2021-08-19-深交所-飞亚达Ｂ_2021年半年度报告（英文版）_184页_2mb
报告摘要
FIYTA Precision Technology Co., Ltd. 2021 Semi-annual Report Summary
Core Content Overview
FIYTA Precision Technology Co., Ltd. is a leading company in the watch industry, with a strong foundation in aviation precision manufacturing and material technology. The company focuses on watch brand management and luxury watch retail, and has extended its operations into precision technology and smart wearable businesses. The report highlights the company's financial performance, strategic initiatives, and market position in the first half of 2021.
Main Financial Highlights
- Operating Revenue: CNY 2,777,519,521.34, up 75.59% year-on-year.
- Net Profit Attributable to Shareholders: CNY 233,544,726.55, up 200.42% year-on-year.
- Net Profit Less Non-recurring Items: CNY 223,796,233.42, up 225.90% year-on-year.
- Net Cash Flows from Operating Activities: CNY 205,154,563.93, up 97.94% year-on-year.
- Return on Equity (Weighted Average): 8.09%, up 5.18 percentage points year-on-year.
- Inventory Turnover Rate: 0.84 times, up 0.32 times year-on-year.
Key Financial Movements
| Item | Reporting Period (CNY) | Same Period of Previous Year (CNY) | Year-on-Year Change | Cause |
|---|---|---|---|---|
| Operating Revenue | 2,777,519,521.34 | 1,581,834,715.03 | 75.59% | Growth in watch retail and brand business |
| Operating Cost | 1,738,149,481.70 | 977,435,676.87 | 77.83% | Increase in costs corresponding to revenue growth |
| Sales Cost | 561,630,052.63 | 380,928,312.51 | 47.44% | Increase in labor, counter depreciation, and promotion expenses |
| Overheads | 121,391,665.85 | 98,240,348.73 | 23.57% | - |
| Financial Expenses | 20,777,273.71 | 16,528,943.36 | 25.70% | - |
| Income Tax Expenses | 68,549,402.06 | 13,907,911.89 | 392.88% | Increase in total profit |
| R&D Input | 26,370,064.68 | 20,704,270.76 | 27.37% | - |
| Net Cash Flows from Operating Activities | 205,154,563.93 | 103,645,235.27 | 97.94% | Increase in payment received |
| Net Cash Flows from Investment Activities | -80,118,132.80 | -53,892,827.56 | -48.66% | Increase in expenditures for new stores and store improvements |
| Net Cash Flows from Financial Activities | -242,539,992.12 | -19,875,245.29 | -1,120.31% | Decrease in net borrowings and increase in dividends |
| Net Increase of Cash and Cash Equivalents | -118,217,129.02 | 29,813,076.59 | -496.53% | Decrease in net borrowings and increase in dividends |
| Taxes and Surcharges | 16,455,961.46 | 7,270,983.69 | 126.32% | Increase in VAT due to sales growth |
| Other Business Activity Related Cash Payments | 244,079,540.08 | 165,926,224.21 | 47.10% | Increase in expenses due to revenue growth |
| Cash Paid for Purchase/Construction of Fixed Assets, Intangible Assets | 80,158,290.74 | 53,912,380.03 | 48.68% | Increase in store refurbishment expenses |
Revenue Composition
| Category | Reporting Period (CNY) | Proportion in Revenue | Same Period of Previous Year (CNY) | Proportion in Revenue | Year-on-Year Change |
|---|---|---|---|---|---|
| Watches | 2,637,347,983.49 | 94.95% | 1,463,489,661.92 | 92.52% | 80.21% |
| Precision Technology Business | 59,305,901.13 | 2.14% | 59,445,727.65 | 3.76% | -0.24% |
| Leases | 74,149,889.89 | 2.67% | 56,149,280.30 | 3.55% | 32.06% |
| Others | 6,715,746.83 | 0.24% | 2,750,045.16 | 0.17% | 144.20% |
Profit Composition and Key Business Development
-
Watches:
- Operating Revenue: CNY 2,637,347,983.49
- Operating Cost: CNY 1,668,658,537.23
- Gross Profit Rate: 36.73%
- Year-on-Year Change in Revenue: 80.21%
- Year-on-Year Change in Cost: 83.35%
- Year-on-Year Change in Gross Profit Rate: -1.08%
-
