奇德新材(300995) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential preliminary information for the report, including important declarations, a comprehensive table of contents, and definitions of key terms Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, while the profit distribution plan proposes a cash dividend of $0.75 per 10 shares based on 83,954,800 shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4] - Company head Rao Desheng, chief accountant Deng Yanqun, and head of accounting department He Cuihua declare the financial report in this semi-annual report is true, accurate, and complete[4] 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Description | | :--- | :--- | | Share Capital Base for Distribution Plan (shares) | 83,954,800 | | Cash Dividend per 10 Shares (tax inclusive) ($) | 0.75 | | Bonus Shares (shares) | 0 | | Capitalization from Capital Reserve | No | Table of Contents This report's clear table of contents is divided into eight sections, providing a comprehensive index to company profile, financial indicators, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports List of Reference Documents Reference documents include the original 2025 semi-annual report, signed financial statements, original public disclosure documents from Juchao Information Network, and other materials, all available at the company's Securities Affairs Department - Reference documents include the original 2025 semi-annual report signed by the company's legal representative and stamped with the company seal[8] - Reference documents also include financial statements signed and stamped by legal representative Rao Desheng, chief accountant Deng Yanqun, and head of accounting department He Cuihua[8] - All reference documents are kept at the company's Securities Affairs Department[9] Definitions This section defines common terms used in the report, including company name, key related parties, subsidiaries, major customers, and abbreviations for core product materials like engineering plastics and modified plastics, ensuring accurate understanding of the report content - The company's full name is Guangdong Qide New Materials Co., Ltd., abbreviated as Qide New Materials[10] - Major customers include well-known automotive industry enterprises such as Magna, BYD, Yanfeng, and Adient[10] - The reporting period refers to January 1, 2025, to June 30, 2025[10] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period Company Profile Guangdong Qide New Materials Co., Ltd. (stock code: 300995) is listed on the Shenzhen Stock Exchange, with Rao Desheng as its legal representative - The company's stock abbreviation is Qide New Materials, stock code 300995, listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Rao Desheng[12] Contact Persons and Information Chen Yunfeng serves as the Board Secretary and Zhao Meimei as the Securities Affairs Representative, with contact address, phone, fax, and email all disclosed - The Board Secretary is Chen Yunfeng, and the Securities Affairs Representative is Zhao Meimei[13] - The company's contact address is No. 323 Lianhai Road, Jianghai District, Jiangmen City, Guangdong Province, phone 0750-3068310, email zqb@qide.cn[13] Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and reference locations, or registration status, with details available in the 2024 annual report - The company's contact information remained unchanged during the reporting period, details can be found in the 2024 annual report[14] - Information disclosure and reference locations remained unchanged during the reporting period, details can be found in the 2024 annual report[15] - The company's registration status remained unchanged during the reporting period, details can be found in the 2024 annual report[16] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue grew by 13.48% to $179 million, net profit attributable to shareholders surged by 117.86% to $8.607 million, and net cash flow from operating activities turned positive, increasing by 868.39% to $36.8645 million, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period ($) | Prior Period ($) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 178,578,678.93 | 157,362,347.75 | 13.48% | | Net Profit Attributable to Listed Company Shareholders | 8,607,040.66 | 3,950,769.59 | 117.86% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 8,677,261.61 | 4,777,240.20 | 81.64% | | Net Cash Flow from Operating Activities | 36,864,502.77 | -4,797,602.45 | 868.39% | | Basic Earnings Per Share ($/share) | 0.1031 | 0.0471 | 118.90% | | Diluted Earnings Per Share ($/share) | 0.1031 | 0.0471 | 118.90% | | Weighted Average Return on Net Assets | 1.35% | 0.62% | 0.73% | | Indicator | End of Current Period ($) | End of Prior Year ($) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 807,720,233.45 | 820,309,263.38 | -1.53% | | Net Assets Attributable to Listed Company Shareholders | 623,853,253.86 | 625,382,287.03 | -0.24% | Differences in Accounting Data under Domestic and International Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards[18] - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards[19] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to -$70,220.95, primarily comprising non-current asset disposal gains/losses, government grants, fair value changes, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount ($) | Description | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -42,406.57 | | | Government grants recognized in current profit or loss | 369,631.50 | | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | -84,329.73 | | | Other non-operating income and expenses apart from the above | -327,241.22 | | | Less: Income tax impact | -14,125.07 | | | Total | -70,220.95 | | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook, as discussed by management Main Business Activities During the Reporting Period Qide New Materials, a national high-tech enterprise, specializes in R&D, manufacturing, and sales of environmentally friendly, functional polymer composite materials, including modified plastics, precision injection molding, mold development, and carbon fiber composites, aiming to provide integrated intelligent manufacturing services and expand into new energy vehicles and low-altitude aircraft Overview of Main Business Qide New Materials is a national high-tech enterprise focused on R&D, manufacturing, and sales of environmentally friendly, functional polymer composite materials, offering integrated intelligent manufacturing services across modified plastics, precision injection molding, mold design, and carbon fiber composite applications - Qide New Materials is a national high-tech enterprise specializing in the R&D, manufacturing, and sales of environmentally friendly, functional polymer composite materials[24] - The company's business scope includes polymer modified plastics, precision injection molding, mold design and development, and R&D and application of carbon fiber composite products[24] - The company is committed to building an integrated intelligent manufacturing service platform for polymer composite material molding, offering flexible and customized services[24] Main Products and Their Applications The company's main products, including modified nylon, PPS, and polypropylene composites, precision molds, and carbon fiber composites, are widely used in automotive, high-end strollers, sports equipment, and high-end home appliances, with a particular advantage in lightweight solutions for new energy vehicles - The company's main products include modified nylon composite materials and products, modified polyphenylene sulfide composite materials, other modified composite materials and products, precision molds, and carbon fiber composite products[26] - Carbon fiber products offer lightweight and high-strength properties, providing high-end and lightweight one-stop solutions for new energy vehicles and low-altitude aircraft[27] - The company's products are widely applied in industries such as automotive (e.g., Xpeng, GAC, BYD), high-end strollers (e.g., Dorel, Maxicosi), sports equipment, and high-end home appliances[30] Company Business Model The company's profit model relies on sales of polymer composite materials and products, precision injection molds, and carbon fiber products, employing a "make-to-order" procurement and production approach with strict supplier vetting, offering integrated plastic molding services, and maintaining long-term direct sales relationships with clients - The company primarily generates profit by providing polymer composite materials and products, precision injection molds, and carbon fiber composite products, while gradually advancing its new energy vehicle parts supply strategy[31] - The procurement model is primarily "make-to-order," with strict auditing and regular evaluation of suppliers[32][33] - The production model is "make-to-order," providing integrated plastic molding services from modified materials to precision injection molding and molds, with some non-core processes outsourced[34][35] - The sales model is direct-to-customer, maintaining long-term partnerships with renowned enterprises in infant travel products, sports equipment, automotive parts, and home appliances[36] Key Performance Drivers The company's performance growth is primarily driven by high-quality customer resources, especially in the new energy vehicle market, continuous R&D investment in advanced materials and molds, integrated plastic molding services, enhanced intelligent manufacturing, and accelerated overseas market expansion - The company possesses high-quality customer resources, securing multiple project nominations in the new energy vehicle market and collaborating with OEMs such as BYD, GAC, and Xpeng[38] - Continuous R&D investment, maintained at approximately 5% annually, has led to the development of high-filled, low-shrinkage polyamide composites, halogen-free flame-retardant nylon composites, large-sized soft plastic skin two-color injection precision molds, and large-sized carbon fiber components[39] - By establishing a subsidiary in Thailand, the company is accelerating its overseas market expansion, leveraging the opportunity of Chinese new energy vehicles going global to develop new markets[42] Analysis of Core Competencies The company's core competencies include strong R&D capabilities with multiple core technologies and patents, excellent product quality validated by international certifications, a robust base of brand-name clients, comprehensive integrated supply chain services, an experienced talent team, and rapid overseas market expansion capabilities Product Technology R&D Advantages Through over a decade of R&D, the company has mastered key technologies such as nano-composite