GTCL(000978)2021-04-29 16:00Financial Performance - The company's operating revenue for Q1 2021 was ¥40,291,008.95, representing a 46.55% increase compared to ¥27,492,234.59 in the same period last year[8] - The net profit attributable to shareholders was -¥54,700,672.13, a reduction in loss of 18.48% from -¥67,102,231.49 year-on-year[8] - The basic earnings per share were -¥0.152, an improvement of 18.28% from -¥0.186 in the same period last year[8] - The net loss for Q1 2021 was ¥20,800,377.78, slightly improved from a net loss of ¥21,781,982.95 in Q1 2020[54] - The company reported a net profit attributable to shareholders of CNY -54,700,672.13 in Q1 2021, a reduction in loss of 18.48% compared to CNY -67,102,231.49 in Q1 2020[20] - The company reported a net loss of CNY -161,691,174.43, worsening from a loss of CNY -106,990,502.30 in the previous period[46] Cash Flow - The net cash flow from operating activities was -¥43,324,740.80, showing a slight increase of 1.38% compared to -¥42,734,500.96 in the previous year[8] - Cash inflow from operating activities totaled ¥64,114,002.93, an increase of 23.4% from ¥51,976,355.48 in Q1 2020[56] - The net cash flow from financing activities increased to CNY 57,905,905.60 in Q1 2021, up 24.01% from CNY 46,695,733.25 in Q1 2020, attributed to increased bank loans[22] - The net cash flow from financing activities increased to 59,330,325.05 CNY in Q1 2021 compared to 47,763,132.13 CNY in Q1 2020, driven by an increase in cash received from borrowings to 164,000,000.00 CNY from 110,000,000.00 CNY[58] - The company's cash flow management strategies are under review to enhance liquidity amid ongoing market challenges[52] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,647,266,389.17, a decrease of 0.71% from ¥2,666,294,373.18 at the end of the previous year[8] - Total liabilities increased to CNY 1,352,030,678.64 from CNY 1,312,326,803.59, representing a rise of 3.02%[46] - The total equity attributable to shareholders decreased to CNY 1,261,768,205.05 from CNY 1,316,468,877.18, a decline of 4.16%[46] - The company's total liabilities increased to CNY 1,364,197,271.12 from CNY 1,313,169,506.73, reflecting a growth of 3.9%[50] - The total current liabilities were CNY 425.60 million, with accounts payable at CNY 35.12 million[62] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,677[12] - The top shareholder, Guilin Tourism Development Company, held 18.36% of the shares, totaling 66,120,473 shares[12] - Guilin Tourism Co., Ltd. reported that Guilin Aviation Tourism Group holds 57.616 million shares, accounting for 16% of the total share capital, making it the second-largest shareholder[31] Government Support and Subsidies - The company received government subsidies totaling ¥1,957,119.81 during the quarter, including tax reductions and various grants[9] Legal and Regulatory Matters - The company is currently involved in a lawsuit initiated by Shu Zheng, which was dismissed by the Xiangshan District Court, and an appeal has been filed[30] - The company has not engaged in any securities or derivative investments during the reporting period[35][36] - There are no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[38][39] Future Outlook and Strategic Initiatives - The company plans to raise up to CNY 478.57 million through a non-public offering of A-shares to repay bank loans[24] - The "境SHOW•生动莲花" cultural tourism performance project is expected to commence construction in April 2021, with a total investment of CNY 110 million[26] - Future outlook includes potential market expansion and new product development initiatives to drive revenue growth[52] Cost Management - Sales expenses increased to CNY 4,259,830.79 in Q1 2021, up 40.59% from CNY 3,030,069.99 in Q1 2020, due to increased promotional efforts[20] - The company is focusing on cost control measures, with management expenses reduced to CNY 25,952,988.07 from CNY 30,360,408.44, a decrease of 14.9%[52] - Cash paid to employees in Q1 2021 was 21,172,739.59 CNY, a decrease from 30,336,554.00 CNY in Q1 2020, indicating cost-cutting measures[58] Accounting Changes - The company has adopted new leasing accounting standards effective January 1, 2021, which required adjustments to the balance sheet without retrospective application[61] - The implementation of the new leasing accounting standards resulted in the recognition of "right-of-use assets" and "lease liabilities" starting January 1, 2021[63] - The first quarter report for 2021 was not audited, which may affect the reliability of the financial data presented[65]