JHEC(SH:600273)2014-04-28 16:00Financial Performance - Operating revenue for the first quarter was CNY 197,303,872.92, representing a decline of 26.89% year-on-year[10] - Net profit attributable to shareholders was a loss of CNY 18,148,619.97, compared to a loss of CNY 4,430,767.55 in the same period last year[10] - The weighted average return on net assets was -3.28%, down from -0.74% in the previous year[12] - Basic and diluted earnings per share were both -CNY 0.06, compared to -CNY 0.01 in the same period last year[12] - The company reported a net loss of ¥184,235,304.61, compared to a loss of ¥166,086,684.64 in the previous period[27] - The total comprehensive income for Q1 2014 was a loss of CNY 8,356,809.92, compared to a loss of CNY 1,948,524.30 in the previous year[39] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,186,959,673.62, a decrease of 1.84% compared to the previous year-end[10] - Net assets attributable to shareholders decreased by 3.23% to CNY 543,981,157.53 compared to the previous year-end[10] - Total liabilities decreased to ¥635,383,680.58 from ¥639,032,432.90, a reduction of 0.6%[27] - The company’s non-current assets totaled ¥760,183,623.90, down from ¥785,323,630.10, a decrease of 3.2%[25] Cash Flow - The total cash flow from operating activities was a net outflow of CNY 22,134,640.60, an improvement from a net outflow of CNY 43,272,132.63 in the same period last year[43] - The company reported cash inflows from operating activities of CNY 273,132,327.15, down from CNY 353,474,243.49 in the previous year[42] - Cash inflow from operating activities totaled $135,940,894.68, compared to $120,377,582.94 in the previous period, reflecting an increase of approximately 12.5%[47] - Cash outflow from operating activities decreased to $116,658,525.55 from $194,241,147.09, indicating a reduction of about 39.8%[47] - The cash and cash equivalents at the end of Q1 2014 were CNY 67,761,702.37, a decrease from CNY 74,978,365.36 at the end of the previous year[45] Restructuring and Business Changes - The company is undergoing a major asset restructuring, planning to exchange all its assets and liabilities for 100% of Zhejiang Jiahua Energy Chemical Co., Ltd.[19] - Following the restructuring, the company's main business will shift to providing steam heating and producing various chemical products, moving away from cotton spinning operations[19] - The company received the second round of feedback from the China Securities Regulatory Commission regarding the restructuring[21] Shareholder Information - The total number of shareholders was 26,730, with the largest shareholder, Huafang Group Co., Ltd., holding 50.97% of the shares[14] Operating Costs and Expenses - Total operating costs amounted to ¥224,915,577.10, down 21.9% from ¥288,404,068.73 in the previous period[35] - The company incurred financial expenses of CNY 3,782,681.30 in Q1 2014, an increase from CNY 2,908,445.69 in the same period last year[39] - Employee compensation payments increased to $8,970,497.92 from $7,783,431.74, reflecting a rise of about 15.2%[47] Inventory and Receivables - Accounts receivable decreased significantly to ¥10,881,032.70 from ¥31,906,263.05, a reduction of 65.9%[23] - Inventory increased to ¥318,579,307.75 from ¥255,697,784.39, reflecting a rise of 24.6%[23]