硅宝科技(300019) - 2020 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions - The company's board of directors, supervisory board, and all senior executives guarantee the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions; forward-looking statements regarding future plans do not constitute substantial commitments to investors[5] - The company explicitly identifies key risks including macroeconomic fluctuations, raw material price volatility, underperformance in new business expansion, and accounts receivable risk[6] - The company's 2020 semi-annual profit distribution plan proposes no cash dividends, no bonus shares, and no capitalization of reserves[7] Company Profile and Key Financial Indicators Summary of Core Financial Indicators The company achieved strong performance growth in H1 2020, with significant increases in operating revenue, net profit, and a positive shift in operating cash flow, alongside substantial asset expansion Key Financial Data for H1 2020 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 544,206,434.07 | 417,406,772.63 | 30.38% | | Net Profit Attributable to Shareholders (CNY) | 71,759,330.89 | 44,660,534.00 | 60.68% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 67,721,613.11 | 40,654,543.85 | 66.58% | | Net Cash Flow from Operating Activities (CNY) | 28,746,770.00 | -16,590,200.77 | 273.28% | | Basic Earnings Per Share (CNY/share) | 0.2169 | 0.1350 | 60.67% | | Weighted Average Return on Net Assets | 7.81% | 5.72% | Increased by 2.09 percentage points | | | End of Current Period | End of Prior Year | YoY Change | | Total Assets (CNY) | 1,615,891,026.24 | 1,146,747,113.27 | 40.91% | | Net Assets Attributable to Shareholders (CNY) | 916,544,117.11 | 891,522,092.22 | 2.81% | - During the reporting period, the company's total non-recurring gains and losses amounted to CNY 4.0377 million, primarily from government subsidies of CNY 4.7476 million recognized in current profit or loss[30] Business Overview Main Business Activities During the Reporting Period The company specializes in organic silicone sealants, anticorrosive materials, and silane coupling agents, operating with a build-to-order model and a diversified sales network, maintaining a leading position in China's organic silicone rubber industry - The company's main business covers three segments: - Organic Silicone Sealants: Divided into construction and industrial types, serving as the company's core revenue source - Anticorrosive Materials: Primarily used in power anticorrosion, sewage treatment, and other fields - Silane Coupling Agents: Widely applied in sealants, artificial quartz stone, coatings, and various other sectors[34] - The company adopts a "build-to-order" production model and a diversified sales approach combining direct sales, distribution, engineering contracting, and e-commerce, establishing a nationwide sales network[38][39][42] - The company is a leading enterprise in China's organic silicone rubber industry, possessing multiple advanced innovation platforms such as a national enterprise technology center, with a production capacity of 80,000 tons/year, and its "Guibao" brand is a China Well-known Trademark[45][47] - Performance growth during the reporting period was primarily driven by an increased market share in construction sealants and enhanced technical and market advantages in industrial sealants through the acquisition of Tuoli Technology, achieving dual growth in both segments[43] Significant Changes in Major Assets Significant changes in major assets, including substantial increases in fixed assets, intangible assets, and construction in progress, were primarily driven by the acquisition of Tuoli Technology Major Asset Changes from Period-End to Period-Beginning | Major Asset | Change (%) | Primary Reason | | :--- | :--- | :--- | | Fixed Assets | +18.94% | Primarily due to the acquisition of wholly-owned subsidiary Tuoli Technology | | Intangible Assets | +83.42% | Primarily due to the acquisition of wholly-owned subsidiary Tuoli Technology | | Construction in Progress | +214.56% | Primarily due to the acquisition of wholly-owned subsidiary Tuoli Technology | | Long-term Equity Investments | -45.74% | Primarily due to the recovery of partial capital contributions as per partnership agreement | Analysis of Core Competencies The company's core competitiveness stems from its advanced technology, large-scale production capacity, strong brand recognition, diverse talent pool, and extensive sales channels - Technological Advantage: Possesses core technologies with independent intellectual property rights, reaching international advanced levels; as of June 30, 2020, it had accumulated 190 authorized patents, including 97 national invention patents, and led or participated in the formulation of 71 industry standards[53][54] - Scale Advantage: Has established a high-end organic silicone sealant production base with an annual capacity of 80,000 tons, featuring domestically leading fully automated production lines, ranking among the top in the industry for production scale[55] - Brand Advantage: The "Guibao" brand is a "China Well-known Trademark," and its products have received multiple international and domestic authoritative certifications, enjoying high market recognition[56] - Channel Advantage: Established a comprehensive