modification, ultra-low temperature toughening, paint-free preparation, and carbon fiber material application, holding 41 domestic and 1 international registered trademarks, along with 26 authorized patents, while continuously developing new products like high-flow high-temperature nylon for LEDs and carbon fiber automotive body structural parts - The company possesses key core technologies including nano-composite modification, glass fiber surface pre-treatment, embedded high-density nano-reinforced composite nylon, ultra-low temperature cold toughening, paint-free preparation, and carbon fiber material application[44] - As of the end of the reporting period, the company holds 41 domestic registered trademarks, 1 international registered trademark, and 26 authorized patents (including 11 invention patents)[44] - The company actively participates in carbon fiber application research and technology reserves for emerging industries such as low-altitude flight and humanoid robots, aiming to become a leading provider of high-end carbon fiber integrated molding services[45] Product Quality Advantages Leveraging strong R&D and a stringent quality control system, the company ensures stable, high-quality products, certified by FDA, CHCC, RoHS, REACH, EN71, and managed under lean quality systems like IATF16949, enabling rapid delivery of high-volume, high-quality products - The company has established a series of management systems, including the "Procurement and Supplier Management Procedure," to comprehensively monitor and control product quality[46] - Products have passed certification standards such as FDA, CHCC, RoHS, REACH, and EN71, complying with regulatory limits in Europe, America, and other countries[47] - The company has established and effectively operates a comprehensive quality management system, standardizing product quality control processes to ensure excellent product quality[46] Brand Customer Advantages The company targets mid-to-high-end markets like new energy vehicles, high-end home appliances, and low-altitude economy, establishing long-term strategic partnerships with renowned automotive component suppliers such as Magna and Yanfeng, and global stroller brands like DOREL, with products used in new energy vehicle brands including BYD Yangwang, Denza, and Xpeng - The company focuses on new energy vehicles, high-end home appliances, and low-altitude economy, seizing development opportunities in lightweight, high-end, and rapidly iterative products[49] - In modified materials for automotive applications, the company collaborates with renowned automotive component enterprises such as Magna, Adient, Yanfeng, and Fudi Precision, with products used in new energy vehicle brands like BYD Yangwang, Denza, and Xpeng[49] - In the mid-to-high-end stroller segment, products are applied to world-renowned stroller brands such as DOREL, Maxicosi, Quinny, Uppababy, and Britax[49] Complete Industrial Chain Advantage The company operates a vertically integrated business model for polymer materials and products, covering the entire industrial chain from design to injection molding, effectively shortening customer new product development cycles, enhancing customer loyalty, and demonstrating strong comprehensive competitiveness and risk resistance - The company's business model is a vertically integrated operation for polymer materials and products, covering the entire industry chain[50] - The company participates in key stages from customer product design, mold design, mold manufacturing, trial mold verification to injection molding, product testing, and component structure optimization[34] - This model effectively shortens customer new product development cycles, enhances customer loyalty, and demonstrates strong comprehensive competitiveness and risk resistance[50] Talent Team Advantage The company boasts an experienced and highly professional talent team, enhancing stability and motivation through equity incentive schemes and implementing a performance-based partner assessment mechanism, laying a solid foundation for long-term sustainable development - The company possesses an experienced talent team, including technical professionals in polymer composite materials and industry experts who have grown from frontline operations[51] - The company continuously optimizes its equity incentive system, with senior management and most key business personnel holding company shares, enhancing team stability and motivation[51] - By fully implementing a performance-based partner assessment mechanism, the company effectively enhances team motivation and collaboration efficiency[52] Rapid Overseas Market Layout and Expansion Advantage Responding to the trend of Chinese brands going global and capacity expansion overseas, the company established a subsidiary in Thailand in October 2023 to build a modern production base, aiming for an "ASEAN manufacturing, global sales" strategy and leveraging the new energy vehicle export boom to rapidly develop international markets - Thailand, as Southeast Asia's automotive manufacturing hub, strongly supports the development of the new energy vehicle industry, aligning perfectly with the company's business strategy[53] - In October 2023, the company established Qide Automotive Parts Materials (Thailand) Co., Ltd. in Thailand, acquiring land and factory buildings to construct a modern production base[54] - The