WOLONG ELECTRIC(600580)2024-04-28 07:36Financial Performance - The diluted earnings per share for Q1 2024 is CNY 0.1710, representing a decrease of 13.51% compared to the same period last year[5] - The net profit attributable to shareholders for Q1 2024 is CNY 222,580,921.72, down 13.60% year-over-year[13] - The operating revenue for Q1 2024 is CNY 3,741,492,144.59, which is a decrease of 2.46% compared to the same period last year[13] - The net profit excluding non-recurring gains and losses for Q1 2024 is CNY 198,202,159.49, down 9.59% year-over-year[13] - Total profit for Q1 2024 was ¥259,363,005.77, a decrease of 16% compared to ¥308,837,334.51 in Q1 2023[23] - Net profit for Q1 2024 was ¥219,858,331.33, down 17% from ¥265,059,628.51 in Q1 2023[23] - The total comprehensive income for Q1 2024 was ¥209,723,159.52, down from ¥258,298,238.81 in Q1 2023[23] - The company reported a decrease in other comprehensive income, with a net amount of -¥10,135,171.81 in Q1 2024 compared to -¥6,761,389.70 in Q1 2023[23] Cash Flow and Assets - The net cash flow from operating activities for Q1 2024 is negative CNY 34,223,783.96, compared to negative CNY 12,725,546.33 in Q1 2023[16] - The cash received from operating activities in Q1 2024 is CNY 3,173,791,192.91, slightly down from CNY 3,182,879,919.30 in Q1 2023[16] - Cash and cash equivalents at the end of Q1 2024 totaled ¥2,253,287,265.12, down from ¥2,104,234,658.89 at the end of Q1 2023[25] - The company raised ¥916,000,000.00 in borrowings during Q1 2024, compared to ¥1,360,353,784.36 in Q1 2023[25] - Cash and cash equivalents decreased to CNY 2,419,422,236.23 as of March 31, 2024, from CNY 2,647,203,901.62 at the end of 2023[43] - Inventory levels increased slightly to CNY 3,431,244,227.82 in Q1 2024, compared to CNY 3,405,044,377.54 in Q4 2023[43] - The company’s total current assets rose to CNY 13,279,544,902.88, up from CNY 13,080,249,211.26 in the previous quarter[43] Assets and Liabilities - The total assets at the end of Q1 2024 are CNY 24,836,207,739.29, reflecting a 0.70% increase from the end of the previous year[5] - The total equity attributable to shareholders at the end of Q1 2024 is CNY 9,627,326,778.39, an increase of 2.33% from the end of the previous year[5] - Current liabilities totaled approximately 9.55 billion, representing a rise of about 4.63%[38] - Non-current liabilities decreased to approximately 4.41 billion, a decline of about 11.63%[38] - Total liabilities amounted to approximately 13.96 billion, reflecting a decrease of about 0.50%[38] - Shareholders' equity increased to approximately 10.70 billion, showing a growth of about 2.20%[38] Operating Costs and Expenses - Total operating costs for Q1 2024 were CNY 3,534,024,125.15, down from CNY 3,584,535,497.76 in Q1 2023, reflecting a cost reduction strategy[48] - Operating profit for Q1 2024 was CNY 258,971,552.38, a decline of 16.38% from CNY 309,739,390.19 in Q1 2023[48] - Research and development expenses for Q1 2024 amounted to CNY 128,368,001.48, slightly down from CNY 136,293,657.66 in Q1 2023[48] - Financial expenses increased to CNY 64,490,793.28 in Q1 2024, compared to CNY 60,543,643.80 in Q1 2023[48] Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[48]