The second phase of the robot subsidiary's investment fund was subscribed for a loss of 2.14 billion yuan in non-four years, and it has not been paid out for six consecutive years

Yangtze River Business Daily News ● Yangtze River Business Daily reporter Shen Yourong

Robot (300024. SZ) successfully proceeded with the introduction of strategic investors for its subsidiary.

On May 9, the robot announced that the company's wholly-owned subsidiary, Shenyang SIASUN Semiconductor Equipment Co., Ltd. (hereinafter referred to as "SIASUN Semiconductor" or "target company") has made substantial progress in increasing its capital and shares, and Beijing Integrated Circuit Equipment Industry Investment and M&A Fund (Limited Partnership) and National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. (hereinafter referred to as "Big Fund II") will contribute a total of 400 million yuan to participate.

SIASUN Semiconductor's introduction of strategic investment, in addition to replenishing working capital, will also promote the rapid expansion of its business scale.

Robot is the first enterprise in China to engage in the industrialization of robots and the export of robots, and once had almost no strong competitors in China. But in recent years, robots have shown signs of falling behind. The most intuitive feeling is that the company's operating performance is not good.

In 2023, the robot will achieve an operating income of nearly 4 billion yuan, a record high, but the net profit after deducting non-recurring gains and losses (hereinafter referred to as "deducting non-net profit") will be a loss of 192 million yuan.

A reporter from the Yangtze River Business Daily noticed that from 2020 to 2023, the company's non-net profit will lose money for four consecutive years, with a total loss of 2.14 billion yuan. In the six years from 2018 to 2023, the company did not pay cash dividends to shareholders.

The subsidiary introduced war investment to seek expansion

The robot introduced war investment for the subsidiary in an attempt to promote its expansion.

According to the announcement, on November 3, 2023, the robot announced that SIASUN Semiconductor intends to publicly list and introduce strategic investors to increase capital and shares, and through public listing, SIASUN Semiconductor will be based on the evaluation report of SIASUN Semiconductor filed by state-owned assets for the capital increase price, and the capital increase amount will not exceed 400 million yuan. Since February 28 this year, SIASUN Semiconductor has been publicly listed on the Beijing Equity Exchange.

Recently, the robot received a letter of investor qualification confirmation issued by the equity exchange to SIASUN Semiconductor, confirming that 9 strategic investors are new investors, with a total capital increase of 400 million yuan, a total of 80 million yuan of new registered capital of SIASUN Semiconductor, and a total of 28.5714% of SIASUN Semiconductor's equity ratio. Among them, Shenyang Robot Industry Development Group Co., Ltd. is an affiliated legal person of the company, and its capital contribution is 20 million yuan, of which 4 million yuan is included in the company's registered capital (corresponding to the equity ratio subscribed by SIASUN Semiconductor after this capital increase is 1.4286% equity).

The Beijing Integrated Circuit Equipment Industry Investment and M&A Fund (Limited Partnership) invested 130 million yuan, the second phase of the large fund invested 103 million yuan, and China Micro Semiconductor (Shanghai) Co., Ltd. invested 40 million yuan.

After the completion of the capital increase and share expansion, the registered capital of SIASUN Semiconductor increased to 280 million yuan, and its share capital structure is that 9 strategic investors hold a total of 28.5714% of its equity, and the robot holds 71.4286% of its equity, which is still its controlling shareholder, and SIASUN Semiconductor is still included in the consolidated financial statements of the robot.

SIASUN Semiconductor was established in February 2023, and as of December 31, 2023, its total assets were approximately RMB470 million, total liabilities were approximately RMB264 million, and net assets were approximately RMB207 million. In 2023, SIASUN Semiconductor's operating income will be about 130 million yuan, and its net profit will be 5.9136 million yuan. (The above data is consolidated and has been audited.) ）

In the first four months of this year, its operating income was about 134 million yuan and its net profit was 5.5485 million yuan. (The above data is consolidated and unaudited.) ）

The net profit in the first four months of this year is close to the net profit for the whole year of 2023, which shows that the development of SIASUN Semiconductor is gratifying.

For the purpose and impact of this capital increase, the robot said that the semiconductor equipment business is one of the company's main business segments, and the introduction of strategic investors with strong comprehensive strength in the semiconductor field will promote the in-depth cooperation between SIASUN Semiconductor and strategic customers from business to capital, form industrial chain synergies, accelerate the process of SIASUN semiconductor series products to fully implement domestic substitution, and promote the rapid expansion of business scale; On the other hand, it will supplement working capital for SIASUN Semiconductor's continuous expansion, accelerate its capacity construction and market development, and provide financial guarantee for its continuous technological innovation to further enhance its international competitiveness.

For two consecutive years, it has relied on non-recurring gains and losses to turn around losses

SIASUN Semiconductor's business situation is good, but the robot's own business performance is not ideal.

Robot is mainly engaged in the business related to the robot industry chain, covering the core components of the robot, the robot body and the robot system solution. The company is the first enterprise in China to engage in the industrialization of robots and the export of robots, creating more than 100 industry firsts, completing more than 800 important national scientific and technological breakthroughs, formulating a number of national and industry standards for the robot industry, and independently mastering core technologies such as industrial robot control, servo system design, robot software design and programming, kinematic planning, 3D vision, and force perception, so as to keep the technology at the forefront of the industry. By the end of 2023, the company has 703 patents, including 466 invention patents. At the end of the period, the company had 2,185 technicians, accounting for about 64.68% of the company's total employees.

However, in recent years, robots have not been stable in terms of R&D investment. From 2019 to 2023, the company's R&D investment will be 458 million yuan, 463 million yuan, 228 million yuan, 351 million yuan, and 291 million yuan respectively.

The decrease in R&D investment is related to the business performance of robots.

From 2019 to 2023, the operating income realized by robots will be 2.745 billion yuan, 2.660 billion yuan, 3.298 billion yuan, 3.576 billion yuan, and 3.967 billion yuan respectively, with year-on-year changes of -11.29%, -3.13%, 24.01%, 8.42%, and 10.93%. The corresponding net profit attributable to shareholders of the parent company (hereinafter referred to as "net profit") is 293 million yuan, -396 million yuan, -562 million yuan, 45 million yuan, and 49 million yuan, and in 2022 and 2023, the company will turn losses into profits.

However, the turnaround of the robot's net profit depends on non-recurring gains and losses. During the same period, the company's non-net profit was 134 million yuan, -568 million yuan, -767 million yuan, -613 million yuan and -192 million yuan respectively, losing money for four consecutive years, with a total loss of 2.140 billion yuan.

Wind data shows that since its listing in 2009, the cumulative net profit realized by the robot is 2.192 billion yuan, the cumulative cash dividend is 276 million yuan, and the overall dividend rate is 12.58%. Among them, in the six years from 2018 to 2023, the company did not pay cash dividends.

In the severe and complex global environment, the overall market of industrial robots in China has also experienced a certain degree of slowdown in growth, and the application of market segments has shown a two-level differentiation trend, and the downstream market demand is under obvious pressure. In the case of increased uncertainty, the robot's operating performance is under pressure, how will the company break through?