company aims to achieve an "ASEAN manufacturing, global sales" overseas strategic layout, leveraging the momentum of Chinese new energy vehicles going global to rapidly develop international markets[54] Analysis of Main Business During the reporting period, the company's main business revenue increased by 13.48%, driven primarily by sales growth in automotive and home appliance applications, with significant increases in modified polypropylene and other modified composite materials revenue, and notable growth in overseas regions, though modified nylon composite revenue declined Year-on-Year Changes in Key Financial Data | Indicator | Current Period ($) | Prior Period ($) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 178,578,678.93 | 157,362,347.75 | 13.48% | Primarily due to increased sales in automotive and home appliance applications | | Operating Cost | 132,417,155.38 | 121,598,180.87 | 8.90% | | | Selling Expenses | 12,209,821.81 | 10,518,594.15 | 16.08% | Primarily due to increased sales personnel costs | | Financial Expenses | -286,110.69 | -2,312,248.50 | 87.63% | Primarily due to changes in exchange gains | | Income Tax Expense | 871,630.15 | 494,062.97 | 76.42% | Primarily due to increased corporate income tax driven by performance growth | | Net Cash Flow from Operating Activities | 36,864,502.77 | -4,797,602.45 | 868.39% | Primarily due to increased cash collection from sales | | Net Cash Flow from Financing Activities | -6,981,546.94 | 19,267,594.92 | -136.23% | Primarily due to decreased bank borrowings and increased repayment of bank borrowings | Products or Services Accounting for Over 10% of Revenue | Product or Service/Region | Operating Revenue ($) | Operating Cost ($) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Modified Nylon Composite Materials and Products | 75,143,770.52 | 51,699,224.14 | 31.20% | -17.46% | -24.06% | 5.98% | | Modified Polypropylene Composite Materials and Products | 22,536,790.37 | 18,542,338.76 | 17.72% | 47.79% | 52.58% | -2.58% | | Other Modified Composite Materials and Products | 53,493,446.84 | 43,254,256.13 | 19.14% | 106.80% | 128.42% | -7.65% | | Plastics Industry | 156,724,774.65 | 116,571,871.58 | 25.62% | 18.59% | 17.55% | 0.66% | | South China Region | 122,077,589.88 | 89,045,012.94 | 27.06% | 8.19% | 0.99% | 5.20% | | Overseas Regions | 31,980,583.80 | 26,397,463.70 | 17.46% | 176.19% | 241.45% | -15.78% | Analysis of Non-Core Business During the reporting period, non-core business activities impacted total profit, with investment income contributing 11.91% and other income 14.24%, while asset impairment losses and non-operating expenses had negative impacts of -18.29% and 3.93%, respectively Analysis of Non-Core Business for H1 2025 | Item | Amount ($) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,128,823.75 | 11.91% | Primarily from cash management income and investment income from equity method accounting | Yes | | Fair Value Change Gains and Losses | -90,021.38 | -0.95% | Primarily from fair value changes of foreign exchange swaps | No | | Asset Impairment | -1,733,487.02 | -18.29% | Primarily from inventory write-downs | No | | Non-Operating Income | 6,668.85 | 0.07% | Primarily from clearing intercompany accounts and insurance claims | No | | Non-Operating Expenses | 372,859.22 | 3.93% | Primarily from donations and fixed asset write-offs | No | | Other Income | 1,349,584.92 | 14.24% | Primarily from VAT additional deductions and government grants | No | Analysis of Assets and Liabilities At the end of the reporting period, total assets slightly decreased by 1.53%, and net assets attributable to shareholders by 0.24%; short-term borrowings increased by 1.07% due to higher bank acceptance bill discounting, while long-term borrowings decreased by 1.58% due to reclassification to non-current liabilities due within one year; overseas assets, primarily the Thai subsidiary, accounted for 12.95% of net assets Significant Changes in Asset Composition | Item | Amount at End of Current Period ($) | Share of Total Assets (%) | Amount at Prior Year-End ($) | Share of Total Assets (%) | Change in Share (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 23,432,778.57 | 2.90% | 14,990,349.53 | 1.83% | 1.07% | Primarily due to increased bank acceptance bill discounting | | Long-Term Borrowings | 36,200,000.00 | 4.48% | 49,750,000.00 | 6.06% | -1.58% | Primarily due to reclassification of some long-term borrowings to non-current liabilities due within one year in the current period | Key Overseas Asset Information | Specific Asset Details | Asset Scale (ten thousand yuan) | Location | Operating Model | Profitability (ten thousand yuan) | Share of Overseas Assets in Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Qide Automotive Parts Materials (Thailand) Co., Ltd. | 8,081.84 | Thailand | Independent Operation | 56.91 | 12.95% | Asset Rights Restricted as of End of Reporting Period | Item | Book Balance ($) | Restriction Type | Description of Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,173,247.59 | Pledge | Bank acceptance bill margin | | Cash and Cash Equivalents | 1,600,000.00 | Pledge | Electricity deposit | | Cash and Cash Equivalents | 1,132,691.28 | Frozen | Court freeze | | Other Non-Current Assets | 12,864.01 | Frozen | Court freeze | Analysis of Investment Status During the reporting period, the company established