矩子科技(300802) - 2020 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section confirms the responsibility of the board, supervisory board, and senior management for the report's accuracy and outlines the company's dividend policy. - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume corresponding legal responsibilities[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2020[5] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial performance indicators for the reporting period. Company Profile Shanghai Juzi Technology Co., Ltd. (stock code: 300802) is a company listed on the Shenzhen Stock Exchange, with Yang Yong as its legal representative. Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Juzi Technology | | Stock Code | 300802 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | Shanghai Juzi Technology Co., Ltd. | | Legal Representative | Yang Yong | Key Accounting Data and Financial Indicators In the first half of 2020, the company achieved operating revenue of CNY 233 million, a 7.23% increase, but net profit attributable to shareholders decreased by 14.19% to CNY 42.19 million, with operating cash flow turning negative. Key Financial Indicators for H1 2020 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 232,691,274.81 | 217,007,753.54 | 7.23% | | Net Profit Attributable to Shareholders (CNY) | 42,187,674.32 | 49,166,123.81 | -14.19% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (CNY) | 37,112,839.02 | 48,343,272.65 | -23.23% | | Net Cash Flow from Operating Activities (CNY) | -25,460,280.84 | 45,603,973.00 | -155.83% | | Basic Earnings Per Share (CNY/share) | 0.26 | 0.31 | -16.13% | | Weighted Average Return on Net Assets | 4.37% | 11.66% | -7.29% | | Indicator | End of Current Period | End of Prior Year | YoY Change | | Total Assets (CNY) | 1,115,753,727.26 | 1,114,263,768.74 | 0.13% | | Net Assets Attributable to Shareholders (CNY) | 967,548,591.91 | 944,612,481.67 | 2.43% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses totaled CNY 5.07 million, primarily from government grants and investment income from transactional financial assets. Non-Recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Government Grants | 2,400,299.19 | | Fair Value Changes and Investment Income from Transactional Financial Assets | 3,537,658.22 | | Other Non-Operating Income/Expenses and Disposal of Non-Current Assets | 31,922.01 | | Total | 5,074,835.30 | Business Overview This section outlines the company's principal businesses, products, operating models, significant asset changes, and core competitive advantages. Principal Business, Products, and Operating Model The company specializes in R&D, production, and sales of intelligent equipment and components, including machine vision equipment, control cable assemblies, and control units, serving electronics manufacturing and industrial control sectors. - The company's principal business involves the R&D, production, and sales of intelligent equipment and components, primarily including machine vision equipment, control cable assemblies, and control units and devices[28] - The core of the company's machine vision equipment lies in its independently developed software algorithms and optical designs, having successfully entered the 3D inspection field with product performance reaching international advanced levels and achieving import substitution[29] - The company adopts a 'production-to-order' model, combining direct sales with distributor sales, while control cable assemblies, control units, and devices are customized products sold directly[31][32] Significant Changes in Major Assets At the end of the reporting period, the company's monetary funds significantly decreased by 69.62% due to the purchase of wealth management products, while transactional financial assets surged by 6527.27%. Explanation of Major Asset Changes | Major Asset | Explanation of Significant Change | | :--- | :--- | | Monetary Funds | Decreased by CNY 447 million, a 69.62% reduction from the beginning of the period, primarily due to the company using part of its raised funds for cash management by purchasing wealth management products | | Transactional Financial Assets | Increased by CNY 359 million, a 6527.27% increase from the beginning of the period, primarily due to the company using initial public offering funds for cash management by purchasing structured deposits and other wealth management products | Analysis of Core Competencies The company's core competencies include strong technical advantages in 2D/3D detection, superior product performance, established brand reputation, and flexible production management for customized needs. - The company possesses strong technical advantages in core algorithms and optical systems for 2D and 3D inspection, holding 49 software copyrights and 56 patents as of the end of the reporting period[37] - The company's products exhibit internationally leading key performance