大连电瓷(002606) - 2019 Q1 - 季度财报

Financial Performance - The company's operating revenue for Q1 2019 was ¥122,317,497.06, a decrease of 34.57% compared to ¥186,939,309.93 in the same period last year[8]. - The net profit attributable to shareholders was a loss of ¥7,583,277.77, representing a decline of 188.44% from a profit of ¥8,574,351.75 in the previous year[8]. - The net cash flow from operating activities was negative at ¥38,207,811.16, a decrease of 164.94% compared to ¥58,832,938.36 in the same period last year[8]. - The basic earnings per share were -¥0.019, down 195.00% from ¥0.02 in the previous year[8]. - The net profit for the period was a loss of ¥7,944,715.94, compared to a profit of ¥8,205,464.86 in the previous period, indicating a significant decline[46]. - The operating profit turned negative at -¥11,147,503.11, compared to a positive operating profit of ¥8,958,877.61 in the same period last year[46]. - The total comprehensive income for the period was -¥7,944,715.94, compared to ¥8,205,464.86 in the prior year, indicating a substantial decline[47]. Cash Flow - Cash received from sales decreased by 55.13% compared to the same period last year, primarily due to reduced sales collections in the current reporting period[18]. - Net cash flow from operating activities decreased by 164.94% compared to the same period last year, mainly due to reduced sales collections and increased payments[18]. - Cash inflows from operating activities totaled ¥121,442,405.38, down from ¥252,863,892.36, reflecting a decrease of approximately 52.1% year-over-year[53]. - The ending balance of cash and cash equivalents was 94,755,216.34 CNY, a decrease from 99,182,606.33 CNY, reflecting tighter liquidity[55]. - The company reported a net increase in cash and cash equivalents of -43,173,537.07 CNY, contrasting with a positive increase of 24,224,118.43 CNY in the previous period, reflecting overall cash management challenges[55]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,297,593,338.09, a decrease of 1.95% from ¥1,323,356,258.61 at the end of the previous year[8]. - Current liabilities decreased from CNY 358,652,054.03 to CNY 342,842,691.72, a reduction of about 4.4%[37]. - Non-current liabilities decreased from CNY 80,651,273.16 to CNY 78,642,430.89, a decrease of approximately 2.5%[37]. - Total equity decreased from CNY 884,052,931.42 to CNY 876,108,215.48, a decline of about 0.9%[38]. - The company’s total liabilities decreased from CNY 439,303,327.19 to CNY 421,485,122.61, a reduction of about 4.0%[37]. Operational Challenges - The decline in net profit was attributed to a decrease in the usage of the company's key product, high-voltage insulators, amid intense market competition and rising raw material prices[17]. - The company's operating costs decreased by 32.81% compared to the same period last year, reflecting a slowdown in the domestic power transmission industry[17]. - The asset impairment losses increased by 155.86% compared to the previous year, primarily due to reduced sales collections and an increase in accounts receivable[17]. - The company recognized a bad debt provision of 11.5 million yuan, which will reduce the net profit attributable to the parent company by 8.625 million yuan for the year 2018[22]. Government Support and Subsidies - The company received government subsidies amounting to ¥1,933,301.73 during the reporting period, which was a significant decrease compared to previous periods[9]. - The company received ¥5,482,193.01 in tax refunds, slightly up from ¥5,104,464.71, showing some improvement in cash flow from tax-related activities[53]. Legal Matters - The company has initiated a civil lawsuit regarding a sales contract dispute, with the case accepted by the court on January 9, 2019[20]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[29]. Research and Development - Research and development expenses were ¥7,511,215.09, slightly up from ¥7,363,004.37, indicating continued investment in innovation[44].