HUAFANG COMPANY(SH:600448)2020-04-27 16:00Financial Performance - Net profit attributable to shareholders increased by 463.92% to CNY 8,581,098.28 compared to the same period last year[7] - Operating revenue slightly increased by 0.25% to CNY 690,012,829.22 compared to the same period last year[7] - Basic earnings per share increased by 566.67% to CNY 0.02 compared to the same period last year[7] - Operating profit for Q1 2020 was CNY 9,971,827.82, up from CNY 1,404,617.34 in Q1 2019, showing a significant increase of 608.4%[28] - Net profit for Q1 2020 reached CNY 8,570,452.63, compared to CNY 1,464,508.14 in Q1 2019, reflecting a growth of 485.5%[28] - The total operating revenue for Q1 2020 was CNY 673,877,699.60, representing an increase of 1.46% compared to CNY 660,900,360.32 in Q1 2019[29] - The net profit for Q1 2020 was CNY 8,647,049.64, a significant increase from CNY 1,670,387.66 in Q1 2019, marking a growth of 417.4%[30] Assets and Liabilities - Total assets increased by 1.43% to CNY 3,491,906,272.92 compared to the end of the previous year[7] - The company's total assets amounted to CNY 3.49 billion (approximately USD 349.19 million), an increase from CNY 3.44 billion (approximately USD 344.27 million) at the end of 2019[22] - The company's total liabilities as of March 31, 2020, were CNY 1.99 billion (approximately USD 199.23 million), slightly up from CNY 1.96 billion (approximately USD 195.81 million) at the end of 2019[22] - Total liabilities as of March 31, 2020, were CNY 1,957,384,600.30, a decrease from CNY 1,959,376,539.58 at the end of 2019[25] - Current assets totaled CNY 2,081,318,252.17 as of March 31, 2020, compared to CNY 2,069,484,036.84 at the end of 2019, indicating a growth of 0.57%[24] Cash Flow - Net cash flow from operating activities decreased by 90.58% to CNY 1,678,100.42 compared to the same period last year[7] - The cash flow from operating activities for Q1 2020 was CNY 1,678,100.42, a decrease of 90.6% from CNY 17,822,031.59 in Q1 2019[33] - The total cash and cash equivalents at the end of Q1 2020 were CNY 363,349,497.56, down from CNY 438,260,702.77 at the end of Q1 2019[34] - The company reported a net cash outflow from investing activities of CNY 19,166,818.13 in Q1 2020, compared to CNY 967,714.72 in Q1 2019[33] - The cash flow from financing activities showed a net outflow of CNY 23,475,462.80 in Q1 2020, compared to a net outflow of CNY 76,122,759.66 in Q1 2019[34] Investments and Projects - The company plans to repurpose unused fundraising of CNY 462.57 million (approximately USD 46.26 million) from the halted Vietnam high-end fabric project to fund the construction of an intelligent green factory in the industrial park[15] - The total investment amount for the Vietnam high-end fabric project was initially set at CNY 473.91 million (approximately USD 47.39 million), which has now been adjusted to CNY 462.57 million[17] - The company has terminated the intelligent textile industry chain R&D center project and redirected the remaining fundraising of CNY 117.77 million (approximately USD 11.78 million) to supplement working capital[16] Shareholder Information - The total number of shareholders reached 53,621 by the end of the reporting period[9] Other Financial Metrics - The weighted average return on equity increased by 0.48 percentage points to 0.58%[7] - Other current assets increased by 114.17% to CNY 42,772,522.63 due to an increase in VAT credits[12] - The company reported a decrease in inventory to CNY 814,338,544.19 from CNY 827,413,646.57, a decline of 1.58%[24] - Long-term equity investments increased to CNY 78,931,235.69 from CNY 76,931,235.69, reflecting a growth of 2.6%[24] - The company’s retained earnings improved to CNY -146,346,134.17 from CNY -155,456,945.65, indicating a reduction in accumulated losses[25]