特锐德(300001) - 2021 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential preliminary information, the report's structure, and key terminology used throughout Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its core financial performance metrics Company Profile Qingdao TGOOD Electric Co., Ltd. (Stock Code: 300001) is a company listed on the Shenzhen Stock Exchange, with Yu Dexiang as its legal representative Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | TGOOD | | Stock Code | 300001 | | Listing Exchange | Shenzhen Stock Exchange | | Full Company Name | Qingdao TGOOD Electric Co., Ltd. | | Legal Representative | Yu Dexiang | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 3.391 billion RMB, a year-on-year increase of 28.15%; net profit attributable to shareholders was 21.516 million RMB, a year-on-year increase of 79.62% Key Financial Performance | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,391,094,280.02 | 2,646,196,730.64 | 28.15% | | Net Profit Attributable to Shareholders (RMB) | 21,516,128.17 | 11,978,708.75 | 79.62% | | Net Profit After Non-Recurring Items (RMB) | 1,158,643.26 | -21,207,028.94 | 105.46% | | Basic Earnings Per Share (RMB/share) | 0.02 | 0.01 | 100.00% | | Weighted Average Return on Net Assets | 0.43% | 0.36% | 0.07% | | Net Cash Flow from Operating Activities (RMB) | -794,128,885.31 | -757,024,013.92 | -4.90% | | Total Assets (RMB) | 18,033,347,991.79 | 17,066,814,167.00 (End of Prior Year) | 5.66% | | Net Assets Attributable to Shareholders (RMB) | 5,925,358,250.94 | 4,555,366,685.83 (End of Prior Year) | 30.07% | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 20.357 million RMB, primarily from government subsidies of 42.284 million RMB recognized in current profit and loss Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -2,332,963.21 | | Government subsidies recognized in current profit and loss | 42,284,474.43 | | Other non-operating income and expenses | -7,546,107.80 | | Less: Income tax impact | 7,212,587.00 | | Less: Impact on minority interests (after tax) | 4,835,331.51 | | Total | 20,357,484.91 | Management Discussion and Analysis This section provides an in-depth review of the company's operational performance, strategic initiatives, and financial condition during the reporting period Overview of Main Businesses The company adheres to its "One Core, Two Wings" development strategy, with intelligent manufacturing as its foundation, supported by new energy vehicle charging network and new energy microgrid businesses - The company implements a "One Core, Two Wings" strategy, with intelligent manufacturing as its foundation, driving the development of charging ecosystem and new energy microgrid business segments[15] - Intelligent manufacturing business benefits from "new infrastructure" and "carbon neutrality, carbon peaking" national policies, ushering in a new round of market opportunities[20] - Charging ecosystem business benefits from the rapid growth in new energy vehicle ownership, but the vehicle-to-charger ratio remains high at 3:1, indicating significant future growth potential[26] Intelligent Manufacturing Business This business segment primarily deals with complete sets of power transmission and distribution products up to 220kV, and is China's largest system integrator for outdoor prefabricated substation products - Main products include 220kV and below modular intelligent prefabricated cabin substations, intelligent box-type substations, switchgear, and other primary and secondary power distribution products[16] - The company is China's largest R&D and manufacturing enterprise for box-type substations, holds the largest market share in the railway sector, and participated in drafting the State Grid's third-generation intelligent substation standards[21] Charging Ecosystem Business As China's largest electric vehicle charging network operator, this business covers R&D, production, sales of charging equipment, investment, construction, operation of charging networks, and big data services - Charging volume exceeded 1.86 billion kWh in the first half of 2021, a year-on-year increase of 83%[25] - As of June 2021, China's new energy vehicle ownership reached 6.03 million units, with a vehicle-to-charger ratio of approximately 3:1, indicating significant growth potential in the charging industry[26] - The company ranks first nationwide in both the number of operational charging piles and charging volume[28] New Energy Microgrid Business This business aligns with national energy reform and "dual carbon" goals, aiming to address grid integration and consumption issues for new energy generation - The business primarily includes new energy microgrid R&D, product sales, PC, and EPC services[30] - Industry trends are driven by policies such as "carbon peaking, carbon neutrality" and the construction of new power systems, with State Grid explicitly supporting the development of distributed power sources and microgrids[33] Analysis of Core Competencies The company's core competencies are reflected in four key areas: