QCEC(SH:600218)2020-04-29 16:00Financial Performance - Net profit attributable to shareholders decreased by 14.52% to CNY 25,117,380.48 compared to the same period last year[6] - Operating revenue decreased by 21.20% to CNY 826,924,120.57 compared to the same period last year[6] - Basic earnings per share decreased by 12.50% to CNY 0.07[6] - The net profit attributable to ordinary shareholders decreased by 14.52% year-on-year, with a net profit of ¥17,256,524.85 compared to ¥16,270,619.81 in the previous year[12] - Net profit for Q1 2020 was ¥30,430,977.30, down from ¥34,287,154.80 in Q1 2019, a decline of 11.0%[25] - The company's operating revenue for Q1 2020 was ¥785.1 million, a decrease of 22.6% compared to ¥1,014.1 million in Q1 2019[28] - The basic earnings per share for Q1 2020 was ¥0.07, down from ¥0.08 in Q1 2019[28] - The total comprehensive income for Q1 2020 was ¥30.5 million, compared to ¥28.1 million in Q1 2019, indicating a growth of 8.5%[29] Cash Flow - The net cash flow from operating activities was CNY 131,068,384.43, a significant improvement from a negative cash flow of CNY -17,128,626.17 in the same period last year[6] - The net cash flow from operating activities increased significantly to ¥131,068,384.43, compared to a negative cash flow of ¥17,128,626.17 in the same period last year[12] - The cash inflow from operating activities in Q1 2020 was ¥653.8 million, an increase of 33.7% from ¥489.0 million in Q1 2019[30] - Total cash inflow from operating activities was 617,825,441.76 RMB, up from 379,968,343.74 RMB in the same period last year, representing an increase of approximately 62.7%[34] - The company experienced a net decrease in cash and cash equivalents of -321,788,042.09 RMB in Q1 2020, compared to an increase of 162,973,628.82 RMB in Q1 2019, highlighting a challenging cash flow environment[35] Assets and Liabilities - Total assets increased by 4.46% to CNY 4,336,880,632.65 compared to the end of the previous year[6] - The total current assets increased to ¥3,182,694,448.67 from ¥2,967,901,752.65, reflecting a growth in cash and receivables[17] - The company's total liabilities increased to ¥2,219,793,462.49 from ¥2,060,267,560.37, reflecting a rise in accounts payable and other liabilities[19] - Total liabilities reached RMB 2,060,267,560.37, with current liabilities at RMB 1,958,855,817.00 and non-current liabilities at RMB 101,411,743.37[39] - The company’s total liabilities to equity ratio stands at approximately 0.98, indicating a balanced capital structure[39] Research and Development - Research and development expenses decreased by 22.86% to CNY 24,368,919.10 compared to the same period last year[11] - Research and development expenses decreased due to the suspension of some activities caused by pandemic control measures[12] - The company reported a decrease in R&D expenses to ¥24,368,919.10 in Q1 2020 from ¥31,590,929.14 in Q1 2019, a reduction of 22.9%[25] Inventory and Sales - Inventory increased by 26.93% to CNY 767,870,869.48 compared to the end of the previous year[11] - Inventory levels rose to ¥767,870,869.48, up from ¥604,955,900.19, indicating a 27% increase, likely due to market disruptions caused by the COVID-19 pandemic[17] - The company experienced a decrease in product sales revenue due to the impact of the COVID-19 pandemic, leading to a decline in sales costs and related expenses[12] - The company reported a total sales revenue of 596,073,737.29 RMB in Q1 2020, compared to 348,288,486.39 RMB in Q1 2019, marking an increase of about 71.3%[34] Government Support - The company received government subsidies amounting to CNY 3,414,128.01 during the reporting period[6] Accounting Changes - The new revenue recognition standard was implemented starting January 1, 2020, affecting the classification of prepayments to contract liabilities[44] - The company has made adjustments to retained earnings and financial statement items in accordance with the new accounting standards[43]