AVIC SAC(SH:600760)2021-04-29 16:00Financial Performance - Net profit attributable to shareholders decreased by 42.29% to CNY 345,082,804.40 compared to the same period last year[4] - Basic earnings per share decreased by 41.86% to CNY 0.25 compared to the same period last year[4] - The weighted average return on net assets decreased by 3.31 percentage points to 3.34% compared to the same period last year[4] - The net profit for Q1 2021 was CNY 344,801,218.97, a decrease of 42.4% compared to CNY 598,163,906.08 in Q1 2020[20] - The total profit for Q1 2021 was CNY 405,232,374.91, down from CNY 702,329,060.60 in the same period last year, representing a decline of 42.4%[20] - Basic earnings per share for Q1 2021 were CNY 0.25, compared to CNY 0.43 in Q1 2020, reflecting a decrease of 41.9%[20] - The operating profit for Q1 2021 was CNY 410,604,875.26, down from CNY 706,855,042.32 in Q1 2020, indicating a decline of 41.9%[20] - The company reported a significant decrease in other income by 85.07% to ¥58,886,766.16, mainly due to reduced government subsidies[10] - The company reported a significant increase in cash flow from operating activities, totaling CNY 4,323,246,153.49 in Q1 2021, compared to CNY 1,409,826,133.89 in Q1 2020, representing a growth of 206.5%[22] - The total comprehensive income for Q1 2021 was CNY 344,801,218.97, down from CNY 598,163,906.08 in Q1 2020, reflecting a decrease of 42.4%[20] Assets and Liabilities - Total assets decreased by 10.04% to CNY 29,554,770,085.00 compared to the end of the previous year[4] - Total liabilities decreased from ¥22,017,720,073.45 in Q1 2020 to ¥18,363,764,935.38 in Q1 2021, a reduction of approximately 16.5%[14] - Total assets increased slightly from ¥7,653,794,018.51 in Q1 2020 to ¥7,661,473,106.79 in Q1 2021, reflecting a growth of about 0.1%[16] - The company's equity attributable to shareholders rose from ¥10,148,447,601.91 in Q1 2020 to ¥10,504,202,701.23 in Q1 2021, an increase of approximately 3.5%[14] - The total current liabilities decreased from ¥21,443,865,160.03 in Q1 2020 to ¥17,182,687,318.05 in Q1 2021, a decline of approximately 20.0%[14] - Non-current liabilities increased from ¥573,854,913.42 in Q1 2020 to ¥1,181,077,617.33 in Q1 2021, representing a significant increase of about 105.5%[14] - The total equity increased from ¥10,835,360,686.84 in Q1 2020 to ¥11,191,005,149.62 in Q1 2021, reflecting a growth of about 3.3%[14] - The company's total current assets increased from ¥1,456,207,785.74 in Q1 2020 to ¥1,462,098,942.32 in Q1 2021, a growth of approximately 0.4%[15] Cash Flow - Net cash flow from operating activities was negative at CNY -1,785,039,477.99, compared to CNY -481,108,457.91 in the same period last year[4] - Total cash inflow from operating activities amounted to 5,174,490,688.25 RMB, while cash outflow was 6,959,530,166.24 RMB, resulting in a net cash flow deficit[23] - Cash and cash equivalents at the end of the period were 10,705,858,715.48 RMB, down from 12,631,808,008.72 RMB at the beginning of the period, reflecting a decrease of 1,925,949,293.24 RMB[24] - The cash inflow from investment activities was 11,253,375.60 RMB, while cash outflow was 151,547,319.94 RMB, leading to a net cash flow of -140,293,944.34 RMB[23] - The cash inflow from financing activities was 4,000,000.00 RMB, with cash outflow for dividend payments and interest totaling 1,145,208.33 RMB, resulting in a net cash flow of -1,145,208.33 RMB[24] - The company reported a significant increase in cash received from other operating activities, totaling 851,244,534.76 RMB, compared to 575,148,356.31 RMB in the previous year[23] - The total cash outflow for payments to employees was 715,033,298.26 RMB, an increase from 640,148,925.60 RMB year-over-year[23] Shareholder Information - The total number of shareholders was 101,766, with the largest shareholder holding 70.04% of the shares[7] - The top ten shareholders include state-owned enterprises and investment funds, indicating a strong institutional presence[7] Government Subsidies and R&D - The company received government subsidies amounting to CNY 61,745,658.09 related to normal business operations[5] - Research and development expenses surged by 83.78% to ¥66,786,002.82, reflecting higher investment in R&D[10] Strategic Initiatives - The company is actively pursuing new strategies for market expansion and product development, although specific details were not disclosed in the report[4] Other Financial Metrics - Accounts receivable decreased by 97.23% to ¥10,474,327.40 due to the collection of matured notes[9] - Prepayments decreased by 23.47% to ¥520,744,374.58 primarily due to the settlement of prior payments to suppliers[9] - Contract liabilities decreased by 28.50% to ¥3,381,722,593.11, mainly due to the recognition of revenue from previously received payments[10] - Other payables decreased by 90.65% to ¥224,657,586.48, primarily due to the repayment of accounts receivable factoring[10] - The company incurred a credit impairment loss of CNY -62,891,437.43 in Q1 2021, compared to CNY -59,069,049.04 in Q1 2020[20] - The company’s other income for Q1 2021 was CNY 45,841.67, down from CNY 61,361.00 in Q1 2020[20] - The company’s financial expenses for Q1 2021 were CNY -4,165,534.69, compared to CNY -1,483,752.62 in Q1 2020, indicating an increase in financial costs[21] - The company reported a decrease in management expenses to CNY 98,000.77 in Q1 2021 from CNY 114,515.37 in Q1 2020, indicating a reduction of 14.4%[21] Leasing Standards - The company executed new leasing standards, resulting in the recognition of right-of-use assets amounting to ¥11,847,209.89[9] - The company is implementing new leasing standards effective January 1, 2021, which may impact future financial reporting[30] - The company has not applied the new lease accounting standards retroactively, as indicated in the report[33]