HIGHLY(SH:900910)2020-04-29 16:00Financial Performance - Net profit attributable to shareholders decreased by 70.06% to CNY 30.79 million year-on-year[5] - Operating revenue fell by 29.84% to CNY 2.39 billion compared to the same period last year[5] - Basic earnings per share dropped by 66.67% to CNY 0.04[5] - The company reported a total comprehensive income of ¥22,270,126.51 for Q1 2020, significantly lower than ¥146,549,466.54 in Q1 2019[38] - Net profit for Q1 2020 was ¥41,029,270.40, a decline of 69.6% from ¥134,869,996.44 in Q1 2019[38] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -878.20 million, compared to CNY -473.20 million in the previous year[5] - Cash and cash equivalents decreased by 33.05% compared to the beginning of the year, primarily due to reduced bill discounting, leading to significant net cash outflow from operating activities[14] - The company's cash and cash equivalents decreased to ¥785,855,799.01 from ¥1,173,742,507.46, representing a decline of approximately 33.16%[28] - Operating cash flow for Q1 2020 showed a net outflow of approximately ¥878.20 million, worsening from a net outflow of ¥473.20 million in Q1 2019[44] - The total cash and cash equivalents at the end of Q1 2020 were $343,024,913.30, compared to $170,341,280.67 at the end of Q1 2019, representing a year-over-year increase of approximately 101%[47] Assets and Liabilities - Total assets increased by 1.24% to CNY 14.11 billion compared to the end of the previous year[5] - Total liabilities reached ¥8,606,737,514.82, compared to ¥8,456,324,578.18, showing an increase of about 1.77%[30] - The company's equity attributable to shareholders increased to ¥4,526,159,666.15 from ¥4,509,695,503.94, a growth of approximately 0.37%[30] - Current assets totaled ¥8,832,532,501.02, up from ¥8,601,149,894.09, indicating an increase of about 2.68%[28] - Total current liabilities increased to ¥7,676,128,504.18 from ¥7,544,649,452.38, reflecting an increase of about 1.75%[30] Shareholder Information - The total number of shareholders reached 48,190, with 23,429 being B shareholders[10] - The largest shareholder, Shanghai Electric Group, holds 23.97% of the shares, totaling 211.70 million shares[10] Government Support and Other Income - The company recognized government subsidies amounting to CNY 11.53 million during the reporting period[8] - Other income rose by 72.12% year-on-year, primarily due to increased government subsidies recognized during the period[18] - The company reported a non-recurring gain of CNY 7.92 million for the quarter[8] Borrowings and Financing - Short-term borrowings increased by 80.44% compared to the beginning of the year, reflecting the company's need to supplement working capital and project funding[14] - The company’s long-term borrowings increased by 48.53% compared to the beginning of the year, indicating a strategy to secure additional funding[14] - The company plans to issue convertible bonds, which has been approved by the Shanghai State-owned Assets Supervision and Administration Commission[25] Sales and Production - The company sold 524.61 million air conditioning compressors in Q1 2020, a decline of 32.56% year-on-year, while sales of electric vehicle compressors increased by 12.54% to 35,000 units[24] - Total operating revenue for Q1 2020 was ¥2,386,332,915.84, a decrease of 29.8% compared to ¥3,401,094,902.14 in Q1 2019[36] - Total operating costs for Q1 2020 were ¥2,361,175,414.20, down 27.5% from ¥3,255,546,160.78 in Q1 2019[36] Research and Development - Research and development expenses for Q1 2020 were ¥102,658,428.63, an increase of 19.2% from ¥86,116,727.46 in Q1 2019[36]