同益中(688722) - 2025 Q2 - 季度财报

Section I Definitions This section provides a comprehensive glossary of terms, including company and product names, and key technical definitions, essential for accurate understanding of the report Definitions of Common Terms This chapter provides definitions of common terms used in the report, including company names, subsidiary names, related parties, and detailed explanations of core products and technical terms such as Ultra-High Molecular Weight Polyethylene (UHMWPE) fiber, non-woven fabric, composite materials, and aramid, ensuring accuracy in report reading - The company's core business involves Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers and their composite materials, as well as meta-aramid fibers and aramid paper[11] - The report defines the characteristics and applications of key materials such as UHMWPE fibers, non-woven fabrics, and composite materials, with non-woven fabrics exhibiting excellent properties like softness, low density, corrosion resistance, impact resistance, cut resistance, and high toughness, primarily used in bulletproof vests, plates, and helmets[11] - The report also explains key performance indicators for fiber materials, including modulus, denier, breaking strength, areal density, and creep[11] Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information and key financial performance indicators, offering a concise overview of its operational and financial health Company Basic Information This section outlines the basic information of Beijing Tongyizhong New Materials Technology Co., Ltd., including its Chinese name, abbreviation, English name, legal representative, registered and office addresses, website, and email, providing fundamental identification information for investors - The company's full Chinese name is Beijing Tongyizhong New Materials Technology Co., Ltd., abbreviated as Tongyizhong, with Huang Xingliang as the legal representative[13] - The company's registered address is at Factory 901, No. 16 Zhonghe Street, Beijing Economic-Technological Development Area, Beijing, and its office address is at No. 17 Jingsheng South 2nd Street, Majuqiao Town, Tongzhou District, Beijing[13] Contact Person and Information This section provides contact details for the company's Board Secretary (domestic representative for information disclosure), Su Min, and Securities Affairs Representative, Pan Chao, including contact addresses, phone numbers, and email addresses, facilitating information inquiries and communication for investors - The Board Secretary (domestic representative for information disclosure) is Su Min, and the Securities Affairs Representative is Pan Chao[14] - Contact addresses are both at No. 17 Jingsheng South 2nd Street, Majuqiao Town, Tongzhou District, Beijing, with telephone 010-56710336 and email tyz@bjtyz.com[14] Information Disclosure and Location Change Overview This section specifies that the company's designated information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News," the report publication website is the Shanghai Stock Exchange website, and clarifies that the company's semi-annual report is available at the company's Securities Legal Department - The company's information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News"[15] - The semi-annual report is published on http://www.sse.com.cn, and is available at the company's Securities Legal Department[15] Company Stock/Depositary Receipt Overview This section introduces the basic information of the company's stock, including its type as A-shares, listing exchange as the STAR Market of the Shanghai Stock Exchange, stock abbreviation as Tongyizhong, and stock code as 688722 - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Tongyizhong and code 688722[16] Company's Key Accounting Data and Financial Indicators During the reporting period, the company's key accounting data and financial indicators showed strong growth, with significant increases in operating revenue, total profit, net profit attributable to parent company, and non-recurring net profit attributable to parent company, primarily due to optimized product business structure, increased market expansion, and the acquisition of a subsidiary at the beginning of the year 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 482,719,950.20 | 254,470,366.65 | 89.70 | | Total Profit | 81,679,840.26 | 56,608,258.85 | 44.29 | | Net Profit Attributable to Listed Company Shareholders | 66,476,331.18 | 47,101,895.55 | 41.13 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Items | 62,953,307.46 | 42,860,537.56 | 46.88 | | Net Cash Flow from Operating Activities | 82,516,248.37 | 66,893,235.01 | 23.36 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,386,904,217.72 | 1,341,130,595.79 | 3.41 | | Total Assets (Period-End) | 2,129,087,645.71 | 1,565,502,448.06 | 36.00 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.30 | 0.21 | 42.86 | | Diluted EPS (yuan/share) | 0.30 | 0.21 | 42.86 | | Basic EPS Excluding Non-Recurring Items (yuan/share) | 0.28 | 0.19 | 47.37 | | Weighted Average ROE (%) | 4.84 | 3.77 | Increase of 1.07 percentage points | | Weighted Average ROE Excluding Non-Recurring Items (%) | 4.58 | 3.43 | Increase of 1.15 percentage points | | R&D Investment to Operating Revenue Ratio (%) | 4.91 | 5.63 | Decrease of 0.72 percentage points | - Operating revenue, total profit, net profit attributable to listed company shareholders, and net profit attributable to listed company shareholders excluding non-recurring items increased by 89.70%, 44.29%, 41.13%, and 46.88% year-on-year, respectively, primarily due to the company's continuous optimization of product business structure, increased market expansion, significant growth in product sales compared to the prior period, and the acquisition of a subsidiary at the beginning of the year[19] - Total assets increased by 36.00% from the beginning of the period, and net assets attributable to listed company shareholders increased by 3.41%, primarily due to a combination of operating accumulation, cash dividends, the acquisition of a subsidiary at the beginning of the year, and capital increases to subsidiaries[20] - The ratio of R&D investment to operating revenue decreased by 0.72 percentage points compared to the prior period, primarily due to the company's continuous increase in technological R&D investment, enhancement of independent innovation capabilities and R&D level, growth in operating revenue compared to the prior period, and the comprehensive impact of the subsidiary acquisition at the beginning of the year[22] Non-Recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling 3,523,023.73 yuan, primarily including government grants, gains/losses from disposal of non-current assets, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains/Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -13,370.70 | | Government grants recognized in profit or loss (excluding those closely related to normal business operations) | 4,300,110.23 | | Other non-operating income and expenses apart from the above | -287,062.13 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 