QIFAN(SH:605222)2021-04-27 16:00Financial Performance - Operating revenue surged by 112.73% to CNY 2,852,984,083.95 year-on-year[11] - Net profit attributable to shareholders rose by 132.30% to CNY 142,103,325.53 compared to the same period last year[11] - Basic earnings per share increased by 94.44% to CNY 0.35[11] - The total operating revenue for Q1 2021 was CNY 2,852,984,083.95, a significant increase from CNY 1,341,155,233.73 in Q1 2020, representing a growth of approximately 113.8%[47] - The net profit for Q1 2021 was CNY 142,103,325.53, which is a substantial rise from CNY 61,172,306.40 in Q1 2020, indicating an increase of approximately 132.5%[51] - The company's total comprehensive income for Q1 2021 was approximately ¥142.10 million, compared to ¥61.17 million in Q1 2020, marking an increase of 132%[54] Assets and Liabilities - Total assets increased by 16.15% to CNY 6,714,782,590.04 compared to the end of the previous year[11] - Total liabilities increased to ¥3,796,055,931.00 from ¥3,010,634,913.19, reflecting a rise of approximately 26.1%[39] - Total current assets increased to ¥5,755,273,670.26, up from ¥4,924,818,509.73, representing a growth of approximately 16.9%[36] - Accounts receivable increased to ¥2,106,423,490.46, up from ¥1,701,636,128.29, which is an increase of about 23.8%[41] - Total equity attributable to shareholders increased to ¥2,918,726,659.04 from ¥2,770,514,966.69, reflecting a growth of approximately 5.4%[41] Cash Flow - Net cash flow from operating activities decreased by 12.27% to -CNY 746,501,187.14 year-to-date[11] - The cash flow from operating activities for Q1 2021 was negative at approximately -¥746.50 million, compared to -¥664.89 million in Q1 2020, indicating a worsening cash flow situation[62] - The total cash inflow from operating activities in Q1 2021 was approximately ¥2.59 billion, compared to ¥951.66 million in Q1 2020, showing a significant increase[62] - The total cash outflow from operating activities for Q1 2021 was approximately ¥3.34 billion, compared to ¥1.62 billion in Q1 2020, indicating a higher expenditure[62] Shareholder Information - The total number of shareholders reached 22,273 by the end of the reporting period[18] - The top three shareholders hold a combined 65.16% of the shares, with Zhou Gonghua holding 22.72%[18] Research and Development - Research and development expenses surged by 298.77% to ¥11,110,156.33 from ¥2,786,096.74, primarily due to increased investment in subsidiary R&D[23] - Research and development expenses for Q1 2021 were CNY 11,110,156.33, significantly higher than CNY 2,786,096.74 in Q1 2020, representing an increase of approximately 298.5%[51] Financial Expenses - The company’s financial expenses increased by 102.11% to ¥27,248,261.62 from ¥13,481,734.20, mainly due to increased bank borrowings[23] - The company reported a financial expense of CNY 27,248,261.62 in Q1 2021, compared to CNY 13,481,734.20 in Q1 2020, indicating an increase of about 102.0%[51] Inventory and Procurement - Cash and cash equivalents decreased by 64.06% to ¥256,695,273.93 from ¥714,171,376.19, mainly due to increased procurement payments related to expanded production scale[21] - Inventory increased by 51.48% to ¥2,706,968,813.90 from ¥1,787,064,543.71, driven by an increase in sales orders and expanded production scale[21] - The company reported a 46.15% increase in accounts payable to ¥380,000,000.00 from ¥260,000,000.00, due to expanded production scale and increased procurement payments[23] Future Outlook and Projects - The company is progressing with the construction of the Chizhou special cable production base, with the first phase completed and the second phase expected to be operational by Q3 2021[26] - The company plans to issue convertible bonds to raise up to ¥1 billion for the cable industry park project and to supplement working capital[27] - The underwater cable project is underway, with the first batch of orders delivered, while the ultra-high voltage project is in the investment phase[30]