XCEC(SH:600777)2015-04-27 16:00Financial Performance - Operating revenue fell by 77.09% to CNY 84,041,247.39 year-on-year, primarily due to reduced revenue recognition from real estate projects[6] - Net profit attributable to shareholders decreased significantly by 641.32% to a loss of CNY 29,081,747.78 compared to the same period last year[6] - Total operating revenue for Q1 2015 was CNY 84,041,247.39, a decrease of 77% compared to CNY 366,910,098.88 in the same period last year[28] - Net loss for Q1 2015 was CNY -27,106,276.79, compared to a net profit of CNY 35,501,865.74 in Q1 2014[29] - The net profit for the current period is -17,784,847.74 RMB, a decline from -16,577,767.15 RMB in the previous period, reflecting a worsening financial performance[31] - The company received 102,604,513.23 RMB from sales, a decrease from 261,629,176.81 RMB in the previous period, indicating a decline in sales revenue[33] Assets and Liabilities - Total assets decreased by 2.17% to CNY 4,182,764,431.57 compared to the end of the previous year[6] - The company's total assets as of March 31, 2015, were CNY 2,918,512,403.13, a decrease from CNY 2,957,329,442.98 at the beginning of the year[26] - The company's total liabilities amounted to approximately ¥2.30 billion as of March 31, 2015, compared to approximately ¥2.36 billion at the beginning of the year, reflecting a decrease of about 2.4%[21] - Total liabilities amounted to CNY 1,519,318,304.85, down from CNY 1,540,350,496.96 at the start of the year[26] - The company's equity attributable to shareholders was CNY 1,399,194,098.28, a slight decrease from CNY 1,416,978,946.02 at the beginning of the year[26] Cash Flow - Cash flow from operating activities increased by 104.23% to CNY 3,223,222.73, indicating improved cash management[12] - Cash flow from operating activities shows a net inflow of 3,223,222.73 RMB, a significant improvement from a net outflow of -76,286,591.84 RMB in the previous period[33] - Cash and cash equivalents decreased to CNY 90,656,265.55 from CNY 107,934,565.10 at the beginning of the year[24] - Cash and cash equivalents at the end of the period amount to 136,698,417.49 RMB, down from 562,903,289.67 RMB in the previous period[34] - The company reported a total cash inflow from financing activities of 134,000,000.00 RMB, compared to 484,500,000.00 RMB in the previous period, indicating a decrease in financing[34] - The cash flow from investing activities shows a net outflow of -39,902.00 RMB, contrasting with a net inflow of 46,003,049.12 RMB in the previous period[34] Shareholder Information - The number of shareholders reached 39,266, with the top ten shareholders holding 14.42% of shares[9] - The first major shareholder, Shenzhen Jinzhi Changshun Investment Development Co., Ltd., has committed to not injecting assets into the company for at least six months following the completion of the equity change, which was fulfilled by September 3, 2014[14] - Jinzhi Changshun has no plans to increase its stake in the company within the next 12 months, and any future changes will comply with legal disclosure obligations[18] Financial Expenses - The company reported a 112.50% increase in financial expenses, mainly due to increased interest expenses related to real estate projects[11] - The company reported a significant increase in financial expenses, totaling CNY 14,392,081.31 in Q1 2015, compared to CNY 6,772,649.71 in the same period last year[29] - The company incurred financial expenses of 14,420,506.64 RMB, significantly higher than 3,364,999.63 RMB in the previous period, indicating increased borrowing costs[31] Asset Restructuring - The company is undergoing a major asset restructuring, planning to acquire 100% equity of Zhejiang Benbao Industrial Investment Co., Ltd. through a share issuance[13] - The company has suspended trading to fulfill information disclosure obligations related to the asset restructuring[13] - Jinzhi Changshun has pledged to supervise and restrict its related enterprises' operations to prevent competition with the company, including measures for asset transfer if necessary[16] Compliance and Regulations - The company has committed to strictly adhere to regulations regarding related party transactions, ensuring fair market practices and compliance with legal requirements[17] - The company has fulfilled its commitment to propose an early board re-election following the completion of the equity change, which was completed on April 11, 2014[18] Current Assets - The company reported a total current asset balance of approximately ¥3.75 billion as of March 31, 2015, down from approximately ¥3.84 billion at the beginning of the year, indicating a decrease of about 2.2%[20] - The company's total current assets were CNY 1,092,347,997.11, down from CNY 1,131,023,531.69 at the beginning of the year[25]