CIG(SH:603083)2020-04-28 16:00Financial Performance - Net profit attributable to shareholders was CNY -58,982,643.23, compared to CNY -4,224,057.44 in the same period last year[12] - Operating revenue decreased by 17.54% year-on-year to CNY 569,209,890.33[12] - The total operating revenue for Q1 2020 was CNY 569,209,890.33, a decrease of approximately 17.5% compared to CNY 690,296,706.41 in Q1 2019[45] - The net profit attributable to shareholders decreased to CNY 341,734,621.71 from CNY 382,126,150.84, representing a decline of approximately 10.6%[45] - The company reported a significant reduction in income tax expenses by 81.76% to ¥369,239.15, mainly due to decreased tax expenses from overseas subsidiaries[26] - The total comprehensive income for Q1 2020 was -¥40.39 million, compared to -¥34.84 million in Q1 2019, showing a decline in overall financial health[54] Cash Flow - The net cash flow from operating activities was CNY -145,089,257.79, a decline of 257.81% compared to the previous year[12] - Cash inflow from operating activities was approximately ¥730.92 million in Q1 2020, down from ¥965.29 million in Q1 2019[54] - The cash inflow from operating activities was $574,594,964.78, down from $840,212,431.84, indicating a decline in revenue generation[61] - The cash outflow for operating activities reached $666,703,928.72, compared to $911,144,297.20, showing a reduction in operational expenses[61] - The net cash flow from financing activities was $126,389,503.28, an increase from $65,959,446.38, suggesting improved liquidity management[61] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,839,460,058.85, a decrease of 1.90% compared to the end of the previous year[12] - The total assets as of March 31, 2020, amounted to CNY 2,645,030,461.31, an increase from CNY 2,615,735,884.01 at the end of 2019[45] - Total liabilities increased to CNY 1,502,849,752.11 from CNY 1,433,163,645.68, indicating a rise of about 4.9%[42] - Current liabilities reached ¥1,554,775,613.24, including short-term borrowings of ¥500,957,847.24 and accounts payable of ¥842,944,306.43[67] - Total liabilities were reported at ¥1,711,431,032.32, with non-current liabilities accounting for ¥156,655,419.08[70] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,968[19] - The top ten shareholders hold a total of 21.63% and 13.19% of shares, with Cambridge Industries Company Limited and Shanghai Kangyiqiao Investment Consulting Partnership being the largest shareholders[19] - The company has a significant portion of shares pledged, with 4,212,000 shares from Cambridge Industries Company Limited being pledged[19] - The company has established a consistent action agreement among major shareholders, indicating a unified control structure[22] Research and Development - Research and development expenses rose to ¥98,828,409.81, a 47.48% increase attributed to the establishment of a new R&D team in Japan[26] - The company reported a decrease in research and development expenses to CNY 59,801,713.77 from CNY 44,674,592.80, an increase of approximately 33.9%[45] - Research and development expenses increased to ¥48.51 million in Q1 2020, up from ¥35.95 million in Q1 2019, indicating a focus on innovation[51] Market and Production - The average order delivery rate was only 61.2%, with backlogged orders related to ICT terminals amounting to approximately CNY 481 million[15] - The company faced a significant increase in raw material prices, with resistors rising by 60%-110% and capacitors by 70%-120%[15] - The company’s production bases in Wuhan and Xi'an were largely shut down in February and March due to the pandemic, impacting overall production capacity[15] - The company expects the optical electronics division to turn profitable in the second half of 2020 as production capacity increases and new products are introduced[15] Financial Management - The company is actively managing its financial assets and liabilities to optimize its investment portfolio[19] - The company completed the acquisition of certain assets from Oclaro Japan, which contributed to an increase in R&D, sales, and management expenses[15] - The company received government subsidies amounting to CNY 1,861,877.25 during the reporting period[16] Changes in Accounting - The company adopted new revenue recognition standards effective January 1, 2020, impacting financial reporting[71] - The company has not made adjustments to comparative data for the prior periods under the new revenue standards[81]