LFBC(SZ:002513)2023-04-28 16:00Financial Performance - The company's revenue for Q1 2023 was ¥381,711,743.06, a decrease of 13.04% compared to ¥438,930,890.48 in the same period last year[5] - The net profit attributable to shareholders was -¥14,727,136.62, representing a significant decline of 1,771.59% from ¥881,027.17 in the previous year[5] - The net cash flow from operating activities was -¥33,451,158.01, a decrease of 833.79% compared to ¥4,558,700.20 in the same period last year[5] - The net loss for Q1 2023 was CNY 14,814,886.45, compared to a net profit of CNY 881,027.17 in Q1 2022, indicating a significant decline in profitability[25] - Total operating revenue for Q1 2023 was CNY 381,711,743.06, a decrease of 13.0% compared to CNY 438,930,890.48 in Q1 2022[24] - Total operating costs for Q1 2023 were CNY 401,308,232.65, down from CNY 438,824,743.38 in the previous year, reflecting a reduction of 8.5%[24] Assets and Liabilities - The company's total assets increased by 8.93% to ¥1,607,354,887.22 from ¥1,475,544,376.48 at the end of the previous year[5] - The company's total assets increased to CNY 1,607,354,887.22 in Q1 2023, up from CNY 1,475,544,376.48 in Q1 2022, representing a growth of 8.9%[23] - Total liabilities rose to CNY 1,256,696,034.23 in Q1 2023, compared to CNY 1,117,957,493.80 in the same period last year, marking an increase of 12.4%[23] - The company's equity attributable to shareholders decreased to CNY 350,746,659.28 in Q1 2023 from CNY 357,586,939.14 in Q1 2022, a decline of 1.9%[23] Cash Flow and Management - The company's cash and cash equivalents increased by 93.90% to ¥46,540,898.43 from ¥24,002,274.06 at the end of the previous year[9] - Cash and cash equivalents at the end of Q1 2023 stood at 8,906,465.49 CNY, down from 65,554,509.09 CNY at the end of Q1 2022, indicating a liquidity squeeze[27] - The total cash inflow from operating activities was 184,658,735.51 CNY, a decrease of 51.3% from 379,373,278.61 CNY in the previous year[26] - The company’s cash flow management strategies will be crucial in navigating the current financial challenges and ensuring future growth[27] Research and Development - Research and development expenses rose by 128.80% to ¥2,645,482.22, up from ¥1,156,239.90 in the previous year, indicating increased investment in R&D[11] - Research and development expenses for Q1 2023 were CNY 2,645,482.22, up from CNY 1,156,239.90 in Q1 2022, reflecting an increase of 128.5%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,050[15] - Jiangsu Suhua Group holds 9.18% of shares, totaling 34,334,137 shares[15] - Hainan Jinsui International Holdings holds 9.09% of shares, totaling 34,000,000 shares, with 17,000,000 shares pledged[15] - Wang Yu holds 8.99% of shares, totaling 33,610,001 shares, with 23,793,411 shares under restriction[15] Other Income and Expenses - The company recorded a significant increase in other income, which rose by 349.86% to ¥2,110,950.00 from ¥469,250.00 in the previous year, primarily due to increased government subsidies[11] - The company reported a significant increase in sales expenses, which rose to CNY 4,151,556.37 in Q1 2023 from CNY 3,505,957.89 in Q1 2022, an increase of 18.4%[24] Investment Activities - The company has paid CNY 93.7 million for the acquisition of Jiangxi Deshipu New Materials Co., with CNY 8.7 million remaining unpaid[18] - The company is negotiating to terminate the agreement for the acquisition of Jiangxi Deshipu due to significant uncertainties and risks[19] - The company has not yet completed the payment of USD 16 million equivalent for the equity transfer, affecting its control over the target company's assets[19] Credit and Impairment - The company recorded a credit impairment loss of CNY -7,250,716.90 in Q1 2023, contrasting with a gain of CNY 181,269.13 in Q1 2022, highlighting a deterioration in asset quality[24]