SPC(SH:600688)2020-04-28 16:00Financial Performance - Net profit attributable to shareholders was CNY -1,202,367,000, a decrease of 296.90% year-on-year[4] - Operating revenue fell by 28.68% to CNY 17,926,384,000 compared to the same period last year[4] - The company reported an operating loss of RMB 1,629,144 thousand, a decline of RMB 2,376,494 thousand or 317.99% compared to the previous year, due to reduced product sales prices and consumption of high-cost inventory[11] - Total operating revenue for Q1 2020 was 17,926,384 thousand RMB, a decrease of 28.7% compared to 25,136,233 thousand RMB in Q1 2019[19] - Net profit for Q1 2020 was -1,201,386 thousand RMB, compared to a net profit of 610,997 thousand RMB in Q1 2019, representing a significant decline[20] - The total comprehensive income for Q1 2020 was -1,296,643 thousand RMB, compared to 610,997 thousand RMB in Q1 2019[20] Cash Flow - Net cash flow from operating activities was CNY -3,880,619,000, a decline of 256.12% year-on-year[4] - Cash flow from operating activities for Q1 2020 was -3,880,619 thousand RMB, compared to -1,089,708 thousand RMB in Q1 2019, indicating worsening cash flow[22] - The net cash flow from operating activities was negative CNY 3,535,136 thousand, worsening from negative CNY 977,437 thousand in the same period last year[23] - The company reported a total cash outflow from operating activities of CNY 19,585,270 thousand, down from CNY 21,775,936 thousand in Q1 2019[23] Assets and Liabilities - Total assets decreased by 9.14% to CNY 41,465,657,000 compared to the end of the previous year[4] - Total current assets decreased to RMB 17,816,603 thousand from RMB 22,309,163 thousand year-over-year[13] - Total liabilities decreased to RMB 12,720,936 thousand from RMB 15,620,227 thousand year-over-year[14] - The company's total equity decreased to RMB 28,744,721 thousand from RMB 30,015,901 thousand year-over-year[14] Inventory and Cash Management - Cash and cash equivalents decreased by 36.92% to CNY 5,651,324,000 due to a significant drop in gross sales margin[10] - Inventory decreased by 26.42% to CNY 4,969,938,000, influenced by the COVID-19 pandemic and a drop in international oil prices[10] - Cash and cash equivalents at the end of Q1 2020 were 4,137,606 thousand RMB, down from 8,271,046 thousand RMB at the end of Q1 2019[22] - The company’s cash flow from operating activities was impacted by a significant decrease in sales revenue, which was CNY 15,998,915 thousand compared to CNY 20,789,805 thousand in Q1 2019[23] Government Support and Financial Activities - The company received government subsidies amounting to CNY 20,203,000 during the reporting period[5] - Cash inflow from financing activities was CNY 3,160,000 thousand, an increase of 68.1% from CNY 1,880,000 thousand in Q1 2019[23] - The net cash flow from financing activities was positive CNY 1,479,098 thousand, compared to CNY 935,071 thousand in the same period last year[23] Investment Income - Investment income fell to RMB 77,983 thousand, down RMB 117,308 thousand or 60.07% year-over-year, impacted by the COVID-19 pandemic and fluctuations in the chemical market[11] - Investment income for Q1 2020 was 77,983 thousand RMB, a decrease of 60% from 195,291 thousand RMB in Q1 2019[19] Changes in Financial Metrics - The weighted average return on equity decreased by 315.46 percentage points to -4.292%[4] - Basic earnings per share for Q1 2020 were -0.111 RMB, compared to 0.056 RMB in Q1 2019[20] - The company experienced a decline in sales revenue from goods and services, which was 19,228,821 thousand RMB in Q1 2020, down from 27,306,858 thousand RMB in Q1 2019[22] Other Financial Information - The company has not reported any significant changes in its commitments or future profit warnings for the upcoming reporting period[11] - The company did not apply new revenue and lease standards in 2020[24]