永安药业(002365) - 2014 Q1 - 季度财报

Financial Performance - The company's revenue for Q1 2014 was ¥133,282,097.69, representing a 10.53% increase compared to ¥120,586,026.49 in the same period last year[8]. - Net profit attributable to shareholders decreased by 82.22% to ¥1,886,033.78 from ¥10,610,067.74 year-on-year[8]. - The basic and diluted earnings per share dropped by 83.33% to ¥0.01 from ¥0.06 in the same period last year[8]. - Operating profit decreased by 87.67% to 1,489,366.17 from 12,078,115.23, mainly due to losses in the epoxy ethane project and a decline in taurine sales prices[17]. - The net profit attributable to shareholders for the first half of 2014 is expected to decline by 20% to 70%, ranging from 582.29 million to 1,552.76 million CNY compared to 1,940.96 million CNY in the same period of 2013[28]. - The significant decline in performance for Q1 2014 has adversely affected the overall performance for the first half of the year[28]. - The company continues to face losses in the ethylene oxide and downstream product projects, impacting profitability[28]. Cash Flow - The net cash flow from operating activities was negative at ¥-19,002,207.99, a decline of 324.29% compared to ¥8,472,156.08 in the previous year[8]. - Net cash flow from operating activities turned from a net inflow of 8,472,156.08 to a net outflow of -19,002,207.99, mainly due to decreased cash receipts from sales and increased cash payments for goods[17]. - Net cash flow from investing activities changed from a net outflow of -47,707,714.09 to a net inflow of 12,734,860.71, mainly due to the maturity of some bank financial products[17]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,159,442,377.73, down 3.57% from ¥1,202,353,107.83 at the end of the previous year[8]. - The company's net assets attributable to shareholders increased slightly by 0.26% to ¥1,082,668,609.90 from ¥1,079,850,320.57[8]. - The company reported a significant decrease in accounts receivable by 71.62%, amounting to ¥1,550,000.00 compared to ¥5,461,770.00 at the beginning of the year[15]. - The construction in progress surged by 1392.28% to ¥354,805,637.45 from ¥23,776,020.83 at the beginning of the year, mainly due to the renovation of the ethylene oxide production line[15]. - The company experienced a 46.23% decrease in accounts payable, totaling ¥37,217,553.76 compared to ¥69,213,112.35 at the beginning of the year[15]. Shareholder Information - The total number of shareholders at the end of the reporting period was 18,776[11]. Financial Management - Financial expenses decreased by 54.37% to -465,662.04 from -1,020,486.21 due to a decline in interest income from term deposits[17]. - Investment income increased by 133.26% to 2,725,860.74 from 1,168,610.91, primarily due to higher financial management returns[17]. - Non-operating income increased by 70.48% to 1,300,502.73 from 762,862.50, mainly due to an increase in government subsidies[17]. - Income tax expenses decreased by 66.52% to 746,933.94 from 2,230,909.99, primarily due to a reduction in profit[17]. Operational Changes - The company completed the technical transformation of the ethylene method for producing epoxy ethane, which began successful operations in May 2013[19]. - The company is modifying the production process of the epoxy ethane project to reduce reliance on a single raw material and lower production costs[19]. - The company is committed to improving internal control management of information disclosure to enhance compliance with regulatory requirements[18]. Project Uncertainty - There is uncertainty regarding the trial operation period of the alcohol-based ethylene oxide production project, which complicates the estimation of product output and sales[28].