BOE(200725)2021-04-29 16:00Financial Performance - The company's operating revenue for Q1 2021 was ¥49,655,379,519, representing a 107.87% increase compared to ¥25,879,940,117 in the same period last year[4] - Net profit attributable to shareholders for Q1 2021 reached ¥5,182,037,171, an increase of 814.46% from ¥566,676,460 in the previous year[4] - The net cash flow from operating activities was ¥14,522,832,708, showing a significant increase of 178.02% compared to ¥5,223,671,919 in Q1 2020[4] - Basic and diluted earnings per share for Q1 2021 were both ¥0.147, reflecting a 950.00% increase from ¥0.014 in the same quarter last year[4] - The weighted average return on equity was 5.51%, up from 0.50% in the previous year[4] - Revenue increased by 108% year-on-year, driven by rising product prices and new project capacity release[12] - Operating costs rose by 77% year-on-year, corresponding to the increase in revenue scale[12] - Sales expenses grew by 43% year-on-year, reflecting the expansion of the company's revenue scale[12] - Management expenses increased by 59% year-on-year, also due to the growth in revenue scale[12] - R&D expenses rose by 46% year-on-year, attributed to increased research efforts[12] - Financial expenses increased by 44% year-on-year, related to new project operations and changes in the consolidation scope[12] Assets and Liabilities - Total assets at the end of Q1 2021 were ¥427,658,157,566, a slight increase of 0.80% from ¥424,256,806,331 at the end of the previous year[4] - Net assets attributable to shareholders increased to ¥112,362,224,896, an 8.80% rise from ¥103,276,766,835 at the end of the previous year[4] - Accounts receivable increased by 31% compared to the beginning of the period, reflecting the growth in revenue scale[12] - The total liabilities amounted to CNY 249.80 billion, slightly down from CNY 250.86 billion, indicating a decrease of about 0.42%[32] - Current liabilities decreased to CNY 103.31 billion from CNY 104.96 billion, a reduction of approximately 1.57%[32] - Short-term borrowings decreased significantly from CNY 8.60 billion to CNY 6.45 billion, a decline of about 25.00%[32] - Accounts payable increased to CNY 32.55 billion from CNY 27.16 billion, representing an increase of approximately 19.73%[32] Investment and Financing Activities - The company plans to issue up to 30 billion RMB in perpetual bonds, with the first phase of 8 billion RMB already issued at a 4.0% interest rate[13] - The company’s cash outflow from investment activities increased by 68% year-on-year, mainly due to share buybacks and new project expenditures[12] - The company plans to raise up to 2 billion CNY through a private placement of A-shares to fund various projects, including acquiring a 24.06% stake in Wuhan BOE Optoelectronics and constructing a 6th generation AMOLED production line in Chongqing[15] - The company has received approval from the State-owned Assets Supervision and Administration Commission for the private placement, allowing for the issuance of up to 695,967,975.52 shares[16] - The company reported a cash balance of RMB 70,432,014,729 as of March 31, 2021, down from RMB 73,694,296,095 at the end of 2020[30] - The company reported a net cash outflow of 18,673,355,799.00 CNY from investing activities, which is a significant increase from the previous net outflow of 8,092,167,330.00 CNY[45] Legal and Regulatory Matters - The company has reported a total litigation claim amounting to approximately 41.84 million USD against LeEco, with a court ruling requiring LeEco to pay 36.94 million USD in principal and interest[15] - The company has made provisions for bad debts related to the litigation, reflecting uncertainty regarding the impact on financials[15] - The company is in the process of responding to feedback from the China Securities Regulatory Commission regarding its private placement application[16] - The company has been listed as a dishonest executor due to the inability of LeEco to fulfill its financial obligations, which may affect future cash flows[15] Management and Corporate Governance - The company appointed Zhang Yu as Vice President and Chief Human Resources Officer, and Su Xuefei as Securities Affairs Representative[16] - The company’s management has committed to not reducing or transferring their shares for a period of six months after their term ends, ensuring stability in shareholder confidence[19] Research and Development - Research and development expenses for the first quarter were CNY 2,289,899,747, compared to CNY 1,568,083,480 in the previous year, marking an increase of approximately 45.8%[38] - The company is expanding its investment in high-generation TFT-LCD production lines, as indicated in recent announcements[17] Cash Flow and Financial Position - The company reported a net cash inflow from operating activities of ¥50,851,639,955, compared to ¥33,226,155,566 in the previous period[44] - The cash flow from operating activities showed a net outflow of 1,263,796,298.00 CNY for the parent company, compared to a net outflow of 896,652,664.00 CNY in the previous period, reflecting an increase in cash outflow[47] - The total cash inflow from investment activities was 7,495,330,153.00 CNY, slightly up from 7,485,220,158.00 CNY, showing a marginal increase[45] Miscellaneous - The company has not reported any mergers or acquisitions during this period, focusing instead on organic growth and product development[39] - The report indicates that there were no significant changes in accounting policies for derivatives compared to the previous reporting period[22] - The first quarter report was not audited[58] - The report was approved for submission by the board on April 29, 2021[58]