ST雪发(002485) - 2014 Q1 - 季度财报

Financial Performance - Revenue for Q1 2014 was CNY 235,990,573.89, a decrease of 22.01% compared to CNY 302,582,869.12 in the same period last year[8] - Net profit attributable to shareholders was CNY 4,484,904.46, down 78.59% from CNY 20,950,172.83 year-on-year[8] - Basic earnings per share decreased by 85.71% to CNY 0.01 from CNY 0.07 in the previous year[8] - Operating profit decreased by 63.61% year-on-year, primarily due to macroeconomic impacts and reduced sales from group customization and franchise stores[15] - Non-operating income decreased by 98.42% compared to the previous year, mainly due to government subsidies received last year[15] - The estimated net profit attributable to shareholders for the first half of 2014 is projected to be between 10.6523 million RMB and 26.6307 million RMB, representing a decrease of 50% to 80% compared to the same period in 2013[24] - The decline in profit is attributed to a sluggish macroeconomic environment affecting terminal consumption and a prolonged cultivation period for new marketing networks[24] Cash Flow and Assets - Net cash flow from operating activities was negative at CNY -38,279,019.97, a decline of 193.94% compared to CNY -13,022,596.54 last year[8] - Total assets at the end of the reporting period were CNY 2,729,863,918.75, a decrease of 2.26% from CNY 2,793,033,305.31 at the end of the previous year[8] - The balance of accounts receivable decreased by 56.10% compared to the beginning of the year, mainly due to the use of notes for payment[15] - The balance of construction in progress increased by 31.20% compared to the beginning of the year, attributed to store renovations and payments for the Xi Niu Industrial Park project[15] - Cash flow from investing activities increased by 42.67% year-on-year, primarily due to lower payments for store renovation in the previous year[16] Management Changes - The company appointed Chen Yujian as the new Chairman and Zhao Xuefeng as the new General Manager following the resignation of the previous executives[17] Leasing and Financing - The company agreed to lease its property at 17 Hao Building for an annual rent of 8.58 million RMB, which is expected to contribute approximately 5.0651 million RMB to the net profit for 2014[18] - The company is authorized to issue corporate bonds up to 750 million RMB, with the first phase of 400 million RMB issued at a coupon rate of 5.85%[20]