新亚强(603155) - 2022 Q2 - 季度财报

Definitions This section provides definitions of key terms used in the report Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics Company Basic Information Xinyaqiang Silicon Chemical Co., Ltd. (Xinyaqiang) specializes in the R&D, production, and sales of organosilicon fine chemicals, with Chu Yajun as its legal representative, and its registered address changed during the reporting period - The company's Chinese name is Xinyaqiang Silicon Chemical Co., Ltd., stock code 603155, listed on the Shanghai Stock Exchange[11][16] - During the reporting period, the company's registered address changed from 'No. 3 Jingwu Road, Suqian Ecological Chemical Industry Park' to 'No. 2 Yangzi Road, Suqian Ecological Chemical Industry Park'[13] Key Accounting Data and Financial Indicators In the first half of 2022, the company achieved strong performance growth, with revenue increasing by 60.56% to 665.37 million Yuan and net profit attributable to shareholders rising by 30.23% to 191.12 million Yuan, driven by higher product prices and sales volumes Key Accounting Data for H1 2022 | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 665,368,135.42 | 414,393,998.89 | 60.56 | | Net Profit Attributable to Listed Company Shareholders | 191,120,801.78 | 146,757,676.14 | 30.23 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Items) | 179,524,620.74 | 132,608,674.55 | 35.38 | | Net Cash Flow from Operating Activities | 193,256,420.35 | 59,681,746.53 | 223.81 | | Indicator | Current Period End (Yuan) | Prior Year End (Yuan) | YoY Change (%) | | Net Assets Attributable to Listed Company Shareholders | 2,235,998,683.23 | 2,200,437,881.45 | 1.62 | | Total Assets | 2,633,812,405.96 | 2,505,486,058.34 | 5.12 | Key Financial Indicators for H1 2022 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.85 | 0.65 | Growth 30.77% | | Basic Earnings Per Share (Excluding Non-recurring Items) (Yuan/share) | 0.80 | 0.59 | Growth 35.59% | | Weighted Average Return on Net Assets (%) | 8.52 | 7.19 | Increase 1.33 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 8.00 | 6.50 | Increase 1.50 percentage points | - The growth in the company's revenue and profit indicators is primarily attributed to the increase in product prices and sales volumes during the reporting period[20] Non-recurring Gains and Losses In the first half of 2022, the company's total non-recurring gains and losses amounted to 11.60 million Yuan, primarily driven by fair value changes and investment income from financial assets totaling 13.52 million Yuan Details of Non-recurring Gains and Losses | Non-recurring Item | Amount (Yuan) | | :--- | :--- | | Non-current asset disposal gains and losses | -136,619.63 | | Government grants recognized in current profit or loss | 1,170,586.02 | | Fair value changes and investment income from trading financial assets, etc | 13,519,422.35 | | Other non-operating income and expenses | -1,000,000.00 | | Other non-recurring items as defined | 136,119.37 | | Less: Income tax impact | 2,093,327.07 | | Total | 11,596,181.04 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial condition, and future outlook Industry and Main Business The company specializes in the R&D, production, and sales of organosilicon fine chemicals, primarily offering organosilicon functional additives and phenylchlorosilanes for various industries including new materials, pharmaceuticals, and electronics - The company's main business is organosilicon fine chemicals, with products categorized into organosilicon functional additives and phenylchlorosilanes[24] - Functional additive products include methyl series (hexamethyldisilazane, silyl ether) and vinyl series (vinyl disilazane), serving as key materials for silicone rubber, pharmaceutical synthesis, semiconductor industry, and lithium battery electrolytes[25] - Phenylchlorosilane products are crucial raw materials for producing special organosilicon materials like phenyl silicone rubber, silicone resin, and silicone oil, which exhibit excellent performance in high/low temperature resistance and radiation resistance[25] Core Competencies The company's core competencies include advanced processes, comprehensive product services, strong R&D innovation, integrated industrial chain, and a reputable market brand, with leading domestic market share and patented technologies - The company possesses self-developed core patented technologies, including solvent-free hexamethyldisilazane, new vinyl special monomers, and direct phenylchlorosilane production, ensuring outstanding product quality and leading domestic market share and export volume[26] - The company provides multi-variety product portfolio solutions tailored to customer needs, fostering long-term and