SANYUAN(SH:600429)2021-04-23 16:00Financial Performance - Operating revenue for the first quarter was CNY 1,867,575,905.40, representing a year-on-year increase of 23.05%[12] - Net profit attributable to shareholders was CNY 44,115,735.71, a significant recovery from a loss of CNY 118,778,262.77 in the same period last year[12] - Net cash flow from operating activities was CNY 216,219,350.93, a turnaround from a negative cash flow of CNY 161,818,329.56 in the previous year[12] - The weighted average return on equity was 0.8851%, compared to -2.3962% in the same period last year[12] - Basic and diluted earnings per share were both CNY 0.0295, recovering from a loss of CNY 0.0793 per share in the previous year[12] - The company reported a significant increase in operating costs, reaching 136,769.64 million RMB, a 34.94% rise year-on-year due to increased sales volume[22] - The company achieved a remarkable 365.46% increase in investment income, amounting to 4,957.50 million RMB, primarily due to increased earnings from joint ventures[22] - The total operating revenue for Q1 2021 reached ¥1,867,575,905.40, an increase of 23.06% compared to ¥1,517,740,599.81 in Q1 2020[45] - Net profit for Q1 2021 was ¥34,808,358.81, a significant recovery from a net loss of ¥124,505,432.88 in Q1 2020[45] - The company reported a gross profit margin of approximately 0.11% for Q1 2021, compared to a negative margin in Q1 2020[45] - The company achieved an investment income of ¥49,574,964.99 in Q1 2021, a turnaround from a loss of ¥18,675,423.01 in Q1 2020[45] - The company’s total comprehensive income for Q1 2021 was CNY 38,883,386.29, recovering from a total comprehensive loss of CNY -108,394,927.69 in Q1 2020[49] Shareholder Information - The total number of shareholders at the end of the reporting period was 32,152[15] - The largest shareholder, Beijing Shunyi Food Group Co., Ltd., held 35.79% of the shares[15] - The company plans to distribute cash dividends of 0.05 RMB per share, totaling approximately 748.78 million RMB, which represents 33.95% of the net profit attributable to the parent company for 2020[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,325,668,711.85, a decrease of 0.36% compared to the end of the previous year[12] - Total liabilities decreased slightly from ¥7,385,951,212.30 to ¥7,354,428,928.72, a decrease of approximately 0.43%[37] - Current liabilities increased from ¥4,184,713,820.15 to ¥4,276,452,292.45, an increase of approximately 2.19%[35] - Cash and cash equivalents decreased from ¥935,082,911.44 to ¥653,107,180.50, a decline of about 30.2%[41] - Total liabilities amounted to $7,385,951,212.30, slightly down from $7,388,587,438.41, indicating a stable liability position[63] Cash Flow and Financing - The company has approved a comprehensive credit facility application of up to 1 billion RMB to meet various funding needs[26] - The company is providing a full guarantee for a loan of 7.3 million NZD for its subsidiary in New Zealand, which will be secured by part of its equipment[23] - The company reported cash and cash equivalents at the end of Q1 2021 amounting to CNY 1,920,331,764.90, a decrease from CNY 1,997,507,200.05 at the beginning of the quarter[56] - The company’s financing activities resulted in a net cash outflow of CNY -237,736,872.85 in Q1 2021, contrasting with a net inflow of CNY 232,366,323.80 in Q1 2020[56] Research and Development - Research and development expenses surged by 87.95% to 268.21 million RMB, reflecting higher investment in scientific research[22] - Research and development expenses increased to ¥2,682,134.84 in Q1 2021, up 88.06% from ¥1,427,057.48 in Q1 2020[45] - The company incurred R&D expenses of CNY 369,554.81 in Q1 2021, down from CNY 525,852.98 in Q1 2020, indicating a reduction of about 30%[49] Government Support - The company received government subsidies amounting to CNY 2,759,842.83, which were closely related to its normal business operations[15] Challenges and Recovery - The company faced challenges due to the COVID-19 pandemic but managed to achieve revenue growth compared to both 2020 and 2019[12] - The company anticipates a significant increase in cumulative net profit for the first half of 2021 compared to the same period last year, projecting a positive net profit attributable to the parent company[28]