新时达(002527) - 2021 Q1 - 季度财报

Important Notice Important Notice The company's board, supervisory board, and senior management affirm the quarterly report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[4] - Company head Ji Yi, chief accountant Li Guofan, and head of accounting department Ge Daming declare: the financial statements in the quarterly report are true, accurate, and complete[5] Company Profile Key Accounting Data and Financial Indicators The company's Q1 2021 financial performance significantly improved, with operating revenue up 40.89% and net profit attributable to shareholders turning profitable, while total assets and net assets slightly decreased Key Financial Indicators for the Reporting Period | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 895,410,021.92 | 635,539,216.13 | 40.89% | | Net Profit Attributable to Shareholders | 26,448,430.26 | -15,182,780.07 | 274.20% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 18,473,076.24 | -25,831,905.57 | 171.51% | | Net Cash Flow from Operating Activities | -15,863,442.03 | -38,345,460.50 | 58.63% | | Basic Earnings Per Share (CNY/share) | 0.0426 | -0.0245 | 273.88% | | Diluted Earnings Per Share (CNY/share) | 0.0426 | -0.0245 | 273.88% | | Weighted Average Return on Net Assets | 0.97% | -0.57% | 1.54% | Key Financial Indicators at Period End | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,020,788,688.93 | 6,064,217,864.43 | -0.72% | | Net Assets Attributable to Shareholders | 2,705,356,631.79 | 2,709,325,640.37 | -0.15% | Non-Recurring Gains and Losses | Item | Amount from Year Start to Period End (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -12,110.71 | | Government Subsidies Included in Current Profit/Loss | 9,018,100.95 | | Gains/Losses from Entrusted Investment or Asset Management | 1,136,438.35 | | Other Non-Operating Income and Expenses (Excluding Above) | 152,417.09 | | Less: Income Tax Impact | 1,502,335.30 | | Minority Interest Impact (After Tax) | 817,156.36 | | Total (Non-Recurring Gains/Losses) | 7,975,354.02 | Total Number of Shareholders and Top Ten Shareholders at Period End As of the reporting period end, the company had 35,888 common shareholders, with the Ji Defa family holding a significant combined stake among the top ten - Total number of common shareholders at the end of the reporting period: 35,888 shareholders[13] Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Ji Defa | Domestic Natural Person | 17.88% | 110,915,804 | 83,186,853 | | Liu Liping | Domestic Natural Person | 6.32% | 39,221,160 | 0 | | Ji Yi | Domestic Natural Person | 5.78% | 35,872,939 | 26,904,704 | | Yuan Zhongmin | Domestic Natural Person | 4.49% | 27,827,926 | 0 | | Zhu Qianghua | Domestic Natural Person | 4.19% | 25,978,953 | 0 | | Zeng Yi | Domestic Natural Person | 2.59% | 16,043,974 | 0 | | Wang Chunxiang | Domestic Natural Person | 1.98% | 12,277,519 | 9,208,139 | | Guangzhou Xuanyuan Investment Management Co., Ltd. - Xuanyuan Kexin No. 130 Private Securities Investment Fund | Other | 1.96% | 12,145,924 | 0 | | Cai Liang | Domestic Natural Person | 1.31% | 8,135,479 | 6,101,609 | | Wang Yue | Domestic Natural Person | 0.97% | 6,000,000 | 0 | - Among the top 10 shareholders, the largest shareholder Ji Defa and the second largest shareholder Liu Liping are spouses, and the third largest shareholder Ji Yi is their daughter; these three shareholders constitute parties acting in concert due to their family relationship[15] - Shareholder Wang Yue holds 6,000,000 shares through a credit securities account and 0 shares through a regular securities account, totaling 6,000,000 shares[17] Important Matters Changes and Reasons for Major Financial Data and Indicators in the Reporting Period During the reporting period, the company experienced significant changes across balance sheet, income statement, and cash flow items, driven by factors like structured deposit maturities, increased procurement, and convertible bond put options Balance Sheet Changes | Item | Period-End Balance (CNY) | Year-End Balance (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 