LS BEARINGS(SH:600592)2015-04-24 16:00Financial Performance - Operating income for the first quarter was ¥149,378,004.54, representing a decrease of 34.14% year-on-year[13]. - Net profit attributable to shareholders of the listed company was ¥4,068,641.40, down 69.54% from the previous year[7]. - The total profit for the reporting period was ¥13,510,133.25, a decrease of 38.77% compared to the previous year[13]. - Basic earnings per share decreased to ¥0.031, down 27.91% from ¥0.043 in the previous year[7]. - The gross profit margin for Q1 2015 was approximately 2.0%, compared to a significantly higher margin in the previous year[36]. - The company reported a decrease in investment income to CNY 5,940,162.86 for Q1 2015, down from CNY 8,617,371.40 in the previous year[36]. - Net profit for Q1 2015 was CNY 16,096,431.97, down 7.1% from CNY 17,327,653.08 in the same period last year[40]. - The company achieved a profit before tax of CNY 18,128,087.57, a decrease of 6.1% from CNY 19,311,440.76 in the previous period[40]. Cash Flow - Cash flow from operating activities improved significantly to ¥2,700,020.48, compared to a negative cash flow of ¥42,422,073.23 in the same period last year, marking a 106.36% increase[7]. - The net cash flow from operating activities increased due to a higher cash settlement ratio for product sales and cash received from the transfer of unexpired letters of credit by subsidiary Hongqi Co., amounting to a significant impact[23]. - Operating cash flow for the period was -4,181,259.23 RMB, an improvement from -9,953,833.74 RMB in the previous period[45]. - Total cash inflow from operating activities was 83,956,766.65 RMB, compared to 79,559,877.13 RMB in the same period last year, representing a 5.0% increase[45]. - Cash outflow from operating activities totaled 88,138,025.88 RMB, slightly down from 89,513,710.87 RMB, indicating a 1.5% decrease[45]. - The ending cash and cash equivalents balance was 132,478,733.73 RMB, up from 92,014,041.64 RMB, showing a 43.9% increase[46]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,098,708,297.83, a slight increase of 0.02% compared to the end of the previous year[7]. - The company’s total liabilities decreased by 5.41% to ¥725,718,830.41 from ¥767,230,220.90[20]. - The company’s equity attributable to shareholders increased to CNY 2,334,466,473.77 from CNY 2,291,314,506.08, reflecting a growth of 1.9%[31]. - Inventory decreased to CNY 157,133,468.55 from CNY 165,436,639.31, a decline of 5.2%[32]. - The total current assets decreased slightly from approximately 1.40 billion yuan to 1.37 billion yuan during the reporting period[29]. Shareholder Information - The company reported a total of 24,152 shareholders at the end of the reporting period[10]. - The largest shareholder, Zhangzhou Jiulongjiang Group Co., Ltd., holds 151,233,800 shares, accounting for 37.85% of the total shares[10]. Cost Management - The company experienced a significant reduction in sales expenses, which fell by 60.23% to ¥6,614,877.04[13]. - The company reported a decrease in sales expenses by ¥10,018,197.46, primarily due to reduced export costs related to knitting machine products[16]. - The company plans to focus on reducing costs and improving operational efficiency in response to the challenging market conditions[15]. Investments and Ventures - The company established Longxi Bearing USA Inc. in California, holding a 75% equity stake, with an investment of 30,000 USD, while 25% was granted to Company A[23]. - A joint venture with Longen Technology Co., Ltd. was approved, with a registered capital of 100 million yuan, where the company will invest 170 million yuan for an 85% stake[23]. Legal Matters - The company filed a lawsuit against Southeast Automotive for overdue payments totaling 7.45679 million yuan, including development fees and inventory payments[25]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[40].