GACO(SH:600523)2018-04-26 16:00Financial Performance - Operating revenue fell by 26.62% to CNY 671,973,757.20 year-on-year[6] - Net profit attributable to shareholders decreased by 65.25% to CNY 11,449,090.17 compared to the same period last year[6] - Basic earnings per share decreased by 63.64% to CNY 0.04[6] - The total profit for Q1 2018 decreased by 56.68% to CNY 18,797,893.97 compared to CNY 43,389,739.69 in the same period last year[12] - The company's operating revenue for Q1 2018 was CNY 191,320,633.13, a decrease of 40.1% compared to CNY 319,506,529.10 in the same period last year[28] - The net profit for Q1 2018 was CNY 14,199,186.01, down 61.7% from CNY 37,113,379.12 in the previous year[27] - The total comprehensive income for Q1 2018 was CNY 14,199,186.01, down 61.7% from CNY 37,113,379.12 in the previous year[27] Cash Flow - Net cash flow from operating activities dropped significantly by 98.78% to CNY 346,613.58[6] - Operating cash flow net amount dropped by 98.78% to CNY 346,613.58 due to a decline in sales revenue and reduced cash collection[12] - The cash inflow from operating activities was CNY 830,144,643.44, a decrease of 6.4% from CNY 887,171,979.35 in the same period last year[31] - The net cash flow from operating activities was -2,256,443.22 RMB, a decrease from 18,766,697.64 RMB in the previous period[35] - Total cash inflow from operating activities was 287,449,021.04 RMB, down 16.8% from 345,525,677.73 RMB[35] - Cash outflow from operating activities totaled 289,705,464.26 RMB, a decrease of 11.3% compared to 326,758,980.09 RMB[35] Assets and Liabilities - Total assets decreased by 2.93% to CNY 3,551,402,205.48 compared to the end of the previous year[6] - Non-current assets totaled CNY 1,237,915,664.81, slightly down from CNY 1,239,232,535.43 at the beginning of the year[23] - Total liabilities amounted to CNY 485,932,833.02, a decrease of 5.6% from CNY 514,566,228.22 at the beginning of the year[24] - The company's cash and cash equivalents were CNY 187,278,007.08, down from CNY 202,215,282.45 at the start of the year, representing a decline of 7.5%[22] - Accounts receivable decreased to CNY 266,435,922.79 from CNY 280,538,629.59, a reduction of 5.0%[22] - Inventory increased to CNY 543,220,952.58 from CNY 471,723,494.72, indicating a rise in stock levels[18] Shareholder Information - The total number of shareholders reached 24,420 at the end of the reporting period[9] - The largest shareholder, China Aviation Automobile Systems Holding Company, holds 37.01% of shares[9] Operational Challenges and Strategies - The company reported a 55.94% decrease in taxes payable, primarily due to a decline in sales revenue[11] - The company's financial expenses were not applicable as there were no interest-bearing debts, resulting in a significant reduction from CNY 1,064,995.57 in the previous year[12] - Asset impairment losses surged by 712.10% to CNY 1,745,126.70, primarily due to increased bad debt provisions[12] - The company is focusing on "cost reduction and efficiency enhancement" to improve profitability[13] - The company has engaged with major clients like SAIC Volkswagen and FAW Volkswagen to secure new product orders[13] - The company has been actively working on divesting non-core investments and streamlining operations[14] Future Outlook - The company expects improved operating conditions in Q2 2018, with significant growth anticipated in Q3 and Q4[13]