CHERVON-AUTO(SH:603982) Zhong Guo Jing Ji Wang·2025-06-23 03:18Core Viewpoint - The financial performance of QuanFeng Automotive shows a trend of increasing revenue but persistent net losses, indicating potential challenges in profitability despite revenue growth [1][2][3]. Financial Performance Summary - The company's operating revenue for 2022, 2023, and 2024 was 1.745 billion, 2.134 billion, and 2.303 billion RMB respectively, reflecting a growth trend [1]. - The net profit attributable to shareholders for the same years was -154 million, -565 million, and -517 million RMB, indicating ongoing losses [1]. - The net profit after deducting non-recurring gains and losses was -187 million, -546 million, and -522 million RMB for 2022, 2023, and 2024 respectively [1]. - The net cash flow from operating activities improved from -527 million in 2022 to 138 million in 2024, showing a positive shift in cash flow [1]. Q1 2025 Performance - In the first quarter of 2025, the company achieved an operating revenue of 601 million RMB, a year-on-year increase of 19.36% [2][3]. - The net profit attributable to shareholders for Q1 2025 was -90 million RMB, an improvement from -141 million RMB in the same period of the previous year [2][3]. - The net cash flow from operating activities for Q1 2025 was -115 million RMB, slightly worse than -112 million RMB in Q1 2024 [2][3]. Fundraising Activities - QuanFeng Automotive raised a total of 480 million RMB through its initial public offering, with net proceeds of approximately 452 million RMB allocated for production and working capital [4]. - The company conducted a non-public offering in 2022, raising approximately 1.192 billion RMB, with net proceeds of about 1.178 billion RMB after expenses [5]. - The company plans to issue shares to a related party, Derun Holdings, with a total fundraising amount not exceeding 200 million RMB, aimed at supplementing working capital and repaying bank loans [7].