HASCO(SH:600741)2018-04-27 16:00Financial Performance - Operating revenue for the first quarter was RMB 40.25 billion, representing an 18.37% increase year-on-year[6]. - Net profit attributable to shareholders was RMB 2.91 billion, a significant increase of 90.45% compared to the same period last year[6]. - Basic earnings per share rose to RMB 0.923, reflecting a growth of 90.31% year-on-year[6]. - The net profit excluding non-recurring gains increased by 7.27% compared to the same period last year[6]. - Total revenue for the period reached ¥40,248,430,227.84, an increase of 18.37% compared to the previous period[16]. - Net profit attributable to the parent company was ¥2,911,319,807.36, reflecting a significant growth of 90.45% year-over-year[17]. - Operating profit for Q1 2018 was ¥3.58 billion, up 39% from ¥2.58 billion in Q1 2017[31]. - The company reported a significant increase in inventory, which rose to RMB 10.03 billion from RMB 9.94 billion, reflecting a growth of about 0.9%[24]. - The company recorded a total comprehensive income of ¥3.35 billion, compared to ¥2.15 billion in the same period last year[32]. Acquisitions and Investments - The acquisition of a 50% stake in Shanghai Koito contributed a one-time investment income of RMB 918 million, impacting the net profit growth[6][7]. - The company completed the acquisition of Shanghai Koito on March 1, 2018, which was included in the consolidated financial statements from that date[7]. - The goodwill increased by ¥936,250,000 due to the acquisition of Shanghai Koito[15]. - The company recognized a one-time premium of RMB 918 million as investment income due to the acquisition of a 50% stake in Shanghai Koito, which is expected to significantly increase net profit compared to the same period last year[21]. - The company holds 33.90% of the shares in Yapu Automotive Parts Co., Ltd., which is set to go public[19]. Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of RMB 295 million, a decline of 149.26% compared to the previous year[6]. - The net cash flow from operating activities was negative at -¥295,329,647.34, a decline of 149.26% from the previous year[18]. - The company’s cash and cash equivalents at the end of the period stood at CNY 29,091,763,062.18, a decrease from CNY 28,627,636,748.40 at the end of Q1 2017[37]. - The company experienced a net decrease in cash and cash equivalents of $1,545,331,967.14, compared to a decrease of $225,767,855.60 in the previous year[40]. - The cash flow from operating activities was impacted by payments to employees totaling $49,522,035.31, up from $46,064,722.48[40]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 130.11 billion, an increase of 5.46% compared to the end of the previous year[6]. - Total current assets increased to RMB 80.18 billion from RMB 78.76 billion at the beginning of the year, with cash and cash equivalents decreasing from RMB 32.59 billion to RMB 29.29 billion[24][25]. - Non-current assets totaled RMB 49.93 billion, up from RMB 44.61 billion, marking an increase of approximately 11.5%[25]. - Total liabilities increased to RMB 77.06 billion from RMB 73.44 billion, representing a growth of about 5.3%[26]. - The company's equity attributable to shareholders rose to RMB 43.89 billion, compared to RMB 41.28 billion, indicating an increase of approximately 6.4%[26]. - Short-term borrowings rose to ¥5,307,290,495.77, marking a 30.89% increase compared to the beginning of the period[14]. Operating Costs and Expenses - Operating costs rose to ¥38.66 billion, an increase of 19.5% from ¥32.40 billion in Q1 2017[31]. - The company incurred total operating expenses of CNY 36,635,576,775.58, up from CNY 31,642,467,757.68, reflecting a year-over-year increase of 15.7%[36]. - The company’s financial expenses improved to CNY -5,654,828.34, compared to CNY 12,589,598.47 in the same period last year[34]. Strategic Focus - The company plans to continue its strategy of asset depreciation and impairment testing in line with accounting policies following the acquisition[21]. - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[21].