-Recurring Gains and Losses and Amounts This section lists H1 2025 non-recurring gains and losses, totaling 5.39745222 million RMB, mainly from asset disposal, grants, and fair value changes 2025 Semi-Annual Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 176,769.38 | | Government grants recognized in current profit or loss | 3,895,962.86 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,024,001.28 | | Other non-operating income and expenses | 1,212,155.24 | | Less: Income tax impact | 771,998.91 | | Impact on minority interests (after tax) | 139,437.63 | | Total | 5,397,452.22 | Section 3 Management Discussion and Analysis This section analyzes the company's operations, financial performance, core competencies, and risk management strategies Principal Business Activities During the Reporting Period The company primarily engages in R&D, production, and sales of rubber conveyor belts, operating on a make-to-order model and expanding internationally - The company's main business is the R&D, production, and sales of rubber conveyor belt series products, widely used in power, port, metallurgy, mining, and building materials industries[25] - China has become a global manufacturing hub for the conveyor belt industry, but faces market slowdown, homogeneous low-price competition, and limited product innovation, leading to increasing industry concentration[25] - The company operates on a "make-to-order" model, with operations centered around orders, arranging procurement and production after sales contracts are secured[26] - The company has been ranked first among "China's Top Ten Conveyor Belt Enterprises" for fifteen consecutive years[28] - Performance drivers include increased capacity from convertible bond projects, international market expansion via the "Belt and Road" initiative, stable downstream industry development, demand for long-distance conveyor belts due to environmental requirements, and market opportunities from industrial intelligent upgrades[28][29][30] - The company plans to strengthen technological innovation, enhance product quality, improve production efficiency through intelligent upgrades, develop energy-saving and environmentally friendly products, and focus on brand building[31] Analysis of Core Competencies Core competencies include market leadership, continuous technological innovation, comprehensive product structure, efficient management, and strong brand influence - The company has been ranked first among "China's Top Ten Conveyor Belt Enterprises" for fifteen consecutive years and plans to continue expanding capacity to enhance economies of scale and market share[32][33] - The company continuously increases R&D investment, achieving numerous patents in rubber conveyor belts and earning qualifications such as a national postdoctoral research workstation and national high-tech enterprise[33] - The company has established a comprehensive product system covering ordinary to high-end conveyor belts and can provide one-stop integrated solutions for conveying systems[34] - The company was among the first in the industry to pass multiple management system certifications, including ISO9001, ISO14001, ISO45001, and ISO50001, forming a systematic and standardized comprehensive management platform[34] - The company's products have been awarded "China Famous Brand Product" and "China Well-known Trademark", and it has received titles such as "Manufacturing Single Champion Demonstration Enterprise" and "National Green Factory", continuously enhancing brand influence and overall competitiveness[35] Analysis of Principal Business Operating revenue increased by 4.63%, but rising costs led to a gross profit margin decline, while financial expenses surged and operating cash flow decreased Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,333,333,855.98 | 1,274,332,876.53 | 4.63% | | | Operating Cost | 1,122,928,239.01 | 1,025,066,761.43 | 9.55% | | | Selling Expenses | 37,545,929.44 | 43,133,964.52 | -12.96% | | | Administrative Expenses | 47,005,954.82 | 51,976,310.12 | -9.56% | | | Financial Expenses | 7,302,214.71 | 1,598,306.64 | 356.87% | Primarily due to a decrease in interest income from matured time deposits compared to the previous year | | Income Tax Expense | 12,969,348.65 | 18,048,009.06 | -28.14% | | | R&D Investment | 46,826,286.18 | 40,255,624.07 | 16.32% | | | Net Cash Flow from Operating Activities | 26,971,966.37 | 53,558,544.27 | -49.64% | Primarily due to an increase in cash paid for goods and services compared to the previous year | | Net Cash Flow from Investing Activities | 3,969,862.60 | -136,097,166.62 | 102.92% | Primarily due to an increase in principal and interest received from matured structured deposits and wealth management products compared to the previous year, and a decrease in investment in Taisheng Company's "Annual Output of 60 Million Square Meters of Intelligent Conveyor Belts Project" compared to the previous year | | Net Cash Flow from Financing Activities | -25,003,732.21 | -11,951,467.70 | -109.21% | Primarily due to a decrease in cash received from borrowings and an increase in cash paid for debt repayment compared to the previous year | | Net Increase in Cash and Cash Equivalents | 9,898,966.39 | -92,287,710.86 | 110.73% | Primarily due to changes in cash flows from operating, investing, and financing activities compared to the