LONCIN(SH:603766)2023-04-23 16:00Financial Performance - The diluted earnings per share for Q1 2023 is CNY 0.0901, representing a decrease of 35.13% compared to the same period last year[5]. - The total revenue for Q1 2023 is CNY 2,737,019,407.80, reflecting a decline of 21.87% year-over-year[17]. - The net profit attributable to shareholders for Q1 2023 is CNY 184,967,981.60, down 35.14% from the previous year[17]. - The company's operating profit for Q1 2023 was CNY 220.23 million, down from CNY 328.41 million in Q1 2022, representing a decline of about 33.0%[36]. - The net profit for the first quarter of 2023 was CNY 181.37 million, a decrease of approximately 37.9% compared to CNY 292.32 million in the same period of 2022[36]. - The company reported a total comprehensive income of CNY 181.32 million for Q1 2023, compared to CNY 287.44 million in Q1 2022, a decline of about 37.0%[36]. - Basic earnings per share for Q1 2023 were CNY 0.0901, compared to CNY 0.1389 in Q1 2022, reflecting a decrease of approximately 35.0%[37]. - The gross profit margin improved by 1.28 percentage points to 18.36% compared to the previous year[49]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 184.29% to CNY 402,254,414.34, primarily due to a decrease in payables from the previous quarter[17]. - In Q1 2023, the net cash flow from operating activities was RMB 402,254,414.34, a significant increase from RMB 141,496,674.95 in Q1 2022, representing a growth of approximately 184.8%[38]. - Total cash inflow from operating activities was RMB 2,611,141,141.50, down 18.8% from RMB 3,216,582,452.67 in the same period last year[38]. - Cash outflow from operating activities decreased to RMB 2,208,886,727.16, compared to RMB 3,075,085,777.72 in Q1 2022, reflecting a reduction of about 28.2%[38]. - The ending balance of cash and cash equivalents increased to RMB 3,214,283,695.94, compared to RMB 1,945,980,880.78 at the end of Q1 2022, marking a growth of approximately 64.5%[39]. - The company reported a decrease in inventory to approximately ¥83.62 million from ¥106.18 million in the previous period[63]. - Cash and cash equivalents increased to approximately ¥1.33 billion, compared to ¥1.25 billion at the end of 2022[63]. Assets and Liabilities - The total assets at the end of Q1 2023 amounted to CNY 12,831,946,211.30, a 1.96% increase from the end of the previous year[5]. - The total assets of the company reached CNY 12.83 billion as of March 31, 2023, up from CNY 12.59 billion at the end of 2022, indicating an increase of about 2.0%[31]. - The total liabilities increased to CNY 8.97 billion as of March 31, 2023, from CNY 8.69 billion at the end of 2022, marking an increase of about 3.2%[31]. - The total liabilities increased to RMB 2,883,951,514.63 from RMB 2,604,273,835.39 in the previous year, reflecting an increase of about 10.7%[42]. - The total equity rose to RMB 5,144,189,054.98, up from RMB 5,044,985,348.05 in Q1 2022, indicating a growth of approximately 1.97%[42]. Shareholder and Corporate Actions - The company has decided to terminate the transfer of 66% equity in Jinye Machinery due to various factors affecting the transaction[12]. - As of March 31, 2023, the controlling shareholder, Longxin Holdings, holds 1,028,236,055 shares, representing 50.07% of the total share capital, with a significant portion pledged and frozen[14]. - The company is closely monitoring the restructuring process of its controlling shareholder, which may lead to changes in control if not successfully executed[14]. Market and Product Development - The company plans to continue focusing on market expansion and new product development to drive future growth[30]. - The "Motorcycle + General Machinery" segment generated sales revenue of RMB 2.55 billion, accounting for 93.20% of total revenue[49]. - The company's high-end garden machinery products have achieved mass production and delivery during the reporting period[49]. - The VOGE brand achieved sales revenue of RMB 257 million, a year-on-year increase of 17.25%[49]. - Export sales for the VOGE brand reached RMB 167 million, up 47.96% year-on-year[49]. - The company continues to strengthen the promotion and sales of its own brand, with increasing revenue from self-owned brands[49]. Legal and Credit Issues - The subsidiary Guangzhou Weining has accounts receivable of RMB 660 million, with credit impairment losses of RMB 389 million recognized[50]. - The company has initiated legal proceedings against 26 distributors for debt recovery, with 12 cases already heard in court[50].