2020-04-29 16:00Financial Performance - Operating revenue for the period was RMB 509,098 million, down 14.4% year-on-year [5]. - The net loss attributable to shareholders of the parent company was RMB 16,230 million, representing a decline of 258.4% compared to the same period last year [5]. - Basic and diluted earnings per share were both negative RMB 0.089, a decline of 258.4% compared to the previous year [5]. - The return on equity was negative 1.3%, down 2.1 percentage points from the previous year [5]. - The total comprehensive loss attributable to shareholders was RMB (19,222) million, a decrease of 285.8% compared to RMB 10,345 million in Q1 2019 [22]. - The company reported a gross profit margin of approximately 16.4% in Q1 2020, down from 20.5% in Q1 2019 [31]. - The company incurred research and development expenses of RMB 3,596 million in Q1 2020, which is an increase from RMB 1,761 million in Q1 2019 [32]. Cash Flow and Assets - The net cash flow from operating activities was a negative RMB 18,096 million, a decrease of 129.3% year-on-year [4]. - Cash flow from operating activities showed a net outflow of RMB (18,096) million, a decrease of 129.3% from an inflow of RMB 61,765 million in Q1 2019 [22]. - Total assets at the end of the reporting period were RMB 2,727,028 million, a decrease of 0.2% compared to the previous year [4]. - Cash and cash equivalents rose to RMB 11,478 million in Q1 2020, up from RMB 6,636 million in Q1 2019 [29]. - Total liabilities increased to RMB 834,711 million as of March 31, 2020, from RMB 819,869 million at the end of 2019 [30]. - The company's total equity decreased to RMB 1,077,993 million as of March 31, 2020, from RMB 1,095,275 million at the end of 2019 [30]. Production and Sales - The total oil and gas equivalent production in Q1 2020 was 413.9 million barrels, an increase of 6.1% year-on-year, with domestic production at 357.6 million barrels, up 6.0% [12]. - The production of high value-added chemical products increased by 2.9% year-on-year, while crude oil processing decreased by 9.6% to 276.5 million barrels [13]. - The sales volume of gasoline, diesel, and kerosene dropped by 15.9% year-on-year to 35,478 thousand tons, with diesel sales down by 12.7% to 11,847 thousand tons [17]. - Domestic natural gas sales decreased by 3.7% year-on-year to 47.706 billion cubic meters, contributing to a 9.7% decline in operating profit for the natural gas and pipeline segment [13]. Market Conditions and Strategic Focus - The company continues to focus on strategic adjustments and operational efficiency improvements in response to market challenges [5]. - The company is focusing on strategic initiatives such as digital transformation and green development to mitigate the impacts of the pandemic and economic downturn [11]. - The company expects continued pressure on international oil prices due to oversupply, with a focus on cost reduction and efficiency improvement strategies [18]. - The company plans to enhance cost control measures, with unit operating costs decreasing by 8.9% year-on-year [12]. - The company plans to optimize investment structure and enhance investment returns in response to market conditions [18]. Segment Performance - The exploration and production segment reported an operating profit of RMB 14,883 million, up from RMB 14,326 million year-over-year [40]. - The refining and chemical segment reported an operating loss of RMB 87.02 billion, a decrease of RMB 117.72 billion compared to the operating profit of RMB 30.70 billion in the same period last year [13]. - The natural gas and pipeline segment generated an operating profit of RMB 11,359 million, slightly down from RMB 12,582 million in the same period last year [40]. Future Outlook - The company expects a significant decline in net profit for the first half of 2020 due to the impact of the global pandemic and low oil prices [23]. - The company is implementing measures to mitigate the impact of fluctuating oil prices and maintain stable operations [24].