SBT(SH:600608)2024-05-07 10:25Financial Performance - The company's operating revenue for Q1 2024 was ¥80,222,100.92, representing a year-on-year increase of 45.83%[2] - Net profit attributable to shareholders for Q1 2024 was ¥593,576.74, a significant increase of 239.91% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥608,744.69, reflecting a 250.86% increase year-on-year[2] - Basic earnings per share for Q1 2024 were ¥0.0018, up 260.00% from the previous year[2] - The company reported total operating revenue of ¥80,222,100.92 for Q1 2024, an increase of 45.9% compared to ¥55,011,062.88 in Q1 2023[19] - The company's net loss for Q1 2024 was ¥780,224,695.60, slightly improved from a net loss of ¥780,818,272.34 in Q4 2023[17] - In Q1 2024, the company reported a net profit of CNY 190,300.79, compared to CNY 1,207,344.44 in Q1 2023, indicating a significant decrease in profitability[20] - The operating profit for Q1 2024 was CNY 220,300.79, down from CNY 1,972,305.27 in the same period last year[20] - The total comprehensive income for Q1 2024 was CNY 190,300.79, compared to CNY 1,207,344.44 in Q1 2023, showing a decline in overall financial performance[21] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥134,423,565.81, a decrease of 14.13% from the end of the previous year[3] - The company's total assets decreased to ¥134,423,565.81 as of March 31, 2024, down from ¥156,541,085.68 on December 31, 2023, a decline of 14.1%[16] - Total liabilities decreased to ¥86,600,945.04 as of March 31, 2024, from ¥108,908,765.70 on December 31, 2023, reflecting a reduction of 20.5%[16] - The company's total assets as of March 31, 2024, were ¥146,594,187.96, a decrease from ¥149,737,660.10 as of December 31, 2023[26] - Current liabilities decreased to ¥98,996,939.83 in Q1 2024 from ¥102,894,294.14 in Q4 2023, reflecting a reduction of approximately 3%[26] Cash Flow and Equivalents - The company's cash and cash equivalents decreased to ¥19,025,726.87 as of March 31, 2024, down from ¥27,071,664.52 on December 31, 2023, representing a decline of 29.8%[14] - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 18,924,040.29, down from CNY 63,417,207.13 at the end of Q1 2023[23] - The company's cash and cash equivalents decreased to ¥18,995,599.58 from ¥21,675,146.75, a decline of about 12.3%[25] - The net cash flow from operating activities for Q1 2024 was CNY 1,017,744.65, a recovery from a negative cash flow of CNY -11,247,878.53 in Q1 2023[23] - The net cash flow from operating activities for Q1 2024 was $6,384,135.13, a decrease of 72.5% compared to $23,194,959.67 in the previous year[31] - The total cash outflow from operating activities was $125,160,912.46, compared to $65,719,044.44 in the previous year, reflecting an increase of 90%[31] - The overall net increase in cash and cash equivalents for the quarter was -$2,679,547.17, contrasting with an increase of $8,194,959.67 in the previous year[31] Inventory and Receivables - Accounts receivable decreased to ¥1,184,589.85 in Q1 2024 from ¥4,698,957.15 in Q1 2023, indicating a reduction of 74.8%[15] - Inventory increased to ¥54,431,800.17 as of March 31, 2024, compared to ¥47,716,040.78 on December 31, 2023, marking a rise of 14.3%[15] - Inventory increased to ¥50,864,656.53 in Q1 2024, compared to ¥42,329,324.92 in Q4 2023, representing a growth of approximately 20.5%[25] - The company reported a significant increase in prepayments, which rose to ¥37,176,734.80 in Q1 2024 from ¥2,029,533.32 in Q4 2023, reflecting a growth of over 1,700%[25] Financial Risks and Uncertainties - The company is in the process of transferring all debts related to Nanjing Sweet Group to eliminate potential risks associated with historical debts[8] - The company has engaged intermediaries to conduct audits and evaluations of the related debts and is coordinating necessary approvals, although the process is complex and ongoing[8] - Investors are advised to be cautious regarding the uncertainties surrounding the debt transfer and the potential risks involved[9] - The company is currently facing uncertainty regarding the completion of the share transfer agreement with the controlling shareholder, which involves 39,486,311 shares, accounting for 12.01% of the total share capital[10] - The main supplier, Hong Kong Petrochemical Co., Ltd., has been placed under compulsory liquidation, which may impact the company's operations and financial stability[12] Financial Expenses - The company incurred financial expenses of CNY 554,817.02 in Q1 2024, compared to CNY 1,485,338.43 in Q1 2023, reflecting a decrease in financial costs[20] - The company's financial expenses for Q1 2024 were ¥552,204.62, down from ¥1,513,251.97 in Q1 2023, indicating a reduction of about 63.5%[27]