GEM-YEAR(SH:601002)2020-04-29 16:00Financial Performance - Operating revenue decreased by 71.59% to CNY 298,185,353.68 compared to the same period last year[5] - Net profit attributable to shareholders decreased by 86.71% to CNY 9,645,085.22 compared to the same period last year[5] - Basic earnings per share decreased by 88.89% to CNY 0.01 compared to CNY 0.09 in the same period last year[5] - Operating profit for Q1 2020 was CNY 8,194,823.19, a significant decline of 91.4% from CNY 95,205,297.12 in Q1 2019[38] - The company reported a net profit of CNY 7,218,930.91 for Q1 2020, down 92.4% from CNY 94,690,544.63 in Q1 2019[38] - The total comprehensive income for Q1 2020 was ¥11,492,383.83, down 84.5% from ¥74,136,859.49 in Q1 2019[42] Cash Flow - Net cash flow from operating activities was CNY 77,364,000.67, a significant improvement from a negative CNY 50,302,964.71 in the previous year[5] - The net cash flow from operating activities for Q1 2020 was 83,308,525.67 RMB, a significant improvement compared to -79,208,983.51 RMB in Q1 2019[47] - The company's total cash flow from operating activities was impacted by a significant reduction in sales revenue, which was 434,633,633.72 RMB compared to 890,007,268.52 RMB in Q1 2019[47] Assets and Liabilities - Total assets increased by 1.13% to CNY 4,282,070,210.94 compared to the end of the previous year[5] - The company's total current liabilities reached RMB 753,781,806.99 as of March 31, 2020, compared to RMB 672,127,561.12 at the end of 2019, indicating an increase of approximately 12.1%[31] - Total liabilities as of March 31, 2020, were CNY 1,149,614,516.55, down from CNY 1,196,886,966.21 at the end of 2019[36] - Shareholders' equity as of March 31, 2020, was CNY 2,747,029,510.39, compared to CNY 2,734,907,570.81 at the end of 2019[36] Shareholder Information - The total number of shareholders reached 71,534 at the end of the reporting period[8] - The largest shareholder, CHIN CHAMP ENTERPRISE CO., LTD., holds 41.35% of the shares[8] Research and Development - The company reported a significant reduction in research and development expenses, which fell by 66.69% to 7,207,214.77 from 21,637,119.28[14] - The company's research and development expenses in Q1 2020 were ¥6,563,240.03, a decrease of 68.1% from ¥20,581,501.37 in Q1 2019[41] Inventory and Accounts Receivable - Accounts receivable decreased by 26.68% to 415,464,434.43 from 566,674,495.08 year-on-year, primarily due to a decline in revenue[13] - Inventory increased by 11.23% to 1,634,829,806.33, up from 1,469,824,675.17, mainly due to an increase in raw material stock[13] - The company reported a total of RMB 1,634,829,806.33 in inventory as of March 31, 2020, compared to RMB 1,469,824,675.17 at the end of 2019, reflecting an increase of approximately 11.2%[29] Financial Expenses - Financial expenses decreased by 75.50% to 3,317,884.56 from 13,539,818.66, attributed to increased foreign exchange gains[15] - Financial expenses for Q1 2020 were ¥3,362,473.51, down 72.5% from ¥12,212,498.79 in Q1 2019[41] Equity and Share Issuance - The company plans to issue up to 158,538,000 new shares as part of its non-public offering approved by the China Securities Regulatory Commission[19] - The company completed the transfer of 100% equity in Jinde Company and Zhejiang Jinjie as part of its non-public stock issuance plan[20] Taxation - The company experienced a 85.67% decrease in taxes payable, dropping to 2,272,451.15 from 15,859,811.41, mainly due to a reduction in value-added tax and its surcharges[15]