XSS(SH:600117)2016-04-29 16:00Financial Performance - Operating revenue increased by 49.74% to CNY 1.75 billion year-on-year[6] - Net profit attributable to shareholders of the listed company was a loss of CNY 254.64 million, worsening by 223.52% compared to the same period last year[6] - Basic earnings per share decreased to -CNY 0.34, a decline of 209.09% compared to the previous year[6] - Total profit was -¥275,036,391.38, a 261.56% increase in loss compared to the previous year, attributed to slow recovery in sales prices of key products[11] - The net loss for Q1 2016 was CNY 276,419,357.27, compared to a net loss of CNY 77,767,334.04 in Q1 2015, representing a 254.1% increase in losses[23] - The operating profit for the period was a loss of CNY 282,272,737.15, worsening from a loss of CNY 79,790,763.42 in the previous year[22] - The company reported a total comprehensive loss of CNY 276,419,357.27 for the quarter, compared to a loss of CNY 77,767,334.04 in the previous year[23] Cash Flow - Cash flow from operating activities showed a significant decline, with a net cash outflow of CNY 423.31 million, down 1,420.07% year-on-year[6] - Net cash flow from operating activities was -¥423,312,015.80, a decrease of 1,420.07% compared to the previous year, mainly due to losses and increased accounts receivable[12] - Cash flow from operating activities showed a net outflow of CNY 423,312,015.80, a significant decline from a net inflow of CNY 32,067,427.08 in Q1 2015[26] - The net cash flow from operating activities for Q1 2016 was -446,588,339.91 RMB, a significant decrease compared to 108,285,766.50 RMB in the same period last year[29] - The total cash outflow from operating activities was 792,122,588.70 RMB, down from 873,249,603.07 RMB in Q1 2015, showing improved cost management[29] - The cash inflow from operating activities was 345,534,248.79 RMB, significantly lower than 981,535,369.57 RMB in the previous year, indicating a decline in sales revenue[29] Assets and Liabilities - Total assets decreased by 1.81% to CNY 24.92 billion compared to the end of the previous year[6] - Accounts receivable decreased by 52.66% to ¥53,253,097.88 due to an increase in bill discounting[11] - Other current assets decreased by 37.99% to ¥41,033,177.63, mainly due to a reduction in VAT credits[11] - Total liabilities decreased from ¥23,561,922,791.75 to ¥23,379,355,735.77, a decline of about 0.8%[18] - Owner's equity decreased from ¥1,818,236,250.71 to ¥1,541,769,467.40, a drop of approximately 15.2%[18] - Cash and cash equivalents decreased from ¥1,782,201,411.50 to ¥1,221,533,324.77, a decline of about 31.4%[20] - Inventory decreased from ¥843,499,929.52 to ¥679,695,896.40, a reduction of approximately 19.4%[20] Shareholder Information - The number of shareholders reached 64,268, with the largest shareholder holding 49.87% of the shares[10] - The largest shareholder, Xining Special Steel Group Co., Ltd., has 369,669,184 shares pledged[10] Expenses - Total operating costs increased to CNY 2,032,873,930.19, up 62.7% from CNY 1,248,880,625.54 year-over-year[22] - Sales expenses decreased to CNY 32,969,427.00 from CNY 45,274,034.89, a reduction of 27.2% year-over-year[22] - Management expenses increased slightly to CNY 92,494,868.02 from CNY 88,543,014.04, reflecting a 5.5% rise[22] - Financial expenses rose to CNY 133,507,225.01, up from CNY 119,449,767.64, indicating an increase of 11.8%[22] Future Outlook - The company expects a reduction in losses in Q2 2016 as domestic steel demand improves, but cumulative net profit is still projected to be a loss[12]