Company Stock Code: 603236.SS
Short Name of the Company: Quectel

Quectel Wireless Solutions Co., Ltd.
2024 Q1 Financial Report

Disclosure Date: April 22, 2024

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 1

Contents
Contents ...................................................................................................................................................... 1
1.

Key Accounting Data .......................................................................................................................... 2
Key Accounting Data and Financial Indicators..................................................................................... 2
Non-Recurring Profit and Loss Items ................................................................................................... 2Key Accounting Data, Financial Indicators and Reasons for the Fluctuation ...................................... 3

2.

Financial Reports ................................................................................................................................ 3
Consolidated Balance Sheet ................................................................................................................ 3
Consolidated Income Statement .......................................................................................................... 5
Consolidated Cash Flow Statement ..................................................................................................... 6

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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1. Key Accounting Data
Key Accounting Data and Financial Metrics
Unit:Yuan Currency: RMB
Items

Reporting Period

Year-Over-Year Growth (%)

Operating Revenues

3,954,236,158.15

26.06

54,765,968.89

N/A

51,338,915.99

N/A-708,960,316.35-354.59

0.21

N/A

0.21

N/A

1.51

Increased by 5.20 percent

Net Profit Attributable to
Shareholders of theCompany
Net Profit Attributable to
Shareholders of theCompany After
Deducting NonRecurring Gains andLosses
Net Cash Flows fromOperating Activities
Basic Earnings Per
Share (Yuan/Share)
Diluted Earnings Per
Share (Yuan/Share)
Weighted Average ROE(%)

Total Assets

By the End of the

By the End ofReporting Period

Last Year

11,777,788,663.39

11,233,006,183.51

4.85

3,621,596,513.76

3,632,571,680.63-0.30

Year-Over-Year Growth (%)

Owner’s Equity
Attributable toShareholders of theCompany

Non-Recurring Profit and Loss Items
Items
The Government Subsidies Counted into theCurrent Profit and Loss, Excluding Ones that are
Closely Related to the Normal Operation of theCompany and Gained Continuously at a Fixed
Amount or Quantity According to Certain
Standards of State Policies

Unit:Yuan Currency:RMB
Amount in the Reporting Period

3,323,104.70

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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page 2Other Business Revenues and Expenses-1,195,686.05

Other Non-Recurring Profit and Loss Items

1,299,634.25

Total

3,427,052.90
Key Accounting Data, Financial Metrics and Reasons for the Fluctuation

Items

Fluctuation (%)

Primary reasons

Net Profit Attributable to
Shareholders of the Company

N/A

In the reporting period, as the scaleeffect became prominent, theCompany's sales revenue increased by
26.06 % and the net profit increased
accordingly.

Net Profit Attributable toShareholders of the Company After
Deducting Non-Recurring Gains andLosses

N/ASame as above

Basic Earnings Per Share(Yuan/Share)

N/A

Same as above

Diluted Earnings Per Share(Yuan/Share)

N/A

Same as above-354.59

The fluctuation was primarily caused by
the increase in the Company's cash
expenditure in the continuous
preparation of raw materials in larger
quantity because of the growth of both
domestic and overseas business.

Net Cash Flows from Operating
Activities

2. Financial Reports
Consolidated Balance Sheet
March 31, 2024
Business name: Quectel Wireless Solutions Co.,Ltd.
Unit:Yuan Currency:RMB
Items

March 31, 2024

Dec. 31, 2023

Cash and Bank Balances1,500,248,458.05

1,871,655,491.62

Bills Receivable

475,868,938.03

376,754,505.53

Accounts Receivable

1,984,283,684.06

1,653,066,678.77

Accounts Receivable Financing

257,531,497.44

352,986,002.70

Prepayments

346,367,860.66

100,821,995.99

Other Receivables

251,820,508.01

238,533,690.49

Inventories

3,853,556,177.06

3,523,491,182.17

Other Current Assets

442,178,701.44

417,202,048.55

9,111,855,824.75

8,534,511,595.82

Current Assets:

Total Current Assets

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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Non-Current Assets
Long-term Equity Investments

