SANYUAN(SH:600429)2023-04-26 16:00Financial Performance - The company's operating revenue for Q1 2023 was CNY 2,167,953,044.95, representing a year-on-year increase of 0.55%[5] - The net profit attributable to shareholders for the same period was CNY 41,756,090.07, reflecting a growth of 0.38% compared to the previous year[5] - Total revenue for Q1 2023 was CNY 2,167,953,044.95, a slight increase from CNY 2,156,123,567.69 in Q1 2022, representing a growth of approximately 0.37%[22] - Net profit for Q1 2023 was CNY 12,029,539.13, down from CNY 30,715,109.23 in Q1 2022, reflecting a decrease of approximately 60.83%[23] - Operating profit for Q1 2023 was CNY 35,699,340.81, compared to CNY 44,413,089.34 in Q1 2022, showing a decline of about 19.6%[23] - The comprehensive income total for Q1 2023 was CNY 18,037,254.57, compared to CNY 14,431,536.55 in Q1 2022, representing an increase of approximately 24.1%[24] Cash Flow - The net cash flow from operating activities showed a significant decline of 968.11%, amounting to -CNY 177,566,716.38, primarily due to increased feed costs[6] - In Q1 2023, the cash inflow from operating activities was CNY 2,149,836,900.80, a decrease of 5.06% compared to CNY 2,264,922,934.45 in Q1 2022[26] - The net cash flow from operating activities was negative at CNY -177,566,716.38, contrasting with a positive CNY 20,454,337.00 in the same period last year[26] - Cash outflow for purchasing goods and services was CNY 1,702,342,594.56, an increase of 8.09% from CNY 1,574,842,792.68 in Q1 2022[26] - The cash inflow from financing activities was CNY 1,055,610,940.35, up from CNY 834,084,223.63 in Q1 2022, marking a growth of 26.52%[27] - The net cash flow from financing activities improved to CNY 370,573,300.84, compared to a negative CNY -14,668,935.42 in the previous year[27] - The cash outflow for investing activities was CNY 86,107,443.55, a decrease of 23.38% from CNY 112,478,034.22 in Q1 2022[26] - The net cash flow from investing activities was negative at CNY -60,773,876.63, an improvement from CNY -110,408,262.27 in the same period last year[26] - The company experienced a net increase in cash and cash equivalents of CNY 133,048,360.88 in Q1 2023, compared to a decrease of CNY -110,366,420.34 in Q1 2022[27] Assets and Liabilities - The total assets at the end of Q1 2023 reached CNY 14,626,736,163.34, which is a 4.12% increase from the end of the previous year[6] - As of March 31, 2023, the company's total assets increased to approximately 5.00 billion CNY, up from 4.66 billion CNY at the end of 2022, reflecting a growth of about 7.36%[18] - Total liabilities for Q1 2023 were CNY 8,497,378,983.86, compared to CNY 7,937,019,722.05 in Q1 2022, indicating an increase of approximately 7.06%[20] - The company's equity attributable to shareholders increased to CNY 5,014,979,456.75 in Q1 2023 from CNY 4,966,821,479.87 in Q1 2022, reflecting a growth of about 0.97%[20] Shareholder Information - The top ten shareholders hold a combined 92.96% of the shares, with Beijing Shunfeng Food Group Co., Ltd. being the largest shareholder at 35.28%[9] - The company plans to implement a stock incentive plan, granting 22.46 million restricted shares, which is approximately 1.5% of the total share capital[11] - The first grant of restricted shares will be 20.58 million shares at a price of CNY 3.01 per share, aimed at motivating key employees[11] - The company approved the adjustment of the 2022 restricted stock incentive plan, reducing the number of recipients from 189 to 182 and the total stock grant from 22.46 million shares to 21.608 million shares[12] - The first grant of restricted stock was set at 19.728 million shares with a grant price of 3.01 CNY per share, effective from May 20, 2022[12] - The company completed the cancellation of 660,000 shares of restricted stock due to the termination of employment of 7 incentive recipients, reducing total shares from 151.91 million to 151.85 million[14] Inventory and Receivables - The company’s inventory decreased to approximately 1.76 billion CNY from 1.86 billion CNY, a decline of about 5.88%[18] - Accounts receivable rose to approximately 973.43 million CNY, up from 701.98 million CNY, representing a growth of about 38.66%[18] Business Operations - The company's main business (dairy products and ice cream) revenue grew by 10.8% year-on-year, with a substantial increase in profit[6] - The company is responding to national dairy industry revitalization initiatives by implementing a high-quality development plan for dairy cattle breeding, requiring significant investment[15] - The company plans to transfer 27% of its stake in Beijing Shounong Livestock Development Co., Ltd. to Beijing Sanyuan Seed Industry Technology Co., Ltd., while Sanyuan will inject 600 million CNY into Shounong[15] - Following the transfer, the company's ownership in Shounong will decrease from 51.00% to approximately 19.26%[15] Research and Development - Research and development expenses increased significantly to CNY 33,953,002.36 in Q1 2023 from CNY 7,623,325.15 in Q1 2022, marking an increase of approximately 345.5%[23] Other Financial Metrics - The weighted average return on equity for Q1 2023 was 0.8372%[6] - Basic earnings per share for Q1 2023 were CNY 0.0275, slightly down from CNY 0.0278 in Q1 2022[24]