previous year, collectively impacting the total | | Credit Impairment Losses | -6,403,616.03 | -2,367,365.32 | -170.50% | Primarily due to an increase in bad debt provisions for accounts receivable accrued in accordance with accounting policies in the current period | | Asset Impairment Losses | -28,696,925.94 | -1,097,818.14 | -2,514.00% | Primarily due to an increase in inventory depreciation provisions accrued in accordance with accounting policies in the current period | Operating Revenue Composition | Category | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | Rubber Hoses and Belts | 1,285,651,752.91 | 96.42% | 1,219,565,320.64 | 95.70% | 5.42% | | Elderly Care Services | 37,918,537.88 | 2.84% | 29,578,014.66 | 2.32% | 28.20% | | Natural Rubber | 7,143,486.24 | 0.54% | 21,718,133.74 | 1.70% | -67.11% | | By Product | | | | | | | Conveyor Belts | 1,278,772,256.52 | 95.91% | 1,213,429,929.17 | 95.22% | 5.38% | | Elderly Care Services | 37,918,537.88 | 2.84% | 29,578,014.66 | 2.32% | 28.20% | | Natural Rubber | 7,143,486.24 | 0.54% | 21,718,133.74 | 1.70% | -67.11% | | By Region | | | | | | | Domestic | 1,038,820,476.43 | 77.91% | 972,749,560.80 | 76.33% | 6.79% | | International | 294,513,379.55 | 22.52% | 301,568,315.73 | 23.66% | -2.34% | - Operating revenue in the rubber hose and belt industry increased by 5.38% year-on-year, but the gross profit margin decreased by 4.20% to 15.24%[42] - Domestic market operating revenue increased by 7.94% year-on-year, with gross profit margin decreasing by 4.44% to 13.06%; international market operating revenue decreased by 2.34% year-on-year, with gross profit margin decreasing by 2.80% to 22.52%[42] Analysis of Assets and Liabilities Total assets and net assets slightly decreased, with increases in accounts receivable and construction in progress, and new short-term borrowings Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 416,066,643.10 | 11.10% | 406,896,743.04 | 10.72% | 0.38% | | Accounts Receivable | 868,351,320.33 | 23.16% | 789,315,230.80 | 20.79% | 2.37% | | Inventories | 529,527,752.57 | 14.12% | 547,351,672.25 | 14.42% | -0.30% | | Fixed Assets | 1,036,233,334.39 | 27.64% | 1,050,855,533.56 | 27.68% | -0.04% | | Construction in Progress | 199,307,958.69 | 5.32% | 163,234,790.47 | 4.30% | 1.02% | | Short-term Borrowings | 69,894,466.59 | 1.86% | 0.00 | 0.00% | 1.86% | | Long-term Borrowings | 28,408,623.54 | 0.76% | 45,531,643.45 | 1.20% | -0.44% | - Australia Shuangjian Company's net assets are -189,767.21 RMB, accounting for 0.76% of the company's net assets[46] - Financial assets measured at fair value totaled 176,113,601.50 RMB at period-end[48] - Restricted monetary funds at period-end amounted to 46,356,193.53 RMB, primarily for bank acceptance bill deposits, letter of guarantee deposits, and ETC deposits[49] Analysis of Investment Status The company had no significant equity investments but progressed on a smart conveyor belt project and engaged in hedging derivative investments - The company had no significant equity investments[52] - The "Annual Output of 60 Million Square Meters of Intelligent Conveyor Belts Project" had a cumulative actual investment of 406.1485 million RMB, with a project progress of 85.00%[53] Derivative Investment Status | Derivative Investment Type | Amount at Period-End (RMB 10,000) | | :--- | :--- | | Forward Foreign Exchange Settlement and Sales | 5,354.75 | - Actual gains and losses from hedging activities during the reporting period include fair value change gains of 900,500 RMB from unclosed contracts at period-end and period-start, and investment losses of -365,700 RMB from contracts closed during the period[57] - The company conducts forward foreign exchange settlement and sales for hedging purposes, adhering to principles of legality, prudence, safety, and effectiveness, avoiding speculative or arbitrage trading, with overall controllable risks[57] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[61] - The company did not sell significant equity during the reporting period[62] Analysis of Major Holding and Participating Companies This section details key subsidiary financial performance, noting significant net profit reductions for Desheng and Taisheng due to increased costs and provisions Major Subsidiary Financial Data (Jan-Jun 2025) | Company Name | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shangsheng Conveyor Belt | 2,419.09 | 3,598.93 | 3,574.74 | 15.00 | -101.63 | -106.72 | | Shuangjian Sales | 2,000 | 14,197.11 | 8,184.71 | 24,147.30 | 22.34 | -301.86 | | Heji Company | 8,000 | 10,811.15 | 4,416.87 | 3,811.50 | 145.92 | 92.72 | | Desheng Conveyor Belt | 20,000 | 49,410.84 | 48,364.08 | 7,257.46 | -1,645.11 | -1,650.18 | | Shuangjian Trading | 2,000 | 10,343.74 | 2,615.19 | 9,191.32 | 365.68 | 272.85 | | Taisheng Company | 20,000 | 83,734.70 | 23,892.52 | 17,364.05 | -2,630.91 | -2,597.88 | | Yunnan Shuangjian | 5,000 | 4,159.82 | 3,958.25 | 714.35 | -30.83 | -31.14 | - Desheng Conveyor Belt's net profit for Jan-Jun 2025 decreased by 10.77 million RMB year-on-year, mainly due to increased operating costs, increased bad debt provisions for other receivables, and reduced interest income[64] - Taisheng Company's net profit for Jan-Jun 2025 decreased by 18.34 million RMB year-on-year, mainly due to higher production costs than net realizable value per unit during the