探路者(300005) - 2015 Q1 - 季度财报

Important Notice Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with the company's leadership affirming the financial report's integrity - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3] - The company's head, chief accountant, and accounting department head declare the financial report to be true and complete[4] Company Profile Key Accounting Data and Financial Indicators During the reporting period, the company achieved over 20% year-on-year growth in total operating revenue and net profit attributable to ordinary shareholders, with significant improvement in net cash flow from operating activities and steady growth in total assets and shareholder equity Key Accounting Data and Financial Indicators for the Current Period | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 384,169,723.10 | 318,050,505.11 | 20.79% | | Net Profit Attributable to Ordinary Shareholders of Listed Company | 94,343,577.72 | 77,699,448.96 | 21.42% | | Net Cash Flow from Operating Activities | -39,005,480.14 | -122,103,119.76 | 68.06% | | Basic Earnings Per Share | 0.1838 | 0.1515 | 21.32% | | Diluted Earnings Per Share | 0.1834 | 0.1505 | 21.86% | | Weighted Average Return on Net Assets | 7.28% | 7.13% | 0.15% | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses | 7.43% | 6.80% | 0.63% | Balance Sheet Indicators at Period End | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,786,065,515.82 | 1,767,323,140.08 | 1.06% | | Owners' Equity Attributable to Ordinary Shareholders of Listed Company | 1,344,261,329.41 | 1,247,909,944.54 | 7.72% | | Net Assets Per Share Attributable to Ordinary Shareholders of Listed Company | 2.6181 | 2.4325 | 7.63% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year Start to Period End (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off of impairment provisions) | -3,735.16 | | Other non-operating income and expenses apart from the above | -2,149,894.78 | | Less: Income tax impact | -320,094.60 | | Impact on minority interests (after tax) | -7.76 | | Total | -1,833,527.58 | Significant Risk Warnings The company faces risks from a slowing outdoor industry, increased competition, and underperforming multi-brand businesses, planning to respond through organizational reform, enhanced R&D, channel upgrades, ecosystem building, and M&A, alongside differentiated channel expansion and marketing for its multi-brand portfolio - The outdoor market growth slowed, with 2014 retail sales increasing by 11.28% year-on-year, a decline of approximately 13 percentage points from the previous year, indicating an industry shakeout and intensified competition[10] - The company will advance business unit reform, strengthen product planning and design, drive R&D, promotion, and operations with a user-centric approach, upgrade online and offline channels, and build an ecosystem for synergistic development across outdoor products, travel services, and big sports sectors[11] - Multi-brand businesses (ACANU, Discovery Expedition) experienced significant sales revenue growth but remain in a pre-profit incubation period, posing risks of underperforming expectations[12] 2014 New Brand Sales Revenue Growth | Brand | 2014 Operating Revenue (10,000 Yuan) | Growth from 2013 | | :--- | :--- | :--- | | ACANU | 1,798.44 | 466.40% | | Discovery Expedition | 3,979.55 | 1439.30% | - The company will pursue differentiated channel expansion and marketing based on brand positioning, such as ACANU promoting college cycling culture and Discovery Expedition signing Bear Grylls as an endorser[13] Total Shareholders and Top Ten Shareholders' Holdings at Period End As of the end of the reporting period, the company had 19,382 shareholders. Among the top ten, Sheng Faqiang and Wang Jing, a married couple, are the actual controllers, holding a combined 39.20% stake, with Li Runbo being Sheng Faqiang's nephew. The top ten shareholders' holdings remained stable, with no agreed repurchase transactions - The total number of shareholders at the end of the reporting period was 19,382[14] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Sheng Faqiang | Domestic Natural Person | 28.75% | 147,600,974 | 110,700,730 | | Wang Jing | Domestic Natural Person | 10.45% | 53,632,598 | 40,224,448 | | Jiang Zhongfu | Domestic