快克智能(603203) - 2025 Q2 - 季度财报

Section I Definitions This section defines key terms, company information, regulatory bodies, and technical jargon for consistent report understanding - Defines basic information such as the company, reporting period, CSRC, and SSE[13] - Details electronic manufacturing processes like precision welding, dispensing, AOI, and SMT[13] - Covers semiconductor and automotive electronics terms including ADAS, IGBT, SiC, chips, and FPC[13][14] - Explains cutting-edge technology concepts such as artificial intelligence, machine vision, and deep learning[14] - Introduces advanced packaging and display technologies like laser marking, wafer, die bonding, silver sintering, AR/MR/VR, TCB, and HBM[14] Section II Company Profile and Key Financial Indicators This section outlines Quick Intelligent Equipment Co., Ltd.'s basic information, contact details, stock profile, and key financial indicators for H1 2025, showing double-digit revenue and net profit growth and a significant increase in net operating cash flow - The company's full name is Quick Intelligent Equipment Co., Ltd., abbreviated as Quick Intelligent, stock code 603203, listed on the Shanghai Stock Exchange[17][21] - The company's legal representative is Qi Guoqiang, and the Board Secretary is Jiang Sulei[17][18] Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 504,313,339.77 | 450,888,492.38 | 11.85 | | Total Profit (Yuan) | 150,446,935.05 | 126,980,973.72 | 18.48 | | Net Profit Attributable to Shareholders (Yuan) | 132,899,567.73 | 118,834,941.60 | 11.84 | | Net Profit Attributable to Shareholders After Non-Recurring Items (Yuan) | 113,276,889.07 | 97,264,423.56 | 16.46 | | Net Cash Flow from Operating Activities (Yuan) | 175,557,107.26 | 68,696,108.15 | 155.56 | | Basic EPS (Yuan/share) | 0.53 | 0.48 | 10.42 | | Diluted EPS (Yuan/share) | 0.53 | 0.48 | 10.42 | | Weighted Average ROE (%) | 8.97 | 8.31 | Increased by 0.66 percentage points | | Weighted Average ROE After Non-Recurring Items (%) | 7.65 | 6.82 | Increased by 0.83 percentage points | - Total non-recurring gains and losses amounted to 19.6227 million Yuan, primarily comprising government subsidies and fair value changes in financial assets[25][27] Section III Management Discussion and Analysis This section analyzes Quick Intelligent's H1 2025 operations, covering industry, main business, performance, core competencies, and risks, highlighting innovation, steady growth driven by AI and smart automotive, and progress on its 'Quality Improvement, Efficiency Enhancement, and Shareholder Returns' plan I. Industry and Main Business Overview During the Reporting Period Quick Intelligent operates in specialized equipment manufacturing and intelligent manufacturing, providing one-stop smart equipment solutions for precision electronic assembly and semiconductor packaging, with products applied in automotive, smart terminals, AI servers, and semiconductor fields - The company is classified under specialized equipment manufacturing and intelligent manufacturing equipment industries[28] - Its main business is providing complete intelligent equipment solutions for precision electronic assembly and semiconductor packaging[28] - Products include precision welding and assembly equipment, machine vision process equipment, intelligent manufacturing complete sets of equipment, and die bonding and packaging equipment[28] - Key application areas focus on automotive electrification and intelligent driving, smart terminals and wearables, AI servers, and semiconductor packaging[28] II. Discussion and Analysis of Operations During the reporting period, Quick Intelligent achieved double-digit growth in revenue and net profit attributable to shareholders, maintaining a 50.78% gross profit margin, driven by AI, smart consumer electronics, and automotive intelligence, with significant progress in precision welding, machine vision, and die bonding equipment, alongside global expansion of intelligent manufacturing solutions - Operating revenue was 504.3133 million Yuan, a 11.85% year-on-year increase; net profit attributable to shareholders was 132.8996 million Yuan, up 11.84%; net profit attributable to shareholders after non-recurring items was 113.2769 million Yuan, up 16.46%. The comprehensive gross profit margin was 50.78%[35] - Precision welding and assembly equipment: AI consumer electronics structural upgrades drive demand for precision welding; galvanometer laser welding