SCAC(SH:600618)2023-04-28 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥1,651,191,099.41, representing a decrease of 16.40% compared to the same period last year[35]. - The net profit attributable to shareholders for Q1 2023 was ¥188,276,150.59, down 61.23% year-over-year[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥162,912,530.06, a decrease of 66.44% compared to the previous year[35]. - The net cash flow from operating activities was -¥50,053,593.89, reflecting a decline of 129.95% year-over-year[35]. - Basic and diluted earnings per share for Q1 2023 were both ¥0.1628, down 61.23% from the same period last year[35]. - Total operating revenue for Q1 2023 was RMB 1,651,191,099.41, a decrease of 16.4% compared to RMB 1,975,192,777.16 in Q1 2022[55]. - Net profit for Q1 2023 was RMB 205,070,487.41, down 57.5% from RMB 482,689,889.58 in Q1 2022[56]. - Total comprehensive income for Q1 2023 was RMB 203,914496.53, down from RMB 477,027,253.14 in Q1 2022[56]. Assets and Liabilities - In Q1 2023, the total assets of the company reached RMB 11,726,472,889.61, an increase from RMB 11,170,758,347.22 in the previous year, reflecting a growth of approximately 4.99%[11]. - The total liabilities amounted to RMB 2,888,507,903.81, slightly decreasing from RMB 2,892,688,967.89, indicating a reduction of about 0.14%[11]. - The total equity attributable to shareholders was RMB 8,837,964,985.80, up from RMB 8,278,069,379.33, indicating an increase of approximately 6.73%[11]. - Total current assets amounted to approximately 4.94 billion, an increase from 4.43 billion as of December 31, 2022, representing a growth of about 11.5%[52]. - Total liabilities increased to approximately 3.24 billion from 2.89 billion, marking a rise of about 12.2%[53]. - The total equity attributable to shareholders increased to approximately 7.98 billion from 7.79 billion, showing a growth of about 2.4%[53]. - The company's cash and cash equivalents stood at approximately 3.56 billion, up from 3.51 billion, indicating a growth of about 1.6%[52]. Investments and Income - The company's long-term equity investments increased to RMB 943,012,018.35 from RMB 919,945,608.87, showing a growth of approximately 2.58%[14]. - The revenue from non-operating income included RMB 27,488,748.93 from the disposal of non-current assets, contributing positively to the financial results[21]. - The management highlighted the importance of government subsidies, which amounted to RMB 429,191.50, as part of the non-operating income for the quarter[21]. - The company reported a significant decrease in investment income, which was RMB 23,066,409.48 in Q1 2023, down from RMB 72,967,572.08 in Q1 2022[55]. Expenses and Costs - Total operating costs for Q1 2023 were RMB 1,472,892,562.59, a slight decrease of 1.3% from RMB 1,491,582,365.28 in Q1 2022[55]. - Research and development expenses increased to RMB 46,414,901.91 in Q1 2023, up 34.8% from RMB 34,457,305.93 in Q1 2022[55]. - Sales expenses increased to RMB 32,878,148.76 in Q1 2023, up 53.4% from RMB 21,369,365.52 in Q1 2022[55]. - The tax expense for Q1 2023 was RMB 26,455,581.34, a decrease of 64.3% compared to RMB 74,125,861.97 in Q1 2022[55]. Market and Operational Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[21]. - The company experienced a significant decline in the selling prices of polyvinyl chloride and dichloroethane products, which contributed to the decrease in net profit[37]. Accounting and Adjustments - The company adjusted its financial statements in accordance with the new accounting standards effective from January 1, 2023, impacting lease liabilities and right-of-use assets[58].