海伦哲(300201) - 2021 Q2 - 季度财报

Section 1 Important Notice, Table of Contents, and Definitions This section provides essential preliminary information, the report's structure, and key definitions Section 2 Company Profile and Key Financial Indicators This section outlines the company's basic information and presents its key financial performance metrics I. Company Profile Xuzhou Helunzel Special Vehicle Co., Ltd. is a Shenzhen Stock Exchange-listed company specializing in special vehicles - Company basic information includes stock abbreviation 'Helunzel', code 300201, listed on the Shenzhen Stock Exchange[16] IV. Key Accounting Data and Financial Indicators In the first half of 2021, revenue decreased, but net profit attributable to shareholders turned profitable, while operating cash flow significantly declined Key Financial Indicators for H1 2021 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 629,804,576.75 | 697,117,384.04 | -9.66% | | Net Profit Attributable to Shareholders (RMB) | 23,896,174.30 | -17,625,635.89 | 235.58% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 11,098,620.39 | -21,432,470.24 | 151.78% | | Net Cash Flow from Operating Activities (RMB) | -310,626,700.42 | 3,800,197.59 | -8,273.96% | | Basic Earnings Per Share (RMB/share) | 0.0230 | -0.0169 | 236.09% | | Total Assets (RMB) | 2,302,570,868.10 | 2,866,155,954.23 (Prior Year End) | -19.66% (vs. Prior Year End) | | Net Assets Attributable to Shareholders (RMB) | 1,174,500,344.89 | 1,149,668,262.59 (Prior Year End) | 2.16% (vs. Prior Year End) | VI. Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 12.80 million in the reporting period, primarily from government subsidies and asset disposal gains Non-recurring Gains and Losses for H1 2021 | Item | Amount (RMB) | | :--- | :--- | | Non-current Asset Disposal Gains/Losses | 3,825,367.26 | | Government Subsidies Recognized in Current Profit/Loss | 13,265,800.80 | | Total Other Items | -1,609,834.21 | | Total After Tax and Minority Interest Impact | 12,797,553.91 | Section 3 Management Discussion and Analysis This section provides an in-depth review of the company's operations, financial condition, and future outlook I. Main Businesses Engaged by the Company During the Reporting Period The company focuses on high-end equipment manufacturing, including aerial work platforms, power emergency vehicles, military vehicles, and fire-fighting equipment - The company divested non-core businesses like LED and industrial automation to focus on main businesses such as aerial work platforms and military special vehicles, aiming to improve development quality[40] - The company closely follows the '14th Five-Year Plan' for military products, strengthening cooperation with military research institutions to expand into new military product areas[40] - The company actively expands its power emergency vehicle business, deeply cultivating the power market, and successfully delivered 17 high-silence energy storage power supply vehicles[40] Main Businesses and Products The company offers a diverse range of high-altitude work platforms, specialized power emergency vehicles, and advanced military and fire-fighting equipment - The company is a domestic supplier of aerial work platforms with a rich product structure, complete range, and high operating heights, covering 7-45 meters[28] - Power emergency vehicles are customized system solutions for power customers, including mobile power supply vehicles and bypass live-line work vehicles, experiencing rapid development in recent years[28] - Military vehicle products are primarily used for biochemical emergency rescue and hazardous chemical accident emergency rescue; civilian fire-fighting products include fire-fighting robots and various fire trucks, with some products being domestic firsts[29][34] Business Model The company employs a hybrid production model, diverse sales channels, and an innovation-driven R&D approach to meet market demands - The company adopts a production model combining 'customized production' and 'forecasted batch production' to enhance efficiency[36] - Domestic sales primarily rely on direct sales and bidding, while international sales are mainly through agency sales, with a focus on key account marketing[37] - The R&D model is based on innovation, with differentiated design and customized development at its core to meet specific customer needs[37][38] Performance Drivers During the Reporting Period Despite a revenue decline, the company achieved profitability through improved gross margins, stringent