Natural Person | 3.10% | 15,907,589 | 11,930,692 | | Industrial and Commercial Bank of China - Galaxy Yintai Wealth Management Dividend Securities Investment Fund | Domestic Non-State-Owned Legal Person | 1.52% | 7,800,000 | 0 | | Li Runbo | Domestic Natural Person | 1.49% | 7,629,389 | 0 | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 022L-CT001 Shenzhen | Domestic Non-State-Owned Legal Person | 1.25% | 6,409,060 | 0 | | China Construction Bank Corporation - Galaxy Industry Selection Stock Investment Fund | Domestic Non-State-Owned Legal Person | 1.17% | 6,002,341 | 0 | | Li Xuehong | Domestic Natural Person | 0.98% | 5,036,366 | 0 | | Industrial and Commercial Bank of China - GF Jufeng Stock Investment Fund | 0.88% | 4,501,943 | 0 | | Li Xiaoyu | Domestic Natural Person | 0.85% | 4,357,359 | 0 | - Sheng Faqiang and Wang Jing are a married couple, jointly holding 39.20% of the company's shares as actual controllers; Li Runbo is Sheng Faqiang's nephew[16] Changes in Restricted Shares During the reporting period, the company's total restricted shares decreased by 22,832,961, primarily due to the release of lock-up shares held by executives such as Wang Jing, Jiang Zhongfu, Li Xiaoyu, Peng Xin, and Zhang Cheng, as well as equity incentive restricted shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Sheng Faqiang | 110,700,730 | 0 | 0 | 110,700,730 | Executive Lock-up Shares | | Wang Jing | 53,632,574 | 13,408,126 | 0 | 40,224,448 | Executive Lock-up Shares | | Jiang Zhongfu | 15,642,898 | 3,712,206 | 0 | 11,930,692 | Executive Lock-up Shares | | Li Xiaoyu | 4,357,359 | 4,357,359 | 0 | 0 | Executive Lock-up Shares | | Peng Xin | 2,400,642 | 558,044 | 0 | 1,842,598 | Executive Lock-up Shares; Equity Incentive Restricted Shares | | Zhang Cheng | 1,510,524 | 290,591 | 0 | 1,219,933 | Executive Lock-up Shares; Equity Incentive Restricted Shares | | Han Tao | 581,508 | 506,635 | 0 | 74,873 | Equity Incentive Restricted Shares | | Total | 188,826,235 | 22,832,961 | 0 | 165,993,274 | -- | Management Discussion and Analysis Significant Changes and Reasons for Major Financial Statement Items and Indicators During the Reporting Period During the reporting period, the company experienced significant changes across multiple balance sheet, income statement, and cash flow statement items. Asset changes included decreases in notes receivable and prepayments, alongside substantial increases in available-for-sale financial assets and held-to-maturity investments, reflecting active investment. Liability changes involved decreases in employee compensation payable and taxes payable. Income statement variations were primarily influenced by increased turnover taxes, reduced interest income, decreased government subsidies, and external donations. Cash flow saw improved net operating cash flow but a significant increase in investment outflows Explanation of Significant Changes and Reasons for Balance Sheet Items Balance sheet item changes primarily reflect decreases in notes receivable and prepayments, substantial increases in available-for-sale financial assets and held-to-maturity investments due to capital injections and wealth management product purchases, and other non-current assets fluctuating from investment transfers and new prepaid investments. On the liability side, employee compensation payable and taxes payable significantly decreased due to payments, while other comprehensive income declined due to fair value changes in investment projects - Notes receivable balance decreased by 89.54% from the beginning of the year, primarily due to maturity and acceptance for payment[20] - Available-for-sale financial assets balance increased by 271.84% from the beginning of the year, mainly due to capital injections into Tutu (Xiamen) and Zhongjing Shijie[20] - Employee compensation payable balance decreased by 102.25% from the beginning of the year, primarily because all bonus compensation accrued at the end of 2014 was paid out in the current period[20] - Other comprehensive income decreased by 177.72% from the beginning of the year, mainly due to fair value changes in the Singapore Aisatravel investment project[20] Explanation of Significant Changes and Reasons for Income Statement Items Income statement item changes primarily