*ST佳沃(300268) - 2025 Q1 - 季度财报

Financial Performance - The company's revenue for Q1 2025 was ¥677,514,772.36, a decrease of 34.09% compared to ¥1,027,931,125.62 in the same period last year[4] - The net loss attributable to shareholders was ¥180,913,426.83, representing a 105.49% increase in losses from ¥88,041,963.16 year-over-year[4] - The company's operating profit for Q1 2025 was RMB -130 million, an improvement of 8% compared to RMB -142 million in Q1 2024[13] - Net loss for the period was ¥201,318,265.61, compared to a net loss of ¥94,162,274.28 in the previous period, indicating a significant increase in losses[41] - The basic and diluted earnings per share were both -¥1.0385, compared to -¥0.5054 in the previous period, showing a deterioration in earnings performance[42] Cash Flow - The net cash flow from operating activities was -¥245,444,238.24, a decline of 125.41% compared to -¥108,888,332.88 in the previous year[4] - Cash flow from operating activities was ¥762,217,484.56, down from ¥1,092,819,353.90, a decline of about 30%[44] - The net cash flow from investing activities decreased by 46.08% to -¥220,000,000, attributed to increased infrastructure investments in fishing grounds[7] - The net cash flow from financing activities increased by 137.43% to ¥312,000,000, primarily due to increased borrowings from related parties[7] - The ending cash and cash equivalents balance was $460.86 million, up from $201.08 million in the previous period, indicating improved liquidity[45] Assets and Liabilities - The company's total assets increased by 3.32% to ¥9,604,281,445.31 from ¥9,295,306,013.20 at the end of the previous year[4] - The total liabilities increased to ¥10,182,425,983.10 from ¥9,752,672,824.28, reflecting a rise of approximately 4.4%[39] - The total equity attributable to shareholders of the parent company decreased to -¥543,430,199.44 from -¥442,750,094.62, indicating a worsening financial position[39] - As of March 31, 2025, the company's debt-to-asset ratio was 106.02%, indicating significant financial strain[25] Operational Challenges - The company reported a 34.09% decrease in operating income, primarily due to reduced production and sales volumes as part of its operational plan[6] - The company faced a significant increase in unit costs due to a decrease in production volume, negatively impacting Q1 2025 operating performance[11] - The domestic salmon business underwent strategic contraction in Q1 2025 due to reduced production and sales from Chile[12] - The company is facing liquidity risks with overdue debts amounting to 88 million RMB as of March 31, 2025[25] Strategic Initiatives - The company plans to stabilize operations by expanding markets, adjusting product structures, and controlling costs[12] - The company plans to improve asset quality and optimize capital structure through strategic investments and asset restructuring[24] - The company is actively expanding its overseas sales channels to mitigate risks associated with geopolitical factors and supply chain disruptions[34] - The company has established a management team with an international perspective to better navigate macroeconomic and regulatory challenges[35] Shareholder Information - The top shareholder, Jiawo Group Limited, holds 46.08% of shares, totaling 80,265,919 shares[9] - The total number of common shareholders at the end of the reporting period was 4,967[9] Inventory and Production - The harvest volume for Australis in Q1 2025 was 8,309 tons, a 43% decrease compared to 14,481 tons in Q1 2024, while sales volume dropped by 40%[13] - In Q1 2025, the total harvest weight was 8,309 tons WFE, a decrease of 43% compared to 14,481 tons WFE in Q1 2024[17] - Q1 2025 sales volume was 8,787 tons WFE, down 40% from 14,655 tons WFE in Q1 2024[18] - The average selling price for Atlantic Salmon in Q1 2025 was $6.98 per KG WFE, slightly up from $6.94 in Q1 2024[20] - The unit cost of production for Atlantic Salmon in Q1 2025 was $6.45 per KG WFE, an increase from $6.30 in Q1 2024[23] Compliance and Regulatory Issues - The company is closely monitoring the compliance plan with the SMA to avoid penalties, emphasizing the importance of regulatory adherence[31] - The company has submitted administrative review applications for 12 aquaculture centers whose compliance plans were rejected[30] Financial Adjustments - Financial expenses increased by 78.97% to ¥1,295,000,000, mainly due to exchange losses and increased interest expenses from related party borrowings[6] - Other comprehensive income after tax was ¥1,561,145.46, compared to -¥329,583.90 in the previous period, indicating a recovery in this area[42] - The company reported an investment income of ¥1,207,880.64, a significant improvement from a loss of -¥293,654.03 in the previous period[41]