田中精机(300461) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides important notices, the detailed table of contents, and definitions of key terms used throughout the report Important Notice The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4] Table of Contents This section provides a detailed table of contents for the semi-annual report, listing all chapters and their starting page numbers - The report's table of contents includes eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6] - Reference documents include the semi-annual report signed by the legal representative, financial statements, original public disclosure documents, and other relevant materials, available at the company's securities department office[8][9] Definitions This section defines and explains key terms and company entities used in the report, ensuring consistent understanding for readers - The report provides detailed definitions for the company and its subsidiaries, such as "Company", "Tanaka Japan", "Shenzhen Youfu", and professional terms like "electronic coil", "CNC automatic winding equipment", "standard machine", "non-standard machine", "special machine", and "coating machine"[11] Part II Company Profile and Key Financial Indicators This section introduces the company's basic information and presents key financial data and indicators for the reporting period I. Company Profile This section introduces Zhejiang Tianneng Precision Machinery Co Ltd's basic information, including stock name, code, exchange, and legal representative - The company's stock abbreviation is "Tanaka Seiki", stock code is "300461", listed on the Shenzhen Stock Exchange[13] - The company's legal representative is Xiao Yongfu[13] II. Contact Persons and Information This section provides contact details for the company's board secretary and securities affairs representative, including address, phone, fax, and email - The company's board secretary is Yu Wenbin, and the securities affairs representative is Su Kaiyu, both with the contact address at No 398 Xinjing Road, Yaozhuang Town, Jiashan County, Zhejiang Province[14] III. Other Information This section states that the company's contact information, disclosure, and registration details remained unchanged during the reporting period - The company's registered address, office address, website, email, information disclosure and placement location, and registration status remained unchanged during the reporting period[15][16][17] IV. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators, showing a revenue decrease, narrowed net loss, and significant cash flow growth 主要会计数据和财务指标（合并报表） | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 92,071,152.14 | 107,648,530.01 | -14.47% | | Net Profit Attributable to Shareholders of Listed Company | -18,615,626.21 | -19,902,184.13 | 6.46% | | Net Cash Flow from Operating Activities | 44,065,387.09 | -38,337,637.29 | 214.94% | | Basic Earnings Per Share | -0.12 | -0.13 | 7.69% | | Diluted Earnings Per Share | -0.12 | -0.13 | 7.69% | | Weighted Average Return on Net Assets | -3.62% | -2.98% | -0.64% | | Period-End Indicator | Current Period-End (RMB) | Prior Year-End (RMB) | Period-End vs Prior Year-End Change | | Total Assets | 898,250,649.24 | 884,496,647.31 | 1.56% | | Net Assets Attributable to Shareholders of Listed Company | 506,391,213.97 | 522,535,232.81 | -3.09% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section confirms no differences in net profit and net assets between international/overseas and Chinese accounting standards for the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19] - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[20] VI. Non-Recurring Gains and Losses and Amounts This section discloses the company's non-recurring gains and losses for the reporting period, totaling RMB 2,659,270.12, mainly from government grants and asset disposals 非经常性损益项目及金额 | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Non-current asset disposal gains and losses (including the portion of impairment provisions reversed) | 5,649.13 | | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 3,349,270.60 | | | Other non-operating income and expenses apart from the above | -192,210.48 | | | Less: Income tax impact | 516,804.63 | | | Minority interest impact (after tax) | -13,365.50 | | | Total | 2,659,270.12 | | Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risks during the reporting period I. Main Business Activities During the Reporting Period This section describes the company's main business as a provider of customized intelligent manufacturing solutions and its primary products, along with its operating models - The company is a leader in customized intelligent manufacturing solutions in China, specializing in precision winding, with comprehensive technical indicators at an international advanced level[25] - The company's main products are categorized into standard machines (standardized winding machines), non-standard machines (customized winding machines and intelligent production lines), and special machines (intelligent equipment and production lines without winding functions)[25] - The company's operating model includes: R&D model (customized R&D, technology iteration, independent R&D), procurement model (direct procurement and customized parts procurement), production model (order-oriented customized production), and sales model (primarily direct sales, with some overseas consignment sales)[30][31] 1. Company's Main Business and Products As a high-tech enterprise, the company leads in customized intelligent manufacturing solutions, offering standard, non-standard, and special machines for various industries - The company holds a leading position in the precision winding field, with comprehensive technical indicators at an international advanced level[25] - The company's main products include standard machines (standardized winding machines), non-standard machines (customized winding machines and intelligent production lines), and special machines (intelligent equipment and production lines without winding functions)[25] - Downstream application areas are extensive, primarily including the consumer electronics industry (e.g., wireless charging coil equipment, mobile phone camera zoom motor coil equipment), automotive industry (e.g., in-car SMD transformer winding equipment, automotive EPS production lines), and industrial control industry (e.g., motor coil three-axis needle winding machines, servo motor stator production lines)[25][26][28] 2. Company's Main Operating Models The company's operating model encompasses R&D, procurement, production, and sales, driven by customer needs through independent innovation and customized manufacturing - R&D model: Through independent R&D, design, and innovation, the company meets diverse, personalized, and non-standard customer needs, categorized into customized R&D, technology iteration, and market-frontier independent R&D[30] - Procurement model: Divided into direct procurement (standard parts) and customized parts procurement (some simple structural parts), establishing a supply chain management system with separate powers for procurement development, order procurement, and price verification[30] - Production model: Order-oriented customized production, with the production process comprising four major units: design, processing, assembly, and debugging; non-standard and special machines have relatively longer production cycles[31] - Sales model: Primarily direct sales, obtained through existing customer orders, customer referrals, public bidding, and market promotion, with some overseas sales adopting a consignment model[31] II. Analysis of Core Competencies This section analyzes the company's core competencies in brand, R&D, management team, customer resources, and integrated automation solutions, highlighting its leading position - The company has built a strong brand reputation in the intelligent manufacturing equipment sector, particularly holding a high market share in the mobile phone wireless charging coil manufacturing equipment segment[32] - The company possesses industry-leading technical R&D capabilities, is a national high-tech enterprise, and holds a leading position in the precision winding field[33] - As of June 30, 2025, the company has accumulated 420 authorized patents and 12 software copyrights, and has established industry-university-research cooperation with multiple universities[34] - The company has cultivated an efficient technical R&D, business, and management team, with key management personnel possessing extensive experience to quickly grasp industry development trends[35] - The company boasts a long-term stable base of high-quality customers, having served over a thousand clients, and established partnerships with renowned enterprises in consumer electronics, automotive, and industrial control sectors[36][37] - The company possesses integrated automation solution capabilities encompassing design, R&D, manufacturing, and service, meeting customers' one-stop procurement needs[38] III. Analysis of Main Business This section reviews the company's H1 2025 performance, detailing business progress in consumer electronics, automotive, and industrial control, alongside R&D and management initiatives - In H1 2025, the company focused on its main business for steady development, achieving operating revenue of RMB 92 million and a net profit attributable to shareholders of RMB -18.62 million[39] - The company maintains a leading share in mobile phone wireless charging coil manufacturing equipment in the consumer electronics sector, actively expands into new energy vehicle business in the automotive sector, and launched a new servo motor stator production line in the industrial control sector[39][40] - R&D investment during the reporting period was RMB 5.30 million, accounting for 5.76% of operating revenue, with the new generation intelligent winding embedded system (G5) already in actual production[40] 主要财务数据同比变动情况 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 92,071,152.14 | 107,648,530.01 | -14.47% | | | Operating Cost | 62,922,641.15 | 68,400,249.98 | -8.01% | | | Selling Expenses | 8,379,058.04 | 10,467,908.03 | -19.95% | | | Administrative Expenses | 29,366,841.76 | 25,030,898.75 | 17.32% | | | Financial Expenses | 2,851,024.20 | 1,307,713.30 | 118.02% | Primarily due to increased estimated litigation interest for controlled subsidiary Youfu Intelligent in the current reporting period | | Income Tax Expense | -862,677.52 | -7,447,145.63 | 88.42% | Primarily due to more deferred income tax assets recognized in the prior year | | R&D Investment | 5,302,688.67 | 12,884,757.66 | -58.85% | Primarily due to controlled subsidiary Youfu Intelligent not incurring R&D expenses in the current reporting period | | Net Cash Flow from Operating Activities | 44,065,387.09 | -38,337,637.29 | 214.94% | Primarily due to collection of prior period accounts receivable in the current reporting period | | Net Cash Flow from Investing Activities | 18,426,855.19 | -32,011,354.83 | 157.56% | Primarily due to investment in joint ventures in the prior year and recovery of joint venture investment funds in the current reporting period | | Net Cash Flow from Financing Activities | -21,453,501.03 | 56,827,164.26 | -137.75% | Primarily due to repayment of bank loans in the current reporting period | | Net Increase in Cash and Cash Equivalents | 41,102,684.04 | -13,568,664.03 | 402.92% | Primarily due to increased collection of goods payments and recovery of external investment funds in the current reporting period | 占比10%以上的产品或服务情况 | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Standard Machine | 5,417,920.36 | 4,190,658.40 | 22.65% | 43.86% | 31.91% | 