Rightway Holdings(SH:600321)2022-04-28 16:00Financial Performance - The company's operating revenue for Q1 2022 was ¥123,062,797.06, representing a decrease of 45.62% compared to the same period last year[6] - The net profit attributable to shareholders was a loss of ¥34,483,764.18, with a basic and diluted earnings per share of -¥0.0228[6] - The net cash flow from operating activities was -¥49,965,933.50, reflecting a significant decline of 138.00%[6] - Total operating revenue for Q1 2022 was CNY 123,062,797.06, a decrease of 45.7% compared to CNY 226,296,089.99 in Q1 2021[27] - The company reported a net loss of CNY 677,904,927.99 for Q1 2022, compared to a net loss of CNY 657,644,541.44 in Q1 2021[24] - The net profit for Q1 2022 was a loss of CNY 35.14 million, compared to a loss of CNY 14.16 million in Q1 2021, indicating an increase in losses of approximately 148.5%[29] - The total operating costs for Q1 2022 were approximately CNY 163.77 million, a decrease from CNY 242.75 million in Q1 2021, representing a reduction of about 32.5%[28] - The basic earnings per share for Q1 2022 was reported at CNY -0.0228, compared to CNY -0.0094 in Q1 2021, indicating a worsening of earnings per share[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,098,645,413.43, showing a slight increase of 0.13% from the end of the previous year[7] - The equity attributable to shareholders decreased by 1.87% to ¥1,878,072,427.81 compared to the end of the previous year[7] - Cash and cash equivalents as of March 31, 2022, were CNY 250,622,229.28, down from CNY 319,871,050.64 at the end of 2021, representing a decline of 21.6%[22] - Accounts receivable decreased to CNY 329,435,610.06 from CNY 361,692,445.85, a reduction of 8.9%[22] - Inventory increased to CNY 2,800,576,978.60 from CNY 2,678,397,448.63, an increase of 4.6%[22] - Total liabilities increased to CNY 3,203,732,524.12 from CNY 3,160,365,839.00, an increase of 1.4%[24] - Non-current liabilities totaled CNY 534,969,340.92, up from CNY 486,890,108.76, reflecting an increase of 9.9%[24] - The company’s total equity decreased to CNY 1,894,912,889.31 from CNY 1,931,617,168.58, a decline of 1.9%[24] Operational Challenges - The decline in operating revenue was primarily due to the resurgence of COVID-19, which affected construction, hotel management, and manufacturing operations[8] - The company reported a significant reduction in prepayments, which contributed to the negative cash flow from operating activities[8] Shareholder and Financing Activities - The top two shareholders hold a combined 46.66% of the company's shares, with 正源房地产开发有限公司 holding 24.84% and 四川国栋建设集团有限公司 holding 21.82%[10] - The company approved a guarantee limit of RMB 1.7 billion for its subsidiaries in 2022, with a remaining available limit of RMB 1.653 billion as of the report date[12] - The company provided a joint liability guarantee for a loan of RMB 10 million for its subsidiary Chengdu Zhengyuan Xiyue Hotel Co., Ltd.[13] - The company has utilized RMB 46.489 million of the approved guarantee limit for 2022, which is within the set limit[14] - The company’s subsidiaries have provided a total of RMB 99.541 million in joint liability guarantees for mortgage loans as of the report date[14] - The company terminated its share repurchase plan to prioritize operational expenses and debt repayments[17] - The company repurchased 1.6602 million shares, accounting for 0.11% of the total share capital, with a total expenditure of RMB 3.5064 million, which did not meet the lower limit of the repurchase plan[17] Project Developments - The company is developing the "Shuangliu Zhengyuan International Huichan City Integration Project," with the first phase covering 106.25 acres and the second phase covering 98.49 acres[19] - The company obtained a pre-sale permit for the first batch of buildings in the second phase of the project on January 13, 2022[19] Investment and Cash Flow - The company reported cash inflows from investment activities of CNY 56.58 million in Q1 2022, compared to CNY 2.02 million in Q1 2021, marking a significant increase[32] - Cash flow from financing activities resulted in a net outflow of CNY 23.31 million in Q1 2022, compared to a net outflow of CNY 71.08 million in Q1 2021, showing an improvement in cash management[32] - The cash flow from operating activities showed a net outflow of CNY 49.97 million in Q1 2022, contrasting with a net inflow of CNY 131.50 million in Q1 2021[31] Market Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company did not report any new product launches or significant market expansion strategies during this quarter[33]