LIHUA(SZ:300761)2020-04-23 16:00Financial Performance - Total revenue for Q1 2020 was ¥1,510,798,260.85, a decrease of 7.08% compared to the same period last year[2]. - Net profit attributable to shareholders was -¥196,839,706.24, representing a decline of 284.59% year-over-year[2]. - Basic and diluted earnings per share were both -¥0.4874, a decrease of 272.04% compared to the same period last year[2]. - The company reported a revenue of CNY 1,510.80 million for the first quarter, a year-on-year decrease of 7.08%[12]. - The net profit attributable to shareholders was CNY -196.84 million, representing a year-on-year decline of 284.59%[12]. - Total operating revenue for Q1 2020 was CNY 1,510,798,260.85, a decrease of 7.05% from CNY 1,625,914,172.78 in the same period last year[42]. - Net profit for Q1 2020 was a loss of CNY 196,839,706.24, compared to a profit of CNY 106,636,533.40 in Q1 2019[43]. - The total comprehensive income attributable to the parent company was -CNY 196,839,706.24, contrasting with CNY 106,636,533.40 in the previous period[44]. Cash Flow - Net cash flow from operating activities was -¥178,225,457.94, down 247.44% from the previous year[2]. - The cash flow from operating activities showed a net outflow of -CNY 178,225,457.94, compared to a net inflow of CNY 120,882,255.09 in the previous period[48]. - The total cash outflow from operating activities was CNY 1,778,853,980.23, up from CNY 1,490,934,940.18 in the previous period[48]. - The net cash flow from operating activities was -532,179,580.11 yuan, a significant decrease compared to 87,476,002.92 yuan in the previous period[51]. - The total cash inflow from investment activities was 1,588,452,645.56 yuan, compared to 893,862,636.06 yuan in the previous period, indicating a strong increase[51]. - The total cash and cash equivalents at the end of the period amounted to 120,853,408.19 yuan, a decrease from 249,569,612.89 yuan in the previous period[52]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,519,577,157.13, a slight decrease of 0.54% from the end of the previous year[2]. - The total current assets decreased to RMB 4.96 billion from RMB 5.12 billion, reflecting a decline of about 3.3%[35]. - The company's total assets as of March 31, 2020, were RMB 8.52 billion, down from RMB 8.57 billion at the end of 2019, indicating a decrease of approximately 0.5%[36]. - The total liabilities increased to RMB 1.89 billion from RMB 1.74 billion, marking an increase of about 8.5%[37]. - The company's total equity decreased to RMB 6.63 billion from RMB 6.82 billion, a decline of approximately 2.9%[38]. - Total liabilities reached CNY 3,006,389,630.59, with current liabilities accounting for CNY 2,941,398,204.81[59]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,823[5]. - The largest shareholder, Cheng Lili, held 23.31% of the shares, totaling 94,150,000 shares[5]. - The company has not reported any non-compliance with external guarantees during the reporting period[33]. - There were no non-operational fund occupations by controlling shareholders or related parties during the reporting period[34]. Research and Development - R&D expenses increased by 40.50% year-on-year, reflecting increased investment in research activities[10]. - The company reported a significant increase in research and development expenses to CNY 3,669,452.76, up from CNY 2,611,750.44 in the previous year[42]. - Research and development expenses increased to CNY 3,665,837.76 from CNY 2,597,445.34, reflecting a 41.2% rise[45]. Operational Risks - The company experienced a 14.94% decrease in the selling price of broiler chickens due to the impact of the COVID-19 pandemic[12]. - The company is exposed to food safety risks due to increasing regulatory scrutiny, which may lead to higher production costs if standards are raised[19]. - Inventory impairment risk exists as the market prices for yellow feathered chickens and live pigs can fluctuate significantly, potentially leading to substantial inventory write-downs[20]. - The company plans to implement measures to mitigate risks from animal diseases and natural disasters, which could impact production efficiency and costs[14]. - The company employs a "company + cooperative + farmer" model for chicken and goose farming, which may face risks from government policy changes and market competition affecting the number of cooperative farmers[18]. - Fluctuations in the prices of corn, soybean meal, and wheat, which are key feed ingredients, directly impact the company's operating costs and profitability[16]. Investment Projects - The total amount of raised funds is CNY 115,000,000, with CNY 1,557,390 invested in the current reporting period, and a cumulative investment of CNY 77,351,850[25]. - The investment progress for the "Anqing Lihua Integrated Chicken Raising Project" is 75.98%, with a cumulative investment of CNY 10,800,620[25]. - The "Zigong Lihua Annual Production of 180,000 Tons of Chicken Feed Processing Project" has an investment progress of 74.27%, with CNY 5,198,850 cumulatively invested[25]. - The "Fuyang Lihua Annual Production of 360,000 Tons of Feed Processing Project" shows only 16.54% investment progress, with CNY 1,819,360 invested[25]. - The "Fuyang Lihua Annual Output of 1 Million High-Quality Meat Pig Breeding Base Project Phase I" has an investment progress of 22.49%, with CNY 6,747,240 invested[25]. - The company has decided to postpone the "Anqing Lihua Integrated Chicken Raising Project" due to delays in land transfer and project approval processes, exacerbated by the COVID-19 pandemic[30]. - The "Zigong Lihua Annual Production of 180,000 Tons of Chicken Feed Processing Project" is also postponed due to late commencement of the office building construction and COVID-19 impacts[31]. - The cumulative expected benefits from the projects have not been achieved, with a total shortfall of CNY 2,409,640 reported[25]. - The company has changed the implementation location for the "Anqing Lihua Integrated Chicken Raising Project" to a more suitable site, which was approved in the 2018 annual shareholders' meeting[26]. - The total investment for the "Fuyang Lihua Annual Output of 1 Million High-Quality Meat Pig Breeding Base Project Phase I" has been adjusted from CNY 30,000,000 to CNY 30,600,000[27].