XZB(603040)2024-08-28 08:49Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares (including tax), totaling approximately RMB 26,745,827.20 based on a total share capital of 135,107,896 shares, after deducting shares in the repurchase account[2]. - The total number of shares eligible for profit distribution is calculated after excluding 1,334,260 shares in the repurchase account and 44,500 restricted shares pending repurchase cancellation[2]. - The total share capital as of August 28, 2024, is 135,107,896 shares, with adjustments to the distribution total if the share capital changes before the distribution date[2]. - The company plans to distribute dividends of ¥2.00 per 10 shares, indicating a commitment to returning value to shareholders[50]. - The company distributed dividends amounting to CNY 53,509,454.40 during the reporting period[90]. Financial Performance - The company's operating revenue for the first half of 2024 reached ¥328,171,920.64, representing a 20.37% increase compared to ¥272,637,295.72 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥111,321,881.74, an increase of 18.76% from ¥93,736,221.94 in the previous year[16]. - The net cash flow from operating activities decreased by 7.26% to ¥136,858,797.25, down from ¥147,575,940.45 in the same period last year[16]. - The basic earnings per share for the first half of 2024 was ¥0.83, a 20.29% increase from ¥0.69 in the same period last year[17]. - The total assets at the end of the reporting period were ¥1,537,765,179.10, reflecting a 2.22% increase from ¥1,504,347,215.74 at the end of the previous year[16]. - The company's net assets attributable to shareholders increased by 2.07% to ¥1,278,943,648.26 from ¥1,252,982,620.08 at the end of the previous year[16]. - The company reported non-recurring gains of ¥10,156,656.18, primarily from government subsidies and asset disposals[17]. - The weighted average return on net assets increased by 0.45 percentage points to 8.59% compared to the previous year[17]. - The company reported a total comprehensive income of ¥106,465,118.24 for the first half of 2024, down from ¥113,709,156.27 in the same period of 2023[81]. - The net profit for the first half of 2024 was ¥114,618,563.81, representing a 21.0% increase from ¥94,051,365.24 in the previous year[80]. Operational Highlights - The company operates in the cold precision forming segment of the metal plastic processing industry, which is increasingly applied in various sectors including automotive and aerospace[19]. - The company is focusing on technological innovations in cold forging and other processing techniques to enhance production efficiency and product quality[19]. - During the reporting period, sales of precision components for valve drive groups increased significantly, with notable achievements in expanding overseas markets[22]. - The company is actively expanding its product applications in various fields, including precision components for automotive transmissions and electric vehicle battery housings, creating new market opportunities[32]. - The company has achieved significant progress in customer resource development, becoming a first-tier supplier for numerous well-known automotive brands[31]. - The company has successfully secured multiple project designations from major automotive clients, including SAIC Volkswagen and BYD, and is gradually ramping up production[30][31]. Risk Management - The company has outlined potential risks in the "Management Discussion and Analysis" section of the report[3]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, urging caution regarding investment risks[2]. - The company faces risks related to the downstream industry, as its products are primarily used in the automotive and motorcycle sectors, which are closely tied to macroeconomic conditions[43]. Corporate Governance - The board of directors has confirmed that all members attended the meeting, ensuring the authenticity and completeness of the semi-annual report[2]. - The company has confirmed that there are no issues with the majority of directors being unable to guarantee the authenticity and accuracy of the semi-annual report[3]. - The company guarantees the independence of its financial accounting department and will maintain separate bank accounts, ensuring independent financial decision-making[59]. - The company will maintain a sound corporate governance structure, ensuring independent operation of its board and management[59]. - The controlling shareholders have promised to minimize and regulate related transactions with the company and its subsidiaries post-equity change, adhering to market principles and fair pricing[60]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 8,104[65]. - The largest shareholder, Hangzhou Zuofeng Investment Management Co., Ltd., holds 51.22% of the shares, totaling 69,205,500 shares[65]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder having no pledged shares[65]. Cash Flow and Assets - The cash flow from operating activities decreased by 7.26% to CNY 136.86 million, indicating a need for improved cash management[37]. - The total current assets as of June 30, 2024, amounted to RMB 902,204,419.76, an increase from RMB 810,204,775.66 as of December 31, 2023, representing an increase of approximately 11.5%[73]. - Cash and cash equivalents increased to RMB 226,902,672.51 from RMB 167,997,674.92, reflecting a growth of about 35%[73]. - The company's inventory rose to RMB 161,749,077.29, up from RMB 155,871,089.85, indicating an increase of approximately 3.5%[73]. - The total assets increased to ¥1,537,765,179.10, up from ¥1,504,347,215.74, representing a growth of approximately 2.9%[74]. Accounting and Financial Reporting - The company operates under the Chinese accounting standards and has established specific accounting policies for revenue recognition and bad debt provisions[101]. - The company recognizes revenue when control of goods is transferred to customers, either at a point in time or over a period, based on specific criteria[160]. - The company applies a simplified accounting treatment for short-term leases and low-value asset leases, recognizing lease payments on a straight-line basis over the lease term[166]. - The company recognizes employee compensation liabilities for wages, bonuses, and social insurance contributions as incurred, impacting current profits or related asset costs[154]. - The company recognizes impairment losses or gains in the current profit and loss based on the remeasurement of expected credit losses at each balance sheet date[125]. Government Subsidies - The company received government subsidies classified as deferred income, which will be recognized in the profit and loss statement during the period when related costs or losses are recognized[163]. - Government subsidies related to assets are recognized as deferred income and amortized over the useful life of the related assets[163]. - The company applies the total amount method for accounting treatment of government subsidies, with related asset subsidies recognized as deferred income[163]. Bad Debt and Receivables - The bank reported a bad debt provision of CNY 50,000.00, reflecting a 5.00% provision rate on commercial acceptance bills[182]. - The provision for bad debts based on aging categories totaled ¥7,313,192.48, with a provision ratio of 6.62%[188]. - The company did not report any significant changes in contract assets during the reporting period[190]. - The company reported no significant overdue interest or bad debt provisions during the period[197].