Gofar Stock(SH:600538)2014-04-24 16:00Financial Performance - Total revenue for Q1 2014 was RMB 93,916,608.10, a decrease of 28.66% compared to RMB 131,644,417.71 in Q1 2013[12] - Net profit attributable to shareholders was a loss of RMB 5,181,411.07, compared to a loss of RMB 2,215,136.72 in the same period last year[12] - The net loss for the period was CNY -4,729,131.96, compared to a net loss of CNY -943,679.74 in the same period last year, indicating a significant increase in losses[37] - The weighted average return on equity was -12.37%, down from -8.19% in the same period last year[12] - The company reported a basic earnings per share of CNY -0.02, compared to CNY -0.01 in the previous period[37] - The company recorded operating profit of CNY -7,394,031.20, compared to CNY -326,350.14 in the previous period, indicating worsening operational performance[37] Cash Flow - Operating cash flow for the period was negative RMB 11,170,338.71, a decline of 516.14% compared to positive RMB 2,684,259.23 in Q1 2013[12] - The net cash flow from operating activities decreased by 516.14% to -11,170,338.71 RMB compared to the same period last year, primarily due to reduced exports and lower tax refunds received[21] - Cash outflow for purchasing goods and services was CNY 85,379,982.96, down from CNY 124,136,900.99, representing a reduction of about 31%[42] - Total cash outflow for operating activities rose to CNY 125,416,270.82 from CNY 147,699,162.20, reflecting a decrease of approximately 15%[42] - Cash outflow for employee payments increased to CNY 12,479,350.96 from CNY 10,666,634.66, an increase of about 17%[42] - Cash outflow for other operating activities surged to CNY 24,118,208.33 from CNY 9,823,669.53, a significant increase of approximately 145%[42] Assets and Liabilities - Total assets at the end of the reporting period were RMB 691,437,982.83, a slight increase of 0.10% from RMB 690,741,131.92 at the end of the previous year[12] - The total liabilities increased to CNY 584,623,072.05 from CNY 579,210,505.20, showing a rise of 0.7%[32] - The company's net assets attributable to shareholders decreased by 11.62% to RMB 39,312,247.97 from RMB 44,480,243.02 at the end of the previous year[12] - The total equity attributable to shareholders decreased to CNY 39,312,247.97 from CNY 44,480,243.02, a decline of 11.6%[32] - The total assets decreased to CNY 388,229,608.92 from CNY 410,776,021.75, reflecting a decline of 5.5%[35] Government Subsidies and Investments - The company received government subsidies of RMB 3,200,000.00 during the quarter, contributing to an increase in other income[10] - The company received a government subsidy of 3.2 million RMB for its subsidiary's clean production project, which was fully received by February 20, 2014[23] - The company established a wholly-owned subsidiary in Shenzhen with an investment of 5 million RMB, which was registered and obtained its business license by April 17, 2014[25] - The company has approved financing applications totaling 120 million RMB for its subsidiaries, with a current borrowing balance of 69.26 million RMB as of March 31, 2014[26] Shareholder Information - The number of shareholders at the end of the reporting period was 24,842, with the largest shareholder holding 14.98% of the shares[13] Borrowings and Financial Leverage - Short-term borrowings increased by 30.79% to RMB 86,059,960.62 from RMB 65,800,000.00 at the end of the previous year[18] - The short-term borrowings increased to 86,059,960.62 RMB from 65,800,000.00 RMB at the beginning of the year, indicating a rise in financial leverage[31] Operational Costs - Total operating costs amounted to CNY 101,310,639.30, down from CNY 131,970,767.85, reflecting a reduction of 23.3%[37]