YONGTAI TECH.(002326)2023-04-25 16:00Financial Performance - The company reported a 42.10% year-over-year decline in operating revenue, totaling approximately ¥1,005.91 million for the first quarter of 2023, compared to ¥1,737.30 million in the same period last year[14]. - Net profit attributable to shareholders decreased by 93.51% year-over-year, amounting to approximately ¥43.42 million, down from ¥517.37 million in the previous year[14]. - The net profit excluding non-recurring items fell by 97.49% year-over-year, indicating significant operational challenges during the reporting period[6]. - The company's overall gross margin and gross profit for the reporting period were 24.81% and 249.55 million yuan, respectively, down significantly from 40.26% and 699.48 million yuan in the same period last year[19]. - Operating revenue decreased by 42.10% due to a decline in sales of lithium battery and trading products[21]. - Net profit decreased by 96.10%, attributed to the decline in gross margin leading to reduced profits[21]. - The basic earnings per share for Q1 2023 was ¥0.029, down 93.48% from ¥0.445 in the same period last year[59]. - The weighted average return on equity decreased to 0.74%, down 9.76 percentage points from 10.50% year-on-year[59]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 57.35% due to reduced sales collections and increased material payments[39]. - The company's cash and cash equivalents at the end of the reporting period were approximately 881.40 million yuan, down from 959.29 million yuan at the beginning of the year[25]. - Total operating cash inflow for Q1 2023 was CNY 1,074,971,411.23, a decrease of 22.5% compared to CNY 1,387,970,763.24 in the same period last year[104]. - Net cash generated from operating activities was CNY 151,094,627.53, down 57.4% from CNY 354,261,293.85 in Q1 2022[104]. - Cash received from other operating activities was CNY 33,549,224.61, a decline from CNY 42,238,538.56 year-over-year[104]. - Total cash outflow from operating activities was CNY 923,876,783.70, compared to CNY 1,033,709,469.39 in the same quarter last year[104]. - Cash received from investment recovery was CNY 35,000,000.00, significantly lower than CNY 123,289,057.14 in Q1 2022[104]. - Cash paid for investments was CNY 25,000,000.00, up from CNY 19,000,000.00 in the previous year[104]. Assets and Liabilities - The company's total assets increased to approximately ¥11.58 billion, up from ¥11.35 billion at the beginning of the year, reflecting a growth of 2.01%[13]. - The total liabilities of the company increased to approximately 7.82 billion yuan from 7.61 billion yuan at the beginning of the year[44]. - The total liabilities and shareholders' equity amounted to approximately ¥11.58 billion, indicating a stable financial position despite the operational downturn[13]. - Long-term borrowings rose by 41.84% to approximately ¥3.16 billion, attributed to increased bank loans during the reporting period[7]. Investments and Subsidiaries - The company established a joint venture, Zhejiang Yongtai Fluorine Technology Co., Ltd., with an investment of ¥96 million, representing an 80% stake[10]. - A wholly-owned subsidiary, Shandong Yonghong Lithium Technology Co., Ltd., was established with an investment of ¥100 million to support future business development[10]. - The company plans to establish a joint venture, Fujian Yongtai Fluorine Source Technology Co., Ltd., with an investment of ¥97.5 million, representing a 65% stake[81]. Research and Development - Research and development expenses for the quarter were approximately ¥35.54 million, slightly up from ¥34.25 million in the previous year, indicating continued investment in innovation[14]. Financial Management - The company reported a significant increase in special reserves by 86.41%, reflecting proactive financial management strategies[7]. - Financial expenses increased by 35.98% due to increased exchange losses during the reporting period[21]. - The company received government subsidies, leading to a 2464.55% increase in other income[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 153,302[22]. - The company reported a net increase in cash and cash equivalents of ¥7,896,831.42 for Q1 2023, compared to an increase of ¥45,934,874.80 in the same period last year[55].