汇顶科技(603160) - 2023 Q2 - 季度财报

Financial Performance - Revenue for the reporting period (January to June) was 2,021,834,633.02 RMB, a year-on-year increase of 10.56%[18] - Net profit attributable to shareholders of the listed company was -135,978,464.07 RMB, a year-on-year decrease of 744.85%[18] - Net cash flow from operating activities was 956,567,365.27 RMB, a year-on-year increase of 307.02%[18] - Total assets at the end of the reporting period were 9,116,240,832.15 RMB, a year-on-year decrease of 3.29%[18] - Basic earnings per share were -0.30 RMB, a year-on-year decrease of 700.00%[19] - Weighted average return on equity was -1.76%, a decrease of 2.00 percentage points year-on-year[19] - Revenue for the first half of 2023 reached 2.022 billion yuan, a year-on-year increase of 10.56%[42] - Gross profit margin decreased by 4.57 percentage points to 41.40% due to intense market competition[42] - Net profit attributable to the parent company was -136 million yuan, but Q2 showed significant improvement with a net profit of 2.86 million yuan, a quarter-on-quarter increase of 142 million yuan[42] - Revenue increased by 10.56% to RMB 2,021,834,633.02 compared to the same period last year[44] - Operating costs rose by 19.90% to RMB 1,184,764,809.46, driven by increased revenue[44][45] - Net cash flow from operating activities surged by 307.02% to RMB 956,567,365.27, primarily due to reduced inventory[44][45] - R&D expenses decreased by 24.42% to RMB 532,641,891.40, mainly due to reduced employee compensation and outsourced R&D costs[44][45] - Net cash flow from investing activities dropped by 209.11% to RMB -788,940,372.78, mainly due to reduced cash received from investments and increased long-term deposits[44][45] - Total revenue for the first half of 2023 reached 2,021,834,633.02 yuan, an increase from 1,828,788,022.28 yuan in the same period last year[101] - Net profit for the first half of 2023 was -135,978,312.19 yuan, compared to 21,088,668.39 yuan in the same period last year[103] - Total assets as of the end of the first half of 2023 were 9,523,042,139.98 yuan, a decrease from 9,820,774,732.26 yuan at the end of the previous year[99] - Total liabilities as of the end of the first half of 2023 were 1,429,613,178.84 yuan, a decrease from 1,541,028,196.68 yuan at the end of the previous year[100] - R&D expenses for the first half of 2023 were 532,641,891.40 yuan, a decrease from 704,701,421.76 yuan in the same period last year[101] - Long-term equity investments as of the end of the first half of 2023 were 2,541,351,603.70 yuan, an increase from 2,454,577,893.83 yuan at the end of the previous year[99] - Fixed assets as of the end of the first half of 2023 were 196,723,153.30 yuan, a decrease from 202,627,936.54 yuan at the end of the previous year[99] - Total operating costs for the first half of 2023 were 1,919,942,804.08 yuan, slightly higher than 1,917,699,736.64 yuan in the same period last year[101] - Other comprehensive income after tax for the first half of 2023 was 75,168,499.17 yuan, similar to 75,171,654.55 yuan in the same period last year[103] - Total equity attributable to owners of the company as of the end of the first half of 2023 was 8,093,428,961.14 yuan, a decrease from 8,279,746,535.58 yuan at the end of the previous year[100] - Comprehensive income for the first half of 2023 was -60,809,813.02 RMB, a significant decrease compared to 96,260,322.94 RMB in the same period last year[104] - Basic earnings per share (EPS) for the first half of 2023 was -0.30 RMB, compared to 0.05 RMB in the same period last year[104] - Operating income for the first half of 2023 was 1,814,170,557.66 RMB, an increase from 1,532,929,851.30 RMB in the same period last year[105] - R&D expenses for the first half of 2023 were 481,390,231.30 RMB, a decrease from 563,123,833.74 RMB in the same period last year[105] - Net cash flow from operating activities for the first half of 2023 was 956,567,365.27 RMB, a significant improvement from -462,074,686.51 RMB in the same period last year[107] - Cash received from sales of goods and services for the first half of 2023 was 2,103,577,443.08 RMB, a slight decrease from 2,249,806,834.20 RMB in the same period last year[107] - Cash paid for the purchase of goods and services for the first half of 2023 was 468,859,287.20 RMB, a significant decrease from 1,838,410,518.93 RMB in the same period last year[107] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets for the first half of 2023 was 258,002,557.21 RMB, a decrease from 389,650,918.15 RMB in the same period last year[107] - Cash received from investments for the first half of 2023 was 730,404,865.93 RMB, a decrease from 1,393,873,383.99 RMB in the same period last year[107] - Cash paid for investments for the first half of 2023 was 1,282,756,000.00 RMB, a significant increase from 326,047,848.00 RMB in the same period last year[107] - Investment activities cash outflow totaled 1,540,758,557.21 yuan, a significant increase compared to 715,698,766.15 yuan in the same period last year[108] - Net cash flow from operating activities was 1,351,265,055.94 yuan, a substantial improvement from -549,143,708.23 yuan in the previous year[109] - Cash received from selling goods and providing services reached 2,205,975,882.14 yuan, slightly higher than 2,129,092,108.38 yuan in 2022[109] - Net cash flow from investment activities was -913,114,072.23 yuan, a significant decrease from 785,793,613.37 yuan in the same