Quechen Company(605183)2022-04-27 16:00Financial Performance - The company's revenue for Q1 2022 was RMB 440,929,402.69, representing a year-on-year increase of 30.30%[5] - Net profit attributable to shareholders was RMB 83,719,714.93, reflecting a growth of 24.95% compared to the same period last year[5] - Basic and diluted earnings per share were both RMB 0.20, an increase of 25.00% year-on-year[5] - Total operating revenue for Q1 2022 was RMB 440,929,402.69, an increase of 30.3% compared to RMB 338,395,298.18 in Q1 2021[26] - Operating profit for the first quarter of 2022 reached CNY 92,981,263.88, up from CNY 77,764,764.82 in the first quarter of 2021, reflecting a growth of 19.5%[32] - The company reported a total comprehensive income of CNY 84,545,849.27 for the first quarter of 2022, compared to CNY 58,918,203.75 in the first quarter of 2021, marking an increase of 43.5%[32] Cash Flow and Assets - The net cash flow from operating activities decreased by 3.59% to RMB 101,999,725.29[5] - Current assets totaled RMB 2,025,383,764.88 as of March 31, 2022, compared to RMB 1,940,311,123.30 at the end of 2021, representing an increase of 4.4%[20] - Non-current assets amounted to RMB 1,007,488,907.69 as of March 31, 2022, compared to RMB 984,205,065.13 at the end of 2021, showing a growth of 2.5%[24] - The company's cash and cash equivalents stood at RMB 798,761,017.81, slightly up from RMB 790,369,237.95 at the end of 2021[20] - Cash flow from operating activities for the first quarter of 2022 was CNY 101,999,725.29, slightly down from CNY 105,793,529.47 in the first quarter of 2021[36] - The cash and cash equivalents at the end of the first quarter of 2022 amounted to CNY 789,972,914.81, a decrease from CNY 819,507,508.97 at the end of the first quarter of 2021[36] Liabilities and Equity - Total liabilities were RMB 479,255,715.40, compared to RMB 455,942,790.63 at the end of 2021, reflecting an increase of 5.1%[26] - The company’s total liabilities decreased to CNY 1,200,000,000.00 in the first quarter of 2022, down from CNY 1,500,000,000.00 in the same period of 2021, indicating a reduction of 20%[36] - The weighted average return on equity increased by 0.57 percentage points to 3.33%[5] Research and Development - Research and development expenses rose by 38.31% due to increased investment in R&D equipment and materials[9] - Research and development expenses increased to CNY 15,758,178.93 in the first quarter of 2022, up from CNY 11,393,325.82 in the same period of 2021, representing a growth of 38.4%[32] Market and Future Outlook - Revenue growth was primarily driven by increased sales volume and price hikes of silica products[9] - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings[9] - Future outlook includes plans for market expansion and potential new product launches to sustain growth momentum[26] Accounting Standards - The implementation of new accounting standards began in 2022, affecting the financial statements from the start of the year[39] - The board of directors confirmed the financial report adjustments related to the new accounting standards[39] Other Financial Metrics - The company reported a significant decrease of 44.67% in accounts receivable financing, attributed to fewer bank acceptance bills received from customers[9] - Total operating costs for Q1 2022 were RMB 347,754,165.55, up from RMB 259,780,686.99 in Q1 2021, reflecting a growth of 34%[26] - The company reported a net profit margin improvement, with net profit for Q1 2022 expected to reflect the growth in revenue and controlled costs[26]