TIBET SUMMIT(SH:600338)2023-04-28 16:00Financial Performance - The company's operating revenue for the first quarter was CNY 503,165,872.67, representing a decrease of 3.42% compared to the same period last year[9]. - The net profit attributable to shareholders of the listed company was CNY 4,367,126.59, down 94.64% year-on-year[9]. - The basic and diluted earnings per share were both CNY 0.0048, reflecting a decline of 94.64% compared to the previous year[9]. - The company reported a total comprehensive income attributable to the parent company of CNY -140,392,007.85, compared to CNY -124,876,357.05 in the previous period[4]. - The company's net profit for Q1 2023 was 9,006,657.60 RMB, a significant decrease of 94.64% year-over-year compared to 75,629,415.11 RMB in Q1 2022[34]. - The company reported a total profit of -12,488,578.03 RMB for Q1 2023, compared to a profit of 148,499,161.38 RMB in Q1 2022[28]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 289,815,751.71, showing a slight increase of 0.22% year-on-year[9]. - Operating cash inflow for Q1 2023 was RMB 763,197,841.75, an increase from RMB 704,091,876.92 in Q1 2022, representing a growth of approximately 8.5%[54]. - Cash outflow for purchasing goods and services was RMB 250,257,737.34, compared to RMB 127,354,288.48 in the same period last year, indicating a significant increase of approximately 96.5%[54]. - Net cash flow from financing activities was -RMB 36,921,492.14, an improvement from -RMB 96,114,757.54 in Q1 2022, showing a reduction in cash outflow by approximately 61.6%[56]. - The ending balance of cash and cash equivalents was RMB 147,451,450.86, down from RMB 165,214,265.59 at the end of Q1 2022[56]. - The company reported a net cash flow from operating activities of RMB 289,815,751.71, slightly up from RMB 289,169,853.54 in the previous period[41]. Assets and Liabilities - Total liabilities amounted to CNY 1,889,620,366.27, a decrease from CNY 1,899,444,909.30 in the previous period[5]. - Total assets as of Q1 2023 were ¥5,469,320,894.33, an increase from ¥5,376,938,070.58 in Q1 2022, reflecting a growth of 1.7%[21]. - Total liabilities rose to ¥2,061,236,907.42 in Q1 2023 from ¥1,889,620,366.27 in Q1 2022, an increase of 9.1%[21]. - Shareholders' equity totaled ¥3,408,083,986.91 in Q1 2023, compared to ¥3,487,317,704.31 in Q1 2022, indicating a decrease of 2.3%[21]. - The equity attributable to shareholders of the listed company decreased by 2.51% to 3,399,941,996.30 RMB from 3,487,499,244.71 RMB[28]. - The company has a total current liabilities of approximately $1.68 billion, with short-term borrowings at $246.72 million[58]. Expenses and Costs - Total operating costs increased significantly to ¥500,788,786.08 in Q1 2023 from ¥368,203,310.66 in Q1 2022, representing a rise of 35.9%[22]. - Sales expenses for Q1 2023 were ¥5,347,084.45, down from ¥26,690,221.24 in Q1 2022, indicating a decrease of 80.0%[22]. - Management expenses rose to ¥70,853,763.00 in Q1 2023, compared to ¥46,241,022.95 in Q1 2022, an increase of 53.3%[22]. - Financial expenses for Q1 2023 were ¥161,706,950.61, up from ¥101,747,160.37 in Q1 2022, marking a rise of 58.9%[22]. - Cash outflow for investment activities was RMB 166,577,802.04, significantly higher than RMB 85,486,601.16 in Q1 2022, indicating an increase of approximately 95%[41]. Market and Project Developments - The company is actively pursuing market cooperation for the development of the lithium salt lake project in Argentina, with a 4.5-month exclusivity period established with Hongqiao Group[34]. - The company plans to submit an updated environmental impact report to the Argentine government to obtain necessary administrative approvals for the project[34]. - The company is advancing the investment construction of a lithium extraction project with an annual capacity of 50,000 tons of lithium carbonate in Argentina[70]. - The company received the Silver Award from the Chinese Geophysical Society for its innovative exploration technology in January 2023, being the only mining company recognized among nine awarded projects[70]. Other Financial Metrics - The weighted average return on net assets was 0.13%, down 2.86% year-on-year[9]. - The company experienced a foreign exchange loss of 143 million RMB due to a 7.76% depreciation of the Tajik Somoni[34]. - The average sales price of the company's concentrate products decreased by 13.62% due to falling LME metal prices[34]. - The mining output for Q1 2023 was 604,000 tons, representing an 11.53% decline compared to the same period last year[34]. - The company recorded a non-operating expense of 449,275.57 RMB in Q1 2023, compared to 1,320,120.53 RMB in the previous year[28].