include a substantial increase in business taxes and surcharges due to higher turnover taxes, increased financial expenses from reduced interest income, decreased non-operating income due to lower government subsidies, significantly higher non-operating expenses from external donations, and a reduction in other comprehensive income due to fair value changes in available-for-sale financial assets - Business taxes and surcharges increased by 155.97% year-on-year, primarily due to an increase in various turnover taxes[21] - Non-operating income decreased by 78.01% year-on-year, mainly due to a reduction in government subsidies[21] - Non-operating expenses increased by 2773.23% year-on-year, primarily due to external donations of 2.94 million Yuan[21] Explanation of Significant Changes and Reasons for Cash Flow Statement Items Cash flow statement item changes primarily include a decrease in cash received from other operating activities, an increase in net cash flow from operating activities due to reduced payments for goods, a decrease in cash received from investment recovery and investment income due to fewer bank wealth management products, reduced cash paid for fixed asset construction, and a substantial increase in cash paid for investments due to multiple investment payments - Net cash flow from operating activities increased by 68.06%, primarily due to a reduction in payments to suppliers for goods during the reporting period, in accordance with contractual payment terms, compared to the prior year[22] - Cash paid for investments increased by 103.48% year-on-year, mainly due to investment payments for Tutu (Xiamen), E-Travel World, and Zhongjing Shijie[22] Business Review and Outlook In Q1 2015, the company continued to deepen internet-driven business upgrades, optimizing brand, marketing, operations, and supply chain management with a user-centric, internet-first approach, driving rapid online and offline business growth. The company achieved strong performance, with operating revenue up 20.79% and net profit up 21.42%, actively building an ecosystem for outdoor products, travel services, and big sports, while also deepening internal organizational reforms - The company deepened internet-driven upgrades to its business operations, optimizing brand, marketing, operations, and supply chain processes with a user-centric approach[23] Key Operating Performance for Q1 2015 | Indicator | Amount (100 Million Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 3.84 | 20.79% | | Operating Profit | 1.13 | 28.91% | | Net Profit Attributable to Parent Company Ordinary Shareholders | 0.94 | 21.42% | - The company actively promoted the construction of the Toread ecosystem, fostering synergistic development across outdoor products, travel services, and big sports industries[24] - Multi-brand businesses (Toread, Discovery Expedition, ACANU) progressed orderly, with the Toread brand promoting key products through endorsers, Discovery Expedition forming a strategic partnership with Off-Road Tribe, and ACANU introducing Tutu for capital increase and share expansion[25] - In the travel services and big sports sectors, the company jointly established the Toread & Hetong Sports Industry M&A Fund and strategically invested in E-Travel World International Travel Agency, acquiring a 74.56% stake to enhance its travel business segment structure[26][27] - The company deepened internal organizational structural reforms, integrating R&D and supply chain center functions to establish an R&D Management Center, Supply Chain Business Center I, and Supply Chain Business Center II, adapting to mobile internet development and market competition[28] Important Risk Factors Adversely Affecting Future Operations, Major Difficulties in Company Operations, and Proposed Countermeasures The company faces multiple risks including franchisee management, rising outsourced production and operating costs, changing consumer shopping habits, underperforming investment integration, and an immature outdoor experiential travel service market. The company plans to address these through enhanced franchisee management, supply chain optimization, refined management, differentiated online/offline strategies, accelerated M&A integration, and market research - Franchisee