initial production phase, increased inventory depreciation provisions, and increased R&D investment[65] Risks Faced by the Company and Countermeasures The company outlines strategies to mitigate risks from macroeconomic instability, market competition, raw material prices, management, technology, and exchange rates - The company faces risks from macroeconomic instability, with countermeasures including diversified sales models, sub-brand development, increased R&D investment, and accelerated new product development[66] - The company faces risks from intensifying market competition, with countermeasures including continuous technological innovation, refined management, and improved service levels to maintain competitiveness[66][67] - The company faces risks from raw material price fluctuations, with countermeasures including establishing natural rubber processing bases, signing annual procurement plans with suppliers, adjusting stocking strategies, and developing new products[67][68] - The company faces management risks, with countermeasures including continuously improving refined management models, strengthening internal control systems, and establishing scientific and reasonable internal talent cultivation and selection mechanisms[68] - The company faces technological risks, with countermeasures including continuously increasing R&D investment, improving R&D systems and mechanisms, ensuring the stability of the R&D technical team, and continuously enhancing customer service levels[68][69] - The company faces exchange rate risks, with countermeasures including closely monitoring international financial market dynamics and foreign exchange market trends, flexibly utilizing financial market tools, and enhancing product added value[69] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system[70] - The company did not disclose a valuation enhancement plan[70] Implementation of "Quality and Return Dual Enhancement" Action Plan The company has disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan - The company has disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan[70] Section 4 Corporate Governance, Environment, and Society This section covers governance changes, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[72] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period The company plans no cash dividend distribution, bonus shares, or capital reserve conversion to share capital for the half-year - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[73] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement any 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 and their implementation during the reporting period[74] Environmental Information Disclosure The company and its major subsidiaries are required to disclose environmental information, with a public query index available - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[75] - Zhejiang Shuangjian Rubber Co., Ltd.'s environmental information disclosure report can be queried on the Zhejiang Enterprise Environmental Information Disclosure Platform[75] Social Responsibility The company fulfills social responsibilities by optimizing governance, protecting employee and stakeholder rights, investing in environmental protection, and engaging in public welfare - The company continuously optimizes its governance structure, strictly adhering to laws and regulations such as the Company Law and Securities Law, improving information disclosure, and safeguarding the legitimate rights and interests of shareholders (especially small and medium-sized shareholders) and creditors[76] - The company strictly complies with labor laws and regulations, effectively safeguarding employees' legitimate rights and interests, fostering harmonious labor relations, and continuously focusing on employee physical and mental health and career development[78] - Adhering to the core philosophy of "integrity and win-win, creating value for customers," the company strictly implements supplier access and evaluation mechanisms, ensures product quality and safety, provides professional after-sales service, and protects the rights and interests of suppliers and customers[78] - The company places environmental protection, clean production, and sustainable development at the core of its corporate strategy, continuously increasing environmental investment, actively promoting clean production methods, and saving energy and reducing consumption[79] - The company donates funds through channels such as the Municipal Federation of Industry and Commerce and the Municipal Charity Federation to support public welfare undertakings like education, poverty alleviation, and elderly care[79] - As of June 2025, the company has employed 294 disabled individuals and established "Shuangjian Home for the Disabled" in 2022 to help 120 disabled individuals achieve auxiliary employment[80] Section 5 Significant Matters This section addresses significant corporate matters, including commitments, related party transactions, litigation, and other material events Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Those Overdue and Unfulfilled as of the End of the Reporting Period All commitments by the company's actual controller, shareholders, related parties, and acquirers were fulfilled, with no overdue unfulfilled commitments - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, and