39,354,490.18

39,357,027.56

Other Equity Instrument
Investments

29,570,817.38

34,357,689.50

Fixed Assets

1,150,469,049.26

1,188,407,962.63

Constructions in Process

108,205,742.55

101,984,612.77

Right-of-Use Assets

807,398,158.33

818,157,652.37

Intangible Assets

392,870,326.94

395,553,938.52

Long-term Deferred Expenses

63,532,933.73

67,267,501.22

Deferred Tax Assets

29,684,443.69

28,867,072.11

Other Non-Current Assets

44,846,876.58

24,541,131.01

2,665,932,838.64

2,698,494,587.69

11,777,788,663.39

11,233,006,183.51

Short-Term Borrowings

1,121,128,638.28

719,557,936.65

Notes Payable

1,125,598,433.67

1,282,326,865.14

Accounts Payable

3,174,264,928.94

2,775,732,195.78

Contract Liabilities

218,734,443.01

218,695,562.18

Employee Salaries Payable

168,550,131.75

243,194,739.83

Taxes Payable

5,705,621.41

36,949,704.66

Other Payables

5,158,043.03

10,694,417.24

Non-Current Liabilities Maturing
Within One Year

94,677,038.15

88,246,148.02

Other Current Liabilities

250,732,757.04

199,788,157.09

6,164,550,035.28

5,575,185,726.59

Long-Term Borrowings

1,499,227,260.53

1,436,800,106.49

Lease Liabilities

466,307,738.10

557,514,018.10

Deferred Revenues

36,662,644.46

39,261,118.38

Deferred Tax Liabilities

100,165.82

41,167.24

2,002,297,808.91

2,033,616,410.21

8,166,847,844.19

7,608,802,136.80

Share Capital

264,574,906.00

264,574,906.00

Capital Reserve

2,115,733,809.69

2,116,906,062.95

Subtract: Treasury Share

90,845,595.07

20,848,388.78

Other Comprehensive Income-38,938,086.21-43,966,410.00

Special Reserve

1,006,623.29

606,623.29

Surplus Reserve

142,875,039.57

142,875,039.57

Retained Earnings

1,227,189,816.49

1,172,423,847.60

Total Equity Attributable to Parent
Company

3,621,596,513.76

3,632,571,680.63

Total Non-Current Assets
Total Assets
Current Liabilities

Total Current Liabilities
Non-Current Liabilities:

Total Non-current Liabilities
Total Liabilities
Shareholders’ Equity

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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Minority Shareholders’ Interest-10,655,694.56-8,367,633.92

Total Shareholders’ Equity

3,610,940,819.20

3,624,204,046.71

Total Liabilities andShareholders’ Equity

11,777,788,663.39

11,233,006,183.51

Consolidated Income Statement
January to March, 2024
Business name: Quectel Wireless Solutions Co.,Ltd.
Unit:Yuan Currency:RMB
Items

Q1 2024

Q1 2023

I. Revenue

3,954,236,158.15

3,136,793,163.68

Including: Operating Revenue

3,954,236,158.15

3,136,793,163.68

II. Total Operating Costs

3,893,082,967.73

3,292,740,724.75

Including: Costs of Sales

3,284,899,278.08

2,584,920,623.85

Taxes and Surcharges

3,171,160.98

2,345,946.87

Selling Expenses

108,794,332.92

115,691,755.51

Administrative Expenses

95,928,007.71

97,058,415.84

Research and Development
Expenses

380,226,757.47

439,376,006.50

Finance Expenses

20,063,430.57

53,347,976.18

Including: Interest Expenses

21,084,506.17

22,114,280.03

5,231,607.97

1,018,950.12

4,622,738.95

7,217,784.60

Investment Income(Loss Expressed with "-")

-2,537.38

426,667.49

Including: Investment Income from
Associates and Joint Ventures-2,537.38

6,726.87

Fair Value Gains(Loss Expressed with "-")

-4,678,033.03

Credit Impairment Losses(Loss Expressed with "-")

-8,204,197.11

7,429,174.10

Asset Impairment Losses(loss expressed with "-")

-4,397,879.97

3,791,457.65

Gains/Loss on Asset Disposal(Loss Expressed with "-")--16,422.51

53,171,314.91-132,420,866.71

Add: Non-Operating Income

261,692.36

290,117.08

Subtract: Non-Operating Expenses

1,457,378.41

1,852,399.85

51,975,628.86-133,983,149.48-502,279.39

2,850,018.36

52,477,908.25-136,833,167.84

Interest Income
Add: Other Income

III. Operating Profit (Loss Expressed with "-")

IV. Total Profit (Loss Expressed with "-")
Subtract: Income Tax Expenses
V. Net Profit (Loss Expressed with "-")
A. Classification by Business Continuity

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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Net Profit from Continuing Operations(Loss Expressed with "-")

