PIESAT(SH:688066)2021-04-28 16:00Revenue and Profitability - Total revenue for Q1 2021 reached ¥69,954,520.61, a significant increase of 317% compared to ¥16,762,392.62 in the same period last year[11] - The net loss attributable to shareholders was ¥44,975,512.97, compared to a loss of ¥35,672,297.54 in Q1 2020[11] - The company reported a net loss for Q1 2021 of $45,081,583.95, compared to a net loss of $35,695,234.98 in Q1 2020, reflecting a deterioration in performance[48] - The company reported a gross profit margin of approximately -69.1% for Q1 2021, compared to -112.5% in Q1 2020, showing an improvement in gross profitability despite the loss[48] - The net profit for Q1 2021 was a loss of CNY 28,358,359.82, compared to a loss of CNY 26,184,399.95 in Q1 2020, indicating a deterioration in profitability[56] Expenses - Research and development expenses accounted for 46.96% of revenue, a decrease of 81.76 percentage points compared to the previous year[14] - Research and development expenses reached RMB 32,851,789.23, reflecting a 52.25% increase from RMB 21,577,201.54, indicating continued investment in core product development[26] - The company incurred financial expenses of $975,883.43 in Q1 2021, up from $625,275.49 in Q1 2020, marking an increase of about 56%[47] - The company reported a significant increase in sales expenses, which rose to $23,786,185.32 from $12,304,867.21, reflecting an increase of approximately 93%[47] - The company incurred sales expenses of CNY 17,711,384.93 in Q1 2021, which is an increase from CNY 9,274,977.54 in Q1 2020, reflecting a growth of about 90.5%[52] Cash Flow - The net cash flow from operating activities was -¥134,047,568.92, compared to -¥80,203,291.73 in the same period last year, indicating increased cash outflows[11] - The net cash flow from operating activities for Q1 2021 was a negative CNY 134,047,568.92, worsening from a negative CNY 80,203,291.73 in Q1 2020[60] - Cash inflow from operating activities for Q1 2021 was CNY 145,757,885.92, a significant increase from CNY 77,686,078.31 in Q1 2020, representing an increase of approximately 87%[66] - The company’s cash flow from operating activities was impacted by increased payments to employees, which rose to CNY 79,032,673.31 in Q1 2021 from CNY 60,836,104.75 in Q1 2020, an increase of about 30%[66] Assets and Liabilities - The total assets at the end of Q1 2021 were ¥1,852,665,384.76, a decrease of 2.20% from ¥1,894,363,153.93 at the end of the previous year[11] - Total current assets decreased to ¥1,656,253,786.05 from ¥1,738,236,664.75, a decline of approximately 4.7% year-over-year[32] - Total liabilities decreased to ¥547,183,683.16 from ¥551,203,246.32, a decline of approximately 0.7%[37] - Total liabilities amounted to approximately $567.17 million, with non-current liabilities totaling $63.61 million[80] - The total equity of the company reached approximately $1.40 billion, with retained earnings of about $356.38 million[80] Orders and Contracts - The company had a total of ¥8.06 billion in orders on hand by the end of Q1 2021, with contract liabilities reaching ¥1.3 billion, marking a year-on-year increase of 44.77%[14] - The company signed contracts worth ¥14.49 million for cloud service products, with the first city-level remote sensing cloud service platform launched in Hebi[14] Future Outlook - The company anticipates continued growth in revenue and investment in new technologies and products to enhance market expansion[28]