Wencan(SH:603348)2023-04-25 16:00Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,272,177,745.85, representing a year-on-year increase of 2.31%[5] - The net profit attributable to shareholders of the listed company was CNY 2,539,123.47, a significant decrease of 96.80% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,494,794.94, down 96.77% year-on-year[5] - Basic earnings per share were CNY 0.01, a decrease of 96.86% year-on-year[6] - Diluted earnings per share were also CNY 0.01, down 95.09% compared to the previous year[6] - The weighted average return on net assets was 0.08%, a decrease of 2.8 percentage points from the previous year[6] - Total revenue for Q1 2023 was CNY 1,272,177,745.85, an increase of 2.9% compared to CNY 1,243,440,479.13 in Q1 2022[18] - Total operating costs for Q1 2023 were CNY 1,253,216,385.37, up from CNY 1,136,275,324.99 in Q1 2022, reflecting a year-over-year increase of 10.3%[18] - Net profit for Q1 2023 was CNY 2,539,123.47, a significant decrease of 96.8% compared to CNY 79,404,262.56 in Q1 2022[19] - Research and development expenses for Q1 2023 amounted to CNY 39,811,076.57, compared to CNY 33,199,597.80 in Q1 2022, indicating a year-over-year increase of 19.9%[18] Cash Flow - The net cash flow from operating activities was CNY 118,614,378.11, reflecting an increase of CNY 24,626.07[6] - The company's cash flow from operating activities showed a decline, impacting overall liquidity[19] - In Q1 2023, the cash inflow from operating activities was CNY 1,348,483,688.58, an increase of 20.3% compared to CNY 1,120,817,886.35 in Q1 2022[21] - The net cash flow from operating activities was CNY 118,614,378.11, significantly up from CNY 479,713.82 in the same period last year[22] - Total cash outflow from operating activities was CNY 1,229,869,310.47, compared to CNY 1,120,338,172.53 in Q1 2022, reflecting a rise of 9.8%[22] - The cash inflow from investing activities was CNY 3,679,244.60, up from CNY 254,423.63 in Q1 2022[22] - The net cash flow from investing activities was -CNY 298,800,989.27, worsening from -CNY 259,532,783.21 year-over-year[22] - Cash inflow from financing activities was CNY 480,802,539.40, an increase of 52.6% from CNY 315,034,341.87 in Q1 2022[23] - The net cash flow from financing activities was CNY 46,004,335.29, down from CNY 128,075,146.74 in the previous year[23] - The cash and cash equivalents at the end of Q1 2023 were CNY 326,914,095.84, a decrease from CNY 453,118,138.69 at the end of Q1 2022[23] - The total cash outflow from financing activities was CNY 434,798,204.11, compared to CNY 186,959,195.13 in Q1 2022, indicating a significant increase[23] - The company reported a negative cash increase of CNY 132,571,686.02 in Q1 2023, slightly better than the negative CNY 135,534,485.78 in Q1 2022[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,244,781,032.45, a decrease of 1.44% from the end of the previous year[6] - The equity attributable to shareholders of the listed company was CNY 3,106,109,955.51, an increase of 1.95% compared to the end of the previous year[6] - The total liabilities as of Q1 2023 were CNY 4,138,671,076.94, a decrease from CNY 4,304,037,884.77 in the previous year[16] - The total equity attributable to shareholders was CNY 3,106,109,955.51, up from CNY 3,046,606,230.87 in Q1 2022, representing an increase of 1.9%[16] - The company's current assets totaled RMB 2,489,046,053.66, down from RMB 2,771,078,290.65 at the end of 2022, indicating a decline of approximately 10.2%[14] - Cash and cash equivalents decreased significantly to RMB 326,914,095.84 from RMB 459,485,781.86, representing a decline of about 29%[14] - Accounts receivable stood at RMB 1,243,542,598.89, a decrease from RMB 1,296,283,287.91, reflecting a reduction of approximately 4.1%[14] - Inventory decreased to RMB 646,021,035.81 from RMB 723,330,055.60, marking a decline of around 10.7%[14] - The company's fixed assets were valued at RMB 2,542,034,494.87, slightly down from RMB 2,557,626,899.30[14] - The total non-current assets increased to RMB 4,755,734,978.79 from RMB 4,579,565,824.99, showing an increase of approximately 3.8%[14] Market and Competition - The decline in net profit was attributed to intensified competition in the new energy vehicle sector and increased costs at the company's Mexican plant[8] - The company is expected to continue focusing on market expansion and new product development strategies in the upcoming quarters[11] - The company plans to focus on market expansion and new product development in the upcoming quarters[19]