two wholly-owned subsidiaries, Qide Singapore Investment Co., Ltd. and Beijing Miqide Carbon Fiber Technology Co., Ltd., to adapt to international changes and enhance carbon fiber product R&D; it also invested $91.0717 million in bank wealth management products, with $83.8152 million outstanding at period-end and no overdue unrecovered amounts Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (ten thousand yuan) | Investment Purpose | | :--- | :--- | :--- | :--- | | Qide Singapore Investment Co., Ltd. | New Establishment | 558.66 | To fully adapt to changes in the international environment, based on the overall plan for conducting overseas business | | Beijing Miqide Carbon Fiber Technology Co., Ltd. | New Establishment | 5,000.00 | To enhance the company's research, development, and market expansion capabilities for carbon fiber products | Overview of Wealth Management During the Reporting Period | Specific Type | Amount of Wealth Management Transactions (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 9,107.17 | 8,381.52 | Significant Asset and Equity Disposals During the reporting period, the company did not undertake any significant asset or equity disposal transactions - The company did not sell any significant assets during the reporting period[78] - The company did not sell any significant equity during the reporting period[79] Analysis of Major Holding and Participating Companies Both major subsidiaries, Zhongshan Bangsu Precision Plastic Co., Ltd. and Qide Automotive Parts Materials (Thailand) Co., Ltd., achieved profitability during the reporting period; additionally, the company established Qide Singapore Investment Co., Ltd. and Beijing Miqide Carbon Fiber Technology Co., Ltd. to expand overseas business and enhance carbon fiber R&D capabilities Financial Performance of Major Subsidiaries | Company Name | Company Type | Operating Revenue ($) | Net Profit ($) | | :--- | :--- | :--- | :--- | | Zhongshan Bangsu Precision Plastic Co., Ltd. | Subsidiary | 12,951,062.89 | 1,022,553.68 | | Qide Automotive Parts Materials (Thailand) Co., Ltd. | Subsidiary | 22,099,198.25 | 569,069.59 | - During the reporting period, the company established Qide Singapore Investment Co., Ltd. to conduct overseas business[80] - The company established Beijing Miqide Carbon Fiber Technology Co., Ltd. to enhance its R&D and market development capabilities for carbon fiber products[80] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[81] Risks Faced by the Company and Countermeasures The company faces risks such as changes in operating environment, R&D innovation failure, loss of core technical personnel, and raw material price fluctuations, actively addressing them through deepened customer cooperation, increased R&D investment, improved incentive systems, and optimized procurement strategies - The company faces risks from changes in the operating environment, with countermeasures including continuously leveraging integrated service advantages, increasing R&D for new products and technologies, and expanding into new areas[81][82] - The company faces risks of R&D innovation failure, with countermeasures including prioritizing R&D innovation, conducting preliminary research on cutting-edge technologies, and maintaining close communication with customers to increase success rates[83] - The company faces risks of losing core technical personnel, with countermeasures including establishing incentive systems (e.g., equity incentives), cultivating reserve talents, and signing technical confidentiality agreements[84] - The company faces risks from raw material price fluctuations, with countermeasures including establishing a robust procurement system, adopting a make-to-order model, and continuously increasing R&D efforts to enhance product competitiveness[85] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company engaged with multiple institutional investors, including Huaxi Fund, CSC Financial, China Merchants Securities, and Invesco Great Wall Fund, through online meetings, phone calls, and on-site visits, discussing its production and operations, and development strategies - On April 30, 2025, the company conducted an online exchange via the Shenzhen Stock Exchange's "Interactive Easy" platform, participating in the 2024 Annual and 2025 First Quarter Performance Briefing[87] - On May 8, 9, 16, and 21, 2025, the company held phone communications via online meetings (Tencent Meeting), hosting multiple institutional investors[87][88] - On May 15, 16, and 20, 2025, the company hosted on-site research from institutions including Guotai Haitong Securities, Shenzhen Yunke Investment, and CITIC Securities South China[87][88] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved and formulated its "Market Value Management System" on January 22, 2025, but has not disclosed a valuation enhancement plan - The company has formulated a market value management system[90] - On January 22, 2025, the company convened the eighteenth meeting of its Fourth Board of Directors, which approved the "Proposal on Formulating the Market Value Management System"[90] - The company has not disclosed a valuation enhancement plan[90] Implementation of 'Dual Improvement in Quality and Returns' Action Plan The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan[91] Corporate Governance, Environment, and Society This section details the company's