WLM(SZ:300591)2020-04-28 16:00Financial Performance - Total revenue for Q1 2020 was ¥43,270,573.60, a decrease of 66.78% compared to ¥130,268,553.49 in the same period last year[8] - Net profit attributable to shareholders was -¥28,234,946.76, representing a decline of 550.75% from -¥4,338,813.09 year-on-year[8] - Basic earnings per share for the quarter was -¥0.0835, a decrease of 500.72% compared to -¥0.0139 in the previous year[8] - The company's operating cash inflow decreased by 45.88% to CNY 86,325,153.16, primarily due to reduced sales collections[20] - The total operating costs fell by 63.84% to CNY 36,329,141.68, reflecting the impact of the pandemic on sales[19] - The company reported a net loss of CNY 1,016,985.31 due to asset impairment losses, compared to a smaller loss of CNY 24,911.88 in the previous period[50] - The net profit for Q1 2020 was a loss of CNY 29,208,192.07, compared to a loss of CNY 3,559,444.37 in the same period last year, indicating a worsening financial performance[52] - The total comprehensive income for Q1 2020 was a loss of CNY 29,261,461.41, compared to a loss of CNY 3,453,452.48 in the prior year[52] Cash Flow and Liquidity - The net cash flow from operating activities improved by 29.94%, amounting to -¥38,611,447.40, compared to -¥55,108,668.57 in the same period last year[8] - The company's cash and cash equivalents decreased to CNY 108,605,160.55 from CNY 140,731,234.68, representing a decline of about 22.8%[41] - The company's operating cash flow for Q1 2020 was -42,932,344.11 CNY, compared to -42,638,759.29 CNY in Q1 2019, indicating a slight deterioration in cash flow performance[62] - The company reported a net increase in cash and cash equivalents of -33,487,847.41 CNY for Q1 2020, contrasting with an increase of 18,441,064.79 CNY in Q1 2019[63] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,214,073,783.55, down 4.48% from ¥1,270,991,770.48 at the end of the previous year[8] - The company's total assets as of March 31, 2020, were CNY 1,190,892,445.63, down from CNY 1,247,285,252.67 at the end of 2019[46] - Total liabilities decreased to CNY 652,559,139.27 from CNY 681,541,472.35 year-over-year, reflecting improved financial health[47] - The total current liabilities were CNY 444,663,001.68, compared to CNY 457,071,636.56 at the end of 2019, showing a decrease of approximately 2.7%[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,752[12] - Major shareholders include Lin Dayao with 28.99% ownership, Lin Dazhou with 15.20%, and Lin Caihong with 10.43%[12] Research and Development - Research and development expenses increased by 128.84% to CNY 7,496,326.88, indicating a commitment to enhancing R&D efforts[19] - The company has established a strong R&D team to adapt to changing consumer preferences in the leather goods industry[27] - Research and development expenses for Q1 2020 amounted to CNY 5,893,864.81, an increase from CNY 3,275,864.34 in the same period last year, indicating a focus on innovation[54] Investment and Fundraising - The total amount of raised funds in this quarter is 32,407.56 million[32] - The cumulative amount of changed use of raised funds is 7,262.75 million, accounting for 22.41% of the total raised funds[32] - The marketing network expansion and e-commerce channel upgrade project has an investment total of 12,923.48 million, with a completion rate of 90.48%[32] - The company has acquired 51% equity in Chaoqi E-commerce for 8,845.64 million, which includes 7,262.75 million from the original fundraising[33] Operational Challenges - The company has not achieved the expected benefits from the direct store construction project due to rising costs and increased competition in retail[33] - The company plans to strengthen its e-commerce channel by acquiring established e-commerce firms instead of building its own[33] - The company reported a financial asset impairment loss of CNY 934,000.93 during the quarter, which negatively impacted profitability[55] Compliance and Governance - The company has not reported any overdue commitments from major stakeholders during the reporting period[30] - The company has not reported any superfluous funds or changes in the implementation of fundraising projects[33] - The company has not indicated any significant changes in net profit compared to the same period last year[36]