cost control, and strategic divestitures - Operating revenue for the reporting period was RMB 630 million, a 9.66% year-on-year decrease; however, the comprehensive gross profit margin increased by 4.95% year-on-year, adding RMB 31.158 million in gross profit[41] - Through strengthened cost control and the divestiture of some subsidiaries, sales, administrative, and financial expenses all significantly decreased, with financial expenses decreasing by 59.17% year-on-year[41] - Net profit attributable to shareholders was RMB 23.8962 million, an increase of RMB 41.5218 million year-on-year, achieving a turnaround to profitability[41] Industry Development Status The aerial work platform, power emergency vehicle, and military/fire-fighting equipment sectors are experiencing growth driven by urbanization, infrastructure, and national defense needs - The aerial work platform industry benefits from urbanization and new infrastructure development, with market demand increasing annually and products trending towards lightweight, intelligent, and high-reach capabilities[42][51] - Demand for power emergency vehicles continues to expand due to increased requirements for power supply reliability, evolving towards diversification, collaborative operations, and energy efficiency/environmental protection[44][52] - The military and fire-fighting emergency equipment industry benefits from increased defense spending and national emphasis on emergency rescue, experiencing rapid demand growth and further localization[46][55] II. Analysis of Core Competencies The company's core strengths lie in its strategic focus, professional management, strong customer relationships, and advanced R&D capabilities - Strategic Advantage: Focusing on high-end equipment industries such as military products and special vehicles, divesting non-core businesses, and concentrating resources to strengthen leading industries[58] - Customer and Service Advantage: Possessing high-quality clients like state-funded entities and implementing service-oriented manufacturing, providing full product lifecycle services, resulting in high customer loyalty[60][61] - Technological Advantage: As of June 30, 2021, the company holds 268 valid authorized patents, including 55 invention patents, with a broad professional coverage in its R&D team[62] III. Analysis of Main Business Total operating revenue was RMB 630 million, a 9.66% year-on-year decrease, with special vehicles comprising 89.99% of total revenue, showing mixed performance across segments Operating Revenue by Product (Unit: RMB) | Product/Service | Operating Revenue | Gross Profit Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | | Aerial Work Platforms | 222,050,997.49 | 30.83% | 22.95% | | Power Supply Vehicles | 119,198,554.50 | 34.42% | -18.50% | | Military and Fire-fighting Vehicles | 209,616,985.95 | 21.83% | -13.29% | | Intelligent Control Power Supplies | 39,385,182.74 | 14.29% | 36.24% | | Automatic Integrated Control Systems | 12,521,878.31 | -2.62% | -51.32% | | Total | 629,804,576.75 | 27.45% | -9.66% | - Special vehicle products (military, fire-fighting, aerial work platforms, power emergency vehicles) collectively generated RMB 567 million in operating revenue, accounting for 89.99% of total revenue[70] V. Analysis of Assets and Liabilities Total assets decreased by 19.66% to RMB 2.303 billion, primarily due to a significant reduction in monetary funds and short-term borrowings Changes in Major Asset and Liability Items | Item | Period-end Amount (RMB) | Proportion of Total Assets | Period-start Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 90,367,767.87 | 3.92% | 647,757,421.43 | 22.60% | -18.68% | | Accounts Receivable | 586,088,306.94 | 25.45% | 603,226,846.33 | 21.05% | 4.40% | | Inventories | 393,800,139.77 | 17.10% | 319,946,102.86 | 11.16% | 5.94% | | Short-term Borrowings | 297,343,820.83 | 12.91% | 497,759,677.50 | 17.37% | -4.46% | - As of the end of the reporting period, the company had RMB 366 million in restricted assets, primarily including investment properties and construction in progress pledged for bank loans, as well as bill/guarantee deposits and monetary funds frozen due to litigation[74] VII. Major Asset and Equity Disposals The company divested two wholly-owned subsidiaries, Shenzhen Juneng Weiye Technology Co., Ltd. and Shenzhen Lianshuo Automation Technology Co., Ltd., to streamline operations Major Equity Disposal Details | Equity Disposed | Transferee | Transaction Price (RMB 10k) | Disposal Date | Impact on the Company | | :--- | :--- | :--- | :--- | :--- | | 100% Equity of Shenzhen Juneng Weiye Technology Co., Ltd. | Xiao Dan, Hu Shengyang | 500 | 2021-05-18 | No longer included in consolidated financial statements, will not have a significant impact on the company's main business | | 100% Equity of Shenzhen Lianshuo Automation Technology Co., Ltd. | Wu Zeqin, Song Jun | 0.0001 (RMB 1) | 2021-06-08 | No longer included in consolidated financial statements, not expected to have a significant impact on the company's main business | X. Risks Faced by the Company and Countermeasures The company addresses risks from macroeconomic fluctuations, high accounts receivable, and talent shortages through strategic monitoring, optimized management, and talent development - Macroeconomic Environment Risk: International epidemics and global economic uncertainties may impact the company's operations; the company will respond by strengthening customer cooperation and continuous innovation[86][87] - Accounts Receivable Risk: As of the end of the reporting period, accounts receivable balance was RMB 586 million, accounting for 25.45% of total assets; the company will mitigate bad debt risk by optimizing sales strategies, evaluating customer credit, and intensifying collection efforts[87] - Talent Reserve Risk: The company's expansion and intensified industry competition create demand for high-caliber talent; the company will build its talent pipeline through a dual-driven strategy of internal cultivation and external recruitment[87][88] Section 4 Corporate Governance This section details the company's governance structure, including changes in its board of directors, supervisors, and senior management II. Changes in the Company's Directors, Supervisors, and Senior Management The company completed the re-election of its board and supervisory board, appointing new senior management, with Jin Shiwei re-elected as Chairman and Ma Chao as General Manager - On May 21, 2021, the company held its board re-election, with Jin Shiwei re-elected as Chairman and Ma Chao appointed as General Manager[93][94] - Former directors Yin Yaping and Zhang Xiuwei, and former supervisors Guo Xiaofeng and Liu Bing, among others, left their positions due to the expiration of their terms[94] Section 5 Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and its active engagement in social responsibility initiatives I. Major Environmental Protection Issues The company is not a key polluter and operates pollution control facilities to ensure compliance, having achieved ISO14001 environmental management system certification - The company and its subsidiaries are not classified as key polluting units and received no administrative penalties for environmental issues during the reporting period[98] II. Social Responsibility The company actively fulfills its social responsibilities by safeguarding stakeholder interests and contributing to public welfare, notably through emergency power support - The company's mobile power supply vehicles provided power assurance support for various celebrations of the 100th anniversary of the founding of the Communist Party of China[108] - During the July 2021 Henan heavy rainfall disaster, the company promptly dispatched emergency power generation vehicles for disaster relief, with over 50 Helunzel emergency power generation vehicles participating in flood control and power supply tasks[108] Section 6 Significant Matters This section covers critical events including the response to a non-standard audit report, related party transactions, and other key corporate developments VI. Explanation by the Board of Directors Regarding the Non-standard Audit Report from the Previous Year The company addressed the qualified audit opinion on its 2020 annual report by divesting the problematic subsidiaries, Lianshuo Technology and Juneng Weiye - The company's 2020 annual report received a qualified opinion, primarily concerning financial data and goodwill impairment issues related to former subsidiaries Lianshuo Technology and Juneng Weiye[116][117] - To resolve these issues, the company has divested 100% equity of Lianshuo Technology and Juneng Weiye, and both companies are no longer included in the consolidated financial statements[118] XI. Major Related Party Transactions Related party transactions for daily operations totaled RMB 0.9062 million, remaining within the approved annual limits Related Party Transactions in Ordinary Course of Business | Related Party | Type of Related Party Transaction | Amount Incurred in Current Period (RMB 10k) | Approved Transaction Limit (RMB 10k) | | :--- | :--- | :--- | :--- | | Shanghai Weihong Automation Equipment Co., Ltd. | Purchase of Goods, Acceptance of Services | 5.81 | 42 | | Guangdong Xinyu Intelligent Equipment Co., Ltd. | Related Lease | 84.81 | 95 | | Total | -- | 90.62 | 137 | XIII. Explanation of Other Significant Matters The company terminated a private placement, saw its controlling shareholder increase holdings, completed subsidiary divestitures and board re-elections, and addressed voting rights litigation - The company decided to terminate the private placement of A-shares on April 2, 2021[141] - Controlling shareholder Zhongtianze Group planned to increase its holdings by no less than RMB 30 million, and as of July 15, 2021, had cumulatively increased holdings by RMB 56.11 million[141] - The company completed the equity transfers of Juneng Weiye and Lianshuo Technology, and finalized the re-election of the new board of directors and supervisory board[142][143] Section 7 Share Changes and Shareholder Information This section details changes in the company's share capital structure and provides an overview of its major shareholders I. Share Change Status As of the reporting period end, the total share capital remained unchanged at 1,040,921,518 shares, with a slight increase in restricted shares due to changes in directors, supervisors, and senior management Share Change Status (Unit: Share) | Category | Before This Change | After This Change | Proportion After Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 94,634,315 | 94,973,071 | 9.12% | | Unrestricted Shares | 946,287,203 | 945,948,447 | 90.88% | | Total Share Capital | 1,040,921,518 | 1,040,921,518 | 100.00% | III. Number of Shareholders and Shareholding Status The company had 36,224 common shareholders, with Jiangsu Electromechanical Research Institute Co., Ltd. as the largest shareholder, part of a concerted action group Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Proportion | Number of Shares Held (Shares) | | :--- | :--- | :--- | | Jiangsu Electromechanical Research Institute Co., Ltd. | 15.64% | 162,822,339 | | MEI TUNG(CHINA) LIMITED | 12.10% | 125,982,361 | | Zhongtianze Holding Group Co., Ltd. | 6.09% | 63,402,949 | | Yang Ya | 5.98% | 62,264,442 | | Ding Jianping | 4.34% | 45,221,322 | - Jiangsu Electromechanical Research Institute Co., Ltd., Ding Jianping, and Zhongtianze Holding Group Co., Ltd. are parties acting in concert; the Electromechanical Institute and Ding Jianping have entrusted all their voting rights to Zhongtianze[154] Section 8 Preferred Shares Related Information This section confirms the absence of preferred shares within the company during the reporting period Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[159] Section 9 Bonds Related Information This section confirms the absence of any bond-related activities or instruments for the company during the reporting period Bonds The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[162] Section 10 Financial Report This section presents the company's financial statements, including the balance sheet and income statement, for the reporting period I. Audit Report The company's semi-annual financial report for 2021 was unaudited - The company's semi-annual financial report was unaudited[164] II. Financial Statements As of June 30, 2021, total assets were RMB 2.303 billion, total liabilities RMB 1.124 billion, and net assets attributable to shareholders RMB 1.175 billion, with H1 operating revenue of RMB 630 million and net profit of RMB 23.90 million Major Items of Consolidated Balance Sheet (Unit: RMB) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Monetary Funds | 90,367,767.87 | 647,757,421.43 | | Accounts Receivable | 586,088,306.94 | 603,226,846.33 | | Inventories | 393,800,139.77 | 319,946,102.86 | | Total Assets | 2,302,570,868.10 | 2,866,155,954.23 | | Short-term Borrowings | 297,343,820.83 | 497,759,677.50 | | Accounts Payable | 524,954,804.71 | 724,646,761.83 | | Total Liabilities | 1,123,599,837.10 | 1,720,784,283.47 | | Total Equity Attributable to Parent Company Owners | 1,174,500,344.89 | 1,149,668,262.59 | Major Items of Consolidated Income Statement (Unit: RMB) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 629,804,576.75 | 697,117,384.04 | | Total Operating Costs | 564,203,754.41 | 689,518,126.69 | | Total Profit | 31,449,248.96 | -11,017,501.75 | | Net Profit | 32,799,188.02 | -19,850,702.68 | | Net Profit Attributable to Parent Company Owners | 23,896,174.30 | -17,625,635.89 |