MGI(SH:688114)2024-04-25 10:41Financial Performance - The company's revenue for Q1 2024 was ¥530,735,953.60, representing a decrease of 14.26% compared to the same period last year[4] - The net profit attributable to shareholders was a loss of ¥200,985,602.32, with a significant increase in losses compared to the previous year[4] - Total operating revenue for Q1 2024 was approximately ¥530.74 million, a decrease from ¥619.00 million in Q1 2023, representing a decline of about 14.3%[21] - The net loss for Q1 2024 was approximately ¥202.27 million, compared to a net loss of ¥150.05 million in Q1 2023, indicating an increase in losses of about 34.8%[22] - The total comprehensive loss for Q1 2024 was approximately ¥190.57 million, compared to a loss of ¥170.22 million in Q1 2023, reflecting an increase in comprehensive losses of about 11.9%[22] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥218,660,254.19, indicating a decline in cash generation capabilities[4] - Cash flow from operating activities for Q1 2024 showed a net outflow of approximately ¥218.66 million, compared to a net outflow of ¥451.67 million in Q1 2023, indicating an improvement of about 51.6%[23] - The net cash flow from investing activities was -$167.33 million, compared to -$58.56 million in the previous period, indicating a significant increase in cash outflow for investments[24] - The total cash outflow from financing activities was $164.91 million, up from $19.56 million, reflecting a substantial rise in cash used for financing[24] - The ending balance of cash and cash equivalents decreased to $4.22 billion from $5.91 billion, showing a decline in liquidity[24] Assets and Liabilities - Total assets decreased by 4.91% to ¥10,038,331,079.32 compared to the end of the previous year[5] - Current assets decreased to ¥6,452,424,978.75 as of March 31, 2024, down 7.8% from ¥6,998,089,701.66 at the end of 2023[17] - Total liabilities decreased to ¥1,699,964,751.19, down 9.7% from ¥1,882,841,410.63[19] - Non-current assets increased slightly to ¥3,585,906,100.57, up from ¥3,558,997,459.97[18] - The company’s retained earnings showed a significant decline, with an unallocated profit of -¥662,422,660.38 compared to -¥461,437,058.06 in the previous year[19] Research and Development - Research and development (R&D) expenses totaled ¥202,456,558.64, accounting for 38.15% of revenue, an increase of 2.8 percentage points year-on-year[5] - Research and development expenses for Q1 2024 were approximately ¥202.46 million, a slight decrease from ¥218.80 million in Q1 2023, down by about 7.4%[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 6,832[9] - The largest shareholder, Shenzhen BGI Technology Holdings Group Co., Ltd., held 36.81% of the shares[9] Business Strategy and Market Position - The company plans to enhance its marketing network and market expansion efforts, which has led to increased sales expenses[8] - The company maintains a steady growth trend in its core business despite challenging macroeconomic conditions[15] - The company emphasizes its industry-leading position and technological advantages to ensure stable growth in its main business[15] - The report highlights the company's resilience and risk resistance capabilities in its main business after returning to normal operations[15] Product Development and Innovation - The gene sequencing instrument segment achieved revenue of RMB 449.44 million, representing a year-on-year growth of 4%[15] - Overseas revenue for the gene sequencing instrument segment reached RMB 157.11 million, with a year-on-year increase of 19%[15] - The company launched the new generation sequencing reagent StandardMPS 2.0, aiming to enhance sequencing accuracy from Q30 to Q40, significantly reducing sequencing costs[16] - In April 2024, the company introduced the MGISEQ-2000RS FluoXpert multi-omics analyzer, the first of its kind in China with integrated pathology and sequencing capabilities[16] - The MGIDS-1000 enzyme-directed evolution screening system was launched, featuring high-throughput microfluidic droplet screening capabilities[16] - The company plans to introduce the new sequencing reagent across all mainstream sequencing platforms in the second half of 2024[16] Accounting and Reporting Changes - The company has adopted new accounting standards starting in 2024, which may impact future financial reporting[25]