wanhua(SH:600309)2023-04-14 16:00Financial Performance - The company's operating revenue for Q1 2023 was CNY 41.94 billion, an increase of 0.37% year-on-year[4] - The net profit attributable to shareholders was CNY 4.05 billion, a decrease of 24.58% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3.99 billion, down 25.40% year-on-year[4] - The basic earnings per share for Q1 2023 was CNY 1.29, a decrease of 24.56% compared to the previous year[4] - The weighted average return on equity was 5.14%, a decrease of 2.41 percentage points year-on-year[4] - The net profit for Q1 2023 was CNY 4,388,675,818.16, a decrease of 20.5% compared to CNY 5,522,423,077.31 in Q1 2022[18] - The total profit for Q1 2023 was CNY 4,932,207,982.00, down from CNY 6,444,507,361.51 in the same period last year, representing a decline of 23.4%[18] - Operating profit for Q1 2023 was CNY 5,000,467,008.56, compared to CNY 6,455,861,361.40 in Q1 2022, reflecting a decrease of 22.5%[18] - The total comprehensive income for Q1 2023 was CNY 4,427,089,949.54, compared to CNY 5,427,370,443.93 in Q1 2022, a decrease of 18.4%[19] - Basic earnings per share for Q1 2023 were CNY 1.29, down from CNY 1.71 in Q1 2022, a decline of 24.6%[19] - The company reported a net profit margin improvement, with net profit for Q1 2023 expected to be higher than the previous quarter, although specific figures were not disclosed[16] Assets and Liabilities - Total assets at the end of Q1 2023 were CNY 237.79 billion, an increase of 18.40% from the end of the previous year[5] - The equity attributable to shareholders at the end of Q1 2023 was CNY 80.94 billion, up 5.33% from the end of the previous year[5] - Total assets reached ¥237,793,786,466.24 as of March 31, 2023, compared to ¥200,843,198,875.15 at the end of 2022, indicating an increase of about 18.4%[15] - Total liabilities increased to ¥152,019,007,279.10 in Q1 2023 from ¥119,506,211,213.71 in Q4 2022, reflecting a growth of approximately 27.2%[15] - The company's equity attributable to shareholders rose to ¥80,936,993,361.58 in Q1 2023, up from ¥76,844,533,840.41 in Q4 2022, indicating an increase of about 5.5%[15] - Short-term borrowings increased to ¥70,482,269,553.70 in Q1 2023 from ¥44,019,483,776.90 in Q4 2022, representing a significant rise of approximately 60.5%[14] - The company's total liabilities increased to RMB 70,669,216,998.10 in Q1 2023 from RMB 63,596,121,846.94 in Q1 2022, reflecting a rise of about 11.67%[26] Cash Flow - The company reported a net cash flow from operating activities of CNY 4.17 billion, an increase of 2.87% year-on-year[4] - Cash flow from operating activities in Q1 2023 was CNY 39,676,626,031.49, down from CNY 50,255,573,437.34 in Q1 2022, a decline of 21.0%[20] - Cash flow from investing activities in Q1 2023 was -CNY 12,378,974,381.25, compared to -CNY 6,097,272,417.58 in Q1 2022, indicating an increase in cash outflow[21] - Cash flow from financing activities in Q1 2023 was CNY 27,203,989,598.58, significantly higher than CNY 8,347,480,310.17 in Q1 2022, showing an increase of 226.5%[22] - The company received CNY 26,244,060,000.00 in cash from borrowings during Q1 2023, compared to CNY 16,940,052,445.31 in Q1 2022[30] Costs and Expenses - Total operating costs for Q1 2023 were ¥37,073,968,523.25, up from ¥35,375,721,001.55 in Q1 2022, indicating an increase of about 4.79%[16] - Research and development expenses rose to ¥868,730,813.99 in Q1 2023, compared to ¥795,771,505.23 in Q1 2022, reflecting an increase of approximately 9.3%[16] - The company's R&D expenses for Q1 2023 were RMB 641,370,582.44, compared to RMB 592,842,106.93 in Q1 2022, indicating an increase of approximately 8.16%[27] - The cost of goods sold decreased to RMB 10,327,946,019.66 in Q1 2023 from RMB 10,527,630,105.46 in Q1 2022, a reduction of about 1.89%[27] Operational Changes - The company faced a decline in product prices, which significantly impacted net profit[7] - The company is actively responding to changes in the operating environment by enhancing its global supply chain layout and increasing production capacity[10] Cash and Cash Equivalents - The company's cash and cash equivalents amounted to ¥37,977,274,148.77 as of March 31, 2023, significantly higher than ¥18,988,842,959.88 at the end of 2022, marking an increase of about 99.5%[11] - The cash and cash equivalents at the end of Q1 2023 were CNY 37,807,472,153.55, compared to CNY 40,237,092,912.72 at the end of Q1 2022, a decrease of 6.0%[22] - The company reported a foreign exchange impact on cash and cash equivalents of CNY 3,307,844.59 in Q1 2023, contrasting with a negative impact of CNY -77,797,309.11 in Q1 2022[22] - Cash and cash equivalents rose significantly to RMB 13,049,353,299.13 in Q1 2023 from RMB 6,179,613,676.25 in Q1 2022, marking an increase of approximately 110.38%[25] - The company's cash and cash equivalents at the end of Q1 2023 totaled CNY 13,034,802,452.42, compared to CNY 13,675,516,126.91 at the end of Q1 2022[30]