Westone(SZ:002268)2020-04-28 16:00Financial Performance - The company's operating revenue for Q1 2020 was ¥59,030,952.58, a decrease of 64.22% compared to ¥165,005,851.19 in the same period last year[3]. - The net profit attributable to shareholders was -¥135,858,021.11, representing a decline of 71.51% from -¥79,214,430.19 in the previous year[3]. - The basic earnings per share were -¥0.1621, a decrease of 71.53% from -¥0.0945 in the previous year[3]. - Total revenue decreased by 64.22% year-on-year, significantly affected by the pandemic[10]. - Operating profit for the first quarter was a loss of CNY 166,959,924.35, compared to a loss of CNY 92,562,812.56 in the same period last year[24]. - Net profit for the first quarter was a loss of CNY 137,171,481.63, compared to a loss of CNY 79,161,639.05 in the previous year, reflecting a 73.2% increase in losses[25]. - The total comprehensive loss for the first quarter was CNY 137,171,481.63, compared to a loss of CNY 79,161,639.05 in the previous year[25]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 7.83%, amounting to -¥424,884,301.47 compared to -¥460,954,041.42 in the same period last year[3]. - Total cash inflow from operating activities is 168,858,934.81 CNY, down 43.0% from 296,289,617.50 CNY in the previous period[30]. - Cash outflow from operating activities is 593,743,236.28 CNY, a decrease of 21.6% compared to 757,243,658.92 CNY in the previous period[32]. - The net cash flow from financing activities is -24,391,805.52 CNY, compared to -250,205,312.50 CNY in the previous period, indicating a significant reduction in cash outflow[32]. - The ending cash and cash equivalents balance is 1,021,300,349.81 CNY, down from 1,205,570,829.97 CNY in the previous period[32]. - The company’s cash and cash equivalents decreased by 466,623,880.36 CNY in the current period, compared to a decrease of 725,727,760.40 CNY in the previous period[32]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,552,420,590.68, down 6.79% from ¥5,956,625,043.53 at the end of the previous year[3]. - Total liabilities decreased to CNY 1,115,639,223.69 from CNY 1,353,984,944.41, reflecting a reduction of approximately 17.6%[19]. - Total current liabilities were CNY 1,073,499,353.54, down from CNY 1,314,835,274.26, indicating a reduction of approximately 18.3%[19]. - The company reported total liabilities of CNY 1,353,984,944.41, with current liabilities at CNY 1,314,835,274.26[36]. - The company’s total non-current liabilities were CNY 39,149,670.15[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,922[6]. - The largest shareholder, China Electronics Technology Network Information Security Co., Ltd., holds 35.43% of the shares[6]. - The net assets attributable to shareholders decreased by 2.39%, totaling ¥4,442,235,675.41 compared to ¥4,550,793,991.85 at the end of the previous year[3]. - Total equity attributable to shareholders of the parent company was CNY 4,442,235,675.41, down from CNY 4,550,793,991.85, indicating a decline of about 2.4%[19]. Operational Impact - Cash and cash equivalents decreased by 31.29% compared to the beginning of the year, primarily due to the impact of the pandemic on operational activities in Q1 2020[10]. - Inventory increased by 34.60% compared to the beginning of the year, as the company pre-produced mainstream products but could not sell them due to the pandemic[10]. - Operating costs decreased by 64.57% year-on-year, in line with the sharp decline in revenue[10]. - Other income decreased by 92.31% year-on-year, mainly due to delayed resumption of work nationwide and delays in VAT refund processing[11]. - The company experienced a significant increase in management expenses, which totaled CNY 38,887,843.31, down from CNY 44,284,316.34 in the previous year[24]. Government Support - The company received government subsidies amounting to ¥14,760.00 during the reporting period[4]. Accounting Changes - The company executed a new revenue recognition standard starting January 1, 2020, which does not involve retrospective adjustments[39].