CSI Solar(SH:688472)2025-04-28 16:25Financial Performance - The company's revenue for Q1 2025 was CNY 8,585,581,523.55, a decrease of 10.54% compared to CNY 9,597,025,639.08 in the same period last year[3] - Net profit attributable to shareholders was CNY 47,258,234.74, down 91.83% from CNY 578,756,053.09 year-on-year[3] - The basic earnings per share decreased by 93.75% to CNY 0.01 from CNY 0.16 in the previous year[4] - Total comprehensive income for the first quarter of 2025 was CNY 123,749,117.17, down from CNY 314,693,921.63 in the same quarter of 2024, reflecting a decline of approximately 60.7%[17] - The net profit for the first quarter of 2025 was CNY 44,949,585.52, significantly lower than CNY 554,893,448.83 in the first quarter of 2024, indicating a decrease of about 91.9%[16] Cash Flow and Assets - The net cash flow from operating activities was CNY 1,385,034,713.22, a significant improvement from a negative cash flow of CNY -841,668,983.03 in the previous year[3] - Cash and cash equivalents at the end of Q1 2025 stood at CNY 8,184,673,372.82, down from CNY 12,923,117,296.76 at the end of Q1 2024, indicating a decrease of approximately 36.8%[19] - Total assets increased by 1.60% to CNY 66,405,740,350.65 from CNY 65,358,725,774.94 at the end of the previous year[4] - As of March 31, 2025, total assets amounted to RMB 66.41 billion, an increase from RMB 65.36 billion as of December 31, 2024[12] Expenses and Liabilities - Research and development expenses totaled CNY 173,509,323.43, a decline of 27.96% compared to CNY 240,842,106.66 last year, representing 2.02% of revenue[4] - The company’s total operating costs for Q1 2025 were CNY 8,910,040,924.80, slightly higher than CNY 8,846,922,488.86 in Q1 2024, indicating a marginal increase of about 0.7%[16] - Total liabilities reached RMB 43.53 billion, compared to RMB 42.48 billion at the end of 2024, reflecting an increase of 2.5%[12] - The company’s total liabilities increased, with cash outflows from financing activities amounting to CNY 4,526,810,524.87 in Q1 2025, compared to CNY 2,741,265,564.70 in Q1 2024, an increase of about 65.3%[19] Shareholder Information - The company reported a total of 49,245 common shareholders at the end of the reporting period[7] - Canadian Solar Inc. holds 62.24% of the shares, amounting to 2,295,485,721 shares[7] Operational Challenges - The company experienced a decline in gross margin due to increased costs related to taxes and freight, impacting overall profitability[6] - The company faced a tax impact of approximately RMB 550 million due to U.S. tariffs in Q1 2025[10] - The company is actively exploring new supply chain routes in Southeast Asia to mitigate tariff impacts[10] - The company plans to optimize its global production capacity by shifting manufacturing to regions with lower tariff costs[10] Inventory and Contract Assets - Inventory increased to RMB 9.12 billion, up from RMB 7.16 billion, indicating a rise of 27.3%[11] - The company reported a significant increase in contract assets to RMB 2.48 billion, up from RMB 2.20 billion, indicating a growth of 12.8%[11]