乐鑫科技(688018) - 2020 Q1 - 季度财报

Financial Performance - Net profit attributable to shareholders decreased by 66.86% to ¥9,392,486.60, down from ¥28,343,748.00 in the same period last year[11]. - Operating revenue for the quarter was ¥123,645,610.61, representing a decline of 16.15% year-over-year[11]. - Basic earnings per share dropped by 75.15% to ¥0.1174, down from ¥0.4724 in the same quarter last year[11]. - The weighted average return on net assets decreased by 8.16 percentage points to 0.59%[11]. - Total operating revenue for Q1 2020 was $123.65 million, a decrease of 16.14% compared to $147.47 million in Q1 2019[48]. - Net profit for Q1 2020 was $11.29 million, a decline of 65.73% compared to $32.99 million in Q1 2019[48]. - Total revenue for Q1 2020 was ¥106,854,434.14, a decrease of 19.3% compared to ¥132,397,404.73 in Q1 2019[54]. - Net profit for Q1 2020 was ¥4,359,166.17, down 70.7% from ¥14,846,030.79 in Q1 2019[54]. Cash Flow - The net cash flow from operating activities was negative at ¥107,151,743.36, compared to a negative cash flow of ¥3,951,069.90 in the previous year[11]. - The company’s cash flow from operating activities increased by 141.58% to RMB 192,574,622.12 from RMB 79,715,652.30, attributed to timely payments for inventory[26]. - The company reported a significant increase in cash received from operating activities, totaling ¥153,678,903.26 in Q1 2020[58]. - Cash outflow from operating activities amounted to 193,610,697.48 RMB, significantly higher than 88,074,684.16 RMB in the same quarter last year[63]. - The cash flow from operating activities showed a decrease in cash inflow from sales, totaling 138,621,976.36 RMB compared to 105,565,584.30 RMB last year[63]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,727,151,944.38, a slight increase of 0.12% compared to the previous year[11]. - Total liabilities decreased significantly, with accounts payable to employees dropping by 64.70% to RMB 11,789,564.44 from RMB 33,402,407.61 due to the payment of last year's bonuses[23]. - Total liabilities as of March 31, 2020, were ¥170,613,391.34, up from ¥115,224,533.45 at the end of 2019, indicating a rise of about 48%[38]. - Total assets decreased to $1.62 billion in Q1 2020 from $1.64 billion in Q4 2019[42]. - Total liabilities reached approximately $115.22 million, with current liabilities totaling about $77.21 million and non-current liabilities at approximately $38.02 million[71]. Research and Development - The proportion of R&D investment to operating revenue increased significantly to 27.29%, up by 13.16 percentage points from 14.13%[11]. - Research and development expenses rose by 61.89% to RMB 33,742,922.33 from RMB 20,843,194.37, driven by increased personnel costs and the implementation of an equity incentive plan[23]. - Research and development expenses rose to $33.74 million in Q1 2020, up 61.73% from $20.84 million in Q1 2019[48]. - Research and development expenses increased to ¥24,294,386.43, up 59.5% from ¥15,266,306.84 in Q1 2019[54]. Shareholder Information - The total number of shareholders at the end of the reporting period was 6,526[17]. - The largest shareholder, 乐鑫（香港）投资有限公司, held 43.58% of the shares, totaling 34,860,000 shares[17]. Tax and Expenses - The tax expenses decreased by 59.30% to RMB 1,899,958.93 from RMB 4,667,861.03, reflecting a reduction in profits[26]. - The company experienced a 204.80% increase in financial expenses, amounting to RMB 2,215,955.73, primarily due to foreign exchange losses[26]. - Income tax expense for Q1 2020 was a credit of ¥243,933.08, compared to an expense of ¥2,687,262.77 in Q1 2019[54]. Inventory and Accounts Receivable - As of March 31, 2020, accounts receivable decreased by 39.89% to RMB 18,464,465.01 from RMB 30,716,717.82 due to the collection of matured receivables[23]. - Inventory increased by 111.49% to RMB 206,821,113.51 from RMB 97,791,443.97, attributed to proactive procurement and production activities in anticipation of post-pandemic recovery[23]. - The company's inventory increased significantly to ¥206,821,113.51 as of March 31, 2020, compared to ¥97,791,443.97 on December 31, 2019, representing a growth of approximately 111%[33]. - Accounts receivable decreased to $102.48 million in Q1 2020 from $108.92 million in Q4 2019[42]. Capital and Reserves - The company’s capital reserve increased to ¥1,217,010,763.13 as of March 31, 2020, from ¥1,214,428,693.13 at the end of 2019, a growth of about 0.2%[38]. - The capital reserve stood at $1,221,521,798.21[77]. - Unallocated profits were recorded at $73,984,360.62[77]. - The company reported a surplus reserve of $11,122,472.70[77]. Changes in Accounting Standards - The company adopted new revenue recognition standards effective January 1, 2020, impacting the reporting of contract liabilities[73]. - The company implemented new revenue recognition standards starting January 1, 2020, affecting the reporting of contract liabilities[79].