Stock Symbol: 603236.SSShort Business Name: Quectel

Quectel Wireless Solutions Co., Ltd.
2024 Semi-Annual Financial Report

2024 Semi-Annual Financial Report

Contents
Contents ....................................................................................................................................................... 1
1Main Accounting Data and Financial Indicators of the Company .................................................. 2
1.1. Main Accounting Data ................................................................................................................. 2
1.2. Main Financial Indicators ............................................................................................................ 2

2Financial Reports ................................................................................................................................. 3
2.1. Consolidated Balance Sheet ...................................................................................................... 3
2.2. Consolidated Income Statement................................................................................................. 5
2.3. Consolidated Cash Flow Statement ........................................................................................... 7

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

1 /9

2024 Semi-Annual Financial Report

1 Main Accounting Data and Financial Indicators of the Company
1.1. Main Accounting Data
Main Accounting Data

In the Reporting Period(January to June, 2024)

In the Same Period
YOY Growth (%)
of Last Year

Operating Revenues

8,248,827,734.10

6,511,850,624.80

26.67

Net Profit Attributable toShareholders of the Company

209,375,373.88-115,373,422.21

N/A

Net Profit Attributable to
Shareholders of the Company
after Deducting Non-recurring
Gains and Losses

188,520,567.64-154,664,592.83

N/A

Net Cash Flow from Operating
Activities-335,989,539.88

155,619,715.65-315.90

By the End of the Reporting By the End of Last
PeriodYear

YOY Growth (%)

Net Assets Attributable to
Shareholders of the Company

3,730,263,610.00

3,632,571,680.63

2.69

Total Assets

11,385,691,030.82

11,233,006,183.51

1.36

1.2. Main Financial Indicators
Main Financial IndicatorsIn the Reporting Period In the Same Period
YOY Growth (%)(January to June, 2024) of Last Year

Basic Earnings per Share(Yuan/Share)

0.80

-0.44

N/A

Diluted Earnings per Share(Yuan/Share)

0.80

-0.44

N/A

Basic Earnings per Share After
Deducting Non-Recurring Gainsand Losses (Yuan/Share)

0.72

-0.59

N/A

Weighted Average ROE (%)

5.69

-3.15

Increased by
8.84 percentage

Weighted Average ROE After
Deducting Non-Recurring Gainsand Losses (%)

5.12-4.22

Increased by
9.34 percentage

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

2 /9

2024 Semi-Annual Financial Report

2 Financial Reports
2.1. Consolidated Balance Sheet
Consolidated Balance Sheet
June 30, 2024
Business name: Quectel Wireless Solutions Co., Ltd
Unit: Yuan Currency: RMB
Items

