东方电缆(603606) - 2020 Q1 - 季度财报

Financial Performance - The company achieved operating revenue of 671.43 million RMB in Q1 2020, representing a year-on-year growth of 10.88%[5] - Net profit attributable to shareholders was 80.50 million RMB, a significant increase of 62.90% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was 82.47 million RMB, reflecting a year-on-year growth of 62.07%[5] - Basic and diluted earnings per share were both 0.12 RMB, marking a 50.00% increase year-on-year[5] - Operating profit for Q1 2020 was CNY 97,740,008.75, compared to CNY 60,728,330.09 in Q1 2019, marking a growth of 60.94%[30] - The company achieved a total profit of CNY 93,433,289.77 in Q1 2020, an increase of 62.14% from CNY 57,630,030.09 in Q1 2019[30] - The total comprehensive income for the first quarter of 2020 was CNY 29,923,943.67, a decrease from CNY 50,369,420.59 in the same period of 2019[32] Assets and Liabilities - Total assets at the end of the reporting period reached 4.31 billion RMB, an increase of 9.41% from the end of the previous year[5] - Current liabilities rose to CNY 2,129,403,935.16, up from CNY 1,731,615,035.15, indicating an increase of about 23%[26] - The company's total liabilities reached CNY 2,178,207,407.48, compared to CNY 1,783,445,828.29, reflecting a growth of approximately 22.1%[26] - The equity attributable to shareholders increased to CNY 2,134,118,502.78 from CNY 2,104,194,559.11, marking a rise of about 1.4%[27] Cash Flow - The company reported a net cash flow from operating activities of -358.11 million RMB, compared to -281.80 million RMB in the same period last year[5] - Cash inflows from operating activities amounted to CNY 613,624,530.02, compared to CNY 500,575,984.10 in the first quarter of 2019, representing a 22.5% increase[33] - The net cash flow from operating activities was negative at CNY -358,107,670.38, worsening from CNY -281,800,019.75 in the previous year[34] - Cash inflows from financing activities were CNY 240,000,000.00, significantly higher than CNY 80,000,000.00 in the same quarter of 2019[34] - The net cash flow from financing activities was CNY 197,335,308.32, a recovery from CNY -276,923,624.27 in Q1 2019[38] Shareholder Information - The total number of shareholders at the end of the reporting period was 31,626[9] - The largest shareholder, Ningbo Oriental Group Co., Ltd., held 33.26% of the shares, with 217.52 million shares[9] Operational Adjustments - The company plans to enhance its profitability through improved gross margins in its submarine cable systems[6] - The company did not report any new products or technologies during this quarter, focusing instead on operational adjustments and cash flow management[36] Changes in Assets - Accounts receivable increased by 198.97% to ¥2,283,930.79 due to the receipt of commercial acceptance bills[11] - Financing receivables decreased by 54.34% to ¥24,206,634.18 primarily due to the maturity of bank acceptance bills[11] - Prepayments increased by 37.81% to ¥90,063,826.25 as a result of increased advance payments for raw materials[11] - Other current assets rose by 108.33% to ¥10,956,019.42 mainly due to the increase in VAT credits[11] - Construction in progress increased by 46.19% to ¥277,041,795.33 due to the "High-end Marine Energy Equipment System Application Demonstration Project"[11] - Short-term borrowings increased by 39.84% to ¥637,891,399.31 driven by increased working capital needs[11] - Prepayments increased by 38.75% to ¥333,011,153.76 due to an increase in submarine cable orders[13] - Tax payable decreased by 38.70% to ¥38,886,896.29 mainly due to a reduction in VAT and income tax payable[13] Expenses - Total operating costs for Q1 2020 were CNY 558,846,061.79, up from CNY 534,709,619.13 in Q1 2019, reflecting a rise of 4.83%[28] - Research and development expenses for Q1 2020 totaled CNY 23,857,165.93, down 13.67% from CNY 27,508,624.27 in Q1 2019[28] - Financial expenses decreased significantly to CNY 3,478,516.66 in Q1 2020 from CNY 8,919,392.21 in Q1 2019, a reduction of 61.0%[28] - The company reported a tax expense of CNY 12,920,472.43 for Q1 2020, compared to CNY 8,204,397.01 in Q1 2019, indicating an increase of 57.5%[30] Inventory and Retained Earnings - Inventory levels rose to CNY 749,031,133.85, compared to CNY 618,950,569.47, indicating an increase of approximately 20.9%[25] - The company's retained earnings increased to CNY 923,085,538.33 from CNY 842,471,908.41, reflecting a growth of about 9.5%[27]