Piotech (SH:688072)2024-04-29 11:35Financial Performance - The company's operating revenue for Q1 2024 was ¥471,789,687.75, representing a year-on-year increase of 17.25%[4]. - The net profit attributable to shareholders decreased by 80.51% to ¥10,471,659.86, primarily due to longer acceptance cycles for new products and increased costs associated with business scale growth[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 325.07% to -¥44,209,267.86[4]. - The diluted earnings per share decreased by 79.31% to ¥0.06[6]. - Net profit for Q1 2024 was ¥7,781,183.91, a decrease of 85.2% from ¥52,253,170.19 in Q1 2023[22]. - The company reported a basic earnings per share of ¥0.06 for Q1 2024, down from ¥0.29 in Q1 2023[23]. - Comprehensive income attributable to shareholders of the parent company for Q1 2024 was ¥10,470,591.09, down from ¥53,718,794.24 in Q1 2023[23]. Research and Development - Research and development expenses totaled ¥153,211,354.50, an increase of 78.09%, accounting for 32.47% of operating revenue, up 11.09 percentage points year-on-year[6]. - Research and development expenses for the quarter were approximately CNY 90 million, reflecting a commitment to innovation and technology advancement[19]. - Research and development expenses increased significantly to ¥153,211,354.50 in Q1 2024, compared to ¥86,031,727.15 in Q1 2023, reflecting a growth of 78.3%[21]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥721,350,817.72, indicating a significant cash outflow due to increased material purchases and reduced sales collections[4][8]. - In Q1 2024, the net cash flow from operating activities was -721,350,817.72 RMB, a significant decline compared to -139,601,409.34 RMB in Q1 2023[25]. - Total cash inflow from operating activities was 525,573,830.71 RMB, down from 833,584,156.03 RMB in the same period last year, representing a decrease of approximately 37%[25]. - Cash outflow from operating activities totaled 1,246,924,648.43 RMB, an increase of about 28% from 973,185,565.37 RMB in Q1 2023[25]. - The company reported a cash flow from investing activities of -118,786,643.13 RMB, compared to -682,397,784.23 RMB in Q1 2023, indicating a reduced investment outflow[25]. - Cash inflow from financing activities was 588,272,369.27 RMB, significantly higher than 300,000,000.00 RMB in Q1 2023, marking a 96% increase[25]. - The net cash flow from financing activities was 516,841,291.26 RMB, compared to 294,371,693.51 RMB in the previous year, reflecting a 76% increase[25]. - The ending balance of cash and cash equivalents was 2,343,575,535.81 RMB, down from 3,297,713,287.65 RMB at the end of Q1 2023[26]. Assets and Liabilities - The company's total assets increased by 9.62% to ¥10,928,121,486.95 compared to the end of the previous year[6]. - As of March 31, 2024, the company's total assets reached approximately CNY 10.93 billion, an increase from CNY 9.97 billion as of December 31, 2023, representing a growth of about 9.66%[18]. - The company's current assets totaled approximately CNY 9.34 billion, up from CNY 8.46 billion, indicating an increase of around 10.41%[18]. - The company's total liabilities increased to approximately CNY 9.34 billion, up from CNY 8.45 billion, indicating a growth of about 10.52%[19]. - Total liabilities as of Q1 2024 amounted to ¥6,312,728,802.37, an increase of 17.3% from ¥5,377,702,351.65 in Q1 2023[20]. - The company's total equity reached ¥4,615,392,684.58 in Q1 2024, slightly up from ¥4,591,642,902.50 in Q1 2023[20]. - The company experienced a significant increase in long-term borrowings, which rose to ¥2,423,655,816.68 in Q1 2024 from ¥1,870,800,000.00 in Q1 2023[20]. Operational Highlights - The company reported a net profit margin of approximately 15% for the first quarter of 2024, consistent with the previous quarter[14]. - The company plans to expand its market presence through new product launches and strategic partnerships in the upcoming quarters[14]. - Total operating costs for Q1 2024 were ¥508,036,399.24, up 37.9% from ¥368,008,281.80 in Q1 2023[21]. - The company had a total of 9,495 common shareholders at the end of the reporting period[9]. - Inventory increased significantly to approximately CNY 5.61 billion, compared to CNY 4.56 billion, marking a rise of approximately 23.05%[18]. - The company's short-term borrowings rose to approximately CNY 105.42 million from CNY 69.98 million, an increase of about 50.67%[19]. - Accounts payable increased to approximately CNY 1.32 billion from CNY 985.63 million, representing a growth of around 34.00%[19]. Employee Compensation and Tax - The company paid 201,333,015.10 RMB in employee compensation, up from 134,321,414.93 RMB in Q1 2023, representing a 50% increase[25]. - Tax payments decreased to 3,596,377.60 RMB from 37,338,172.56 RMB in Q1 2023, a reduction of approximately 90%[25]. - The company reported a decrease in tax expenses to ¥-19,758.49 in Q1 2024, compared to ¥20,808,244.44 in Q1 2023[22]. - Other cash payments related to operating activities increased to 55,978,581.10 RMB from 28,044,871.39 RMB, indicating a rise of about 100%[25].