Zhejiang Xinao Textiles (SH:603889)2017-04-24 16:00Financial Performance - Net profit attributable to shareholders increased by 16.97% to CNY 36,734,509.07 year-on-year[6] - Operating revenue rose by 22.70% to CNY 456,980,644.83 compared to the same period last year[6] - Basic earnings per share increased by 10% to CNY 0.11[6] - Diluted earnings per share also increased by 10% to CNY 0.11[6] - The company reported a gross profit of CNY 48,665,804.76 for Q1 2017, up from CNY 35,889,477.31 in Q1 2016[28] - Net profit for Q1 2017 reached CNY 37,334,863.51, representing a 14.9% increase from CNY 32,732,364.69 in Q1 2016[29] - The net profit attributable to shareholders of the parent company was CNY 36,734,509.07, up from CNY 31,404,814.96, marking a growth of 16.8%[29] - Total revenue from sales of goods and services for the parent company was CNY 264,178,611.95, slightly up from CNY 251,383,176.91 year-over-year[37] Assets and Liabilities - Total assets increased by 25.48% to CNY 2,084,460,608.55 compared to the end of the previous year[6] - The company's total liabilities reached CNY 832,936,856.92, compared to CNY 449,070,103.89 at the start of the year, which is an increase of approximately 85.5%[23] - The company reported a total current liabilities of CNY 829,456,422.63, which is a significant increase from CNY 445,448,874.60 at the beginning of the year, representing an increase of approximately 86.2%[23] - Accounts receivable increased to $147,567,795.85, a 58.51% increase compared to the previous period[13] - Inventory levels increased to CNY 674,266,843.01 from CNY 552,647,196.68, marking a rise of around 22.0%[21] Cash Flow - The net cash flow from operating activities decreased by 114.39% to -CNY 221,599,562.84 compared to the previous year[6] - Operating cash inflow for Q1 2017 was CNY 458,639,758.64, an increase of 20.7% from CNY 379,890,908.43 in the previous period[35] - Net cash outflow from operating activities was CNY -221,599,562.84, worsening from CNY -103,364,366.57 year-over-year[35] - Financing cash inflow reached CNY 593,323,333.67, a significant increase from CNY 37,802,573.81 in the prior period, leading to a net cash inflow of CNY 453,479,135.37 from financing activities[36] - The net increase in cash and cash equivalents was CNY 130,728,499.30, compared to a decrease of CNY -48,406,782.93 in the previous period[36] Shareholder Information - The total number of shareholders reached 15,527 at the end of the reporting period[11] - The largest shareholder, Zhejiang Xin'ao Industrial Co., Ltd., holds 37.64% of the shares[11] Financial Adjustments and Plans - The company plans to continue its non-public stock issuance process initiated in 2016, with adjustments made to the issuance plan[17] - The company has not yet received written approval from the China Securities Regulatory Commission for its non-public stock issuance, which is pending[18] - The company is in the process of reapplying for high-tech enterprise qualification, which could affect its corporate income tax rate from 25% to 15% if approved[18] Other Financial Metrics - The weighted average return on equity increased by 0.14 percentage points to 3.04%[6] - Financial expenses rose to $2,603,813.69, a 242.06% increase driven by higher bank loan interest expenses[15] - The company reported a 40.92% increase in cash received from government subsidies, totaling $3,098,508.76[16] - Cash paid for purchasing goods and services increased by 60.56% to $591,022,977.36, reflecting higher procurement[16] - The company's investment income decreased significantly by 140.09% to -$309,570.58, due to the settlement of principal-protected financial products[15]