芳源股份(688148) - 2024 Q1 - 季度财报

Financial Performance - The company's operating revenue for Q1 2024 was CNY 420,508,561.47, representing a decrease of 47.66% compared to the same period last year[3] - Net profit attributable to shareholders of the listed company reached CNY 7,035,156.43, a significant increase of 559.06% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -14,440,929.55, reflecting a decrease of 1,244.06% compared to the previous year[3] - The basic and diluted earnings per share were both CNY 0.01, reflecting a 100% increase due to the rise in net profit[3] - The company reported a gross profit margin increase, contributing to the significant rise in net profit despite lower sales revenue[6] - In Q1 2024, the company achieved operating revenue of CNY 420.51 million, a year-on-year decline of 47.66% due to falling metal prices and reduced downstream demand[11] - The net profit attributable to shareholders in Q1 2024 was CNY 7.04 million, a significant increase of 559.06% year-on-year, primarily due to a low profit base from the previous year and an increase in gross margin[11] - Total operating revenue for Q1 2024 was ¥420,508,561.47, a decrease of 47.6% compared to ¥803,354,074.25 in Q1 2023[18] - Net profit for Q1 2024 was ¥6,995,737.75, compared to a net profit of ¥1,059,758.47 in Q1 2023, indicating a significant improvement[19] - The company reported a gross profit margin of approximately 0.6% in Q1 2024, compared to a margin of 0.1% in Q1 2023[18] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 114,161,521.29, with a notable recovery in cash collection from customers[6] - In Q1 2024, the company reported cash inflows from operating activities of ¥534,925,903.69, a decrease of 44.2% compared to ¥958,114,576.77 in Q1 2023[21] - The net cash flow from operating activities turned positive at ¥114,161,521.29, compared to a negative cash flow of ¥183,609,481.41 in the same period last year[21] - Cash inflows from financing activities increased to ¥401,482,258.86, up 44.5% from ¥277,577,097.80 in Q1 2023[22] - The net cash flow from financing activities was ¥227,404,675.06, compared to ¥175,711,510.82 in the previous year, reflecting a growth of 29.5%[22] - The company’s cash and cash equivalents at the end of Q1 2024 stood at ¥380,384,140.64, down from ¥502,135,096.19 at the end of Q1 2023[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,533,089,465.64, an increase of 14.47% from the end of the previous year[4] - As of March 31, 2024, the company's total current assets amounted to CNY 1.79 billion, up from CNY 1.33 billion at the end of 2023[13] - The total liabilities increased to ¥2,492,930,210.26 in Q1 2024 from ¥2,033,850,199.93 in Q1 2023, reflecting a growth of 22.6%[15] - The company's total assets reached ¥3,533,089,465.64 in Q1 2024, up from ¥3,086,457,078.84 in Q1 2023, representing an increase of 14.5%[15] Research and Development - Research and development expenses totaled CNY 14,272,013.16, down 37.41% year-on-year, while the R&D expense ratio to operating revenue increased to 3.39%, up 0.55 percentage points[4] - Research and development expenses decreased to ¥14,272,013.16 in Q1 2024 from ¥22,801,527.64 in Q1 2023, a reduction of 37.5%[18] Market and Strategy - The decrease in operating revenue was primarily attributed to the decline in prices of nickel, cobalt, and lithium metals, as well as a slowdown in downstream demand and proactive inventory reduction[6] - The company continues to enhance its product diversification strategy, particularly in the production and sales of nickel, cobalt, and lithium salt products[12] - The company is focusing on strengthening the supply chain for battery-grade lithium carbonate and expanding the procurement of recycled nickel-cobalt-lithium materials[12] - The company is actively pursuing a multi-faceted growth strategy, including market expansion and potential mergers and acquisitions to enhance its competitive position[12] - The company aims to enhance its market position through strategic investments and potential acquisitions in the upcoming quarters[20] Inventory and Accounts Receivable - The inventory level as of March 31, 2024, was CNY 812.10 million, compared to CNY 755.35 million at the end of 2023, indicating a focus on maintaining stock levels[13] - The accounts receivable as of March 31, 2024, were CNY 228.63 million, compared to CNY 102.84 million at the end of 2023, indicating an increase in credit sales[13]