WG Tech(SH:603773)2022-04-19 16:00Financial Performance - The company's operating revenue for Q1 2022 was CNY 356,127,443.09, representing an increase of 88.64% compared to the same period last year[5]. - The net profit attributable to shareholders decreased to CNY 2,336,468.30, a decline of 78.57% year-on-year[5]. - The basic earnings per share were CNY 0.0194, down 83.17% from the previous year[5]. - Total operating revenue for Q1 2022 reached ¥356,127,443.09, a significant increase of 88.8% compared to ¥188,790,945.05 in Q1 2021[22]. - Net profit for Q1 2022 was ¥7,350,782.37, a decrease of 32.5% from ¥10,905,073.91 in Q1 2021[23]. - The company reported a basic earnings per share of ¥0.0194 for Q1 2022, down from ¥0.1153 in Q1 2021[24]. Cash Flow and Liquidity - The company's cash flow from operating activities was negative at CNY -28,737,547.31, indicating a significant cash outflow[5]. - Cash flow from operating activities for Q1 2022 was ¥421,788,255.99, compared to ¥203,346,855.62 in Q1 2021, indicating a growth of 107.5%[25]. - The net cash flow from operating activities was -28,737,547.31, compared to -92,212,795.73 in the previous year, indicating an improvement[26]. - The ending balance of cash and cash equivalents was 280,207,263.87, down from 298,259,221.26 at the beginning of the period[27]. - The company received 7,438,503.52 in cash related to operating activities, showing a significant increase compared to the previous year's 1,427,648.71[26]. - The company paid 115,431,098.72 in cash to employees, which is an increase from 71,932,367.07 in the same period last year[26]. - The cash paid for purchasing goods and services was 293,620,162.24, compared to 203,012,274.43 in the previous year, reflecting a rise in operational costs[26]. - The company reported a cash outflow of 4,377,914.10 related to financing activities, which is a decrease from 31,219,195.66 in the previous year[27]. - The impact of exchange rate changes on cash and cash equivalents was -667,946.01, indicating a negative effect on cash reserves[27]. Assets and Liabilities - Total assets increased by 6.36% to CNY 2,771,164,710.38 compared to the end of the previous year[6]. - The total assets increased to ¥2,771,164,710.38 in Q1 2022 from ¥2,605,370,387.87 in Q1 2021, marking a growth of 6.4%[20]. - Total liabilities rose to ¥1,129,456,954.56 in Q1 2022, up from ¥971,094,591.70 in Q1 2021, reflecting an increase of 16.3%[20]. - The company's non-current assets totaled ¥1,595,132,134.05 in Q1 2022, compared to ¥1,552,705,129.11 in Q1 2021, showing a growth of 2.7%[20]. Investment and Development - Research and development expenses rose by 70.08%, reflecting increased investment in innovation[9]. - Research and development expenses for Q1 2022 were ¥16,499,080.62, an increase of 69.5% from ¥9,700,518.03 in Q1 2021[23]. - The company plans to invest RMB 165 million in a new Mini/Micro LED substrate production project, with an expected annual production capacity of 5,240,000 square meters once fully operational[14]. - The total investment for the new project includes RMB 125 million for construction and RMB 40 million for working capital[14]. - The company established a subsidiary, Jiangxi Dehong Display Technology Co., Ltd., to facilitate the new production project[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 12,708[11]. - The company has initiated a second phase of its stock option and restricted stock incentive plan to attract and retain talent, with the grant date set for March 29, 2022[14]. Contractual Obligations - The company reported a significant increase in contract liabilities by 147.28%, attributed to an increase in advance payments received[8]. - A strategic cooperation agreement was signed with Dongguan Zhongqi Optoelectronics Technology Co., Ltd., committing to a minimum purchase of RMB 800 million in glass substrate products over the next five years[15]. Taxation - The company experienced a 301.08% increase in taxes and surcharges, primarily due to higher VAT obligations[9]. - Total operating costs for Q1 2022 were ¥345,851,280.43, up from ¥177,574,468.10 in Q1 2021, reflecting a year-over-year increase of 94.9%[22]. Accounting Standards - The company executed the new accounting standards starting from 2022, which may affect future financial reporting[27].