明冠新材(688560) - 2024 Q1 - 季度财报

Financial Performance - The company's revenue for Q1 2024 was CNY 327,216,637.61, representing a decrease of 18.43% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 7,929,437.16, down 59.18% year-on-year[4] - The basic earnings per share decreased by 60.00%, resulting in CNY 0.04 per share[6] - Total operating revenue for Q1 2024 was ¥327,216,637.61, a decrease of 18.4% compared to ¥401,127,650.03 in Q1 2023[19] - Net profit for Q1 2024 was ¥7,929,437.16, a decline of 58.6% from ¥19,120,769.64 in Q1 2023[20] - Basic earnings per share for Q1 2024 was ¥0.04, compared to ¥0.10 in Q1 2023[21] - Other income for Q1 2024 was ¥1,282,053.44, a decrease of 42.8% compared to ¥2,240,707.57 in Q1 2023[20] Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,310,849,421.49, a decline of 2.81% from the end of the previous year[6] - As of March 31, 2024, the total assets of the company amounted to RMB 3,310,849,421.49, a decrease from RMB 3,406,609,846.37 as of December 31, 2023, reflecting a decline of approximately 2.8%[16] - The company's current assets totaled RMB 2,501,044,111.30, down from RMB 2,604,534,931.62, indicating a decrease of about 4.0%[16] - The company's total liabilities decreased to RMB 481,431,387.52 from RMB 539,670,239.39, a reduction of approximately 10.8%[17] - The total equity of the company remained stable at RMB 2,829,418,033.97, with no significant changes reported[17] Cash Flow - The net cash flow from operating activities was negative at CNY -55,347,675.72, indicating a cash outflow[6] - Cash inflow from operating activities in Q1 2024 was ¥256,442,662.08, down 26.9% from ¥350,710,954.73 in Q1 2023[23] - The company reported a total cash outflow of $145.32 million in Q1 2024, compared to $632.39 million in Q1 2023, marking a 77% decrease[24] - The cash flow from operating activities showed a significant outflow, totaling $311.79 million in Q1 2024, compared to $425.19 million in Q1 2023[24] Research and Development - Research and development expenses totaled CNY 8,795,248.98, which is a decrease of 28.69% compared to the previous year[6] - Research and development expenses for Q1 2024 were ¥8,795,248.98, down 28.5% from ¥12,333,697.05 in Q1 2023[19] - The proportion of R&D expenses to revenue was 2.69%, down 0.38 percentage points year-on-year[6] Operational Challenges - The company experienced a significant decline in demand for solar cell packaging materials, impacting sales volumes negatively[8] - The company reported a government subsidy of CNY 500,000, which is included in the non-recurring gains and losses[7] Inventory and Accounts - Accounts receivable increased to RMB 344,647,797.43 from RMB 305,524,215.45, showing an increase of about 12.8%[15] - The company reported a significant increase in accounts payable, which rose to RMB 269,361,448.96 from RMB 178,442,006.25, reflecting an increase of approximately 50.9%[17] - The company’s inventory decreased to RMB 150,322,145.01 from RMB 157,261,787.63, indicating a decline of about 4.5%[16] Financial Position - The weighted average return on net assets was 0.28%, a decrease of 0.34 percentage points compared to the previous year[6] - The company's short-term borrowings decreased significantly to RMB 17,720,425.95 from RMB 40,670,519.47, a reduction of approximately 56.5%[17] - The company's non-current assets totaled RMB 809,805,310.19, slightly up from RMB 802,074,914.75, reflecting a marginal increase of about 1.0%[16] Accounting Standards - The company has not adopted new accounting standards for the year 2024, maintaining consistency in financial reporting[25]