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Qilian International(QLI) - 2022 Q4 - Annual Report
QLIQilian International(QLI)2022-09-29 16:00

Revenue Performance - Revenue for the first six months of fiscal year 2022 was approximately 32.1million,representinga732.1 million, representing a 7% increase from 29.9 million in the same period of the previous year[3] - Revenue from heparin products increased by 9.9% to 8.8million,drivenbya318.8 million, driven by a 31% increase in quantity sold, despite a 16% decrease in average selling price[7] - Revenue from fertilizers surged by 254.8% to 0.5 million, following the resumption of normal production after capacity expansion[9] - Net revenue for the six months ended March 31, 2022, was 32,086,522,anincreaseof7.232,086,522, an increase of 7.2% from 29,939,173 in 2021[23] Profitability - Net income decreased by 89% to 249,681comparedto249,681 compared to 2.2 million in the same period of the prior fiscal year, primarily due to rising raw material prices[2] - Gross profit fell by 31% to 2.8million,withgrossmargindecreasingfrom13.72.8 million, with gross margin decreasing from 13.7% to 8.8% year-over-year[4] - Gross profit decreased to 2,820,252, down 30.9% from 4,090,663inthepreviousyear[23]−NetincomeattributabletoQilianInternationalHoldingGroupLimitedwas4,090,663 in the previous year[23] - Net income attributable to Qilian International Holding Group Limited was 87,862, a significant decline from 2,350,584inthesameperiodlastyear[23]−Thecompanyreportedacomprehensiveincomeof2,350,584 in the same period last year[23] - The company reported a comprehensive income of 838,837, down from 3,330,150inthepreviousyear[23]CashFlowandLiquidity−Cashprovidedbyoperatingactivitieswas3,330,150 in the previous year[23] Cash Flow and Liquidity - Cash provided by operating activities was 4.2 million, down from 9.7millioninthesameperiodlastyear,reflectingadecreaseinnetincome[15]−Cashandcashequivalentsattheendoftheperiodwere9.7 million in the same period last year, reflecting a decrease in net income[15] - Cash and cash equivalents at the end of the period were 16,666,171, down 17.9% from 20,312,619attheendofthepreviousyear[25]−Operatingcashflowfortheperiodwas20,312,619 at the end of the previous year[25] - Operating cash flow for the period was 4,187,130, a decrease of 56.7% compared to 9,695,578intheprioryear[25]AssetsandLiabilities−Totalcurrentassetsincreasedto9,695,578 in the prior year[25] Assets and Liabilities - Total current assets increased to 42,936,453, up 6.4% from 40,365,153asofSeptember30,2021[21]−Totalliabilitiesroseto40,365,153 as of September 30, 2021[21] - Total liabilities rose to 22,640,169, an increase of 21.5% from 18,684,805inthepreviousperiod[21]−Totalassetsincreasedto18,684,805 in the previous period[21] - Total assets increased to 80,147,464, up 6.4% from 75,353,263asofSeptember30,2021[21]EquityandRetainedEarnings−AsofMarch31,2021,totalequityreached75,353,263 as of September 30, 2021[21] Equity and Retained Earnings - As of March 31, 2021, total equity reached 56,141,272, an increase from 28,841,507onSeptember30,2020[27]−Thestatutoryreserveappropriationfortheyearwas28,841,507 on September 30, 2020[27] - The statutory reserve appropriation for the year was (217,386), indicating a decrease in retained earnings[28] - Retained earnings as of March 31, 2021, were 13,932,050,showinganincreasefrom13,932,050, showing an increase from 12,197,372 on September 30, 2020[27] Foreign Currency and Exchange Rates - The average exchange rate of RMB to USD improved from 1 USD = 6.5541 RMB to 1 USD = 6.3712 RMB year-over-year, positively impacting revenue[6] - Foreign currency translation adjustments resulted in a gain of $531,243 for the year ending March 31, 2022[28] Future Outlook - The company expects to complete certain construction projects in 2023 and anticipates new growth driven by improved control of the COVID-19 pandemic in China[2]