I. Profit analysis:

(A) Group profit increase and decrease analysis

1, analysis of the change level of profit amount

⑴ Analysis of net profit: In the first quarter, the company realized a net profit of 6,543.8+0.536 million yuan, a decrease of 5,565.438+0.6 million yuan compared with the same period of last year, with a decrease of 34%. The reasons for the decline in net profit are as follows: First, the total realized profit decreased by 505,000 yuan compared with the same period of last year; Second, the income tax paid increased by 46,500 yuan compared with the same period of last year, of which the decrease in total profit was the main reason for the decrease in net profit.

⑵ Analysis of total profit: The total profit was 6.5438+0.4048 million yuan, a decrease of 505,000 yuan or 26% compared with the same period of last year. Operating profit decreased by 672,400 yuan year-on-year, while subsidy income increased by 6,543,800 yuan.

⑶ Analysis of operating profit: The operating profit was 65,438+0,236,5438+0.80 million yuan, which was 35% lower than the previous year's 65,438+0.9042 million yuan. Mainly, the profit from product sales and other business decreased by 465,300 yuan and 2,076,543.8+0,000 yuan respectively.

⑷ Analysis of product sales profit: The product sales profit is 829,500 yuan, which is 36% lower than that of 65,438+0,294 in 800 yuan. The favorable factor affecting the sales profit of products is that the sales gross profit increased by162120,000 yuan year-on-year, with a growth rate of 27%; The unfavorable factor is that the cost of the third phase is 6864654.38+0 million yuan, an increase of 2,086,500 yuan year-on-year, with a growth rate of 43.67%. The increase in expenses during the period is the main reason for the decline in product sales profit. As the first quarter of this year is off-season, sales revenue increased by 53% year-on-year, and sales freight, wages, advertisements, corresponding loan interest and exchange losses also increased significantly compared with the previous year. Sales expenses, management expenses and financial expenses increased by 1083 1 10,000 yuan, 83,200 yuan and 9210.9 million yuan respectively, among which sales expenses and financial expenses increased the fastest, increasing by 98% and 67% respectively.

5. Gross profit analysis of product sales: The gross profit of sales in the first quarter was 7,693,600 yuan, and the sales in Mao Lijiao increased by 162 1200 yuan over the previous year, with a growth rate of 27%; The reason for the year-on-year increase in gross sales profit is the balance between income and cost. Product sales revenue increased by 26.002 million yuan, an increase of 53%; The cost of product sales increased by 24.3807 million yuan, an increase of 57%.

2. Structural analysis and evaluation of profit increase and decrease.

Judging from the composition of various financial achievements in the first quarter of 2009, the proportion of product sales profit to operating income is1.11%; Decrease1.55% compared with 2.66% in the same period of last year; The operating profit of this period accounts for 65,438+0.65% of the income structure, which is 2.26% lower than the previous year's 3,965,438+0%. The total profit accounted for 65,438+0.88%, which was 2.04% lower than 3.92%. Net profit 1.4 1%, down from 3.30% in the previous year 1.89%.

From the perspective of profit structure, the profitability has decreased compared with the same period of last year, and the reasons for the decline in various financial performance structures are as follows: ① The decline in product sales profit structure is mainly caused by the increase in product sales cost and expense structure in the third phase. At present, reducing the cost of product sales and controlling the growth of sales expenses, management expenses and financial expenses are the fundamental ways to improve product sales profits. ② The reason for the decline of operating profit structure is that the proportion of other business profits in the structure is decreased year-on-year. ③ In this period, subsidy income increased the total profit structure by 0.25%, which is a favorable factor for the total profit growth, while the decrease in the proportion of non-operating income structure, the increase in the proportion of non-operating expenditure and the increase in the income tax rate structure all have adverse effects on the total profit structure growth.

(2) Profit analysis of each production department

1. Analysis of profit increase and decrease of production headquarters (including QY branch) in the first quarter;

(1) Total profit of this department 1299 1 10,000 yuan, a year-on-year decrease of 489,400 yuan or 27.36%. The main reason for the decrease in total profit is that the profit from product sales and other businesses decreased by 447,700 yuan and 208,900 yuan respectively, while subsidy income increased by 654,387+07 million yuan, and the non-operating income decreased by 2,600 yuan year-on-year.

⑵ The sales profit of our products is 725,800 yuan, which is 447,700 yuan lower than that of 654,388+065,438+073 in the same period last year in 500 yuan, with a decrease of 3,865,438+05%. The reason for the decrease is that the year-on-year increase in sales revenue in the first quarter cannot offset the increase in sales costs and period expenses, resulting in a narrowing of the gross profit margin of product sales. Its sales revenue increased by 23 1.268 million yuan, an increase of 55.97%; The sales cost increased by 23.5744 million yuan, and the cost rate increased by 58.72%. Among them, the product sales cost increased by 654.38+06034400 yuan, an increase of 70.52%; During the period, the expenses increased by 2,654,380+044,600 yuan, 476,5438+0%.