indicators, such as detection speed, accuracy, and detection rate, and offer customized software design to meet client requirements[38] - The company has established a flexible production management system suitable for multi-variety, small-batch, and multi-frequency demands, catering to customized non-standard product requirements[38] Management Discussion and Analysis This section discusses the company's operational performance, principal business analysis, non-principal business impact, asset and liability status, investment activities, and risk management strategies. Overview of Operations In H1 2020, operating revenue grew 7.23% to CNY 233 million despite challenges, but net profit attributable to shareholders declined 14.19% to CNY 42.19 million due to slower client investment and increased R&D. - During the reporting period, the company's operating revenue was CNY 233 million, a 7.23% year-on-year increase, while net profit attributable to parent company shareholders was CNY 42.19 million, a 14.19% year-on-year decrease[42] - The decline in performance was primarily due to delayed demand from downstream customers caused by the pandemic and trade frictions, coupled with increased R&D investment in new areas such as semiconductors and mini LED[42] - The market promotion of the new 3D SPI product was successful, with total orders exceeding CNY 27 million during the reporting period, and the 3D inspection business achieved counter-trend growth in the second quarter[43] Analysis of Principal Business Control units and devices revenue surged by 197.31%, driving overall growth, while core machine vision equipment revenue decreased by 19.73% with a 5.45 percentage point decline in gross margin. Operating Performance by Product or Service (Unit: CNY) | Product/Service | Operating Revenue | Operating Cost | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Machine Vision Equipment | 88,068,954.27 | 41,225,079.29 | 53.19% | -19.73% | -9.16% | -5.45% | | Control Cable Assemblies | 77,527,395.69 | 58,066,803.16 | 25.10% | -5.90% | -8.83% | 2.41% | | Control Units and Devices | 64,089,449.04 | 53,643,527.12 | 16.30% | 197.31% | 203.66% | -1.75% | YoY Changes in Key Financial Data | Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 7.23% | Due to increased revenue from control units and devices | | Operating Cost | 20.52% | Corresponding increase in costs due to increased revenue | | Financial Expenses | -671.29% | Primarily due to interest income and exchange gains | | R&D Investment | 24.33% | Primarily due to increased R&D personnel | | Net Cash Flow from Operating Activities | -155.83% | Primarily due to increased inventory and slower collections due to the pandemic | | Net Cash Flow from Investing Activities | -25,298.05% | Primarily due to cash management of raised funds | Analysis of Non-Principal Business Non-principal business activities impacted profit, with investment income of CNY 3.76 million, accounting for 6.98% of total profit, mainly from wealth management products, which is not sustainable. Non-Principal Business Profit and Loss | Item | Amount (CNY) | Percentage of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 3,764,164.09 | 6.98% | Primarily from wealth management products and structured deposits | | Fair Value Change Gains/Losses | -226,505.87 | -0.42% | Primarily from losses on forward foreign exchange contracts | Analysis of Assets and Liabilities As of the reporting period end, total assets were CNY 1.116 billion, largely stable, but asset structure shifted with monetary funds decreasing and transactional financial assets significantly increasing due to cash management. - The company's use of raised funds for cash management led to a significant increase in transactional financial assets to CNY 364.5 million at period-end, with a corresponding decrease in monetary funds[55] - As of the end of the reporting period, the company had CNY 56.12 million in restricted assets, primarily comprising monetary funds for bill deposits, accounts receivable pledged for bank acceptance bills, and fixed and intangible assets used to secure USD loans[57] Analysis of Investment Status During the reporting period, the company made an equity investment of CNY 20 million and utilized CNY 81.47 million of its CNY 496 million raised funds, primarily for R&D and working capital, while managing idle funds through wealth management products. - During the reporting period, the company's investment amounted to CNY 20 million, compared to zero in the prior year period[58] Use of Raised Funds (Unit: CNY 10,000) | Project | Committed Investment Amount of Raised Funds | Cumulative Investment Amount as of Period-End | Investment Progress | | :--- | :--- | :--- | :--- | | Machine Vision Inspection Equipment R&D Center Project | 7,887.73 | 1,147.44 | 14.55% | | Replenishment of Working Capital | 14,000.00 | 7,000.00 | 50.00% | | Total | 49,552.06 | 8,147.44 | - | - The company