Jiangshan Oupai(SH:603208)2024-04-24 09:16Financial Performance - The company's operating revenue for Q1 2024 was CNY 626,490,759.87, representing a decrease of 8.17% compared to the same period last year[5]. - The net profit attributable to shareholders for Q1 2024 was CNY 28,788,734.07, down 50.79% year-on-year[5]. - The basic earnings per share for Q1 2024 was CNY 0.16, reflecting a decline of 51.52% compared to the previous year[5]. - The total revenue from operating activities was CNY 742,295,423.27, down 22.1% from CNY 953,409,337.78 in the same period last year[28]. - In Q1 2024, the company's net profit was CNY 28,179,586.13, a decrease of 49.8% compared to CNY 56,012,953.27 in Q1 2023[25]. - The total operating profit was CNY 31,982,517.72, down 50.9% from CNY 65,167,959.73 in Q1 2023[25]. Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 4,187,652,329.53, a decrease of 9.34% from the end of the previous year[6]. - Cash and cash equivalents decreased to CNY 892,230,820.26 as of March 31, 2024, from CNY 1,193,536,190.95 at the end of 2023, representing a decline of 25.3%[21]. - Accounts receivable decreased to CNY 824,846,912.52 from CNY 893,802,915.73, a reduction of 7.7%[21]. - Inventory decreased to CNY 363,808,651.25 from CNY 417,496,644.98, reflecting a decline of 12.9%[22]. - Total liabilities decreased to CNY 2,571,986,763.07 from CNY 3,031,403,918.21, a reduction of 15.2%[23]. - Total assets as of March 31, 2024, were CNY 4,187,652,329.53, down from CNY 4,618,888,882.46 at the end of 2023, a decrease of 9.3%[24]. Cash Flow - The net cash flow from operating activities was negative at CNY -207,361,250.90, indicating a significant cash outflow[5]. - The cash flow from operating activities showed a net outflow of CNY -207,361,250.90, compared to CNY -33,532,838.62 in Q1 2023[28]. - The company’s investment activities resulted in a net cash outflow of CNY -25,992,076.70, compared to CNY -46,597,177.54 in the same period last year[29]. - The financing activities generated a net cash outflow of CNY -39,201,878.76, compared to CNY -788,432.50 in Q1 2023[29]. - The company received CNY 11,871,636.91 from borrowings in Q1 2024, with no borrowings reported in Q1 2023[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,856[10]. - The top 10 shareholders hold a combined 99.94% of the company's shares, with the largest shareholder, Wu Shuigen, holding 51,629,500 shares, accounting for 29.14%[12]. - The company has not reported any changes in the participation of its top 10 shareholders in margin financing and securities lending activities as of March 31, 2024[12]. - The company has not disclosed any related party transactions among its top shareholders, except for known relationships[12]. - The company has not engaged in any share lending or borrowing activities among its top shareholders as of the reporting date[12]. - The company has not reported any changes in the shareholding structure of its top 10 unrestricted shareholders as of March 31, 2024[12]. Operational Efficiency - The company continues to focus on improving operational efficiency and reducing costs in response to declining revenues[24]. - Research and development expenses for Q1 2024 were CNY 16,225,921.53, down 29.6% from CNY 23,078,140.35 in Q1 2023[24]. - The company reported a 50.02% decrease in net profit after deducting non-recurring gains and losses[8]. Guarantees and Financing - As of March 31, 2024, the company provided guarantees totaling RMB 838.30 million to its subsidiaries, with RMB 468.00 million allocated to specific subsidiaries such as RMB 40.00 million to Oupai Security Technology Co., Ltd. and RMB 46.80 million to Oupai Wood Products Co., Ltd.[14]. - The company has approved a total guarantee amount of RMB 3 billion for its subsidiaries to apply for comprehensive credit lines from banks, with RMB 1.88 billion specifically for subsidiaries with an asset-liability ratio of 70% or above[13]. - The company has initiated non-recourse accounts receivable factoring business with a total factoring amount not exceeding RMB 2 billion for 2023, with RMB 102.45 million already executed and factoring fees of RMB 2.89 million incurred as of March 31, 2024[15]. Convertible Bonds - The company issued 5.83 million convertible bonds in June 2021, with a total issuance amount of RMB 583 million, and the bonds have a maturity period of 6 years[16]. - As of March 31, 2024, a total of RMB 457,000 worth of convertible bonds have been converted into company shares, resulting in 4,773 shares being issued[17].