channel network primarily based on distribution and direct sales, combined with retail and online sales, covering major regions nationwide[60] Management Discussion and Analysis (MD&A) Overview In H1 2020, the company achieved rapid performance growth by adopting a dual-driven strategy for construction and industrial sealants, further expanding its market share through acquisition and planning a private placement for capacity expansion - The company initiated a dual-driven growth model for construction and industrial sealants, solidifying its industry leadership[64] - In April 2020, the company completed the CNY 255 million cash acquisition of 100% equity in Tuoli Technology, enhancing its technological and market advantages in industrial sealants for UHV power transmission, consumer electronics, and other fields[76] - The company plans a private placement of shares to raise no more than CNY 840 million for the "100,000 tons/year High-end Sealant Intelligent Manufacturing Project," "National Enterprise Technology Center Expansion Project," and to supplement working capital[77][78] Analysis of Main Business Main business showed strong growth, with construction sealants increasing by 31.63% and industrial sealants surging by 90.98%, while silane coupling agents saw a slight decline, and overall gross margin remained stable Operating Revenue by Product (Unit: CNY) | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue YoY Change | Operating Cost YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Sealants | 414,170,127.68 | 281,069,221.90 | 32.14% | 31.63% | 29.00% | | Industrial Sealants | 66,567,793.31 | 45,044,013.28 | 32.33% | 90.98% | 108.22% | | Silane Coupling Agents | 48,750,780.51 | 37,558,170.92 | 22.96% | -5.97% | -8.97% | - Revenue from prefabricated building sealants performed exceptionally well, growing by 105.32% year-on-year, becoming a significant growth driver for the construction sealant business[66] - Industrial sealants achieved breakthroughs in 5G communication, consumer electronics, power batteries, and other fields, becoming a supplier to ZTE and entering Huawei's material filing system[69] Analysis of Assets and Liabilities Total assets significantly increased due to the acquisition of Tuoli Technology and business expansion, while liabilities rose sharply, primarily driven by increased short-term borrowings and unpaid acquisition funds Major Balance Sheet Item Changes (Period-End vs. Prior Year Period-End) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | +127.16% | Increase in bank borrowings | | Accounts Receivable | +59.31% | Growth in operating performance and acquisition of Tuoli Technology | | Construction in Progress | +356.17% | Acquisition of Tuoli Technology | | Goodwill | +870.96% | Arising from the acquisition of Tuoli Technology | | Short-term Borrowings | +400.43% | Increase in bank borrowings | | Other Payables | +3598.95% | 65% of the acquisition payment for Tuoli Technology remained unpaid | Analysis of Investment Status The company's key investment activities included the CNY 255 million acquisition of Tuoli Technology and CNY 241.66 million in short-term bank wealth management products - The company acquired 100% equity in Chengdu Tuoli Technology Co., Ltd. for CNY 255 million in cash, with the industrial and commercial change registration completed on June 4, 2020[98][178] - During the reporting period, the company used its own funds to purchase bank wealth management products totaling CNY 241.66 million, with no outstanding balance at period-end[102] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, raw material price volatility, underperforming new business expansion, and accounts receivable, which it addresses through strategic adjustments and enhanced management - Macroeconomic and Downstream Industry Cyclical Change Risk: The company's products are widely applied, but the construction and automotive industries are significantly affected by macroeconomic conditions[112][115] - Raw Material Price Volatility Risk: Raw material costs constitute a high proportion, and price fluctuations may impact product gross profit margins[116] - Risk of New Business Expansion Falling Short of Expectations: Slow R&D progress or unsuccessful market promotion of new products may prevent the formation of new performance growth points[117] - Accounts Receivable Risk: As the company expands, accounts receivable may increase, posing bad debt risks if customer operating conditions deteriorate[118] Significant Matters Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company continued its 2019 restricted stock incentive plan, granting 500,000 reserved restricted shares to 23 core employees to strengthen long-term incentive mechanisms and retain key talent - The company's first employee stock ownership plan was listed for trading on August 14, 2019, and as of the end of the reporting period, 43.86% of the shares had been reduced[140] - On May 22, 2020, the company granted 500,000 reserved restricted shares from the 2019 restricted stock incentive plan to 23 incentive recipients at a grant price of CNY 5.03/share[145] Significant Matters of Company Subsidiaries The company completed two significant acquisitions: CNY 255 million for 100% of Tuoli Technology to boost industrial sealant capabilities, and