HAXC (SZ:300928)2022-08-04 16:00Financial Performance - The company's operating revenue for the first half of 2022 was ¥394,905,665.33, representing a 3.98% increase compared to ¥379,775,721.79 in the same period last year[21]. - The net profit attributable to shareholders was ¥25,365,542.20, up 5.45% from ¥24,053,740.43 in the previous year[21]. - The net profit after deducting non-recurring gains and losses increased by 19.80%, reaching ¥21,105,418.00 compared to ¥17,616,576.39 in the prior year[21]. - Basic and diluted earnings per share rose to ¥0.32, reflecting a 6.67% increase from ¥0.30 in the previous year[21]. - The total assets at the end of the reporting period were ¥1,328,039,040.23, a 0.64% increase from ¥1,319,533,821.38 at the end of the previous year[21]. - The net assets attributable to shareholders increased by 1.11%, amounting to ¥1,274,772,242.28 compared to ¥1,260,740,110.21 at the end of the last year[21]. - The weighted average return on net assets was 1.99%, slightly up from 1.93% in the previous year[21]. - The company reported a total comprehensive income of ¥30,314,218.14 for the first half of 2022, compared to ¥22,085,649.19 in the same period of 2021, indicating a 37.4% increase[173]. - The operating profit for the first half of 2022 was ¥28,430,483.40, compared to ¥23,401,791.23 in the first half of 2021, reflecting a growth of 21.5%[172]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to ¥59,122,918.70, a 192.78% increase from a negative cash flow of ¥63,723,585.79 in the same period last year[21]. - The company reported a net increase in cash and cash equivalents of CNY 42,539,398.00 for the first half of 2022, contrasting with a decrease of CNY -194,098,376.13 in the same period of 2021[179]. - Total cash inflow from investment activities reached CNY 891,400,740.56, compared to CNY 208,981,002.00 in the first half of 2021, indicating a substantial increase[179]. - Cash outflow for investment activities was CNY 896,404,320.98, up from CNY 295,834,320.65 in the previous year, resulting in a net cash flow from investment activities of CNY -5,003,580.42[179]. - The company’s cash flow from operating activities showed a positive trend with cash inflow totaling CNY 513,051,576.54, while cash outflow was CNY 453,928,657.84[177]. Research and Development - The company’s R&D investment increased by 76.20% year-on-year, while the net profit attributable to shareholders after deducting non-recurring gains and losses grew by 19.80%[29]. - Research and development expenses increased significantly to ¥18,229,725.67 in the first half of 2022, compared to ¥10,346,329.62 in the first half of 2021, marking a 76.1% rise[172]. - The company has initiated product trials for its Mini LED backlight technology modules and has started R&D on suspended display smart surface technology[29]. - The company has made progress in developing a domestic chip solution for smart cockpit applications, achieving further research results and project implementation[29]. - R&D investment has been increased to enhance innovation capabilities, with new research bases established in Guilin, Huizhou, and Xuzhou[90]. Market and Industry Context - The automotive industry faced significant challenges in the first half of 2022, with passenger car production and sales reaching 10.434 million and 10.355 million units, respectively, representing year-on-year growth of 6.0% and 3.4%[30]. - The penetration rate of new energy vehicles reached 21.6%, with production and sales of 2.661 million and 2.600 million units, respectively, both showing a year-on-year growth of 120%[30]. - The company’s main business remains focused on customized selection of core display devices for automotive smart cockpits, software system development, and sales of supporting components[32]. - The automotive industry is a key driver for the company's performance, with increasing demand for customized cockpit electronic products and services from downstream customers[45]. - The company is actively expanding into the fast-growing new energy vehicle sector to mitigate industry cyclicality risks[88]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[4]. - The total number of restricted shares before the change was 60,000,000, which accounted for 75.00% of the total shares, and after the change, it decreased to 36,782,098, representing 45.98%[145]. - The total number of shareholders at the end of the reporting period was 8,320, with no preferred shareholders having voting rights[150]. - The largest shareholder, He Xinyi, held 17,597,754 shares, representing 22.00% of the total shares, with no changes during the reporting period[150]. - The company has committed to not transferring or entrusting the management of its shares for 12 months from the date of listing, with a lock-up period of two years after that[111]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and plans[3]. - The company faces risks related to reliance on the domestic automotive industry, which could impact performance if market conditions decline[88]. - Supplier concentration is high, with the top five suppliers accounting for 92.82% of total procurement, posing a risk to operational stability[93]. - Human resource costs are a significant part of overall expenses, and rising wages could pressure profitability if business growth does not keep pace[94]. Compliance and Governance - The semi-annual financial report has not been audited[119]. - The company has not engaged in derivative investments or entrusted loans during the reporting period[83]. - There were no significant litigation or arbitration matters during the reporting period[121]. - The company has established compliance with legal and regulatory requirements regarding share transfers for directors and senior management[111].