4,593,280.55 | 144,957,380.02 | -96.83% | Mainly due to changes in structured deposits at period-end | | Prepayments | 166,440,847.70 | 66,102,048.80 | 151.79% | Mainly due to increased prepayments for procurement during the reporting period | | Other Current Assets | 41,297,566.63 | 143,808,769.21 | -71.28% | Mainly due to maturity of wealth management products | | Short-Term Borrowings | 1,020,000,000.00 | 770,000,000.00 | 32.47% | Mainly due to increased bank borrowings | | Notes Payable | 388,930,978.25 | 54,614,288.51 | 612.14% | Mainly due to increased procurement leading to more bills issued | | Contract Liabilities | 174,303,476.20 | 130,624,418.64 | 33.44% | Mainly due to increased advance receipts for goods during the reporting period | | Employee Remuneration Payable | 62,312,479.22 | 103,635,747.22 | -39.87% | Mainly due to payment of year-end bonuses accrued in the previous year during the reporting period | | Other Payables | 68,810,019.50 | 111,302,549.28 | -38.18% | Mainly due to time differences in payments for agency procurement business | | Other Current Liabilities | 2,067,175.45 | 5,127,981.45 | -59.69% | Mainly due to differences in deferred output tax at period-end | | Bonds Payable | 378,787,076.10 | 813,910,420.39 | -53.46% | Mainly due to the put option exercise of convertible bonds | | Other Equity Instruments | 77,175,640.27 | 167,898,675.92 | -54.03% | Mainly due to the put option exercise of convertible bonds | | Other Comprehensive Income | 3,482,746.68 | 731,263.15 | 376.26% | Mainly due to exchange rate fluctuations | Income Statement Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 895,410,021.92 | 635,539,216.13 | 40.89% | Company's customer-centric focus led to business growth, also considering the impact of the epidemic in the comparable period | | Operating Cost | 718,420,217.12 | 517,127,586.02 | 38.93% | Business growth led to corresponding cost growth | | Taxes and Surcharges | 1,781,504.56 | 78,761.75 | 2161.89% | Differences in VAT payment in the comparable period | | Other Income | 18,233,121.86 | 13,656,062.81 | 33.52% | Mainly due to period differences in government subsidies | | Investment Income | 5,461,254.34 | 3,695,140.97 | 47.80% | Increase in investment income from long-term equity investments accounted for by equity method | | Gains from Changes in Fair Value | 486,245.10 | 0 | —— | Mainly due to fair value changes in transactional financial assets | | Credit Impairment Losses | 2,554,486.38 | -1,519,463.25 | -268.12% | Mainly due to the company's continued strengthening of collection management | | Asset Impairment Losses | 19,500.00 | -262,979.77 | -107.42% | Mainly due to differences in inventory depreciation provision calculation | | Non-Operating Expenses | 110,483.36 | 225,562.21 | -51.02% | Mainly due to decreased donation expenses during the reporting period | | Income Tax Expense | 18,080,708.61 | 10,643,941.51 | 69.87% | Mainly due to increased taxes resulting from overall profit growth | Cash Flow Statement Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -15,863,442.03 | -38,345,460.50 | 58.63% | Mainly due to increased collections from business growth | | Net Cash Flow from Investing Activities | 198,896,455.71 | -489,525,064.01 | 140.63% | Mainly due to changes in structured deposits at period-end | | Net Cash Flow from Financing Activities | -216,625,918.99 | 46,612,593.75 | -564.74% | Mainly due to the impact of convertible bond put option exercise | Progress of Important Matters, Their Impact, and Analysis of Solutions The company implemented several key strategic adjustments during the reporting period, including changing the use of raised funds to supplement working capital, deregistering two subsidiaries to optimize resource allocation, and launching an equity incentive plan to attract and retain talent Change in Use of Raised Funds and Permanent Supplement to Working Capital The company approved using CNY 544.8948 million of remaining raised funds to permanently supplement working capital, and the 'Shida Convertible Bond' put option exercise did not