ST易购(002024) - 2024 Q1 - 季度财报

Financial Performance - In Q1 2024, the company's operating revenue decreased by 20.68% year-on-year, attributed to a decline in consumer sentiment and a high base from the previous year[12]. - The company's operating revenue for Q1 2024 was 12,579,798, a decrease of 20.68% compared to 15,859,360 in the same period last year[32]. - The net profit attributable to shareholders for Q1 2024 was -96,871, showing a 3.75% improvement from -100,644 in the previous year[32]. - The company achieved a net profit reduction of 62.26% year-on-year, with a net profit attributable to shareholders of -0.68 billion[37]. - The weighted average return on equity for Q1 2024 was -0.85%, a decrease of 0.22% from -0.63% in the previous year[32]. - Net profit for Q1 2024 was -68,488, an improvement from -181,485 in Q1 2023[71]. Cash Flow and Expenses - The net cash flow from operating activities was positive at 1,406,920 thousand yuan, despite a 27.71% decline compared to the previous year[16]. - The net cash flow from operating activities for Q1 2024 was 1,406,920, down 27.71% from 1,946,085 in the same period last year[32]. - Investment activities resulted in a net cash outflow of 181,698 thousand yuan, a significant decrease of 619.08% year-on-year, due to the resumption of logistics base construction[16]. - Net cash flow from investing activities was -181,698, compared to a positive 35,004 in Q1 2023[61]. - The net cash outflow from financing activities was 1,398,975 thousand yuan, a 32.63% increase compared to the previous year, primarily for loan repayments and rental expenses[16]. - Net cash flow from financing activities was -1,398,975, worsening from -1,054,822 in the previous year[61]. - The company reported a decrease in sales expenses to 1,654,123, down 28.3% from 2,308,611 in the previous year[71]. - Research and development expenses were 90,177, a decrease of 27.4% compared to 124,151 in Q1 2023[71]. Assets and Liabilities - The total assets at the end of Q1 2024 were 122,296,359, reflecting a 0.45% increase from 121,748,283 at the end of the previous year[32]. - The total liabilities of the company as of the end of the reporting period amount to RMB 112.15 billion, an increase from RMB 111.61 billion at the beginning of the period[54]. - The company’s total equity at the end of the reporting period is RMB 10.15 billion, slightly up from RMB 10.14 billion at the beginning of the period[54]. - The company’s retained earnings show a deficit of RMB 28.03 billion, compared to a deficit of RMB 27.93 billion at the beginning of the period[54]. - The total amount of overdue notes payable reached 3.534 billion yuan as of March 31, 2024, indicating ongoing financial challenges[28]. Guarantees and Subsidiaries - As of March 31, 2024, the company had provided guarantees totaling 14.286 billion yuan for its subsidiaries, with 8.438 billion yuan for procurement and 5.848 billion yuan for financing[26]. - The company provided guarantees totaling RMB 2.61 billion, accounting for 22.95% of the audited net assets for the year 2023[48]. - The company’s subsidiary, Carrefour (Shanghai) Supply Chain Management Co., has entered bankruptcy proceedings, with 2023 revenue of RMB 424 million, representing 0.68% of the company's total revenue for that year[50]. Strategic Initiatives - The company aims to improve operational efficiency and achieve continuous improvement in operating performance through cost control and optimized expenses[37]. - The number of retail cloud franchise stores reached 10,756 by the end of Q1 2024, continuing to expand the franchise network[37]. - The company signed 22 new store leases in key cities during Q1 2024, focusing on upgrading store image and optimizing product layout[35]. - The company plans to open and renovate 43 large stores in the second quarter, enhancing the shopping experience in core cities[37]. - The company has engaged in innovative cooperation models with core brand merchants to manage payment arrangements and alleviate operational liquidity pressure[49]. Comprehensive Income - The total comprehensive income for the period was 25,959 thousand, compared to a loss of 129,297 thousand in the previous period[73]. - The total comprehensive income attributable to the parent company was -2,423 thousand, compared to -48,480 thousand in the previous period[73]. - The total comprehensive income attributable to minority shareholders was 28,382 thousand, recovering from a loss of 80,817 thousand in the previous period[73]. - The other comprehensive income that cannot be reclassified to profit or loss was 126,092 thousand, down from 407,627 thousand in the previous period[73]. - The other comprehensive income that can be reclassified to profit or loss was -31,644 thousand, an improvement from -355,463 thousand in the previous period[73]. - The company reported a significant decrease in the fair value changes of other equity instruments, reflecting market conditions[73].