CHERVON-AUTO(SH:603982)2023-04-21 16:00Financial Performance - The company's revenue for Q1 2023 was CNY 446.32 million, representing a year-on-year increase of 9.58%[5] - The net profit attributable to shareholders was a loss of CNY 99.41 million, a decrease of 661.70% compared to the same period last year[5] - Total operating revenue for Q1 2023 was CNY 446,317,975.10, an increase of 9.8% compared to CNY 407,293,544.85 in Q1 2022[20] - Net profit for Q1 2023 was a loss of CNY 99,405,169.76, compared to a profit of CNY 17,697,198.40 in Q1 2022[22] - Basic and diluted earnings per share were both CNY -0.3808, a decrease of 530.77% year-on-year[6] - The weighted average return on equity decreased by 4.50 percentage points to -3.54%[6] - The gross profit margin decreased due to rising costs, with operating profit for Q1 2023 at -CNY 129,373,179.51 compared to CNY 16,891,229.24 in Q1 2022[21] Cash Flow and Liquidity - The net cash flow from operating activities was a negative CNY 210.56 million, reflecting a decline of 362.03% compared to the previous year[5] - Operating cash flow for Q1 2023 was a net outflow of CNY 210,556,200.29, compared to a net inflow of CNY 80,354,466.61 in Q1 2022[25] - The net cash flow from investing activities was -$216,871,939.09, compared to -$264,932,187.08 in the previous year, indicating a decrease in cash outflow[26] - Cash inflow from financing activities amounted to $648,419,861.63, significantly higher than $164,133,793.74 in the same quarter last year[26] - The net cash flow from financing activities was $502,951,043.15, compared to $17,074,235.74 in the previous year, showing a substantial increase[26] - The total cash and cash equivalents at the end of the period reached $620,425,281.52, up from $141,890,900.49 at the end of the previous year[26] Assets and Liabilities - Total assets at the end of Q1 2023 were CNY 6.35 billion, a slight increase of 0.93% from the end of the previous year[6] - The company's total liabilities as of Q1 2023 were CNY 3,593,245,938.74, an increase from CNY 3,438,572,761.91 in the previous year[21] - The total equity attributable to shareholders was CNY 2,756,452,545.78, down from CNY 2,852,474,612.28 in Q1 2022[21] - Short-term borrowings rose to CNY 1,040,248,942.19 from CNY 884,552,672.78, representing an increase of around 17.6%[17] - The company's total current liabilities decreased to CNY 1,800,318,329.91 from CNY 1,983,475,748.24, a reduction of approximately 9.2%[17] Operational Focus and Strategy - The company is focusing on transitioning from traditional auto parts to new energy vehicle components and is accelerating project construction in Ma'anshan, Anhui, and Hungary[7] - The company plans to implement cost reduction and efficiency improvement measures while seizing strategic opportunities in the new energy vehicle sector[7] - The increase in management expenses and high R&D costs are contributing factors to the ongoing strategic losses[7] - The company has not disclosed any new product or technology developments in this quarter[15] - There are no significant market expansion or acquisition strategies mentioned in the report[15] - The company has not provided specific future guidance or outlook for the upcoming quarters[15] Inventory and Receivables - Inventory levels stood at CNY 800,634,648.53, showing a slight increase from CNY 789,344,974.13 in the previous year, which is an increase of approximately 1.5%[16] - Accounts receivable decreased to CNY 476,313,959.31 from CNY 649,263,448.85, indicating a decline of about 26.5%[16]