SSAW Hotels(301073)2023-04-26 16:00Financial Performance - The company's revenue for Q1 2023 was CNY 95.72 million, a 55.63% increase compared to CNY 61.51 million in the same period last year[5]. - Net profit attributable to shareholders was CNY 4.09 million, up 4.21% from CNY 3.92 million year-on-year[5]. - The net cash flow from operating activities increased by 62.11% to CNY 19.54 million, compared to CNY 12.05 million in the previous year[5]. - The company's operating revenue for Q1 2023 reached ¥95,720,135.25, representing a 55.63% increase compared to ¥61,505,943.43 in Q1 2022, primarily due to the recovery of the domestic tourism market[18]. - Total operating revenue for Q1 2023 reached ¥95,720,135.25, a significant increase of 55.6% compared to ¥61,505,943.43 in the same period last year[35]. - Operating profit for Q1 2023 was ¥6,144,155.40, an increase of 44.0% from ¥4,268,000.32 in the previous year[35]. - The total revenue for Q1 2023 was 7,034,345.54 CNY, an increase from 4,310,994.51 CNY in Q1 2022, representing a growth of approximately 63.1%[36]. - The net profit for Q1 2023 reached 5,829,383.18 CNY, compared to 3,503,163.26 CNY in the same period last year, marking an increase of about 66.3%[36]. - The cash flow from operating activities for Q1 2023 was 19,535,045.03 CNY, up from 12,050,695.82 CNY in Q1 2022, indicating a growth of approximately 62.1%[39]. Operational Highlights - The average revenue per available room (RevPAR) for operating hotels increased by 34% year-on-year, and nearly 8% compared to 2019[8]. - The total number of domestic tourist trips reached 1.216 billion in Q1 2023, an increase of 46.5% year-on-year[8]. - The company signed 9 new projects in Q1 2023, adding nearly 2,300 rooms, with significant developments in first-tier cities like Beijing, Shanghai, and Guangzhou[11]. - The company opened 4 new hotels during the reporting period, including the Shangluo Shanglv Junting Hotel, and has several more in preparation for opening[12]. - The company's high-end selected hotels showed strong performance, with RevPAR in Hangzhou Pagoda Junting Hotel increasing by 30% compared to 2019[9]. - The revenue for the Junlan brand increased by 28.5% year-on-year, recovering to 81.6% of 2019 levels[10]. Cash Flow and Investments - The net cash flow from investing activities improved by 52.50%, with a net outflow of ¥52,817,351.11 compared to ¥111,199,045.15 in the previous year, mainly due to cash payments for acquisitions in 2022[20]. - The company reported a net cash outflow from investing activities of -52,817,351.11 CNY in Q1 2023, compared to -111,199,045.15 CNY in Q1 2022[39]. - The company’s construction in progress increased by 152.61% to ¥37,929,454.81, reflecting an increase in engineering projects during the reporting period[15]. Strategic Initiatives - The company established a strategic cooperation framework with China Tourism Group Hotel Holdings to enhance hotel management and operational capabilities[13]. - A strategic cooperation framework agreement was signed with China Tourism Group Hotel Holdings Co., Ltd. on February 16, 2023, focusing on mutual benefits and cooperation in aligned interests[29]. - The company plans to expand its market presence through strategic partnerships and new product offerings in the hospitality sector[29]. Financial Position - Cash and cash equivalents at the end of the period were ¥611,702,269.75, down from ¥678,101,129.60 at the beginning of the year, representing a decrease of 9.8%[32]. - Accounts receivable decreased to ¥60,275,269.73 from ¥64,337,031.66, a decline of 6.5%[32]. - Inventory increased to ¥976,362.58 from ¥894,519.69, reflecting a rise of 9.2%[32]. - Total assets as of the end of the period were ¥2,161,704,441.07, up from ¥2,022,218,279.60, indicating a growth of 6.9%[33]. - Total liabilities increased to ¥1,196,006,947.29 from ¥1,062,350,169.00, marking a rise of 12.6%[33]. - The company's equity attributable to shareholders rose to ¥977,435,200.93 from ¥973,345,364.59, a slight increase of 0.4%[33]. - Non-current liabilities totaled ¥953,873,077.75, up from ¥823,216,927.32, reflecting a growth of 15.9%[33]. Other Financial Metrics - Operating costs increased to ¥64,078,654.40, up 46.42% from ¥43,764,108.70, driven by the rise in operating revenue[18]. - Total operating costs for Q1 2023 were ¥89,683,142.14, up 53.0% from ¥58,627,143.94 in Q1 2022[35]. - The company's management expenses increased by 105.58% to ¥13,919,700.09, primarily due to rental costs related to new project preparations[18]. - The investment income decreased by 98.41% to ¥18,056.25, compared to ¥1,137,842.77 in the previous year, primarily due to reduced financial investment returns[18]. - The company experienced a decrease in comprehensive income attributable to the parent company, which was 4,089,836.34 CNY in Q1 2023, compared to 3,924,683.57 CNY in Q1 2022[36]. - The basic and diluted earnings per share for Q1 2023 were both 0.03 CNY, unchanged from Q1 2022[36]. - The total cash outflow from financing activities was 33,116,553.77 CNY in Q1 2023, compared to 23,994,781.91 CNY in Q1 2022[40].