GalaxyCore (SH:688728)2023-05-03 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥853,204,583, representing a decrease of 50.82% compared to the same period last year[6]. - The net profit attributable to shareholders was a loss of ¥129,193,711, a decline of 153.50% year-over-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥135,411,663, down 157.15% from the previous year[6]. - The basic earnings per share were -¥0.05, reflecting a decrease of 150.00% compared to the same period last year[7]. - Total revenue for Q1 2023 was ¥853,204,583, a decrease of 50.8% compared to ¥1,734,866,190 in Q1 2022[22]. - Operating profit for Q1 2023 was -¥131,402,396, compared to a profit of ¥292,173,694 in Q1 2022, indicating a significant decline[23]. - Net profit for Q1 2023 was -¥129,193,711, a stark contrast to the net profit of ¥241,477,602 in Q1 2022[24]. - Basic earnings per share for Q1 2023 were -¥0.05, compared to ¥0.10 in Q1 2022[24]. - The company reported a comprehensive loss of -¥117,038,964 in Q1 2023, compared to a comprehensive income of ¥244,824,265 in Q1 2022[24]. Research and Development - The total R&D investment amounted to ¥140,649,399, which is an increase of 35.64% year-over-year[7]. - R&D expenses accounted for 16.48% of operating revenue, up by 10.50 percentage points from the previous year[7]. - Research and development expenses for Q1 2023 were ¥140,649,399, up from ¥103,690,316 in Q1 2022, reflecting a growth of 35.6%[23]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥18,688,156,982, an increase of 2.95% from the end of the previous year[7]. - As of March 31, 2023, the total current assets amounted to RMB 8,420,307,863, slightly increasing from RMB 8,410,903,402 as of December 31, 2022, reflecting a growth of approximately 0.12%[17]. - Cash and cash equivalents stood at RMB 4,127,377,241, showing a minor increase from RMB 4,107,824,025, indicating a growth of about 0.06%[17]. - Accounts receivable decreased significantly to RMB 179,874,678 from RMB 330,420,780, representing a decline of approximately 45.4%[17]. - Inventory increased to RMB 3,579,474,094 from RMB 3,446,131,854, marking an increase of around 3.86%[17]. - The company reported a total non-current asset value of RMB 1,107,967,637 in fixed assets, down from RMB 1,130,546,594, a decrease of about 2.00%[17]. - Total liabilities increased to ¥10,907,058,260 in Q1 2023 from ¥10,256,768,283 in Q1 2022, marking a rise of 6.3%[19]. - Non-current assets totaled ¥10,267,849,119 in Q1 2023, an increase from ¥9,741,276,503 in Q1 2022, representing a growth of 5.4%[19]. Cash Flow - The cash flow from operating activities was a net outflow of ¥18,503,461, primarily due to increased startup and R&D material costs[10]. - In Q1 2023, the cash inflow from operating activities was approximately $1.48 billion, a decrease of 24.5% compared to $1.97 billion in Q1 2022[27]. - The net cash outflow from operating activities was approximately -$18.5 million, worsening from -$9.89 million in the same period last year[27]. - The cash outflow from investing activities was approximately -$577.5 million, a significant reduction from -$1.70 billion in Q1 2022[28]. - The net cash inflow from financing activities was approximately $616.8 million, down from $1.05 billion in Q1 2022[28]. - The total cash and cash equivalents at the end of Q1 2023 stood at approximately $3.61 billion, an increase from $2.92 billion at the end of Q1 2022[28]. - The cash inflow from borrowing in Q1 2023 was approximately $2.34 billion, slightly lower than $2.35 billion in Q1 2022[28]. - The cash outflow for debt repayment increased to approximately -$1.64 billion in Q1 2023 from -$1.27 billion in Q1 2022[28]. - The company received approximately $82.1 million in tax refunds in Q1 2023, down from $166.4 million in Q1 2022[27]. - The cash outflow for employee payments was approximately -$122.1 million, a slight decrease from -$128.3 million in Q1 2022[27]. - The company reported a cash inflow from other operating activities of approximately $96.1 million, down from $139.8 million in Q1 2022[27]. Market Conditions and Management Insights - The company faced challenges due to geopolitical factors and global inflation, leading to reduced demand in the consumer electronics market[10]. - The management indicated that the decline in profit was mainly due to lower sales volume in the mobile phone industry and increased management expenses[10]. - The company has not reported any new product launches or technological advancements during this quarter[15]. - There are no significant mergers or acquisitions reported in the current quarter[15]. - The company has not provided specific future guidance or market expansion strategies in the earnings call[15]. - The top ten shareholders hold a total of 1,000,000,000 shares of common stock, indicating a stable ownership structure[14].