XZCE(SZ:002534)2023-08-28 16:00Financial Performance - Revenue for the reporting period was 3,714,844,395.39 yuan, a year-on-year increase of 5.81%[4] - Operating costs increased by 9.46% to 3,170,576,469.52 yuan compared to the same period last year[4] - Sales expenses rose by 21.02% to 90,385,364.87 yuan[4] - R&D investment decreased by 28.11% to 155,383,680.98 yuan[4] - Net cash flow from operating activities improved by 72.81% to -148,126,517.90 yuan, mainly due to increased sales collections[4] - Net cash flow from investing activities decreased by 275.57% to -325,435,563.01 yuan, primarily due to the payment of 136 million yuan for the transfer of Hep Energy equity[4] - Net profit attributable to shareholders of the listed company decreased by 70.10% year-on-year to 29,335,234.23 yuan[104] - Total assets reached 16,517,583,764.08 yuan, a year-on-year increase of 3.54%[104] - The company's total operating income for the reporting period was 3,714,844,395.39 yuan, a year-on-year increase of 5.81%[142] - Domestic sales accounted for 89.61% of total operating income, reaching 3,328,830,542.30 yuan, a year-on-year increase of 1.24%[142] - International sales grew significantly by 73.19%, reaching 386,013,853.09 yuan[142] - Revenue from waste heat boilers increased by 23.75% to 1,475,681,237.59 yuan, accounting for 39.72% of total operating income[142] - Revenue from clean energy equipment decreased by 12.48% to 387,778,299.04 yuan[142] - The company's equipment manufacturing sector contributed 97.29% of total revenue, reaching 3,614,057,045.81 yuan[142] - Revenue from waste heat boilers increased by 13.38% to 1,475,681,237.59 yuan[157] - Revenue from clean energy equipment grew by 14.64% to 387,778,299.04 yuan[157] - Domestic sales revenue rose by 14.74% to 3,328,830,542.30 yuan[157] - Overseas sales revenue increased by 13.88% to 386,013,853.09 yuan[157] - Equipment manufacturing industry revenue reached 3,614,057,045.81 yuan, with a year-on-year increase of 5.34%[179] - Equipment manufacturing industry gross margin decreased by 2.90% year-on-year to 13.61%[179] Cash Flow and Investments - The company used 9,736.46 million yuan of raised funds in the first half of 2023, with a cumulative total of 33,465.35 million yuan used and a remaining balance of 76,164.83 million yuan[12] - The company's total investment in the reporting period decreased by 82.55% to 252,538,686.55 yuan[171] - Total funds raised in 2021: 109,630.18 million yuan, with 33,465.35 million yuan already used, and 80,607.84 million yuan still unused[190] - No change in the use of raised funds during the reporting period, with 0% of the total raised funds being repurposed[190][192] - The company invested 136 million yuan to acquire a 25.2% stake in Hepu Energy, aiming to strengthen cooperation in the field of thermal power flexibility transformation[87] - The company's financial liabilities were fully repaid, reducing the balance to 0 yuan[183] - The company repaid 10 million yuan of the loan on June 21, 2023, leaving a remaining loan balance of 338 million yuan[181] - Financial assets decreased by 72,408,205.72 yuan, with a total of 489,709,659.32 yuan remaining at the end of the period[183] - Derivative investments for hedging purposes amounted to 883.69 yuan, with no significant impact on the company's net assets[186] - The company's investment in derivative instruments resulted in a loss of 0.97 million yuan, primarily due to transaction fees[186] - The company's total financial assets at the beginning of the period were 587,117,865.04 yuan, with a significant reduction due to sales and other adjustments[183] Energy and Environmental Projects - The company's photovoltaic power station generated a total of 1.977045 million kWh in the first half of 2023, saving 152,248 yuan in electricity costs and reducing CO2 emissions by 1,971 tons[21] - The company's energy-saving and environmental protection equipment manufacturing industrial base project has a cumulative investment of 208,758,680.80 yuan, with a progress rate of 40.00%[14] - The new energy technology manufacturing industrial base project has a cumulative investment of 254,653,473.56 yuan, with a progress rate of 25.06%[14] - The company has established a comprehensive energy management platform in 2023, achieving energy management digitization and saving 60.5 tons of standard coal[39] - The company has successfully commissioned 4 major zero-carbon energy storage projects, reducing CO2 emissions by approximately 400,000 tons annually and saving 200,000 tons of standard coal per year[40] - The company's parking garage lighting energy-saving renovation project achieved an energy-saving rate of 83%, saving 280,000 kWh of electricity, equivalent to 224 tons of standard coal, reducing CO2 emissions by 279 tons, and reducing dust emissions by 76 tons in the first half of 2023[48] - The company's self-developed "High-Power Molten Salt Absorber and Molten Salt Steam Generation System for Solar Thermal and Heat Storage Systems" was recognized as a major national energy technology equipment[114] - The company secured the EPC contract for the Xiamen Torch Park "Multi-Energy Storage" and Zero-Carbon Factory Project, marking its first comprehensive energy demonstration project in the lithium battery industry[114] - As of June 2023, China's renewable energy installed capacity reached 1.322 billion kilowatts, accounting for 48.8% of the total installed capacity, with renewable energy contributing 1.34 trillion kilowatt-hours of electricity[112] - The company is actively involved in research and development of new energy and energy storage technologies, including molten salt energy storage, vanadium redox flow batteries, hydrogen fuel cells, and perovskite solar cells[114] - The company's self-developed molten salt