Lion(605358)2024-08-28 08:54Financial Performance - Revenue for the first half of 2024 was RMB 14.59 billion, an increase of 8.69% year-over-year[14] - Net profit attributable to shareholders was a loss of RMB 668.56 million, a decrease of 138.50% compared to the same period last year[14] - Net cash flow from operating activities increased by 43.97% to RMB 5.32 billion[14] - Revenue for the first half of 2024 reached 14,588.614 million yuan, an increase of 8.69% year-over-year[15] - Net profit attributable to shareholders was -668.564 million yuan, a decrease of 138.50% year-over-year[15] - Basic earnings per share were -0.10 yuan, a decrease of 138.46% year-over-year[15] - Revenue for the reporting period reached 1,458.86 million yuan, an increase of 8.69% compared to the same period last year[31] - Operating profit was -175.59 million yuan, a decrease of 229.00% year-over-year[31] - EBITDA decreased by 30.26% to 402.99 million yuan compared to the same period last year[31] - Net profit attributable to shareholders was -66.86 million yuan, a decrease of 138.50% year-over-year[31] - Gross margin dropped from 27.27% in the first half of 2023 to 12.38% in the first half of 2024, a decrease of 14.89 percentage points[32] - Q2 2024 revenue was 779.80 million yuan, a 14.83% increase compared to Q1 2024[32] - Net cash flow from operating activities increased by 43.97% to 531.89 million yuan compared to the same period last year[33] - The company's comprehensive income for the first half of 2024 was -119,428,649.65 RMB, compared to 141,988,645.26 RMB in the same period last year[121] - Basic earnings per share for the first half of 2024 were -0.10 RMB, compared to 0.26 RMB in the same period last year[121] - The company's operating income for the first half of 2024 was 468,457,719.63 RMB, a decrease from 548,397,467.78 RMB in the same period last year[122] - The company's net profit for the first half of 2024 was -44,149,240.02 RMB, compared to 175,054,546.41 RMB in the same period last year[123] - Cash received from sales of goods and services in the first half of 2024 was 1,414,055,862.22 RMB, an increase from 1,250,713,742.89 RMB in the same period last year[124] - The company's R&D expenses for the first half of 2024 were 23,064,537.60 RMB, an increase from 21,082,260.79 RMB in the same period last year[122] - The company's financial expenses for the first half of 2024 were 74,212,567.72 RMB, an increase from 61,796,601.71 RMB in the same period last year[122] - The company's operating cash inflow for the first half of 2024 was 1,695,586,472.23 RMB, an increase from 1,463,566,322.20 RMB in the same period last year[124] - The company's operating cash outflow for the first half of 2024 was 1,163,699,165.02 RMB, an increase from 1,094,113,348.75 RMB in the same period last year[124] - The company's income tax expense for the first half of 2024 was -8,939,654.71 RMB, compared to 16,865,695.12 RMB in the same period last year[123] - Operating cash flow for the first half of 2024 was RMB 531.89 million, a significant increase from RMB 369.45 million in the same period last year[125] - Investment cash outflow for the first half of 2024 was RMB 1.69 billion, compared to RMB 1.31 billion in the same period last year[125] - Financing cash inflow for the first half of 2024 was RMB 1.22 billion, a substantial increase from RMB 313.75 million in the same period last year[125] - Net cash flow from financing activities for the first half of 2024 was RMB 539.09 million, a significant improvement from a net outflow of RMB 705.04 million in the same period last year[125] - Cash and cash equivalents at the end of the first half of 2024 were RMB 2.15 billion, compared to RMB 2.34 billion at the end of the same period last year[125] - Parent company's operating cash flow for the first half of 2024 was RMB 110.48 million, a decrease from RMB 300.46 million in the same period last year[126] - Parent company's investment cash outflow for the first half of 2024 was RMB 451.61 million, a significant decrease from RMB 2.84 billion in the same period last year[126] - Parent company's financing cash inflow for the first half of 2024 was RMB 325 million, compared to RMB 50 million in the same period last year[126] - Parent company's net cash flow from financing activities for the first half of 2024 was a net outflow of RMB 210.42 million, compared to a net outflow of RMB 240.17 million in the same period last year[127] - Total owner's equity at the end of the first half of 2024 was RMB 9.55 billion, a decrease from RMB 9.84 billion at the end of the same period last year[129] - Comprehensive income