governance structure, environmental protection efforts, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's directors, supervisors, and senior management, with Yu Haiyong elected as an independent director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yu Haiyong | Independent Director | Elected | February 18, 2025 | Elected | Profit Distribution and Capital Reserve Capitalization in This Reporting Period The company's 2025 semi-annual profit distribution plan proposes a cash dividend of $0.75 per 10 shares (tax inclusive) to all shareholders, totaling $6,296,610, based on 83,954,800 shares, with no bonus shares or capitalization from capital reserves, and distributable profit of $135,968,124.24 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount ($) | | :--- | :--- | | Cash Dividend per 10 Shares (tax inclusive) | 0.75 | | Share Capital Base for Distribution Plan (shares) | 83,954,800 | | Total Cash Dividend (tax inclusive) | 6,296,610.00 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100.00% | | Distributable Profit | 135,968,124.24 | - This profit distribution does not involve bonus shares or capitalization from capital reserves[95] Implementation of Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company's 2024 stock option and restricted stock incentive plan is active, with 1.0879 million shares initially granted to 86 individuals at grant/exercise prices of $7.94/share and $15.87/share, respectively, having completed all necessary board, supervisory board, internal disclosure, and shareholder approval procedures - The company's 2024 stock option and restricted stock incentive plan is currently in effect, with the initial grant date being July 23, 2024[96] 2024 Stock Option and Restricted Stock Incentive Plan Grant Status | Indicator | Quantity/Price | | :--- | :--- | | Initial Grant of Equity | 1.0879 million shares | | Reserved Grant of Equity | 0.2710 million shares | | Number of Grantees | 86 people | | Restricted Stock Grant Price | $7.94/share | | Stock Option Exercise Price | $15.87/share | - This incentive plan has been reviewed by the Board of Directors and Supervisory Board, and approved by the General Meeting of Shareholders[99][100][101] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[103] Social Responsibility Performance The company prioritizes environmental and social responsibility, adhering to green development principles, strengthening environmental management, strictly complying with corporate governance, protecting shareholder and creditor rights, fostering honest partnerships with suppliers and customers, actively engaging in social welfare (donating $195,000 during the period), and focusing on employee development and well-being to build harmonious labor relations - The company adheres to a green development philosophy, establishes and improves its environmental protection management system, and promotes energy conservation, emission reduction, and environmental practices[103] - The company operates strictly in accordance with laws and regulations, improves its corporate governance structure, diligently fulfills information disclosure obligations, and safeguards the legitimate rights and interests of investors[104] - The company adheres to principles of honesty, trustworthiness, and mutual benefit, establishing long-term stable cooperative relationships with suppliers and customers, and safeguarding the interests of all parties through its quality management system[105] - During the reporting period, the company donated a total of $195,000 to various charitable organizations, actively engaging in social welfare[106][107] - The company adheres to a "people-oriented" talent philosophy, focusing on enhancing employees' comprehensive abilities and career development, legally protecting employees' legitimate rights and interests, and establishing welfare funds and scholarships as public welfare projects[108] Significant Matters This section covers important events and issues affecting the company, including commitments, related party transactions, litigation, and other material developments Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the reporting period, there were no commitments fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself[110] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[111] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[112] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[113] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for This Reporting Period As there was no non-standard audit report during the reporting period, no explanation is required - There was no non-standard audit report during the company's reporting period[114] Board of Directors' Explanation on Matters Related to the 'Non-Standard Audit Report' of the Previous Year As there was no non-standard audit report during the reporting period, no explanation is required - There was no non-standard audit report during the company's reporting period[114] Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[114] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other concluded lawsuits involved $1.5045 million, and pending lawsuits involved $2.2479 million, none of which had a material impact on the company - The company had no significant litigation or arbitration matters during this reporting period[115] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Total