LGWH(SH:601599)2020-04-29 16:00Financial Performance - Net profit attributable to shareholders was CNY -63,428,331.82, a decrease of 808.73% year-on-year[5] - Operating revenue decreased by 31.06% to CNY 523,819,757.86 compared to the same period last year[5] - Basic earnings per share were CNY -0.07, down 800% from CNY 0.01 in the previous year[5] - Total revenue for Q1 2020 was CNY 523,819,757.86, a decrease of 31.0% compared to CNY 759,769,168.40 in Q1 2019[22] - Net loss for Q1 2020 was CNY -63,690,125.31, compared to a net profit of CNY 12,544,298.46 in Q1 2019[23] - The total comprehensive income for the period was -63,690,125.31 CNY, compared to 12,384,990.36 CNY in the previous year, reflecting a substantial drop[24] - Operating profit for the quarter was -17,101,447.17 CNY, worsening from -9,592,839.63 CNY year-over-year[25] Cash Flow and Liquidity - Net cash flow from operating activities was CNY 48,542,540.66, a significant improvement from CNY -10,452,702.02 in the previous year[5] - Cash flow from operating activities generated 48,542,540.66 CNY, a recovery from -10,452,702.02 CNY in the same quarter last year[27] - The ending cash and cash equivalents balance was 144,609,349.77 RMB, compared to a negative balance of -19,202,479.90 RMB in Q1 2019, showing an improvement in liquidity[31] - Cash and cash equivalents increased to CNY 420,887,688.57 from CNY 246,003,461.86, marking a growth of 71.0%[19] Assets and Liabilities - Total assets increased by 11.19% to CNY 5,998,108,174.48 compared to the end of the previous year[5] - The company's total liabilities rose to ¥4,207,431,712.41 as of March 31, 2020, compared to ¥3,529,281,777.69 at the end of 2019, reflecting increased financial obligations[17] - Total liabilities amounted to CNY 3,760,163,268.89, with current liabilities at CNY 3,529,281,777.69[34] - The total assets of the company were CNY 5,394,628,650.03, with current assets totaling CNY 2,424,562,652.08[36] Shareholder Information - The total number of shareholders was 36,179, with the top ten shareholders holding a combined 48.28% of shares[10] - The largest shareholder, Qian Wenlong, held 13.32% of shares, with 108 million shares pledged[10] Research and Development - Research and development expenses rose by 56.30% to ¥7,027,548.72 in Q1 2020 from ¥4,496,195.15 in Q1 2019, indicating increased investment in innovation[13] - Research and development expenses for Q1 2020 were CNY 7,027,548.72, compared to CNY 4,496,195.15 in Q1 2019, reflecting a growth of 56.4%[23] Other Financial Metrics - The company reported non-recurring gains of CNY 4,484,048.49, including government subsidies of CNY 6,248,565.08[10] - The company reported a significant decrease in investment income, down 94.65% to ¥130,438.37 from ¥2,437,260.15 in the previous year[13] - The company incurred asset impairment losses of -238,875.62 CNY, a significant improvement from -3,005,737.46 CNY in the previous year[25] Capital and Financing - The company plans to issue up to 213,670,000 shares to raise funds for working capital, as announced on April 14, 2020[14] - The company received a total of ¥1.045 billion in relocation compensation, with ¥400 million received as a prepayment during the reporting period[14] - The company reported a cash inflow from loans of 308,890,350.00 RMB, down from 664,381,910.90 RMB in Q1 2019, suggesting a tighter borrowing environment[31] Revenue Recognition Standards - The company is implementing new revenue recognition standards effective from January 1, 2020, impacting financial reporting[35] - The company has implemented the new revenue recognition standards since January 1, 2020, adjusting the financial statements accordingly[40] - The company does not apply retrospective adjustments for prior comparative data under the new revenue and leasing standards[41]