BLEST(SH:603959)2020-04-29 16:00Financial Performance - Operating revenue fell by 50.07% to CNY 112,282,165.73 year-on-year[5] - Net profit attributable to shareholders decreased by 135.66% to a loss of CNY 13,080,825.58[5] - Basic earnings per share dropped by 137.50% to CNY -0.03[5] - The company reported a significant decline in both revenue and profit, indicating challenges in the current market environment[5] - The company reported a net loss of CNY 112,820,077.77, compared to a loss of CNY 100,277,601.90 in the previous period, indicating a worsening of approximately 12.5%[17] - Net loss for Q1 2020 was ¥14,474,214.50, compared to a net profit of ¥36,538,993.16 in Q1 2019, representing a significant decline[23] - Operating profit for Q1 2020 was -¥13,898,574.59, a decrease from ¥39,947,636.93 in the same period last year[23] - The total profit for Q1 2020 was -¥14,146,274.51, a stark contrast to a profit of ¥43,633,007.55 in Q1 2019[23] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY 230,053,216.75, an increase in loss of 158.09% compared to the same period last year[5] - The net cash flow from operating activities was negative at -¥230,053,216.75, a 158.06% increase in outflow compared to -¥89,146,700.25[12] - Total cash outflow from operating activities increased to ¥393,070,497.30, compared to ¥272,598,564.95 in Q1 2019, reflecting a significant rise of 44.2%[28] - The net cash flow from financing activities decreased to ¥37,874,025.18 from ¥216,856,100.71 year-over-year, a decline of 82.5%[29] - The company reported a net decrease in cash and cash equivalents of -¥61,042,744.13, contrasting with an increase of ¥100,701,528.90 in Q1 2019[32] Assets and Liabilities - Total assets decreased by 4.09% to CNY 2,629,521,100.93 compared to the end of the previous year[5] - Current assets totaled CNY 1,934,041,712.78, down from CNY 2,039,749,077.92, indicating a decrease of about 5.2%[18] - Total liabilities decreased from CNY 2,283,215,565.68 to CNY 2,185,576,792.98, reflecting a reduction of approximately 4.3%[17] - The company's total liabilities decreased significantly, with a notable reduction in employee payables by 55.27% to ¥18,156,383.59 from ¥40,586,998.55[11] - The total equity attributable to shareholders decreased from CNY 450,856,493.13 to CNY 437,693,517.26, a decline of approximately 2.6%[17] - The company's short-term borrowings increased to CNY 863,000,000.00 from CNY 813,000,000.00, marking a rise of about 6.2%[17] Inventory and Receivables - Inventory levels dropped significantly from CNY 393,345,505.68 to CNY 147,909,798.26, a decrease of about 62.4%[18] - Accounts receivable decreased by 38.03% to ¥22,819,250.00 from ¥36,823,500.00 as some notes were released from pledge status[11] - Accounts receivable decreased by CNY 38.24 million from CNY 686.52 million to CNY 648.27 million during the same period[34] Expenses - Operating costs decreased by 33.21% to ¥99,360,692.26 from ¥148,768,894.45, with fixed costs declining less significantly[11] - Research and development expenses decreased by 32.60% to ¥9,842,140.49 from ¥14,601,813.81, attributed to adjustments in project costs[11] - Financial expenses increased by 48.94% to ¥12,590,237.34 from ¥8,452,946.54 due to an increase in bank loans[11] - Credit impairment losses for Q1 2020 were ¥14,607,640.28, significantly higher than ¥2,369,154.05 in Q1 2019[23] Shareholder Information - The total number of shareholders reached 20,340 at the end of the reporting period[8] - The largest shareholder, Tibet Xinhai New Venture Investment Co., Ltd., holds 48.39% of the shares, with 212,451,560 shares pledged[8] Changes in Accounting Standards - The company has adjusted its financial reporting in accordance with new revenue recognition standards, impacting various asset and liability accounts[11] - The company adopted new revenue recognition standards starting January 1, 2020, leading to reclassification of certain assets and liabilities[36] - The company adopted new revenue recognition standards starting January 1, 2020, resulting in an increase in total assets and owner's equity by ¥538,349.71[42]