CMES(SH:601872)2025-04-29 12:58Financial Performance - The company's operating revenue for Q1 2025 was ¥5,595,174,511.35, a decrease of 10.53% compared to ¥6,253,796,627.12 in the same period last year[4] - Net profit attributable to shareholders was ¥865,440,837.28, down 37.07% from ¥1,375,236,215.25 year-on-year[4] - Basic and diluted earnings per share decreased by 35.29%, from ¥0.17 to ¥0.11[4] - The net cash flow from operating activities was ¥1,380,071,379.09, representing a decline of 23.46% compared to ¥1,803,018,671.22 in the previous year[4] - The net profit excluding non-recurring gains and losses was ¥853,180,501.11, a decrease of 37.20% from ¥1,358,642,572.78 year-on-year[4] - The total comprehensive income for Q1 2025 was approximately ¥835.25 million, down from ¥1.47 billion in Q1 2024[33] - Net profit for Q1 2025 was approximately ¥881.03 million, a decline of 37.0% compared to ¥1.40 billion in Q1 2024[33] - Earnings per share for Q1 2025 was ¥0.11, down from ¥0.17 in Q1 2024[33] Asset and Liability Overview - Total assets increased by 2.56% to ¥72,427,030,824.93 from ¥70,619,308,351.63 at the end of the previous year[5] - The company's total assets reached approximately CNY 72.43 billion as of March 31, 2025, compared to CNY 70.62 billion at the end of 2024[29] - The total liabilities increased to approximately CNY 30.97 billion as of March 31, 2025, compared to CNY 29.77 billion at the end of 2024[29] - The company's total current assets as of March 31, 2025, amounted to approximately CNY 10.86 billion, up from CNY 10.35 billion at the end of 2024[27] Market and Operational Insights - The decline in net profit was primarily due to significantly lower market freight rates for tankers and dry bulk shipping compared to the same period last year[8] - The BDI index averaged 1,118 points in Q1, representing a year-on-year decline of 39% due to oversupply in the dry bulk market[16] - The SCFI index stood at 1,356.88 as of March 28, 2025, reflecting a 22% year-on-year decrease in container shipping rates[19] - The dry bulk market saw a rebound in March, but overall performance in Q1 remained weak due to low demand[16] - The automotive roll-on/roll-off shipping market is gradually stabilizing, with the global supply and demand balance improving[19] - The oil tanker market is expected to see opportunities outweigh challenges in the short to medium term, with improved confidence among shipowners[13] Segment Performance - The company's tanker transportation revenue decreased by 16.29% year-on-year, with net profit down by 44.02%[24] - The dry bulk transportation segment reported a revenue decline of 11.39% year-on-year, with net profit decreasing by 55.46%[24] - The roll-on/roll-off transportation revenue slightly decreased by 1.24% year-on-year, with net profit down by 33.75%[24] - The container transportation segment achieved a revenue increase of 9.63% year-on-year, with net profit soaring by 222.12%[24] - The container segment's profit contribution saw a significant year-on-year increase, driven by new route expansions and enhanced profitability[23] Fleet and Operational Strategy - The company's container fleet increased by 11 vessels, with a capacity growth of 14,505 TEU, representing a 35% year-on-year increase[23] - The total container throughput reached 239,900 TEU, marking a 23.5% increase compared to the previous year[23] - The VLCC fleet achieved a significant recovery in TCE levels during February and March, with approximately half of the operational days for April to June locked in at relatively high rates[22] - The company is actively optimizing its route layout and prioritizing long-distance transport orders to enhance operational efficiency[22] - The company has strengthened its third-party chartering efforts, although this segment experienced significant losses during the reporting period[22]