June 30, 2024

December 31, 2023

Cash and cash equivalents

1,486,721,209.59

1,871,655,491.62

Bills Receivable

379,757,949.57

376,754,505.53

Accounts Receivable

2,147,328,825.39

1,653,066,678.77

Accounts Receivable Financing

412,823,373.13

352,986,002.70

Prepayments

201,170,700.44

100,821,995.99

Other Receivables

84,925,366.58

238,533,690.49

Inventories

3,616,740,240.11

3,523,491,182.17

Other Current Assets

411,772,384.54

417,202,048.55

8,741,240,049.35

8,534,511,595.82

Long-term Equity Investments

39,356,691.76

39,357,027.56

Other Equity Instrument Investments

29,083,733.00

34,357,689.50

Fixed Assets

1,112,959,030.59

1,188,407,962.63

Construction in Progress

155,851,324.96

101,984,612.77

Right-of-Use Assets

792,766,147.57

818,157,652.37

Intangible Assets

386,487,378.96

395,553,938.52

Long-term Deferred Expenses

58,269,186.07

67,267,501.22

Deferred Tax Assets

25,435,758.03

28,867,072.11

Current Assets

Total Current Assets
Non-current Assets

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

3 /9

2024 Semi-Annual Financial Report

Other Non-Current Assets

44,241,730.53

24,541,131.01

Total Non-Current Assets

2,644,450,981.47

2,698,494,587.69

Total Assets

11,385,691,030.82

11,233,006,183.51

Short-term Borrowings

1,005,538,617.79

719,557,936.65

Notes Payable

1,396,548,547.40

1,282,326,865.14

Accounts Payable

2,514,359,364.07

2,775,732,195.78

Contract Liabilities

227,337,338.33

218,695,562.18

Employee Salaries Payable

212,745,038.76

243,194,739.83

Taxes Payable

13,537,641.60

36,949,704.66

Other Payables

14,903,459.57

10,694,417.24

Including: Dividends payable

7,009,670.47

Non-current Liabilities Maturing within One Year

130,174,887.71

88,246,148.02

Other Current Liabilities

162,628,717.34

199,788,157.09

5,677,773,612.57

5,575,185,726.59

Long-term Borrowings

1,521,262,008.75

1,436,800,106.49

Lease Liabilities

438,683,138.48

557,514,018.10

Deferred Revenues

31,082,200.55

39,261,118.38

Deferred Tax Liabilities

61,049.23

41,167.24

Total Non-current Liabilities

1,991,088,397.01

2,033,616,410.21

Total Liabilities

7,668,862,009.58

7,608,802,136.80

Share Capital

264,574,906.00

264,574,906.00

Capital Reserve

2,122,897,200.66

2,116,906,062.95

Subtract: Treasury Stock

105,848,324.92

20,848,388.78

Current Liabilities

Total Current Liabilities
Non-current Liabilities:

Shareholders’ Equity

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

4 /9

2024 Semi-Annual Financial Report

Other Comprehensive Income-48,312,860.42-43,966,410.00

Special Reserve

1,060,769.57

606,623.29

Surplus Reserve

142,875,039.57

142,875,039.57

Undistributed Profit

1,353,016,879.54

1,172,423,847.60

Total Equity Attributable to Shareholders of
Parent Company

3,730,263,610.00

3,632,571,680.63

Minority Shareholders’ Interest-13,434,588.76-8,367,633.92

3,716,829,021.24

3,624,204,046.71

11,385,691,030.82

11,233,006,183.51

Total Shareholders’ Equity
Total Liabilities and Shareholders’Equity2.2. Consolidated Income Statement
Consolidated Income Statement
January to June, 2024
Unit: Yuan Currency: RMB
Items

In the First Half Year of 2024 In the First Half Year of 2023

I. Total Operating Revenue

8,248,827,734.10

6,511,850,624.80

8,248,827,734.10

6,511,850,624.80

8,024,554,026.84

6,656,992,516.53

6,752,312,138.55

5,367,882,197.25

Taxes and surcharges

7,201,896.71

5,362,807.72

Selling expenses

229,868,658.53

228,511,196.33

Administrative expenses

206,063,888.32

206,447,750.57

Research & development
expenses

795,906,131.62

832,285,970.96

Finance expenses

33,201,313.11

16,502,593.70

Including: Interest expenses

41,931,204.24

45,821,514.83

8,926,239.32

10,217,438.56

Including: Operating revenue
II. Total Operating Costs
Including: Operating costs

Interest income

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

5 /9

2024 Semi-Annual Financial Report

Add: Other income

18,007,900.21

16,026,476.15

Investment income(loss expressed with "-")

-335.80

6,281,969.33

Including: Investment income
from associates and joint
ventures-335.80

16,694.68

Fair value gains(loss expressed with "-")

19,502,284.19

Credit impairment losses(loss expressed with "-")

-14,258,534.59

7,851,958.75

Asset impairment losses(loss expressed with "-")

-22,857,625.92-19,435,546.32

Gains/loss on asset disposal(loss expressed with "-")

5,186,369.56-34,450.37

210,351,480.72-114,949,200.00

Add: Non-operating income

943,992.60

1,313,324.69

Subtract: Non-operating expenses

3,271,398.04

3,778,055.87

208,024,075.28-117,413,931.18

3,908,690.19

940,746.17

204,115,385.09-118,354,677.35

204,115,385.09-118,354,677.35

209,375,373.88-115,373,422.21

III. Operating Profit(loss expressed with "-")

IV. Total Profit(loss expressed with "-")
Subtract: Income tax expenses
V. Net Profit(loss expressed with "-")
1. Classification by business continuity
1)

Net profit from continuing
operations (loss expressed with"-")2. Classification by ownership1)

2)

Net profit attributable toshareholders of parent
company (loss expressed with"-")Minority interest (loss expressed-5,259,988.79with "-")

