Financial Performance - In Q1 2023, the company's unaudited consolidated revenue increased by approximately RMB 8.93 billion or 17% to approximately RMB 62.79 billion compared to Q1 2022's revenue of about RMB 53.86 billion[2] - The company's unaudited net profit for Q1 2023 decreased by approximately RMB 0.58 billion or 11% to approximately RMB 4.62 billion, down from about RMB 5.20 billion in Q1 2022[2] Sales Revenue by Product - Urea sales revenue in Q1 2023 rose by approximately RMB 3.7 billion or 23% to about RMB 19.53 billion, with sales volume increasing by 19% to approximately 768,000 tons[3] - Compound fertilizer sales revenue in Q1 2023 increased by approximately RMB 0.83 billion or 6% to about RMB 15.60 billion, driven by a 5% increase in sales volume to 530,000 tons[5] - Methanol sales revenue in Q1 2023 increased by approximately RMB 0.41 billion or 9% to about RMB 5.28 billion, with sales volume rising by 13%[6] - The sales revenue of pharmaceutical intermediates in Q1 2023 rose by approximately RMB 0.28 billion or 24% to RMB 1.44 billion, driven by a 50% increase in sales volume[8] - The sales revenue of automotive urea solution in Q1 2023 decreased by approximately RMB 0.11 billion or 9% to about RMB 1.05 billion, primarily due to an 11% drop in sales volume[4] Gross Profit Margin Analysis - The gross profit margin for urea in Q1 2023 increased by 2 percentage points to 30%, compared to approximately 28% in Q1 2022[3] - The gross profit margin for compound fertilizer in Q1 2023 decreased by 3.4 percentage points to 11.7%, impacted by a 19% rise in raw material costs[5] - The gross profit margin for pharmaceutical intermediates in Q1 2023 decreased by 4.4 percentage points to 15%[8] - The gross profit margin for urea decreased by 1.9 percentage points to 28% due to reclassification of transportation costs[11] - The gross profit margin for automotive urea solution decreased by 5.3 percentage points to 31.6% after adjustments[11] - The gross profit margin for compound fertilizer decreased by 3.4 percentage points to 15.1% following the reclassification[11] - The gross profit margin for methanol decreased by 1.1 percentage points to 2.6% after adjustments[11] - The gross profit margin for melamine decreased by 4.1 percentage points to 59.4% due to the reclassification of transportation costs[11] Market and Production Developments - The international energy supply and demand has shifted to a looser state, leading to a significant decline in coal prices, which has insufficiently supported fertilizer prices, resulting in a downward trend[9] - The company's new production capacity of 700,000 tons of urea at the Xinxiang base is expected to commence production in the second half of this year[9] - The first phase of the Liaoning Huludao base project is anticipated to be completed and put into operation in the third quarter of this year[9] - The company aims to enhance its market share of high-efficiency fertilizers through technological innovation and collaboration with research institutions like the Chinese Academy of Sciences[9] - The company is committed to enhancing its technological development in wastewater, waste gas, and waste residue recycling to improve circular economy benefits[9]
中国心连心化肥(01866) - 2023 Q1 - 季度业绩