极米科技(688696) - 2024 Q1 - 季度财报

Important Disclosures This section provides essential declarations regarding the report's accuracy and audit status Report Declaration The board, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness, with financial statements unaudited - The company's Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility for any false statements, misleading representations, or material omissions[2] - The company's principal officer, head of accounting, and head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3] - The first quarter financial statements are unaudited[4] Key Financial Data This section presents the company's primary financial performance and position indicators for the reporting period Key Accounting Data and Financial Indicators XGIMI Technology's Q1 2024 revenue decreased by 6.59%, net profit attributable to shareholders fell by 72.57%, and net cash flow from operating activities increased by 78.64% Key Accounting Data and Financial Indicators for Q1 2024 | Item | Current Period (CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 825,497,244.54 | -6.59 | | Net Profit Attributable to Shareholders of the Listed Company | 14,319,148.32 | -72.57 | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | 8,111,503.63 | -80.52 | | Net Cash Flow from Operating Activities | 146,037,988.73 | 78.64 | | Basic Earnings Per Share (CNY/share) | 0.20 | -73.33 | | Diluted Earnings Per Share (CNY/share) | 0.20 | -73.33 | | Weighted Average Return on Net Assets (%) | 0.46 | Decreased by 1.19 percentage points | | Total R&D Investment | 86,613,658.49 | -12.89 | | R&D Investment as % of Operating Revenue (%) | 10.49 | Decreased by 0.76 percentage points | Balance Sheet Indicators (As of March 31, 2024) | Item | As of Current Period End (CNY) | As of Previous Year End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 5,415,007,028.56 | 5,582,216,470.01 | -3.00 | | Shareholders' Equity Attributable to Shareholders of the Listed Company | 3,027,011,897.29 | 3,116,559,453.98 | -2.87 | Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period amounted to 6.21 million CNY, primarily from government grants and fair value changes of financial assets Non-recurring Gains and Losses Items for Q1 2024 | Non-recurring Gains and Losses Item | Current Period Amount (CNY) | | :--- | :--- | | Gains or Losses from Disposal of Non-current Assets | -81,402.81 | | Government Grants Included in Current Profit and Loss | 5,521,800.00 | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities | 2,430,805.88 | | Other Non-operating Income and Expenses Apart from the Above | -529,566.90 | | Less: Income Tax Impact | 1,133,991.48 | | Total | 6,207,644.69 | Changes and Reasons for Key Accounting Data and Financial Indicators Net profit attributable to shareholders significantly declined due to product price adjustments and changes in product mix, while net cash flow from operating activities increased due to reduced procurement payments - Net profit attributable to shareholders and net profit excluding non-recurring gains and losses decreased by 72.57% and 80.52% respectively, primarily due to product price adjustments and changes in product structure, leading to a year-over-year decline in gross and net profit margins, resulting in a greater profit decline than revenue decline[9] - Net cash flow from operating activities increased by 78.64% year-over-year, mainly due to reduced procurement payments in the current period[9] - Both basic and diluted earnings per share decreased by 73.33%, primarily due to the company's decline in net profit[9] Shareholder Information This section details the total number of shareholders and the shareholding structure of the top ten shareholders Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 8,009 common shareholders, with Zhong Bo as the largest shareholder at 18.79% and Baidu as the second largest at 6.44% - The total number of common shareholders at the end of the reporting period was 8,009 households[11] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Zhong Bo | Domestic Natural Person | 13,153,554 | 18.79 | | Beijing Baidu Netcom Science and Technology Co., Ltd. | Domestic Non-state-owned Legal Person | 4,507,353 | 6.44 | | Xiao Shi | Domestic Natural Person | 3,058,523 | 4.37 | | Zhong Chao | Domestic Natural Person | 2,378,803 | 3.40 | | Sichuan Cultural Industry Equity Investment Fund Partnership (Limited Partnership) | Other | 1,790,483 | 2.56 | | Chengdu XGIMI Enterprise Management Consulting Partnership (Limited Partnership) | Other | 1,741,499 | 2.49 | | Zhongnan Red Culture Group Co., Ltd. | Domestic Non-state-owned Legal Person | 1,574,804 | 2.25 | | Liu Shuai | Domestic Natural Person | 1,465,923 | 2.09 | | Mango Media Co., Ltd. | State-owned Legal Person | 1,100,000 | 1.57 | | National Social Security Fund 601 Portfolio | Other | 1,041,361 | 1.49 | - Zhong Bo, Xiao Shi, and Liu Shuai are parties acting in concert; the concerted action agreement between Zhong Bo and Zhong Chao expired on March 2, 2024. Chengdu XGIMI