Yongjin Technology (SH:603995)2022-08-17 16:00Financial Performance - The company's operating revenue for the first half of 2022 reached ¥20,975,045,744.39, representing a 48.39% increase compared to ¥14,134,777,143.20 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥302,090,661.66, a 6.15% increase from ¥284,584,521.92 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥293,552,910.77, up 7.97% from ¥271,892,323.02 year-on-year[22]. - The company's total assets increased by 9.14% to ¥10,769,799,892.65 from ¥9,868,143,744.63 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company rose to ¥3,886,438,885.32, a 3.85% increase from ¥3,742,388,219.74 at the end of the previous year[22]. - Basic earnings per share decreased by 26.23% to ¥0.90 from ¥1.22 in the same period last year[22]. - The weighted average return on net assets was 7.80%, down 0.92 percentage points from 8.72% in the previous year[22]. - The increase in operating revenue was primarily due to the launch of multiple new projects, increased production, and significant market price increases[22]. Production and Capacity - The production capacity of the company has exceeded 2 million tons annually, positioning it as a leading stainless steel cold-rolling enterprise in China[28]. - The company’s main products include precision cold-rolled stainless steel strips and wide cold-rolled stainless steel strips, with applications in various industries such as electronics, automotive, and construction[30]. - The company achieved a cold-rolled product inventory output of 1.2182 million tons, a year-on-year increase of 15.80%[46]. - Sales reached 1.2091 million tons, reflecting a year-on-year growth of 15.64%[46]. Research and Development - The company has been recognized as a national high-tech enterprise and has made significant advancements in R&D, including the development of a fully automated stainless steel cold-rolling production line[28]. - R&D expenses increased by 154.54% to 362 million RMB due to multiple new project launches[49]. - The company is involved in a key project for the development of ultra-thin precision stainless steel strips, which has received recognition at the provincial level[29]. Financial Position and Assets - The company's trading financial assets increased to ¥90 million, representing 0.84% of total assets, up 387.09% from the previous year due to the addition of structured deposits and wealth management products[50]. - Accounts receivable rose to ¥644.39 million, accounting for 5.98% of total assets, a 76.80% increase year-on-year, driven by increased letter of credit settlements in export business[50]. - Inventory increased by 33.90% to ¥2.12 billion, representing 19.67% of total assets, attributed to pre-production stockpiling and rising market prices[52]. - Fixed assets grew by 41.80% to ¥4.41 billion, making up 40.90% of total assets, due to the completion of multiple projects transitioning from construction in progress[52]. - Short-term borrowings surged by 91.08% to ¥830.64 million, reflecting increased working capital needs for new projects[52]. Environmental Compliance - The company reported zero major environmental pollution incidents during the reporting period, adhering to environmental regulations and maintaining pollutant emissions below government limits[78]. - Jiangsu Yongjin's hazardous waste includes waste rolling oil, stainless steel surface treatment sludge, and waste cutting fluid, all of which are disposed of by qualified third-party companies[79]. - Both Jiangsu and Guangdong Yongjin have implemented clean production practices to improve energy utilization and water reuse rates, reducing pollutant emissions[84]. - Environmental monitoring for wastewater includes parameters such as ammonia nitrogen, total nitrogen, and total phosphorus, with quarterly testing and online monitoring for certain parameters[89][91]. Shareholder and Equity Information - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the date of listing[109]. - The controlling shareholders have pledged to limit their share reduction to a maximum of 1% of total shares over any 90-day period post-lockup[112]. - The company has established a long-term commitment to address related party transactions and competition issues[107]. - The company has committed to ensuring that any necessary related party transactions are conducted in compliance with legal and regulatory requirements[128]. Market and Economic Outlook - The company anticipates a recovery in demand for construction materials and home appliances in the second half of 2022, driven by the resumption of work and production[37]. - The company has identified risks related to market price fluctuations, particularly in raw material and product prices, which could adversely affect operational performance[67]. - The company is expanding its product capacity and structure through fundraising projects, although future economic benefits from these projects carry a degree of uncertainty[69].