7.00% | | Non-Standard Machine | 58,529,326.30 | 43,169,371.68 | 26.24% | 28.32% | 11.13% | 11.40% | | Special Machine | 15,882,785.80 | 10,932,219.85 | 31.17% | 424.17% | 377.41% | 6.74% | | Other | 12,241,119.68 | 4,630,391.22 | 62.17% | -74.34% | -71.86% | -3.33% | IV. Analysis of Non-Core Business This section analyzes the impact of non-core business activities on total profit, including investment income, asset impairment, and non-operating income/expenses 非主营业务对利润总额的影响 | Item | Amount (RMB) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -9,071,011.55 | -40.50% | Primarily due to losses from invested associates and joint ventures | No | | Asset Impairment | 660,341.85 | 2.95% | Primarily due to reversal of inventory impairment provisions made in prior years in the current reporting period | No | | Non-Operating Income | 3,369,609.64 | 15.05% | Primarily due to increased government grants received in the current reporting period | No | | Non-Operating Expenses | 291,212.68 | -1.30% | Primarily due to external charitable activities in the current reporting period | No | | Credit Impairment Losses | 1,652,714.83 | 7.38% | Primarily due to recovery of receivables for which bad debt provisions were made in the prior year, and reversal of bad debt provisions in the current reporting period | No | V. Analysis of Assets and Liabilities This section analyzes the company's asset and liability structure and significant changes at the end of the reporting period, including restricted assets 资产构成重大变动情况 | Item | Current Period-End Amount (RMB) | Share of Total Assets | Prior Year-End Amount (RMB) | Share of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 115,628,571.22 | 12.87% | 72,227,873.37 | 8.17% | 4.70% | Primarily due to collection of prior period accounts receivable in the current reporting period | | Accounts Receivable | 93,556,901.06 | 10.42% | 159,609,995.30 | 18.05% | -7.63% | Primarily due to collection of prior period accounts receivable in the current reporting period | | Inventory | 259,714,437.04 | 28.91% | 205,199,093.59 | 23.20% | 5.71% | Primarily due to an increase in work-in-progress and consigned goods in the current reporting period | | Long-Term Equity Investments | 143,038,738.15 | 15.92% | 177,109,749.70 | 20.02% | -4.10% | Primarily due to investment in joint ventures in the prior year and recovery of joint venture investment funds in the current reporting period | | Short-Term Borrowings | 30,027,611.10 | 3.34% | 60,057,077.78 | 6.79% | -3.45% | Primarily due to repayment of some short-term borrowings in the current reporting period | | Contract Liabilities | 93,898,444.59 | 10.45% | 74,971,513.09 | 8.48% | 1.97% | | 截至报告期末的资产权利受限情况 | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,473,951.60 | 7,473,951.60 | Pledge | Acceptance bill deposit | | Monetary Funds | 630,600.62 | 630,600.62 | Freeze | Litigation freeze | | Other Non-Current Assets | 10,000,000.00 | 10,000,000.00 | Pledge | Acceptance bill deposit | | Fixed Assets | 102,755,592.51 | 95,051,651.93 | Mortgage | Mortgage loan | | Fixed Assets (Note) | 17,951,912.21 | 11,141,601.76 | Seizure, Detention | Litigation seizure, detention | | Inventory | 31,789,999.27 | 1,484,999.97 | Mortgage | Mortgage loan | | Intangible Assets | 7,832,976.87 | 7,193,283.83 | Mortgage | Mortgage loan | | Total | 178,435,033.08 | 132,976,089.71 | | | 1. Significant Changes in Asset Composition This section details major changes in the company's asset composition at the end of the reporting period, including cash, receivables, inventory, and long-term equity investments 资产构成重大变动情况 | Item | Current Period-End Amount (RMB) | Share of Total Assets | Prior Year-End Amount (RMB) | Share of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 115,628,571.22 | 12.87% | 72,227,873.37 | 8.17% | 4.70% | Primarily due to collection of prior period accounts receivable in the current reporting period | | Accounts Receivable | 93,556,901.06 | 10.42% | 159,609,995.30 | 18.05% | -7.63% | Primarily due to collection of prior period accounts receivable in the current reporting period | | Inventory | 259,714,437.04 | 28.91% | 205,199,093.59 | 23.20% | 5.71% | Primarily due to an increase in work-in-progress and consigned goods in the current reporting period | | Long-Term Equity Investments | 143,038,738.15 | 15.92% | 177,109,749.70 | 20.02% | -4.10% | Primarily due to investment in joint ventures in the prior year and recovery of joint venture investment funds in the current reporting period | | Short-Term Borrowings | 30,027,611.10 | 3.34% | 60,057,077.78 | 6.79% | -3.45% | Primarily due to repayment of some short-term borrowings in the current reporting period | | Contract Liabilities | 93,898,444.59 | 10.45% | 74,971,513.09 | 8.48% | 1.97% | | 2. Major Overseas Assets This section states that the company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[51] 3. Assets and Liabilities Measured at Fair Value This section states that the company had no assets or liabilities measured at fair value during the reporting period - The company had no assets or liabilities measured at fair value during the reporting period[52] 4. Asset Restrictions as of the End of the Reporting Period This section discloses the company's asset restrictions at the end of the reporting period, including pledged, frozen, mortgaged, and seized assets 截至报告期末的资产权利受限情况 | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,473,951.60 | 7,473,951.60 | Pledge | Acceptance bill deposit | | Monetary Funds | 630,600.62 | 630,600.62 | Freeze | Litigation freeze | | Other Non-Current Assets | 10,000,000.00 | 10,000,000.00 | Pledge | Acceptance bill deposit | | Fixed Assets | 102,755,592.51 | 95,051,651.93 | Mortgage | Mortgage loan | | Fixed Assets (Note) | 17,951,912.21 | 11,141,601.76 | Seizure, Detention | Litigation seizure, detention | | Inventory | 31,789,999.27 |