significantly impact financials - The company plans to change the use of remaining raised funds from two investment projects, "Intelligent Manufacturing Project for Robots and Key Components with Motion Control Systems" and "Automotive Intelligent Flexible Welding Production Line Project", and permanently supplement working capital with the project balances, wealth management income, and interest income totaling CNY 544.8948 million[25] - The "Shida Convertible Bond" put option declaration period ended after market close on February 26, 2021; a total of 4,751,962 bonds were repurchased, with a repurchase amount of CNY 477,249,047.25 (including interest and tax)[26] - This repurchase of "Shida Convertible Bond" did not have a significant impact on the company's cash flow, asset status, or share capital[26] Deregistration of Subsidiaries The company's board approved the deregistration of Shanghai Xiaoao Machinery Equipment Co., Ltd. and New Shida Robot (Jiangsu) Co., Ltd. to optimize resource allocation - The company approved the "Proposal on Deregistering Subsidiaries", agreeing to deregister its subsidiaries Shanghai Xiaoao Machinery Equipment Co., Ltd. and New Shida Robot (Jiangsu) Co., Ltd.[26] Equity Incentive Plan The company formulated an equity incentive plan to enhance long-term motivation, attract and retain talent, and align interests of stakeholders - The company formulated the "Shanghai New Shida Electric Co., Ltd. 2021 Stock Option and Restricted Stock Incentive Plan (Draft)" and its summary, to improve the company's long-term incentive mechanism, attract and retain outstanding talent, and fully motivate the company's directors, senior management, middle management, and core technical (business) personnel[27] Progress of Share Repurchase The company continues its share repurchase plan, using CNY 15 million to CNY 30 million for future equity incentives or employee stock ownership, having repurchased 0.74% of total shares - The company plans to use its own funds to repurchase company shares through centralized bidding, with all repurchased shares intended for equity incentives or employee stock ownership plans, totaling no less than CNY 15 million (inclusive) and no more than CNY 30 million (inclusive)[31] - As of March 31, 2021, the company has cumulatively repurchased 4,608,179 shares through a dedicated share repurchase securities account via centralized bidding, accounting for 0.74% of the company's total share capital[33] - The total cumulative repurchase transaction amount was CNY 27.720541 million (excluding transaction fees), with the highest transaction price at CNY 6.62/share and the lowest at CNY 5.08/share[33] Unfulfilled Commitments Beyond Due Date The company had no unfulfilled commitments beyond the due date from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period - During the reporting period, there were no unfulfilled commitments beyond the due date by the company's actual controller, shareholders, related parties, acquirers, or the company itself[34] Financial Asset Investments The company primarily engaged in securities investments during the reporting period, acquiring *ST Lifan shares through debt restructuring, with no derivative investments made Securities Investment Status Company subsidiaries acquired *ST Lifan common stock through a debt restructuring plan, with a total initial investment cost of CNY 4.289 million and a period-end book value of CNY 4.593 million - The company's subsidiary Shanghai Xiaoao Xiangrong Automobile Industrial Equipment Co., Ltd. acquired 831,976 shares of Lifan shares, and its subsidiary Shanghai Xiaoao Xiangrong Automation Equipment Co., Ltd. acquired 36,319 shares of Lifan shares; the conversion date was December 29, 2020, and the conversion price was the closing price of Lifan shares on the conversion date, CNY 4.94/share[37] Securities Investment Details | Security Code | Security Name | Initial Investment Cost (CNY) | Accounting Measurement Method | Beginning Book Value (CNY) | Fair Value Change Gain/Loss for Current Period (CNY) | Period-End Book Value (CNY) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 601777 | *ST Lifan | 4,289,377.30 | Fair Value Measurement | 4,107,035.45 | 486,245.10 | 4,593,280.55 | Transactional Financial Assets | Debt Restructuring | Derivative Investment Status The company had no derivative investments during the reporting period - The company had no derivative investments during the reporting period[40] Progress of Raised Fund Investment Projects The company resolved to permanently use CNY 544.8948 million of remaining raised funds from two projects to supplement working capital, aiming to reduce risks and improve capital efficiency - The company approved the "Proposal on Changing the Use of Raised Funds and Permanently Supplementing Working Capital", intending to change the use of remaining raised funds from two projects, "Intelligent Manufacturing Project for Robots and Key Components with Motion Control Systems" and "Automotive Intelligent Flexible Welding Production Line Project", which are part of the company's 2017 public issuance of convertible corporate bonds, and permanently supplement working capital with the project balances, wealth management income, and interest income totaling CNY 544.8948 million[38][45] - This change in the use of raised funds and permanent supplement to working capital is a prudent adjustment made by the company based on changes in market environment, business development plans, and actual company conditions, which can effectively reduce business and investment risks, lower the company's financial expenses, improve the efficiency of raised fund utilization, optimize resource allocation, and is beneficial for the company to seize new development opportunities and promote its healthy and long-term development[45] Forecast of Operating Performance for January-June 2021 The company has not issued any warnings or explanations regarding a potential loss or significant change in operating performance for January-June 2021 - The company has not issued any warnings or explanations regarding a potential loss or significant change in operating performance for January-June 2021 compared to the same period last year[46] Major Contracts in Ordinary Operations The company had no major contracts in ordinary operations during the reporting period - The company had no major contracts in ordinary operations during the reporting period[46] Entrusted Wealth Management The company engaged in entrusted wealth management totaling CNY 230 million, all matured with no overdue amounts, using idle raised and own funds Entrusted Wealth Management Details | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Idle Raised Funds | 13,000 | 0 | 0 | | Brokerage Wealth Management Products | Idle Own Funds | 10,000 | 0 | 0 | | Total | | 23,000 | 0 | 0 | - During the reporting period, the company had no specific situations of entrusted wealth management with significant single amounts, low safety, poor liquidity, or non-principal-guaranteed high risks, nor did it experience any situations where principal was expected to be unrecoverable or other impairment-causing circumstances[46] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[47] Non-Operating Fund Occupation by Controlling Shareholder and Related Parties During the reporting period, there was no non-operating fund occupation by the controlling shareholder and its related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder and its related parties of the listed company[50] Registration Form for Research, Communication, Interview, etc. Activities During the Reporting Period During the reporting period, the company actively hosted on-site research visits from institutional investors and regulatory bodies, discussing operations, business, and strategic initiatives Research, Communication, Interview Activities | Reception Date | Reception Location | Reception Method | Type of Recipient | Recipient | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | :--- | | February 05, 2021 | Siyi Road Factory Meeting Room and Robot Factory | On-site Research | Institutions | Anxin Securities: Zhu Mengtian; Zheshang Securities: