Trendzone(SH:603030)2020-04-28 16:00Financial Performance - Operating revenue fell by 47.88% to CNY 578,325,807.89 year-on-year[5] - Net profit attributable to shareholders decreased by 54.47% to CNY 22,873,098.83 compared to the same period last year[5] - Basic earnings per share decreased by 66.67% to CNY 0.03[5] - Total revenue for Q1 2020 was ¥578,325,807.89, a decrease of 47.9% compared to ¥1,109,585,513.75 in Q1 2019[26] - Net profit for Q1 2020 was ¥31,722,224.16, a decline of 45.4% from ¥58,391,351.67 in Q1 2019[27] - The net profit attributable to the parent company was CNY 7,331,788.90, compared to CNY 31,540,022.82 in the same period last year, reflecting a decline of approximately 76.8%[30] - The total comprehensive income for Q1 2020 was CNY 7,331,788.90, compared to CNY 31,540,022.82 in Q1 2019, showing a decline of about 76.8%[32] Assets and Liabilities - Total assets decreased by 8.04% to CNY 8,897,332,441.28 compared to the end of the previous year[5] - Total current assets as of March 31, 2020, amounted to ¥2,849,990,473.36, down from ¥3,418,161,875.16 at the end of 2019, indicating a 16.6% decrease[23] - Total liabilities as of March 31, 2020, were ¥2,822,858,974.82, a decrease of 17.0% from ¥3,400,424,021.45 at the end of 2019[24] - Total assets as of March 31, 2020, were ¥4,464,341,865.42, down from ¥5,034,575,123.15 at the end of 2019, representing a 11.3% decline[24] - The company reported a significant adjustment in accounts receivable, decreasing by CNY 860,403,472.22 due to the new revenue recognition standards[43] Cash Flow - Cash flow from operating activities showed an improvement, with a net cash outflow of CNY -199,898,699.65, a 40.27% reduction in outflow compared to the previous year[5] - The cash inflow from operating activities was CNY 993,975,928.04, down from CNY 1,510,971,116.60 in Q1 2019, representing a decrease of approximately 34.1%[34] - The total cash inflow from operating activities decreased to 267,605,506.80 RMB, down from 738,780,550.75 RMB, representing a decline of about 64%[36] - Cash outflow from operating activities totaled 374,541,974.32 RMB, a decrease from 831,899,761.13 RMB, showing a reduction of approximately 55%[36] - The net cash flow from operating activities was -199,898,699.65 RMB, compared to -334,691,604.38 RMB in the previous year, indicating an improvement of approximately 40%[35] Borrowings and Financial Management - Long-term borrowings increased significantly by 443.03% to CNY 55,873,559.30[12] - Long-term borrowings increased by 443.03% year-on-year, attributed to new long-term loans taken during the period[14] - The company reported a financial expense of CNY -222,119.19, compared to CNY 14,509,508.75 in Q1 2019, indicating a significant improvement in financial management[30] Research and Development - R&D expenses decreased by 42.19% year-on-year to ¥15,625,071.99 due to reduced business volume caused by the COVID-19 pandemic[14] - Research and development expenses decreased to ¥15,625,071.99 in Q1 2020 from ¥27,029,879.90 in Q1 2019, a reduction of 42.3%[27] - Research and development expenses for Q1 2020 were CNY 2,830,759.12, down from CNY 12,435,747.97 in Q1 2019, reflecting a decrease of approximately 77.3%[30] Government Subsidies and Other Income - The company reported a government subsidy of CNY 12,231,700.00 recognized in the current period[8] - Other income rose by 89% year-on-year to ¥14,298,237.59, primarily due to increased government subsidies[14] Shareholder Information - The total number of shareholders reached 20,710 by the end of the reporting period[10] Changes Due to New Standards - The company adopted the new revenue recognition standard starting January 1, 2020, which resulted in adjustments to the financial statements[47] - Contract liabilities increased due to reclassification under new revenue standards[14] - Accounts receivable decreased by 48.39% compared to the beginning of the year, mainly due to the reclassification to contract assets under new revenue standards[14]