industry-leading R&D capabilities, superior product advantages, excellent platform operation capabilities, and an open cooperation platform - Technological Innovation: Pioneered a four-layer network architecture for the charging network cloud platform, modular structure, a two-layer protection system for charging safety, and on-site new energy consumption technology[38][39][40][41] - Product Advantages: Possesses the world's first 220kV modular intelligent prefabricated cabin substation technology, along with leading charging modules, big data cloud platforms, and automatic charging solutions[42][43][44][45] - Operational Capability: Ranks first nationwide in public charging pile quantity, with charging volume exceeding 1.86 billion kWh in the first half of 2021, a 83% year-on-year increase, and over 4.95 million registered users[47][48][49] - Cooperation Platform: Established joint ventures and partnerships with over 80 institutions, including State Grid, China Southern Power Grid, local urban investment companies, public transport groups, and automakers[52] Analysis of Main Business Operations In the first half of 2021, the company's total revenue was 3.391 billion RMB, up 28.15% year-on-year; net profit was 21.516 million RMB, up 79.62% year-on-year Business Segment Performance | Business Segment | Total Operating Revenue (Billion RMB) | Year-on-Year Growth | Gross Profit (Billion RMB) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | :--- | | Intelligent Manufacturing Business | 2.290 | 14.66% | 0.522 | 9.86% | | Charging Network Business | 1.101 | 69.64% | 0.091 | 97.57% | - Intelligent Manufacturing Business: Signed 105 new modular substations, bringing the cumulative total to 582 sets, significantly leading the industry. Also introduced IBM for digital transformation consulting[61][62] - Charging Network Business: Attracted strategic investors including GIC, Prologis, and SPIC, with a total capital increase of 585 million RMB. In the first half of the year, 12,500 new fast-charging terminals were launched, cumulative charging volume exceeded 8.3 billion kWh, and registered users surpassed 4.95 million[64][65] Main Products/Services Performance | Main Products/Services | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Growth | Cost YoY Growth | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Box-type Substation | 423,966,884.26 | 328,547,579.80 | 22.51% | 34.27% | 36.99% | -1.53% | | Box-type Switch Station | 298,620,335.10 | 232,793,997.31 | 22.04% | 2.09% | 6.35% | -3.12% | | Indoor Switchgear | 662,071,626.11 | 496,124,009.18 | 25.06% | 0.90% | 0.28% | 0.45% | | New Energy Vehicle Charging Business and Others | 1,101,194,334.31 | 1,010,440,825.90 | 8.24% | 69.64% | 67.51% | 1.16% | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 18.033 billion RMB, a 5.66% increase from the beginning of the year - Due to the first-time adoption of new leasing standards from 2021, the asset side saw a new 501 million RMB in 'right-of-use assets', and the liability side saw a new 212 million RMB in 'lease liabilities'[72][73] Restricted Assets | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 419,075,674.02 | Deposits | | Notes Receivable | 100,520,785.47 | Pledged for bank acceptance bills | | Fixed Assets | 27,207,994.48 | Mortgaged for bank loans | | Intangible Assets | 11,024,781.90 | Mortgaged for bank loans | | Investment Properties | 6,147,282.62 | Mortgaged for bank loans | | Accounts Receivable | 87,000,000.00 | Pledged for bank loans | | Total | 650,976,518.49 | - | Analysis of Investment Status During the reporting period, the company's investment amounted to 62.145 million RMB, a year-on-year increase of 139.34% - Investment during the reporting period was 62.145 million RMB, a 139.34% increase compared to 25.965 million RMB in the same period last year[77] - Net proceeds from shares issued to specific investors amounted to 991 million RMB, with 253 million RMB invested during the reporting period, of which 247 million RMB was used to supplement working capital[81][82] Analysis of Major Holding and Associate Companies During the reporting period, major subsidiaries maintained stable operations, with Chuankai Electric contributing the largest operating revenue and net profit Major Subsidiaries and Associates Performance | Company Name | Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Chuankai Electric | Subsidiary | 746,335,918.86 | 52,207,300.96 | | TGOOD High Voltage | Subsidiary | 247,875,992.97 | 32,380,114.87 | | Chengdu TELD | Subsidiary | 154,557,375.00 | 12,016,487.49 | | CRCC Financial Leasing | Associate Company | 1,954,866,979.53 | 241,043,691.56 | - During the reporting period, several new subsidiaries were established, such as Qingdao TELD Charging Network Operation Technology Co., Ltd. and Baotou Jiaotou Chengfa TELD New Energy Technology Co., Ltd., aiming to expand the charging network business[88][89] Risks and Countermeasures The company faces key risks including industry policy risk, intensified market competition, raw material price fluctuations, accounts