Midea Group(000333)2024-04-29 12:27Financial Performance - The company's revenue for Q1 2024 reached CNY 106.10 billion, an increase of 10.22% compared to CNY 96.26 billion in the same period last year[3]. - Net profit attributable to shareholders was CNY 9.00 billion, reflecting an 11.91% increase from CNY 8.04 billion year-on-year[3]. - The net profit excluding non-recurring items was CNY 9.24 billion, up 20.39% from CNY 7.67 billion in the previous year[3]. - The company reported a diluted earnings per share of CNY 1.31, up 11.02% from CNY 1.18 in the same period last year[3]. - Midea Group's total operating revenue for Q1 2024 reached RMB 106,483,190, an increase of 10.9% compared to RMB 96,636,184 in Q1 2023[16]. - The net profit attributable to shareholders of the parent company for Q1 2024 was RMB 9,000,007, representing a growth of 11.9% from RMB 8,041,853 in Q1 2023[16]. - The gross profit margin for Q1 2024 was approximately 10.5%, up from 10.2% in Q1 2023, indicating improved cost management[16]. - Midea's operating profit for Q1 2024 was RMB 10,653,447, up from RMB 9,584,823 in Q1 2023, indicating strong operational performance[16]. - The total comprehensive income attributable to the parent company reached RMB 8,546,540,000, an increase of 9.36% compared to RMB 7,815,743,000 in the same period last year[17]. - Basic and diluted earnings per share were both RMB 1.31, up from RMB 1.18 in the first quarter of 2023, representing an increase of 10.99%[17]. Cash Flow and Liquidity - Operating cash flow for the quarter was CNY 13.93 billion, a significant increase of 50.22% compared to CNY 9.27 billion in Q1 2023[3]. - Cash inflow from operating activities totaled RMB 96,290,124,000, compared to RMB 79,602,010,000 in the previous year, marking a growth of 20.92%[18]. - Cash outflow from operating activities was RMB 82,361,216,000, an increase from RMB 70,329,698,000, reflecting a rise of 17.06%[18]. - The net cash flow from operating activities was RMB 13,928,908,000, up from RMB 9,272,312,000, indicating a growth of 50.00%[18]. - The total cash and cash equivalents at the end of the period were RMB 62,656,268,000, up from RMB 44,279,563,000, representing an increase of 41.55%[19]. - The company's cash and cash equivalents as of March 31, 2024, amount to RMB 95,952,306, an increase from RMB 81,673,846 as of December 31, 2023, reflecting a growth of approximately 17.5%[14]. - The company's cash and cash equivalents as of March 31, 2024, were RMB 45,000,000, showing a stable liquidity position[15]. Assets and Liabilities - Total assets at the end of the quarter amounted to CNY 497.97 billion, a 2.45% increase from CNY 486.04 billion at the end of the previous year[3]. - The company's total liabilities as of March 31, 2024, amounted to RMB 314,101,232, a slight increase from RMB 311,738,535 at the end of 2023[15]. - The total assets of the company as of March 31, 2024, are RMB 497,968,468, up from RMB 486,038,184 at the end of 2023, representing a growth of approximately 2.0%[14]. - The total current assets reached RMB 291,659,386 as of March 31, 2024, compared to RMB 281,320,980 at the end of 2023, indicating an increase of about 3.5%[14]. - The total non-current assets amount to RMB 206,309,082 as of March 31, 2024, compared to RMB 204,717,204 at the end of 2023, reflecting a slight increase of around 0.8%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 286,772, with the largest shareholder, Midea Holding Co., Ltd., holding 31.12% of shares[10]. - Midea Holding Co., Ltd. holds 2,169,178,713 shares, while Hong Kong Central Clearing and Settlement System holds 1,419,137,016 shares, representing 20.36%[11]. - The number of shares held by the top ten shareholders includes significant stakes from institutional investors, indicating strong institutional support for the company[11]. - The company has a share repurchase account holding 48,558,888 shares, representing 0.70% of total shares, reflecting ongoing confidence in its stock value[11]. Investment and Research - Research and development expenses for Q1 2024 were RMB 3,594,988, an increase from RMB 3,282,417 in Q1 2023, reflecting the company's commitment to innovation[16]. - The company reported a significant increase in investment income, reaching RMB 27,984 in Q1 2024, compared to RMB 266,267 in Q1 2023, highlighting effective investment strategies[16]. Receivables and Inventory - The company experienced a 42.68% increase in receivables financing, reaching CNY 19.02 billion compared to CNY 13.33 billion last year[8]. - The company's inventory as of March 31, 2024, is RMB 41,203,729, down from RMB 47,339,255 at the end of 2023, showing a decrease of about 12.0%[14]. - The company reported a significant increase in accounts receivable, with RMB 4,057,066 as of March 31, 2024, compared to RMB 5,521,960 at the end of 2023, indicating a decrease of approximately 26.5%[14]. Foreign Currency and Tax - The company received RMB 2,430,455,000 in tax refunds, compared to RMB 1,940,204,000 in the previous year, reflecting a growth of 25.29%[18]. - The company reported a foreign currency translation difference of RMB (255,697,000), an improvement from RMB (438,048,000) in the same period last year[17].