Jiang Shouquan, Li Bohua | Company operations, business, downstream industries, production models, etc. | | March 05, 2021 | Robot Factory Meeting Room and Exhibition Area | On-site Research | Institutions | Shanghai CSRC, Shanghai Listed Companies Association, Shanghai Securities Association, Shanghai Fund Association, Shanghai Futures Association, Panorama Network leaders; Changjiang Securities: Zhao Zhiyong; Individual Investors: Zhu Shengming, Zhang Baoliang, Wang Deming; Haitong Securities: Zhuang Wei; Guotai Junan: Zou Hua; Shenwan Hongyuan: Huang Huadong; Xingzheng Global Fund: Guo Xianjun; Huaan Fund: Zhang Zhuojuan, etc. | Company introduction, industry analysis, investor protection, equity incentives, industrial robot industry, company technology reserves, etc. | Financial Statements Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, detailing financial position, operating results, and cash flow changes Consolidated Balance Sheet As of March 31, 2021, the company's consolidated total assets were CNY 6.021 billion, with total liabilities at CNY 2.744 billion and total equity attributable to parent company owners at CNY 2.705 billion Consolidated Balance Sheet Details | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,114,822,745.56 | 1,161,445,947.72 | | Transactional Financial Assets | 4,593,280.55 | 144,957,380.02 | | Accounts Receivable | 913,224,970.45 | 847,922,822.70 | | Prepayments | 166,440,847.70 | 66,102,048.80 | | Inventories | 838,889,196.45 | 803,435,677.34 | | Total Current Assets | 3,666,378,594.87 | 3,716,046,269.92 | | Fixed Assets | 597,523,644.64 | 604,489,153.63 | | Goodwill | 1,137,927,769.68 | 1,137,927,769.68 | | Total Non-Current Assets | 2,354,410,094.06 | 2,348,171,594.51 | | Total Assets | 6,020,788,688.93 | 6,064,217,864.43 | | Short-Term Borrowings | 1,020,000,000.00 | 770,000,000.00 | | Notes Payable | 388,930,978.25 | 54,614,288.51 | | Accounts Payable | 486,921,284.11 | 652,667,793.34 | | Contract Liabilities | 174,303,476.20 | 130,624,418.64 | | Total Current Liabilities | 2,244,311,501.68 | 1,884,372,667.56 | | Bonds Payable | 378,787,076.10 | 813,910,420.39 | | Total Non-Current Liabilities | 500,125,330.06 | 902,968,839.61 | | Total Liabilities | 2,744,436,831.74 | 2,787,341,507.17 | | Total Equity Attributable to Parent Company Owners | 2,705,356,631.79 | 2,709,325,640.37 | | Total Owners' Equity | 3,276,351,857.19 | 3,276,876,357.26 | | Total Liabilities and Owners' Equity | 6,020,788,688.93 | 6,064,217,864.43 | Parent Company Balance Sheet As of March 31, 2021, the parent company's total assets were CNY 5.024 billion, with total liabilities at CNY 2.546 billion and total owners' equity at CNY 2.478 billion Parent Company Balance Sheet Details | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 740,229,663.24 | 869,856,417.82 | | Transactional Financial Assets | | 130,625,068.49 | | Accounts Receivable | 342,420,223.33 | 311,725,404.08 | | Prepayments | 103,104,926.48 | 22,294,930.77 | | Total Current Assets | 1,642,411,469.46 | 1,673,501,895.29 | | Long-Term Equity Investments | 3,014,962,364.01 | 3,028,773,647.26 | | Total Non-Current Assets | 3,381,108,980.48 | 3,401,400,725.62 | | Total Assets | 5,023,520,449.94 | 5,074,902,620.91 | | Short-Term Borrowings | 1,020,000,000.00 | 770,000,000.00 | | Notes Payable | 340,000,000.00 | | | Accounts Payable | 163,739,682.35 | 177,250,667.89 | | Total Current Liabilities | 2,144,173,094.37 | 1,704,600,697.24 | | Bonds Payable | 378,787,076.10 | 813,910,420.39 | | Total Non-Current Liabilities | 401,833,541.73 | 837,050,646.29 | | Total Liabilities | 2,546,006,636.10 | 2,541,651,343.53 | | Total Owners' Equity | 2,477,513,813.84 | 2,533,251,277.38 | | Total Liabilities and Owners' Equity | 5,023,520,449.94 | 5,074,902,620.91 | Consolidated Income Statement In Q1 2021, consolidated total operating revenue was CNY 895.41 million, with net profit attributable to parent company shareholders significantly increasing to CNY 26.4484 million Consolidated Income Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 895,410,021.92 | 635,539,216.13 | | Total Operating Costs | 872,046,966.22 | 654,188,341.82 | | Operating Profit | 50,117,663.38 | -3,080,364.93 | | Total Profit | 50,257,969.76 | -3,106,095.38 | | Net Profit | 32,177,261.15 | -13,750,036.89 | | Net Profit Attributable to Parent Company Shareholders | 26,448,430.26 | -15,182,780.07 | | Minority Interest Income/Loss | 5,728,830.89 | 1,432,743.18 | | Total Comprehensive Income | 34,981,680.11 | -12,392,102.81 | | Total Comprehensive Income Attributable to Parent Company Owners | 29,199,913.79 | -13,860,243.73 | | Basic Earnings Per Share | 0.0426 | -0.0245 | | Diluted Earnings Per Share | 0.0426 | -0.0245 | Parent Company Income Statement In Q1 2021, parent company operating revenue was CNY 193.38 million, with operating and net losses narrowing year-on-year Parent Company Income Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 193,383,919.88 | 105,517,858.31 | | Operating Cost | 159,177,307.15 | 84,939,338.96 | | Operating Profit | -22,706,738.16 | -31,456,405.54 | | Total Profit | -22,662,301.44 | -31,615,775.45 | | Net Profit | -22,568,541.17 | -31,615,775.45 | | Total Comprehensive Income | -22,568,541.17 | -31,615,775.45 | | Basic Earnings Per Share | -0.0364 | -0.0510 | | Diluted Earnings Per Share | -0.0364 | -0.0510 | Consolidated Cash Flow Statement In Q1 2021, net cash flow from operating activities narrowed losses, investing activities turned significantly positive, and financing activities turned negative due to convertible bond put options Consolidated Cash Flow Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 754,085,694.77 | 696,257,832.91 | | Subtotal of Cash Outflows from Operating Activities | 769,949,136.80 | 734,603,293.41 | | Net Cash Flow from Operating Activities | -15,863,442.03 | -38,345,460.50 | | Subtotal of Cash Inflows from Investing Activities | 233,872,467.80 | 162,151,484.65 | | Subtotal of Cash Outflows from Investing Activities | 34,976,012.09 | 651,676,548.66 | | Net Cash Flow from Investing Activities | 198,896,455.71 | -489,525,064.01 | | Subtotal of Cash Inflows from Financing Activities | 373,280,309.28 | 396,224,861.11 | | Subtotal of Cash Outflows from Financing Activities | 589,906,228.27 | 349,612,267.36 | | Net Cash Flow from Financing Activities | -216,625,918.99 | 46,612,593.75 | | Net Increase in Cash and Cash Equivalents | -33,751,291.88 | -480,931,911.48 | | Period-End Balance of Cash and Cash Equivalents | 1,104,886,690.22 | 567,716,769.28 | Parent Company Cash Flow Statement In Q1 2021, parent company net cash flow from operating activities decreased, investing activities turned positive, and financing activities saw increased outflow Parent Company Cash Flow Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 244,765,429.95 | 453,008,787.99 | | Subtotal of Cash Outflows from Operating Activities | 209,576,724.34 | 243,779,720.51 | | Net Cash Flow from Operating Activities | 35,188,705.61 | 209,229,067.48 | | Subtotal of Cash Inflows from Investing Activities | 141,941,356.16 | 132,076,690.95 | | Subtotal of Cash Outflows from Investing Activities | 6,200,100.80 | 195,530,579.53 | | Net Cash Flow from Investing Activities | 135,741,255.36 | -63,453,888.58 | | Subtotal of Cash Inflows from Financing Activities | 350,000,000.00 | 396,224,861.11 | | Subtotal of Cash Outflows from Financing Activities | 650,556,228.27 | 478,839,727.08 | | Net Cash Flow from Financing Activities | -300,556,228.27 | -82,614,865.97 | | Net Increase in Cash and Cash Equivalents | -129,626,754.58 | 63,160,079.06 | | Period-End Balance of Cash and Cash Equivalents | 740,229,663.24 | 366,109,546.10 | Explanation of Financial Statement Adjustments The company adopted new leasing standards in 2021, requiring no adjustments to opening balance sheet items due to the nature of initial leases - The company adopted new leasing standards starting in 2021, but no adjustments to the opening balance sheet items were required as initial leases were short-term and low-value asset leases[101] Audit Report The company's Q1 2021 report is unaudited - The company's first quarter report is unaudited[102]