2. Analysis of profit increase and decrease of 2.AY Branch in the first quarter:

(1) the total profit of ay branch is 105600 yuan, a year-on-year decrease of 15600 yuan and a decrease of 129 1%. The main reason for the decrease in total profit is that the sales profit of products decreased by 6.5438+0.75 million yuan, and the profits of other businesses increased by 0.65438+0.9 million yuan.

(2) The profit from product sales was 654.38+003.8 million yuan, a decrease of 654.38+026,54.38+03 million yuan or 654.38+04.48% compared with the same period of last year. The reason for the decrease is that the price of main raw materials has increased compared with the same period of last year, and the gross profit of product sales has not increased due to the increase in business volume. Sales revenue increased by 2,875,200 yuan year-on-year, an increase of 38.95%; The cost of sales increased by 2,950,900 yuan, an increase of 42.23%; Mao Lijiao's product sales decreased by 75,700 yuan last year, with a reduction rate of19%; During the period, the expense was 2,654.38+0.53 million yuan, a year-on-year decrease of 586.5438+0.00 million yuan, and the expense ratio decreased by 265,438+0.25%.

Second, the income analysis

(I) Analysis of sales revenue structure: In the first quarter, the Group achieved sales revenue of 74.704 million yuan. Compared with the same period of last year, the export of NSB, the domestic sales of NSB and the income of PEX materials all increased in different degrees, divided by sales regions: 65,438+0. Foreign exchange earned by export trade was 6.028 million US dollars, up 2.588 million US dollars year-on-year, or 42.9%, equivalent to RMB sales income of 43.4 million yuan, and the planned sales income for the whole year was 3 1%. 2.3.PEX material income in 3. AY Branch RMB 654.38+002.57 million, an increase of RMB 2.875 million or 38.95% compared with the previous period of RMB 73.8. 20 yuan.

(II) Analysis of sales volume and sales price of sales revenue In the first quarter, the proportion of export sales, domestic sales and AY branches in the group's income structure was 58.1%respectively; 28.2%; 13.7%。 Among them, the export business volume of this department also affects the total sales and total cost. 1. In the first quarter, sales revenue (RMB) increased by 23126,700 yuan (including QY branch) compared with the same period of last year, with an increase of 55.97%; 2. Although the prices of some export products were raised in March, the exchange rate dropped from 7.8 yuan/1 to 7.2 yuan/1. Due to the exchange rate loss, the sales price (RMB) in the first quarter was still lower than that in the same period of last year, and the sales revenue decreased by 3,023,800 yuan due to price reduction. 3. Due to the expansion of export sales business in the first quarter, the sales revenue of our headquarters increased by 65,438+0,836,5438+0 year-on-year, 830 yuan.

(III) Analysis of sales revenue on credit The ending balance of accounts receivable in the first quarter of 2009 was 37.687 million yuan; Compared with the previous period of 33.37 million yuan, it increased by 43,654.38+0.7 million yuan, and accounts receivable increased by 65,438+02.9%. Among them, 2.537 million yuan (7.66%) accounts receivable are over three years old, and 30.583 million yuan (92.34%) accounts receivable are 1-2 years old. It shows that the proportion of accounts receivable on credit is increasing, and it is worth noting that: (1) the credit sales income of each representative office is 286 1.2 million yuan, accounting for 70.55% of the total delivery; Exceeding the limit of available funds by 6,444,400 yuan; (2) The credit sales income of agents and offices is 20113,500 yuan, and the amount of bad and risky credit sales is 8,725,300 yuan, accounting for 43% of their credit sales income. (Bad debts account for 28%, and risky receivables account for 16%)

Third, the cost analysis

(A) product sales cost analysis

65,438+0. Analysis of the completion of all sales costs The sales cost of all products of the Group was 670,654,388+0.90 million yuan, an increase of 57% compared with 243,800,700 yuan in the same period last year. In which: (1) the sales cost of export products is 38,772,200 yuan, accounting for 57.9% of the total cost, up by16,034,400 yuan, up by 7 1% year-on-year, which is much higher than the overall growth level of sales cost of all products (14% = 7. (2) The sales cost of domestic products in this department is18.3005 million yuan, accounting for 27.3% of the total cost, an increase of 5.3954 million yuan or 42% over the previous year; It shows that the growth rate of sales cost of domestic products is lower than that of all products (15% = 42%-57%). (3) The product sales cost of 3)AY Branch is 993,865,438+0,000 yuan, an increase of 6,987,200 yuan and 2,950,800 yuan, accounting for 65,438+04.8% of the total cost; Its sales cost accounted for 96.89% of the income structure, an increase of 0.22% over the previous year.

