LFD(SH:600149)2020-04-29 16:00Financial Performance - Operating revenue increased by 11.58% to CNY 77,278,820.14 year-on-year[5] - Net profit attributable to shareholders rose by 52.66% to CNY 922,660.66 compared to the same period last year[5] - Basic earnings per share increased by 50.00% to CNY 0.0024[5] - Operating profit for Q1 2020 reached CNY 16,112,502.61, up from CNY 10,875,169.98 in the same period last year, reflecting a growth of 48.5%[19] - Net profit for Q1 2020 was CNY 11,134,595.34, compared to CNY 8,090,879.29 in Q1 2019, representing an increase of 37.8%[19] - Total comprehensive income for Q1 2020 was CNY 11,134,595.34, compared to CNY 8,090,879.29 in Q1 2019, representing a growth of 37.8%[20] Assets and Liabilities - Total assets decreased by 10.31% to CNY 635,514,406.38 compared to the end of the previous year[5] - Total liabilities decreased to CNY 341,350,569.48 from CNY 425,530,579.51, indicating a reduction of 19.7%[14] - The total current assets decreased to ¥125,248.92 million from ¥189,853.76 million, reflecting a significant reduction in cash and inventory[13] - Total assets as of March 31, 2020, amounted to CNY 635,514,406.38, down from CNY 708,559,821.07 at the end of 2019[14] - Total liabilities amounted to 425,530,579.51 RMB, remaining consistent with the previous reporting period[29] Shareholder Information - The total number of shareholders reached 34,207[9] - The largest shareholder, Evergrande Group, holds 20.00% of the shares[9] - The second-largest shareholder, Langfang Investment Holding Group, holds 15.30% of the shares, with 86.04% of its holdings frozen[9] - Shareholders' equity increased to CNY 294,163,836.90 from CNY 283,029,241.56, showing a growth of 3.9%[14] - The total equity attributable to shareholders was 208,862,199.61 RMB, unchanged from the previous period[29] Cash Flow and Operating Activities - Net cash flow from operating activities improved to -CNY 19,139,167.48, a reduction in loss compared to -CNY 35,896,796.11 in the previous year[5] - Cash received from sales and services surged by 335.45% to ¥1,529.42 million, mainly from the recovery of heating fees and project payments[10] - The company reported a 100% decrease in advance receipts, dropping to ¥0.00 million, as heating fees were recognized as revenue[10] - Operating cash flow for Q1 2020 was CNY -19,139,167.48, an improvement from CNY -35,896,796.11 in Q1 2019[25] - The company reported a significant drop in cash inflow from other operating activities, which decreased from 4,180,517.80 RMB in Q1 2019 to 79,524.98 RMB in Q1 2020, a decline of approximately 98.1%[26] Inventory and Receivables - Accounts receivable decreased by 53.58% to ¥1,282.57 million primarily due to the collection of heating fees[10] - Inventory decreased significantly by 91.89% to ¥182.27 million, mainly due to normal consumption of fuel[10] Tax and Financial Management - Tax payable increased by 49.38% to ¥1,436.98 million, primarily due to an increase in income tax payable[10] - The company recorded a financial expense of CNY -76,457.50, compared to CNY -172,506.17 in the previous year, indicating improved financial management[19] - The company incurred financial expenses of CNY -51,961.78 in Q1 2020, an improvement from CNY -139,616.42 in Q1 2019, indicating a reduction in financial costs[21] Changes in Accounting Standards - The company has adopted new revenue and lease accounting standards starting in 2020, which may impact future financial reporting and performance metrics[27] - The new revenue recognition standard was implemented starting January 1, 2020, without retrospective adjustment to 2019 figures[33] - The new revenue standard is not expected to significantly impact the company's financial indicators for 2019[33] Other Financial Metrics - Non-recurring gains and losses totaled CNY 5,552.08[8] - Employee compensation payable decreased by 64.83% to ¥205.34 million due to payments made for salaries and benefits[10] - The company reported a retained earnings deficit of approximately $343.29 million[32]