Fynex Textile(SH:600493)2017-04-20 16:00Financial Performance - Total revenue for the first quarter reached CNY 161,977,788.19, an increase of 21.06% compared to CNY 133,803,969.93 in the same period last year[7] - Net profit attributable to shareholders was CNY 4,046,971.43, reflecting a growth of 40.94% from CNY 2,871,452.40 year-on-year[7] - Operating profit for the quarter was CNY 3,308,547.26, up 62.27% from CNY 2,038,888.95 year-on-year, driven by increased sales revenue[12] - Basic earnings per share increased by 40.57% to CNY 0.0149 from CNY 0.0106 in the same period last year[7] - Total operating revenue for Q1 2017 was CNY 161,977,788.19, an increase of 21.0% compared to CNY 133,803,969.93 in the same period last year[28] - Net profit for Q1 2017 reached CNY 4,046,971.43, representing a 41.0% increase from CNY 2,871,452.40 in Q1 2016[28] - Basic and diluted earnings per share for Q1 2017 were both CNY 0.0149, compared to CNY 0.0106 in the previous year, marking a 40.6% increase[29] Cash Flow - The net cash flow from operating activities was negative CNY 18,730,874.46, a decline of 144.10% compared to CNY 42,471,728.58 in the previous year[7] - The net cash flow from investment activities was -9,763,948.38 RMB, representing a decrease of 166.03% from 14,787,350.00 RMB in the previous year[14] - The net cash flow from financing activities was -11,132,450.00 RMB, a decrease of 57.52% compared to -26,208,367.35 RMB in the previous period[14] - The cash flow from operating activities shows a net outflow of ¥18,730,874.46, compared to a net inflow of ¥42,471,728.58 in the previous period[32] - The total cash outflow from operating activities is ¥210,654,664.76, which is an increase of 36.1% from ¥154,830,402.79 in the previous period[32] Assets and Liabilities - The total assets at the end of the reporting period were CNY 955,547,858.02, a decrease of 5.61% from CNY 1,012,306,091.93 at the end of the previous year[7] - As of March 31, 2017, total assets amounted to CNY 955,547,858.02, a decrease from CNY 1,012,306,091.93 at the beginning of the year[21] - Total liabilities decreased to CNY 207,596,119.34 from CNY 240,299,354.85, a reduction of 13.6%[27] - Total equity increased to CNY 663,495,553.45 from CNY 660,458,848.77, reflecting a slight growth of 0.5%[27] - Cash and cash equivalents decreased from CNY 166,008,030.63 at the beginning of the year to CNY 119,024,111.19[21] - Cash and cash equivalents decreased to CNY 83,446,946.29 from CNY 130,873,569.63, a decline of 36.2%[26] Investments and Projects - The company plans to invest approximately 420 million RMB in the new production base project in Anyang, Henan Province, with a registered capital of 120 million RMB for its wholly-owned subsidiary[15] - As of March 31, 2017, the actual investment in the Anyang project was 153.67 million RMB, including land-related costs of 146.85 million RMB and fixed asset purchases of 0.33 million RMB[15] - The company has participated in bidding for development reserve land in the Fujian Jinjiang Economic Development Zone, with a budget of up to 60 million RMB for the acquisition[16] - The company successfully acquired two industrial land parcels in Jinjiang, with total transaction prices of 33.51 million RMB and 18.29 million RMB, respectively[17] - The company is awaiting environmental assessment approvals for the acquired land parcels before proceeding with land certificate applications[17] - The company is undergoing significant capital expenditures due to the relocation of its main plant and the construction of a subsidiary project in Anyang, Henan[1] - The company aims to enhance its competitiveness and ensure long-term stable development through these investments[1] Dividend Policy - The company emphasizes a commitment to cash dividends, prioritizing cash distribution while ensuring sufficient cash for operations[18] - The company plans to distribute at least 30% of the average annual distributable profit over the next three years as cash dividends[18] - In profit distribution, if the company is in a mature development stage without significant capital expenditure, cash dividends should constitute at least 80% of the profit distribution[18] - If there are significant capital expenditures, the minimum cash dividend proportion should be 40%[18] - The company has a long-term commitment to not engage in competitive activities that threaten its main business[18] - The company will consider industry characteristics and operational factors when proposing differentiated dividend policies[18] - The company has a commitment to not transfer shares during the specified restriction period after listing[18] - The company aims to ensure that the profit distribution aligns with its financial health and operational needs[18] - The company has established a policy to prioritize cash dividends in profit distribution decisions[18] - The company plans to maintain a cash dividend ratio of no less than 40% of the current profit distribution over the next three years[1] - The board will propose reasonable dividend suggestions based on profitability, funding needs, and shareholder return planning after each fiscal year[1] - The company will actively communicate with shareholders, especially minority shareholders, to gather their opinions and concerns regarding dividend proposals[1] Other Financial Metrics - The company reported a significant increase in asset impairment losses, which rose to CNY 3,573,946.60, a 3,923.29% increase from CNY 88,831.37 in the previous year[12] - Total operating costs for Q1 2017 were CNY 158,669,240.93, up from CNY 131,765,080.98, reflecting a growth of 20.4% year-over-year[28] - Accounts receivable increased from CNY 63,245,525.83 to CNY 79,130,313.09, indicating a rise of approximately 25%[21] - Inventory decreased from CNY 161,655,657.32 to CNY 153,511,833.48, reflecting a decline of about 5%[22] - Short-term borrowings decreased from CNY 96,000,000.00 to CNY 85,000,000.00, a reduction of approximately 11%[22] - The company reported a significant increase in prepayments, which rose to CNY 4,177,284.26 from CNY 1,888,874.56, a growth of 121.0%[26] - The company's operating revenue for the current period is ¥119,719,263.96, an increase of 16.2% compared to ¥103,096,463.96 in the previous period[30] - The net profit for the current period is ¥3,036,704.68, representing a significant increase of 159.5% from ¥1,167,727.66 in the previous period[30] - The basic and diluted earnings per share are both ¥0.0112, up from ¥0.0043 in the previous period, indicating a growth of 160.5%[30] - The operating profit for the current period is ¥3,636,817.82, up from ¥1,386,700.97 in the previous period, marking a growth of 162.5%[30] - The sales revenue from goods and services received cash of ¥178,635,277.48, an increase of 10.5% compared to ¥161,547,047.93 in the previous period[32] - The company reported a total profit of ¥4,048,939.58 for the current period, which is an increase of 178.5% from ¥1,453,584.38 in the previous period[30]