equipment is used in Meta smart glasses mass production and has entered the supply chains of leading companies like Xiaomi, OPPO, and vivo. PCB laser depaneling technology breakthroughs secured orders exceeding 10 million Yuan from Foxconn and Luxshare. The booming AI server market led to high-speed connector welding equipment entering NVIDIA's core supplier list and connector suppliers like Molex. The popularization of intelligent driving in automobiles boosted LiDAR demand, with high-precision laser welding equipment supplied to Hesai Technology. Selective wave soldering equipment integrates AI adaptive optimization algorithms, applied in Bosch Automotive Electronics and BYD new energy vehicle production lines[36][37][38] - Machine vision process equipment: China's machine vision market size is projected to exceed 21 billion Yuan in 2025, with over 14% year-on-year growth. 3D AOI & SPI inspection equipment for SMT is rapidly expanding in client applications, enabling uninterrupted training for AI servers. Multi-dimensional full inspection equipment is mass-applied in smart terminals and wearables. In the AI server sector, equipment accurately identifies high-speed connector appearance defects. In the optical module sector, equipment detects critical quality issues in 800G and above high-speed optical module production, with small-batch applications. Dual-camera high-precision module technology solutions are maturing in semiconductor packaging AOI inspection scenarios[40][41] - Intelligent manufacturing complete sets of equipment: Deepened cooperation with Bosch Group, undertaking automation projects. Self-developed graphical programming multi-functional process islands implemented at United Automotive Electronic Systems. Global expansion achieved breakthroughs, delivering production lines to European bases like Faurecia. Automated production lines deployed in emerging fields such as steer-by-wire chassis (Bethel), LiDAR (Hesai Technology), and AI server liquid cooling (Feilong Co., Ltd.)[42] - Die bonding and packaging equipment: Global packaging equipment sales are projected to reach 5.4 billion USD in 2025, a 7.7% year-on-year increase. Silicon carbide micro-nano silver (copper) sintering equipment secured orders from Inovance, CRRC, and BYD. High-speed, high-precision die bonders won bulk orders from Chengdu Advanced Power Semiconductor. Thermo-compression bonding (TCB) equipment R&D made critical progress, expected to be completed and customer sampling initiated within the year, supporting domestic production of AI chip CoWoS and HBM packaging[44][45] III. Analysis of Core Competencies During the Reporting Period Quick Intelligent's core competencies lie in parallel technology platform R&D and industry application development, building robust technical barriers with proprietary high-precision motion control, process expert, and vision algorithm systems, while expanding globally through multi-dimensional marketing and attracting talent via a customer-centric culture and equity incentives - Technology platform R&D & industry application development: Proprietary development of high-precision motion control systems, core process expert databases, and vision algorithm libraries, forming robust process barriers. In machine vision, mastering technologies like super-depth-of-field image synthesis and multi-dimensional camera full inspection. The semiconductor packaging equipment division developed micro-nano metal sintering equipment, high-speed high-precision die bonders, and advanced packaging thermo-compression bonding (TCB) equipment[47][48] - Multi-dimensional marketing management layout: Focusing on main tracks like AI smart hardware, semiconductor packaging, new energy vehicle electrification, and intelligence, by exploring common customer application scenarios, deeply cultivating key clients, cross-selling related equipment, and implementing internationalization strategies, a wholly-owned subsidiary has been established in Vietnam, and a global service network built in multiple countries[49][50] - Customer-oriented culture and brand advantages: Adhering to the corporate culture of 'serving customers, embracing innovation, taking responsibility, and upholding integrity,' accumulating extensive customer resources including Luxshare Precision, Goertek, Foxconn, Xiaomi, BYD, Bosch, and Tesla, recognized as a national 'Little Giant' enterprise specializing in niche sectors and a national