VCANBIO(SH:600645)2014-04-17 16:00Financial Performance - Operating revenue rose by 31.29% to CNY 92,482,571.82 compared to the same period last year[11] - Net profit attributable to shareholders was CNY 8,471,365.68, a significant recovery from a loss of CNY 7,637,528.61 in the previous year[11] - Cash flow from operating activities turned positive at CNY 23,076,804.86, compared to a negative cash flow of CNY -2,988,130.40 in the same period last year[11] - The weighted average return on net assets improved to 1.68% from -5.35% year-on-year[11] - Total operating revenue for Q1 2014 was CNY 92,482,571.82, an increase of 31.2% compared to CNY 70,443,903.10 in the same period last year[38] - Net profit for Q1 2014 reached CNY 8,343,460.41, compared to a net loss of CNY 7,599,188.10 in Q1 2013, marking a significant turnaround[39] - The net profit for Q1 2014 was CNY 2,894,511.86, compared to a net loss of CNY -1,808,668.88 in the same period last year, indicating a significant turnaround[42] - The total comprehensive income for Q1 2014 was CNY 2,894,511.86, a significant improvement from the comprehensive loss of CNY -1,808,668.88 in the same quarter last year[42] Assets and Liabilities - Total assets increased by 0.63% to CNY 1,494,319,537.23 compared to the end of the previous year[11] - Total assets amounted to 1,494,319,537.23 RMB at the end of the period, compared to 1,484,962,279.24 RMB at the beginning of the year[31] - The company's total assets as of March 31, 2014, amounted to CNY 573,735,728.12, an increase from CNY 512,169,638.02 at the beginning of the year[34] - Total liabilities as of March 31, 2014, were CNY 72,165,010.58, compared to CNY 13,493,432.34 at the start of the year, indicating a substantial increase[35] - The company's equity attributable to shareholders was CNY 501,570,717.54, up from CNY 498,676,205.68 at the beginning of the year[35] - The company's total liabilities and equity amounted to CNY 573,735,728.12, reflecting a growth from CNY 512,169,638.02 at the start of the year[35] Cash Flow and Investments - Cash received from investment decreased by 100.00% compared to the same period last year, primarily due to no cash received from investment during the current period[20] - The company reported cash outflows from investing activities of CNY 15,166,458.48, compared to CNY 12,091,699.51 in the previous year, indicating increased investment activity[46] - Cash inflow from financing activities was CNY 2,000,000.00, reflecting new investments received during the quarter[46] - The company's cash and cash equivalents at the end of the period amounted to 824,436,432.10 RMB, an increase from 816,340,685.72 RMB at the beginning of the year[30] - Total cash and cash equivalents at the end of Q1 2014 reached CNY 819,231,210.82, up from CNY 611,312,144.10 at the end of Q1 2013, representing an increase of about 34.0%[47] Operating Costs and Income - Operating costs increased by 41.99%, driven by the growth in operating revenue[19] - The company experienced a 76.73% decrease in non-operating income, primarily due to reduced government subsidies[19] - Investment income rose by 72.68%, attributed to changes in the company's shareholding in Inner Mongolia Yinhong Stem Cell Life Technology Investment Co., Ltd.[19] - Total operating costs for Q1 2014 were CNY 84,115,382.33, up from CNY 81,455,238.39, reflecting a year-over-year increase of 3.9%[38] Accounts Receivable and Payables - Accounts receivable increased by 85.30% due to increased interest receivable from bank deposits[18] - Other payables increased by 51.22%, mainly due to the rise in accrued expenses[18] - Accounts receivable decreased from 50,991,106.73 RMB at the beginning of the year to 48,121,085.21 RMB at the end of the period[30] - Prepayments increased from 7,687,820.81 RMB at the beginning of the year to 11,155,787.62 RMB at the end of the period[30] Employee Compensation - The company reported a decrease in employee compensation payable to CNY 1,611,662.90 from CNY 1,858,324.23[35] - The company paid CNY 41,964,839.84 in employee compensation during Q1 2014, up from CNY 36,577,840.19 in Q1 2013, reflecting a rise of about 14.0%[45] Corporate Governance - The company has implemented a restricted stock incentive plan to enhance the motivation of key personnel, which has been submitted for record to the China Securities Regulatory Commission[24] - The company has committed to avoid any illegal occupation of funds and assets, ensuring compliance with relevant laws and regulations[25] - The company has established a long-term effective commitment to avoid conflicts of interest and competition with related parties[26] Acquisition Plans - The company plans to acquire 100% equity of Shanghai Zhicheng Biotechnology Co., Ltd. by issuing shares and paying cash, raising 266 million RMB for the cash portion of the acquisition and related expenses[21]