BVEA(SH:600379)2024-04-25 10:51Financial Performance - The company's operating revenue for Q1 2024 was CNY 401,255,939.24, representing an increase of 11.40% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 16,143,298.60, a significant increase of 73.19% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 16,046,207.88, up 88.64% from the previous year[2] - The basic earnings per share (EPS) was CNY 0.0489, reflecting a year-on-year increase of 73.40%[2] - Total operating revenue for Q1 2024 reached ¥401,255,939.24, an increase of 11.5% compared to ¥360,197,624.65 in Q1 2023[18] - Net profit for Q1 2024 was ¥16,477,983.31, representing a 45.5% increase from ¥11,379,234.42 in Q1 2023[19] - Earnings per share for Q1 2024 were ¥0.0489, compared to ¥0.0282 in Q1 2023, marking a growth of 73.5%[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,597,184,876.39, a 4.45% increase from the end of the previous year[2] - As of March 31, 2024, total assets amounted to ¥1,597,184,876.39, an increase from ¥1,529,096,458.50 as of December 31, 2023[13] - Current assets totaled ¥1,330,977,363.30, up from ¥1,267,111,240.64 at the end of 2023, indicating a growth of approximately 5.4%[13] - Total liabilities were reported at ¥1,330,977,363.30, with current liabilities including accounts payable rising to ¥337,962,515.04 from ¥289,338,022.26, an increase of approximately 16.9%[14] - Total liabilities as of Q1 2024 amounted to ¥845,242,677.65, an increase from ¥794,297,480.25 in the previous year[19] Cash Flow - The net cash flow from operating activities was negative CNY 69,775,813.85, an increase in outflow of 35.82% compared to the previous year[2] - Cash inflow from operating activities in Q1 2024 was ¥174,922,955.39, compared to ¥170,019,943.15 in Q1 2023, showing a slight increase[23] - Net cash flow from operating activities was -$69.78 million, an improvement from -$108.73 million in the previous period, indicating a 35.8% reduction in cash outflow[24] - Cash outflow from investing activities totaled $1.08 million, down from $1.65 million, reflecting a 34.6% decrease[24] - Cash inflow from financing activities was $30 million, compared to no inflow in the previous period, marking a significant increase[24] - Net cash flow from financing activities was $28.96 million, a turnaround from -$6.20 million in the previous period[24] - The ending balance of cash and cash equivalents was $419.77 million, up from $290.80 million, representing a 44.3% increase[24] - Total cash outflow from operating activities was $244.70 million, compared to $278.75 million, showing a 12.2% decrease[24] Shareholder Information - Shareholders' equity attributable to the parent company was CNY 721,642,278.94, up 2.39% from the end of the previous year[2] - The controlling shareholder, Shaanxi Baoguang Group Co., Ltd., increased its stake by 9,897,974 shares, representing 2.9975% of the total share capital, bringing its total holdings to 98,935,784 shares, or 29.9622% of the company[9] Corporate Governance - The company appointed a new board secretary and general counsel, Zhang Hongyu, effective April 10, 2024[11] - The board and supervisory committee approved the election of new non-independent directors and supervisors on April 10, 2024[10] Operational Insights - The company benefited from advanced manufacturing VAT input tax credit policies, contributing to increased other income[4] - The company plans to continue optimizing its main product sales structure and enhance cost control to improve profit margins[4] - Research and development expenses for Q1 2024 were ¥12,070,394.88, up from ¥10,869,209.21 in Q1 2023, reflecting a growth of 11.0%[19] - The company reported a financial income of ¥2,083,196.64 in Q1 2024, compared to ¥1,663,469.89 in Q1 2023, an increase of 25.2%[19] Inventory and Receivables - Accounts receivable increased significantly to ¥509,566,800.78 from ¥281,509,925.86, marking an increase of approximately 81.0%[13] - Inventory decreased to ¥169,406,736.59 from ¥224,743,032.28, a reduction of about 24.6%[13] - The company reported a significant increase in prepayments, rising to ¥26,352,662.65 from ¥16,877,948.86, an increase of approximately 56.5%[13] Accounting Standards - The company did not apply new accounting standards for the first quarter of 2024[25]