manufacturing single champion enterprise[50] - Talent mechanism deeply integrated with corporate culture: Implementing a talent-driven development strategy, actively promoting the 2025 restricted stock incentive plan and employee stock ownership plan, to unite and continuously attract outstanding talent[52] IV. Key Operating Performance During the Reporting Period This section analyzes Quick Intelligent's H1 2025 key operating performance, including financial statement changes, asset-liability status, and investments, showing steady revenue growth, significant increases in operating and investing cash flows, and a stable asset-liability structure with 1.11% overseas assets Key Financial Statement Item Changes and Reasons for H1 2025 | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 504,313,339.77 | 450,888,492.38 | 11.85 | Actively seizing incremental market opportunities | | Operating Cost | 248,205,979.20 | 228,175,553.66 | 8.78 | Matching revenue, no significant change | | Selling Expenses | 37,241,410.63 | 35,135,794.39 | 5.99 | No significant change | | Administrative Expenses | 21,889,273.78 | 20,048,347.05 | 9.18 | No significant change | | Financial Expenses | -2,601,509.76 | -2,463,134.05 | -5.62 | No significant change | | R&D Expenses | 66,092,486.07 | 60,553,775.12 | 9.15 | Continued increase in R&D investment | | Net Cash Flow from Operating Activities | 175,557,107.26 | 68,696,108.15 | 155.56 | Increased collections during the reporting period | | Net Cash Flow from Investing Activities | 97,515,766.50 | 6,394,207.79 | 1425.06 | Maturity and redemption of wealth management products | | Net Cash Flow from Financing Activities | -71,207,029.43 | -33,122,122.05 | -114.98 | Cash dividend implemented during the reporting period | Asset and Liability Status Changes for H1 2025 | Item Name | Current Period-end Amount (Yuan) | Prior Year-end Amount (Yuan) | Change from Prior Year-end (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 395,444,208.55 | 182,150,253.43 | 117.10 | Corporate cash management, wealth management products matured and recovered | | Notes Receivable | 3,656,353.72 | 10,555,811.37 | -65.36 | Decrease in unmatured notes at period-end | | Receivables Financing | 6,309,269.46 | 16,280,427.98 | -61.25 | Decrease in unmatured financing-type notes at period-end | | Prepayments | 7,584,242.26 | 3,014,039.69 | 151.63 | Increase in prepayments for materials, etc. | | Other Receivables | 21,798,779.80 | 3,698,676.98 | 489.37 | Company reduced capital in subsidiary, consideration not yet recovered | | Other Non-current Assets | 752,714.97 | 250,468.77 | 200.52 | Increase in prepayments for equipment | | Short-term Borrowings | 0 | 4,000,000.00 | -100.00 | Subsidiary bank loan matured and repaid | | Contract Liabilities | 114,711,042.39 | 63,742,920.47 | 79.96 | Increase in customer payments received for goods | | Other Payables | 96,577,566.51 | 1,048,395.76 | 9111.94 | Received capital contributions for employee stock ownership plan and restricted stock, some dividends not yet paid | - Overseas assets amounted to 23.2321 million Yuan, accounting for 1.11% of total assets[60] - Total restricted cash and cash equivalents were 12.0168 million Yuan, mainly for letter of guarantee deposits and bill deposits[62] - Trading financial assets at period-end were 397.9993 million Yuan, compared to 535.1155 million Yuan at the beginning of the period; other non-current financial assets at period-end were 136.4382 million Yuan, compared to 139.1503 million Yuan at the beginning of the period[64] - After capital reduction, Changzhou Yirui Automation Equipment Co., Ltd. is no longer included in the consolidated scope, with no significant impact on overall production, operations, or performance[65] V. Other Disclosures This section discloses Quick Intelligent's risks, including market competition, technological upgrades, declining profitability, bad debt, inventory impairment, and tax policy changes, and details actions taken in response to the 'Quality Improvement, Efficiency Enhancement, and Shareholder Returns' initiative, focusing on core business, innovation, governance, and investor communication - Potential risks include intensified market competition, technological upgrades and development, declining profitability, accounts receivable bad debts, inventory impairment, and inability to enjoy tax preferential policies[66][67][68] - 'Quality Improvement, Efficiency Enhancement, and