the acquisition of minority interests in Chengdu Guite to achieve full ownership - The company and its wholly-owned subsidiary Guibao New Material acquired 100% equity in Tuoli Technology for CNY 255 million in cash, with the industrial and commercial change registration completed on June 4, 2020[178] - The company acquired minority shareholder equity in Chengdu Guite Automation Equipment Co., Ltd. for CNY 0.952 million using its own funds, making it a wholly-owned subsidiary of the company[179] Changes in Shares and Shareholder Information 1. Share Fluctuation The company's total share capital remained unchanged at 330,901,951 shares, with a 500,000 share increase in restricted shares and a corresponding decrease in unrestricted shares due to an equity incentive plan Share Fluctuation (Unit: shares) | Share Type | Before Change | Change | After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 58,452,489 | +500,000 | 58,952,489 | | II. Unrestricted Shares | 272,449,462 | -500,000 | 271,949,462 | | III. Total Shares | 330,901,951 | 0 | 330,901,951 | III. Number of Shareholders and Shareholding Status As of the reporting period, the company had 19,123 common shareholders, with Sichuan Development Leading Capital Management Co., Ltd. as the largest shareholder at 17.80%, and the top ten shareholders exhibiting a relatively dispersed structure Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Type | Shareholding (%) | Number of Shares | | :--- | :--- | :--- | :--- | | Sichuan Development Leading Capital Management Co., Ltd. | State-owned Legal Person | 17.80% | 58,915,416 | | Guo Dimin | Domestic Natural Person | 13.18% | 43,605,472 | | Wang Youzhi | Domestic Natural Person | 9.62% | 31,835,825 | | Yang Limei | Domestic Natural Person | 9.30% | 30,771,360 | | Shenwan Hongyuan Fund - Leading Capital No. 1 | Other | 4.90% | 16,223,144 | | Cai Xianzhong | Domestic Natural Person | 3.67% | 12,160,000 | | Wang Youhua | Domestic Natural Person | 3.55% | 11,751,300 | | Li Buchun | Domestic Natural Person | 3.35% | 11,100,000 | | BOCOM Schroders Growth 30 Mixed Fund | Other | 1.65% | 5,454,600 | | BOCOM Schroders Economic New Power Mixed Fund | Other | 0.79% | 2,622,600 | Preferred Shares 7.1 No Preferred Stock The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[197] Convertible Corporate Bonds 8.1 No Convertible Bonds The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[201] Directors, Supervisors, and Senior Management II. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with Ms. Fang Li appointed as Vice General Manager on March 30, 2020 - The company appointed Ms. Fang Li as Vice General Manager on March 30, 2020[206] Corporate Bonds 10.1 No Corporate Bonds The company had no publicly issued and listed corporate bonds that were outstanding or not fully redeemed by the approval date of the semi-annual report - The company had no publicly issued and listed corporate bonds that were outstanding or not fully redeemed by the approval date of the semi-annual report[209] Financial Report I. Audit Report The company's 2020 semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[212] II. Financial Statements The financial statements for H1 2020 show robust growth in total assets and revenue, significantly improved profitability, and enhanced operating cash flow, with increased liabilities primarily linked to strategic acquisitions and business expansion Consolidated Balance Sheet Summary (Unit: CNY) | Item | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Current Assets | 915,880,875.24 | 640,353,844.45 | | Total Non-current Assets | 700,010,151.00 | 506,393,268.82 | | Total Assets | 1,615,891,026.24 | 1,146,747,113.27 | | Total Current Liabilities | 646,099,563.62 | 224,609,019.26 | | Total Non-current Liabilities | 53,247,345.51 | 29,438,868.22 | | Total Liabilities | 699,346,909.13 | 254,047,887.48 | | Total Equity Attributable to Parent Company Owners | 916,544,117.11 | 891,522,092.22 | | Total Liabilities and Equity | 1,615,891,026.24 | 1,146,747,113.27 | Consolidated Income Statement Summary (Unit: CNY) | Item | H1 2020 | H1 2019 | | :--- | :--- | :--- | | I. Total Operating Revenue | 544,206,434.07 | 417,406,772.63 | | II. Total Operating Costs | 461,727,371.46 | 369,723,312.75 | | Of which: Operating Cost | 371,716,554.28 | 291,422,282.27 | | III. Operating Profit | 81,460,225.01 | 47,875,622.94 | | IV. Total Profit | 82,395,648.05 | 50,621,502.82 | | V. Net Profit | 71,533,546.94 | 44,676,230.61 | | Net Profit Attributable to Parent Company Owners | 71,759,330.89 | 44,660,534.00 | Consolidated Cash Flow Statement Summary (Unit: CNY) | Item | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 28,746,770.00 | -16,590,200.77 | | Net Cash Flow from Investing Activities | -89,321,899.87 | -7,578,307.71 | | Net Cash Flow from Financing Activities | 165,150,706.05 | -10,830,507.64 | | Net Increase in Cash and Cash Equivalents | 104,641,993.22 | -35,013,446.10 | Documents for Reference - Documents for reference include: 1. Financial statements signed and sealed by the company's legal representative, chief accounting officer, and head of the accounting department[593] 2. Originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[594] 3. Original text of the 2020 semi-annual report signed by the company's legal representative[595]