ZYD(SH:600610)2023-04-24 16:00Financial Performance - The company's operating revenue for Q1 2023 was CNY 325,861,894.61, representing a decrease of 5.03% compared to the same period last year [5]. - The net profit attributable to shareholders was a loss of CNY 11,743,230.18, a decline of 165.27% year-on-year [5]. - The basic and diluted earnings per share were both CNY -0.0110, reflecting a decrease of 165.48% compared to the previous year [6]. - Total revenue for Q1 2023 was ¥325,861,894.61, a decrease of 5.5% compared to ¥343,129,262.68 in Q1 2022 [21]. - Net profit for Q1 2023 was a loss of ¥11,743,230.18, compared to a profit of ¥17,990,460.87 in Q1 2022, representing a significant decline [22]. - Basic and diluted earnings per share for Q1 2023 were both -¥0.0110, down from ¥0.0168 in Q1 2022 [23]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 3,044,980.72, down 97.52% from the same period last year [5]. - Cash flow from operating activities generated a net inflow of ¥3,044,980.72, a decrease of 97.5% from ¥122,822,521.70 in Q1 2022 [26]. - Cash received from sales of goods and services was ¥302,005,576.93, down 11.7% from ¥342,014,700.60 in the previous year [25]. - Cash outflow for operating activities totaled ¥303,854,206.08, an increase of 38.3% compared to ¥219,623,636.78 in Q1 2022 [26]. - The total cash and cash equivalents at the end of the period decreased to $44.12 million from $182.64 million year-over-year [27]. - The cash and cash equivalents net increase for the period was -$21.39 million, compared to an increase of $76.61 million in the same period last year [27]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,239,864,169.72, down 3.65% from the end of the previous year [6]. - Current assets totaled CNY 436,563,636.86, down from CNY 467,524,791.35, indicating a decrease of about 6.62% [19]. - Cash and cash equivalents were CNY 52,587,347.56, compared to CNY 74,090,564.06 at the end of 2022, representing a decline of approximately 29.05% [18]. - Accounts receivable increased to CNY 28,786,819.29 from CNY 19,968,098.66, marking a rise of about 44.1% [18]. - Total liabilities decreased to CNY 1,108,434,052.43 from CNY 1,143,852,286.70, a reduction of approximately 3.09% [20]. - The company's equity attributable to shareholders was CNY 131,430,117.29, down from CNY 142,926,240.98, reflecting a decrease of about 8.06% [20]. Operational Challenges - The company adjusted its sales strategy for polyol products due to weakened demand in downstream industries [10]. - The decline in net profit was attributed to the drop in prices of main products, including trimethylolpropane and pentaerythritol, which exceeded the decrease in raw material costs [10]. - The company reported a significant increase in cash payments for bulk raw materials compared to the previous period [11]. - The company plans to focus on cost control and efficiency improvements in response to the current financial challenges [21]. Subsidiary Management - The company has completed the disposal of two subsidiaries, with no actual gains realized from these disposals as of Q1 2023 [16]. - The company is actively monitoring the asset disposal progress of its subsidiary, 盛云投资, to protect the interests of the company and minority shareholders [16]. - The company continues to pursue bankruptcy proceedings for its subsidiary, 厦门中毅达, and is handling cases related to other subsidiaries [16].