CRE(SH:600217)2024-04-29 11:01Financial Performance - The company's operating revenue for Q1 2024 was ¥516,002,998.07, representing a decrease of 29.95% compared to the same period last year[4] - Total operating revenue for Q1 2024 was ¥516,002,998.07, a decrease of 30% compared to ¥736,625,342.99 in Q1 2023[21] - Net profit for Q1 2024 was ¥3,627,860.42, a significant recovery from a net loss of ¥8,259,015.81 in Q1 2023[22] - The net profit attributable to shareholders was ¥3,593,071.68, with a basic and diluted earnings per share of ¥0.0026[5] - Basic and diluted earnings per share for Q1 2024 were both ¥0.0026, compared to a loss of ¥0.0054 per share in Q1 2023[23] - The company reported a gross profit margin of approximately 6.5% in Q1 2024, compared to a negative margin in Q1 2023[21] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥109,572,263.47[4] - The company's cash flow from operating activities showed signs of recovery, contributing positively to its financial outlook for the upcoming quarters[24] - In Q1 2024, the cash inflow from operating activities was CNY 438,167,520.42, a decrease of 31.6% compared to CNY 640,597,084.61 in Q1 2023[25] - The cash outflow from operating activities totaled CNY 547,739,783.89, down from CNY 720,818,793.95 in the previous year, resulting in a net cash flow from operating activities of -CNY 109,572,263.47[26] - The total cash and cash equivalents at the end of Q1 2024 were CNY 494,874,113.61, down from CNY 604,451,486.08 in Q1 2023[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,424,392,086.41, a decrease of 1.75% from the end of the previous year[5] - The company's current assets totaled RMB 6,149,918,269.06, down from RMB 6,297,047,500.12, indicating a decrease of about 2.35%[17] - Total liabilities decreased to ¥4,803,821,833.33 in Q1 2024 from ¥4,939,760,018.51 in Q1 2023, indicating improved financial stability[19] - The company reported a long-term equity investment of RMB 73,849,382.86, slightly down from RMB 74,424,000.00, a decrease of about 0.77%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,354[10] - The largest shareholder, China Recycled Resources Development Group Co., Ltd., holds 30.8% of the shares[11] - The company has not reported any changes in major shareholders or their participation in financing activities during the reporting period[12] Operating Costs and Expenses - The company's operating costs decreased by 33.90% due to a decline in waste electric disassembly volume and lower unit procurement costs[8] - Total operating costs for Q1 2024 were ¥485,143,435.64, down 30% from ¥695,813,594.31 in Q1 2023[21] - Research and development expenses increased to ¥120,713.80 in Q1 2024, up from ¥80,370.99 in Q1 2023, reflecting a focus on innovation[22] - The company paid CNY 67,812,535.98 in employee compensation, an increase from CNY 64,967,931.86 in the previous year[26] - Tax payments decreased to CNY 36,819,582.28 from CNY 76,260,365.49 year-over-year, indicating a reduction of 51.7%[26] Government Support and Future Outlook - The company received government subsidies amounting to ¥2,944,306.16, which are closely related to its normal business operations[6] - The company is expected to continue its focus on resource recycling and sustainable development in response to new government policies[14] - The 2024 budget for the special fund for waste electrical and electronic product processing is set at RMB 7.5 billion, significantly higher than previous years' budgets[15] - The company is adapting its accounting policies in line with new national regulations regarding the handling of waste electrical and electronic products, which may impact future revenue recognition[15] Investment and Financial Adjustments - The company recorded an investment loss of ¥574,617.14 in Q1 2024, an improvement from a loss of ¥956,141.22 in Q1 2023[22] - The cash outflow for investing activities was CNY 38,294,996.37, compared to CNY 33,312,872.58 in Q1 2023, reflecting an increase of 15.9%[26] - The company reported a net cash flow from investing activities of -CNY 38,265,549.49, worsening from -CNY 33,305,322.63 in the previous year[26] Accounting Standards - The company did not apply new accounting standards for the first time in 2024[27]