启明信息(002232) - 2021 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions The board guarantees the report's accuracy and confirms no dividend distribution for the first half of 2021 - The company's Board of Directors, Supervisory Committee, and senior management ensure the authenticity, accuracy, and completeness of this semi-annual report[5] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of 2021[8] Company Profile and Key Financial Indicators This section presents the company's basic information, key financial indicators showing a performance decline, and details on non-recurring gains and losses Company Profile Qiming Information Technology Co, Ltd (stock code: 002232) is listed on the Shenzhen Stock Exchange and focuses on providing IT solutions Company Basic Information | Item | Content | | :--- | :--- | | Stock Ticker | Qiming Information | | Stock Code | 002232 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Men Xin | Key Accounting Data and Financial Indicators The company's performance declined significantly in H1 2021, with notable decreases in revenue, net profit, and operating cash flow Key Financial Indicators for H1 2021 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 445,404,956.61 | 606,228,753.63 | -26.53% | | Net Profit Attributable to Shareholders (Yuan) | 37,832,051.58 | 64,039,352.82 | -40.92% | | Net Cash Flow from Operating Activities (Yuan) | -151,946,312.96 | -111,749,835.84 | -35.97% | | Basic Earnings Per Share (Yuan/Share) | 0.0926 | 0.1567 | -40.91% | | Weighted Average Return on Equity | 2.87% | 5.28% | -2.41% | | Total Assets (Yuan) | 2,103,137,373.57 | - | -5.90% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (Yuan) | 1,324,526,182.73 | - | 1.84% (vs. Prior Year-End) | Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss for the period totaled 4.21 million Yuan, primarily from government grants and other non-operating income/expenses Non-recurring Profit and Loss Items | Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit/loss | 3,506,628.55 | | Other non-operating income and expenses | 1,464,908.20 | | Gain/loss on disposal of non-current assets | 3,396.73 | | Less: Income tax impact | 761,469.63 | | Total | 4,213,463.85 | Management Discussion and Analysis This section details the company's business strategy, core competencies, financial performance, asset structure, and key operational risks Principal Business The company operates as a leading digital solutions provider for the automotive industry, centered on its "One Foundation, Two Cores" strategy - The company's strategic core is "One Foundation, Two Cores": developing two core businesses, Digital Enterprise Operations and Smart Marketing & Smart Cars, based on the Qiming Cloud FusionCloud platform[38] - Business product lines include: Smart Enterprise (iEnter), Smart Manufacturing (iManu), Smart Logistics (iSupply), Smart Eco-Marketing (EP), Intelligent Connected Vehicles (Connect), and Data Value Empowerment (DataValue)[38] Core Competency Analysis The company leverages its position as a key IT enterprise in Jilin Province, holding numerous patents, certifications, and R&D centers - In H1 2021, the company obtained 8 new patents and 1 new software copyright[42] - The company holds a cumulative total of 223 authorized intellectual property rights, including 18 invention patents, 30 utility model patents, 32 design patents, and 154 software copyrights[42] - The company holds multiple qualifications, including Level 2 for Information System Security Integration and Level 1 for Electronics and Intelligent Engineering Contracting, and is certified under systems like CMMI5 and ISO27001[45] Analysis of Main Business Operations The company's main business faced challenges in H1 2021, with revenue and profit declining due to long project cycles and shifting cost structures - Both operating revenue and net profit declined, primarily because some large-scale projects have long cycles and had not yet reached the revenue recognition stage during the reporting period[55] Revenue Breakdown (by Product) | Product Segment | Operating Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Automotive Electronics & Services | 202,327,954.15 | 45.43% | -18.38% | | Management Software & Services | 93,737,049.49 | 21.05% | -29.25% | | Integration Services | 148,939,425.38 | 33.44% | -34.05% | Main Business Cost Composition | Cost Component | Current Period Amount (Yuan) | % of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | | Material Costs | 232,484,654.76 | 67.75% | -36.70% | | Employee Compensation | 94,387,783.14 | 27.51% | 