-2,981,255.14

VI. Other Comprehensive Income(Net of Tax)

-4,346,450.41

14,012,061.29

1. Other net after-tax comprehensive
income attributable to owners of theparent company-4,346,450.41

14,012,061.29

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

6 /9

2024 Semi-Annual Financial Report1)

Other comprehensive incomethat cannot be reclassified into
profit or loss

-12,773,956.50

16,328,253.87-12,773,956.50

16,328,253.87

8,427,506.09-2,316,192.58

8,427,506.09-2,316,192.58

VII.Total Comprehensive Income

199,768,934.68-104,342,616.06

1. Total comprehensive income
attributable to shareholders of theparent

205,028,923.47-101,361,360.92

2. Total comprehensive income
attributable to minority shareholders-5,259,988.79-2,981,255.14

1. Basic earnings per share(Yuan/share)

0.80

-0.44

2. Diluted earnings per share(Yuan/share)

0.80-0.44c)Changes in fair value ofother equity instrument
investments

2. Other comprehensive income to bereclassified to profit or lossf)

Differences in translation offoreign currency financial
statements

VIII. Earnings per Share2.3. Consolidated Cash Flow Statement
Consolidated Cash Flow Statement
January to June, 2024
Unit: Yuan Currency: RMB
ItemsIn the First Half Year of 2024 In the First Half Year of 2023

I. Cash Flows from Operating Activities
Cash received from sales of goods or
7,280,630,608.30
rendering of services

6,435,443,879.70

Refunds of taxes

655,811,752.54

434,079,144.56

Cash received from other operating
activities

33,631,299.40

21,502,659.60

7,970,073,660.24

6,891,025,683.86

Sub-total of cash inflows fromoperating activities

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

7 /9

2024 Semi-Annual Financial Report

Cash paid for goods and services

7,156,335,485.91

5,368,626,090.42

Cash paid to and on behalf ofemployees

886,545,193.02

1,118,407,991.17

Cash paid for all types of taxes

35,948,113.70

5,220,133.08

Cash paid for other operating
activities

227,234,407.49

243,151,753.54

Sub-total of cash outflows fromoperating activities

8,306,063,200.12

6,735,405,968.21

Net Cash Flows fromOperating Activities-335,989,539.88

155,619,715.65

II. Cash Flows from Investing ActivitiesCash received from returns oninvestments

30,000,000.00

Cash received from investment
incomes

90,097.42

Net cash received from the disposal offixed assets, intangible assets and55,673.25
other long-term assets

41,214.60

Sub-total of cash inflows frominvesting activities

55,673.25

Cash paid for the purchase andconstruction of fixed assets, intangible 171,612,139.78
assets and other long-term assets
Cash paid for the acquisition ofinvestment

30,131,312.02

149,916,651.37

7,500,000.00

Sub-total of cash outflows frominvesting activities

179,112,139.78

149,916,651.37

Net Cash Flows from
Investing Activities-179,056,466.53-119,785,339.35

III. Cash Flows from Financing
Activities
Cash received by absorbing
investments

191,145.00

Cash received from borrowings

749,754,974.74

735,388,651.54

Sub-total of cash inflows fromfinancing activities

749,946,119.74

735,388,651.54

Cash paid to repay debts

352,842,999.20

767,319,248.05

Cash paid for distribution of dividends,
58,524,315.23
profits or for interest expenses

246,389,537.44

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

8 /9

2024 Semi-Annual Financial Report

Other cash paid related to financing
activities

203,200,282.61

21,141,109.62

Sub-total of cash outflows fromfinancing activities

614,567,597.04

1,034,849,895.11

Net Cash Flows from
Financing Activities

135,378,522.70-299,461,243.57

IV. Effect of Exchange Rate
Fluctuation on Cash and Cash
Equivalents-5,266,798.32

30,705,056.11

V. Net Increase in Cash and Cash
Equivalents-384,934,282.03-232,921,811.16

1,871,555,490.87

2,198,795,359.92

1,486,621,208.84

1,965,873,548.76

Add: Balance of cash and cash
equivalents at the beginning of theReporting Period
VI. Balance of Cash and Cash
Equivalents by the End of theReporting Period

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

9 /9