Precision Technology Business:
- Operating Revenue: CNY 59,305,901.13
- Operating Cost: CNY 50,325,177.66
- Gross Profit Rate: 15.14%
- Year-on-Year Change in Revenue: -0.24%
- Year-on-Year Change in Cost: 2.10%
- Year-on-Year Change in Gross Profit Rate: -1.94%
-
Leases:
- Operating Revenue: CNY 74,149,889.89
- Operating Cost: CNY 17,983,437.19
- Gross Profit Rate: 75.75%
- Year-on-Year Change in Revenue: 32.06%
- Year-on-Year Change in Cost: 1.28%
- Year-on-Year Change in Gross Profit Rate: 7.37%
-
Others:
- Operating Revenue: CNY 6,715,746.83
- Operating Cost: CNY 1,182,329.62
- Gross Profit Rate: 82.39%
- Year-on-Year Change in Revenue: 144.20%
- Year-on-Year Change in Cost: 276.42%
- Year-on-Year Change in Gross Profit Rate: -6.18%
Company Profile
- Stock Code: 000026 and 200026
- Stock Exchange Listed with: Shenzhen Stock Exchange
- Company Name in Chinese: FIYTA Precision Technology Co., Ltd.
- Abbreviation of Registered Company Name in Chinese: 飞亚达公司
- Company Name in English: FIYTA Precision Technology Co., Ltd.
- Abbreviation of the Company Name in English: FIYTA
- Legal Representative: Zhang Xuhua
- Board Secretary: Chen Zhuo
- Securities Affairs Representative: Xiong Yaojia
- Liaison Address: 20th Floor, FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen
Key Strategic Initiatives
- Epidemic Prevention and Control: The company maintained "zero suspicion and zero diagnosed case" throughout the year.
- Core Competitiveness: The company's core competitiveness remained stable.
- Brand Development: Continued promotion of the FIYTA brand with integration of product and sales, and implementation of precision marketing.
- Channel Optimization: Expanded presence in shopping mall stores and deepened cooperation with high-end retail channels.
- Digital Transformation: Enhanced digital operation capabilities, including CRM system improvements and iterative upgrades of digital retail systems.
- Innovation and New Businesses: Accelerated development of precision technology and smart wearable businesses, with significant growth in smart wearable sales.
Market Position and Brand Development
- The FIYTA brand is one of China's most well-known watch brands, with a leading position in the domestic industry.
- The company has been ranked first in China's watch industry for many consecutive years.
- Harmony World Watches operates over 60 cities with nearly 220 chain stores and has a strong market share.
- The company was awarded the title of "International Credit Brand" in 2021 for its support in China's space exploration.
Non-recurring Gain/Loss Items
| Item | Amount (CNY) | Notes |
|---|---|---|
| Gain/Loss from disposal of non-current assets | -73,807.46 | - |
| Government subsidies | 12,113,496.28 | Excluding those closely related to the business |
| Reversal of impairment provision for receivables and contract assets | 976,332.27 | - |
| Other non-operating income and expenses | -587,690.85 | - |
| Less: Amount affected by income tax | 2,679,837.11 | - |
| Total | 9,748,493.13 | -- |
Conclusion
The company's financial performance in the first half of 2021 was robust, with significant growth in operating revenue and net profit. It maintained a strong market position in the domestic watch industry and continued to expand its retail chain and digital capabilities. The company also focused on innovation and the development of new businesses, particularly in precision technology and smart wearables. Despite the challenges posed by the pandemic, the company successfully implemented strategies to ensure operational stability and continued growth.
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