SMEG(SH:600689)2018-04-27 16:00Financial Performance - Operating revenue increased by 24.16% to CNY 350,751,481.47 year-on-year[6] - Net profit attributable to shareholders decreased by 93.98% to CNY 2,456,220.03 compared to the same period last year[6] - Basic earnings per share dropped by 94.09% to CNY 0.012 per share[6] - Operating profit for Q1 2018 decreased to CNY 3,156,059.15 from CNY 54,334,900.20, indicating a significant decline[28] - The company reported an investment income of CNY 588,171.17, down from CNY 20,882,898.98 in the previous year[28] - The net profit for Q1 2018 was CNY 2,524,756.74, compared to a net profit of CNY 40,499,788.97 in the previous year, indicating a decline of about 93.8%[29] - The total comprehensive income for Q1 2018 was CNY 3,130,992.24, down from CNY 40,201,722.47 in the previous year, reflecting a decrease of approximately 92.2%[29] - The basic earnings per share for Q1 2018 was CNY 0.012, a decrease from CNY 0.203 in the same period last year, representing a decline of about 94.1%[29] Cash Flow - Cash flow from operating activities was negative at CNY -49,799,895.23, compared to CNY -24,872,800.17 in the previous year[6] - The company's net cash flow from operating activities for the first quarter was -49,799,895.23 RMB, a decrease of 100.22% compared to -24,872,800.17 RMB in the same period last year[12] - The net cash flow from operating activities for Q1 2018 was negative CNY 49,799,895.23, compared to negative CNY 24,872,800.17 in the previous year, indicating a worsening cash flow situation[35] - The net cash flow from operating activities for Q1 2018 was ¥61,843,771.51, a significant increase from ¥6,527,539.93 in the previous year, representing a growth of approximately 846%[36] - Total cash inflow from operating activities was ¥135,089,557.03, compared to ¥29,354,154.16 in the same period last year, indicating an increase of about 360%[36] - Cash outflow from operating activities totaled ¥73,245,785.52, up from ¥22,826,614.23, which is an increase of approximately 220%[36] Assets and Liabilities - Total assets decreased by 4.44% to CNY 719,037,300.90 compared to the end of the previous year[6] - The company's total liabilities decreased from 436,170,450.05 RMB at the beginning of the year to 404,373,152.52 RMB by the end of the reporting period[20] - Total liabilities decreased to CNY 246,952,540.05 from CNY 283,504,353.66, a reduction of 13%[22] - The company's equity attributable to shareholders increased to CNY 461,979,203.85 from CNY 458,916,748.32, a growth of 0.5%[22] - Accounts receivable increased by 46.42% to CNY 73,472,672.02, indicating delayed payments from customers[11] - Cash and cash equivalents decreased to CNY 64,641,371.17 from CNY 101,149,598.09, a decline of 36.2%[23] - Accounts payable increased significantly to CNY 41,617,375.58 from CNY 18,873,016.53, reflecting a rise of 120.5%[22] Investment Activities - Investment activities resulted in a net cash flow of -98,422,144.92 RMB, which is a significant increase of 316.71% from -23,619,004.84 RMB year-on-year, primarily due to the purchase of bank wealth management products[12] - The company reported a significant decrease in investment cash inflow, totaling CNY 21,659,230.89 in Q1 2018, down from CNY 146,927,980.93 in the same period last year, a decline of approximately 85.3%[35] - Cash inflow from investing activities decreased to ¥21,659,230.89 from ¥146,828,570.93, a decline of about 85%[36] - The net cash flow from investing activities was -¥98,351,998.43, worsening from -¥23,486,204.28 year-over-year[36] Financial Management and Strategy - The company plans to enhance its financial management and operational efficiency in response to the current financial challenges[11] - The company plans to sell several residential properties located in Chongqing and Shenzhen to improve asset efficiency, with the sale price based on the assessed value[16] - The company has not yet found a buyer for the 100% equity stake in Shanghai Yimaotiao Textile Co., Ltd., which was initially listed at 34.96 million RMB[15] - The company has reclassified certain government subsidies to be recognized as other income rather than non-operating income, affecting the comparative figures from the previous year[14] Financial Expenses and Tax - The financial expenses for the period were -2,214,992.17 RMB, a significant decrease of 5,430.14 RMB compared to the previous year, attributed to an increase in foreign exchange gains[12] - The company reported an increase in tax and surcharges to 1,413,742.98 RMB, up 69.59% from 833,646.93 RMB in the previous year, mainly due to higher stamp duty and property tax[12] - The impairment losses on assets were recorded at 370,231.97 RMB, a significant increase of 400.70% compared to -123,122.75 RMB in the previous year, due to provisions for bad debts[12] - The fair value changes in financial assets resulted in a gain of 27,580.00 RMB, a substantial increase of 281.21% from a loss of -15,220.00 RMB in the previous year[12]