concluded lawsuits in this reporting period | 150.45 | Opponent withdrew or our side won | No significant impact | | Total pending lawsuits in this reporting period | 224.79 | Awaiting hearing or judgment | No significant impact | Penalties and Rectification Status During the reporting period, the company had no penalties or rectification issues - The company had no penalties or rectification issues during the reporting period[117] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[118] Significant Related Party Transactions During the reporting period, the company had no significant related party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, related party debt/credit, or dealings with affiliated financial companies; the proposal for joint investment with professional investment institutions and related party transactions was terminated - The company had no related party transactions related to daily operations during the reporting period[118] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[119] - On January 22, 2025, the company approved the "Proposal on Terminating Joint Investment with Professional Investment Institutions and Related Party Transactions"[124] Significant Contracts and Their Performance During the reporting period, the company had no significant entrustment, contracting, major guarantees, or other material contracts; while there were instances of leasing assets from others and other companies leasing assets from the company, these did not exceed 10% of the company's total profit for the reporting period - The company had no entrustment situations during the reporting period[125] - The company had no contracting situations during the reporting period[126] - During the reporting period, the company had situations involving leasing assets from others and other companies leasing assets from the company, but these did not exceed 10% of the company's total profit for the reporting period[127] - The company had no significant guarantee situations during the reporting period[128] - The company had no other significant contracts during the reporting period[129] Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[130] Significant Matters of Company Subsidiaries During the reporting period, no significant matters occurred in the company's subsidiaries - No significant matters occurred in the company's subsidiaries during the reporting period[131] Share Changes and Shareholder Information This section provides details on changes in the company's share capital and the status of its shareholders Share Change Status During the reporting period, the company's total share capital remained unchanged at 84,160,000 shares, with restricted shares accounting for 28.82% and unrestricted shares for 71.18% Share Change Status | Share Class | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,255,219 | 28.82% | 0 | 24,255,219 | 28.82% | | II. Unrestricted Shares | 59,904,781 | 71.18% | 0 | 59,904,781 | 71.18% | | III. Total Shares | 84,160,000 | 100.00% | 0 | 84,160,000 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[136] Securities Issuance and Listing Status During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[137] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 7,169 common shareholders; controlling shareholder Rao Desheng held 33.27%, making him the largest shareholder, and controlled company shares through related parties, with Rao Desheng and his affiliates occupying multiple positions among the top ten shareholders, and no shares pledged, marked, or frozen - The total number of common shareholders at the end of the reporting period was 7,169[137] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Rao Desheng | Domestic Natural Person | 33.27% | 28,000,000 | 21,000,000 | 7,000,000 | | Jiangmen Bangde Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 13.78% | 11,600,000 | 0 | 11,600,000 | | Chen Yunfeng | Domestic Natural Person | 4.38% | 3,685,759 | 2,764,319 | 921,440 | | Guangdong Qide Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.97% | 3,345,000 | 0 | 3,345,000 | - Controlling shareholder and actual controller Rao Desheng controls Bangde Investment and Qide Holdings, and holds a 34.95% capital contribution in Qide Jiangmen as a limited partner[138] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, details can be found in the 2024 annual report[140] Changes in Controlling Shareholder or Actual Controller During the reporting period, neither the company's controlling shareholder nor its actual controller changed - The company's controlling shareholder did not change during the reporting period[141] - The company's actual controller did not change during the reporting period[141] Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[142] Bond-Related Information This section provides details on the company's bond issuance and related matters Bond-Related Information During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[144] Financial Report This section presents the company's complete financial statements, including balance sheets, income statements, cash flow statements, and notes Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[146] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the financial position, operating results, and cash flows at the end of the reporting period - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[147][151][155][158][160][162][164][175] Company