GREATTOWN(SH:900940)2020-04-29 16:00Financial Performance - Operating revenue for the period reached CNY 2.38 billion, representing a 42.87% increase year-on-year[5] - Net profit attributable to shareholders decreased by 25.08% to CNY 119 million compared to the same period last year[5] - Basic earnings per share fell by 25.08% to CNY 0.0481 compared to the previous year[5] - The company reported a decrease in net profit after deducting non-recurring gains and losses by 31.75% to CNY 108.69 million[5] - Net profit for Q1 2020 was ¥149,081,745.46, a decrease of 18.7% from ¥183,441,649.55 in Q1 2019[33] - The comprehensive income for Q1 2020 totaled ¥21,625,967.73, a significant decrease from ¥215,703,351.43 in Q1 2019[33] - The total comprehensive income for Q1 2020 was CNY 72,327,511.78, a significant improvement from a comprehensive loss of CNY 55,840,806.04 in Q1 2019[35] Assets and Liabilities - Total assets increased by 1.84% to CNY 42.73 billion compared to the end of the previous year[5] - The company's total current assets amounted to 37,555,934,163.38 RMB, an increase from 36,335,603,255.81 RMB as of December 31, 2019, representing a growth of approximately 3.4%[23] - The company's total liabilities as of March 31, 2020, were 28,430,562,232.52 RMB, up from 27,678,681,895.14 RMB at the end of 2019, indicating an increase of about 2.7%[25] - The company's total assets reached 42,726,097,333.64 RMB as of March 31, 2020, compared to 41,952,591,028.53 RMB at the end of 2019, marking a growth of approximately 1.8%[24] - Total liabilities rose to ¥7,604,743,933.69, up from ¥7,194,794,221.22 year-over-year[28] Cash Flow - Net cash flow from operating activities surged by 72.13% to CNY 2.08 billion year-to-date[5] - The company's cash and cash equivalents increased by 42.40% to RMB 5,429,237,258.24 compared to the end of the previous year, primarily due to increased sales collections[12] - Cash inflow from operating activities totaled 7,848,206.83 RMB, down from 6,283,723,931.68 RMB in the same period last year[38] - Cash outflow from operating activities increased to 26,596,007.22 RMB, compared to 5,981,995,464.30 RMB in Q1 2019[38] - The company's cash and cash equivalents at the end of Q1 2020 stood at 737,610,420.60 RMB, compared to 14,101,373.52 RMB at the end of Q1 2019[39] Shareholder Information - The total number of shareholders reached 56,710 by the end of the reporting period[10] - The largest shareholder, Mingcheng Enterprise Management Group, holds 9.52% of the shares, with 116 million shares pledged[10] Investments and Acquisitions - The company successfully acquired a land parcel in Shanghai for RMB 710 million, with an area of 51,782.3 square meters[14] - A second land acquisition in Fuzhou was completed for RMB 2.46 billion, covering an area of 44,217 square meters[15] - The company plans to issue corporate bonds up to RMB 6 billion to professional investors, currently in the preparation stage[16] - Investment income increased significantly to RMB 5,477,963.02, a turnaround from a loss in the previous period[12] Operational Efficiency - The company reported a 62.47% increase in operating costs, totaling RMB 1,789,454,202.20, due to the increased area available for transfer[12] - The company reported a gross profit margin of approximately 8.9% for Q1 2020, down from 10.0% in Q1 2019[32] - The company incurred a tax expense of ¥58,615,955.50 in Q1 2020, compared to ¥51,137,931.43 in the previous year[33] - The company reported a decrease in management expenses to CNY 22,401,777.97 in Q1 2020 from CNY 13,039,348.47 in Q1 2019, indicating improved cost management[34] - Financial expenses decreased to CNY 19,842,690.69 in Q1 2020 from CNY 71,749,521.54 in Q1 2019, reflecting a reduction in interest costs[34] Future Outlook - The company has not reported any significant changes in its net profit forecast for the year, indicating stability in its financial outlook[20] - The financial results reflect a need for strategic adjustments to improve cash flow management and operational efficiency moving forward[39]