for the first half of 2024 totaled -66,856,415.16, a significant decrease compared to the previous period[130] - Total owner investments and capital reductions amounted to -113,228,585.59, with a notable reduction in other capital of -120,019,465.59[130] - Profit distribution for the period was -57,314,388.79, entirely allocated to owners (or shareholders)[131] - Total equity at the end of the period was 9,680,406,873, reflecting a decrease from the previous year[136] - Comprehensive income for the first half of 2024 showed a positive turnaround with a total of 173,648,799.34, despite a loss in minority interests[134] - Owner investments and capital reductions for the period resulted in a net increase of 6,394,692.28, driven by other capital adjustments[134] - Profit distribution for the period was -284,278,012.62, with an additional -5,004,000.00 allocated to minority interests[135] - Total equity at the beginning of the year was 9,821,305,548.08, showing a slight decrease by the end of the period[133] - Total owner's equity decreased by RMB 216.31 million in the first half of 2024, from RMB 7.07 billion to RMB 6.86 billion[137][138] - Comprehensive income for the first half of 2024 was a loss of RMB 44.15 million[137] - Capital reduction and owner contributions resulted in a decrease of RMB 114.85 million in owner's equity[137] - Profit distribution reduced owner's equity by RMB 57.31 million in the first half of 2024[138] - Total owner's equity at the end of June 2024 was RMB 6.86 billion, down from RMB 7.07 billion at the beginning of the year[138] - Retained earnings decreased by RMB 101.46 million in the first half of 2024[137] - Capital reserve decreased by RMB 109.35 million in the first half of 2024[137] - Other comprehensive income showed no significant changes in the first half of 2024[137] - The company's share capital decreased by RMB 5.49 million in the first half of 2024[137] - Special reserve showed no changes in the first half of 2024[137] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 18.88 billion, up 3.30% from the end of the previous year[14] - The company's net assets attributable to shareholders decreased by 2.98% to RMB 7.73 billion[14] - Total assets increased to RMB 18.88 billion as of June 30, 2024, compared to RMB 18.28 billion at the end of 2023[112][113][114] - Cash and cash equivalents decreased to RMB 2.55 billion from RMB 2.67 billion at the end of 2023[112] - Accounts receivable increased to RMB 853.83 million, up 18.7% from RMB 719.56 million at the end of 2023[112] - Inventory increased slightly to RMB 1.35 billion from RMB 1.32 billion at the end of 2023[112] - Fixed assets decreased to RMB 8.44 billion from RMB 8.75 billion at the end of 2023[112] - Short-term borrowings increased significantly to RMB 1.04 billion from RMB 480.49 million at the end of 2023[113] - Long-term borrowings increased to RMB 1.66 billion from RMB 1.28 billion at the end of 2023[113] - Total liabilities increased to RMB 9.62 billion from RMB 8.73 billion at the end of 2023[113][114] - Shareholders' equity decreased to RMB 9.26 billion from RMB 9.55 billion at the end of 2023[114] - Parent company's cash and cash equivalents decreased significantly to RMB 91.10 million from RMB 404.13 million at the end of 2023[115] - Total assets decreased slightly from 11,312,279,418.61 RMB to 11,247,267,331.45 RMB[116][117] - Long-term equity investments increased slightly from 6,626,472,286.54 RMB to 6,628,108,237.52 RMB[116] - Total liabilities increased from 4,239,611,166.00 RMB to 4,390,910,636.32 RMB[117] - Interest expenses rose from 105,438,726.97 RMB to 119,709,830.27 RMB[120] - Total equity decreased from 7,072,668,252.61 RMB to 6,856,356,695.13 RMB[117] - Fixed assets decreased from 1,322,708,279.06 RMB to 1,297,963,710.92 RMB[116] - The company's inventory balance was 1.57 billion yuan, with an inventory impairment provision of 222.34 million yuan[47] - The fair value of the company's equity investments as of June 30, 2024, is RMB 1,193.317 million, with RMB 893.317 million attributed to direct holdings in listed companies (Xinlian Integration and Jingsheng Co., Ltd.) and RMB 300 million in non-listed equity investments[48] - The company's goodwill balance as of June 30, 2024, is RMB 477.662 million, stemming from the acquisition of Jiaxing Jinruihong, with no impairment reported during the period[49] Business Operations - The company's main business is semiconductor manufacturing, with subsidiaries including Zhejiang Jinruihong and Quzhou Jinruihong[6] - Semiconductor silicon wafer revenue reached 10,217.976 million yuan, a year-over-year increase