receivable bad debt risk, management challenges from scale expansion, and the risk of recurring epidemics - Industry Policy Risk: The company's operations are significantly influenced by macroeconomic and industrial policies related to energy and new energy vehicles[90] - Market Competition Risk: The electrical equipment industry is highly competitive, and the charging business, as an emerging industry, may face fierce competition due to significant capital influx[91] - Raw Material Price Fluctuation Risk: Rising prices of bulk commodities such as steel and electronic components may lead to a decline in gross margin[92][93] - Management and Epidemic Risk: The company's scale expansion demands higher management capabilities, while recurring epidemics may affect travel, impacting the charging business[93] Corporate Governance This section details the company's governance structure, including shareholders' meetings, profit distribution, and employee incentive plans Shareholders' Meeting Information During the reporting period, the company held three shareholders' meetings, including one annual general meeting and two extraordinary general meetings, with investor participation ranging from 39.92% to 46.27% - A total of 3 shareholders' meetings were held during the reporting period, and all resolutions have been disclosed[96] Profit Distribution Plan The company's 2021 semi-annual plan is not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital - The 2021 semi-annual profit distribution plan follows a 'three noes' policy: no cash dividends, no bonus shares, and no conversion of capital reserves into share capital[98] Equity Incentive and Employee Stock Ownership The company's third phase employee stock ownership plan remains in effect, holding 0.89% of the company's total share capital as of the end of the reporting period - The third phase employee stock ownership plan (established in 2016) remains in effect, holding 0.89% of the company's shares as of the end of the reporting period[98][99] Environmental and Social Responsibility This section addresses the company's environmental performance and social contributions Significant Environmental Issues The company's subsidiary, Qingdao TGOOD High Voltage Equipment Co., Ltd., is listed as a key pollutant-discharging entity, with main pollutants being exhaust gas and solid waste - The subsidiary Qingdao TGOOD High Voltage Equipment Co., Ltd. is a key pollutant-discharging entity, with main pollutants being exhaust gas (nitrogen oxides, VOCs, etc.) and solid waste[101] - The company has installed exhaust gas treatment facilities (activated carbon adsorption, catalytic combustion, etc.) and solid waste disposal measures, with all emissions meeting standards. Online monitoring equipment is also installed. No administrative penalties were incurred during the reporting period[102][103] Significant Matters This section covers important events and transactions that significantly impacted the company during the reporting period Litigation Matters During the reporting period, the company was involved in a significant lawsuit where holding subsidiary Dandong HEP Thermal Power Energy Storage Co., Ltd. sued Dandong Jinshan Thermal Power Co., Ltd. over a contract dispute, claiming approximately 743 million RMB - Holding subsidiary Dandong HEP sued Dandong Jinshan Thermal Power over a contract dispute, involving approximately 743 million RMB, with the case still ongoing[108] Significant Related Party Transactions A significant related party transaction occurred during the reporting period: the capital increase and share expansion of subsidiary TELD, which involved an investor related to the company's controlling shareholder - Subsidiary TELD increased capital and expanded shares, introducing strategic investors, with a total amount of approximately 300 million RMB. As one of the investors, 'Qingdao Tierui Investment', is related to the company's controlling shareholder, it constitutes a related party transaction[114] Significant Contracts and Their Performance As of the end of the reporting period, the company's external guarantee balance was 911 million RMB, and guarantees to subsidiaries amounted to 2.388 billion RMB Guarantee Balances | Guarantee Type | Actual Guarantee Balance at Period End (Million RMB) | | :--- | :--- | | External Guarantees | 911.441 | | Guarantees to Subsidiaries | 2387.903 | | Subsidiary Guarantees to Other Subsidiaries | 5.980 | | Total Actual Guarantees | 3305.324 | | Percentage of Company's Net Assets | 55.78% | Significant Matters of Subsidiaries In the first half of 2021, subsidiary TELD completed two rounds of capital increase and share expansion, attracting approximately 600 million RMB in total - Subsidiary TELD completed two rounds of capital increase in the first half of the year, totaling approximately 600 million RMB[125] - The first round of capital increase was approximately 300 million RMB, with a pre-investment valuation of 13 billion RMB, introducing Shanghai Jiushi, Ceningan Investment, and related party