the company that were either fulfilled during the period or overdue and unfulfilled as of the end of the reporting period[83] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company There was no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company[84] 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[85] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86] Litigation Matters The company had no major litigation or arbitration, but two other lawsuits with minor financial impact were ongoing or resolved - The company had no major litigation or arbitration matters during this reporting period[88] - The company's sales contract dispute with Suzhou Yezhifeng Pharmaceutical Machinery Co., Ltd., involving 30,500 RMB, has been mediated and has no significant impact on the company[89] - The sales contract dispute between Xuzhou Zhongliang Equipment Engineering Co., Ltd. and the company and Shuangjian Sales, involving 1.5567 million RMB, has resulted in an estimated liability, with one case under appeal and another having received a second-instance judgment, posing no significant impact on the company[89] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[90] Significant Related Party Transactions The company had no significant related party transactions but anticipates future routine transactions with two entities - The company had no significant related party transactions related to daily operations during the reporting period[91] - The company expects to conduct routine related party transactions with Jiaxing Chengcheng Rubber Co., Ltd. in 2025, with a total amount not exceeding 25 million RMB[98] - The company expects to conduct routine related party transactions with Anhui Huaye Special Materials Co., Ltd. in 2025, with a total amount not exceeding 100 million RMB[98] Significant Contracts and Their Performance The company had no significant entrustment, contracting, leasing, or major guarantees, but engaged in wealth management with an outstanding balance - The company had no entrustment, contracting, or leasing situations during the reporting period[99][100][101] - The company had no significant guarantee situations during the reporting period[102] Wealth Management Status | Specific Type | Amount of Wealth Management Transactions (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 1,100 | 300 | Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[106] Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[107] Section 6 Share Changes and Shareholder Information This section details the company's share capital structure, shareholder composition, and changes in holdings by directors, supervisors, and senior management Share Change Status Total share capital remained unchanged at 411,577,356 shares, with restricted shares at 21.76% and unrestricted shares at 78.24% Share Change Status (Current Reporting Period) | Category | Quantity (Shares) | Proportion | Change in Current Period (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 89,551,420 | 21.76% | 0 | 89,551,420 | 21.76% | | II. Unrestricted Shares | 322,025,936 | 78.24% | 0 | 322,025,936 | 78.24% | | III. Total Shares | 411,577,356 | 100.00% | 0 | 411,577,356 | 100.00% | Number of Shareholders and Shareholding Status At period-end, the company had 24,394 common shareholders, with Shen Gengliang as the largest shareholder, holding 20.92% - Total number of common shareholders at the end of the reporting period: 24,394[112] Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shen Gengliang | Domestic Natural Person | 20.92% | 86,110,293 | 64,582,720 | 21,527,573 | | Yu Bingying | Domestic Natural Person | 5.49% | 22,611,200 | 0 | 22,611,200 | | Tongxiang Runtong Holding Co., Ltd. | State-owned Legal Person | 5.10% | 21,000,000 | 0 | 21,000,000 | | Shen Huimin | Domestic Natural Person | 4.03% | 16,605,000 | 12,453,750 | 4,151,250 | | Zhejiang Shuangjing Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 3.34% | 13,750,000 | 0 | 13,750,000 | | Shen Hongfa | Domestic Natural Person | 2.09% | 8,590,000 | 6,442,500 | 2,147,500 | | Yu Bingren | Domestic Natural Person | 1.38% | 5,683,100 | 4,262,325 | 1,420,775 | | Yu Mingsong | Domestic Natural Person | 1.04% | 4,281,500 | 0 | 4,281,500 | | Shen Linquan | Domestic Natural Person | 0.99% | 4,068,722 | 0 | 4,068,722 | | Wu Quanguo | Domestic Natural Person | 0.53% | 2,164,200 | 0 | 2,164,200 | - Mr. Shen Gengliang and Ms. Yu Bingying are a married couple; Mr. Yu Bingren and Ms. Yu Bingying are siblings; Zhejiang Shuangjing Investment Co., Ltd. is controlled by Mr. Shen Gengliang and his daughter Ms. Shen Kaifei, indicating an associated relationship or concerted action relationship[112] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[114] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[116] - The company's actual controller did not change during the reporting period[116] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[117] Section 7 Bond-Related Information This section details the company's convertible bonds, including issuance, holders, conversion status, and credit ratings Convertible Corporate Bonds This section details the issuance, holders, changes, and conversion status of "Shuangjian Convertible Bonds," noting stable credit rating and low conversion - The company publicly issued 5.1364 million convertible bonds on February 11, 2022, raising