sntonly(BJ:834599)2024-04-25 09:22Financial Performance - Revenue for Q1 2024 decreased by 26.18% to CNY 1,196,832,055.30 compared to Q1 2023[11] - Net profit attributable to shareholders decreased by 25.28% to CNY 118,244,540.32 compared to the same period last year[11] - Total operating revenue for Q1 2024 was ¥1,196,832,055.30, a decrease of 26.1% compared to ¥1,621,351,135.32 in Q1 2023[71] - Net profit for Q1 2024 was approximately ¥99.82 million, down 37% from ¥157.38 million in Q1 2023[74] - Total comprehensive income for Q1 2024 was approximately ¥99.82 million, down from ¥157.38 million in Q1 2023[75] - Earnings per share for Q1 2024 was ¥0.2672, compared to ¥0.3576 in Q1 2023, reflecting a decrease of 25.2%[72] Assets and Liabilities - Total assets increased by 7.68% to CNY 6,161,721,722.57 compared to the end of last year[11] - Total current assets increased to ¥5,230,688,854.71 as of March 31, 2024, up from ¥4,777,206,022.25 on December 31, 2023, representing an increase of approximately 9.5%[64] - Total liabilities increased to ¥3,530,219,517.81, compared to ¥3,221,018,533.32, reflecting a rise of approximately 9.6%[66] - Total liabilities rose to ¥2,972,561,691.47 in Q1 2024, up from ¥2,790,053,049.55 in Q1 2023, indicating an increase of 6.5%[69] Cash Flow - Cash flow from operating activities improved by 10.13%, reaching a net outflow of CNY 32,571,673.79[11] - The company reported a cash and cash equivalents balance of approximately ¥596.86 million at the end of Q1 2024, an increase from ¥418.69 million at the end of Q1 2023[77] - Cash inflow from financing activities reached $62,059,683.01, with cash outflow of $71,325,570.57, leading to a net cash flow of $59,584,026.52[79] Inventory and Accounts - Inventory increased by 43.93% to CNY 958,153,705.99, primarily due to an increase in work-in-progress and in-transit vehicle stock[12] - Accounts payable rose by 36.83% to CNY 1,329,708,214.14, attributed to materials procurement not yet settled[12] - Accounts receivable rose to ¥2,317,591,798.25, a significant increase of 12.6% from ¥2,057,279,560.00 in the previous period[64] Research and Development - R&D expenses surged by 124.70% to CNY 23,940,722.29, driven by increased material costs and personnel expenses[13] - Research and development expenses increased to ¥23,940,722.29 in Q1 2024, up from ¥10,654,439.57 in Q1 2023, reflecting a significant rise of 124.1%[71] - Research and development expenses increased to ¥21.78 million in Q1 2024, up from ¥7.62 million in Q1 2023, indicating a focus on innovation[74] Shareholder Information - The total number of ordinary shareholders increased to 9,647 by the end of the reporting period[20] - The top shareholders include Ye Lei with 17.89% and Shandong Huaye Mechanical Equipment Co., Ltd. with 17.00% of shares[21] - The total shares held by the top ten shareholders amount to 285,734,052, representing 63.14% of the total shares[22] Employee Stock Ownership Plan - The company has implemented an employee stock ownership plan, with a total of 10,000,000 shares repurchased for this purpose[38] - The employee stock ownership plan has a duration of 48 months, with shares unlocking in three phases: 40% after 12 months, 40% after 24 months, and 20% after 36 months[43] - The first unlocking period for the employee stock ownership plan will end on December 29, 2023, allowing for the release of 4,000,000 shares, which is 0.88% of the total share capital[47] Commitments and Compliance - The company has committed to avoiding any competition with its former controlling shareholder and actual controller, ensuring no engagement in competing products[30] - The company has ensured that all commitments made by major shareholders and management regarding share lock-up and transfer limitations are being strictly followed[31] - The stock option incentive plan is compliant with relevant laws and regulations, ensuring all recipients meet the eligibility criteria[59]