*ST佳沃(300268) - 2024 Q1 - 季度财报

Financial Performance - The company's revenue for Q1 2024 was ¥1,027,931,125.62, a decrease of 29.46% compared to ¥1,457,226,353.84 in the same period last year[5] - The net loss attributable to shareholders was ¥88,041,963.16, representing a 42.00% improvement from a loss of ¥151,806,993.54 in the previous year[5] - Basic and diluted earnings per share were both -¥0.5054, showing a 42.01% improvement from -¥0.8715 in the previous year[5] - The company reported a significant increase in fair value gains of ¥145,000,000, an increase of 288.80% compared to the previous year[8] - The company reported a net profit for the year 2023 (before and after non-recurring gains and losses) as negative, raising concerns about its ability to continue as a going concern[33] - The company reported a net profit for Q1 2024 was -3,164 million RMB, which is a 77% improvement from -13,951 million RMB in Q1 2023[19] - The gross margin for Q1 2024 was -9%, compared to -1% in Q1 2023, indicating a worsening profitability situation[19] - The company reported a gross profit margin of approximately -21.2% for Q1 2024, compared to -15.4% in Q1 2023[41] Cash Flow and Liquidity - The net cash flow from operating activities was -¥108,888,332.88, a significant decline of 188.64% compared to a positive cash flow of ¥122,840,072.27 in the same period last year[5] - As of March 31, 2024, the company's cash balance is CNY 232.19 million, while interest-bearing liabilities due within one year amount to CNY 2.98 billion, indicating significant short-term liquidity pressure[33] - Cash inflow from operating activities for Q1 2024 was CNY 1,208,052,149.16, a decrease of 30.4% compared to CNY 1,738,016,500.56 in Q1 2023[45] - Net cash outflow from operating activities was CNY -108,888,332.88, contrasting with a net inflow of CNY 122,840,072.27 in the same period last year[45] - The ending cash and cash equivalents balance for Q1 2024 was CNY 201,081,299.52, compared to CNY 127,022,585.98 at the end of Q1 2023, marking a 58.1% increase[46] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,700,822,277.57, a slight decrease of 0.65% from ¥9,764,618,932.17 at the end of the previous year[5] - The equity attributable to shareholders decreased by 18.31% to ¥231,285,513.44 from ¥283,109,982.68 at the end of the previous year[5] - Total liabilities slightly decreased to CNY 9,323,933,894.89 from CNY 9,332,745,616.67, indicating a reduction of 0.1%[40] - The company's total current assets as of March 31, 2024, are CNY 2.61 billion, slightly up from CNY 2.61 billion at the beginning of the period[38] - The inventory balance decreased from CNY 1.91 billion to CNY 1.81 billion, reflecting a reduction in stock levels[38] Operational Performance - The total harvest volume in Q1 2024 was 14,481 tons WFE, down 13% from 16,553 tons WFE in Q1 2023[23] - The sales volume in Q1 2024 was 14,655 tons WFE, representing a 33% decline from 22,026 tons WFE in Q1 2023[24] - The operating profit for Q1 2024 was -14,202 million RMB, a significant decrease of 65% compared to -8,612 million RMB in Q1 2023[19] - The total number of shares held by major shareholders includes 40,200,000 shares held by Jiawo Group, representing 46.08% of total shares[12] - The company faced rising feed procurement prices due to increased prices of bulk raw materials like grains and oils[16] Risks and Challenges - The company faces risks related to raw material price fluctuations, particularly for salmon feed, which has reached historical highs due to commodity price increases[34] - The company is exposed to trade environment and exchange rate risks due to its reliance on global supply chains and export markets[35] - The company has reported a goodwill and intangible asset impairment risk, contingent on future market conditions and cash flow projections[35] - The company is under "other risk warnings" due to its financial performance and ongoing liquidity challenges, which may affect its stock trading status[33] Other Information - The company did not report any new product launches or technological advancements during the quarter[47] - The financial report for Q1 2024 was not audited, indicating a preliminary assessment of the company's financial performance[47]