西山科技(688576) - 2024 Q1 - 季度财报

Main Financial Data This section provides an overview of the company's Q1 2024 financial performance, highlighting key accounting data, non-recurring items, and significant changes in financial indicators Key Accounting Data and Financial Indicators The company experienced revenue growth and increased R&D in Q1 2024, but net profit after non-recurring items declined, and operating cash flow significantly deteriorated Q1 2024 Core Financial Indicators | Indicator | Current Period (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 74,188,129.92 | 9.98% | | Net Profit Attributable to Shareholders | 25,882,628.53 | 8.07% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 19,987,027.01 | -12.70% | | Net Cash Flow from Operating Activities | -48,812,416.79 | -4,356.12% | | Basic Earnings Per Share (Yuan/share) | 0.49 | -18.83% | | Total R&D Investment | 9,562,034.25 | 41.95% | | R&D Investment as % of Operating Revenue | 12.89% | Increased by 2.9 percentage points | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled approximately 5.90 million Yuan this quarter, primarily from entrusted investments and government subsidies, significantly boosting net profit Q1 2024 Non-recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from entrusted investments or asset management | 4,216,650.68 | | Government subsidies recognized in current profit/loss | 2,660,454.74 | | Gains/Losses from disposal of non-current assets | 47,211.90 | | Other non-operating income and expenses | 11,684.47 | | Total | 5,895,601.52 | Analysis of Major Financial Indicator Changes Significant shifts occurred in financial indicators, including reduced cash, increased receivables, higher R&D, and substantial net cash outflows from operating, investing, and financing activities - Cash and equivalents decreased by 66.20% year-on-year, while transactional financial assets increased by 37.63%, primarily due to the company allocating more funds to wealth management products this period[8] - Accounts receivable increased by 52.86% year-on-year, mainly because the company proactively extended credit to high-quality distributors this period[8] - Net cash flow from operating activities sharply decreased by 4,356.12% year-on-year, primarily due to reduced collections from implementing credit policies for distributors and increased various expenses[9] - Net cash flow from investing and financing activities significantly decreased by 2,034.51% and 4,033.45% respectively, mainly due to increased purchases of wealth management products and the implementation of share repurchases this period[9] Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the controlling interests of its largest shareholders Shareholding Status The company has 5,338 common shareholders with a concentrated equity structure, controlled by Guo Yijun and Li Daihong through their investment entities - As of the end of the reporting period, the company had 5,338 common shareholders[11] - The largest shareholder is Chongqing Xishan Investment Co., Ltd., with a 36.06% stake[12] - The actual controllers, Guo Yijun and Li Daihong, form a concerted action relationship through Xishan Investment, Tongxin Investment, and Guo Yijun's personal holdings[13] Quarterly Financial Statements This section presents the company's detailed balance sheet, income statement, and cash flow statement for Q1 2024, outlining asset, liability, equity, revenue, expense, and cash flow movements Balance Sheet As of March 31, 2024, total assets decreased by 3.30%, driven by a significant shift from cash to transactional financial assets and a rise in accounts receivable, while liabilities and owners' equity also saw changes Balance Sheet Major Item Changes (March 31, 2024 vs December 31, 2023) | Item | March 31, 2024 (Yuan) | December 31, 2023 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Equivalents | 240,758,737.62 | 712,248,130.35 | -66.20% | | Transactional Financial Assets | 1,203,052,986.30 | 874,126,267.12 | 37.63% | | Accounts Receivable | 85,076,098.89 | 55,654,940.72 | 52.86% | | Total Assets | 2,241,624,744.02 | 2,318,065,640.21 | -3.30% | | Total Liabilities | 113,885,245.60 | 157,408,345.87 | -27.65% | | Owners' Equity Attributable to Shareholders | 2,127,739,498.42 | 2,160,657,294.34 | -1.52% | Income Statement Q1 2024 saw a 9.98% revenue increase, but rising sales and R&D expenses were offset by reduced financial expenses and non-operating gains, leading to positive operating and net profit growth Income Statement Core Data (Q1 2024 vs Q1 2023) | Item | Q1 2024 (Yuan) | Q1 2023 (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 74,188,129.92 | 67,453,654.71 | 9.98% | | Operating Cost | 21,722,939.08 | 20,645,382.34 | 5.22% | | Selling Expenses | 18,060,842.13 | 14,717,186.90 | 22.72% | | R&D Expenses | 9,562,034.25 | 6,736,183.17 | 41.95% | | Financial Expenses | -3,383,257.52 | -617,680.29 | 447.74% | | Operating Profit | 30,163,234.06 | 23,591,211.09 | 27.86% | | Net Profit | 25,882,628.53 | 23,949,631.82 | 8.07% | Cash Flow Statement The company's cash flow significantly worsened this quarter, with substantial net outflows from operating, investing, and financing activities, primarily driven by reduced collections, wealth management purchases, and share repurchases Cash Flow Statement Key Data (Q1 2024 vs Q1 2023) | Item | Q1 2024 (Yuan) | Q1 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -48,812,416.79 | -1,095,402.25 | | Net Cash Flow from Investing Activities | -362,041,326.13 | -16,961,319.37 | | Net Cash Flow from Financing Activities | -60,629,496.71 | -1,466,801.94 | | Net Increase in Cash and Cash Equivalents | -471,489,392.73 | -19,529,188.87 |