112,163.01 | | Less: Income tax impact | 542,211.67 | | Minority interest impact (after tax) | 46,605.01 | | Total | 3,523,023.73 | Section III Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook, highlighting key achievements, challenges, and strategic initiatives Explanation of the Company's Industry and Main Business During the Reporting Period The company's main business involves the R&D, production, and sales of Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers and their composite materials, meta-aramid fibers, and meta-aramid paper, with business models covering profitability, sales, R&D, production, and procurement. The high-performance fiber industry, where the company operates, is strongly supported by national policies, with both UHMWPE and meta-aramid fibers in a rapid growth phase, characterized by high technical barriers and broad application prospects, especially in defense, aerospace, new energy, and robotics - The company's main business has not undergone significant changes, remaining focused on the R&D, production, and sales of Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers and their composite materials, meta-aramid fibers, and meta-aramid paper[27] - In its UHMWPE fiber business, the company has a full industry chain layout, with hundreds of product types and specifications, including differentiated advantageous products such as fine denier fibers, ultra-high strength fibers, anti-creep fibers, tendon rope fibers, and bulletproof and stab-resistant non-woven fabrics[27][28] - Meta-aramid products include meta-aramid fibers and meta-aramid paper, widely used in aerospace, high-speed rail, automotive, high-voltage insulation, military and police training uniforms, fire suits, and industrial protection, with advantageous products including colored aramid fibers, insulating aramid paper, and honeycomb aramid paper[28][29] - The company's business model primarily includes its profitability model, sales model, R&D model, production model, and procurement model. Profitability is achieved by providing high-performance fiber products; sales adopt direct selling; R&D combines forward-looking and application-oriented approaches; production is based on sales orders; and procurement is order-driven, with a qualified supplier system established[30][31][33][34][35] - High-performance fibers and their composite materials are listed as national development priorities, with Ultra-High Molecular Weight Polyethylene fibers and aramid fibers classified as "encouraged" industries and strategic emerging industries, and the industry is in a rapid growth phase, characterized by high technical and process barriers[36][37][38] - Future development trends for UHMWPE fibers include enhancing breaking strength and creep resistance, reducing costs, developing ultra-fine denier and functional fibers, innovating spinning industrialization technology, and expanding applications in civil fields such such as medical, sports equipment, and humanoid robot tendon materials[44][45][46][47] - In the meta-aramid fiber sector, technical routes are diverse, with domestic production primarily using intermittent low-temperature polymerization and ammonia neutralization processes. Market applications are expanding to personal protective equipment, rubber reinforcement, and sports goods, with insulating aramid paper showing breakthrough potential in new energy motors, locomotives, and transformers, and aerospace honeycomb paper widely used in Airbus A320, A350, and other aircraft models[48] Company's Main Business The company primarily engages in the R&D, production, and sales of Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers and their composite materials, meta-aramid fibers, and aramid paper. UHMWPE fiber products are diverse, including fine denier, ultra-high strength, anti-creep, tendon rope fibers, and bulletproof and stab-resistant non-woven fabrics. Meta-aramid products cover colored fibers, insulating aramid paper, and honeycomb aramid paper, widely used in military, aerospace, and protective fields - The company's main business involves Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers and their composite materials, meta-aramid fibers, and meta-aramid paper R&D, production, and sales, with no significant changes in its main business[27] - Ultra-High Molecular Weight Polyethylene fiber business products include fine denier fibers (monofilament denier up to 0.95D, used for fishing lines, home textiles, etc.), ultra-high strength fibers (breaking strength no less than 42.5cN/dtex, used for high-end military equipment), anti-creep fibers (used for marine engineering), tendon rope fibers (used for robot dexterous hands), and bulletproof and stab-resistant non-woven fabrics (TYZ® SF804, used for military and police bulletproof and stab-resistant equipment)[27][28] - Meta-aramid products include meta-aramid fibers and meta-aramid paper, widely applied in aerospace, high-speed rail, automotive, high-voltage insulation, military and police training uniforms, fire suits, and industrial protection, with advantageous products such as colored aramid fibers, insulating aramid paper, and honeycomb aramid paper[28][29] Company's Business Model The company's business model primarily includes its profitability model, sales model, R&D model, production model, and procurement model. Profitability is achieved by providing high-performance fiber products; sales adopt direct selling; R&D combines forward-looking and application-oriented approaches; production is based on sales orders; and procurement is order-driven, with a qualified supplier system established - Profitability Model: Generating revenue and profit by providing Ultra-High Molecular Weight Polyethylene (UHMWPE) fibers and their composite materials, meta-aramid fibers, and meta-aramid paper[30] - Sales Model: Adopting direct sales, with customers primarily being downstream manufacturing enterprises and end-users of bulletproof products, securing orders through bidding and business negotiations[31][32] - R&D Model: Establishing a technology research center and a postdoctoral research workstation, adopting a combination of forward-looking and application-oriented R&D, and conducting technological breakthroughs based on industry trends and customer demands[33] - Production Model: Adopting production based on sales orders combined with demand forecasting, formulating annual production plans, and entrusting the Technology and Quality Department with full-process quality control[34] - Procurement Model: Adopting an order-driven approach, with the Supply Chain Management Department formulating procurement demands based on production plans and inventory, and establishing a stable, competitive, and dynamically adjusted list of qualified suppliers[35] Industry Overview The company operates in the high-performance fiber industry, which receives strong national policy support. Both UHMWPE and meta-aramid fibers are in a rapid growth phase, characterized by high technology intensity and barriers. UHMWPE fiber demand is growing in defense, aerospace, and civil sectors,