utilized idle raised funds for cash management, with entrusted wealth management transactions totaling CNY 400 million during the reporting period, and an outstanding balance of CNY 359.5 million at period-end[69] Analysis of Major Holding and Participating Companies Suzhou Judu Electronic Technology Co., Ltd., a major subsidiary, reported strong performance with a 36.16% increase in operating revenue to CNY 154 million and a net profit of CNY 19.65 million, driven by mass production of upgraded photovoltaic tracking systems. Key Financial Data of Suzhou Judu Electronic Technology Co., Ltd. (Unit: CNY) | Indicator | Amount | | :--- | :--- | | Total Assets | 241,657,667.75 | | Net Assets | 154,502,459.81 | | Operating Revenue | 154,426,078.05 | | Operating Profit | 22,712,517.75 | | Net Profit | 19,645,826.34 | - Suzhou Judu's operating revenue increased by 36.16% year-on-year, primarily due to the mass production phase of its photovoltaic tracking system products[75] Risks Faced by the Company and Countermeasures The company faces risks from the COVID-19 pandemic, international trade frictions, exchange rate fluctuations, reliance on distributors, customer concentration, and intensified market competition, addressed through innovation and market expansion. - The company faces major risks including the COVID-19 pandemic, international trade environment, exchange rate fluctuations, reliance on the distribution model, high customer concentration, and intensified market competition[76][77] - Countermeasures include continuously launching technologically advanced new products, such as 3D inspection equipment, vigorously developing domestic clients, and expanding into new application areas to enhance core competitiveness and expand market share[76][78] Significant Events This section details other significant events, including the acquisition of a subsidiary's remaining equity and participation in a venture capital fund. Other Significant Matters The company acquired the remaining 25% equity of Suzhou Judu Electronic Technology Co., Ltd., making it a wholly-owned subsidiary, and invested CNY 50 million in a venture capital fund to strategically expand its industry chain. - The company completed the issuance of shares and cash payment to Cui Qin and Zhang Han to acquire their 25% equity in Suzhou Judu, making Suzhou Judu a wholly-owned subsidiary after the transaction[109][110] - The company, as a limited partner, invested CNY 50 million of its own funds to participate in the establishment of the venture capital fund 'Xindongneng Fund'[111] - The company injected an additional CNY 50 million into its wholly-owned subsidiary, Suzhou Juzi Intelligent Technology Co., Ltd., for the implementation of projects funded by raised capital[112] Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, and the overall shareholder structure. Share Capital Changes The company implemented a 2019 equity distribution, converting capital reserves into shares at a ratio of 6 shares for every 10, increasing total share capital from 100 million to 160 million shares. - The company implemented its 2019 equity distribution, converting capital reserves into shares at a ratio of 6 shares for every 10, increasing total share capital from 100 million shares to 160 million shares[117] Issuance and Listing of Securities To acquire 25% equity in Suzhou Judu, the company issued 2,452,482 new shares at CNY 32.62 per share, which were listed on July 6, 2020. - The company issued 2,452,482 shares to Cui Qin and Zhang Han for asset acquisition, with the newly issued shares listed on July 6, 2020[123] Shareholder Numbers and Shareholding Structure As of the reporting period end, the company had 15,674 common shareholders, with the actual controller Yang Yong holding 24.50% as the largest shareholder, and the top ten shareholders collectively holding a significant stake. - At the end of the reporting period, the company had a total of 15,674 common shareholders[125] Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | | Yang Yong | 24.50% | 39,193,200 | | Suzhou Yuanya Venture Capital Partnership | 7.66% | 12,258,720 | | Shanghai Juzi Investment Management Co., Ltd. | 7.16% | 11,460,000 | | Wang Jianxun | 6.12% | 9,798,360 | | Lei Baojia | 6.12% | 9,798,360 | Information on Directors, Supervisors, and Senior Management This section provides details on the shareholding changes of the company's directors, supervisors, and senior management. Changes in Shareholdings of Directors, Supervisors, and Senior Management The increase in shareholdings of directors, supervisors, and senior management during the reporting period was solely due to the capital reserve conversion, with no active buying or selling. - The increase in shareholdings of directors, supervisors, and senior management resulted from the company's capital reserve conversion into share capital, not from active purchases[135] Financial Report This section