Haosen(SH:688529)2024-04-28 08:54Financial Performance - Total revenue for Q1 2024 was CNY 439,740,134.87, representing a year-on-year increase of 7.18%[2] - Net profit attributable to shareholders decreased to CNY 7,831,077.18, a decline of 72.06% compared to the same period last year[5] - Basic and diluted earnings per share were CNY 0.05, down 77.27% compared to the same period last year[5] - Net profit for Q1 2024 was approximately $6.7 million, down from $27.7 million in Q1 2023, reflecting a decrease of 75.8% year-over-year[10] - Basic earnings per share for Q1 2024 were $0.05, compared to $0.22 in Q1 2023, showing a decline of 77.3%[10] - Comprehensive income attributable to the parent company for Q1 2024 was approximately $8.6 million, down from $27.5 million in Q1 2023, a decrease of 68.8%[10] Operating Costs and Expenses - Total operating costs for Q1 2024 were approximately $439.3 million, up from $375.5 million in Q1 2023, representing an increase of 17.0% year-over-year[9] - Financial expenses increased to approximately $13.9 million in Q1 2024 from $11.2 million in Q1 2023, marking a rise of 23.9%[9] - Interest expenses for Q1 2024 were approximately $16.7 million, up from $11.0 million in Q1 2023, an increase of 51.4%[9] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -285,756,414.23, indicating a significant cash outflow[2] - The company's total assets at the end of Q1 2024 were CNY 5,698,308,727.65, reflecting a 1.84% increase from the end of the previous year[6] - The total liabilities decreased to CNY 3,588,186,646.79, down from CNY 3,469,220,522.41 at the end of the previous year[8] - The equity attributable to shareholders increased slightly to CNY 2,135,285,554.44, a 0.48% increase from the previous year-end[6] Research and Development - R&D expenses totaled CNY 40,481,412.97, accounting for 9.21% of total revenue, an increase of 1.89 percentage points year-on-year[3] Profitability Concerns - The company identified low gross margins in traditional fuel vehicle projects as a contributing factor to the decline in net profit[6] - Operating profit for Q1 2024 was approximately $2.3 million, compared to $27.3 million in Q1 2023, indicating a significant decline[9] - The weighted average return on equity decreased to 0.37%, down 1.94 percentage points from the previous year[5] Corporate Governance - The company expressed commitment to improving information disclosure quality and enhancing staff training following the recent corrections[11] - The company will disclose the revised Q1 2024 report on the Shanghai Stock Exchange website[12]