14.56% | - Financial expenses decreased significantly by 77.79% year-on-year, mainly due to increased interest income from adjusting deposit structures[46][55] - Net cash flow from investing activities decreased by 12,532.59% year-on-year, mainly due to the payment of 36.85 million Yuan for the 49% equity acquisition of subsidiary "Qiming Lidian" and the purchase of a 30 million Yuan large-denomination certificate of deposit[46][55] Analysis of Assets and Liabilities As of the period end, total assets decreased slightly, with significant changes in contract assets and estimated liabilities due to new standards and lawsuit payments - The closing balance of contract assets was 108 million Yuan, an increase of 91.79% from the beginning of the period, mainly due to the adoption of the new revenue standard starting in 2020[53][59] - The closing balance of prepayments was 42.42 million Yuan, an increase of 62.06% from the beginning of the period, mainly due to an increase in prepayments for operations[53] - The closing balance of estimated liabilities was 11.08 million Yuan, a decrease of 71.60% from the beginning of the period, mainly due to the payment of previously recognized estimated liabilities from a sales contract dispute[55] - Due to the adoption of the new lease standard, "right-of-use assets" of 1.06 million Yuan and "lease liabilities" of 1.01 million Yuan were newly recognized[55][59] Analysis of Major Holding and Participating Companies The company's major subsidiaries were profitable during the period, with Qiming Lidian being the largest contributor to revenue and net profit Operating Performance of Major Subsidiaries (H1 2021) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Qiming Lidian | 124,140,480.47 | 6,680,340.99 | | Tianjin Qiming | 11,046,600.49 | 2,480,060.79 | | Dalian Qiming | 11,939,526.27 | 1,150,906.81 | | Qiming Anxin | 11,468,317.46 | -431,479.14 | | Chengdu Qiming | 4,316,219.72 | 539,945.51 | Risks and Countermeasures The company's primary risk involves challenges from digital transformation, which it addresses by enhancing internal digitalization and adopting agile development - Primary Risk: The company faces challenges of digital transformation and upgrading driven by technologies such as big data, cloud computing, and artificial intelligence[76] - Countermeasures: Strengthening digitalization (e.g., 6 major systems including expense control and procurement platforms), promoting agile development models, and conducting cross-organizational training to foster a new digital culture[76] Corporate Governance This section outlines changes in senior management and the implementation status of the company's stock option incentive plan Changes in Directors, Supervisors, and Senior Management During the reporting period, Mr Men Xin was elected as the new Chairman of the Board on March 26, 2021 - On March 26, 2021, Men Xin was elected as the company's Chairman following the departure of the former chairman[80] Implementation of Equity Incentive Plan The company completed the initial grant registration for its first stock option incentive plan in the first half of 2021 - The company's first stock option incentive plan was approved by the State-owned Assets Supervision and Administration Commission (SASAC) and the shareholders' meeting in March 2021[82] - The company completed the initial grant registration for the equity incentive plan on May 14, 2021[84] Environment and Social Responsibility This section confirms the company's compliance with environmental regulations and its status regarding pollution Major Environmental Issues The company and its subsidiaries are not designated as key polluting units and received no environmental penalties during the period - The company and its subsidiaries are not classified as key polluting units and received no administrative penalties for environmental issues during the reporting period[88] Important Matters This section details significant litigation cases and major related-party transactions with the ultimate controlling party Litigation Matters The company was involved in several lawsuits, with the largest case involving a sales contract dispute that has been concluded Major Litigation Matters | Litigant | Amount Involved (10k Yuan) | Status | Ruling and Impact | | :--- | :--- | :--- | :--- | | China National Instruments Import & Export Group Corporation | 2,878.39 | Planning for retrial | Lost the second-instance appeal; judgment has been fully executed | | Jilin Province Xingu Customer Service Co, Ltd | 552.35 | Under trial | Impact cannot yet be assessed | Significant