BURTC(SH:600861)2023-04-17 16:00Financial Performance - The company's operating revenue for Q1 2023 was RMB 152,495,279.08, representing a decrease of 18.92% compared to the same period last year[18]. - The net profit attributable to shareholders of the listed company was a loss of RMB 30,402,163.42, a decline of 55.65% year-on-year[18]. - The basic earnings per share for the period was -0.0960 yuan, a decrease of 55.59% year-on-year[18]. - Total operating revenue for Q1 2023 was ¥152,495,279.08, a decrease of 19.0% compared to ¥188,089,232.61 in Q1 2022[53]. - The company reported a net loss of ¥30,335,958.73 in Q1 2023, compared to a net loss of ¥18,283,695.79 in Q1 2022, indicating a worsening of approximately 65.9%[66]. - Operating profit for Q1 2023 was -¥28,153,026.02, compared to -¥18,284,241.55 in Q1 2022, indicating a worsening of 54.5%[53]. - Total profit decreased by 60.13%, mainly due to the closure and adjustment of the Urban Century Plaza project, leading to reduced revenue and profit[26]. - Net profit declined by 65.92%, primarily due to the same project closure and adjustment[26]. Cash Flow - The net cash flow from operating activities was RMB 29,201,241.12, showing a significant increase of 546.42% compared to the previous year[18]. - The net cash flow from operating activities increased by 546.42%, mainly due to reduced costs[39]. - In Q1 2023, the net cash flow from operating activities was ¥29,201,241.12, a significant improvement compared to a net outflow of ¥6,541,227.89 in Q1 2022[56]. - The cash inflow from investment activities in Q1 2023 was ¥786,075.18, an increase from ¥674,737.14 in Q1 2022, showing a growth of approximately 16.5%[56]. - The net cash flow from investing activities increased by 81.40%, primarily due to cash received from the disposal of fixed assets[39]. - The company reported a net increase in cash and cash equivalents of approximately $27.48 million during the period[75]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 2,792,209,151.71, a slight decrease of 0.29% from the end of the previous year[25]. - The total assets as of March 31, 2023, amounted to ¥2,800,437,611.31, slightly down from ¥2,805,584,774.76 as of December 31, 2022[60]. - Current liabilities totaled approximately $649.36 million, remaining stable compared to the previous period[69]. - Non-current liabilities decreased to approximately $54.73 million, down from $59.77 million[69]. - The total non-current assets were approximately $2.47 billion, showing a slight decrease from the previous period[69]. - The equity attributable to shareholders of the listed company was RMB 1,952,732,956.38, down 1.53% from the previous year[25]. - The total equity attributable to shareholders was ¥1,983,024,035.25 as of March 31, 2023, remaining stable compared to ¥1,983,135,119.80 at the end of 2022[60]. Expenses - Total operating costs for Q1 2023 were ¥181,612,618.07, down from ¥206,723,455.38 in Q1 2022, representing a reduction of 12.1%[53]. - Sales expenses for Q1 2023 were ¥44,548,082.76, down 9.0% from ¥49,197,626.71 in Q1 2022[53]. - Management expenses for Q1 2023 were ¥54,104,503.95, slightly down from ¥55,575,074.30 in Q1 2022, a decrease of 2.6%[53]. - Financial expenses for Q1 2023 were ¥3,199,664.19, an increase of 40.9% compared to ¥2,268,825.30 in Q1 2022[53]. - Tax and additional charges for Q1 2023 amounted to ¥8,500,770.75, a decrease of 19.5% from ¥10,552,474.76 in Q1 2022[53]. Strategic Initiatives - The company is actively advancing the implementation of a major asset restructuring, including the transfer of ownership for certain assets[13]. - The company completed the acquisition of 100% equity in Beijing Foreign Enterprise Human Resources Service Co., Ltd. on April 3, 2023[47]. - The company plans to raise matching funds through a non-public issuance of shares to Beijing State Capital Operation Management Co., Ltd.[42]. - The company received approval from the China Securities Regulatory Commission for major asset restructuring on July 27, 2022[43]. - The company is focusing on expanding its market presence and enhancing its product offerings in the upcoming quarters[72]. Accounting Changes - The company has begun to implement new accounting standards starting from 2023, which may affect the financial statements[10]. - Deferred income tax liabilities increased by 50.32%, mainly due to the implementation of the new accounting standards[26]. - Deferred income tax liabilities decreased by approximately $5.04 million, reflecting changes in tax obligations[69]. Other Financial Metrics - The weighted average return on net assets was -1.54%, a decrease of 0.65 percentage points compared to the previous year[18]. - Other non-current assets decreased by 94.57%, primarily due to a reduction in prepayments for vehicle purchases[26]. - Accounts payable increased by 38.78%, mainly due to an increase in payable goods[26]. - Tax payable rose by 66.58%, primarily due to an increase in property tax[26].