S-KING(SH:688328)2022-04-29 16:00Financial Performance - Revenue for Q1 2022 was CNY 164,535,638.06, a decrease of 20.19% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 5,557,093.22, down 73.61% year-on-year[5] - Net profit excluding non-recurring gains and losses decreased by 78.61% to CNY 4,457,540.37[5] - Basic earnings per share were CNY 0.07, reflecting an 80.00% decline[6] - Total operating revenue for Q1 2022 was ¥164,535,638.06, a decrease of 20.2% compared to ¥206,171,197.56 in Q1 2021[18] - Net profit for Q1 2022 was ¥11,957,817.62, a decline of 52.0% from ¥24,902,283.57 in Q1 2021[19] Research and Development - R&D investment totaled CNY 19,138,667.63, an increase of 36.27% year-on-year, representing 11.63% of revenue[6] - Research and development expenses increased to ¥19,138,667.63 in Q1 2022, up 36.2% from ¥14,044,829.66 in Q1 2021[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,429,044,438.47, a decrease of 4.01% from the end of the previous year[6] - Current assets totaled RMB 1,087,440,687.87, down from RMB 1,160,178,192.10 at the end of 2021, indicating a decline of approximately 6.26%[15] - The company reported a total of 10,974,067.68 in fixed assets, down from 11,759,812.61, reflecting a decrease of approximately 6.69%[16] - The company’s long-term equity investments decreased to RMB 4,420,755.77 from RMB 4,844,021.93, a decline of about 8.74%[16] - Total liabilities as of Q1 2022 were ¥596,353,192.96, a decrease from ¥673,695,154.33 in the previous year[17] - The company’s total liabilities decreased to RMB 595,649,113.04 from RMB 672,966,924.98, indicating a reduction of approximately 11.48%[16] Cash Flow - The net cash flow from operating activities for Q1 2022 was -¥43,106,398.80, an improvement from -¥52,215,402.75 in Q1 2021[22] - Cash inflow from investment activities in Q1 2022 was ¥83,172,727.78, compared to ¥60,150,445.21 in Q1 2021, marking a 38.2% increase[22] - The net cash flow from investing activities was -$62.57 million, compared to -$28.17 million in the previous year, indicating a significant increase in cash outflow for investments[23] - The total cash outflow from investing activities was $145.74 million, compared to $88.33 million in the previous year, highlighting increased investment expenditures[23] - The cash and cash equivalents at the end of the period were $135.53 million, down from $393.60 million year-over-year, indicating a substantial decline in liquidity[23] Operational Challenges - The decrease in revenue was primarily due to reduced sales of flat panel display equipment, impacted by the pandemic and extended installation times[9] - Government subsidies received decreased by 33.99% compared to the previous year[9] - The company invested in three new subsidiaries, which are currently in the incubation stage and not yet profitable[9] Other Financial Metrics - The weighted average return on equity was 0.73%, down 3.75 percentage points[6] - Current liabilities decreased to RMB 546,751,113.04 from RMB 624,068,924.98, reflecting a reduction of about 12.39%[16] - Short-term borrowings rose to RMB 124,032,898.08 from RMB 96,247,695.28, an increase of approximately 29.00%[16] - Cash received from investment absorption was $3.52 million, significantly lower than $297.68 million in the previous year, reflecting reduced investment interest[23] - Cash received from borrowings was $32.86 million, slightly down from $34.71 million year-over-year, indicating stable borrowing activity[23] - The company did not apply the new accounting standards starting from 2022, maintaining previous accounting practices[23]