AnhuiZhongdingSealingPartsCo.,Ltd.
AbstractoftheSemi-AnnualReport2024
StockAbbreviation：
ZhongdingStockStockCode：
000887
August2024
1.ImportantstatementThisisanabstractoftheSemi-AnnualReport2024.InvestorsaresuggestedtoreadthecompleteversionoftheSemi-AnnualReport2024onthemedia,whichisdesignatedbytheChinaSecuritiesRegulatoryCommission(the"CSRC")tohaveafullunderstandingofoperationalresults,financialstatements,andfutureplansoftheCompany.ShouldtherebeanyinconsistencybetweentheChineseversionandEnglishversion,theChineseversionshallprevail.Alldirectorshaveattendedthissemi-annualreportmeetingoftheboardofdirectors.Non-StandardAuditor’sOpinion
□Applicable√N/AThepreliminaryplanfordividenddistributionandconvertingcapitalreservesintosharecapitalforcommonshareholderswhichwereconsideredandapprovedbytheBoardduringthereportingperiod
□Applicable√N/AThecompanydoesn’tplantodistributecashdividends、stockdividendandconvertcapitalreservesintosharecapital.ThepreliminaryplanfordividenddistributionforpreferredsharesinthereportingperiodwasapprovedbytheBoard.
□Applicable√N/A
2.TheBasicInformationoftheCompany
A.Companyprofile
| StockAbbreviation | ZhongdingStock | StockCode | 000887 | |
| StockExchangeOnWhichtheSharesoftheCompanyarelisted | ShenZhenStockExchange | |||
| ContactUs | BoardSecretary | SecuritiesAffairsRepresentative | ||
| Name | JiangWeijian | WangSongyuan | ||
| Address | ZhongdingIndustrialPark,EconomicandTechnologicalDevelopmentZone,NingguoCity,AnhuiProvince | ZhongdingIndustrialPark,EconomicandTechnologicalDevelopmentZone,NingguoCity,AnhuiProvince | ||
| Tel. | 0563-4181887 | 0563-4181887 | ||
| jiangwj@zhongdinggroup.com | wangsy@zhongdinggroup.com | |||
B.ThemainfinancialdataandfinancialindicatorWhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata
□Yes?No
| Thereportingperiod | Thesameperiodoflastyear | YoY(%) | |
| Operatingrevenue（RMB） | 9,669,195,454.94 | 8,188,606,870.57 | 18.08% |
| Netprofitattributabletoshareholdersofthelistedcompany(RMB) | 716,233,214.33 | 531,210,932.73 | 34.83% |
| NetProfitAttributabletoShareholdersoftheListedCompanyafterDeductingNonrecurringGainsandLosses(RMB) | 642,098,364.57 | 454,172,773.72 | 41.38% |
| Netcashflowfromoperatingactivities(RMB) | 713,903,956.28 | 403,288,126.03 | 77.02% |
| Basicearningspershare(RMBYuan/share) | 0.54 | 0.40 | 35.00% |
| Dilutedearningspershare(RMBYuan/share) | 0.54 | 0.40 | 35.00% |
| WeightedaverageROE(%） | 5.80% | 4.72% | 1.08% |
| Asattheendofthereportingperiod | Asattheendoflastyear | YoY(%) | |
| Totalassets(RMB) | 23,334,397,373.47 | 22,844,191,495.69 | 2.15% |
| NetassetsattributabletoshareholdersofthelistedCompany（RMB） | 12,458,562,369.45 | 12,064,199,955.89 | 3.27% |
C.TheNumberandShareholdingsoftheCompany’sShareholders
Unit:share
| TotalnumberofcommonshareholdersattheendoftheReportingPeriod | 60,672 | Attheendofthereportperiod,Numberofshareholdersofpreferredstocksofwhichvotingrightsrecovered(Ifany) | 0 | ||||
| Toptencommonshareholders | |||||||
| NameofShareholders | NatureofShareholders | Shareholdingpercentage | Totalsharesheldattheendofthereportingperiod | Numberofrestrictedsharesheld | Pledgedorfrozenshares | ||
| Status | Number | ||||||
| AnhuiZhongdingHolding(Group)Co.,Ltd. | Domesticnon-state-ownedcorporation | 40.46% | 532,701,321 | Pledged | 142,500,000 | ||
| HongKongSecuritiesClearingCo.,Ltd. | ForeignCorporation | 4.31% | 56,771,086 | ||||
| NationalSocialSecurityFund102portfolio | Others | 1.74% | 22,931,603 | ||||
| ChinaLifeInsuranceCoLtd.－Traditional－Generalinsuranceproduct-005L-CT001huProducts | Others | 1.08% | 14,264,051 |
| PingAnBankCo.,Ltd.-BoshiGrowthVanguardflexiblyallocateshybridsecuritiesinvestmentfunds | Others | 0.87% | 11,440,863 |
| Miaosu | Domesticnaturalperson | 0.75% | 9,808,102 |
| AgriculturalBankofChinaLimited-ChinaSecurities500exchange-tradedIndexSecuritiesInvestmentFund | Others | 0.72% | 9,490,029 |
| ShanghaiPudongDevelopmentBankCo.LTD-YiFangDaYuXiangReturnBondSecuritiesInvestmentFund | Others | 0.69% | 9,118,072 |