2. The influence of product sales cost on total cost in each sales area: ① The influence of export product sales cost on total cost is 66%. (2) The impact of domestic product cost on total cost is 22%. ② The influence of the cost of products sold by AY Branch on the total cost is 12%. In the first quarter, affected by the cost increase, the gross profit margin of export products decreased by 2% year-on-year, which was the main reason for the decrease. The sales revenue of domestic products increased by 1% year-on-year, but the cost did not increase in the same proportion.

3. The impact of the year-on-year decrease in the utilization rate of materials per unit product on the cost (1) (1) The utilization rate of 0.5 fc is only 78.62% of the cost, and the year-on-year cost has increased by 654.38+064 million yuan. The reason is that PEX 70 is unqualified and Arabic blue KQ is not good, which leads to the standard tension degradation of 145.5870. ⑵ The utilization rate of ⑵0.40FC board was 83.78%, and the cost increased by 654.38+200,000 yuan. The main reason is that XX is not good, and power is lost. ⑶ The utilization rate of ⑶⑶0.30 fc was 92.28%, which was about 2 percentage points lower than that of 94.2 1% in the previous year, and the cost increased by 62,000 yuan. Mainly XXXXXXXXXX test adjustment. (4) The cost of 0.50 FC was 45,000 yuan higher than the planned cost, because the PEX material was unqualified at 220m in February, and it was degraded by 47 1.468 bzb in March.

(II) Analysis of the completion of various expenses

The total cost of the third phase is 6.864 million yuan, and the total cost level is 9. 19%, which is 0.62% lower than that of the same period last year. Among them, the increase in sales expenses and financial expenses is the main reason for the increase in total expenses.

1. Analysis of sales expenses The sales expenses are 2185,000 yuan, accounting for 32% of the total expenses; An increase of 654.38+008.3 thousand yuan over the previous year. Reasons for the change of sales expenses: First, freight, wages and other items increased significantly, by 696,5438+0,000 yuan and 265,438+0 respectively compared with the same period of last year, and 500 yuan and 203,000 yuan increased by 270.56%, 65,438+065,438+00.75% respectively. With the increase of the company's sales volume, its revenue commission, transportation fees, packaging fees and other expenses have increased accordingly, while advertising conference fees, entertainment fees, travel expenses and other expenses have also increased to a certain extent, but the office expenses have decreased compared with the previous year.

2. Management cost analysis Management cost is 2.393 million yuan, accounting for 35% of the total cost; An increase of 83,000 yuan or 4% over the previous year. The reason for the change of management expenses is the salary increase of 19 10000 yuan, with an increase of 34.09%. Water and electricity costs increased by 79,000 yuan, up 62.98%, and other projects increased by 87,000 yuan, up 48.98% year-on-year. Office expenses and other items decreased year-on-year: amortization expenses of intangible assets decreased by 465,438+0% compared with the same period of last year; Travel expenses and repair expenses both decreased by 72%; Office expenses decreased by 36%; Tax revenue has dropped by 27%; Social entertainment expenses decreased 16%. Among them, the amortization of intangible assets decreased by 6.5438+0.26 million yuan, which was inconsistent with the amortization period of the previous year.

3. Analysis of financial expenses In the first quarter, the financial expenses were 2.286 million yuan, an increase of 920,000 yuan or 67.35%. Among them, the fee expenditure increased by 3,654,380,000 yuan, an increase of 40.79%; Interest expense was RMB 6,543,800+0,527,000, an increase of RMB 5,565,438+0,000 or 55% over the previous year; The exchange loss was 652,000 yuan, an increase of 338,200 yuan compared with 365,438 yuan, or108%; Among them, the increase in interest expenses and exchange loss expenses is the main reason for the year-on-year increase in total financial expenses.

Four. Cash flow statement analysis

(1) Analysis of the increase and decrease of cash flow statement;

1. The net cash flow from operating activities was 1 1.4 1 ten thousand yuan, an increase of 5,970,800 yuan or 102%.

2. The net cash flow from investment activities was-3,046,5438+0,000 yuan, a decrease of-65,438+0,759 yuan compared with the previous year. In 200 yuan, the net expenditure increased by 65,438+0,286,5438+0,000 yuan;

3. The net cash flow generated by financing activities was-65,438+0,573 800 yuan, an increase of 7,789.8 yuan over the net cash expenditure of 62,654,380+0,600 yuan in the previous year;

4. Cash and cash equivalents increased by-4,500,800 yuan, net expenditure decreased by 4,036,543,800 yuan+0,600 yuan compared with the previous year's-8,532,400 yuan, and cash and cash equivalents increased by 47%. The net cash flow from operating activities is only RMB 65,438+065,438+0.465,438+0.00 million, which shows that it is not enough to pay the inventory expenditure from operating activities, and there is no return from investment activities. The negative cash flow generated by financing activities indicates that the loan is being repaid. The whole cash flow is negative, indicating that the company's cash flow is not optimistic.