a total of 513.64 million RMB, with the bond abbreviation "Shuangjian Convertible Bonds" and bond code "127054"[122] - The conversion period for "Shuangjian Convertible Bonds" is from August 17, 2022, to February 10, 2028, with an initial conversion price of 7.91 RMB/share[122] - As of the end of this reporting period, the latest conversion price is 7.06 RMB/share, adjusted multiple times due to equity distribution plans[128][129] Cumulative Conversion Status | Indicator | Amount/Quantity | | :--- | :--- | | Total Issued (Bonds) | 5,136,400 | | Total Issued Amount (RMB) | 513,640,000.00 | | Cumulative Conversion Amount (RMB) | 38,600.00 | | Cumulative Converted Shares (Shares) | 5,092 | | Unconverted Amount (RMB) | 513,601,400.00 | | Proportion of Unconverted Amount to Total Issued Amount | 99.99% | - The company's main credit rating and "Shuangjian Convertible Bonds" credit rating both remain AA, with a stable outlook[130] Consolidated Statement Scope Loss Exceeding 10% of Net Assets at Prior Year-End During the Reporting Period The company's consolidated statement scope loss did not exceed 10% of net assets at the prior year-end - The company's consolidated statement scope loss did not exceed 10% of net assets at the prior year-end during the reporting period[131] Key Accounting Data and Financial Indicators for the Company's Last Two Years as of the End of the Reporting Period This section presents key financial metrics for the past two years, showing slight declines in liquidity, minor increase in debt-to-asset ratio, and significant drops in profitability Key Accounting Data and Financial Indicators for the Last Two Years | Item | End of Current Reporting Period | End of Prior Year | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Current Ratio | 2.34 | 2.40 | -2.50% | | Debt-to-Asset Ratio | 42.77% | 42.43% | 0.34% | | Quick Ratio | 1.76 | 1.79 | -1.68% | | Item | Current Reporting Period | Prior Year Period | Change from Prior Year Period | | Net Profit After Non-Recurring Gains and Losses | 38.5213 million RMB | 107.5415 million RMB | -64.18% | | EBITDA to Total Debt Ratio | 17.93% | 153.69% | -135.76% | | Interest Coverage Ratio | 5.16 | 12.34 | -58.18% | | Cash Interest Coverage Ratio | 7.17 | 22.67 | -68.37% | | EBITDA Interest Coverage Ratio | 9.80 | 17.12 | -42.76% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Section 8 Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[134] 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 Consolidated Balance Sheet (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 3,749,431,683.77 | | Total Liabilities | 1,603,652,866.98 | | Total Equity Attributable to Parent Company Owners | 2,136,036,552.91 | Consolidated Income Statement (Current Period Occurrence) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 1,333,333,855.98 | | Operating Profit | 53,578,943.05 | | Total Profit | 54,791,098.29 | | Net Profit | 41,821,749.64 | | Net Profit Attributable to Parent Company Shareholders | 43,918,773.33 | | Basic Earnings Per Share | 0.11 | | Diluted Earnings Per Share | 0.11 | Consolidated Cash Flow Statement (Current Period Occurrence) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 26,971,966.37 | | Net Cash Flow from Investing Activities | 3,969,862.60 | | Net Cash Flow from Financing Activities | -25,003,732.21 | | Net Increase in Cash and Cash Equivalents | 9,898,966.39 | Company Basic Information Zhejiang Shuangjian Rubber Co., Ltd., established in 2001 and listed in 2010, specializes in rubber conveyor belt R&D, production, and sales - Zhejiang Shuangjian Rubber Co., Ltd. was registered on November 13, 2001, with the Zhejiang Administration for Industry and Commerce, headquartered in Tongxiang City, Zhejiang Province[168] - The company's shares were listed and traded on the Shenzhen Stock Exchange on April 2, 2010[168] - The company's registered capital is 411.57 million RMB, with a total of 411,577,356 shares[168] - The company belongs to the rubber manufacturing industry, with its main business activities being the R&D, production, and sales of rubber conveyor belts[169] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue for 12 months - The company's financial statements are prepared on a going concern basis[171] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[172] Significant Accounting Policies and Accounting Estimates This section details specific accounting policies and estimates for financial instrument impairment, inventory, fixed assets, and revenue recognition, affirming compliance - The company has formulated specific accounting policies and estimates for transactions and events such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, based on its actual production and operation characteristics[173] - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[174] - The company's operating cycle is short, using 12 months as the liquidity classification standard for assets and liabilities[176] - The company and its subsidiaries, except Australia Shuangjian Company, use RMB as their functional currency; Australia Shuangjian Company uses AUD as its functional currency[177] - The company classifies financial assets at initial recognition into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[186] - The company performs impairment testing and recognizes loss provisions for financial assets measured