| ChinaConstructionBankCo.,Ltd.-ChinaEuropeGrowthPreferredReturnFlexibleAllocationofHybridInitiated | Others | 0.69% | 9,064,544 |
| SecuritiesInvestmentFund | ||||
| ChinaConstructionBankCorporation-BoshiThemeIndustryMixed-TypeSecuritiesInvestmentFund(LOF) | Others | 0.63% | 8,231,441 | |
| Explanationoftherelatedrelationshiporconcertedactionoftheaboveshareholders | Thecompanydoesnotknowwhetherthereisanassociatedrelationshipbetweentheshareholders,andwhetheritisapersonactinginconcertstipulatedinthe"AdministrativeMeasuresfortheDisclosureofInformationonChangesinShareholdingsofShareholdersofListedCompanies". | |||
| Descriptionofshareholdersparticipatinginmarginfinancingandsecuritieslendingbusiness(ifany) | AsofJune30th,2024,oneofthetop10shareholdersoftheCompany,ShareholderMiaosu,held9,807,441sharesoftheCompanythroughtheCustomerCreditTransactionSecuredSecuritiesaccountofHuaxiSecuritiesCo.,LTD. | |||
Sharelendingbyshareholderswithmorethan5%shareholding,top10shareholdersandtop10holdersofnonrestrictedsharesunderrefinancingbusiness?Applicable?N/A
Unit:share
| Changeoftop10shareholdersandtop10holdersofnon-restrictedsharesduringthepriorperiodasaresultofsharelending/returnunderrefinancingarrangement | ||||||||
| Nameofshareholders(Fullname) | Numberofsharesheldinordinaryaccountsandcreditaccountsatthebeginningoftheperiod | Numberoflendingsharesofthesecuritiesfinancingandnotbereturnedyetatthebeginningperiod | Numberofsharesheldinordinaryaccountsandcreditaccountsattheendoftheperiod | Numberoflendingsharesofthesecuritiesfinancingandnotbereturnedyetattheendperiod | ||||
| Totalquantity | Theproportionofthetotalsharecapital | Totalquantity | Theproportionofthetotalsharecapital | Totalquantity | Theproportionofthetotalsharecapital | Totalquantity | Theproportionofthetotalsharecapital | |
| AgriculturalBankofChinaLimited-ChinaSecurities500exchange-tradedIndexSecuritiesInvestmentFund | 4,058,029 | 0.31% | 1,599,000 | 0.12% | 9,490,029 | 0.72% | 319,500 | 0.02% |
Changesinthetop10shareholdersandthetop10shareholderswithoutsellingrestrictionduetosecuritieslending/returningtransactionsofrefinancingbusinesscomparedtothepreviousperiod?Applicable?N/AD.ChangesOfTheControllingShareholderOrTheActualControllerChangeofthecontrollingshareholderinthereportingperiod
□Applicable√N/ATherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiodChangeoftheactualcontrollerinthereportingperiod
□Applicable√N/ATherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiodE.TheTableOfTheTotalNumberOfTheCompany’sPreferredShareholdersAndTheShareholdingSituationOfTop10PreferredShareholders
□Applicable√N/AThereisnoshareholdingofpreferredshareholdersduringthereportingperiod.F.StatusOfTheBondsExistingOnTheDateOfApprovalOfTheSemi-AnnualReport
□Applicable√N/A
3.ImportantItems
Thecompanycontinuedtopromotethecostcontrolandrefinedmanagementofoverseasfactoriesanditfurthercarriedoutaseriesofmeasuressuchascostoptimizationandnon-corebusinessdivestitureofoverseasenterprises,whichincreasedthespeedandcertaintyofoverseasbusinessrecovery;throughcontinuousmanagementimprovement,domesticandforeignbusinesshasbeenfullyrestoredandmaintainedacontinuouspositivegrowthtrendandthecompany'soverallprofitgraduallyincreased.Onthebasisofyearsofmutualadaptationwithoverseasenterprises,thecompanyhasgraduallystrengthenedthestrategyofmanagementoutputandculturaloutput,upgradedfromregionalmanagementtomodularmanagement,strengthenedthecostcontrolofoverseasenterprises,promotedbusinessintegrationandmarketexpansion,atthesametime,takeadvantageoftheChineseengineerbonus,andfurtheracceleratetechnologyabsorptionandinnovation.Whilemaintainingthesteadygrowthoftraditionalbusinesses,thecompanycontinuestopromotethegrowthofincrementalbusinessesofairsuspensionsystems,lightweightchassissystems,andfluidpipelinesystems.Currently,theincrementalbusinesshasagoodmomentumofdevelopment.Thecompanywillcontinuetofocusonthecorestrategicgoalofintelligentchassissystem,andpromotethecompany'sbusinesstomovetowardsintelligence.Thecompanycontinuedtorankamongthe"Top100GlobalAutoPartsIndustry"(ranked89th).