stable client relationships[27] - The company has established multiple provincial R&D centers, collaborates with universities for industry-academia-research initiatives, holds 47 patents, and its hexamethyldisilazane product is recognized as a manufacturing single champion product[27] - The company continuously extends its organosilicon industry chain upstream and downstream, enhances comprehensive utilization of by-products, builds a circular economy, and improves profitability and market competitiveness[28] Discussion and Analysis of Operations In H1 2022, the company maintained steady growth in key operating indicators, with revenue reaching 665.37 million Yuan and net profit 191.12 million Yuan, while new projects like the 10,000-ton phenylchlorosilane (Phase II) facility successfully commenced operations - During the reporting period, the company overcame adverse impacts such as the pandemic, rising raw material, and logistics costs, maintaining steady growth in key operating indicators[29] - Progress was made in the company's new project construction, with the successful commissioning of the 10,000-ton/year phenylchlorosilane (Phase II) and 2,500-ton/year phenyl intermediate projects, solidifying the company's advantageous position in the organosilicon sub-segment[29] Key Performance Indicators for H1 2022 | Indicator | Amount (10,000 Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 66,536.81 | 60.56 | | Net Profit Attributable to Listed Company Shareholders | 19,112.08 | 30.23 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Items) | 17,952.46 | 35.38 | | Earnings Per Share (Yuan) | 0.85 | 30.77 | Main Business Analysis During the reporting period, the company's main business revenue increased by 60.56% due to higher product prices and sales, while operating costs rose by 87.34% due to increased raw material and logistics expenses, and financial expenses significantly decreased due to exchange gains Analysis of Major Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 665,368,135.42 | 414,393,998.89 | 60.56 | Increase in product prices and sales volumes | | Operating Cost | 449,223,947.05 | 239,789,563.40 | 87.34 | Increase in raw material prices and logistics costs | | Financial Expenses | -12,728,969.43 | 234,157.41 | -5,536.07 | Exchange gains | | Net Cash Flow from Operating Activities | 193,256,420.35 | 59,681,746.53 | 223.81 | Increase in cash received from sales of goods | Analysis of Assets and Liabilities As of the end of the reporting period, total assets were 2.63 billion Yuan, with cash increasing by 48.49% due to redemption of financial assets, and construction in progress rising by 53.95% due to ongoing project investments Changes in Major Assets and Liabilities | Item Name | Current Period End Amount (Yuan) | Prior Year End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 351,305,891.11 | 236,578,797.47 | 48.49 | Primarily due to redemption of trading financial assets | | Construction in Progress | 168,086,726.17 | 109,182,691.54 | 53.95 | Primarily due to increased investment in ongoing projects during the period | | Short-term Borrowings | 13,300,000.00 | 0.00 | 100.00 | Primarily due to increased bank borrowings during the period | | Contract Liabilities | 3,793,481.00 | 6,632,371.78 | -42.80 | Primarily due to decrease in advance receipts during the period | Analysis of Investment Status During the reporting period, the company's external equity investments totaled 107 million Yuan, a 100% increase, including a planned 400 million Yuan joint venture with Hubei Xingrui Silicon Material Co., Ltd., which is yet to be established - The company plans to invest 400 million Yuan to establish a joint venture with Hubei Xingrui Silicon Material Co., Ltd. to expand its business layout[38] - As of June 30, 2022, the company's financial assets measured at fair value totaled 1.25 billion Yuan, primarily comprising trading financial assets and accounts receivable financing[40] Analysis of Major Holding and Participating Companies The company's main wholly-owned subsidiary, Xinyaqiang (Shanghai) Silicon Material Co., Ltd., engaged in R&D and trade, reported a net profit of 0.27 million Yuan during the period Key Financial Data of Xinyaqiang (Shanghai) Silicon Material Co., Ltd. (Unit: 10,000 Yuan) | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | 12,051.29 | 12,027.22 | 14.16 | 26.53 | Risk Warnings The company faces risks including intensified market competition, macroeconomic and market environment changes, safety production, environmental protection, technological R&D, and significant international environment shifts - Risk of intensified market competition: Entry of dominant industry players into the company's key product segments may lead to