2014-10-30 16:00Financial Performance - Net profit attributable to shareholders was CNY -1,968,630,000, a significant increase in loss compared to CNY -669,467,000 in the same period last year[7]. - Operating revenue for the first nine months was CNY 11,937,448,000, down 10.6% from CNY 13,349,217,000 year-on-year[7]. - The company's operating revenue for Q3 2014 was CNY 4,013,025 thousand, a decrease of 13.3% compared to CNY 4,631,226 thousand in Q3 2013[31]. - The net profit for Q3 2014 was a loss of CNY 262,050 thousand, compared to a loss of CNY 200,169 thousand in the same period last year, reflecting a worsening of 31%[31]. - The weighted average return on net assets decreased by 24.61 percentage points to -33.04%[8]. Production and Sales - Polyester product production was 559,896 tons, a decrease of 11.3% from 631,384 tons in the same period last year[13]. - Sales of polyester products were 466,144 tons, down 8.7% from 510,749 tons year-on-year[13]. - PTA production increased by 12.7% to 271,360 tons compared to 240,815 tons in the same period last year[13]. - The utilization rate of polyester polymerization capacity was 83.5%[13]. - Polyester chip sales accounted for 38.2% of total revenue, generating RMB 1,534,412 thousand, while bottle-grade chips contributed 15.8% with RMB 632,585 thousand[17]. Assets and Liabilities - Total assets decreased by 18.2% to CNY 8,691,425,000 compared to the end of the previous year[7]. - The total liabilities increased slightly to CNY 3,607,083 thousand from CNY 3,532,816 thousand, marking a rise of 2.1%[28]. - The company’s total equity decreased to CNY 5,084,342 thousand from CNY 7,096,488 thousand, a decline of 28.3%[28]. - Cash and cash equivalents decreased by 46.3% to RMB 56,781 thousand due to increased net cash outflows from operating activities[19]. - The company reported a decrease in cash and cash equivalents at the end of the period to CNY 56,781 thousand from CNY 47,965 thousand year-over-year[36]. Expenses and Financials - The average selling price of polyester products (excluding VAT) fell by 5.3% compared to the same period last year, leading to a 13.3% decrease in revenue, amounting to RMB 4,013,025 thousand[16]. - The company’s sales expenses increased to CNY 64,706 thousand from CNY 60,625 thousand, reflecting an increase of 3.5%[31]. - The financial expenses surged to CNY 14,194 thousand from CNY 3,178 thousand, indicating a significant increase of 345%[31]. - The investment income for Q3 2014 was CNY 1,475 thousand, up from CNY 481 thousand in the same period last year, representing a growth of 207.5%[31]. Market Outlook and Strategic Actions - The company adjusted production loads and optimized product structure to mitigate market challenges[12]. - The company anticipates a continued challenging market environment, with potential for further losses in the upcoming reporting periods[23]. - The company is undergoing a major asset restructuring, with approval from the State-owned Assets Supervision and Administration Commission (SASAC) for the overall plan[20]. - The company plans to issue a circular to H-share shareholders, with the date postponed to October 27, 2014, affecting the timing of shareholder meetings[20]. - The company has implemented new accounting standards effective July 1, 2014, which did not have a significant impact on the financial statements[23].