GITI TIRE CORP(SH:600182)2016-04-29 16:00Financial Performance - Net profit attributable to shareholders of the listed company was ¥36,595,531.22, down 9.22% year-on-year[8]. - Operating revenue for the period was ¥761,421,231.19, representing a year-on-year decrease of 14.72%[8]. - The company reported a net profit of RMB 25,456,660.03, a decrease of 9.2% compared to RMB 28,091,446.23 in the previous period[24]. - Net profit attributable to the parent company is RMB 73,972,817.19, down 9.7% from RMB 81,550,111.58 in the previous period[24]. - The company’s total comprehensive income attributable to the parent company was RMB 73,972,817.19, down from RMB 81,550,111.58, a decrease of 9.7%[25]. Cash Flow - The net cash flow from operating activities increased significantly to ¥233,230,103.40, a rise of 950.45% compared to the same period last year[8]. - The company’s cash flow from operating activities generated a net amount of RMB 554,032,434.80, down from RMB 789,089,416.29 in the previous period[29]. - Operating cash inflow for the current period reached ¥5,926,779.81, a significant increase from ¥3,356,877.27 in the previous period, reflecting a growth of approximately 76.3%[31]. - Net cash flow from operating activities improved to ¥10,168,032.71, up from ¥7,609,643.12, indicating a growth of about 33.5%[32]. - Financing activities resulted in a net cash inflow of ¥29,993,500.00, with no previous period data available for comparison[32]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,861,328,929.09, a decrease of 3.95% compared to the end of the previous year[8]. - The total assets decreased to CNY 2,748,371,356.88 from CNY 2,861,328,929.09, indicating a decline of approximately 4%[19]. - Current liabilities decreased to CNY 678,739,468.33 from CNY 865,394,457.73, showing a reduction of about 22%[19]. - The company reported a significant decrease in accounts payable from CNY 104,859,810.16 to CNY 80,524,757.83, a decline of about 23%[19]. - The company’s total equity increased to CNY 1,965,314,585.44 from CNY 1,891,341,768.25, marking an increase of approximately 4%[20]. Operational Efficiency - The company reported a decrease in accounts receivable by ¥216 million, attributed to reduced sales and improved credit management[11]. - Financial expenses decreased by ¥9,022,600, mainly due to increased foreign exchange gains[12]. - The company’s gross profit margin slightly improved compared to the previous year, despite a decline in tire sales due to punitive tariffs on exports[15]. - The average price of raw materials decreased more than the average selling price of the company's tire products, contributing to the improved gross margin[15]. - Total operating costs decreased to RMB 550,210,251.78 from RMB 653,103,737.24, reflecting a reduction of 15.8%[24]. Strategic Initiatives - The company is preparing for a stock reform plan, with its shares suspended from trading since April 5, 2016[13]. - The company has successfully avoided competitive bidding with Giti Tire by implementing market segmentation and prioritizing sales methods[16]. - The company has committed to addressing industry competition issues with Giti Tire, ensuring compliance with relevant commitments[16]. - The company continues to focus on market expansion and product development strategies to enhance its competitive position[16]. Market Conditions - Accounts receivable increased to CNY 208,578,800.77 from CNY 167,041,928.68, reflecting a rise of about 25%[18]. - The company experienced a negative impact of ¥139,757,770.87 from foreign exchange fluctuations on cash and cash equivalents[30]. - The ending cash and cash equivalents balance increased to ¥131,341,404.37, compared to ¥106,319,474.47 in the previous period, reflecting a growth of approximately 23.5%[32].