GMK(SZ:300619)2021-08-29 16:00Company Overview - The registered capital of Foshan Golden Milky Way Intelligent Equipment Co., Ltd. is RMB 74.68 million[6]. - The company has provided production equipment and technical solutions to over 300 clients, covering major lithium battery and silicone rubber production enterprises in China[8]. - The company’s main business includes the R&D, design, manufacturing, and sales of automation production equipment for various industries[7]. - The company is recognized as a key high-tech enterprise under the National Torch Program[8]. Patents and Technology - As of June 30, 2021, the company holds 36 invention patents, 166 utility model patents, and 22 design patents[8]. - The company’s core technologies are all self-developed, with a focus on integrated innovation and batch production capabilities[10]. - The company has developed a fully automatic continuous production line for lithium battery electrode manufacturing, enhancing its market position in this sector[8]. - The company has successfully applied its technology in the lithium battery industry, achieving continuous production for lithium battery slurry[8]. Financial Performance - The company's total revenue for the first half of 2021 was CNY 41,509.73 million, a decrease from CNY 59,418.08 million in 2020[18]. - The net profit attributable to shareholders for the first half of 2021 was CNY 711.00 million, down from CNY 1,274.09 million in the same period of 2020[18]. - R&D expenses for the first half of 2021 were CNY 1,926.96 million, accounting for 4.64% of total revenue, compared to 5.84% in 2020[16][18]. - The company’s revenue in 2020 decreased by 0.90% year-on-year, while net profit fell by 69.25% due to the impact of COVID-19 and other factors[25]. Assets and Liabilities - The company had a total asset value of CNY 173,313.08 million as of June 30, 2021, an increase from CNY 146,989.54 million at the end of 2020[19]. - The total liabilities amounted to CNY 120,101.78 million as of June 30, 2021, compared to CNY 94,325.20 million at the end of 2020[19]. - The company's asset-liability ratio increased to 62.25% as of June 30, 2021, from 55.34% at the end of 2020[20]. - As of June 30, 2021, the company's interest-bearing liabilities amounted to CNY 775.18 million, with short-term borrowings and non-current liabilities due within one year totaling CNY 438.18 million, indicating a significant debt scale[37]. Research and Development - The company's R&D team consisted of 86 technical personnel, representing 10.41% of the total workforce as of June 30, 2021[13]. - The company has maintained a rising trend in R&D expenses over the reporting period, with figures of CNY 3,390.99 million, CNY 3,196.55 million, and CNY 3,468.47 million in previous years[16]. - The company aims to enhance product reliability and reduce failure rates through effective product design and R&D processes[12]. - The core technical team includes four key personnel with extensive experience in R&D and industry technology[14]. Market and Competition - The company anticipates a lower risk of performance decline in 2021 due to improved order conditions since the second half of 2020[25]. - The company is at risk of intensified market competition in the automation production equipment sector, which may impact future profitability[28]. - The company faces risks from fluctuating raw material prices, which could adversely affect profitability due to high direct material costs[26]. - The company has maintained stable relationships with suppliers, but economic changes could lead to significant fluctuations in raw material prices[26]. Future Plans and Investments - The company plans to expand its product applications into chemical, coating, pharmaceutical, food, and biochemical fields to drive long-term growth[29]. - The company is investing in new technology and product development to maintain its market leadership and respond to increasing demands from downstream industries[29]. Shareholder and Capital Management - The actual controller holds 19.39% of the company's shares, with 700,000 shares pledged as collateral, representing a pledge ratio of 48.33%[35]. - The company plans to raise up to CNY 107.18 million through a private placement, with CNY 50 million allocated for repaying bank loans and CNY 57.18 million for supplementing working capital[53]. - The issuance price for the new shares is set at CNY 15.01 per share, adjusted to CNY 14.99 per share after a cash dividend distribution[50]. - The company’s net asset return rate may decline and immediate returns could be diluted due to the increase in share capital from the issuance[43]. Risks and Compliance - The company has a risk of tax policy changes affecting its software industry VAT refunds and high-tech enterprise income tax reductions, which could negatively impact its operating performance[41]. - The company’s inventory at the end of the reporting period poses a risk of impairment if there are significant delays or defaults in downstream customer projects[38]. - The company’s ability to recover accounts receivable may be adversely affected if customer credit conditions deteriorate, leading to potential negative impacts on performance[39]. - The company is required to enhance internal controls to prevent directors and senior management from harming its interests, in accordance with relevant laws and regulations[69]. Underwriting and Regulatory Compliance - The underwriting institution is Minsheng Securities Co., Ltd.[58]. - The designated sponsor representatives are Wang Leilei and Guo Lili, with over ten years of experience in investment banking[58]. - The issuer's board approved the specific stock issuance plan on May 13, 2021, and the second extraordinary general meeting on May 31, 2021[63][64]. - The underwriting institution conducted due diligence and confirmed the issuer's compliance with relevant regulations[67].