at amortized cost, debt instrument investments measured at fair value with changes recognized in other comprehensive income, and contract assets, based on expected credit losses[201] - The company's revenue recognition principle involves identifying individual performance obligations within a contract, determining whether each obligation is satisfied over time or at a point in time, and measuring revenue based on the transaction price allocated to each obligation[260][261][262] - Revenue from rubber conveyor belt business is recognized when products are delivered to the contractually agreed location and accepted by the customer; revenue from elderly care services is recognized after the company completes the services as per contract[264][265] Taxes This section outlines main tax categories and rates, including VAT and corporate income tax, along with various tax incentives for disabled employment and high-tech enterprises Main Tax Categories and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 3%, 5%, 6%, 9%, 13% (Export goods are subject to "exemption, offset, and refund" policy, with a tax rate of 13%) | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15%, 20%, 25%, 30% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The corporate income tax rate for the company and Huanneng Transmission Company is 15%[283] - The company enjoys a VAT immediate refund policy for employing disabled individuals[284] - Elderly care services provided by elderly care institutions and medical services provided by medical institutions are exempt from VAT[284] - The company and Huanneng Transmission Company qualify for the VAT super deduction policy for advanced manufacturing enterprises, allowing an additional 5% deduction of current deductible input VAT from payable VAT[285] - The company and Huanneng Transmission Company are recognized as high-tech enterprises, and are subject to corporate income tax at a reduced rate of 15% for the current period[286] - Hejiyuansheng Company and other subsidiaries enjoy tax incentives for small and micro-profit enterprises, where the portion of taxable income not exceeding 3 million RMB for the current period is reduced by 25% and taxed at a rate of 20%[286][287] - The company enjoys a corporate income tax deduction for wages paid to disabled employees[287] Notes to Consolidated Financial Statement Items This section provides detailed notes for key consolidated financial statement items, including monetary funds, accounts receivable, inventory, fixed assets, borrowings, and revenue - Monetary funds at period-end totaled 416,066,643.10 RMB, with 9,917,667.49 RMB deposited overseas[290] - Accounts receivable book value at period-end was 868,351,320.33 RMB, with bad debt provisions of 77,661,756.63 RMB[307] - Inventory book value at period-end was 529,527,752.57 RMB, with inventory depreciation provisions of 31,899,595.00 RMB[366] - Fixed assets book value at period-end was 1,036,233,334.39 RMB[414] - Construction in progress book value at period-end was 199,307,958.69 RMB, primarily for Shuangjian Technology Building and the Annual Output of 60 Million Square Meters of Intelligent Conveyor Belts Project[423] - Short-term borrowings at period-end totaled 69,894,466.59 RMB, all being credit borrowings[452] - Book balance of "Shuangjian Convertible Bonds" at period-end was 543,390,447.16 RMB[483] - Total operating revenue for the current period was 1,333,333,855.98 RMB, and total operating cost was 1,269,905,322.82 RMB[145] - Net profit attributable to parent company shareholders for the current period was 43,918,773.33 RMB, a year-on-year decrease of 59.99%[146][18] - Net cash flow from operating activities for the current period was 26,971,966.37 RMB, a year-on-year decrease of 49.64%[150][18] R&D Expenses Total R&D expenses for the reporting period amounted to 46.82628618 million RMB, all expensed, with a 16.32% year-on-year increase R&D Expense Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Materials | 33,429,677.55 | 29,830,182.80 | | Employee Compensation | 10,987,460.00 | 8,285,047.04 | | Direct Expenses | 2,409,148.63 | 2,140,394.23 | | Total | 46,826,286.18 | 40,255,624.07 | - All R&D expenses for the current period were expensed[570] - R&D investment increased by 16.32% year-on-year[37] Changes in Consolidation Scope The company did not experience any changes in its consolidation scope due to business combinations or loss of control over subsidiaries - No business combinations involving entities not under common control occurred in the current period[574] - No business combinations involving entities under common control occurred in the current period[578] - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[581] Interests in Other Entities This section lists major subsidiaries, their business nature, and shareholding, with summarized financial information for immaterial joint ventures and associates - The company owns multiple wholly-owned and controlled subsidiaries, with business activities covering trade, manufacturing, elderly care services, medical services, and consulting services[582][583] - The book value of investments in immaterial joint ventures and associates totals 30.68232392 million RMB, with net profit and total comprehensive income both being -1.60394386 million RMB[594] Government Grants At period-end, the company had 5.36072 million