capacity expansion and price declines[43] - Safety production and environmental risks: The company's production involves hazardous chemicals, posing potential safety accidents; stricter environmental regulations may increase operating costs[44] - Technology R&D risk: New product development involves long cycles and high costs, and failure to develop or adapt to market demand could adversely affect operations[45] - Risk of significant international environmental changes: Recurring global pandemics and geopolitical conflicts may lead to rising commodity prices, disrupted international logistics, and significant exchange rate fluctuations[46] Corporate Governance This section details changes in the company's board, supervisors, and senior management, as well as its profit distribution plan Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's director and deputy general manager, Mr. Chu Yaxian, passed away, leading to changes in the board and senior management - Mr. Chu Yaxian, former director and deputy general manager, resigned due to illness and passing[49][50] Profit Distribution Plan The company proposes no profit distribution or capital reserve capitalization for the first half of 2022 - The H1 2022 profit distribution plan proposes no distribution and no capitalization from capital reserves[51] Environmental and Social Responsibility This section outlines the company's environmental protection measures and its contributions to social welfare initiatives Environmental Information As a key pollution unit, the company operates wastewater treatment and incineration facilities, adheres to environmental regulations, and reported no excessive emissions or administrative penalties during the period - The company has established wastewater treatment systems and incineration facilities for waste gas, liquid, and residue, ensuring all emissions meet standards after treatment[55] - The company strictly implements environmental impact assessment and the 'three simultaneous' system, and has filed its 'Emergency Plan for Environmental Incidents' with environmental authorities[56][57] - During the reporting period, the company received no administrative penalties for environmental issues[59] Social Responsibility During the reporting period, the company actively fulfilled its social responsibilities by donating 1 million Yuan for epidemic prevention and contributing books to local community libraries - In April 2022, the company donated 1 million Yuan for epidemic prevention to Jilin City[60] - In June 2022, the company donated books to Yubei Community to support the construction of local rural libraries[60] Significant Matters This section details the fulfillment of commitments made by the company and its related parties during the initial public offering Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, and D&O strictly fulfilled their commitments made during the IPO, including share lock-up, reduction intentions, and share price stabilization plans - The company's controlling shareholder, actual controllers, shareholders holding 5% or more, and D&O have strictly fulfilled their share lock-up commitments since the company's listing on September 1, 2020, with a lock-up period of 36 months[63][64][65][68][70][71] - The company, its actual controllers, and D&O have formulated a share price stabilization plan for the three years post-listing, to be activated if the share price falls below net asset value per share, including company buybacks, and increased holdings by actual controllers and D&O[74][75][76][77][78] Share Changes and Shareholder Information This section provides details on changes in the company's share capital, shareholder structure, and changes in controlling shareholders or actual controllers Share Capital Changes During the reporting period, the company's total share capital increased from 155.56 million shares to 225.56 million shares due to a capital reserve capitalization plan of 4.5 shares for every 10 shares - The company implemented a capital reserve capitalization plan of 4.5 shares for every 10 shares, increasing total share capital from 155,560,000 shares to 225,562,000 shares[92][93] Shareholder Information As of the reporting period end, the company had 15,458 common shareholders, with Chu Lin (45.99%) and Hongta Innovation (Kunshan) Venture Capital Co., Ltd. (12.63%) as the top two shareholders - As of the end of the reporting period, the company had a total of 15,458 shareholders[97] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Nature of Shares | | :--- | :--- | :--- | :--- | | Chu Lin | 103,725,189 | 45.99 | Domestic Natural Person | | Hongta Innovation (Kunshan) Venture Capital Co., Ltd. | 28,482,799 | 12.63 | State-owned Legal Person | | Hongta