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精进电动(688280) - 2023 Q1 - 季度财报
JJEJJE(SH:688280)2023-04-26 16:00

Financial Performance - The company's revenue for Q1 2023 was ¥177,962,847.47, representing a decrease of 31.26% compared to the same period last year[5]. - The net profit attributable to shareholders for Q1 2023 was -¥121,660,711.27, a decline of 39.33% year-over-year[7]. - The net profit excluding non-recurring gains and losses decreased by 29.05% compared to the same period last year[12]. - Total revenue for Q1 2023 was ¥177,962,847.47, a decrease of 31.2% compared to ¥258,889,713.32 in Q1 2022[29]. - Operating profit for Q1 2023 was -¥120,250,060.02, compared to -¥110,048,392.93 in Q1 2022, indicating a worsening loss[30]. - Net profit for Q1 2023 was -¥121,660,711.27, compared to -¥87,318,067.09 in Q1 2022, reflecting a significant increase in losses[31]. - Total comprehensive income for Q1 2023 was -¥122,662,496.90, compared to -¥87,417,795.62 in Q1 2022, indicating increased losses[31]. - Basic earnings per share for Q1 2023 was -¥0.21, compared to -¥0.15 in Q1 2022, reflecting a decline in earnings[31]. - Tax expenses for Q1 2023 were ¥1,354,792.97, compared to -¥17,037,233.37 in Q1 2022, indicating a shift in tax liabilities[31]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 232.44% compared to the previous year, primarily due to a significant reduction in government subsidies received[8]. - Cash flow from operating activities for Q1 2023 was -¥95,060,018.26, compared to -¥28,594,384.71 in Q1 2022, indicating a decline in cash flow[33]. - The net cash flow from investing activities was -$48,290,423.30, compared to -$47,963,147.77 in the previous period, indicating a slight increase in cash outflow[34]. - Cash inflow from financing activities totaled $84,166,750.00, significantly higher than $20,228,212.58 in the previous period, reflecting increased borrowing and investment receipts[34]. - The net cash flow from financing activities was $15,643,990.77, a recovery from -$103,103,344.95 in the previous period, showing improved financial stability[34]. - The total cash and cash equivalents at the end of the period were $709,843,196.73, down from $1,281,572,586.90 at the beginning of the period, indicating a decrease in liquidity[34]. - Cash outflows for debt repayment amounted to $30,000,000.00, a decrease from $110,000,000.00 in the previous period, suggesting a reduction in debt obligations[34]. - The impact of exchange rate fluctuations on cash and cash equivalents was -$833,019.62, which reflects the currency risk faced by the company[34]. Research and Development - The total R&D expenditure for the quarter was ¥52,942,870.33, which accounted for 29.75% of the revenue, an increase of 12.35 percentage points year-over-year[6]. - The company reported an increase in R&D expenses due to ongoing investments aimed at enhancing competitiveness and exploring new markets[7]. - Research and development expenses for Q1 2023 were ¥52,942,870.33, an increase of 17.8% from ¥45,052,111.37 in Q1 2022[30]. - The company plans to reduce investment in the high-end electric drive system R&D project due to external adverse conditions since 2020, leading to a decrease in hardware and software procurement costs[17]. - The new generation electric drive system industrialization upgrade project has been optimized, with part of the work being completed in North America, resulting in a reduction of the investment amount[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,879,566,539.66, a decrease of 3.44% from the end of the previous year[6]. - The company's current assets totaled RMB 1,841,630,187.68, down from RMB 1,952,812,918.35 at the end of 2022[25]. - The company's inventory increased to RMB 534,837,380.54 from RMB 505,428,491.21, reflecting a growth of approximately 5.4%[25]. - The company reported a total liability of RMB 1,415,084,752.10 as of March 31, 2023, compared to RMB 1,395,836,220.00 at the end of 2022[27]. - The company’s total equity as of March 31, 2023, was RMB 1,464,481,787.56, a decrease from RMB 1,586,234,538.23 at the end of 2022[27]. Shareholder Information - The company reported a total of 69,677,522 shares held by Heze Beixiang New Energy Technology Co., accounting for 11.81% of total shares[15]. - Noble Ray International Limited holds 60,263,177 shares, representing 10.21% of total shares[15]. - Citron PE Investment (Hong Kong) Limited owns 40,747,975 shares, which is 6.90% of total shares[15]. - The top ten shareholders collectively hold a significant portion of the company's shares, with VV Cleantech (HK) Limited holding 23,281,808 shares, or 3.94%[16]. Project Developments - The North American warehousing and logistics center project faced delays due to external adverse conditions, prompting the company to transfer some production to other bases to ensure business continuity[20]. - The company has adjusted the project timeline for the high-end electric drive system project from 3 years to 24 months, starting from January 2023[18]. - The company has also moved its headquarters and R&D center to a new location to enhance operational efficiency and reduce costs[18]. - The company has decided to terminate a project and initiate a new "North American Warehousing and Logistics Center Project" with a total planned investment of RMB 120 million[21]. - The new project will involve purchasing or constructing a logistics center of approximately 85,000 square feet in Farmington Hills, Michigan, aimed at enhancing logistics processing capacity to meet future growth demands in North America[21]. - The total investment for the new project includes RMB 100 million for construction or purchase of the logistics facility, RMB 13 million for software and hardware, RMB 4 million for upgrades, and RMB 3 million for personnel[21]. Operational Efficiency - The company has implemented measures to improve data collection and analysis capabilities through enhanced internal management and optimization of existing processes[20]. - The company has approved changes to its fundraising investment projects, reallocating RMB 35,813.43 million for permanent working capital[23].