1)IntelligentChassissystembusiness-Airsuspensionsystema.IntroductionofProductsComparetocoilspringsuspension,airsuspensionsystemhastheadvantagethattheSpringstiffnesscanbeadjustedaccordingtodifferentusagescenario.Baseonthedifferentroadconditionsandtheinputfromtheheightandaccelerationsensor,theECUofECASsystemwillidentifythevehicleheightchange,theairheightofairspringcanbeadjustedthroughthecontroltheaircompressorandvalveblocktorealizetheliftorloweringofthevehiclebody.Itcanmakethevehiclebodymorestableandimprovethetrafficabilitycharacteristic.TheapplicationofECASsystemcanimprovethecomfortandthemanoeuvrabilityofvehicle.ThescopeofECASincludesaircompressor,ECU,Multiplesystemsensors,airspringsandshockabsorberetc.
b.FutureMarketpotentialWiththecomingeraofnewenergyvehicles,theappealofnewenergyvehiclesintelligent,whilechassisprotectionairsuspensionsystemisnolongertheexclusivehigh-endmodels,becausethenewenergyvehiclechassissystemstabilityrequirementsaremuchhigherthanpurefuelvehicles,airsuspensionsystemhasgraduallybecomethemainstreamconfigurationofthenewenergyvehicleplatform.Leadingvoiceintelligentsystem,intelligentairsuspensionsystemandexcellentautomaticdrivingfunctionarethecoreofcurrentautomobileintelligence.Tesla,NIO,LiAuto,XiaopengandothernewermergingNEVmanufacturersarealsoequippedwiththesetechnologiesandintelligentfunctionssuchasairsuspensionsystems.Withthefurtherimprovementofairsuspensionsystemtechnologyandtheimprovementofcarowners'
recognitionoftheultimateexperienceofairsuspensionproducts,moreandmorecarswillbeequippedwithairsuspensionsystemstoimproveproductsuperiorityandcustomersatisfactioninthefuture.Inadditiontothepassengercar,developedcountriesinthevastmajorityofmedium-sizedpassengercarsandlightcommercialvehiclesareusedintheairsuspensionsystem,heavytruckinadditiontotheengineeringcarroadtransportvehiclealmostalluseairsuspensioninChinain2018effectiveGB7258motorvehicleoperationsafetytechnicalconditionsalsorequire:"TherearaxleofDangerousgoodstransporttruckswithatotalmassgreaterthanorequalto12,000kg,allsemi-trailersfortransportingdangerousgoods,aswellasthree-axlefencetype,warehousegridtypeSemi-trailersshouldbeequippedwithairsuspension."
Atpresent,theairsuspensionsystemhasgraduallymovedfromhigh-endtopopularizationandhasultimatelybecomeanindispensablepartofautomobiles,especiallyintelligentautomobiles.
c.Companyindustrypositionandbusinesspromotion
AMKGermany,asahigh-endsupplierofairsuspensionsystem,isoneofthetopthreeleadersintheindustry.Sinceenteringthefieldofairsuspensionsystembusinessinthe1990s,ithascontinuouslyimprovedtheproductassemblytechnology,andhasbeendeeplyengagedintheindustryformorethan20years,supportingtheworld'sleadingvehiclemanufacturerssuchasJaguar,Volvo,Audi,Benz,BMWetc.
