FREEWON(SH:688678)2023-04-28 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥157,131,309.33, a decrease of 26.04% compared to the same period last year[4] - The net profit attributable to shareholders was ¥7,305,625.55, down 80.87% year-on-year[4] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was ¥1,152,245.74, reflecting a decline of 96.86%[4] - Basic and diluted earnings per share were both ¥0.04, representing an 81.82% decrease compared to the previous year[4] - Total operating revenue for Q1 2023 was CNY 157.13 million, a decrease of 26.0% compared to CNY 212.46 million in Q1 2022[21] - Net profit for Q1 2023 was CNY 7.31 million, a decline of 81.2% from CNY 38.85 million in Q1 2022[22] - Basic and diluted earnings per share for Q1 2023 were CNY 0.04, down from CNY 0.22 in Q1 2022[23] Cash Flow - The net cash flow from operating activities increased by 152.9% to ¥70,358,782.76, primarily due to improved collection efforts from customers[7] - The net cash flow from operating activities for Q1 2023 was ¥70,358,782.76, a significant increase from ¥27,820,818.47 in Q1 2022, representing a growth of approximately 152%[27] - The company reported a total operating cash inflow of ¥254,780,180.02, up from ¥187,419,100.50 in Q1 2022, marking an increase of about 36%[27] - The cash flow from operating activities was impacted by a total cash outflow of ¥184,421,397.26, which increased from ¥159,598,282.03 in the previous year, representing an increase of about 15.5%[27] - The company experienced a net increase in cash and cash equivalents of ¥58,818,877.73 in Q1 2023, contrasting with a decrease of ¥35,931,279.30 in Q1 2022[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,285,785,498.35, a slight decrease of 0.57% from the end of the previous year[5] - As of March 31, 2023, the company's total current assets amounted to CNY 865.22 million, a decrease from CNY 926.43 million at the end of 2022[17] - Total assets decreased slightly to CNY 2.29 billion in Q1 2023 from CNY 2.30 billion in Q4 2022[19] - Total liabilities decreased to CNY 803.62 million in Q1 2023 from CNY 828.31 million in Q4 2022[19] - The company's equity attributable to shareholders increased to CNY 1.48 billion in Q1 2023, up from CNY 1.47 billion in Q4 2022[19] Research and Development - Research and development expenses totaled ¥21,140,392.06, accounting for 13.45% of operating revenue, an increase of 5.03 percentage points[5] - Research and development expenses increased to CNY 21.14 million in Q1 2023, up 18.0% from CNY 17.88 million in Q1 2022[22] Market Outlook - The company anticipates a recovery in revenue for Q2 and Q3 2023, driven by a seasonal increase in demand for consumer electronics, with a projected growth in shipments of smartwatches and TWS wireless earphones[13] - The company is focusing on market expansion and product development in response to the anticipated recovery in the consumer electronics sector[13] - The company has not provided specific commitments regarding future performance, highlighting the uncertainty in achieving projected targets[14] Inventory and Receivables - Accounts receivable decreased to CNY 286.36 million from CNY 388.03 million year-on-year, reflecting a reduction in credit sales[17] - Inventory increased to CNY 248.11 million from CNY 225.99 million year-on-year, suggesting a buildup in stock amid declining sales[17] Financial Strategy - The company confirmed share-based payments of ¥4,258,300 during the reporting period, contributing to the decline in net profit[7] - The decline in net profit was primarily attributed to inventory destocking in the consumer electronics sector and increased financial expenses due to currency fluctuations[7] - The company reported a significant decrease in trading financial assets, down to CNY 32.34 million from CNY 84.62 million year-on-year, indicating a shift in investment strategy[17]