Shareholder Returns' action plan progress: Focusing on core business, achieving steady revenue and profit growth, with a comprehensive gross profit margin of 50.78%. R&D investment of 66.0925 million Yuan, accounting for 13.11% of revenue, with 14 new patents and 46 software copyrights. Completed revisions to the Articles of Association and supporting systems, abolished the Supervisory Board, and strengthened the Audit Committee's functions. Organized regulatory training to enhance compliance awareness among 'key individuals.' Formulated a three-year shareholder return plan, with a 2024 annual cash dividend of 161.3197 million Yuan, representing 76.02% of net profit. Enhanced investor communication through performance briefings and the SSE e-interaction platform[70][71][72][73][74] Section IV Corporate Governance, Environment, and Society This section discloses Quick Intelligent's corporate governance, environmental, and social responsibility information for the reporting period, including changes in directors and senior management, board re-election, abolition of the supervisory board, no interim profit distribution plan, active promotion of equity incentives, and public disclosure of environmental information - Changes in company directors and senior management: Liu Zhihong elected as employee representative director, Qin Zhijun appointed as independent director, Wang Yaming resigned as independent director. Jiang Sulei appointed as CFO, Yin Wenxian resigned as CFO. Completed the re-election of the fifth Board of Directors and appointment of senior management. The company no longer has a Supervisory Board, with its functions exercised by the Board's Audit Committee[76][77] - Profit distribution or capital reserve capitalization plan: No profit distribution or capital reserve capitalization plan proposed for this half-year[78] - Equity incentive plan, employee stock ownership plan: Actively promoting the 2025 restricted stock incentive plan and employee stock ownership plan, with initial grant registration and non-trading transfer completed[79][80][81] - Environmental information disclosure: Quick Intelligent is included in the list of enterprises required to disclose environmental information and has provided a query index[82] Section V Significant Matters This section details Quick Intelligent's significant matters during the reporting period, including the timely and strict fulfillment of commitments by the actual controller, shareholders, related parties, and the company itself, covering share lock-up, resolution of horizontal competition and related party transactions, and measures to mitigate dilution of immediate returns, while confirming no non-operating fund occupation, illegal guarantees, or major litigation, and affirming the good credit standing of the company and its controlling parties - Fulfillment of commitments: Share transfer commitments by the company's Chairman, Director and General Manager, Director and Deputy General Manager, and other senior management were all timely and strictly fulfilled. Commitments by the company's actual controller, controlling shareholder, and major shareholders regarding the resolution of horizontal competition and related party transactions were all timely and strictly fulfilled. Commitments by the company's actual controller, controlling shareholder, and all directors and senior management regarding the effective implementation of measures to mitigate dilution of immediate returns were all timely and strictly fulfilled. All incentive recipients of the 2025 restricted stock incentive plan, the company, and all directors and supervisors have made relevant commitments and fulfilled them timely and strictly[85][86][87][88][89][90][91][92][93][94] - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties, illegal guarantees, or major litigation or arbitration[94] - The company, its controlling shareholder, and actual controller maintain good credit standing, with no adverse credit conditions such as unfulfilled effective court judgments or large overdue debts[94] Section VI Share Changes and Shareholder Information This section details Quick Intelligent's share capital changes, total shareholders, top ten shareholders' holdings, and director/senior management share changes, noting no change in share capital during the period but an increase post-period due to initial equity incentive grants, with Changzhou Fuyun Investment Consulting