LING STEEL(SH:600231)2021-04-29 16:00Financial Performance - Net profit attributable to shareholders surged by 5,242.00% to CNY 238.21 million from CNY 4.46 million year-on-year[5] - Operating revenue rose by 34.92% to CNY 5.78 billion compared to CNY 4.29 billion in the same period last year[5] - Basic earnings per share increased by 5,200.00% to CNY 0.0848 from CNY 0.0016[5] - The company experienced a profit increase primarily due to rising steel prices[12] - The net profit for Q1 2021 reached CNY 238,209,856.41, significantly higher than CNY 4,459,191.16 in Q1 2020, marking an increase of 5,229.5%[34] - The operating profit for Q1 2021 was ¥231,356,782.22, up from ¥25,625,697.67 in Q1 2020, indicating a growth of 803.5%[37] Assets and Liabilities - Total assets increased by 5.12% to CNY 16.81 billion compared to the end of the previous year[5] - The company's total liabilities were CNY 8.17 billion, an increase from CNY 7.72 billion at the end of 2020, marking a rise of about 5.8%[25] - The company's current assets totaled CNY 7.39 billion, up from CNY 6.67 billion at the end of 2020, indicating an increase of about 10.8%[23] - The total assets as of Q1 2021 amounted to CNY 16,866,347,432.38, compared to CNY 16,263,513,879.77 at the end of Q1 2020, representing a growth of 3.7%[29] - Total liabilities for Q1 2021 were CNY 8,226,752,219.20, an increase from CNY 7,923,151,500.45 in Q1 2020, indicating a rise of 3.8%[29] Cash Flow - Cash flow from operating activities turned negative at CNY -346.61 million, a decrease of 174.26% compared to the previous year[5] - The company's cash flow from operating activities for Q1 2021 was negative at -¥346,614,571.12, compared to a positive cash flow of ¥466,745,266.86 in Q1 2020[38] - Cash inflow from financing activities amounted to 453,849,772.12 RMB, while cash outflow was 229,942,680.24 RMB, resulting in a net cash flow of 223,907,091.88 RMB[42] Shareholder Information - The number of shareholders reached 54,228 by the end of the reporting period[10] - The largest shareholder, Lingyuan Iron and Steel Group, holds 35.84% of the shares, with 464.11 million shares pledged[10] - The company’s controlling shareholder converted CNY 15.1358 billion of convertible bonds into 55,039,270 shares, increasing its ownership percentage to 35.84%[15] Expenses and Costs - The company reported a significant increase in income tax expenses, rising by 1,307.04% to CNY 69.83 million[11] - The total operating costs for Q1 2021 were CNY 5,470,825,717.71, up from CNY 4,273,079,999.98 in Q1 2020, reflecting a growth of 28.0%[33] - The total amount of corporate income tax and VAT paid increased, impacting overall financial performance[12] Inventory and Receivables - Inventory as of March 31, 2021, was CNY 1.93 billion, slightly down from CNY 1.96 billion at the end of 2020, showing a decrease of about 1.5%[23] - The company reported accounts receivable of CNY 28.80 million, down from CNY 38.11 million at the end of 2020, reflecting a decrease of approximately 24.4%[23] - Accounts receivable financing increased by 34.85% to CNY 1.27 billion compared to the end of last year[11] Financial Standards and Changes - The company executed new leasing standards, affecting the reporting of sale-leaseback transactions[12] - The company executed the new leasing standards starting January 1, 2021, impacting the financial statements without adjusting comparative period information[47] Research and Development - The company’s research and development expenses for Q1 2021 were CNY 1,847,559.76, compared to CNY 1,499,900.86 in Q1 2020, indicating an increase of 23.3%[33]