GLCC(SH:600234)2014-04-29 16:00Financial Performance - Operating revenue for the first quarter was CNY 2,648,003.00, an increase of 0.34% year-on-year[8] - Net profit attributable to shareholders of the listed company was a loss of CNY 3,047,319.29, compared to a loss of CNY 6,000,064.93 in the same period last year[8] - Basic and diluted earnings per share were both CNY -0.02, compared to CNY -0.03 in the previous year[8] - Total operating revenue for Q1 2014 was CNY 2,648,003, a slight increase from CNY 2,638,959 in the same period last year[29] - The net loss for Q1 2014 was CNY 4,093,463.75, an improvement compared to a net loss of CNY 7,623,999.85 in Q1 2013, indicating a reduction in losses by about 46.3%[29] - The company reported a comprehensive loss of CNY 4,093,463.75 for Q1 2014, compared to a comprehensive loss of CNY 7,623,999.85 in the same period last year[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 438,586,932.74, a decrease of 0.77% compared to the end of the previous year[8] - The company's total liabilities as of March 31, 2014, were CNY 366,257,670.65, compared to CNY 365,576,328.90 at the beginning of the year[24] - The total equity attributable to shareholders decreased from CNY 44,063,786.95 at the beginning of the year to CNY 41,016,467.66 by the end of the first quarter[24] - Cash and cash equivalents decreased significantly from CNY 2,304,155.67 at the beginning of the year to CNY 307,927.12 by March 31, 2014[22] - Accounts receivable decreased from CNY 68,684.82 at the beginning of the year to CNY 53,438.21 by the end of the first quarter[22] - Inventory slightly decreased from CNY 120,868.82 at the beginning of the year to CNY 116,278.38 by March 31, 2014[22] Cash Flow - Cash flow from operating activities was a negative CNY 1,700,068.55, compared to a negative CNY 23,000.34 in the same period last year[8] - Cash flow from financing activities resulted in a net outflow of $2,682,825.00, with no cash inflow recorded this period[36] - Cash received from operating activities related to sales was $687,108.88, a decline of 58.6% from $1,656,198.00[36] - Payments to employees increased to $828,187.38, up 24.1% from $667,210.84 in the previous period[36] - The total cash outflow from financing activities was CNY -2,682,825.00, indicating a significant cash drain compared to previous periods[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,672[10] - The company is in the process of preparing materials for a non-public stock issuance approved by the shareholders' meeting on April 29, 2014[20] Settlement and Debt - The company signed a settlement agreement with Shenzhen Darui, agreeing to pay a total of CNY 60 million to resolve historical debt issues[14] - The company has paid CNY 10 million of the agreed settlement amount, with CNY 50 million remaining[17] - The company is working on releasing property mortgages to restore financing capabilities[17] Cost Management - Total operating costs decreased significantly to CNY 6,741,466.75 from CNY 10,262,959.26 year-over-year, representing a reduction of approximately 34.5%[29] - Management expenses decreased to CNY 3,260,772.41 from CNY 3,722,038.82, reflecting a reduction of approximately 12.4%[29] - Financial expenses significantly decreased to CNY 1,398,046.73 from CNY 4,527,539.17, a reduction of about 69.1%[29]