2021-04-29 16:00Financial Performance - Net profit attributable to shareholders of the parent company was RMB 27,721 million, a significant increase of RMB 43,951 million compared to a loss of RMB 16,230 million in the same period last year[4] - Operating revenue for the period was RMB 551,923 million, representing an 8.4% increase from RMB 509,098 million in the previous year[4] - The company reported a total of RMB 28,011 million in net profit after deducting non-recurring gains and losses, an increase of RMB 43,198 million compared to a loss of RMB 15,187 million in the previous year[5] - The net profit calculated under International Financial Reporting Standards (IFRS) was RMB 31,645 million, while under Chinese Accounting Standards it was RMB 31,643 million, showing a minor difference of RMB 0.02 million[7] - The company reported a net profit of RMB 31,643 billion in Q1 2021, a turnaround from a loss of RMB 13.353 billion in the same period last year[21] - The company reported a profit of RMB 31,645 million for the quarter, a significant recovery from a loss of RMB 13,349 million in the same period last year[44] Earnings and Profitability - Basic earnings per share increased to RMB 0.151 from a loss of RMB 0.089, an increase of RMB 0.24[4] - The return on equity (ROE) improved to 2.2%, up 3.5 percentage points from a negative 1.3% in the previous year[4] - The weighted average return on equity was 2.3%, an increase of 3.6 percentage points from a negative 1.3% in the previous year[5] - Operating profit for Q1 2021 was 44,149 million, a turnaround from an operating loss of 9,252 million in Q1 2020[30] - The operating profit for the refining and chemical segment reached RMB 14.675 billion, a significant increase of RMB 23.377 billion compared to a loss of RMB 8.702 billion in the same period last year[14] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of RMB 1,800 million compared to a net outflow of RMB 18,096 million in the same period last year, an increase of RMB 16,296 million[4] - Cash flow from operating activities for Q1 2021 was RMB 601,951 million, an increase from RMB 563,384 million in Q1 2020[35] - The net cash flow from investing activities for Q1 2021 was RMB -20,091 million, an improvement compared to RMB -35,127 million in Q1 2020, reflecting a reduction in cash outflow of 42.8%[38] - The net cash flow from financing activities was RMB 37,559 million in Q1 2021, down from RMB 58,121 million in Q1 2020[36] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 2,527,754 million, an increase of 1.6% compared to the previous year[4] - The company’s total liabilities decreased by 52.7% for non-current liabilities due to the repayment of long-term borrowings[19] - Total liabilities reached RMB 1,131,609 million, slightly up from RMB 1,121,515 million, showing a marginal increase of around 0.2%[27] - The company’s equity attributable to shareholders was RMB 1,242,029 million, up from RMB 1,215,421 million, indicating a growth of about 2.2%[27] - Current assets totaled RMB 547,536 million, up from RMB 486,767 million at the end of 2020, indicating an increase of about 12.5%[25] Production and Sales - The total oil and gas equivalent production was 417.1 million barrels, a 0.8% increase year-on-year[10] - Domestic oil and gas equivalent production was 372.9 million barrels, reflecting a 4.3% increase compared to the previous year[10] - The total sales of natural gas reached 1,173.9 billion cubic feet, an increase of 8.0% year-on-year[13] - The company's domestic crude oil production was 185.8 million barrels, a slight decrease of 0.5% from 186.9 million barrels in Q1 2020[11] - The refining and chemical segment processed 298.0 million barrels of crude oil in Q1 2021, a 7.8% increase year-over-year[14] Strategic Focus and Future Outlook - The company plans to focus on expanding its market presence and investing in new technologies to drive future growth[39] - The company implemented a "steady oil and increased gas" strategy, resulting in rapid growth in domestic natural gas production[10] - The company is focusing on expanding its oil and gas assets, which totaled RMB 789,005 million, down from RMB 813,888 million, indicating a decrease of approximately 3.0%[26]