Thedomesticairsuspensionmarketisinitsinfancy,andAMKChinahasbeenacceleratingtheimprovementoftheperformanceandcostoptimizationoftheairsuspensionsystemsupplychainintheChinesepassengercarmarket.AMKcontinuedtodevelopsteadilyaroundthestrategicgoalsof"localizationpromotion,technologyiterationandupgrading,andindustrialstrengtheningandcompleting".AMKChinahasobtainedordersfrommanydomesticnewemergingmanufacturersandleadingvehiclemanufacturers.
DingyuTechnology,asubsidiaryofthecompany,relyingonthegroup'scoreadvantagesintherubberfield,focusesontheresearchanddevelopmentandproductionofairspring,andwillactivelypromotetechnologicalbreakthroughstofurtherimprovetheperformanceofrelatedproducts.Atpresent,theairspringandgasstoragetankproductshaveobtainedorders.Atthesametime,thecompanyisalsoacceleratingthelayoutofthemagnetorheologicalshockabsorberproject,wearealsoacceleratingtheconstructionoftheprojectproductionline.
Uptonow,thecomphasreceivedorderswithatotaloutputvalueof14.4billionRMB,ofwhichthetotaloutputvalueoftheassemblyproductorderisabout1.7billionyuan.Itisexpectedtogetmoreordersinthefuture.
2)IntelligentChassisSystemBusiness-Lightweightchassissystem
a.IntroductionofProducts
Automotivemetalpartsarewidelyusedinautomotivechassissystems,includingsteeringsystems,suspensionsystems,brakingsystemsanddrivingsystems.Thelightweightofautomobileshasformedabroadconsensusintheautomobilemanufacturingindustry.Thelightweightofthechassisplaysavitalroleintheperformanceofthewholevehicle.Lightweightchassisproductssuchasaluminumalloycontrolarmassemblieshavehighvaluepervehicle,itisacorepartsofoperationalstabilityandcomfortability.
b.Futuremarketpotential
Duetotheneedsofenvironmentalprotectionandenergysaving,thelightweightofautomobileshasbecomethetrendofautomobiledevelopmentintheworld.Thelightweightofautomobilesisnotonlysuitablefortraditionalfuelvehicles,fornewenergyelectricvehicles,itisalsoveryimportanttoreducebodyweightandachievevehiclelightweight,becauseitisrelatedtothemainbatterylifeofnewenergyvehicles.Experimentshaveshownthatintermsofaccelerationperformance,ittakesabout10secondsfora1.5-toncartoacceleratetoaspeedof60kilometersperhour;iftheweightisreducedby25%,itcanbereducedto8seconds.
Lightweightthechassis,thebenefitsintermsoffuelconsumption,handling,etc.farexceedthelightweightofothercomponentsatthesamelevel.Themassofmostcomponentsonthechassisisunsprungweight.
Relativelyspeaking,themassofthebody(structuralparts,reinforcementspartsandcoveringsparts)issprungweight.Itisgenerallybelievedthattheeffectofthesamemagnitudeofunsprungweightreductionis5-15timesthatofthesprungweightreduction.Atthesametime,lighteningtheunsprungweightincreasestheratioofthesprungmasstotheunsprungweight,whichisequivalenttotheathleteremovingthesandbagtiedtothelegs,whichcansignificantlyimprovetheresponsespeedandcomfortofthecarduringacceleration,brakingandsteering.
c.CompanyindustrypositionandbusinesspromotionInrecentyears,thecompanyhasbeenvigorouslydevelopingchassislightweightsystemassemblyproducts,andtheforgedaluminumcontrolarmassemblyprojecthasmadebreakthroughprogress.Atthesametime,itssubsidiarySichuanWangjinCompany,whosecoretechnologyistheballjointassemblyproduct,isthecoresafetycomponentandperformancecomponentofthechassissystem.Ithastheworld'sleadingtechnologyandhasaveryhightechnicalthreshold.Withthecontinuousadvancementofthecompany'slightweightchasissystemassemblybusiness,ithasobtainedordersfrommanytraditionalOEMssuchasBenz,Changan,Cherry,GAC,BYD,etc.Whilemaintainingthesteadydevelopmentofthedomesticlightweightbusiness,thecompanyisalsoactivelylayingouttheoverseaslightweightmarket.Atpresent,thecompany'slightweightfactoriesinSlovakiaandMexicoareunderconstruction.InSemi-Annual2024,thecompany'slightweightbusinessaccumulatedordersofabout4.6billionyuan.
