SMEG(SH:600689)2021-04-29 16:00Financial Performance - Operating revenue decreased by 25.00% to CNY 161,076,543.16 year-on-year[6] - Net profit attributable to shareholders was CNY 3,245,992.49, a significant recovery from a loss of CNY 2,979,506.22 in the same period last year[6] - Total revenue for Q1 2021 was CNY 161,076,543.16, a decrease of 25% compared to CNY 214,771,087.88 in Q1 2020[28] - Net profit for Q1 2021 was CNY 3,246,076.30, compared to a net loss of CNY 2,858,090.24 in Q1 2020, indicating a turnaround in profitability[29] - The total comprehensive income for the first quarter of 2021 was CNY 3,246,076.30, compared to a loss of CNY 2,858,090.24 in the same period of 2020[30] - The net profit for the first quarter of 2021 was CNY 1,610,271.45, a significant improvement from a net loss of CNY 2,745,113.50 in Q1 2020[32] Assets and Liabilities - Total assets increased by 6.02% to CNY 727,868,674.80 compared to the end of the previous year[6] - The company’s cash and cash equivalents decreased by 43.80% to CNY 164,501,240.76 compared to the beginning of the year[11] - Total assets as of March 31, 2021, amounted to CNY 598,660,287.24, an increase from CNY 478,067,796.38 at the end of 2020[26] - Total liabilities as of March 31, 2021, were CNY 179,272,065.82, significantly higher than CNY 60,289,846.41 at the end of 2020[26] - The company reported a total non-current asset value of RMB 209.72 million, slightly down from RMB 211.77 million at the end of 2020[21] - The company’s total current liabilities increased to RMB 256.26 million from RMB 218.21 million, indicating a rise in short-term financial obligations[21] Cash Flow - Cash flow from operating activities increased by 1.28% to CNY 19,599,508.48 compared to the same period last year[6] - Cash flow from operating activities for Q1 2021 was CNY 19,599,508.48, slightly up from CNY 19,351,576.48 in Q1 2020[35] - The company reported a net increase in cash flow from operating activities of CNY 384,342,678.58 in Q1 2021, compared to CNY 335,701,070.53 in Q1 2020[34] - The cash flow from operating activities showed a strong performance, with a net increase in cash and cash equivalents of $31,065,983.92 compared to a decrease of $103,209,551.70 in Q1 2020[40] Shareholder Information - The number of shareholders reached 28,303, with the top ten shareholders holding 61.55% of the total shares[9] - Shareholders' equity totaled CNY 419,388,221.42 as of March 31, 2021, up from CNY 417,777,949.97 at the end of 2020[26] Government Subsidies and Investments - The company received government subsidies amounting to CNY 320,365.02, which is a decrease of 54.68% compared to the previous year[10] - The company invested RMB 50 million in the establishment of the Innovation No. 1 Fund for specialized investments in Hujiang Education, with a pending arbitration award of RMB 104.397375 million plus interest against certain parties[15][16] Operational Changes - The company is publicly offering 100% equity of Chongqing Yimaotiao Textile Co., Ltd. at an initial price of RMB 24.9324 million, which was later adjusted to RMB 22.4392 million due to lack of interested buyers[13][14] - The company is in the process of liquidating Shanghai Yindun Electronic Information Technology Co., Ltd. due to underperformance and increased operational losses in 2020[14] - The company is committed to timely information disclosure regarding the progress of its asset transfer and liquidation processes[14][16] Cost Management - Total operating costs for Q1 2021 were CNY 161,389,637.00, down from CNY 215,779,550.79 in Q1 2020, reflecting a cost reduction strategy[29] - The company plans to continue focusing on cost control and efficiency improvements to enhance profitability in the upcoming quarters[29] Investment Performance - The company’s investment income for Q1 2021 was CNY 1,934,936.89, compared to CNY 643,886.15 in Q1 2020, showing improved investment performance[29] Other Financial Metrics - The weighted average return on net assets improved to 0.76% from -0.64% year-on-year[6] - Basic earnings per share for Q1 2021 was CNY 0.016, compared to a loss of CNY 0.015 per share in Q1 2020[30] - The company has not reported any significant changes in net profit expectations compared to the previous year[17]