RMB in government grants receivable, with deferred income totaling 83.10147373 million RMB - Government grants recognized as receivables at period-end amounted to 5.36072 million RMB[595] - Deferred income from government grants had a period-end balance of 83,101,473.73 RMB, with 60,000 RMB added and 2.40117962 million RMB recognized in other income during the current period[596] - Government grants recognized in other income for the current period amounted to 21.0977433 million RMB[598] Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessments, diversified customers, and hedging strategies - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk) in its daily operations[599] - The company manages credit risk through credit assessments, establishing default probability models, depositing monetary funds in highly-rated financial institutions, and continuously assessing customer creditworthiness[601][605][608][609] - As of June 30, 2025, 26.71% of the company's accounts receivable and contract assets originated from the top five customers, indicating no significant concentration of credit risk[609] - The company manages liquidity risk by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing[611] Financial Liabilities Classified by Remaining Maturity (Period-End) | Item | Book Value (RMB) | Undiscounted Contract Amount (RMB) | Within 1 Year (RMB) | 1-3 Years (RMB) | Over 3 Years (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 141,905,417.84 | 145,727,478.33 | 116,912,533.48 | 28,814,944.85 | 0 | | Notes Payable | 238,047,700.00 | 238,047,700.00 | 238,047,700.00 | 0 | 0 | | Accounts Payable | 350,365,072.80 | 350,365,072.80 | 350,365,072.80 | 0 | 0 | | Other Payables | 45,881,448.33 | 45,881,448.33 | 45,881,448.33 | 0 | 0 | | Bonds Payable | 543,390,447.16 | 602,458,741.66 | 11,093,753.02 | 591,364,988.64 | 0 | | Lease Liabilities | 34,265,164.35 | 44,048,606.24 | 4,880,073.01 | 8,457,423.80 | 30,711,109.43 | | Subtotal | 1,353,855,250.48 | 1,426,529,047.36 | 767,180,580.64 | 628,637,357.29 | 30,711,109.43 | - As of June 30, 2025, the company's bank borrowings with floating interest rates amounted to 141.77975076 million RMB[614] - The company faces foreign exchange rate fluctuation risks and manages them by buying and selling foreign currencies at market rates when necessary to maintain net risk exposure at an acceptable level[616] Disclosure of Fair Value This section discloses the fair value of assets and liabilities, totaling 176.11 million RMB, primarily using Level 3 valuation techniques based on unobservable inputs Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Bank Wealth Management Products | 3,000,000.00 | 3,000,000.00 | | Other Non-current Financial Assets | 52,373,426.19 | 52,373,426.19 | | Receivables Financing | 120,449,925.31 | 120,449,925.31 | | Other Equity Instrument Investments | 290,250.00 | 290,250.00 | | Total Assets Continuously Measured at Fair Value | 176,113,601.50 | 176,113,601.50 | - The fair value of trading financial assets (notes receivable), receivables financing, other equity instrument investments, and non-current financial assets is primarily estimated using investment principal or contract cost, classified as Level 3 valuation[622][623] Related Parties and Related Party Transactions This section identifies the ultimate controlling party, subsidiaries, joint ventures, associates, and other related parties, detailing various related party transactions - The ultimate controlling party of the company is Shen Gengliang, who holds a 20.92% stake in the company[624] - Details of the company's subsidiaries are provided in Note X[625] - Associate Anhui Huaye Special Materials Co., Ltd. is a related party of the company[626] - Other related parties include Shuangjing Investment Company (controlled by Shen Gengliang and his daughter Shen Kaifei), Shanghai Hongri Kangyang Enterprise Management Group Co., Ltd. (minority shareholder of a subsidiary), and Jiaxing Chengcheng Rubber Co., Ltd. (controlled by a relative of the actual controller)[627] Related Party Transactions for Purchase/Sale of Goods/Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Approved Transaction Limit (RMB) | | :--- | :--- | :--- | :--- | | Jiaxing Chengcheng Rubber Co., Ltd. | Purchase of rubber and auxiliary materials, etc. | 5,472,316.72 | 20,000,000.00 | | Anhui Huaye Special Materials Co., Ltd. | Purchase of rubber, canvas, and other skeleton materials and auxiliary materials, etc. | 33,427,772.49 | 100,000,000.00 | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Jiaxing Chengcheng Rubber Co., Ltd. | Sale of conveyor belts and other rubber products | 891,449.51 | | Anhui Huaye Special Materials Co., Ltd. | Sale of scrap, conveyor belt rubber, etc. | 81,837.17 | - The company, as lessor, leased 45.9 square meters in Tongxiang Chamber of Commerce Building to Shuangjing Investment Company, recognizing 8,571.43 RMB in lease income for the current period[632] - The company borrowed 400,000.00 RMB from Suzhou Hongri Company[637] - Key management personnel compensation for the current period was 3,233,298.60 RMB[641] Related Party Payables (Period-End Book Balance) | Item Name | Related Party | Amount (RMB) | | :--- | :--- | :--- | | Accounts Payable | Anhui Huaye Special Materials Co., Ltd. | 8,108,275.62 | | Accounts Payable | Jiaxing Chengcheng Rubber Co., Ltd. | 364,584.80 | | Other Payables | Shanghai Hongri Kangyang Enterprise Management Group Co., Ltd. | 13,344,000.00 | Share-based Payment The company had no share-based payment arrangements during the reporting period - The company had no share-based payment during the reporting period[646] Commitments and Contingencies As of June 30, 2025, the company had outstanding performance guarantees and irrevocable letters of credit, but no other significant contingent matters - As of June 30, 2025, the company had outstanding performance guarantees totaling 49,807,999.03 RMB, 1,339,371.06 USD, and 303,390.07 EUR[648] - As of June 30, 2025, the company had outstanding irrevocable letters of credit totaling 43,000,000.00 RMB[648] - As of June 30, 2025, the company had no significant contingent matters requiring disclosure[649][650] Post-Balance Sheet Events The company had no significant non-adjusting events after the balance sheet date and did not disclose profit distribution - The company had no significant non-adjusting events[652] - The company did not disclose profit distribution[653] Other Significant Matters This section discloses the company's segment information, with reporting segments determined by product type, including rubber products, natural rubber, elderly care, and investment services - The company determines operating segments based on internal organizational structure, management requirements, and internal reporting systems, and determines reporting segments based on product segments[658] Financial Information of Reporting Segments (Current Period) | Item | Conveyor Belts and Other Rubber Products (RMB) | Natural Rubber (RMB) | Elderly Care Industry (RMB) | Investment (RMB) | Service Industry (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 1,285,651,752.91 | 7,143,486.24 | 37,918,537.88 | 0 | 0 | 1,330,713,777.03 | | Main Business Cost | 1,086,694,191.73 | 6,668,140.28 | 27,411,690.10 | 0 | 0 | 1,120,774,022.11 | | Total Assets | 3,580,657,741.66 | 41,598,174.02 | 108,111,491.89 | 17,746,802.92 | 1,317,473.28 | 3,749,431,683.77 | | Total Liabilities | 1,537,694,355.43 | 2,015,681.98 | 63,942,829.57 | 0 | 0 | 1,603,652,866.98 | Notes to Parent Company Financial Statement Items This section provides detailed notes for key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, and revenue - Parent company's accounts receivable book value at period-end was 851,909,723.26 RMB, with bad debt provisions of 71,257,737.54 RMB[666] - Parent company's other receivables book value at period-end was 29,472,984.84 RMB, with bad debt provisions of 4,067,252.59 RMB[677][694] - Parent company's long-term equity investments book value at period-end was 985,791,158.47 RMB, including 955,110,241.51 RMB in investments in subsidiaries and 30,680,916.96 RMB in investments in associates and joint ventures[704] - Parent company's operating revenue for the current period was 1,197,224,032.29 RMB, and operating cost was 1,010,950,261.30 RMB[709] - Parent company's investment income for the current period was 8,180,452.95 RMB[713] - Parent company's R&D expenses for the current period were 38,813,582.94 RMB[714] Supplementary Information This section provides non-recurring gains and losses, net asset return, and earnings per share, totaling 5.3975 million RMB in non-recurring gains and losses Current Period Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 176,769.38 | | Government grants recognized in current profit or loss | 3,895,962.86 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,024,001.28 | | Other non-operating income and expenses | 1,212,155.24 | | Less: Income tax impact | 771,998.91 | | Impact on minority interests (after tax) | 139,437.63 | | Total | 5,397,452.22 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.01% | 0.11 | 0.11 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 1.77% | 0.09 | 0.10 | Section 9 Other Submitted Data This section includes information on social safety issues, investor relations activities, and related party fund movements Other Significant Social Security Issues The company and its subsidiaries had no other significant social security issues or administrative penalties - The listed company and its subsidiaries had no other significant social security issues[721] - No administrative penalties were received during the reporting period[721] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company held an online performance briefing on April 16, 2025, to communicate with investors on its basic situation, business, and industry development - Reception time: April 16, 2025[721] - Reception location/method: "Shuangjian Shares Investor Relations" WeChat mini-program/online communication[721] - Main topics discussed: Company's basic situation, business operations, industry development, etc[721] Fund Movements Between Listed Company and Controlling Shareholders and Other Related Parties The company had operational fund movements with its controlling shareholder, Zhejiang Shuangjing Investment Co., Ltd., with a period-end balance of 18,000 RMB - The company has operational fund movements with Zhejiang Shuangjing Investment Co., Ltd[723] - Period-end balance: 18,000 RMB[723] - Fund movements between the company and related parties are normal business transactions, have undergone the required approval procedures, and have controllable financial security risks[723]