Elegant(SH:603221)2023-04-28 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥160,628,885.12, a decrease of 31.52% compared to the same period last year[3] - The net profit attributable to shareholders was a loss of ¥14,882,938.22, with a net profit margin not applicable due to the loss[3] - The net cash flow from operating activities was negative at ¥48,669,945.87, representing a decrease of 213.63%[3] - The company reported a net loss in Q1 2023, with a significant decline in profitability compared to the previous year, indicating challenges in the current market environment[16] - In Q1 2023, the company reported a net loss of CNY 19,123,643.47, compared to a net loss of CNY 13,303,473.56 in Q1 2022, representing an increase in loss of approximately 43.5% year-over-year[17] - Total revenue from operating activities decreased to CNY 153,796,254.35 in Q1 2023, down 53.8% from CNY 332,550,431.61 in Q1 2022[21] - The company incurred total management expenses of CNY 21,932,519.68 in Q1 2023, which is a significant increase of 64.5% compared to CNY 13,335,740.45 in Q1 2022[17] - The company reported a comprehensive loss of CNY 21,502,767.83 in Q1 2023, compared to a comprehensive loss of CNY 13,457,984.55 in Q1 2022, reflecting a worsening financial position[18] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥2,049,968,322.64, an increase of 2.22% from the end of the previous year[4] - The equity attributable to shareholders decreased by 1.15% to ¥1,378,310,743.76 compared to the end of the previous year[4] - The company's total assets reached RMB 2,049,968,322.64 as of March 31, 2023, compared to RMB 2,005,377,581.32 at the end of 2022, marking an increase of 2.2%[14] - Total liabilities amounted to RMB 550,948,499.09 as of March 31, 2023, compared to RMB 515,604,789.94 at the end of 2022, reflecting an increase of 6.8%[15] - The company's equity attributable to shareholders was RMB 1,378,310,743.76 as of March 31, 2023, down from RMB 1,394,407,035.41 at the end of 2022, a decrease of 1.2%[15] Cash Flow and Working Capital - The company's cash and cash equivalents increased to RMB 229,086,434.37 as of March 31, 2023, compared to RMB 211,078,307.21 at the end of 2022, reflecting a growth of 8.5%[13] - Cash and cash equivalents at the end of Q1 2023 stood at CNY 166,990,383.13, a decrease from CNY 307,637,691.03 at the end of Q1 2022[22] - The company's operating cash flow turned negative, with a net cash outflow of CNY 48,669,945.87 in Q1 2023, compared to a positive cash inflow of CNY 42,830,193.43 in the same period last year[21] Operational Metrics - The total operating costs for Q1 2023 were RMB 182,864,272.93, down 28.0% from RMB 254,080,883.71 in the same period last year[16] - Accounts receivable rose to RMB 155,528,042.22 in Q1 2023, up from RMB 132,059,210.41 at the end of 2022, indicating an increase of 17.8%[13] - Inventory levels increased to RMB 210,740,430.47 as of March 31, 2023, compared to RMB 198,264,762.41 at the end of 2022, representing a growth of 6.5%[13] - The company experienced a significant decline in revenue primarily due to macroeconomic factors and industry fluctuations, leading to reduced product sales[6] Future Outlook and Strategy - The company is focusing on enhancing its product offerings and exploring new market opportunities to drive future growth[16] - Research and development expenses remained relatively stable at CNY 6,147,297.32 in Q1 2023, compared to CNY 6,294,542.11 in Q1 2022, indicating a focus on innovation despite financial losses[17] Expenses and Cost Management - The company experienced a significant increase in interest expenses, with CNY 2,648,693.97 in Q1 2023, compared to CNY 2,335,035.53 in Q1 2022, reflecting higher borrowing costs[17] - The company reported a decrease in sales expenses to CNY 3,695,598.11 in Q1 2023, down from CNY 4,289,941.32 in Q1 2022, indicating cost-cutting measures[17]