Enterprise Management Consulting Partnership (Limited Partnership) is an enterprise where Zhong Bo serves as the executive partner[12] - As of March 29, 2024, XGIMI Technology Co., Ltd.'s special share repurchase account held 1,437,423 shares, accounting for 2.05% of the company's total share capital[12] Other Reminders This section addresses any other significant operational information requiring investor attention during the reporting period Other Important Information Regarding the Company's Operations During the Reporting Period Requiring Investor Attention There is no other significant operational information requiring special investor attention during the reporting period - No other important information regarding the company's operations during the reporting period requires investor attention[13] Quarterly Financial Statements This section presents the company's unaudited consolidated financial statements for the first quarter Type of Audit Opinion The financial statements for this quarter have not been audited - The financial statements for this quarter are unaudited[14] Consolidated Balance Sheet As of March 31, 2024, total assets were 5.42 billion CNY, a 3.00% decrease from the previous year-end, with total liabilities at 2.38 billion CNY Consolidated Balance Sheet Key Data (As of March 31, 2024) | Item | March 31, 2024 (CNY) | December 31, 2023 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 5,415,007,028.56 | 5,582,216,470.01 | -3.00 | | Total Current Assets | 4,011,790,084.10 | 4,162,918,686.05 | -3.63 | | Total Non-current Assets | 1,403,216,944.46 | 1,419,297,783.96 | -1.13 | | Total Liabilities | 2,384,682,211.45 | 2,462,209,298.59 | -3.15 | | Total Shareholders' Equity | 3,030,324,817.11 | 3,120,007,171.42 | -2.87 | - Cash and cash equivalents were 2.17 billion CNY, financial assets held for trading were 464 million CNY, accounts receivable were 142 million CNY, and inventories were 1.02 billion CNY[14] - Short-term borrowings were 270 million CNY, accounts payable were 611 million CNY, and long-term borrowings were 300 million CNY[15][16] Consolidated Income Statement In Q1 2024, total operating revenue was 825.50 million CNY, a 6.59% decrease, with net profit attributable to parent company shareholders significantly down by 72.57% Consolidated Income Statement Key Data (Q1 2024) | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 825,497,244.54 | 883,693,767.84 | -6.59 | | Operating Cost | 593,923,700.12 | 575,664,381.18 | 3.17 | | Selling Expenses | 142,537,563.43 | 134,523,534.87 | 5.96 | | Administrative Expenses | 29,368,575.63 | 38,712,940.54 | -24.14 | | R&D Expenses | 86,613,658.49 | 99,431,592.36 | -12.89 | | Financial Expenses | -12,422,387.25 | -1,375,031.15 | -803.43 | | Operating Profit | 16,877,143.13 | 62,339,299.58 | -72.95 | | Total Profit | 16,266,186.49 | 62,169,068.57 | -73.84 | | Net Profit | 14,184,350.70 | 51,993,167.23 | -72.72 | | Net Profit Attributable to Parent Company Shareholders | 14,319,148.32 | 52,193,828.12 | -72.57 | | Basic Earnings Per Share (CNY/share) | 0.20 | 0.75 | -73.33 | - Financial expenses significantly decreased (negative value increased), primarily due to higher interest income (16.96 million CNY in Q1 2024 vs. 10.97 million CNY in Q1 2023)[20] - Other income increased by 41.18% year-over-year to 35.67 million CNY[20] Consolidated Cash Flow Statement Net cash flow from operating activities in Q1 2024 significantly increased by 78.64% to 146.04 million CNY, while investing and financing cash flows turned negative Consolidated Cash Flow Statement Key Data (Q1 2024) | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 146,037,988.73 | 81,747,819.31 | 78.64 | | Net Cash Flow from Investing Activities | -33,775,370.29 | 17,409,844.14 | -294.02 | | Net Cash Flow from Financing Activities | -134,227,016.79 | 250,962,828.36 | -153.48 | | Net Increase in Cash and Cash Equivalents | -23,173,720.22 | 349,022,568.95 | -106.64 | - Total cash inflows from operating activities decreased by 12.96% year-over-year, and total cash outflows decreased by 19.43%, primarily due to reduced cash payments for goods and services[23] - Net cash flow from investing activities turned negative, mainly due to a decrease in cash received from investment recoveries (400 million CNY vs. 720 million CNY), while cash paid for investments slightly decreased[24] - Net cash flow from financing activities shifted from positive to negative, primarily due to significant increases in cash paid for debt repayment (293 million CNY) and other financing-related payments (111 million CNY)[24] Adjustments to Beginning-of-Year Financial Statements Due to First-Time Adoption of New Accounting Standards or Interpretations in 2024 The company's first-time adoption of new accounting standards or interpretations in 2024 did not require adjustments to the beginning-of-year financial statements - The first-time adoption of new accounting standards or interpretations starting in 2024 did not involve adjustments to the beginning-of-year financial statements[25]