Co., Ltd. and GOLDEN PRO.ENTERPRISE CO.,LIMITED as the top two shareholders - During the reporting period, the company's total share capital and share structure remained unchanged[101] - After the reporting period, 4.5078 million restricted shares from the 2025 restricted stock incentive plan's initial grant registration were registered in July 2025, changing the company's share capital to 253.661118 million Yuan[102] - As of the end of the reporting period, the total number of common shareholders was 13,384 accounts[103] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Changzhou Fuyun Investment Consulting Co., Ltd. | 75,109,298 | 30.15 | Domestic Non-state-owned Legal Person | | GOLDEN PRO.ENTERPRISE CO.,LIMITED | 61,453,194 | 24.66 | Overseas Legal Person | | Qi Guoqiang | 21,286,779 | 8.54 | Domestic Natural Person | | Beijing Huibao Jinyuan Investment Management Center (Limited Partnership) | 5,457,348 | 2.19 | Other | | Shanghai Hongshang Asset Management Center (Limited Partnership) - Hongshang Asset Hongli No. 2 Private Securities Investment Fund | 5,000,000 | 2.01 | Other | | Zhuhai Abama Private Equity Fund Investment Management Co., Ltd. - Abama Yuexiang Hongli No. 60 Private Securities Investment Fund | 2,353,000 | 0.94 | Other | | Industrial Bank Co., Ltd. - Huaxia CSI Robotics ETF | 2,232,900 | 0.90 | Other | | Zhou Yu | 1,473,300 | 0.59 | Domestic Natural Person | | Guangdong Jinbaihe Private Securities Investment Fund Management Co., Ltd. - Jinbaihe No. 8 Securities Investment Fund | 1,433,905 | 0.58 | Other | | Dou Xiaoming | 1,334,561 | 0.54 | Domestic Natural Person | - Changzhou Fuyun Investment Consulting Co., Ltd., GOLDEN PRO.ENTERPRISE CO.,LIMITED, Qi Guoqiang, and Zhuhai Abama Asset Management Co., Ltd. - Abama Yuexiang Hongli No. 60 Private Securities Investment Fund are parties acting in concert[107] - After the reporting period, Director and Deputy General Manager Liu Zhihong and Dou Xiaoming were each granted and registered 200,000 restricted shares[108][109] Section VII Bond-Related Information This section confirms the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[112] - The company has no convertible corporate bonds[112] Section VIII Financial Report This section presents Quick Intelligent's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed disclosures on company information, accounting policies, taxes, notes to financial statements, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties, share-based payments, commitments, subsequent events, and supplementary information - The financial report is unaudited[5] - Includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[114][117][121][124][127][130][133][143] - Detailed disclosures on the company's basic information, basis of financial statement preparation, and significant accounting policies and estimates[148][149][151][152] - Detailed notes on various consolidated financial statement items, including cash and cash equivalents, trading financial assets, notes receivable, accounts receivable, inventories, construction in progress, intangible assets, goodwill, deferred income tax assets/liabilities, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, deferred income, operating revenue and costs, various expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income/expenses, income tax expenses, and supplementary cash flow statement information[228][376] - Discloses R&D expenditure, with current period expensed R&D of 66.0925 million Yuan[381] - During the reporting period, disposed of subsidiary Changzhou Yirui Automation Equipment Co., Ltd. and its subsidiary Nanjing Yirui Software Technology Co., Ltd., losing control[384] - Discloses risks related to financial instruments, including market risks (exchange rate, interest rate), credit risk, and liquidity risk[398][401][404] - Discloses fair value of assets measured at fair value at period-end, primarily trading financial assets and receivables financing[410] - Discloses related parties and related party transactions, including sales of goods to Lingyi Electronics (Zhuhai) Co., Ltd. and Lingyi Semiconductor Technology (Changzhou) Co., Ltd.[418] - Supplementary information includes a detailed statement of non-recurring gains and losses, totaling 19.6227 million Yuan[453] - Return on net assets and earnings per share: Weighted average return on net assets attributable to common shareholders was 8.97%, basic earnings per share was 0.53 Yuan[454]