Basic Information Guangdong Qide New Materials Co., Ltd., established on August 11, 2014, from Jiangmen Qide Engineering Plastics Technology Co., Ltd., and listed on the Shenzhen Stock Exchange in May 2021, specializes in R&D, manufacturing, and sales of environmentally friendly, functional polymer composite materials, with Rao Desheng as controlling shareholder and actual controller, and a consolidated financial statement scope covering 8 wholly-owned and 1 controlling subsidiary - This group was established as a joint-stock company on August 11, 2014, through the overall change of the former Jiangmen Qide Engineering Plastics Technology Co., Ltd., and was listed on the Shenzhen Stock Exchange on May 26, 2021, with stock code 300995[185] - Qide New Materials specializes in the R&D, manufacturing, and sales of environmentally friendly, functional polymer composite materials, with a business scope including polymer modified plastics, precision injection molding, mold design and development, and carbon fiber R&D and application[186] - The group's largest shareholder is Rao Desheng, who directly holds 33.27% of the equity and is the actual controller of the company[188] - The group's consolidated financial statement scope includes 8 wholly-owned subsidiaries and 1 controlling subsidiary[188] Basis of Financial Statement Preparation The group's financial statements are prepared based on the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations, presented on a going concern basis, with no significant doubts identified regarding its ability to continue as a going concern - The group's financial statements are prepared based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[190] - These financial statements are presented on a going concern basis, with no significant doubts or circumstances identified regarding the ability to continue as a going concern[191] Significant Accounting Policies and Estimates This section details the company's compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality determination methods, and significant accounting policies and estimates, including business combinations, consolidated financial statement preparation, financial instruments, impairment of receivables, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, and government grants, ensuring transparency and comparability of financial reporting - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows, among other relevant information[193] - Specific accounting policies and estimates formulated by the company based on its actual production and operating characteristics include provisions for doubtful accounts receivable, inventory write-downs, depreciation of fixed assets, amortization of intangible assets, capitalization criteria for R&D expenses, and revenue recognition and measurement[192] - The company classifies financial assets as financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[211] - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods or services[273] Taxation The company's main taxes include VAT (6%, 13%), Urban Maintenance and Construction Tax (7%, 5%), and Corporate Income Tax (8.25%/16.5%, 15%, 20%, 25%); the company benefits from a 15% corporate income tax rate as a high-tech enterprise, some subsidiaries qualify for a 20% preferential rate as small low-profit enterprises, and Shaoguan Bangsu Technology Co., Ltd. enjoys a 40% income tax reduction Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%, 13% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 8.25%/16.5%, 15%, 20%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company obtained its High-Tech Enterprise Certificate on December 11, 2024, and will pay corporate income tax at a 15% rate in 2025[318] - Subsidiaries such as Guangdong Bangsu Automotive Precision Mold Co., Ltd. qualify as small low-profit enterprises, enjoying a 20% preferential corporate income tax rate[319] - Shaoguan Bangsu Technology Co., Ltd. is exempt from the local share of corporate income tax from 2018 to 2025, representing a 40% corporate income tax reduction[319] Notes to Consolidated Financial Statement Items This section details the period-end and period-beginning balances and changes for each consolidated financial statement item, including cash, accounts receivable, inventory, fixed assets, short-term borrowings, operating revenue, and costs; notably, operating revenue increased by 13.48% year-on-year, and net cash flow from operating activities surged by 868.39% Cash and Cash Equivalents | Item | Period-End Balance ($) | Period-Beginning Balance ($) | | :--- | :--- | :--- | | Cash on Hand | 13,406.84 | 74,629.16 | | Bank Deposits | 50,700,398.71 | 52,858,223.38 | | Other Cash and Cash Equivalents | 6,642,612.38 | 5,028,618.25 | | Total | 57,356,417.93 | 57,961,470.79 | | Of which: Total funds deposited overseas | 11,973,970.62 | 6,611,574.53 | Accounts Receivable | Aging | Period-End Book Balance ($) | Period-Beginning Book Balance ($) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 92,625,585.39 | 110,647,760.85 | | Total | 95,746,882.15 | 113,815,350.94 | Operating Revenue and Operating Cost | Item | Current Period Revenue ($) | Current Period Cost ($) | Prior Period Revenue ($) | Prior Period Cost ($) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 174,291,863.26 | 130,099,728.62 | 155,200,611.92 | 120,