Farasis Energy(688567)2024-04-29 09:04Financial Performance - The company's operating revenue for Q1 2024 was approximately ¥2.92 billion, representing a decrease of 21.70% compared to the same period last year[4]. - The net profit attributable to shareholders was a loss of approximately ¥217.30 million, with a basic and diluted earnings per share of -¥0.18[4]. - The company reported a net loss of RMB 4,180,266,261.79 for the current period, compared to a loss of RMB 3,962,820,117.99 in the previous period[12]. - Net loss for Q1 2024 was CNY 217,296,159.17, an improvement from a net loss of CNY 351,598,174.42 in Q1 2023[13]. - The company reported a total comprehensive loss of CNY 215,432,615.64 for Q1 2024, compared to a loss of CNY 351,891,437.46 in Q1 2023[14]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at approximately ¥1.12 billion[4]. - Cash flow from operating activities for Q1 2024 was negative CNY 1,115,950,967.03, compared to negative CNY 396,086,236.93 in Q1 2023[16]. - Cash and cash equivalents decreased to RMB 9,654,902,366.48 from RMB 11,327,914,832.63, representing a reduction of about 14.8%[11]. - Cash and cash equivalents at the end of Q1 2024 were CNY 3,416,737,600.52, down from CNY 4,321,177,306.34 at the end of Q1 2023[17]. - The company’s investment activities generated a net cash outflow of CNY 668,375,862.67 in Q1 2024, compared to a net outflow of CNY 414,872,423.48 in Q1 2023[16]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥29.08 billion, a decrease of 3.52% from the end of the previous year[5]. - Total assets as of March 31, 2024, amounted to RMB 29,084,449,528.03, a decrease from RMB 30,144,679,215.99 as of December 31, 2023[12]. - Current assets totaled RMB 18,099,761,687.26, down from RMB 19,740,025,044.57 in the previous period, indicating a decline of approximately 8.3%[11]. - Total liabilities as of March 31, 2024, were RMB 18,929,120,067.48, down from RMB 19,760,062,830.54, a decrease of about 4.2%[12]. - Short-term borrowings decreased to RMB 1,747,160,608.03 from RMB 1,908,536,782.97, a decline of approximately 8.4%[12]. Shareholder Information - The top ten shareholders held a combined 66.77% of the company's shares, with Farasis Energy (Asia Pacific) Limited being the largest shareholder at 19.87%[8]. - The company has not reported any significant changes in shareholder relationships or participation in margin financing activities[10]. Research and Development - Research and development expenses totaled approximately ¥147.37 million, accounting for 5.04% of operating revenue, an increase of 1.75 percentage points year-on-year[4]. - Research and development expenses for Q1 2024 increased to CNY 147,374,929.87, up from CNY 122,758,576.60 in Q1 2023[13]. Financial Expenses - The company experienced an increase in financial expenses due to the absence of financing interest subsidies received in the previous year, alongside foreign exchange losses[7]. - The company reported a significant increase in financial expenses, with interest expenses rising to CNY 70,809,707.42 in Q1 2024 from CNY 10,524,393.83 in Q1 2023[13]. Inventory and Accounts Receivable - Inventory decreased to RMB 3,281,928,231.27 from RMB 3,598,578,781.46, a reduction of approximately 8.8%[11]. - Accounts receivable increased to RMB 4,119,715,372.77 from RMB 3,664,044,675.04, reflecting a growth of approximately 12.5%[11]. Operating Costs - Total operating costs for Q1 2024 were CNY 3,106,630,949.66, down 23.2% from CNY 4,046,464,613.39 in Q1 2023[13]. Non-Recurring Losses - The company reported non-recurring losses totaling approximately ¥33.43 million for the period[6].