Fynex Textile(SH:600493)2024-04-22 08:22Financial Performance - The company's operating revenue for Q1 2024 was CNY 208,298,127.06, representing a decrease of 2.74% compared to the same period last year[4]. - Net profit attributable to shareholders increased by 129.37% to CNY 1,741,290.57, driven by improved product sales gross margin and reduced expenses[4][7]. - The net cash flow from operating activities surged by 171.49% to CNY 13,259,534.27, primarily due to a decrease in procurement payments[4][7]. - Basic and diluted earnings per share both rose by 129.36% to CNY 0.0064, reflecting the increase in profit[4][7]. - Total operating revenue for Q1 2024 was ¥208,298,127.06, a decrease of 2.0% compared to ¥214,161,290.21 in Q1 2023[28]. - Net profit for Q1 2024 was ¥1,741,290.57, a significant improvement from a net loss of ¥5,928,290.33 in Q1 2023[29]. - Operating profit turned positive at ¥1,980,715.74 in Q1 2024, compared to an operating loss of ¥5,765,937.61 in Q1 2023[28]. - Cash flow from operating activities generated a net inflow of ¥13,259,534.27 in Q1 2024, recovering from a net outflow of ¥18,547,826.29 in Q1 2023[31]. - The company achieved a basic and diluted earnings per share of ¥0.0064 in Q1 2024, compared to a loss per share of ¥0.0218 in Q1 2023[29]. Asset and Liability Management - Total assets at the end of Q1 2024 were CNY 1,694,568,183.62, down 3.84% from the end of the previous year[5]. - The company's current assets totaled CNY 688,396,899.67, down from CNY 768,977,312.74, indicating a decrease of about 10.43%[24]. - Cash and cash equivalents decreased to CNY 133,783,947.29 from CNY 223,585,087.11, representing a significant decline of approximately 40.25%[23]. - The company's inventory increased to CNY 264,338,688.54 from CNY 240,417,621.68, showing an increase of about 9.93%[24]. - Total liabilities decreased to CNY 590,766,499.12 from CNY 660,109,803.93, reflecting a reduction of approximately 10.47%[25]. - The total equity attributable to shareholders increased slightly to CNY 1,103,801,684.50 from CNY 1,102,060,393.93, indicating a marginal increase of about 0.16%[25]. - The company’s accounts receivable stood at CNY 164,941,307.35, slightly down from CNY 167,630,605.90, indicating a decrease of about 1.63%[23]. - The company’s non-current assets totaled CNY 1,006,171,283.95, an increase from CNY 993,192,885.12, reflecting an increase of approximately 1.00%[24]. Investment and Development - The company has completed the construction of the new dyeing and finishing plant in the An Dong Economic Development Zone, which is expected to enhance production capacity and market share[14]. - The total investment for the new plant project is approximately 850 million RMB, adjusted from the original 650 million RMB[13]. - The company has secured land use rights for 424.08 acres in Anyang for its subsidiary, facilitating the development of the dyeing and finishing project[17]. - The Anyang dyeing and finishing workshop's main structure has been capped, and decoration works are currently underway, with an estimated investment of around 300 million RMB[17]. - The company is actively negotiating with government departments to expedite the relocation of its old plant to improve operational efficiency[14]. - The dyeing and finishing production line at the new plant has commenced operations, successfully taking over the capacity from the old plant[14]. - The Anyang project is part of the company's strategy to leverage existing assets and optimize resource allocation in response to local market demands[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,202[9]. - The top three shareholders held a combined 28.96% of the company's shares, with the largest shareholder owning 10.72%[9][10]. - The company has seen changes in its top shareholders, with new additions including TaiKang Asset Management and others, reflecting a diversified shareholder base[12]. Financial Management - Non-recurring gains and losses amounted to CNY 1,172,382.57, with significant contributions from government subsidies and financial asset gains[6]. - The company reported a total of CNY 170,900,000 in entrusted financial management as of the latest report, with various financial products yielding annualized returns ranging from 1.54% to 3.5%[21]. - The company has ongoing investments in various financial products, including a three-year fixed deposit with a total of CNY 10,000,000 at an annualized rate of 3.5%[20]. - The company reported a decrease in sales expenses to ¥4,724,045.06 in Q1 2024 from ¥6,498,325.91 in Q1 2023, reflecting cost control measures[28]. - Research and development expenses increased to ¥5,275,200.01 in Q1 2024, up from ¥4,824,204.67 in Q1 2023, indicating a focus on innovation[28].