energy storage technology has been applied in projects such as the 50MW tower-type molten salt energy storage solar thermal power generation project in Delingha, Qinghai[151] Legal and Arbitration Cases - The company is involved in an arbitration case with Swedish company Apani regarding a "Uniqueness Cooperation Agreement" dispute, with a claimed amount of RMB 222.5 million[24] - The company has a lawsuit against Sichuan Trust Co., Ltd. for a trust contract dispute, with an involved amount of RMB 40 million[24] - The company has a lawsuit against Luoyang Wanzhong Jili Thermal Power Co., Ltd. for a sales contract dispute, with a claimed amount of RMB 5.85 million[24] - The company has a lawsuit against Shandong Guangbang Construction and Installation Co., Ltd. for a construction subcontract dispute, with a claimed amount of RMB 1.009 million[42] - The company has a lawsuit against Jiangyin Tiande Environmental Engineering Co., Ltd. for a contract dispute, with a claimed amount of RMB 1.013 million[24] Guarantees and Loans - The company has a total guarantee amount of RMB 22.85 million for its subsidiaries, with an actual guarantee balance of RMB 19.248 million[34] - The company has no illegal external guarantees during the reporting period[29] - The company provided a guarantee of 17,748 million yuan to Hangzhou Lin'an Lvneng Environmental Power Generation Co., Ltd., with a guarantee period of 10 years[78] - Hangzhou Lin'an Green Energy Environmental Power Generation Co., Ltd. secured a loan of 350 million yuan for project construction, with 348 million yuan already disbursed[181] - Xizi (Zhuji) New Energy Equipment Co., Ltd. obtained a loan of 200 million yuan, with 109 million yuan disbursed as of June 30, 2023[188] Employee and Shareholder Information - The employee stock ownership plan raised a total of 175,857,648.30 yuan, with 20,568,146 shares actually subscribed, and 40.1% (8,253,606 shares) reserved for future incentives[61] - The company implemented a 2023 employee stock ownership plan, utilizing 20,568,146 shares, accounting for approximately 2.78% of the total share capital of 739,202,416 shares[69] - Key executives' shareholding remains unchanged: Liao Haiyan (0.12%), Liu Huiming (0.12%), and Lin Jiangen (0.11%)[199] Subsidiaries and Investments - The company sold assets worth 55.626619 million yuan, with a one-time reward of 15.2685 million yuan from local policy, and received the first payment of 7 million yuan on June 28, 2023[64] - The company's Zhuji factory is nearing completion, and the Wuhu base lease was terminated early on May 31, 2023, with equipment and personnel transferred to Zhuji, which will gradually increase production capacity in the second half of 2023[65] - The company's limited-sale shares decreased by 4,303,540 shares, accounting for 1.26% of the total shares, while the unlimited-sale shares increased by 4,303,980 shares, accounting for 98.74% of the total shares[67] - Sale of 22.23% equity in Zhejiang Zhongguang New Energy Technology Co., Ltd. for 317.8758 million yuan, contributing 1.5967 million yuan to net profit[193] - Establishment of new subsidiaries: Zhejiang Xizi New Energy Engineering Technology Co., Ltd., Xinchang Zhongneng Energy Co., Ltd., Shenyang Xijie New Energy Co., Ltd., and Hangzhou Xijie New Energy Co., Ltd.[194] - Closure of subsidiaries: Hubei Lanshang New Energy Co., Ltd. and Henan Lanshang New Energy Co., Ltd., with no significant impact on short-term performance[194] Risk Management and Strategy - The company has implemented a differentiated competition strategy, focusing on waste heat utilization equipment to avoid direct competition with large boiler manufacturers[141] - The company has transitioned from a single product manufacturer to a comprehensive energy utilization solution provider, with new energy + energy storage business models already applied in multiple scenarios[141] - Risk management strategies include hedging against raw material price fluctuations and strengthening credit control to mitigate bad debt risks[195] - Potential foreign exchange risk due to overseas business settlements in USD and EUR amidst global economic uncertainties[196] - The company has established strategic partnerships with suppliers and implemented hot-rolled futures hedging strategies to mitigate the impact of steel price fluctuations[149] Impairments and Losses - The company fully provisioned for the impairment of 40 million yuan in uncollected principal from a trust product with Sichuan Trust Co., Ltd., which has not yet repaid the remaining principal and interest[84] - Asset impairment losses amounted to -41,028,557.38 yuan, mainly due to contract asset and goodwill impairments[174] - Credit impairment losses were -47,959,108.17 yuan, primarily due to bad debt provisions for receivables[174] Related-Party Transactions - The company's related-party transaction with Xizi Elevator Group Co., Ltd. amounted to 7,986.07 million yuan, accounting for 2.15% of the total transaction amount[76] Market and Orders - New orders for clean energy equipment increased by 20.66% year-on-year to 685 million yuan, with total orders on hand reaching 8.077 billion yuan, a year-on-year increase of 4.35%[117] - The company's core products, including waste heat boilers and clean energy equipment, hold a leading market share and are recognized for their advanced design and manufacturing capabilities[116] Construction and Development - Construction in progress increased by 65% to 669,773,553.16 yuan due to project investments[158] - Long-term loans grew by 63% to 1,022,675,741.77 yuan due to increased borrowing[158] Miscellaneous - The company has no leasing activities during the reporting period[33] - Investment income accounted for 26.87% of total profit, mainly from equity method investments[174]