(B) cash flow data analysis

1. The net cash flow from operating activities indicates that the cash income from operating activities cannot offset the related expenses.

2. The cash purchase and sale rate is 92%, which is close to 90% of the commodity sales cost rate. This ratio shows that production and sales are running normally and there is no inventory backlog.

3. The return rate of sales revenue is 965,438+0%, indicating that the proportion of funds for selling products on credit is too high, which should not be less than 95%. If it is less than 90%, it means that the risk of cash recovery of accounts receivable on credit is too high.

Analysis on the Financial Indicators Related to verb (abbreviation of verb)

(1) Profitability analysis: the rate of return on long-term assets was 2. 1%, down by 20.3% compared with the same period of last year; The return on total assets was 0.6%, down 55.5%; Gross profit margin is10.3%; By17.4%; Net sales interest rate1.4%; Decreased by 57.2%; The cost profit rate is 1. 1%, down by 72%; It shows that the sales revenue has doubled, but the profitability has decreased.

(II) Analysis of short-term solvency: The current ratio was 65,438+043.9%, an increase of 29.3% over the same period of last year; The quick action ratio is 105.2%, increasing by 79.1%; It shows that due to the increase in the loan amount in this period, the funds used for working capital have increased rapidly year-on-year, and the short-term solvency of enterprises is very strong; The cash ratio is 42. 1%, which is 20% higher than that of SAFE. It shows that it is safe to repay short-term debts, but it also shows that the capital structure is not reasonable and the working capital is not fully used for production and operation.

(3) Analysis of long-term solvency: Compared with the same period of last year, the asset-liability ratio was 53%, up by 7.4%, still within the safe range; The proportion of property rights is 365,438+0.65,438+0%, and generally 50% is better. This ratio is too low, indicating that the financial structure is not reasonable and the loan funds have not been effectively utilized. The interest guarantee multiple is 192%, down by 35.1%; It shows that due to the decrease of profits and the increase of interest expenses, the long-term solvency has decreased compared with the same period of last year.

Problems and analysis of intransitive verbs

(1) Compared with the previous year, the growth rate of product sales cost is greater than that of product sales revenue. Specifically, the cost growth rate is greater than the income growth rate; Gross profit and gross profit margin decreased; In the first quarter, the sales revenue of the Group's export products increased by 34. 15% year on year, while its cost increased by 37.438+0% year on year. The revenue of AY Branch increased by 5.9%, and the cost increased by12.1%; However, the sales of domestic products show a good development trend, and the income growth is greater than the cost growth.

(b) Debt increases, profitability decreases, and debt risk increases.

1. Total external liabilities increased by 26.6% a year, among which external funds occupied in the form of other receivables and payables increased significantly. Its accounts receivable are seriously higher than accounts payable 1.9 times, and all accounts receivable are also higher than all accounts payable 1.4 times, indicating that the funds obtained from its external financing (short-term loans, notes payable, accounts payable and other accounts payable) are completely occupied by external funds (accounts receivable and other accounts receivable).

2. Credit sales account for a large proportion of total income, resulting in a shortage of working capital and seriously affecting net cash flow. At the end of March, the balance of accounts receivable was 22.974 million yuan, of which: bad debts or risk accounts receivable of representative offices and development departments were 8.7253 million yuan, accounting for 43% of their total credit sales income; The credit income of agents and offices accounts for 70% of the total investment. The cash flow recovered from sales is small, which is not enough to pay the operating cash expenditure and increases the financial interest expenditure burden.

3. Due to the change of macroeconomic environment such as foreign exchange ratio and the uncertainty of market supply and demand, the profit margin of the company's products is shrinking. At the same time, due to the increase of debt, the debt risk is also increasing, and the current solvency is declining, which is prone to financial crisis.

Seven. Opinions and improvement measures

(1) Low cost and profit rate is the bottleneck restricting the company's profit at present. It is suggested that while expanding sales business, we should pay close attention to product cost, save energy and reduce consumption, analyze the reasons for the increase or decrease of raw material utilization rate of products, and profit from management and production.

(2) The proportion of accounts receivable sold on credit is too large. In order to effectively control financial risks, it is suggested that the proportion of accounts receivable should be appropriately controlled while increasing accounts receivable collection. For the sales area of bad debts or high-risk debts, special attention should be paid to the income from credit sales.

(3) Beware of financial risks caused by external adverse effects such as exchange rate fluctuations and bank loan policies. We should use funds rationally, always pay attention to cash flow and reduce financial risks.