Better Life(SZ:002251)2023-04-27 16:00Financial Performance - The company's revenue for Q1 2023 was ¥1,033,962,464.52, a decrease of 68.83% compared to ¥3,317,298,126.70 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥99,747,323.77, representing a decline of 455.53% from a profit of ¥28,056,214.23 in Q1 2022[5] - The total profit for Q1 2023 was a loss of ¥119,138,589.17, a decline of 371.40% from a profit of ¥43,897,625.13 in Q1 2022[11] - Operating profit for Q1 2023 was CNY -25,479,842.76, compared to CNY 42,401,916.94 in Q1 2022, indicating a significant decline[24] - Net profit for Q1 2023 was CNY -94,723,431.53, a drop from CNY 34,937,789.38 in the previous year[24] - The total comprehensive income for the first quarter of 2023 was -173,675,790.40 CNY, a significant decrease from 36,900,492.62 CNY in the same period last year[25] - The company reported a basic and diluted earnings per share of -0.12 CNY, compared to 0.03 CNY in the same quarter last year[25] Cash Flow - The net cash flow from operating activities was negative at ¥324,753,275.41, down 127.49% from ¥1,181,500,555.28 in the previous year[5] - The net cash flow from operating activities for Q1 2023 was -324,753,275.41 RMB, a decrease of 127.49% compared to 1,181,500,555.28 RMB in Q1 2022, primarily due to strategic adjustments and increased closure expenses[14] - The net cash flow from investing activities for Q1 2023 was -157,987,099.20 RMB, an improvement of 85.17% compared to -1,065,158,292.82 RMB in Q1 2022, mainly due to reduced project payments[14] - The net cash flow from financing activities for Q1 2023 was 493,497,855.95 RMB, an increase of 195.85% compared to -514,874,470.63 RMB in Q1 2022, driven by increased borrowing for operational needs[14] - Cash inflow from operating activities totaled 1,227,003,291.03 CNY, down 68.9% from 3,946,663,760.72 CNY year-on-year[28] - The net cash flow from financing activities was 493,497,855.95 CNY, a turnaround from -514,874,470.63 CNY in the same period last year[28] - The cash outflow from investing activities was 515,124,497.35 CNY, down from 1,189,832,674.09 CNY in the previous year[28] - The company recorded cash inflow from financing activities of 2,943,042,504.31 CNY, an increase from 2,427,350,546.00 CNY year-on-year[28] Assets and Liabilities - The total assets at the end of Q1 2023 were ¥26,852,772,327.28, a decrease of 3.77% from ¥27,905,610,533.00 at the end of the previous year[5] - Total liabilities decreased to CNY 21,861,317,893.13 from CNY 22,719,896,146.62, a decline of 3.78%[21] - The cash and cash equivalents at the end of Q1 2023 amounted to 945,616,432.73 RMB, an increase from 845,611,299.04 RMB at the beginning of the year[19] - Cash and cash equivalents at the end of the period were 137,885,586.35 CNY, a decrease from 238,914,044.26 CNY at the end of the previous year[28] - The accounts receivable as of March 31, 2023, were 158,918,432.60 RMB, slightly down from 159,850,251.87 RMB at the beginning of the year[19] - The prepayments decreased to 149,621,862.09 RMB from 339,417,419.89 RMB at the beginning of the year, indicating a significant reduction[19] - Inventory increased to CNY 343,119,554.00 from CNY 311,674,785.02, showing a rise of 10.1%[20] - Long-term borrowings increased to CNY 3,788,252,080.35 from CNY 3,133,656,950.02, an increase of 20.9%[21] Shareholder Information - As of March 31, 2023, the total number of common shareholders was 88,548, with the largest shareholder, Step by Step Investment Group, holding 23.06% of shares[15] - Step by Step Investment Group transferred 86,390,395 shares (10% of total shares) to Xiangtan Industrial Investment Partnership, making it the controlling shareholder[16] - The total number of shares held by the top ten shareholders includes 199,251,438 shares held by Step by Step Investment Group and 86,390,395 shares held by Xiangtan Industrial Investment Partnership[15] - The actual controller of the company is now the Xiangtan Municipal State-owned Assets Supervision and Administration Commission following the share transfer[17] Expense Management - The company experienced a 44.90% reduction in selling expenses, totaling ¥455,347,153.75, due to strategic adjustments and store closures[10] - The company reported a significant increase in sales expenses, which amounted to CNY 455,347,153.75, down from CNY 826,420,137.03, a decrease of 44.8%[24] - The company recorded a substantial increase in non-operating income from asset disposals, amounting to ¥66,642,168.34, compared to a loss of ¥1,640,001.41 in the previous year[11] - The company reported a significant increase in investment income, reaching ¥173,436,821.84, up 10,972.79% from ¥1,566,334.03 in Q1 2022[10] - The company recorded an investment income of CNY 173,436,821.84, a substantial increase compared to CNY 1,566,334.03 in the previous year[24] - The company reported a significant drop in cash received from other operating activities, totaling 9,806,109.56 CNY compared to 349,415,473.96 CNY last year[28]