嘉环科技(603206) - 2024 Q1 - 季度财报

Key Financial Data and Operating Performance In Q1 2024, operating revenue increased by 4.24% to RMB 874 million, but net profit attributable to shareholders decreased by 22.44% to RMB 25.6 million, with operating cash flow significantly deteriorating to -RMB 1.008 billion Q1 2024 Core Financial Indicators | Indicator | Current Period (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Operating Revenue | 873,738,969.88 | 4.24% | | Net Profit Attributable to Shareholders | 25,596,503.94 | -22.44% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 22,335,083.77 | -18.22% | | Net Cash Flow from Operating Activities | -1,007,753,273.97 | Not Applicable | | Basic Earnings Per Share (RMB/share) | 0.08 | -27.27% | | Weighted Average Return on Net Assets (%) | 1.16% | Decrease of 0.41 percentage points | - Net cash flow from operating activities significantly decreased, primarily due to a substantial increase in cash paid for goods and services during the period[9] Details of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government Grants | 1,863,044.39 | | Fair Value Change Gains/Losses on Financial Assets/Liabilities | 1,576,016.13 | | Other Non-operating Income/Expenses and Items | -166,445.12 | | Total | 3,261,420.17 | Shareholder Information As of the reporting period end, the company had 24,053 common shareholders, with the top two shareholders, Zong Yan and Qin Weizhong, collectively holding nearly 60%, indicating a highly concentrated equity structure - As of the end of the reporting period, the company had 24,053 common shareholders[11] Top Ten Shareholders' Holdings | Shareholder Name | Holding Percentage (%) | Share Nature | | :--- | :--- | :--- | | Zong Yan | 29.60 | Domestic Natural Person | | Qin Weizhong | 29.59 | Domestic Natural Person | | Nanjing Huanzhi Investment Management Partnership | 6.34 | Other | | Nanjing Yuanyihe Equity Investment Partnership | 2.95 | Other | | Nanjing Changshengxing Equity Investment Partnership | 2.95 | Other | - Shareholders Zong Yan, Qin Weizhong, Nanjing Huanzhi Investment, Nanjing Yuanyihe, and Nanjing Changshengxing are acting in concert[12] Quarterly Financial Statements This section presents the company's unaudited Q1 2024 consolidated and parent financial statements, revealing slight asset growth, declining profitability, and significant cash flow pressure Consolidated Balance Sheet Analysis As of March 31, 2024, total assets reached RMB 6.347 billion, with significant changes including a RMB 670 million increase in inventory and a RMB 683 million decrease in monetary funds, alongside shifts in debt structure Major Asset Item Changes | Item | March 31, 2024 (RMB) | December 31, 2023 (RMB) | Change (RMB) | | :--- | :--- | :--- | :--- | | Monetary Funds | 226,115,702.23 | 909,532,508.36 | -683,416,806.13 | | Inventories | 3,297,184,011.61 | 2,626,999,705.89 | 670,184,305.72 | | Accounts Receivable | 1,795,581,977.82 | 1,810,340,428.58 | -14,758,450.76 | | Total Assets | 6,346,936,975.05 | 6,292,792,662.90 | 54,144,312.15 | Major Liability Item Changes | Item | March 31, 2024 (RMB) | December 31, 2023 (RMB) | Change (RMB) | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 864,903,634.66 | 424,288,663.11 | 440,614,971.55 | | Notes Payable | 160,709,357.57 | 689,706,275.08 | -528,996,917.51 | | Contract Liabilities | 749,427,301.30 | 586,942,277.41 | 162,485,023.89 | | Total Liabilities | 4,114,609,506.44 | 4,089,817,159.89 | 24,792,346.55 | Consolidated Income Statement Analysis In Q1 2024, operating revenue grew by 4.24%, but total operating costs increased by 5.07%, with significant rises in management, R&D, and financial expenses, leading to declines in operating and net profit Year-over-Year Changes in Core Income Statement Items | Item | Q1 2024 (RMB) | Q1 2023 (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 873,738,969.88 | 838,192,352.94 | 4.24% | | Total Operating Costs | 853,201,556.41 | 811,994,215.41 | 5.07% | | Management Expenses | 46,907,766.59 | 38,887,909.30 | 20.62% | | R&D Expenses | 32,165,662.26 | 29,489,041.10 | 9.08% | | Financial Expenses | 5,380,346.50 | 1,711,966.28 | 214.28% | | Operating Profit | 27,580,842.55 | 36,081,372.94 | -23.56% | | Net Profit | 25,053,598.50 | 33,001,648.12 | -24.08% | Consolidated Cash Flow Statement Analysis Operating cash outflow reached RMB 2.248 billion, leading to a net outflow of RMB 1.008 billion, doubling year-over-year, primarily due to increased payments for goods and services, with liquidity supplemented by RMB 432 million from financing activities Major Cash Flow Statement Items | Item | Q1 2024 (RMB) | Q1 2023 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,007,753,273.97 | -499,155,696.83 | | Net Cash Flow from Investing Activities | -6,720,360.55 | -571,103.69 | | Net Cash Flow from Financing Activities | 432,095,053.87 | 147,509,582.60 | | Net Increase in Cash and Cash Equivalents | -582,378,580.65 | -352,217,217.92 | - Operating cash flow deterioration was primarily due to cash paid for goods and services increasing from RMB 1.169 billion in the prior year to RMB 1.797 billion[23] - Net cash inflow from financing activities primarily resulted from RMB 545 million in new borrowings, offset by RMB 105 million in debt repayments[24]