FOET(300173)2024-04-26 11:02Financial Performance - The company's operating revenue for Q1 2024 was ¥198,814,693.19, a decrease of 30.18% compared to ¥284,743,544.39 in the same period last year[4] - Net profit attributable to shareholders was ¥44,636,878.63, representing a significant increase of 545.24% from ¥6,917,857.40 year-on-year[4] - Basic and diluted earnings per share increased to ¥0.0608, up 546.81% from ¥0.0094 in the same period last year[4] - The company reported total operating revenue of ¥198,814,693.19 for the current period, a decrease of approximately 30.2% compared to ¥284,743,544.39 in the previous period[28] - Total revenue for Q1 2024 was 49,016,413.95 CNY, a significant increase from 11,354,137.05 CNY in Q1 2023, representing a growth of approximately 331%[29] - Net profit for Q1 2024 reached 45,218,394.83 CNY, compared to 9,649,138.85 CNY in the same period last year, marking an increase of about 368%[30] - Basic and diluted earnings per share for Q1 2024 were both 0.0608 CNY, up from 0.0094 CNY in Q1 2023, reflecting a growth of approximately 548%[30] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥58,803,078.01, a decline of 214.18% compared to ¥51,501,528.29 in the previous year[4] - The company's cash and cash equivalents decreased to ¥299,748,905.08 from ¥378,017,767.34, reflecting a decline of about 20.7%[24] - Cash and cash equivalents at the end of Q1 2024 totaled 261,065,405.82 CNY, down from 158,829,622.70 CNY at the end of Q1 2023[33] - Investment activities generated a net cash inflow of 13,853,629.90 CNY in Q1 2024, compared to 40,665,099.97 CNY in Q1 2023, indicating a decrease of approximately 66%[33] - Financing activities resulted in a net cash inflow of 12,278,367.62 CNY in Q1 2024, contrasting with a net outflow of -48,551,731.45 CNY in Q1 2023[33] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥4,248,081,919.47, a decrease of 2.49% from ¥4,356,436,949.26 at the end of the previous year[4] - The company's total liabilities decreased to ¥3,185,607,223.12 from ¥3,345,680,647.73, indicating a reduction of approximately 4.8%[26] - Shareholders' equity attributable to the parent company increased by 5.12% to ¥946,841,827.48 from ¥900,704,948.85 at the end of the previous year[4] - The company's equity attributable to shareholders increased to ¥946,841,827.48 from ¥900,704,948.85, reflecting an increase of about 5.1%[26] Operational Highlights - The company reported a 30.18% decrease in revenue primarily due to intensified industry competition and slower project acceptance by clients[8] - Operating costs decreased by 36.13% to 203.83 million in Q1 2023, attributed to lower revenue and improved gross profit margins on accepted products[12] - R&D expenses fell by 37.95% to 19.06 million in Q1 2023, mainly due to differences in investment stages of R&D projects and the sale of a subsidiary[12] - The company’s total number of ordinary shareholders at the end of the reporting period was 43,898, with the largest shareholder holding 20.78% of the shares[13] Investment Activities - The company disposed of its subsidiary Shenzhen Dayu Precision Technology Co., Ltd., resulting in an investment income of ¥37,630,312.09[6] - Investment income surged by 2,138.71% to 1.83 million in Q1 2023, primarily from the sale of a subsidiary[12] - The company completed the transfer of 12% equity in Dongguan Chaoyue Precision Equipment Co., Ltd. on January 26, 2024, as part of its strategy to acquire minority stakes in subsidiaries[14] - The company is in the process of transferring 100% equity of Shenzhen Dayu Precision Technology Co., Ltd., with a total transaction price of approximately 299.09 thousand in Q1 2024, due to the absence of prior year’s qualification recognition rewards[13] - The company’s asset impairment losses increased significantly, with a loss of 868.31 thousand in Q1 2023, primarily due to increased inventory write-downs[12] - The company reported a 138.38% increase in taxes and surcharges to $2.72 million in Q1 2024, driven by increased VAT payments[13]