operational management capabilities, fundraising abilities, and service quality may adversely affect the company's operating performance and brand image[29] - The company strengthens franchisee management through comprehensive on-site services, information technology development, improved management systems, and support policies, while optimizing the futures ordering model to reduce default risks[30][31] - Rising labor costs, increasing raw material prices, and company expansion may lead to higher outsourced production costs and various operating and management expenses[32] - The company will implement refined management, optimize the supply chain, establish strategic partnerships with quality manufacturers, centralize procurement, advance overseas expansion, and control cost increases through comprehensive budget management[32][33] - The rapid development of e-commerce has led to a shift in consumer shopping habits, with online shopping impacting offline store sales[34] - The company adopts a differentiated online and offline product development strategy, upgrading its e-commerce sales model, integrating franchisees into online distribution platforms, accelerating M&A to integrate outdoor industry resources, and promoting an "O2O" (Online-to-Offline) operating model of "products + services"[35] - Investment projects (e.g., Asiatravel, Lvye.com, Jizhi Mei, Tutu, E-Travel World) have differences in operating style, corporate culture, and management methods, and integration not meeting expectations may pose risks[36] - The outdoor experiential travel service market is not yet mature, and the company's significant investment in this business carries short-term uncertainty risks[37] Significant Matters Commitments by the Company or Shareholders Holding 5% or More Shares During or Continuing into the Reporting Period The company's controlling shareholders and actual controllers, Sheng Faqiang and Wang Jing, committed to avoiding horizontal competition and to selling less than 5% of the company's total shares between October 29, 2014, and April 28, 2015. As of the end of the reporting period, all commitments were observed - Controlling shareholders and actual controllers, Sheng Faqiang and Wang Jing, committed to avoiding horizontal competition, which remains long-term effective[40] - Sheng Faqiang and Wang Jing committed to selling less than 5% of the company's total shares between October 29, 2014, and April 28, 2015[40] - As of the end of the reporting period, the aforementioned shareholders complied with their commitments, with no violations found[40] Comparison Table of Funds Raised Usage The comparison table of funds raised usage is not applicable for the reporting period - The company's reporting period does not apply to the comparison table of funds raised usage[41] Progress of Other Significant Matters During the reporting period, the company completed a capital increase in Tutu (Xiamen), holding a total of 20% equity. Investment funds for Jizhi Mei Travel Agency were paid after the reporting period, resulting in a 56.52% stake. The company also co-initiated the Toread & Hetong Sports Industry M&A Fund with Jiangxi Hetong Asset Management Co., Ltd., and strategically acquired a 74.56% stake in E-Travel World International Travel Agency, with partial equity transfer payments made - The company completed a 150 million Yuan capital increase in Tutu (Xiamen), holding a total of 20% equity, with business registration changes in progress[42] - On April 10, 2015, the company paid 39 million Yuan in investment funds to Jizhi Mei Travel Agency, acquiring a 56.52% stake, though Jizhi Mei was not yet included in the company's consolidated financial statements during the reporting period[42] - The company, in collaboration with Jiangxi Hetong Asset Management Co., Ltd., co-initiated the Toread & Hetong Sports Industry M&A Fund with a total scale of 300 million Yuan, focusing on investments in sports vertical media and mass sports event-related enterprises[43] - The company plans to acquire a total of 74.56% equity in E-Travel World International Travel Agency through equity transfer and capital increase, having already paid 26.1478 million Yuan in advance[44] Execution of Cash Dividend Policy During the Reporting Period On April 13, 