2016-04-29 16:00Financial Performance - Operating revenue fell by 21.07% to CNY 229,373,055.81 year-on-year[6] - Net profit attributable to shareholders of the listed company was a loss of CNY 32,787,270.48, compared to a loss of CNY 24,913,669.16 in the same period last year[6] - Basic and diluted earnings per share were both CNY -0.07, compared to CNY -0.06 in the same period last year[6] - Total profit decreased to -¥42,876,552.18 from -¥32,424,359.38, attributed to a year-on-year decline in operating revenue[11] - The net loss for Q1 2016 was ¥43,664,095.66, compared to a net loss of ¥33,024,650.90 in Q1 2015, representing a 32.5% increase in losses[32] - The basic and diluted earnings per share for Q1 2016 were both -¥0.07, compared to -¥0.06 in Q1 2015[33] Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of CNY 27,233,037.35, compared to a net outflow of CNY 25,192,622.61 in the previous year[6] - The net cash flow from operating activities was -27,233,037.35 RMB, slightly worse than -25,192,622.61 RMB in Q1 2015[38] - Cash inflow from operating activities totaled 135,682,690.05 RMB, down 12.2% from 154,636,160.22 RMB in the previous year[38] - The total cash and cash equivalents at the end of the period was 93,969,562.07 RMB, up from 62,751,628.76 RMB at the end of Q1 2015, indicating improved liquidity[39] - The company reported a decrease in cash received from sales of goods and services, totaling 125,987,592.64 RMB, down 17.5% from 152,767,789.56 RMB in the previous year[37] - The company received 6,719,462.44 RMB in tax refunds during the quarter, contributing positively to cash flow[38] Assets and Liabilities - Total assets decreased by 4.22% to CNY 1,989,807,728.99 compared to the end of the previous year[6] - The company's current assets totaled CNY 793,297,251.99, down from CNY 877,563,455.51 at the beginning of the year, indicating a decrease of about 9.59%[23] - Total liabilities decreased to CNY 883,498,267.66 from CNY 927,518,552.80, a reduction of about 4.75%[25] - The company's equity attributable to shareholders decreased to CNY 682,331,423.25 from CNY 712,663,072.55, indicating a decline of approximately 4.25%[25] Shareholder Information - The total number of shareholders reached 25,451, with 25,385 being A-share shareholders[10] - The largest shareholder, Beijing Jingcheng Electromechanical Holding Co., Ltd., holds 42.80% of the shares[10] Government Support and Income - The company received government subsidies amounting to CNY 96,788.00 related to short-term export credit insurance[8] - The company reported a non-operating income of CNY 1,147,044.02 during the period[9] - Investment income surged by 1,144.83% to ¥2,634,176.60 from ¥211,608.86, mainly due to increased profits from joint ventures[11] Restructuring and Commitments - The company is actively promoting a major asset restructuring, with auditing and evaluation of related assets nearing completion[14] - The company plans to issue shares to purchase assets and raise matching funds, with the restructuring proposal approved by the board on November 26, 2015[13] - The major shareholder Beijing Jingcheng Holdings committed to ensuring that transactions between the company and its controlled enterprises will follow fair market principles and comply with legal disclosure obligations[17] - Beijing Jingcheng Holdings also promised to maintain the independence of the company in terms of personnel, assets, finance, organization, and business after the completion of the major asset restructuring[17] - The company has committed to assume responsibility for early repayment of debts or providing guarantees if creditors request it during the major asset restructuring process[19] - Beijing Jingcheng Holdings has pledged to fully compensate for any losses incurred by Tianhai Industrial due to relocation issues related to leased properties[19] - The company confirmed that the equity transfer of 17.01% in Beijing Beiying Casting Co., Ltd. has been recognized as completed and will no longer be recorded as a long-term investment[19] Operational Costs - Total operating costs for Q1 2016 were ¥277,912,402.55, down 13.9% from ¥322,607,238.06 year-over-year[32] - Sales expenses rose by 58.93% to ¥16,292,580.79 from ¥10,251,492.32, driven by efforts to build a quality sales team and adapt to market demands[11] - Operating tax and additional charges increased by 33.09% to ¥2,485,419.85 from ¥1,867,520.86, primarily due to higher export tax rebates[12] - The company paid 48,063,645.37 RMB in employee compensation, a decrease from 65,750,655.77 RMB in the same period last year, reflecting cost-cutting measures[38] Foreign Exchange and Other Losses - The company experienced a foreign exchange loss of 67,507.72 RMB, contrasting with a gain of 1,411,161.05 RMB in the previous year, impacting overall cash flow[39] - The company has not experienced any losses due to claims and has not violated any commitments related to the asset restructuring as of the reporting date[20]