Longi(SH:601012)2024-04-29 13:38Financial Performance - The company's operating revenue for Q1 2024 was ¥17,673,585,331.96, representing a decrease of 37.59% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was -¥2,350,256,332.45, a decline of 164.61% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥2,419,421,324.78, down 167.37% from the previous year[4]. - The basic earnings per share for the period was -¥0.31, reflecting a decrease of 164.58%[4]. - The diluted earnings per share was -¥0.32, a decline of 166.67% compared to the same period last year[4]. - The weighted average return on net assets was -3.39%, a decrease of 9.08 percentage points year-on-year[4]. - The company reported a revenue of RMB 17.674 billion in Q1 2024, a decrease of 37.59% year-on-year, and a net profit attributable to shareholders of RMB -2.350 billion, down 164.61% year-on-year[12]. - Net profit for Q1 2024 was a loss of CNY 2.36 billion, compared to a profit of CNY 3.63 billion in Q1 2023, indicating a significant decline[21]. - Basic earnings per share for Q1 2024 were CNY -0.31, compared to CNY 0.48 in Q1 2023, reflecting a substantial decline[22]. Revenue and Sales - In Q1 2024, the company achieved a silicon wafer shipment of 26.74 GW, with external sales of 12.43 GW, representing a year-on-year growth of 12.26%[12]. - The company shipped 12.89 GW of modules in Q1 2024, with external sales of 12.84 GW, reflecting a year-on-year increase of 16.55%[12]. - Total revenue for Q1 2024 was CNY 17.67 billion, a decrease of 37.6% compared to CNY 28.32 billion in Q1 2023[20]. Costs and Expenses - Total operating costs for Q1 2024 were CNY 18.04 billion, down from CNY 25.41 billion in Q1 2023, reflecting a 29% reduction[20]. - The company's gross profit margin has significantly declined due to the continuous drop in product prices in the photovoltaic industry[12]. - The company recorded an inventory impairment provision of RMB 2.649 billion and a fixed asset impairment provision of RMB 152 million in Q1 2024 due to declining product prices across the photovoltaic industry chain[12]. - Research and development expenses for Q1 2024 were CNY 467.29 million, slightly up from CNY 444.00 million in Q1 2023, an increase of 5.2%[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥168,287,629,740.91, an increase of 2.63% from the end of the previous year[4]. - The net assets attributable to shareholders of the listed company were ¥68,146,784,663.41, down 3.33% from the end of the previous year[4]. - The company's total liabilities increased to CNY 99.92 billion in Q1 2024 from CNY 93.26 billion in Q1 2023, representing a growth of 7.2%[18]. - The total current liabilities decreased to 18,128,802,753.90 RMB from 23,659,737,486.02 RMB in the previous year, indicating improved liquidity management[28]. - The total equity attributable to shareholders decreased to CNY 68.15 billion in Q1 2024 from CNY 70.49 billion in Q1 2023, a decline of 3.3%[18]. Cash Flow - The net cash flow from operating activities was -¥4,889,457,587.93, with no applicable year-on-year comparison[4]. - Cash flow from operating activities in Q1 2024 was CNY 13.25 billion, down from CNY 20.45 billion in Q1 2023, a decrease of 35.1%[23]. - The net cash flow from operating activities for Q1 2024 was -4,889,457,587.93 RMB, compared to -3,325,614,430.87 RMB in Q1 2023, indicating a decline in operational performance[24]. - The cash flow from investment activities netted -$444.9 million in Q1 2024, an improvement from -$2.3 billion in Q1 2023, showing an 80.7% reduction in losses[34]. - The cash flow from operating activities showed a net outflow, but the company managed to improve its cash position compared to the previous year[34]. Shareholder Actions - The company plans to repurchase shares with a total amount not less than RMB 300 million and not exceeding RMB 600 million for employee stock ownership plans or equity incentives starting from February 29, 2024[13].