3)TMSsystem
a.IntroductionofProductsGermanTFH,asubsidiaryofthecompany,hasbeenpromotingR&Dandproductionofthermalmanagementpipelineproducts.Onthebasisofsupportingtraditionalthermalmanagementpipelines,TFHvigorouslypromotesthethermalmanagementpipelinesystemassemblybusinessofnewenergyvehicles,andactivelyexpandstheapplicationofnewmaterialsinproducts.TFHvigorouslydevelopstheapplicationofnylonpipesandTPVmaterials.Comparedwithtraditionalinternalcombustionenginepipes,theapplicationofnewtechnologiescanmakeproductslighterinweight,lowerincost,andmoreflexibleinassembly.Inaddition,itcanmaintaingoodNVHandflexibility.Withitsinnovativeandtechnologicallyswiftupdatingcapabilities,TFHisabletorespondtochangesinhybridandfuelcellvehiclesandisactivelyengagedinadvanceddevelopmentprojectswithseveralOEMscustomers.
b.FuturemarketpotentialAsthetemperaturecontrolrequirementforbatterymodulesofthenewenergyvehicleismuchhigherthanthoseoftraditionalvehicles,andalsobecauseoftheabsorptionofTFHpipelineassemblytechnology,Thetemperaturecontrolrequirementsofnewenergyvehiclebatterymodulesaremuchhigherthanthoseoftraditionalvehicles.Atthesametime,withthecompany'sdigestionandabsorptionofTFHpipelineassemblytechnology,thecompany'sfluidpipelineproductswerepricedataround300yuanpervehicleintraditionalvehiclesbefore.Now,theycanbepricedatover1000yuanpervehicleinnewenergyvehicles,andcanbepricedat1500yuanforextendedrangevehicles.Atthesametime,theTMSassemblycanreach5000yuan.Withthecontinuousdevelopmentofnewenergyvehicles,therapidgrowthofAIalgorithm,andtheincreasinglystrictrequirementsforPUEenergyefficiency,themarketforTMSforNEV,TMSforESS,andTMSforIDCisalsorapidlyexpanding.
c.Thecompany'sindustrystatusandbusinesspromotionThecompanyhasbeenpromotingtheR&Dandproductionofthermalmanagementpipelineproductsformanyyears,anditssubsidiaryGermanTFHisjustanexcellentsupplierofthermalmanagementpipelineassemblyproductsforenginesandnewenergyvehiclebatteries.TFHhastheexclusiveproductiontechnologycreatubeprocesswithindependentpatentandthecoretechnologyofTPVhoseandnylontube,whichranksamongthetoptwointheworldintheindustrysegment.Thecompanyvigorouslypromotesthebusinessofthermalmanagementpipelinesystemassemblyfornewenergyvehicles,andcurrentlyithasbeensuppliedtoBMW,Volkswagen,Volvo,Audi,Geely,XiaopengandLIandothernewenergyvehicleplatforms.
AnhuiZhongdingFluidSystemCo.,Ltd.andZhongdingIntelligentTMSCo.,Ltd.,thecompany’ssubsidiaries,leadthedevelopmentofTMSassemblybusiness,activelylayouttheresearchandproductionofTMSassemblyandcoreproducts,andhaveindependentintellectualpropertyrights.Atpresent,aseriesofproductshavebeenlaunched,suchasTMSforESS,TMSforIDC,TMScontroller,PTsensor,Manifoldandother.ThecompanyisalsoactivelypromotingtheimplementationofmoreNEVTMSproducts.InSemi-annual2024,thecompany'sTMSbusinesshasaccumulatedordersofapproximately5.6billionyuan.
4)SealingSystem
Thecompany’ssubsidiaries,KACOGmbH+Co.KGinGermany,CooperintheUnitedStates,andACUSHNETintheUnitedStates,havethetopthreesealingtechnologiesintheworld.KACOactivelypromotestheportfolioforNEVonbehalfofthecompaniesunderthesealingsystem,andhassuccessfullydevelopedandmatchednewenergymotorsealsofhigh-performance.Atthesametime,thecompanyhasdevelopedthemass-producedproductsfornewenergybatterymodulesealingsystemsandelectricaxleassembliesnow,whicharedeliveredtoNEVplatformsofVolvo,SAIC,GACandNIO.
Theautomotivesealingindustryisahigh-techbarrierindustrywithextremelyhighrequirementsforreliability.Dynamicsealhasthemostdifficulttechnologyinthesealingindustry,especiallythehigh-speedoilsealfornewenergyvehiclemotors,whichrepresentsthemostadvancedtechnicallevelintheglobalsealingindustry.Inrecentyears,thecompanyhascontinuedtoincreasethespeedofbusinessexpansion,especiallyintheAmericanbrandcarandlocalbrandcustomers,whichhasmadegreatbreakthroughs,andtheindustrymarketsharehassteadilyincreased.