FOTON(SH:600166)2016-04-28 16:00Financial Performance - Operating revenue decreased by 0.89% to CNY 8.32 billion year-on-year[6] - Net profit attributable to shareholders decreased by 40.79% to CNY 74.29 million compared to the same period last year[6] - Cash flow from operating activities showed a significant decline of 234.84%, resulting in a net outflow of CNY 883.73 million[6] - The weighted average return on equity decreased by 0.42 percentage points to 0.40%[6] - Total operating revenue for Q1 2016 was CNY 8,317,487,488.68, a decrease of 0.89% compared to CNY 8,392,492,300.85 in Q1 2015[45] - Net profit for Q1 2016 was CNY 56,772,716.03, down 46.67% from CNY 106,458,107.10 in Q1 2015[45] - The net profit attributable to shareholders of the parent company was CNY 74,287,072.19, a decrease of 40.67% compared to CNY 125,471,748.73 in the same period last year[45] - Basic and diluted earnings per share for Q1 2016 were both CNY 0.022, down from CNY 0.038 in Q1 2015[46] - Other comprehensive income after tax was CNY -29,473,429.55, compared to CNY 295,923.32 in Q1 2015, indicating a decline in comprehensive income[46] Assets and Liabilities - Total assets increased by 9.11% to CNY 46.65 billion compared to the end of the previous year[6] - Current assets rose to CNY 19.53 billion, up from CNY 16.65 billion, marking an increase of about 11.4%[37] - Cash and cash equivalents increased to CNY 5.16 billion, compared to CNY 4.56 billion, reflecting a growth of approximately 13.2%[37] - Accounts receivable grew to CNY 5.65 billion from CNY 5.22 billion, an increase of about 8.2%[37] - Inventory increased to CNY 2.61 billion, up from CNY 2.06 billion, representing a growth of approximately 26.7%[37] - Total liabilities rose to CNY 27.87 billion from CNY 24.00 billion, indicating an increase of about 16.0%[38] - Total liabilities increased to CNY 23,504,931,278.28, compared to CNY 19,744,789,072.87 in the previous year, reflecting a growth of 18.5%[45] - Total equity increased slightly to CNY 19,590,080,563.38 from CNY 19,521,604,191.86, indicating a marginal growth of 0.35%[45] Borrowings and Financial Management - Short-term borrowings increased by 120.24% to CNY 2.92 billion compared to the beginning of the year[13] - Long-term borrowings increased by 44.77% to CNY 1.86 billion compared to the beginning of the year[13] - The company’s financial expenses showed a significant decrease of 199.22%, indicating improved financial efficiency[16] Sales and Market Performance - In Q1 2016, the company sold 115,457 vehicles, a decrease of 14.7% year-on-year, while the overall Chinese automotive market grew by 6.0%[19] - The company's commercial vehicle sales reached 111,155 units, down 15.6% year-on-year, with a market share of 13.0%, ranking first in the commercial vehicle sector[20] - The sales of light trucks (including micro trucks) were 83,742 units, a decline of 20.4% year-on-year, with a market share of 15.5%, down 4.1 percentage points[21] - The company achieved a 10.8% increase in sales of medium and large buses, totaling 1,429 units, with a market share of 4.6%[22] Product Development and Innovation - The company launched new products including the Ouman EST Internet Super Truck and the intelligent family vehicle Jiatou ix5/ix7, targeting the high-end small MPV market[25] - Engine sales reached 69,419 units, a year-on-year increase of 1.5%, with Foton Cummins engines seeing a 24.9% increase in sales[24] - During the reporting period, Foton filed 130 patent applications and received 291 patent grants, indicating strong innovation capabilities[29] - Foton's electric truck battery system passed the latest national battery system testing, reinforcing its commitment to electric vehicle technology[28] - The company achieved significant technological breakthroughs, including the launch of a CAE simulation management platform and the successful development of a mid-heavy truck suspension system[28] Cash Flow Management - Cash inflow from operating activities totaled 6,670,492,477.98 RMB, up from 5,471,329,918.45 RMB, reflecting a year-over-year increase of approximately 21.9%[52] - Cash outflow from operating activities increased to 7,554,219,971.89 RMB from 5,735,254,959.93 RMB, representing a rise of about 31.7%[52] - The net cash flow from operating activities was -883,727,493.91 RMB, compared to -263,925,041.48 RMB in the previous period, indicating a decline in operational cash flow[52] - The net cash flow from investment activities was -451,930,106.18 RMB, worsening from -293,100,243.36 RMB in the previous period[53] - Cash inflow from investment activities was 78,254,939.46 RMB, significantly higher than 4,375,965.52 RMB in the prior period[53] - Cash outflow for capital expenditures reached 530,185,045.64 RMB, compared to 297,476,208.88 RMB, marking an increase of approximately 78.3%[53] - The net cash flow from financing activities was 1,922,286,474.94 RMB, down from 2,888,811,414.42 RMB, indicating a decrease of about 33.5%[53] Government Support and Market Recognition - The company received government subsidies amounting to CNY 111.04 million during the reporting period[6] - Foton's V5 model was recognized as the "Recommended Vehicle for Urban Logistics" in 2015, highlighting its market acceptance and performance[31] - Foton participated in the 37th Dakar Rally, becoming the only Chinese automotive brand to complete the race for two consecutive years[30] Future Plans and Market Strategy - The company plans to continue increasing the proportion of mid-to-high-end products to enhance market competitiveness[20] - Foton launched the new generation of long-wheelbase products, the E3, equipped with a 2.8T diesel engine and a 2.4L gasoline engine, meeting National IV and V emission standards respectively[27] - The BJ6590 Euro V school bus features a full-load stamped body technology and an intelligent management system, ensuring safe transportation for children through RFID or IC card identification[27] - The new ISG plug-in hybrid bus achieved a 45% energy-saving rate, showcasing Foton's advancements in energy efficiency[27]