龙津药业(002750) - 2023 Q1 - 季度财报

Financial Performance - The company's operating revenue for Q1 2023 was ¥21,553,840.94, a decrease of 54.69% compared to ¥47,566,231.83 in the same period last year[3] - The net profit attributable to shareholders was -¥8,117,275.16, representing a decline of 1,075.30% from a profit of ¥832,287.46 in the previous year[3] - The net cash flow from operating activities was -¥38,395,753.41, a decrease of 276.88% compared to -¥10,187,664.02 in the same period last year[3] - The total comprehensive income for the first quarter was -9,414,778.99 CNY, compared to 689,639.58 CNY in the previous period[27] - The company’s total comprehensive income attributable to the parent company was -8,117,275.16 CNY, compared to 832,287.46 CNY in the previous year[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥685,870,763.99, down 8.21% from ¥747,205,227.88 at the end of the previous year[3] - Total liabilities decreased to CNY 90,519,841.61 from CNY 142,439,526.51, a decline of about 36.4%[23] - The company's equity attributable to shareholders decreased to CNY 574,913,324.75 from CNY 583,030,599.91, a decline of approximately 1.9%[23] Cash Flow - As of March 31, 2023, the company's cash and cash equivalents amounted to 143,554,364.11 RMB, down from 191,072,325.81 RMB at the beginning of the year[21] - Cash inflow from operating activities totaled 28,555,385.22 CNY, down from 57,323,522.11 CNY year-over-year[30] - The net cash flow from investing activities was -9,122,208.29 CNY, worsening from -4,562,381.36 CNY in the previous year[30] - Total cash outflow from operating activities was 66,951,138.63 CNY, slightly decreased from 67,511,186.13 CNY year-over-year[30] Expenses - The company experienced a 50.81% reduction in selling expenses, which amounted to ¥13,732,557.24, reflecting decreased marketing costs due to lower revenue[9] - Total operating costs for Q1 2023 were CNY 32,031,811.64, down 33.7% from CNY 48,212,348.59 year-on-year[25] - Research and development expenses increased to CNY 4,114,891.99 from CNY 3,865,773.86, reflecting a growth of 6.4% year-on-year[26] Receivables and Prepayments - The company's other receivables decreased by 82.94% to ¥2,460,146.68, attributed to the resolution of a dispute with Yunnan Sanqi Technology Co., Ltd.[8] - The company's accounts receivable decreased from 18,092,533.84 RMB at the beginning of the year to 15,156,137.17 RMB by the end of the first quarter[21] - The company reported a significant increase in prepayments, which rose by 201.48% to ¥2,918,613.56 due to increased R&D progress payments[8] Market and Sales - The company reported a significant decrease in sales volume for its main products across all provinces, attributed to a 67% price reduction in the centralized procurement of traditional Chinese medicine, with a benchmark price set at 75.31 RMB per box[13] - The company is facing risks of reduced revenue from core products compared to the previous year due to the significant price drop in centralized procurement[13] - The company reported a significant increase in other income, which rose to ¥100,000.00 from ¥22.94, marking a growth of 435,820% due to a subsidiary winning a competition prize[9] Legal and Compliance - The company has not yet signed a profit compensation agreement with the original shareholders of Yunnan Muya Agricultural Technology Co., Ltd., despite the performance commitment period ending with an audited net profit of 8,536,184.38 RMB, which did not meet the promised total of 16,550,000 RMB[14] - The company completed the payment for the acquisition of 100% equity in Yunnan Sanqi Technology Co., Ltd., resolving the related legal disputes[19] - The company recorded an expected liability and incurred an extraordinary expense of 12,297,504.00 RMB due to a payment related to a delayed equity transfer[17] Future Outlook - The company anticipates further uncertainty in contract orders and actual usage in various medical institutions due to the implementation of centralized procurement policies[13] - The company has not provided specific guidance for future performance or new product developments in the current report[26]