Rightway Holdings(SH:600321)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 reached CNY 344,260,636.38, representing a significant increase of 179.74% compared to the same period last year[6] - Net profit attributable to shareholders of the listed company was CNY 15,216,056.13, with a basic earnings per share of CNY 0.0101[6] - The net cash flow from operating activities was CNY 84,032,559.98, indicating strong cash generation capabilities during the quarter[6] - Total revenue for Q1 2023 reached CNY 344,260,636.38, a significant increase from CNY 123,062,797.06 in Q1 2022, representing a growth of approximately 179.5%[29] - Operating profit for Q1 2023 was CNY 15,194,214.04, a turnaround from a loss of CNY 36,956,482.27 in Q1 2022[30] - The net profit for Q1 2023 was CNY 15,006,871.93, compared to a net loss of CNY 34,154,565.74 in Q1 2022, marking a significant improvement[30] - The total comprehensive income for Q1 2023 was ¥15,009,511.03, compared to a comprehensive loss of ¥35,136,654.31 in the same period last year[31] - Basic and diluted earnings per share for Q1 2023 were both ¥0.0101, recovering from a loss of ¥0.0228 per share in Q1 2022[31] Assets and Liabilities - Total assets at the end of Q1 2023 were CNY 4,995,101,552.20, a decrease of 1.42% from the end of the previous year[7] - Current liabilities decreased to CNY 2,839,243,288.76 from CNY 3,205,342,362.11 at the end of 2022, reflecting a reduction of approximately 11.4%[25] - Long-term borrowings increased to CNY 535,973,878.11 from CNY 257,050,000.00, showing a growth of about 108.5%[26] - The company's total equity increased slightly to CNY 1,618,600,131.10 from CNY 1,603,590,620.07 at the end of 2022[26] Revenue Drivers - The company confirmed that the increase in revenue was primarily due to the sales of residential properties from the "Shuangliu·Zhengyuan International Huichan City Integration Project" which commenced delivery in February 2023[9] Cash Flow - Cash inflows from operating activities totaled ¥226,756,209.11 in Q1 2023, up from ¥202,192,007.30 in Q1 2022, indicating a 12.7% increase[32] - The net cash flow from financing activities was -¥49,545,996.53 in Q1 2023, worsening from -¥23,313,207.05 in the same quarter last year[33] - The cash outflow for operating activities was ¥142,723,649.13, down from ¥252,157,940.80 in Q1 2022, showing a reduction of 43.3%[32] Shareholder Activities - The second largest shareholder, Sichuan Guodong Construction Group, increased its stake by 1.07% through its action group, Chengdu Guodong Nanyuan Investment, acquiring 16.2 million shares[21] - The controlling shareholder, Zhengyuan Real Estate Development, had 15,306,593 shares subject to judicial auction, which were successfully transferred during the reporting period[19] Guarantees and Loans - The company approved a guarantee limit of up to RMB 1.7 billion for its subsidiaries for the year 2023, with the ability to adjust this limit based on actual operational needs[13] - As of the end of the reporting period, the company has utilized RMB 1.095 billion of the approved guarantee limit, leaving a remaining limit of RMB 605 million[16] - The company’s subsidiary, Chengdu Zhengyuan Xiyue Hotel, applied for a loan of RMB 10 million, for which the company provided a joint liability guarantee[15] - The company’s subsidiary, Zhengyuan Hui, borrowed RMB 75 million from Qingdao Yueyou, with the company providing a joint liability guarantee[15] - The company adjusted the guarantee limit for its subsidiary Zhengyuan Hui from RMB 200 million to RMB 50 million for certain projects[17] - The company’s subsidiary has provided a total of RMB 119.76 million in joint liability guarantees for qualified mortgage loan clients[17] Other Information - The company reported a non-recurring loss of CNY 424,414.02, mainly due to fair value changes in financial assets and liabilities[8] - The company has not disclosed any new product developments or market expansion strategies in this report[9] - There were no significant mergers or acquisitions reported during the quarter[9] - The company plans to continue monitoring and adjusting its financial strategies based on market conditions and operational performance[22] - The company did not apply new accounting standards or interpretations for the first time in 2023[34]