period last year[110] - Cash received from borrowing was 200,000,000.00 yuan, down from 279,257,550.01 yuan in 2022[110] - Net cash flow from financing activities was -200,582,780.89 yuan, an improvement from -413,636,760.36 yuan in the previous year[110] - The company's total owner's equity at the beginning of the period was 7,778,300,477.47 yuan[112] - Comprehensive income for the period was -135,978,464.07 yuan, a decrease from -60,810,098.11 yuan in the previous year[113] - Owner's capital investment during the period totaled 31,471,113.10 yuan[113] - Total owner's equity at the end of the period was RMB 8,455,110,845.67, with a decrease of RMB 238,805,257.60 compared to the beginning of the period[119] - Comprehensive income for the period was RMB 96,260,322.94, driven by a net profit of RMB 75,171,661.51[117] - Capital reserve decreased by RMB 142,397,026.55 due to a reduction in owner's capital and other equity tool adjustments[117] - Retained earnings decreased by RMB 100,130,347.68 due to profit distribution to shareholders[118] - The company's total assets at the end of the period were RMB 7,649,989,154.34, with a significant increase in capital reserves and retained earnings[115] - Total owner's equity decreased by CNY 186,317,574.44 in the first half of 2023, primarily due to a comprehensive loss of CNY 118,810,729.95[120] - Capital reserve increased by CNY 28,176,725.91, while treasury stock increased by CNY 95,757,406.40 during the same period[120] - Undistributed profits decreased by CNY 118,655,693.95, contributing to the overall decline in owner's equity[120] - In the first half of 2022, total owner's equity decreased by CNY 285,175,185.26, with a significant reduction in capital reserve of CNY 142,397,026.55[122] - Treasury stock increased by CNY 92,812,905.76 in the first half of 2022, partially offset by a decrease in capital reserve[122] - Undistributed profits increased by CNY 49,890,395.28 in the first half of 2022, despite an overall decline in owner's equity[122] - The company's total owner's equity stood at CNY 8,093,428,961.14 at the end of the first half of 2023, down from CNY 8,279,746,535.58 at the beginning of the period[120][121] - In the first half of 2022, the company's total owner's equity decreased from CNY 8,907,314,122.68 to CNY 8,622,138,937.42[122][123] - The company's capital reserve decreased by CNY 142,397,026.55 in the first half of 2022, primarily due to a reduction in owner's capital[122] - Treasury stock increased by CNY 95,757,406.40 in the first half of 2023, reflecting the company's share repurchase activities[120] Business Operations and Strategy - The company operates in the Fabless model, focusing on chip design while outsourcing manufacturing, packaging, and testing[24] - The company's under-display optical fingerprint sensor maintains a strong market share in high-end smartphones[31] - The company's OLED touch chips for small and medium-sized screens achieved mass production in H1 2023, securing flagship PC models and leading in the Android tablet market[32] - The company's automotive-grade touch chips saw increased shipments in H1 2023, with new FMLOC touch chips leading in high refresh rate and advanced user experience[33] - The company's BLE products are expanding into wearables, smartphones, PC accessories, smart home, and smart mobility markets[36] - Fingerprint and touch control product revenues were 836 million yuan and 738 million yuan, up 7.15% and 33.33% year-on-year, respectively[42] - The company has over 1,500 employees globally, with R&D personnel accounting for over 80% and over 50% holding a master's degree or higher[40] - The company has accumulated over 7,000 international and domestic patents as of June 30, 2023[40] - BLE product shipments have significantly increased, expanding into smart tracking, smart travel, and smart home markets[39] - The company's automotive-grade touch button chip achieved mass production in the first half of 2023, with positive customer feedback[42] - The company's trading financial assets increased by 541.33% to RMB 325,981,374.01, driven by increased bank wealth management products[47] - Inventory decreased by 47.30% to RMB 946,272,841.08, reflecting the company's efforts to reduce stock[47] - Overseas assets accounted for 22.23% of total assets, amounting to RMB 2,026,400,600[48] - The company invested RMB 92 million in its wholly-owned subsidiary, Chengdu Jinhuitong Data Service Co., Ltd., increasing its registered capital to RMB 100 million[50] - A new wholly-owned subsidiary, Huike (Singapore) Holding Pte. Ltd., was established with a planned registered capital of USD 50 million[51] - The company's financial assets measured at fair value totaled 55,613.01 million yuan at the end of the period, with a fair value change of 98.14 million yuan during the period[52] - The company sold a 24% stake in Silicon Radar GmbH for approximately 767.86 million USD (equivalent to 5,347.84 million yuan) in December 2022[55] - The company sold 100% equity of its wholly-owned subsidiary, Ke Li Germany Co., Ltd., for 7,500 euros (equivalent to 52,200 yuan) in February 2023[55] - The company's subsidiary, Goodix Technology (Chengdu) Co., Ltd., reported a net profit of 1,759.21 million yuan with revenue of 14,996.37 million yuan[56] - The company's subsidiary, Goodix (Hong Kong) Co., Ltd., reported a net profit of 6,023.23 million yuan with revenue of 70,520.87 million yuan[56] - The company's subsidiary, Dream