C&S(SZ:002511)2014-04-25 16:00Revenue and Profit - Revenue for Q1 2014 was CNY 537,194,276.45, an increase of 3.64% compared to CNY 518,322,062.11 in the same period last year[8] - Net profit attributable to shareholders decreased by 48.39% to CNY 21,239,867.14 from CNY 41,157,071.09 year-on-year[8] - Net profit excluding non-recurring items dropped by 63.75% to CNY 14,716,827.42 compared to CNY 40,596,136.74 in the previous year[8] - The estimated net profit attributable to shareholders for the first half of 2014 is expected to be between CNY 32.61 million and CNY 57.07 million, representing a decrease of 60% to 30% compared to CNY 81.52 million in the same period of 2013[21] Cash Flow - Operating cash flow improved significantly, with a net cash flow from operating activities of CNY 50,253,222.81, a 131.93% increase from a negative CNY 157,385,961.66 last year[8] - Net cash flow from operating activities increased by CNY 207,639,184.47, an increase of 131.93% compared to the same period in 2013, mainly due to increased cash receipts and reduced cash payments[18] - Net cash flow from investing activities increased by CNY 139,457,206.39, an increase of 56.6% compared to the same period in 2013, primarily due to reduced payments for land, equipment, and project costs[18] - Net cash flow from financing activities decreased by CNY 978,206,767.54, a reduction of 108.42% compared to the same period in 2013, mainly due to bond issuance in the previous year[18] Assets and Shareholders - Total assets at the end of the reporting period were CNY 4,337,415,910.71, down 3.46% from CNY 4,492,859,170.90 at the end of the previous year[8] - The number of shareholders at the end of the reporting period was 22,287[11] - The largest shareholder, Guangdong Zhongshun Paper Group Co., Ltd., holds 30.06% of the shares[11] Operational Performance - The weighted average return on equity decreased to 0.93% from 1.85% year-on-year[8] - The company reported a significant decrease in accounts receivable by 45.41%, amounting to a reduction of CNY 29,574,442.1[16] - Prepaid accounts increased by 95.55%, reflecting an increase of CNY 18,251,650.91 due to higher advance payments for raw materials and customs VAT[16] - Operating tax and additional fees decreased by CNY 1,595,543.26, a reduction of 53.12% compared to the same period in 2013, mainly due to a decrease in VAT payments[17] - Financial expenses increased by CNY 4,404,337.55, an increase of 48.84% compared to the same period in 2013, primarily due to increased bond interest[17] - Asset impairment losses decreased by CNY 1,467,610.8, a reduction of 789.65% compared to the same period in 2013, mainly due to a decrease in accounts receivable[17] - Operating income increased by CNY 5,130,160.83, an increase of 144.01% compared to the same period in 2013, primarily due to increased government subsidies received[17] Future Plans - The company plans to increase market investment, expand sales networks, and enhance promotional efforts to gain market share[21]