Baosteelpackage(SH:601968)2020-04-29 16:00Financial Performance - Operating revenue decreased by 30.58% to CNY 985,641,860.41 year-on-year[5] - Net profit attributable to shareholders decreased by 32.71% to CNY 13,212,649.02 compared to the same period last year[5] - Net cash flow from operating activities decreased significantly by 97.28% to CNY 3,504,933.60[5] - The company reported a net profit of CNY 20,481,555.76 after deducting non-recurring gains and losses, an increase of 22.88% year-on-year[5] - Total operating revenue for Q1 2020 was ¥985,641,860.41, a decrease of 30.6% compared to ¥1,419,896,186.80 in Q1 2019[18] - Net profit for Q1 2020 was ¥17,739,987.54, down 15.4% from ¥20,910,780.82 in Q1 2019[18] - Operating profit for Q1 2020 was ¥39,377,976.73, an increase of 38.3% from ¥28,457,502.07 in Q1 2019[18] - The company reported a comprehensive income total of ¥13,066,365.73 for Q1 2020, compared to ¥3,254,958.64 in Q1 2019[18] Assets and Liabilities - Total assets increased by 3.24% to CNY 6,851,015,775.90 compared to the end of the previous year[5] - Current assets totaled RMB 3,784,106,300.42, up from RMB 3,491,064,066.60, indicating an increase of about 8.39%[13] - The company's cash and cash equivalents rose to RMB 1,159,665,578.04 from RMB 953,025,193.97, representing a growth of approximately 21.69%[13] - Total liabilities increased to RMB 3,291,662,786.30 from RMB 3,089,738,157.70, marking an increase of around 6.54%[14] - The company's equity attributable to shareholders reached RMB 2,320,036,090.31, slightly up from RMB 2,311,103,687.22, showing a growth of about 0.39%[14] - Inventory levels increased to RMB 746,348,950.50 from RMB 580,403,248.36, reflecting a significant rise of approximately 28.61%[13] - Short-term borrowings rose to RMB 730,106,342.73 from RMB 605,791,913.14, indicating an increase of about 20.51%[14] - The total non-current assets amounted to RMB 3,066,909,475.48, down from RMB 3,144,960,714.98, reflecting a decrease of about 2.48%[13] Cash Flow - Cash flow from operating activities generated a net amount of ¥3,504,933.60, a significant decrease from ¥128,824,591.76 in Q1 2019[21] - The net cash flow from operating activities for Q1 2020 was -50,040,862.35 RMB, a decrease from 80,623,063.42 RMB in Q1 2019[24] - Total cash inflow from financing activities in Q1 2020 was 1,643,911,053.95 RMB, compared to 1,883,600,350.23 RMB in Q1 2019, reflecting a decline of approximately 12.7%[24] - The net cash flow from investing activities was -7,622,979.34 RMB in Q1 2020, a significant decrease from 30,714,853.42 RMB in Q1 2019[24] - The total cash and cash equivalents at the end of Q1 2020 amounted to 192,206,775.52 RMB, down from 111,374,631.99 RMB at the end of Q1 2019[24] - The company reported a total cash outflow from financing activities of 1,690,999,288.80 RMB in Q1 2020, compared to 1,971,831,237.68 RMB in Q1 2019, indicating a reduction of about 14.2%[24] Shareholder Information - The total number of shareholders reached 51,261 at the end of the reporting period[10] - The largest shareholder, Baosteel Metal Co., Ltd., holds 56.44% of the shares[10] Operational Challenges - The company faced production disruptions due to the COVID-19 pandemic, impacting revenue[12] - The company continues to optimize its capital structure and improve operational measures despite the challenges faced[12] Accounting Changes - The company executed the new revenue recognition and leasing standards starting January 1, 2020, without retrospective adjustments to prior financial statements[28] - The company’s total liabilities and equity adjustments reflect a shift in accounting treatment under the new standards, impacting the presentation of contract liabilities[26] Research and Development - Research and development expenses increased to ¥18,083,421.08, up 52.1% from ¥11,886,220.30 in Q1 2019[18] Interest and Expenses - The company’s interest expenses decreased to ¥6,443,893.47 in Q1 2020 from ¥17,671,943.03 in Q1 2019, a reduction of 63.5%[18]