of 12.96%[20] - 12-inch silicon wafer sales reached 407,500 pieces, a year-over-year increase of 89.63%[21] - Global semiconductor sales in Q2 2024 reached 149.9 billion USD, a year-over-year increase of 18.3%[18] - China's semiconductor sales in June 2024 reached 15.09 billion USD, a year-over-year increase of 21.6%[18] - Global silicon wafer shipments in Q2 2024 reached 3.035 billion square inches, a quarter-over-quarter increase of 7.1%[19] - 6-inch and 8-inch silicon wafer capacity utilization is fully loaded, with delivery delays reported[20] - Global power semiconductor market size reached 59.6 billion by 2027, with power ICs accounting for 54.8%, power discrete devices 30.1%, and power modules 15.1%[22] - China's power semiconductor market is projected to reach 16.6 billion in 2024, with a CAGR of 9.7% from 2019 to 2024[24] - VCSEL market size is projected to grow from 3.9 billion by 2027, with a 5-year CAGR of 17.2%[24] - The company's MOSFET and SBD semiconductor power devices are core components in photovoltaic systems, with growing demand due to rapid increase in PV installed capacity[71] Subsidiaries and Investments - Zhejiang Jinruihong, a subsidiary, achieved a net profit of 60.38 million yuan with operating revenue of 859.84 million yuan[43] - Quzhou Jinruihong, a subsidiary, achieved a net profit of 86.65 million yuan with operating revenue of 668 million yuan[44] - Jinruihong Microelectronics, a subsidiary, reported a net loss of 221.63 million yuan with operating revenue of 212.13 million yuan[44] - Subsidiary Hangzhou Dongxin invested 35 million yuan in its secondary subsidiary Haining Dongxin[38] - The 480 million 300mm silicon wafer production base project has a total budget of 60.19 billion yuan, with 46.16% completed (27.78 billion yuan invested)[39] - The 360,000 6-inch RF chip production line project has a total budget of 50.05 billion yuan, with 6.38% completed (3.19 billion yuan invested)[39] - The fair value of financial assets decreased by 38.05 million yuan, with a total fair value of 675.66 million yuan at the end of the period[40] - The fair value of Jingsheng Co., Ltd. stock decreased by 21.44 million yuan, with a final book value of 27.29 million yuan[41] - The fair value of Xinlian Integration stock decreased by 16.61 million yuan, with a final book value of 62.05 million yuan[41] - The company has invested 22,301.99 million yuan in the "Annual Production of 1.8 million 12-inch Semiconductor Silicon Epitaxial Wafers Project," with a cumulative investment of 42,478.28 million yuan, achieving 37.59% of the planned investment[89] - The "Annual Production of 6 million 6-inch Silicon Polished Wafers for Integrated Circuits Project" has received 29,416.50 million yuan in investment this year, with a cumulative investment of 86,229.28 million yuan, reaching 68.98% of the planned investment[89] - The company has fully utilized the funds for the "Supplemental Working Capital" project, with a cumulative investment of 99,974.40 million yuan, exceeding the planned investment by 0.16%[89] - The company has extended the construction period for the "Annual Production of 1.8 million 12-inch Semiconductor Silicon Epitaxial Wafers Project" and the "Annual Production of 6 million 6-inch Silicon Polished Wafers for Integrated Circuits Project" from May 2024 to May 2026[89][91] - The company temporarily used 15,000.00 million yuan of idle raised funds to supplement working capital during the reporting period, and returned a total of 60,000.00 million yuan[90] - The company has fully returned the temporarily used idle raised funds for working capital by June 30, 2024[90] - The company's 2021 non-public offering stock fundraising project was completed in December 2023, and the remaining funds were permanently used to supplement working capital during the reporting period[90] - The company's total raised funds investment reached 228,681.96 million yuan, excluding the issuance fees of 1,187.59 million yuan[89] - The company's total raised funds plan investment is 337,812.41 million yuan, with a cumulative investment of 228,681.96 million yuan[89] - The company's total raised funds investment progress is 67.69%[89] - The company issued convertible bonds with a total face value of 3.39 billion yuan, and during the reporting period, 2,476 shares were converted[93] - The company repurchased 5,490,936 shares through the Shanghai Stock Exchange system, which were subsequently canceled on May 7, 2024[93] - The company issued 3,390,000 convertible bonds with a total face value of RMB 3,390,000,000, and the net proceeds after deducting issuance costs were RMB 3,