宝明科技(002992) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was ¥552,640,687.45, a decrease of 10.78% compared to ¥619,380,725.53 in the same period last year[26]. - The net profit attributable to shareholders of the listed company was -¥88,681,119.91, representing a decline of 293.15% from ¥45,912,547.53 in the previous year[26]. - The basic and diluted earnings per share were both -¥0.49, a decrease of 211.36% compared to ¥0.44 in the same period last year[26]. - The weighted average return on net assets was -6.02%, down from 3.88% in the previous year[26]. - The company reported a basic earnings per share of -0.49 yuan, down 211.36% from the previous year[51]. - The gross profit margin for the display device manufacturing sector was -1.32%, a decrease of 21.16% year-on-year[68]. Cash Flow and Assets - The net cash flow from operating activities increased by 30.23% to ¥97,155,921.12, compared to ¥74,600,930.37 in the same period last year[26]. - The total assets at the end of the reporting period were ¥2,602,505,659.19, a slight increase of 0.21% from ¥2,597,114,364.54 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company decreased by 9.20% to ¥1,378,086,807.17 from ¥1,517,746,875.84 at the end of the previous year[26]. - Cash and cash equivalents at the end of the reporting period were CNY 713,393,177.56, accounting for 27.41% of total assets[73]. - Total current assets decreased from CNY 1,709,003,496.83 as of December 31, 2020, to CNY 1,612,308,947.23 as of June 30, 2021, a decline of approximately 5.66%[191]. - Total liabilities increased from CNY 1,084,643,295.89 to CNY 1,229,363,767.43, reflecting an increase of approximately 13.38%[194]. Market and Industry Insights - The company is focused on the LED backlight source and capacitive touch screen markets, which are essential components in various smart devices[38]. - The global smartphone shipment in 2020 was 1.292 billion units, a year-on-year decline of 5.9%[36]. - The automotive display market is expected to grow significantly due to the increasing demand for new energy vehicles, with projections indicating that by 2025, new energy vehicles will account for 20% of total new car sales[37]. - The company’s operating profit loss was primarily due to intensified competition in the mobile backlight source industry, leading to continued low sales prices[51]. - The automotive industry's demand for in-car displays has significantly increased due to trends in smart driving and interactive navigation, contributing to the company's revenue growth potential[100]. Research and Development - The company plans to increase R&D investment to maintain its leading position in the industry, focusing on mid-size backlight products and touch screen processing to enhance market share[52]. - As of June 30, 2021, the company has obtained 14 invention patents and 107 utility model patents, showcasing its strong R&D capabilities in LED backlight and capacitive touch screen products[53]. - The company’s R&D expenditure increased by 20.66% to ¥45,678,638.54 from ¥37,856,178.97 in the previous year[66]. Strategic Partnerships and Market Position - The company has entered the supply chains of major clients such as BOE, TCL Group, and Samsung, indicating strong market recognition[38]. - The company has established deep partnerships with major manufacturers like OPPO, vivo, and Xiaomi to develop cutting-edge products, particularly in Mini LED technology[54]. - The company has formed strategic partnerships with major panel manufacturers, enhancing its customer base and reducing operational risks[58]. Risks and Challenges - The management highlighted potential risks in the company's operations and emphasized the importance of monitoring market conditions[6]. - The company is facing intensified competition in the backlight display module industry due to the rapid development of the domestic LCD display industry and the promotion of OLED technology[90]. - The global COVID-19 pandemic has negatively impacted the company's performance, leading to reduced orders and lower unit prices for mobile backlight products[99]. - The company has identified risks related to reliance on imported raw materials and is taking measures to strengthen supply chain management and reduce dependency[96]. Corporate Governance and Shareholder Matters - The company maintains a strong commitment to protecting shareholder rights and has established a robust corporate governance structure[121]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[125]. - The company has not distributed cash dividends or bonus shares for the reporting period, nor has it increased capital through reserves[108]. - The company did not undergo any changes in controlling shareholders during the reporting period[175]. Subsidiaries and Investments - The company reported a total revenue of 245,111,029.04 CNY from its subsidiary Huizhou Baoming Precision Technology Co., Ltd., but incurred a net loss of 6,495,246.63 CNY[87]. - The subsidiary Ganzhou Baoming Display Technology Co., Ltd. generated a revenue of 92,768,319.38 CNY with a net profit of 6,639,546.53 CNY[87]. - The company established a new subsidiary, Hefei Baoming Optoelectronics Technology Co., Ltd., which did not have a significant impact on overall operations and performance[87].