Chip Technologies, reported a net loss of 1,915.84 million euros with revenue of 5,067.31 million euros[56] - The company faces industry risks due to cyclical fluctuations in the integrated circuit design industry and intensified market competition[57] - The company is exposed to external environmental risks, including geopolitical and macroeconomic changes, which could impact technology and industry development[57] - The company is managing credit risk through a credit management system, including credit ratings and periodic reviews of debtor credit status[59] - The company is addressing exchange rate risks related to USD transactions and foreign subsidiaries by monitoring exchange rate fluctuations and using financial tools[59] - The company provided a cumulative guarantee of up to USD 45 million for its wholly-owned subsidiary, Goodix Hong Kong, to ensure smooth business operations with TSMC[81] - The company provided a guarantee of USD 13.5 million for Goodix Hong Kong's purchase of integrated circuit manufacturing services from UMC[81] - The company provided a guarantee of up to USD 150 million for Goodix Hong Kong's bank credit line, including working capital loans, bank acceptance bills, trade financing, guarantees, and foreign exchange derivative business[81] - The company provided a guarantee of RMB 300 million for Goodix Hong Kong's bank credit line with HSBC Bank (China) Co., Ltd. Shenzhen Branch[81] - The company provided a guarantee of USD 45.5 million for Goodix Hong Kong's bank credit line with OCBC Bank[81] - The company provided a guarantee of up to USD 200 million for Goodix Hong Kong's bank credit line, with the previous unused guarantee amount becoming invalid[81] - The company provided a guarantee of up to USD 200 million for Goodix Hong Kong and Goodix Singapore's bank credit line, with the previous unused guarantee amount becoming invalid[82] - The company's total issued share capital as of June 30, 2023, is 457.9931 million shares, with a registered capital of RMB 457.9931 million[124] - The company operates in the computer, communication, and other electronic equipment manufacturing industry, primarily producing fingerprint recognition chips and touch control chips[124] - The company's consolidated financial statements include 14 entities, with an increase of 1 and a decrease of 2 entities compared to the previous period[125] - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and the regulations of the China Securities Regulatory Commission[126] - The company has assessed its ability to continue as a going concern for the next 12 months and found no significant issues[127] - The company's financial statements are prepared on a going concern basis[127] - The company's accounting period follows the calendar year, from January 1 to December 31[129] - The company uses RMB as its functional currency, with overseas subsidiaries using their local currency and converting to RMB for financial reporting[130] - The company follows specific accounting methods for business combinations under common control and non-common control[132][134] - The company incurs costs related to mergers and acquisitions, such as audit and legal fees, which are expensed as incurred[135] - The company consolidates financial statements by treating the entire group as a single accounting entity, ensuring uniform accounting policies and periods across all subsidiaries[137] - Adjustments are made to the financial statements of subsidiaries acquired through business combinations under common control, based on the book value in the ultimate controlling party's financial statements[137] - For subsidiaries acquired through non-common control business combinations, adjustments are made based on the fair value of identifiable net assets at the acquisition date[139] - The company includes the income, expenses, profits, and cash flows of newly acquired subsidiaries from the acquisition date to the reporting period end in the consolidated financial statements[139] - When disposing of a subsidiary, the company includes the subsidiary's income, expenses, profits, and cash flows from the beginning of the period to the disposal date in the consolidated financial statements[139] - The company reclassifies other comprehensive income related to equity investments in subsidiaries as investment income upon losing control of the subsidiary[139] - The company classifies joint arrangements as either joint operations or joint ventures based on the structure, legal form, and contractual terms[142] - The company recognizes its share of assets, liabilities, revenues, and expenses in joint operations and accounts for transactions with joint operations accordingly[143] - Cash and cash equivalents are defined as cash on hand, demand deposits, and short-term investments with maturities of three months or less that are highly liquid and have minimal risk of value changes[145] - Foreign currency transactions are initially recognized at the spot exchange rate on the transaction date, with exchange differences recognized in current period profits or losses, except for those related to capitalizable assets[146] - Assets and liabilities in foreign currency financial statements are translated at the spot exchange rate on the balance sheet date, with translation differences recorded in other comprehensive income[147] - The company uses the effective interest rate method to calculate the amortized cost of financial assets and liabilities, and