Innovation Investment Co., Ltd. | 16,377,445 | 7.26 | State-owned Legal Person | | Sun Xiujie | 14,241,403 | 6.31 | Domestic Natural Person | | Huaxia Life Insurance Co., Ltd. - Proprietary Funds | 5,851,765 | 2.59 | Unknown | | National Social Security Fund 503 Portfolio | 5,399,995 | 2.39 | Unknown | | Chu Yajun | 3,444,664 | 1.53 | Domestic Natural Person | Change in Controlling Shareholder or Actual Controller The company's actual controllers changed on June 7, 2022, with Ms. Sun Xiujie inheriting shares from the deceased Mr. Chu Yaxian, dissolving the previous concerted action relationship, and establishing Chu Lin as the controlling shareholder, and Chu Yajun and Chu Lin as the actual controllers - The company's actual controllers changed on June 7, 2022, with the new actual controllers being Chu Yajun and Chu Lin[106] Preferred Shares Information This section confirms that the company has no preferred shares during the reporting period Preferred Shares The company has no preferred shares during the reporting period - Not applicable[108] Bonds Information This section confirms that the company has no bond-related information during the reporting period Bonds The company has no corporate bonds, company bonds, non-financial enterprise debt financing instruments, or convertible bonds during the reporting period - Not applicable[109][110] Financial Report This section presents the company's unaudited financial statements, including key balance sheet, income statement, and cash flow data for the reporting period Financial Statement Overview This semi-annual report's financial statements are unaudited; as of June 30, 2022, total assets were 2.63 billion Yuan, owner's equity 2.24 billion Yuan, with H1 2022 total revenue 665.37 million Yuan (60.56% YoY growth), net profit 191.12 million Yuan (30.23% YoY growth), and net cash flow from operating activities 193.26 million Yuan (223.81% YoY growth) - This semi-annual report is unaudited[7][112] Consolidated Financial Statement Core Data (Unit: Yuan) | Item | June 30, 2022 / Jan-Jun 2022 | Dec 31, 2021 / Jan-Jun 2021 | | :--- | :--- | :--- | | Balance Sheet | | | | Total Assets | 2,633,812,405.96 | 2,505,486,058.34 | | Total Liabilities | 397,813,722.73 | 305,048,176.89 | | Total Owner's Equity Attributable to Parent Company | 2,235,998,683.23 | 2,200,437,881.45 | | Income Statement | | | | Total Operating Revenue | 665,368,135.42 | 414,393,998.89 | | Total Operating Costs | 464,880,432.42 | 264,582,729.56 | | Net Profit | 191,120,801.78 | 146,757,676.14 | | Cash Flow Statement | | | | Net Cash Flow from Operating Activities | 193,256,420.35 | 59,681,746.53 | | Net Cash Flow from Investing Activities | 32,575,774.64 | -144,946,564.93 | | Net Cash Flow from Financing Activities | -142,282,809.50 | -80,952,745.50 | Taxation The company's main taxes include VAT (13%) and Urban Maintenance and Construction Tax (7%), benefiting from a 15% corporate income tax rate as a high-tech enterprise and a 13% export tax refund rate - The company is recognized as a high-tech enterprise, valid for three years (2021-2023), enjoying a preferential corporate income tax rate of 15%[241] - The company's export goods are subject to a tax exemption, offset, and refund management method, with a refund rate of 13%[242] Summary of Notes to Consolidated Financial Statements At period-end, trading financial assets totaled 1.24 billion Yuan, primarily structured deposits and bank wealth management products, while construction in progress was 168 million Yuan, mainly for phenyl intermediate and silicone resin projects - As of the end of the period, the company's trading financial assets balance was 1.24 billion Yuan, primarily consisting of structured deposits and bank wealth management products[245] - The balance of construction in progress at period-end was 168 million Yuan, primarily invested in the phenyl intermediate project (140 million Yuan) and the phenyl silicone resin project (26 million Yuan)[290] H1 2022 Operating Revenue Composition | Product Type | Operating Revenue (Yuan) | | :--- | :--- | | Functional Additives | 562,776,674.49 | | Phenylchlorosilane | 80,741,078.43 | | Other Businesses | 21,850,382.50 | | Total | 665,368,135.42 | - During the reporting period, the company's financial expenses were -12.73 million Yuan, primarily due to exchange gains of 11.65 million Yuan[343] Supplementary Information During the reporting period, the company's total non-recurring gains and losses amounted to 11.60 million Yuan, with a weighted average return on net assets of 8.52% and basic earnings per share of 0.85 Yuan Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 8.52 | 0.85 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-recurring Items) | 8.00 | 0.80 |