SANYUAN(SH:600429)2024-04-25 09:21Financial Performance - The company's revenue for Q1 2024 was CNY 2,041,122,200.97, a decrease of 5.15% compared to CNY 2,167,953,044.95 in the same period last year[4] - Net profit attributable to shareholders increased by 73.34% to CNY 73,272,873.50 from CNY 41,756,090.07 year-on-year[4] - Basic and diluted earnings per share rose by 71.43% to CNY 0.048 from CNY 0.028 in the previous year[5] - The main business (dairy products and ice cream) revenue grew by 2.5% year-on-year in Q1 2024[6] - The company reported a total revenue of 6,349,000 RMB for the first quarter of 2024[11] - Operating profit for Q1 2024 was CNY 35,790,507.21, compared to a loss in Q1 2023[33] - In Q1 2024, the company reported a net profit of CNY 81,188,975.21, a significant increase from CNY 12,544,487.57 in Q1 2023, representing a growth of 546.3%[34] - The total profit for Q1 2024 was CNY 86,189,396.69, compared to CNY 18,207,558.19 in the same period last year, marking an increase of 373.5%[34] - The company reported a total comprehensive income of CNY 58,962,209.49 for Q1 2024, compared to CNY 18,552,203.01 in Q1 2023, an increase of 216.5%[34] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 9,539,410,563.70, reflecting a 2.19% increase from CNY 9,334,520,170.04 at the end of the previous year[5] - Total current assets rose to CNY 2,839,697,936.54 in Q1 2024, an increase of 3.19% from CNY 2,751,442,003.94 in Q4 2023[30] - Total non-current assets increased to CNY 6,699,712,627.16 in Q1 2024, up 1.77% from CNY 6,583,078,166.10 in Q4 2023[30] - Total liabilities increased to CNY 4,169,274,374.84 in Q1 2024, up from CNY 4,023,346,190.67 in Q4 2023[31] Cash Flow - The net cash flow from operating activities was CNY 38,034,553.95, a significant improvement from a negative cash flow of CNY -177,566,716.38 in the same period last year[5] - Cash flow from operating activities generated a net inflow of CNY 38,034,553.95 in Q1 2024, a turnaround from a net outflow of CNY 181,424,282.41 in Q1 2023[36] - The company reported cash inflows from operating activities totaling CNY 1,830,415,490.03, down from CNY 2,144,938,042.70 in the previous year, indicating a decrease of 14.6%[36] - Cash outflows for operating activities were CNY 1,792,380,936.08 in Q1 2024, compared to CNY 2,326,362,325.11 in Q1 2023, a reduction of 22.9%[36] - The company experienced a net cash outflow of CNY 152,054,007.75 from investing activities in Q1 2024, worsening from a net outflow of CNY 60,871,316.33 in Q1 2023[37] - Cash flow from financing activities resulted in a net outflow of CNY 26,383,305.18 in Q1 2024, compared to a net inflow of CNY 370,573,300.84 in Q1 2023[37] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,722[10] - The top shareholder, Beijing Shou Nong Food Group Co., Ltd., holds 35.34% of the shares, totaling 535,908,935 shares[10] - The company plans to implement a stock incentive plan, granting 22.46 million restricted shares, which is approximately 1.5% of the total share capital[13] - The initial grant price for the restricted shares was set at 3.01 RMB per share, with subsequent adjustments due to share buybacks[14] - The company plans to distribute a cash dividend of 0.49 RMB per 10 shares, amounting to approximately 73.95 million RMB in total after the cancellation of 7,329,383 restricted shares[24] Investments and Acquisitions - The company is in the process of exiting its investment in Beijing Sanyuan Seed Industry Co., Ltd., with a total equity value of approximately 2.9 billion RMB[18] - The value of the 1.95% stake in Sanyuan Seed Industry held by the company’s subsidiary is estimated at around 56.44 million RMB[18] - The company acquired a 5% stake in Beijing Ailei Faxi Food Co., Ltd. for a transaction price of 100.2 million RMB, with a profit commitment of 416.5 million RMB for 2020-2022, resulting in a compensation of approximately 34.07 million RMB due to a shortfall of 141.6 million RMB in actual profits[19] - Ailei Faxi has stable business growth and significant market potential, leading the company to fully acquire Ailei Faxi, making it a wholly-owned subsidiary after the reduction of the remaining 5% stake held by Ailei Hongda[20] Corporate Actions - The company approved a loan of up to 6.87 million EUR to its wholly-owned subsidiary Hong Kong Sanyuan Food Co., Ltd. for interest and management fees, and a total borrowing of up to 25 million EUR for refinancing purposes[21] - The board approved a capital increase of up to 25 million EUR to Hong Kong Sanyuan, with additional capital contributions to be made to SPV (Luxembourg) and HCo France S.A.S. for a total of up to 37 million EUR[22] - The company is currently completing the procedures for the liquidation of its subsidiary, Beijing Baixin Trading Co., Ltd.[18] - The company plans to establish a wholly-owned subsidiary, Beijing Sanyuan Yanshan Food Co., Ltd., with a registered capital of 8 million RMB to take over existing operations from its dairy plant[27]