SMEIC(SH:900925)2020-04-28 16:00Financial Performance - Operating revenue for the first quarter was CNY 3.07 billion, a decline of 28.05% year-on-year[5] - Net profit attributable to shareholders was CNY 95.19 million, down 59.35% from the same period last year[5] - Basic and diluted earnings per share were both CNY 0.09, a decrease of 60.87% year-on-year[5] - Total operating revenue for Q1 2020 was ¥3,069,894,228.61, a decrease of 28.1% compared to ¥4,266,937,532.23 in Q1 2019[22] - Net profit for Q1 2020 was ¥149,791,835.22, a decline of 58.3% from ¥358,725,682.66 in Q1 2019[23] - Earnings per share for Q1 2020 were ¥0.09, compared to ¥0.23 in Q1 2019, reflecting a decrease of 60.9%[23] - Total comprehensive income for the period was 26,762,720.62 RMB, compared to 217,281,285.58 RMB in the previous year, reflecting a substantial decline[25] Assets and Liabilities - Total assets decreased by 0.91% to CNY 33.87 billion compared to the end of the previous year[5] - Total current assets decreased to CNY 28.40 billion from CNY 28.71 billion, a decline of approximately 1.08%[13] - Cash and cash equivalents decreased to CNY 10.74 billion from CNY 12.42 billion, a decrease of about 13.54%[13] - Accounts receivable increased to CNY 2.51 billion from CNY 2.29 billion, an increase of approximately 9.66%[13] - Inventory increased to CNY 9.81 billion from CNY 8.72 billion, reflecting a growth of about 12.45%[13] - Total liabilities decreased to CNY 20.05 billion from CNY 20.52 billion, a reduction of approximately 2.29%[15] - Total assets decreased to CNY 33.87 billion from CNY 34.19 billion, a decline of about 0.91%[15] - Non-current assets remained relatively stable at CNY 5.48 billion compared to CNY 5.48 billion, showing minimal change[14] - Short-term borrowings increased significantly to CNY 144.05 million from CNY 42.85 million, an increase of approximately 236.56%[15] - Contract liabilities rose to CNY 15.49 billion from CNY 14.71 billion, an increase of about 5.29%[15] - The company's retained earnings increased to CNY 7.08 billion from CNY 6.99 billion, reflecting a growth of approximately 1.63%[15] - Total liabilities decreased to ¥153,057,741.94 in Q1 2020 from ¥163,636,017.82 in Q1 2019, a reduction of 6.5%[22] - Total equity increased to ¥10,023,494,021.13 in Q1 2020 from ¥9,996,731,300.51 in Q1 2019, an increase of 0.3%[22] Cash Flow - The company reported a net cash flow from operating activities of -CNY 1.78 billion for the period[5] - In Q1 2020, the company reported a net cash flow from operating activities of -1,780,727,489.15 RMB, compared to -1,549,530,274.58 RMB in Q1 2019, indicating a decline in operational cash flow[28] - Total cash inflow from operating activities was 4,178,805,788.02 RMB, down from 5,167,288,566.58 RMB in the same period last year, reflecting a decrease of approximately 19.1%[28] - The company experienced a cash outflow of 5,959,533,277.17 RMB from operating activities, a reduction from 6,716,818,841.16 RMB in Q1 2019, marking a decrease of about 11.3%[28] - Investment activities generated a net cash flow of 1,196,705,979.90 RMB, compared to 1,263,385,648.78 RMB in Q1 2019, showing a decline of approximately 5.3%[28] - Cash and cash equivalents at the end of Q1 2020 totaled 7,018,017,608.46 RMB, down from 7,255,454,441.99 RMB at the end of Q1 2019, representing a decrease of about 3.3%[29] - The company reported a cash inflow from financing activities of 100,805,830.17 RMB, compared to a cash outflow of -417,044.16 RMB in Q1 2019, indicating a significant improvement in financing cash flow[29] - The company received tax refunds amounting to 1,019,574.73 RMB, a decrease from 2,423,838.05 RMB in Q1 2019, indicating a reduction in tax-related cash inflows[28] Strategic Initiatives - The company initiated four major action plans to mitigate the impact of the pandemic on its elevator business, including "Full Staff Action" and "Restart Action"[9] - The company aims to achieve an annual production capacity of 100,000 elevators despite the pandemic's challenges[9] - The marketing team is focused on achieving set sales targets through the "Spring Plowing Action" to recover from order losses due to the pandemic[10] - The company plans to focus on new product development and market expansion strategies in the upcoming quarters, although specific details were not provided in the current report[25] Expenses - Total operating costs for Q1 2020 were ¥2,911,658,061.86, down 25.5% from ¥3,907,562,942.37 in Q1 2019[22] - Research and development expenses for Q1 2020 were ¥90,377,792.82, down 15.5% from ¥106,958,907.65 in Q1 2019[22] - Investment income for Q1 2020 was ¥23,829,063.69, a decrease of 62.3% compared to ¥63,143,676.05 in Q1 2019[22] - Financial expenses for Q1 2020 showed a net income of -¥49,419,118.49, compared to -¥42,499,619.74 in Q1 2019[22] - The company reported a decrease in sales expenses to ¥109,990,114.57 in Q1 2020 from ¥139,764,266.43 in Q1 2019, a reduction of 21.4%[22]