*ST佳沃(300268) - 2014 Q1 - 季度财报

Financial Performance - Total revenue for Q1 2014 was ¥27,366,205.20, a decrease of 62.66% compared to ¥73,280,692.49 in the same period last year[7] - Net profit attributable to ordinary shareholders was -¥6,177,436.43, representing a decline of 29.48% from -¥4,771,128.60 year-on-year[7] - Basic earnings per share decreased by 27.78% to -¥0.046 from -¥0.036 in the same period last year[7] - The operating profit was RMB -7,366,236.10, a decline of 7.03% year-on-year[20] - The net profit attributable to shareholders was RMB -6,177,436.43, down 29.48% from the previous year[20] - The company's net loss for the period was CNY 6,177,436.43, compared to a net loss of CNY 5,000,000 in the previous period, reflecting an increase in losses[46] - Total operating revenue for Q1 2014 was CNY 27,366,205.20, a decrease from CNY 73,280,692.49 in the same period last year, representing a decline of approximately 62.7%[48] - The net profit for Q1 2014 was a loss of CNY 6,177,436.43, compared to a loss of CNY 4,771,128.60 in the previous year, reflecting an increase in losses of approximately 29.4%[49] Cash Flow and Assets - Net cash flow from operating activities was ¥335,153.73, down 98.63% from ¥24,438,493.22 in the previous year[7] - Cash received from operating activities decreased by 58.76% year-on-year, primarily due to a decline in sales volume and prices[21] - The ending cash and cash equivalents balance for Q1 2014 was CNY 78,708,279.41, down from CNY 181,681,123.51 at the end of the previous year[52] - Cash outflow from investing activities was CNY 5,379,883.31, a decrease from CNY 34,613,159.66 in the previous year[51] - Cash flow from financing activities resulted in a net inflow of CNY 1,989,667.34, compared to a net outflow of CNY 68,539,473.34 in Q1 2013[52] - Total assets at the end of the reporting period were ¥446,332,344.51, a decrease of 5.3% from ¥471,325,496.44 at the end of the previous year[7] - The total current assets decreased from CNY 168,206,650.88 to CNY 144,009,969.03, representing a reduction of about 14.4%[43] - The company's cash and cash equivalents decreased from CNY 81,763,341.65 to CNY 78,708,279.41, a decline of approximately 2.5%[43] Liabilities and Equity - The total liabilities decreased from CNY 171,968,839.64 to CNY 153,153,124.14, indicating a reduction of about 10.9%[45] - The total equity attributable to the parent company decreased from CNY 299,356,656.80 to CNY 293,179,220.37, a decline of about 2.1%[45] - Other payables decreased by 74.17% compared to the end of last year due to repayment of previous payables[17] - Other non-current liabilities increased by 46.81% compared to the end of last year, mainly due to an increase in asset-related subsidies received[17] Business Strategy and Future Plans - The company plans to enhance sales efforts and brand influence while gradually shifting towards organic agriculture[9] - The company established Wanfushengke (Beijing) Organic Agriculture Development Co., Ltd. to explore new business growth points in organic agriculture[22] - The company plans to actively manage assets to increase cash flow and communicate with banks to extend due loans[22] - The company is focused on maintaining its market position while exploring new opportunities in organic agriculture[23] - The company is actively working on enhancing its operational strategies to adapt to market changes and improve profitability[23] Shareholder and Governance Commitments - The company has made commitments regarding shareholding and management, ensuring that major shareholders will not transfer or delegate their shares for 36 months from the date of the company's stock listing[26] - The company has ongoing commitments to avoid engaging in competitive businesses that may conflict with its subsidiaries[28] - The company has established a strategy to manage shareholder rights and obligations responsibly, adhering to corporate governance standards[29] - The actual controllers of the company have committed to comply with relevant laws and regulations, ensuring proper governance and management of company funds[30] - The company is currently fulfilling its commitments regarding compensation for investors in case of losses[30] Fundraising and Investment Projects - The total amount of funds raised in the current quarter is 39,481.05 million RMB[32] - The cumulative amount of raised funds used for changes in purpose is 22,798.23 million RMB, accounting for 21.12% of the total raised funds[32] - The investment progress for the "Circular Economy Rice Deep Processing Production Line" project is 81.28%, with a total investment of 19,554.61 million RMB[32] - The "Annual Production of 5,000 Tons of Edible Rice Protein Powder" project has been fully funded with an investment of 185 million RMB[32] - The "Rice Biotechnology Research and Development Center" project has also been fully funded with an investment of 1,621 million RMB[32] - The investment progress for the "Annual Production of 3,000 Tons of Rice Bran Oil Technology Transformation" project is 55.21%, with a total investment of 1,431.62 million RMB[32] - The company plans to use 1,556.0 million RMB of raised funds to supplement working capital, achieving 100% allocation[33] - The company has permanently supplemented working capital with 15,560.54 million RMB of raised funds as of December 31, 2011[33] - The company has temporarily supplemented working capital with 3,900.00 million RMB of idle raised funds, with a usage period of up to 6 months[34] Regulatory and Audit Issues - The company is awaiting judicial conclusions regarding the financial data related to inflated revenue and operating profit, which may lead to further changes in financial data[35] - The company has not undergone an audit for the Q1 2014 report[52] Dividend Policy - The company's cash dividend policy mandates a minimum cash distribution of 10% of the distributable profit for the year, with a cumulative distribution of at least 30% of the average annual distributable profit over the last three years[36]