2024-04-29 13:34Financial Performance - The company reported a total operating revenue of RMB 812,184 million for Q1 2024, an increase of 10.9% compared to RMB 732,471 million in the same period last year[4]. - Net profit attributable to shareholders was RMB 45,681 million, reflecting a 4.7% increase from RMB 43,630 million year-on-year[4]. - The company's net profit for the quarter ended March 31, 2024, was RMB 51.283 billion, an increase of 5.5% from RMB 48.503 billion in the same period last year[32]. - The net profit attributable to shareholders was RMB 45.683 billion, up 4.7% from RMB 43.624 billion year-over-year, driven by increased domestic sales of refined oil, natural gas, and chemical products[48]. - Operating profit increased to RMB 67,560 million, representing a growth of 5.7% from RMB 63,744 million in the prior year[55]. - The total comprehensive income for the period was RMB 49,020 million, compared to RMB 44,962 million in the same quarter of 2023, reflecting an increase of 9.1%[55]. Production and Sales - The company achieved an oil and gas equivalent production of 463.7 million barrels, up 2.6% from 452.0 million barrels in the previous year[11]. - The refining and chemical business processed 353.8 million barrels of crude oil, an 8.2% increase from 326.9 million barrels year-on-year[12]. - Sales of refined oil reached 39.258 million tons, a 4.5% increase compared to 37.575 million tons in the same period last year[13]. - Total crude oil production for the first quarter was 239.6 million barrels, a 1.4% increase from 236.3 million barrels in the same period last year[49]. - Natural gas production reached 1,344.7 billion cubic feet, reflecting a 3.9% increase from 1,294.1 billion cubic feet year-on-year[49]. - Gasoline production was 12,457 thousand tons, up 10.7% from 11,256 thousand tons year-over-year[67]. - The company achieved a significant increase in urea production, which rose by 68.5% to 750 thousand tons from 445 thousand tons in the previous year[67]. Cash Flow and Liquidity - The company’s cash flow from operating activities was RMB 111,077 million, a decrease of 12.1% from RMB 126,382 million at the end of the previous year[4]. - Net cash flow from operating activities for the three months ended March 31, 2024, was RMB 111,077 million, down from RMB 126,382 million in the same period of 2023, a decrease of approximately 12.1%[19]. - Cash flow from operating activities for the three months ended March 31, 2024, was RMB 118,869 million, an increase of 12.8% compared to RMB 106,153 million for the same period in 2023[83]. - The company reported a cash and cash equivalents balance of RMB 96,903 million at the end of March 2024, down from RMB 130,965 million at the end of March 2023[83]. - The net increase in cash and cash equivalents for the period was RMB (16,984) million, contrasting with an increase of RMB 51,053 million in the same period last year, indicating tighter liquidity[85]. Assets and Liabilities - The total assets of the company as of March 31, 2024, were RMB 2,754,183 million, a slight increase of 0.1% from RMB 2,752,710 million at the end of the previous year[15]. - Total liabilities decreased from RMB 689,466 million as of December 31, 2023, to RMB 677,819 million as of March 31, 2024, a reduction of approximately 1.9%[17]. - The company’s equity attributable to shareholders increased to RMB 1,491,375 million, a growth of 3.1% from RMB 1,446,410 million year-on-year[4]. - Shareholders' equity increased from RMB 1,291,608 million to RMB 1,326,339 million, reflecting a growth of about 2.7%[17]. - The company’s total current assets rose to RMB 292,217 million as of March 31, 2024, compared to RMB 258,797 million at the end of 2023, marking a 12.9% increase[70]. Investment and Financing Activities - The company reported a net cash outflow from investing activities of RMB 62,912 million, compared to RMB 70,971 million in the previous year, indicating a decrease of approximately 11.4%[19]. - Cash flow from financing activities resulted in a net outflow of RMB (54,818) million, significantly higher than RMB (22,870) million in the same period last year, showing increased financing costs[83]. - Capital expenditures for the three months ended March 31, 2024, were RMB (55,971) million, compared to RMB (50,853) million in the same period last year, reflecting an increase in investment in fixed assets[85]. - The total cash inflow from financing activities was RMB 117,333 million, while cash outflows for debt repayment totaled RMB (183,110) million, highlighting significant borrowing activity[85]. Market and Strategic Focus - The company continues to focus on innovation, resource optimization, market expansion, and green transformation strategies[48]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[65]. - The company plans to continue optimizing its imported gas resource pool structure and expand its high-end market presence[78].