52,477,908.25-136,833,167.84

1. Net Profit Attributable to Shareholders ofParent Company (Loss Expressed with "-")

54,765,968.89-134,907,489.28

2. Minority Interest (Loss Expressed with "-")

-2,288,060.64-1,925,678.56

VI. Other Comprehensive Income (Net of Tax)

5,028,323.79

11,729,202.97

A. Net After-Tax Other Comprehensive Income
Attributable to Owners of the Parent Company

5,028,323.79

11,729,202.97

1. Other Comprehensive Income that cannot
be Reclassified into Profit or Loss

-4,786,872.12

10,098,148.77

Changes in Fair Value of Other Equity
Instrument Investments-4,786,872.12

10,098,148.77

2. Other Comprehensive Income to be
Reclassified to Profit or Loss

9,815,195.91

1,631,054.20

Differences in Translation of Foreign
Currency Financial Statements

9,815,195.91

1,631,054.20

57,506,232.04-125,103,964.87

A. Total Comprehensive Income Attributable toShareholders of the Parent Company

59,794,292.68-123,178,286.31

B. Total Comprehensive Income Attributable toMinority Shareholders-2,288,060.64-1,925,678.56

A. Basic Earnings Per Share (Yuan/share)

0.21-0.51

B. Diluted Earnings Per Share (Yuan/share)

0.21-0.51

B. Classification by OwnershipVII. Total Comprehensive Income

VIII. Earnings Per Share

Consolidated Cash Flow Statement
January to March, 2024
Business name: Quectel Wireless Solutions Co.,Ltd.
Unit:Yuan Currency:RMB
Items

Q1 2024

Q1 2023

Cash Received from Sales of Goods
or Rendering of Services

3,314,094,551.65

3,461,879,899.35

Refunds of Taxes

288,927,932.05

259,877,853.68

Cash Received from Other OperatingActivities

10,116,040.11

8,526,851.80

Sub-Total of Cash Inflows fromOperating Activities

3,613,138,523.81

3,730,284,604.83

Cash Paid to Purchase Goods andReceive Services

3,633,724,361.14

2,700,135,991.48

Cash Paid to and on Behalf ofEmployees

550,151,012.49

597,995,454.89

I. Cash Flows from Operating Activities

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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page 6Cash Paid for All Types of Taxes

30,852,467.36

2,238,912.87

Cash Paid for Other OperatingActivities

107,370,999.17

151,447,414.45

Sub-Total of Cash Outflows fromOperating Activities

4,322,098,840.16

3,451,817,773.69

Net Cash Flows from OperatingActivities-708,960,316.35

278,466,831.14

Cash Received from Disposal orReturns of Investments-8,000,000.00

Net Cash Received from the Disposalof Fixed assets, Intangible assets andOther Long-Term Assets-3,551.86

Sub-Total of Cash Inflows fromInvesting Activities-8,003,551.86

Cash Paid for the Purchase andConstruction of Fixed Assets,
Intangible Assets and Other LongTerm Assets

20,529,663.15

47,566,306.12

Sub-Total of Cash Outflows fromInvesting Activities

20,529,663.15

47,566,306.12

Net Cash Flows from Investing
Activities-20,529,663.15-39,562,754.26

II. Cash Flows from Investing Activities

III. Cash Flows from Financing Activities
Cash Received from Borrowings

688,169,939.75

281,420,692.22

Sub-Total of Cash Inflows fromFinancing Activities

688,169,939.75

281,420,692.22

Cash Paid to Repay Debts

219,277,962.46-Cash Paid for Distribution ofDividends, Profits or for InterestExpenses

17,811,136.58

10,458,186.89

Other Cash Paid Related toFinancing Activities

88,593,556.66

9,670,266.23

Sub-Total of Cash Outflows fromFinancing Activities

325,682,655.70

20,128,453.12

Net Cash Flows from Financing
Activities

362,487,284.05

261,292,239.10

IV. Effect of Exchange Rate
Fluctuation on Cash and Cash
Equivalents-4,404,338.12-9,480,405.84

V. Net Increase in Cash and Cash
Equivalents-371,407,033.57

490,715,910.14

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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Add: Balance of Cash and Cash
Equivalents at the Beginning ofthe Period

1,871,555,490.87

2,198,795,359.92

VI. Balance of Cash and Cash
Equivalents at the End of the Period

1,500,148,457.30

2,689,511,270.06

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

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page 8