隆平高科(000998) - 2023 Q1 - 季度财报

Financial Performance - The company's revenue for Q1 2023 was CNY 1,065,088,746.09, representing a 17.63% increase compared to CNY 905,492,180.47 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2023 was CNY 151,198,905.63, a significant increase of 177.64% from CNY 54,458,451.35 year-on-year[3]. - Basic and diluted earnings per share for Q1 2023 were both CNY 0.1148, reflecting a 172.68% increase from CNY 0.0421 in the same period last year[3]. - The total operating revenue for Q1 2023 was ¥1,065,088,746.09, an increase of 17.66% compared to ¥905,492,180.47 in the same period last year[21]. - The net profit for Q1 2023 was CNY 217,756,171.68, a significant increase from CNY 106,936,704.28 in Q1 2022, representing a growth of approximately 103.5%[22]. - The operating profit for Q1 2023 reached CNY 220,848,826.16, compared to CNY 110,248,792.35 in the same period last year, indicating a growth of about 100.5%[22]. - The total comprehensive income for Q1 2023 was CNY 256,280,337.89, down from CNY 458,769,239.95 in Q1 2022, reflecting a decrease of approximately 44.1%[23]. Cash Flow and Assets - The net cash flow from operating activities for Q1 2023 was CNY -746,766,247.64, a decrease of 100.08% compared to CNY -373,229,074.74 in the previous year[3]. - The company's cash and cash equivalents at the end of the quarter were ¥2,474,999,742.08, down from ¥2,740,532,304.83 at the beginning of the year, a decrease of 9.68%[18]. - The total assets at the end of Q1 2023 were CNY 14,392,481,875.28, a decrease of 1.45% from CNY 14,604,710,681.53 at the end of the previous year[3]. - The company's cash and cash equivalents balance was CNY 2,352,135,203.34 at the end of Q1 2023, compared to CNY 1,529,022,889.92 at the end of Q1 2022, an increase of approximately 53.8%[25]. Investment and Research - The increase in revenue was primarily driven by growth in the corn seed business during the reporting period[6]. - The company has increased its investment in research and development and expanded the planting area for major seed varieties, impacting cash flow from operating activities[6]. - Research and development expenses increased significantly to ¥56,915,582.12, compared to ¥28,148,235.51 in the previous year, marking a 102.56% rise[21]. - The company acquired 51% equity in Fujian Keli Seed Industry Co., Ltd. for a consideration of 31.17 million RMB, enhancing its market position in hybrid rice seed production[13]. - The company signed a strategic cooperation framework agreement with Beidahuang Kenfeng Seed Industry Co., Ltd. to leverage complementary strengths in crop varieties and market regions[12]. Shareholder and Governance - The top ten unrestricted shareholders hold a total of 517,000,000 shares, with CITIC Agricultural Technology Co., Ltd. being the largest shareholder with 217,815,722 shares[9]. - The company appointed Liu Zhiyong as the new chairman of the board, effective from March 23, 2023, following the resignation of the previous chairman[17]. Strategic Focus and Risk Management - The company reported a strategic focus on enhancing its market share and industry position in the rice seed sector through acquisitions and partnerships[13]. - The company plans to conduct foreign exchange derivative hedging transactions with a total limit of up to 300 million USD or equivalent RMB, focusing on risk management[15]. - The company is committed to maintaining a cooperative and win-win relationship with its strategic partners to promote mutual development[12]. Accounting and Financial Adjustments - The company adjusted its accounting estimates for expected credit losses and sales return rates, effective from October 1, 2022, to better reflect financial conditions[14]. - The company disclosed that it will not retrospectively adjust previously disclosed financial data due to the accounting estimate changes[14]. - The investment income from joint ventures and associates was a loss of CNY 13,710,281.73 in Q1 2023, compared to a loss of CNY 47,518,464.82 in Q1 2022, showing an improvement[22].