Springsnow Food (SH:605567)2024-04-26 12:47Financial Performance - The company's revenue for Q1 2024 was CNY 528,708,548.11, representing a decrease of 23.24% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 5,975,250.95, reflecting a decline of 170.88% year-over-year[5] - Basic and diluted earnings per share were both CNY -0.03, a decrease of 175.00% year-over-year[5] - Total operating revenue for Q1 2024 was ¥528,708,548.11, a decrease of 23.3% compared to ¥688,762,142.12 in Q1 2023[20] - Net profit for Q1 2024 was a loss of ¥5,975,250.95, compared to a profit of ¥8,430,113.76 in Q1 2023[21] - Operating profit for Q1 2024 was a loss of ¥1,175,091.30, contrasting with a profit of ¥12,727,870.53 in Q1 2023[20] Cash Flow - The net cash flow from operating activities was CNY 25,640,069.07, an increase of 25.91% compared to the previous year[5] - Cash flow from operating activities for Q1 2024 was ¥25,640,069.07, an increase from ¥20,364,026.89 in Q1 2023[24] - Cash flow from investing activities for Q1 2024 resulted in a net outflow of ¥52,073,728.72, compared to a net outflow of ¥84,366,105.99 in Q1 2023[25] - Cash flow from financing activities for Q1 2024 showed a net outflow of ¥23,221,200.11, down from a net inflow of ¥48,890,160.01 in Q1 2023[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,139,460,961.14, down 2.49% from the end of the previous year[6] - The company's current assets totaled RMB 871,465,069.77, down from RMB 913,126,895.46 at the end of 2023, indicating a decrease of about 4.6%[14] - Cash and cash equivalents decreased to RMB 338,097,109.14 from RMB 465,553,796.85, representing a significant decline of approximately 27.4%[14] - Accounts receivable decreased to RMB 112,665,633.47 from RMB 150,340,880.40, a reduction of about 25.1%[14] - Inventory increased to RMB 360,827,893.69 from RMB 246,774,287.22, marking an increase of approximately 46.1%[14] - Total liabilities decreased to RMB 1,078,127,486.80 from RMB 1,128,462,253.64, a decline of about 4.4%[16] - The company's equity attributable to shareholders was RMB 1,061,333,474.34, slightly down from RMB 1,065,679,865.95, a decrease of approximately 0.4%[16] - In the first quarter of 2024, the company reported a decrease in short-term borrowings to RMB 470,253,063.04 from RMB 570,213,888.88, a reduction of about 17.5%[15] Market Conditions - The decline in revenue and net profit was primarily due to low prices in the chicken fresh products market and decreased sales volume[8] - The company has not reported any new product developments or market expansion strategies in the current quarter[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 17,791[10] - The largest shareholder, Shandong Chunxue Food Co., Ltd., held 27.02% of the shares[10] Accounting Changes - The company will implement new accounting standards starting from 2024, which will involve adjustments to the financial statements at the beginning of the year[26]