2014-04-29 16:00Financial Performance - Net profit attributable to shareholders was a loss of RMB 327,861,000, worsening from a loss of RMB 284,529,000 in the same period last year[13]. - Operating revenue fell by 10.0% to RMB 3,701,693,000, primarily due to a 16.1% decrease in average selling prices of polyester products[13]. - Total revenue for Q1 2014 was RMB 3,701,693 thousand, a decrease of 10.0% compared to RMB 4,113,880 thousand in Q1 2013[14]. - The company reported a net loss of RMB 327,861 thousand in Q1 2014, compared to a net loss of RMB 284,529 thousand in Q1 2013, reflecting a decline in profitability[23]. - The basic and diluted earnings per share for Q1 2014 were both RMB -0.055, compared to RMB -0.047 in Q1 2013[23]. Asset Management - Total assets decreased by 4.6% to RMB 10,135,871,000 compared to the previous year[6]. - The total assets decreased to RMB 10,135,871 thousand as of March 31, 2014, down from RMB 10,629,304 thousand at the beginning of the year[21]. - The company’s inventory increased to RMB 1,531,522 thousand from RMB 1,320,644 thousand, indicating a rise in stock levels[21]. - Accounts receivable increased by 40.9% to RMB 197,966 thousand from RMB 140,540 thousand at the end of 2013, attributed to longer settlement periods for some products[15]. Production and Sales - The company produced 581,834 tons of polyester products, a 1.2% increase from 574,723 tons in the previous year[10]. - Sales volume of polyester products increased by 7.3% to 447,137 tons compared to 416,749 tons in the same period last year[12]. - The company produced 266,241 tons of PTA, a 1.2% decrease from 269,421 tons in the previous year[10]. - The revenue from polyester products accounted for 100% of total revenue, with polyester chips contributing RMB 1,327,774 thousand (35.9%) and bottle-grade chips contributing RMB 797,091 thousand (21.5%) in Q1 2014[14]. Cash Flow and Financing - The cash flow from operating activities improved significantly to RMB 159,567,000 from a negative RMB 500,786,000 in the previous year[6]. - Operating cash flow for the period was RMB 159,567 thousand, a significant improvement from a net outflow of RMB 500,786 thousand in the previous period[24]. - Total cash inflow from operating activities was RMB 4,138,760 thousand, compared to RMB 4,229,440 thousand in the prior period, indicating a decrease of approximately 2.14%[24]. - Cash outflow from operating activities decreased to RMB 3,979,193 thousand from RMB 4,730,226 thousand, reflecting a reduction of about 15.86%[24]. - Net cash flow from investing activities was RMB 20,314 thousand, a recovery from a net outflow of RMB 121,772 thousand in the previous period[25]. - Cash inflow from financing activities totaled RMB 1,245,411 thousand, up from RMB 656,370 thousand, representing an increase of approximately 89.73%[25]. - Cash outflow from financing activities increased to RMB 1,432,464 thousand from RMB 57,637 thousand, indicating a significant rise[25]. - The net decrease in cash and cash equivalents for the period was RMB 5,737 thousand, compared to a decrease of RMB 23,825 thousand in the prior period[25]. - The ending balance of cash and cash equivalents was RMB 80,060 thousand, down from RMB 138,202 thousand at the end of the previous period[25]. - The company received RMB 800,000 thousand from other financing activities, which was not present in the previous period[25]. - The company reported a cash inflow of RMB 616 thousand from the disposal of fixed assets, slightly down from RMB 813 thousand in the prior period[24]. Shareholder Information - The number of shareholders totaled 46,305, with the top ten shareholders holding 92.2% of the shares[8]. - The weighted average return on equity decreased to -4.73%, down from -3.38% in the previous year[7]. Operating Expenses - Operating expenses, including sales and management expenses, showed mixed results with sales expenses increasing to RMB 56,644 thousand from RMB 51,660 thousand, while management expenses decreased to RMB 179,364 thousand from RMB 192,189 thousand[22].