SM Micro(SH:688699)2024-04-28 07:36Financial Performance - The company's operating revenue for Q1 2024 was ¥125,188,118.31, representing a decrease of 12.12% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥1,155,098.72, an increase of 123.80% year-over-year, primarily due to a shift in product mix towards higher-margin products[5][8]. - Basic earnings per share increased by 125.00% to ¥0.01, reflecting the rise in net profit[5][8]. - Total revenue for Q1 2024 was CNY 125,188,118.31, a decrease of 12.14% compared to CNY 142,449,985.21 in Q1 2023[20]. - Operating profit for Q1 2024 was CNY 1,035,380.74, a significant improvement from a loss of CNY 6,979,838.88 in Q1 2023[21]. - Net profit for Q1 2024 was CNY 1,155,098.72, compared to a net loss of CNY 4,854,059.29 in Q1 2023[21]. - Basic and diluted earnings per share for Q1 2024 were both CNY 0.01, recovering from a loss of CNY 0.04 per share in Q1 2023[22]. Research and Development - Research and development expenses totaled ¥25,935,461.42, accounting for 20.72% of operating revenue, an increase of 4.87 percentage points from the previous year[6]. - Research and development expenses increased to CNY 25,935,461.42 in Q1 2024, up from CNY 22,584,566.11 in Q1 2023, reflecting a focus on innovation[21]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥15,054,830.31, indicating a negative cash flow situation[5]. - In Q1 2024, the company reported cash inflows from operating activities totaling ¥61,880,517.82, a decrease of 14.5% compared to ¥72,175,821.90 in Q1 2023[24]. - The net cash flow from operating activities was -¥15,054,830.31, an improvement from -¥20,971,268.95 in the same period last year[24]. - Cash inflows from investment activities reached ¥177,893,859.86, significantly up from ¥45,606,087.39 in Q1 2023, marking a 289.5% increase[24]. - The net cash flow from investment activities was ¥35,125,110.34, a substantial recovery from -¥161,778,406.21 in Q1 2023[24]. - The company’s cash and cash equivalents at the end of Q1 2024 stood at ¥180,007,806.96, compared to ¥339,950,125.18 at the end of Q1 2023, reflecting a decrease of 47.0%[25]. - Total cash outflows from operating activities were ¥76,935,348.13, down from ¥93,147,090.85 in Q1 2023, indicating a 17.4% reduction[24]. - The company did not report any cash inflows from financing activities in Q1 2024, while cash outflows were ¥15,762,024.48, compared to ¥2,776,375.18 in Q1 2023[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,549,309,385.46, a decrease of 1.74% from the end of the previous year[6]. - Total assets decreased to CNY 1,549,309,385.46 in Q1 2024 from CNY 1,576,783,244.45 in Q1 2023[19]. - Total liabilities decreased to CNY 230,656,560.21 in Q1 2024 from CNY 246,300,621.17 in Q1 2023[19]. - Non-current liabilities increased to CNY 50,025,315.85 in Q1 2024 from CNY 29,179,883.96 in Q1 2023, primarily due to an increase in lease liabilities[19]. - Total equity attributable to shareholders decreased to CNY 1,318,652,825.25 in Q1 2024 from CNY 1,330,482,623.28 in Q1 2023[19]. Market and Strategic Initiatives - The decline in operating revenue was mainly attributed to a decrease in sales of display driver chips during the reporting period[8]. - The company aims to expand market share and improve product gross margins through enhanced market development and supply chain management[8]. Share Repurchase - The company has repurchased a total of 2,281,979 shares, representing 2.07% of the total share capital, with a total expenditure of RMB 63,945,900 (excluding transaction fees) as of April 19, 2024[15]. - The maximum repurchase price was RMB 30.16 per share, while the minimum was RMB 24.10 per share[15]. - The company plans to use the repurchased shares for employee stock ownership plans or equity incentives, with a total repurchase budget between RMB 50 million and RMB 100 million[14]. Receivables and Inventory - The total amount of receivables, including accounts receivable and notes receivable, decreased to RMB 195,693,758.78 from RMB 230,084,511.48, a decline of about 15%[17]. - The company's inventory rose to RMB 204,577,211.16, up from RMB 188,050,324.59, indicating an increase of approximately 8.8%[17]. - The company reported a significant decrease in trading financial assets, which fell to RMB 65,347,446.98 from RMB 98,955,719.07, a drop of approximately 34%[17]. - The company’s debt investment decreased to RMB 84,006,349.69 from RMB 154,808,551.83, reflecting a decline of about 45%[17].