ST易购(002024) - 2023 Q1 - 季度财报

Financial Performance - The company's operating revenue for Q1 2023 was CNY 15,859.36 million, a decrease of 18.14% year-on-year[6]. - The net profit attributable to shareholders was a loss of CNY 100.64 million, representing a 90.22% reduction in losses compared to the previous year[6]. - The company achieved an EBITDA of CNY 2,613 million in Q1 2023, reflecting improved operational efficiency[12]. - The company's revenue from operating activities in Q1 2023 was RMB 19,658,058 thousand, a 3.38% increase compared to RMB 19,014,624 thousand in Q1 2022[53]. - Operating profit for the current period is -242,453 thousand yuan, an improvement from -1,296,347 thousand yuan in the previous period[80]. - Net profit for the current period is -181,485 thousand yuan, compared to -1,133,801 thousand yuan in the previous period, indicating a significant reduction in losses[80]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1,946.09 million, an increase of 50.18% compared to the previous year[6]. - The net cash flow from operating activities for Q1 2023 was RMB 1,946,085 thousand, representing a 50.18% increase year-on-year from RMB 1,295,878 thousand[53]. - The company reported a net outflow of RMB 1,054,822 thousand from financing activities, a decrease of 238.05% compared to a net inflow of RMB 764,072 thousand in the same period last year[53]. - Cash flow from operating activities increased to 1,946,085 thousand yuan, up 50.4% from 1,295,878 thousand yuan in the previous period[83]. - Cash flow from investing activities generated a net inflow of 35,004 thousand yuan, a recovery from a net outflow of -192,223 thousand yuan in the previous period[84]. - The ending balance of cash and cash equivalents is 4,719,344 thousand yuan, down from 5,958,303 thousand yuan in the previous period[84]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 144,712.998 million, an increase of 3.42% from the end of the previous year[6]. - The total assets of the company as of March 31, 2023, amounted to RMB 144,712,998 thousand, up from RMB 139,922,403 thousand at the beginning of the year[47]. - The company's total liabilities increased to RMB 129,762,893 thousand from RMB 124,834,145 thousand, indicating a rise in financial obligations[47]. - The company's contract liabilities increased to RMB 10,403,657 thousand from RMB 8,509,497 thousand, reflecting growth in advance payments received[46]. Operational Developments - The core home appliance 3C business saw a sales growth of 5.1% year-on-year, outperforming the industry average decline of 3.5%[26]. - The number of new retail cloud franchise stores opened during the period was 331, with a year-on-year sales growth of 33.02% in this channel[26]. - The company plans to accelerate the implementation of the "Suning Easy Home" store model in the second quarter, targeting promotional seasons[28]. - The company is undertaking a restructuring plan for Carrefour China, focusing on stabilizing the supply chain and closing unprofitable stores[27]. - As of March 31, 2023, the total number of self-operated stores reached 1,641, covering an area of 528.03 thousand square meters, with 111 stores closed in Q1 2023[55]. - The total number of Su Ning retail cloud franchise stores was 9,947, with 255 stores closed in Q1 2023[55]. Strategic Initiatives - The company plans to enhance its operational efficiency and improve profitability in Q2 2023 through various strategic initiatives[50]. - The company is actively working on innovative cooperation models with suppliers to resolve payment arrangements and maintain operational stability[64]. Investment and Expenses - The company’s investment activities generated a net cash inflow of RMB 35,004 thousand, a significant improvement from a net outflow of RMB 192,223 thousand in the previous year[53]. - Research and development expenses decreased to 124,151 thousand yuan, down 50.4% from 250,356 thousand yuan in the previous period[80]. - Sales expenses decreased to 2,308,611 thousand yuan, a reduction of 31.3% compared to 3,364,679 thousand yuan in the previous period[80]. Fair Value and Other Financial Metrics - The company reported a significant increase in fair value gains of 406.76% year-on-year, primarily due to fluctuations in foreign exchange rates[23]. - The company provided guarantees totaling RMB 30.59 billion to its subsidiaries, representing 18.98% of the audited net assets for 2022[62]. - The company reported overdue notes payable amounting to RMB 4.19 billion as of March 31, 2023, with plans to reduce this through various financial strategies[64]. - The company’s long-term equity investments stood at RMB 13.84 billion as of March 31, 2023, slightly up from RMB 13.82 billion at the beginning of the year[77].