CVTE(002841)2024-04-24 13:24Financial Performance - The company's revenue for Q1 2024 was ¥4,494,571,534.31, representing a 19.64% increase compared to ¥3,756,870,270.55 in the same period last year[3]. - Net profit attributable to shareholders decreased by 37.18% to ¥178,417,941.14 from ¥284,015,040.78 year-on-year[3]. - Basic and diluted earnings per share fell by 36.59% to ¥0.26 from ¥0.41 in the same period last year[3]. - The net profit for Q1 2024 is CNY 190,152,090.32, a decrease from CNY 286,315,109.45 in Q1 2023, representing a decline of approximately 33.5%[15]. - Operating income for Q1 2024 is CNY 181,677,186.30, down from CNY 299,777,031.07 in the same period last year, indicating a decrease of about 39.4%[15]. - The total comprehensive income for Q1 2024 is CNY 189,810,839.46, compared to CNY 281,428,487.64 in Q1 2023, indicating a decrease of about 32.6%[15]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥501,814,405.09, a decline of 96.50% compared to the previous year's negative cash flow of ¥255,376,666.45[3]. - Cash and cash equivalents decreased to CNY 3,662,626,143.36 from CNY 4,717,676,584.44, indicating a cash outflow during the quarter[11]. - Cash flow from operating activities shows a net outflow of CNY -501,814,405.09 in Q1 2024, worsening from CNY -255,376,666.45 in Q1 2023[17]. - Cash and cash equivalents at the end of Q1 2024 amount to CNY 3,633,825,234.00, down from CNY 5,051,545,538.14 at the end of Q1 2023, a decrease of about 28.0%[18]. - The cash outflow from financing activities in Q1 2024 is CNY 1,698,740,173.15, compared to CNY 833,700,449.44 in Q1 2023, indicating an increase of about 103.7%[18]. Assets and Liabilities - Total assets at the end of the reporting period were ¥21,759,830,743.22, a slight decrease of 0.21% from ¥21,805,599,936.99 at the end of the previous year[3]. - Total liabilities decreased to CNY 8,838,824,333.51 from CNY 8,938,858,797.74, showing a reduction in financial obligations[12]. - The company reported a significant increase in long-term borrowings to CNY 503,304,920.95 from CNY 203,428,280.99, indicating potential financing for expansion or investment[12]. - Long-term borrowings increased by 147.41% to CNY 503,304,920.95, reflecting a rise in long-term financing[7]. Operating Costs and Income - The company's operating costs increased by 31.70% year-on-year, reaching CNY 3,509,711,676.23, primarily due to higher revenue and rising raw material costs[7]. - The total operating costs for Q1 2024 were CNY 4,312,570,144.11, up 23.8% from CNY 3,480,516,785.77 in Q1 2023[14]. - Other income surged by 239.73% to CNY 42,489,507.77, mainly from increased VAT refunds and reductions[7]. Investments and Financial Assets - Non-recurring gains and losses totaled ¥36,346,140.15 for the reporting period, with significant contributions from government subsidies and fair value changes of financial assets[4]. - The company reported a significant decrease of 85.83% in trading financial assets, primarily due to the maturity of structured deposits during the reporting period[6]. - Derivative financial assets saw a substantial increase of 1511.34%, attributed to fair value changes during the reporting period[6]. - Long-term equity investments increased by 60.05% to ¥314,386,036.93, mainly due to investments in industrial funds[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,366, with the largest shareholder holding 11.07% of the shares[8]. - The company completed a share repurchase plan, acquiring 5,061,660 shares, representing 0.72% of the total share capital, for a total amount of CNY 199,553,463.41[10]. Tax and Impairment - The company reported a tax expense of CNY -9,581,272.84 in Q1 2024, compared to CNY 10,252,116.50 in Q1 2023, reflecting a significant change in tax obligations[15]. - The company reported a 67.44% increase in credit impairment losses, primarily due to increased provisions for bad debts on accounts receivable[7]. Strategic Developments - The company registered its self-developed "CVTE Large Model" for generative AI services, aimed at enhancing digital transformation in education and enterprise sectors[10].