Tierui Investment[125] - The second round of capital increase was approximately 300 million RMB, with a post-investment valuation of 13.6 billion RMB, introducing strategic investors such as Prologis, SPIC, and China Three Gorges Corporation[125] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Change Information During the reporting period, due to the issuance of new shares to specific investors, the company's total share capital increased from 998 million shares to 1.041 billion shares, with 43,140,638 new shares issued - During the reporting period, 43,140,638 shares were issued to 8 specific investors, increasing the total share capital to 1,040,710,713 shares[128][129] - This issuance led to an increase in restricted shares from 52.85 million shares to 92.39 million shares, and unrestricted shares from 945 million shares to 948 million shares[128] Shareholder Numbers and Shareholding Information As of the end of the reporting period, the total number of common shareholders was 69,304, with the controlling shareholder Qingdao Derui Investment Co., Ltd. holding 37.69% of shares Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Pledged/Frozen Shares | | :--- | :--- | :--- | :--- | :--- | | Qingdao Derui Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 37.69% | 392,290,422 | 213,600,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 5.17% | 53,783,726 | - | | Qu Dongming | Domestic Natural Person | 3.24% | 33,759,000 | 25,000,000 | | MORGAN STANLEY & CO. | Overseas Legal Person | 2.64% | 27,497,630 | - | - Mr. Yu Dexiang, the company's chairman, holds 53.29% of the equity in controlling shareholder Qingdao Derui Investment, making him the company's actual controller[136] Preferred Share Information This section confirms the absence of preferred shares during the reporting period Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[142] Bond Information This section confirms the absence of bond-related information during the reporting period Bond Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[143] Financial Report This section presents the company's financial statements and detailed notes to the accounts Financial Statements This semi-annual financial report is unaudited, presenting the consolidated balance sheet, income statement, and cash flow statement - The company's 2021 semi-annual financial report is unaudited[145] Consolidated Balance Sheet (June 30, 2021) | Consolidated Balance Sheet (2021-06-30) | Amount (RMB) | | :--- | :--- | | Total Assets | 18,033,347,991.79 | | Total Liabilities | 11,186,708,199.54 | | Equity Attributable to Parent Company Owners | 5,925,358,250.94 | Consolidated Income Statement (First Half 2021) | Consolidated Income Statement (First Half 2021) | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 3,391,094,280.02 | | Total Operating Cost | 3,493,991,136.18 | | Net Profit | -27,136,322.77 | | Net Profit Attributable to Parent Company Owners | 21,516,128.17 | Consolidated Cash Flow Statement (First Half 2021) | Consolidated Cash Flow Statement (First Half 2021) | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -794,128,885.31 | | Net Cash Flow from Investing Activities | -675,474,034.54 | | Net Cash Flow from Financing Activities | 1,128,589,365.88 | | Net Increase in Cash and Cash Equivalents | -341,102,132.81 | Notes to Consolidated Financial Statements This section provides detailed explanations of key items in the consolidated financial statements, including cash and bank balances, accounts receivable, inventory, and long-term equity investments - Cash and bank balances at period-end were 1.824 billion RMB, of which 419 million RMB was restricted as deposits[271][272][273] - Accounts receivable had a book value of 4.881 billion RMB at period-end, with 590 million RMB provided for bad debts based on aging analysis[284][285] - Long-term equity investments had a book value of 1.343 billion RMB at period-end, all of which were investments in associates, with the investment in China Railway Construction Financial Leasing Co., Ltd. having the highest book value at 952 million RMB[329][330][331][332][333] - Operating revenue was 3.391 billion RMB, with main business revenue at 3.245 billion RMB and other business revenue at 146 million RMB[415] Notes to Parent Company Financial Statements The parent company's financial statements show accounts receivable of 3.167 billion RMB at period-end, primarily from related parties within the consolidated scope - Parent company accounts receivable had a book value of 3.167 billion RMB at period-end, of which 426 million RMB were receivables from related parties (primarily subsidiaries) within the consolidated scope, with no bad debt provision made[531][533][534][535] - Parent company long-term equity investments had a book value of 3.410 billion RMB at period-end, including 2.998 billion RMB in investments in subsidiaries and 411 million RMB in investments in associates and joint ventures[559] - Parent company operating revenue was 1.605 billion RMB, with operating cost at 1.323 billion RMB[564]