Related-Party Transactions The company engages in extensive daily operational transactions with its ultimate controller, China FAW Group, and its affiliates Major Routine Related-Party Transactions (Sales) | Related Party | Transaction Amount (10k Yuan) | % of Similar Transactions | | :--- | :--- | :--- | | FAW Jiefang Group Co, Ltd | 15,982.26 | 35.91% | | China First Automobile Co, Ltd | 8,978.79 | 20.18% | - The company conducts deposit business with the related party FAW Finance Co, Ltd, with a deposit balance of 411 million Yuan at the end of the period[112] Changes in Share Capital and Shareholders This section provides details on the company's stable share capital and the structure of its main shareholders Changes in Share Capital The company's total share capital remained unchanged during the period, consisting entirely of unrestricted shares - The company's total number of shares remained unchanged during the reporting period, with a total share capital of 408,548,455 shares, all of which are unrestricted[128] Number of Shareholders and Shareholdings As of the period end, the company had 45,973 common shareholders, with the top two state-owned shareholders holding over 55% of shares Top Two Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Common Shares Held | | :--- | :--- | :--- | :--- | | China First Automobile Group Co, Ltd | State-owned legal entity | 48.67% | 198,854,344 | | Changchun Jingyue High-tech Industrial Development Zone Smart City Construction and Development Co, Ltd | State-owned legal entity | 7.05% | 28,785,379 | - The total number of common shareholders at the end of the reporting period was 45,973[132] Information on Preferred Shares The company reports no outstanding preferred shares during the reporting period - The company had no preferred shares during the reporting period[147] Information on Bonds The company reports no outstanding bonds or related matters during the reporting period - The company had no bonds or related matters during the reporting period[151] Financial Report This section presents the complete financial statements, details on accounting policy changes, and key notes to the consolidated financial statements Financial Statements The financial statements for H1 2021 show decreased revenue and profit, negative operating cash flow, and a total asset base of 2.10 billion Yuan Key Items from Consolidated Balance Sheet (2021-06-30) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 2,103,137,373.57 | | Total Liabilities | 778,611,190.84 | | Total Equity Attributable to Parent Company | 1,324,526,182.73 | Key Items from Consolidated Income Statement (H1 2021) | Item | Amount (Yuan) | | :--- | :--- | | I. Total Operating Revenue | 445,404,956.61 | | IV. Total Profit | 46,382,211.60 | | Net Profit Attributable to Parent Company | 37,832,051.58 | Key Items from Consolidated Cash Flow Statement (H1 2021) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -151,946,312.96 | | Net Cash Flow from Investing Activities | -61,824,466.21 | | Net Cash Flow from Financing Activities | -17,159,035.11 | | Net Increase in Cash and Cash Equivalents | -230,948,036.28 | Changes in Significant Accounting Policies and Estimates The company adopted the new lease accounting standard (CAS 21) from January 1, 2021, with no material impact expected on net profit or equity - The company has implemented the new lease standard since January 1, 2021, which eliminates the classification of operating and finance leases for lessees[415] Notes to Consolidated Financial Statement Items Notes reveal high customer concentration in accounts receivable, a large proportion of contract costs in inventory, and significant revenue from FAW Group Top Five Accounts Receivable by Debtor at Period-End | Debtor Name | Period-End Balance (Yuan) | % of Total | | :--- | :--- | :--- | | FAW Jiefang Group Co, Ltd | 111,335,502.77 | 35.48% | | China Machinery Industry Ninth Design & Research Institute Co, Ltd | 16,301,184.51 | 5.19% | | FAW Jilin Automobile Co, Ltd | 15,683,808.52 | 5.00% | | Jilin Province Xingu Information Technology Engineering Co, Ltd | 11,993,655.56 | 3.82% | | FAW Toyota Motor Sales Co, Ltd | 13,109,520.41 | 4.18% | Inventory Breakdown (Period-End) | Item | Book Value (Yuan) | | :--- | :--- | | Raw Materials | 13,324,890.45 | | Finished Goods | 26,190,608.50 | | Contract Fulfillment Costs | 387,184,422.11 | | Total | 426,918,719.07 | Revenue by Customer Type | Customer Type | Revenue Amount (Yuan) | | :--- | :--- | | Internal to FAW Group | 346,324,092.42 | | External to FAW Group | 99,080,864.19 | | Total | 445,404,956.61 |