presents the company's financial statements, significant accounting policies, and detailed notes to the consolidated financial statement items. Financial Statements As of June 30, 2020, total assets were CNY 1.116 billion, total liabilities CNY 106 million, and equity attributable to parent company shareholders CNY 968 million, with H1 operating revenue of CNY 233 million and net profit of CNY 46.25 million. Consolidated Balance Sheet As of June 30, 2020, total assets were CNY 1.116 billion, a slight increase of 0.13%, with a significant shift from monetary funds to transactional financial assets. Key Items from Consolidated Balance Sheet (Unit: CNY) | Item | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Monetary Funds | 195,177,720.13 | 642,438,077.11 | | Transactional Financial Assets | 364,500,000.00 | 5,500,000.00 | | Accounts Receivable | 189,029,923.33 | 157,714,436.30 | | Inventories | 110,637,549.72 | 101,967,958.95 | | Total Assets | 1,115,753,727.26 | 1,114,263,768.74 | | Short-term Borrowings | 7,079,500.00 | 27,745,025.00 | | Total Liabilities | 106,211,308.09 | 132,100,256.29 | | Total Equity Attributable to Parent Company Shareholders | 967,548,591.91 | 944,612,481.67 | | Total Liabilities and Equity | 1,115,753,727.26 | 1,114,263,768.74 | Consolidated Income Statement In H1 2020, total operating revenue was CNY 233 million, up 7.23%, but increased operating costs and R&D expenses led to a 9.58% decrease in total profit and a 14.19% decrease in net profit attributable to parent company shareholders. Key Items from Consolidated Income Statement (Unit: CNY) | Item | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Total Operating Revenue | 232,691,274.81 | 217,007,753.54 | | Total Operating Costs | 182,963,106.40 | 158,055,698.79 | | Including: R&D Expenses | 13,456,919.64 | 10,823,710.90 | | Financial Expenses | -5,144,212.00 | -666,964.27 | | Investment Income | 3,764,164.09 | 171,100.82 | | Total Profit | 53,890,158.28 | 59,601,400.39 | | Net Profit | 46,245,633.49 | 51,246,446.22 | | Net Profit Attributable to Parent Company Shareholders | 42,187,674.32 | 49,166,123.81 | Consolidated Cash Flow Statement In H1 2020, net cash flow from operating activities turned negative at CNY -25.46 million, while investing activities saw a net outflow of CNY -360 million, primarily due to wealth management product purchases. Consolidated Cash Flow Statement Summary (Unit: CNY) | Item | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -25,460,280.84 | 45,603,973.00 | | Net Cash Flow from Investing Activities | -360,062,102.35 | -1,417,676.22 | | Net Cash Flow from Financing Activities | -47,460,487.06 | -40,188,907.89 | | Net Increase in Cash and Cash Equivalents | -431,440,227.58 | 4,878,761.48 | | Cash and Cash Equivalents at Period-End | 101,891,137.33 | 43,044,929.63 | Significant Accounting Policies and Estimates The most significant accounting policy change in this period was the adoption of new revenue recognition standards from January 1, 2020, leading to adjustments in "Advances from Customers" to "Contract Liabilities" and "Taxes Payable." - The company adopted the newly revised 'Accounting Standard for Business Enterprises No. 14 – Revenue' effective January 1, 2020, and adjusted relevant financial statement items accordingly[268] - Under the new revenue standard, the company reclassified the original CNY 4.03 million in 'Advances from Customers' to CNY 3.57 million in 'Contract Liabilities' and CNY 0.46 million in 'Taxes Payable'[269] Notes to Consolidated Financial Statement Items Notes detail item composition and changes, including a significant decrease in monetary funds due to CNY 365 million in wealth management product purchases, and CNY 13.46 million in R&D expenses fully expensed. - The period-end balance of monetary funds decreased compared to the beginning of the year, primarily due to the company using part of its raised funds for cash management by purchasing wealth management products[290] - As of period-end, the book balance of accounts receivable was CNY 198 million, with a bad debt provision of CNY 9.46 million, resulting in a book value of CNY 189 million; the top five customers accounted for 59.19% of total accounts receivable[300][309] - Internal development expenditures of CNY 13.46 million for the current period were fully expensed and recognized in current profit and loss, not forming intangible assets[361] Documents Available for Inspection This section lists the documents available for inspection, including the signed semi-annual report, financial statements, and publicly disclosed files, kept at the company's securities department. - Documents available for inspection include the semi-annual report text signed by the legal representative, financial statements with seals and signatures, and originals of all publicly disclosed documents during the reporting period, kept at the company's securities department[537]