ST Xuefa (stock code: 002485), the full name is Xueda Development Co., Ltd., is a listed company mainly engaged in supply chain management, financial investment and other businesses. The company's financial report for the first quarter of 2024 showed a significant decline in overall performance and faced a significant financial pressure.
According to the balance sheet data, the total assets of ST Xuefa at the end of the first quarter of 2024 were RMB 1.931 billion, a decrease of 1.53% compared to the end of the previous year. The total liabilities decreased from RMB 585 million to RMB 562 million, and the asset-liability ratio decreased from 29.83% to 29.08%. Although the asset-liability ratio has decreased, the decrease in total assets and owner's equity indicates that the company still needs to strengthen asset management and debt control. In addition, the significant increase in deferred tax assets of 984,882.96% is mainly due to the subsidiary's loss provision, reflecting the company's passive situation in tax planning.
In terms of profit, ST Xuefa's operating income decreased from RMB 188 million in the same period of the previous year to RMB 167 million, a decrease of 11.04%. The net profit attributable to shareholders of the listed company decreased from RMB 6.035 million to -RMB 0.646 million, a decrease of 110.70%. Net profit after deducting non-recurring gains and losses also decreased from RMB 64.57 million to -RMB 0.866 million, a decrease of 113.40%. The gross margin increased from -2.95% in the same period of the previous year to 5.28%, but the net profit margin fell sharply from 32.05% to -3.92%. These data indicate that although the company has made some improvements in cost control, the significant decrease in revenue and the impact of non-recurring gains and losses have led to a significant decrease in overall profitability.
In terms of cash flow, ST Xuefa's net cash flow from operating activities during the reporting period was -RMB 2.769 million, a decrease of 361.28% compared to the same period of the previous year. The subtotal of cash inflows from operating activities decreased from RMB 1.878 billion in the same period of the previous year to RMB 1.188 billion, and the subtotal of cash outflows increased from RMB 1.868 billion to RMB 1.216 billion. This indicates that the company has significant problems in cash flow management in its operating activities, and may face significant liquidity pressures.
In summary, the financial performance of ST Xuefa in the first quarter of 2024 is not optimistic. Despite some improvements in cost control and gross margin, the significant decline in overall operating income and net profit, as well as the negative growth of operating cash flow, reflect the company's challenges in market competition and internal management. In the future, the company needs to further optimize asset management, improve profitability, and strengthen cash flow management to cope with the uncertainty of the market environment and financial pressure.