2015, the Board of Directors approved the 2014 profit distribution plan, proposing a cash dividend of 2.00 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 102,603,306.4 Yuan. No cash dividend matters occurred in Q1 2015 - The 2014 profit distribution plan proposes a cash dividend of 2.00 Yuan (tax inclusive) per 10 shares to all shareholders, based on the company's total share capital at the end of 2014, totaling 102,603,306.4 Yuan[45] - No cash dividend matters occurred in Q1 2015[45] Warning and Explanation Regarding Potential Loss, Turnaround, or Significant Change in Cumulative Net Profit from Year-Beginning to Next Period-End During the reporting period, the company did not have any warnings regarding cumulative net profit from the beginning of the year to the end of the next reporting period potentially being a loss, turning profitable, or experiencing significant changes compared to the prior year - The company's reporting period has no warnings regarding significant changes in cumulative net profit[46] Provision of Funds to Controlling Shareholders or Affiliates, and External Guarantees in Violation of Prescribed Procedures During the reporting period, the company did not provide funds to controlling shareholders or their affiliates, nor did it provide external guarantees in violation of prescribed procedures - The company did not provide funds to controlling shareholders or their affiliates, nor did it provide external guarantees in violation of prescribed procedures during the reporting period[46] Major Shareholder and Concerted Parties' Share Increase Plan Proposed or Implemented During the Reporting Period During the reporting period, the company's major shareholders and their concerted parties did not propose or implement any share increase plans - The company's major shareholders and their concerted parties did not engage in agreed repurchase transactions or propose or implement any share increase plans during the reporting period[16][46] Financial Statements Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2015, detailing the financial position, operating results, and cash flows at the end of the reporting period Consolidated Balance Sheet As of March 31, 2015, the company's consolidated total assets were 1,786,065,515.82 Yuan, a 1.06% increase from the beginning of the period. Total current assets were 1,219,158,863.18 Yuan, total non-current assets were 566,906,652.64 Yuan. Total liabilities were 390,848,180.12 Yuan, and total owners' equity was 1,395,217,335.70 Yuan Consolidated Balance Sheet Key Data (March 31, 2015) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 694,522,808.03 | 874,049,974.50 | | Notes Receivable | 500,000.00 | 4,780,000.00 | | Accounts Receivable | 123,732,571.04 | 133,191,093.78 | | Prepayments | 8,177,877.22 | 12,623,313.36 | | Inventories | 371,960,154.13 | 299,079,036.09 | | Available-for-Sale Financial Assets | 207,024,120.00 | 55,675,200.00 | | Held-to-Maturity Investments | 20,000,000.00 | | | Total Assets | 1,786,065,515.82 | 1,767,323,140.08 | | Accounts Payable | 275,892,575.99 | 273,418,836.39 | | Employee Compensation Payable | -576,859.43 | 25,689,396.48 | | Taxes Payable | 43,954,386.51 | 85,656,255.92 | | Total Liabilities | 390,848,180.12 | 472,679,153.58 | | Total Owners' Equity Attributable to Parent Company | 1,344,261,329.41 | 1,247,909,944.54 | | Total Owners' Equity | 1,395,217,335.70 | 1,294,643,986.50 | Parent Company Balance Sheet As of March 31, 2015, the parent company's total assets were 1,800,608,565.55 Yuan, a 1.63% increase from the beginning of the period. Total current assets were 1,159,395,276.29 Yuan, total non-current assets were 641,213,289.26 Yuan. Total liabilities were 361,951,063.10 Yuan, and total owners' equity was 1,438,657,502.45 Yuan Parent Company Balance Sheet Key Data (March 31, 2015) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 623,709,930.80 | 773,037,205.49 | | Accounts Receivable | 241,578,227.18 | 247,518,851.77 | | Inventories | 269,368,364.52 | 197,382,987.02 | | Available-for-Sale Financial Assets | 201,024,120.00 | 55,675,200.00 | | Long-Term Equity Investments | 153,200,000.00 | 153,200,000.00 | | Total Assets | 1,800,608,565.55 | 1,771,752,752.77 | | Accounts Payable | 261,183,796.87 | 256,148,035.90 | | Employee Compensation Payable | -585,790.80 | 24,469,118.81 | | Taxes Payable | 43,370,330.54 | 84,813,394.42 | | Total Liabilities | 361,951,063.10 | 435,498,093.01 | | Total Owners' Equity | 1,438,657,502.45 | 1,336,254,659.76 | Consolidated Income Statement In Q1 2015, the company achieved total operating revenue of 384,169,723.10 Yuan, a 20.79% year-on-year increase, and net profit attributable to parent company owners of 94,343,577.72 Yuan, a 21.42% year-on-year increase, with both operating profit and total profit showing significant growth Consolidated Income Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 384,169,723.10 | 318,050,505.11 | | Total Operating Costs | 271,729,454.40 | 231,125,959.82 | | Operating Profit | 112,802,173.70 | 87,503,997.55 | | Total Profit | 110,648,543.76 | 91,650,380.35 | | Net Profit | 92,480,302.21 | 76,327,821.81 | | Net Profit Attributable to Parent Company Owners | 94,343,577.72 | 77,699,448.96 | | Net Other Comprehensive Income After Tax | -4,651,080.00 | 13,586,414.80 | | Total Comprehensive Income | 87,829,222.21 | 89,914,236.61 | | Basic Earnings Per Share | 0.1838 | 0.1515 | | Diluted Earnings Per Share | 0.1834 | 0.1505 | Parent Company Income Statement In Q1 2015, the parent company achieved operating revenue of 351,233,414.67 Yuan and net profit of 102,881,224.70 Yuan, with both operating profit and total profit increasing compared to the prior year Parent Company Income Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 351,233,414.67 | 301,810,039.77 | | Operating Profit | 123,170,698.93 | 98,009,889.68 | | Total Profit | 121,036,734.94 | 102,149,031.48 | | Net Profit | 102,881,224.70 | 86,826,472.94 | | Net Other Comprehensive Income After Tax | -4,651,080.00 | 13,586,414.80 | | Total Comprehensive Income | 98,230,144.70 | 100,412,887.74 | | Basic Earnings Per Share | 0.2004 | 0.1692 | | Diluted Earnings Per Share | 0.1999 | 0.1682 | Consolidated Cash Flow Statement In Q1 2015, the company's net cash flow from operating activities was -39,005,480.14 Yuan, a 68.06% significant improvement year-on-year. Net cash flow from investing activities was -152,472,563.00 Yuan, primarily due to increased investment payments. Cash and cash equivalents balance at period-end was 694,522,808.03 Yuan Consolidated Cash Flow Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 459,795,981.27 | 379,410,633.80 | | Subtotal of Cash Outflows from Operating Activities | 498,801,461.41 | 501,513,753.56 | | Net Cash Flow from Operating Activities | -39,005,480.14 | -122,103,119.76 | | Subtotal of Cash Inflows from Investing Activities | 50,364,625.00 | 80,582,342.26 | | Subtotal of Cash Outflows from Investing Activities | 202,837,188.00 | 101,405,619.20 | | Net Cash Flow from Investing Activities | -152,472,563.00 | -20,823,276.94 | | Net Cash Flow from Financing Activities | 11,950,876.67 | 15,341,741.70 | | Net Increase in Cash and Cash Equivalents | -179,527,166.47 | -127,584,655.00 | | Cash and Cash Equivalents at End of Period | 694,522,808.03 | 603,621,748.03 | Parent Company Cash Flow Statement In Q1 2015, the parent company's net cash flow from operating activities was -26,205,404.36 Yuan, an improvement from the prior year. Net cash flow from investing activities was -126,501,318.00 Yuan, primarily due to increased investment payments. Cash and cash equivalents balance at period-end was 623,709,930.80 Yuan Parent Company Cash Flow Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 421,219,941.17 | 358,802,332.87 | | Subtotal of Cash Outflows from Operating Activities | 447,425,345.53 | 466,717,495.89 | | Net Cash Flow from Operating Activities | -26,205,404.36 | -107,915,163.02 | | Subtotal of Cash Inflows from Investing Activities | 50,331,070.00 | 80,582,342.26 | | Subtotal of Cash Outflows from Investing Activities | 176,832,388.00 | 108,596,439.20 | | Net Cash Flow from Investing Activities | -126,501,318.00 | -28,014,096.94 | | Net Cash Flow from Financing Activities | 3,379,447.67 | 2,224,441.70 | | Net Increase in Cash and Cash Equivalents | -149,327,274.69 | -133,704,818.26 | | Cash and Cash Equivalents at End of Period | 623,709,930.80 | 492,776,032.97 | Audit Report The company's Q1 2015 report is unaudited - The company's first quarter report is unaudited[73]