DAAE(SH:600178)2024-04-29 07:56Financial Performance - The company's operating revenue for Q1 2024 was ¥1,028,512,768.99, representing a decrease of 17.43% compared to the same period last year[3] - The net profit attributable to shareholders was a loss of ¥7,514,998.09, with a net profit excluding non-recurring items of ¥-25,839,848.77[3] - The company reported a significant increase in cash and cash equivalents by 50.65% due to the maturity of large time deposits[5] - Total revenue for Q1 2024 was CNY 1,028,512,768.99, a decrease of 17.4% compared to CNY 1,245,593,432.45 in Q1 2023[16] - Net profit for Q1 2024 was CNY 3,626,495.97, a significant recovery from a net loss of CNY 2,271,062.32 in Q1 2023[17] - The company reported a basic and diluted earnings per share of CNY -0.0158 for Q1 2024, compared to CNY -0.0246 in Q1 2023[17] - The company reported a basic and diluted earnings per share of -¥0.0454 in Q1 2024, compared to -¥0.0474 in Q1 2023[26] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥69,806,573.54, primarily due to decreased sales volume[3] - The company reported an increase in cash flow from operating activities, contributing positively to liquidity management[19] - In Q1 2024, the net cash flow from operating activities was -69,806,573.54 RMB, a decline from -4,359,485.87 RMB in Q1 2023[20] - Total cash inflow from operating activities decreased to 1,281,035,390.87 RMB in Q1 2024, down from 1,485,908,941.72 RMB in Q1 2023, representing a decrease of approximately 13.7%[20] - Cash and cash equivalents at the end of Q1 2024 were 1,473,894,370.95 RMB, slightly down from 1,486,267,937.07 RMB at the end of Q1 2023[21] - Cash and cash equivalents at the end of Q1 2024 were ¥37.10 million, down from ¥220.53 million at the end of Q1 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,804,058,996.09, down 2.99% from the end of the previous year[3] - As of March 31, 2024, the total current assets amounted to ¥4,732,443,775.87, an increase from ¥4,391,117,386.07 as of December 31, 2023, representing a growth of approximately 7.8%[10] - Total assets decreased to CNY 7,804,058,996.09 in Q1 2024 from CNY 8,044,587,966.03 in Q1 2023, a decline of 3.0%[12] - Total liabilities decreased to CNY 4,303,967,843.13 in Q1 2024 from CNY 4,550,340,674.32 in Q1 2023, a reduction of 5.4%[12] - The total equity decreased to 3,244,634,354.85 RMB in Q1 2024 from 3,265,113,784.09 RMB in Q1 2023, reflecting a decline of approximately 0.6%[25] Inventory and Expenses - Inventory levels increased by 39.56%, indicating a rise in stockpiled materials[5] - Management expenses rose by 34.73%, attributed to increased repair and salary costs[5] - Research and development expenses decreased to CNY 17,281,059.96 in Q1 2024 from CNY 34,640,265.42 in Q1 2023, a reduction of 50.1%[16] - Research and development expenses decreased to ¥8.69 million in Q1 2024 from ¥19.70 million in Q1 2023, a reduction of 56.0%[26] - The company incurred financial expenses of ¥1.04 million in Q1 2024, compared to a financial income of ¥0.57 million in Q1 2023[26] Strategic Developments - The company announced the introduction of Beiqi Foton Motor Co., Ltd. as a strategic investor during the first temporary shareholders' meeting on April 27, 2023[8] - The company terminated its project for issuing shares to specific targets as of April 19, 2024, as per the Shanghai Stock Exchange's decision[8] - The company plans to address the decline in orders from main vehicle manufacturers to improve future performance[5]