三峡水利(600116) - 2018 Q1 - 季度财报

Financial Performance - Operating revenue rose by 5.85% to CNY 262,369,409.01 from CNY 247,862,674.14 in the same period last year[6] - Net profit attributable to shareholders decreased by 44.61% to CNY 27,064,639.97 from CNY 48,859,656.60 year-on-year[6] - Basic earnings per share fell by 44.90% to CNY 0.027 from CNY 0.049 in the previous year[6] - Total revenue for Q1 2018 was CNY 262,369,409.01, an increase of 5.1% compared to CNY 247,862,674.14 in the same period last year[37] - Net profit for Q1 2018 was CNY 24,356,267.14, a decrease of 47.8% from CNY 46,686,919.43 in Q1 2017[38] - Net profit for Q1 2018 was CNY 29,270,730.40, down 30.4% from CNY 41,951,296.74 in Q1 2017[41] - Total comprehensive income for Q1 2018 was CNY 30,540,979.71, down from CNY 42,140,939.90 in Q1 2017[41] Cash Flow - Cash flow from operating activities showed a significant decline of 116.13%, resulting in a net cash outflow of CNY 13,726,979.73[6] - Cash received from operating activities related to other sources decreased by 64.65% year-on-year, mainly due to a reduction in special subsidy funds for rural power grid transformation[15] - Cash paid for purchasing goods and accepting services increased by 41.89% year-on-year, primarily due to higher payments for purchased electricity[15] - Cash inflow from operating activities totaled 280,806,223.76 RMB, compared to 267,769,884.09 RMB in the previous year, reflecting a growth of approximately 4.0%[46] - Cash outflow from operating activities increased to 301,449,383.44 RMB, up from 186,814,253.96 RMB, indicating a significant rise of about 61.2%[46] - The net cash flow from operating activities for the first quarter of 2018 was -20,643,159.68 RMB, a decrease from 80,955,630.13 RMB in the same period last year[46] Assets and Liabilities - Total assets increased by 1.04% to CNY 5,013,845,929.63 compared to the end of the previous year[6] - Accounts receivable increased by 44.13% to CNY 45,230,533.98 compared to the end of the previous year[12] - Inventory surged by 91.89% to CNY 78,557,529.32 from CNY 40,938,139.45 at the end of the previous year[12] - Short-term borrowings decreased by 32.25% to CNY 104,000,000.00 from CNY 153,498,860.00[12] - The company’s total current liabilities decreased from CNY 1.06 billion to CNY 990.89 million, a decline of 6.6%[32] - Total liabilities as of March 31, 2018, were CNY 1,380,306,933.82, a decrease from CNY 1,403,508,475.21 at the start of the year[36] Investment Activities - Investment income increased by 64.86% to CNY 5,366,981.97 compared to CNY 3,255,502.61 in the same period last year[12] - The company received investment income from joint ventures, which increased compared to the previous year, primarily due to higher returns from investments in affiliated enterprises[14] - Cash received from investment activities increased significantly, with a total of RMB 30.4 million received, compared to none in the previous year[15] - Cash paid for investments decreased by 77.27% year-on-year, mainly due to a reduction in short-term investments using idle funds[15] - The company reported an increase in investment income to CNY 5,326,894.09, up from CNY 2,826,406.72 in the previous year[41] Financial Position - The company had a total guarantee amount of RMB 62,990.91 million, accounting for 24.58% of the latest audited net assets[20] - The balance of idle raised funds used for cash management amounted to RMB 50 million, which is within the approved limit of RMB 300 million[22] - The company has cumulatively purchased wealth management products totaling CNY 230 million, accounting for 8.38% of the latest audited net assets[25] - The company received a return of CNY 145,300 from a wealth management investment of CNY 30 million, with an annualized yield of 3.50% to 4.70%[24] - The company has an outstanding wealth management investment of CNY 100 million with a projected annualized return of 5.30%[24] Operational Challenges - The net profit attributable to shareholders decreased compared to the same period last year, primarily due to uneven water inflow in the river basin and a year-on-year decrease in precipitation, leading to a decline in self-generated hydropower and an increase in purchased electricity costs[15] - Cash received from the disposal of fixed assets and other long-term assets increased by 54.81% year-on-year, attributed to an increase in proceeds from the disposal of scrapped power grid assets[15] - The company expects a reduction in net profit of approximately CNY 2 million due to a decrease in electricity prices effective April 1, 2018[28]